TCREUR_Public/090914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, September 14, 2009, Vol. 10, No. 181

                            Headlines

A U S T R I A

ABRO GMBH: Creditors Must File Claims by September 30
FELLNER GERUESTVERLEIHER: Creditors Must File Claims by Sept. 30
HP IMMOBILIENHANDEL: Creditors Must File Claims by September 16
KM BAUMANAGEMENT: Creditors Must File Claims by September 16
KOMO GMBH: Creditors Must File Claims by September 20

REAL GMBH: Creditors Must File Claims by September 30


G E R M A N Y

ARCANDOR AG: To Receive Surplus From Thomas Cook Share Sale
ARCANDOR AG: Has Initial Deal on Quelle Factoring Financing
HAPAG-LLOYD AG: State Aid Request Justified, Minister Says
NORDDEUTSCHE LANDESBANK: German State Guarantees Extended
SCHAEFFLER GROUP: Appoints Presidents to Automotive Unit


I R E L A N D

VEGA CONTAINERVESSEL: Moody's Cuts Rating on Class A Notes to Ba3


I T A L Y

BANCA ITALEASE: 11 Bankers Involved in 2006 Insider Trading Fined


L U X E M B O U R G

ORCO PROPERTY: Offers Debt-for-Equity Swap to Bondholders


N E T H E R L A N D S

VAN DER MOOLEN: Declared Bankrupt; Creditors May Get Full Payment


R U S S I A

KAZANORGSINTEZ OJSC: S&P Withdraws 'D' Corporate Credit Rating
MASTERCROFT LTD: S&P Withdraws 'B+' Corporate Credit Rating


S W I T Z E R L A N D

AJP-BERATUNGS GMBH: Claims Filing Deadline is September 16
AUTOMATION SUPPORT: Claims Filing Deadline is September 16
BORTEL TOUR: Claims Filing Deadline is September 16
BY ESTELLE: Claims Filing Deadline is September 17
CAM PRIVATE: Claims Filing Deadline is September 16

DANIA AG: Claims Filing Deadline is September 17
ELEKTRO GRUBER: Claims Filing Deadline is September 16
JASTO AG: Claims Filing Deadline is September 16
MASEFIELD ASIA-PACIFIC: Claims Filing Deadline is September 16
REISEBUERO WIEDERKEHR: Claims Filing Deadline is September 17

TOURMEDIA AG: Claims Filing Deadline is September 17
SCHNITTSTELLE PRE: Claims Filing Deadline is September 16
UBS AG: Workers Worried of Debt Securities, Wanted to Unload Them


T U R K E Y

DOGAN YAYIN: US$2.5 Bln Tax Fine to Threaten Survival
DOGAN YAYIN: Fitch Downgrades Issuer Default Ratings to 'B'


U K R A I N E

ALASKA LTD: Creditors Must File Claims by September 16
ALTERA LLC: Creditors Must File Claims by September 16
BELTOUR-AGRO LLC: Creditors Must File Claims by September 16
DRUZHBA AGRICULTURAL: Creditors Must File Claims by September 16
INTER-CONSULT LLC: Creditors Must File Claims by September 16

KONOTOP AGRICULTURAL: Creditors Must File Claims by September 16
PRIKARPATYE LLC: Creditors Must File Claims by September 16
PRIKORDONNIK LLC: Creditors Must File Claims by September 16
REGIONAL PEDIGREE: Creditors Must File Claims by September 16
TRADEINVESTFINANCE LLC: Creditors Must File Claims by September 16

UKRPROMBANK: To Be Liquidated; State-Owned Bank to Assume Deposits


U N I T E D   K I N G D O M

GLEBE TWO: Placed Into Voluntary Liquidation
HIGH & MIGHTY: Sold to J.D. Williams in Pre-Pack Deal
LLOYDS BANKING: Mark Collins to Help with Loan Book Restructuring
LLOYDS BANKING: James Garvey Named Capital Markets Head
LUPUS CAPITAL: 1H09 Pre-Tax Profit Down 48% to GBP7.5 Mln

WORKSPACE GROUP: Glebe Two Placed Into Voluntary Liquidation


X X X X X X X X

* BOND PRICING: For the Week September 7 to September 11, 2009


                         *********



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A U S T R I A
=============


ABRO GMBH: Creditors Must File Claims by September 30
-----------------------------------------------------
Creditors of ABRO GmbH have until September 16, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 2:45 p.m. at:

         Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

For further information, contact the company's administrator:

         Mag. Nikolaus Vogt
         Zeltgasse 3/13
         1080 Wien
         Austria
         Tel.: 01/402 57 01 33
         Fax: 01/402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at


FELLNER GERUESTVERLEIHER: Creditors Must File Claims by Sept. 30
----------------------------------------------------------------
Creditors of Fellner Geruestverleiher GmbH have until September
16, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 9:00 a.m. at:

         Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

For further information, contact the company's administrator:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 01/533 28 55
         Fax: 01/533 28 55 28
         E-mail: office@anwaltwien.at


HP IMMOBILIENHANDEL: Creditors Must File Claims by September 16
---------------------------------------------------------------
Creditors of HP Immobilienhandel GmbH have until September 16,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 9:30 a.m. at:

         Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

For further information, contact the company's administrator:

         Mag. Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Wien
         Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at


KM BAUMANAGEMENT: Creditors Must File Claims by September 16
------------------------------------------------------------
Creditors of KM Baumanagement Ltd. & CO KG have until September
16, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 11:30 a.m. at:

         Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

For further information, contact the company's administrator:

         Mag. Dr. Ulla Reisch
         Praterstrasse 62-64
         1020 Wien
         Austria
         Tel: 01/212 55 00
         Fax: 01/212 55 00 5
         E-mail: office.wien@ulsr.at


KOMO GMBH: Creditors Must File Claims by September 20
-----------------------------------------------------
Creditors of KOMO GmbH & Co.KEG have until September 20, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 1, 2009 at 10:40 a.m. at:

         Land Court of Wels
         Hall 101
         Wels
         Austria

For further information, contact the company's administrator:

         Mag. Alexandra Thomasberger
         Roemerstrasse 48
         4800 Attnang-Puchheim
         Austria
         Tel: 07674/63320
         Fax: 07674/63320-13
         E-mail: attnang@vb-lex.at


REAL GMBH: Creditors Must File Claims by September 30
-----------------------------------------------------
Creditors of REAL GmbH have until September 16, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 30, 2009 at 11:00 a.m. at:

         Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

For further information, contact the company's administrator:

         Dr. Ute Toifl
         Habsburgergasse 6-8/17
         1010 Wien
         Austria
         Tel: 01/9535 46 11
         Fax: 01/535 46 11 11
         E-mail: office@thr.at


=============
G E R M A N Y
=============


ARCANDOR AG: To Receive Surplus From Thomas Cook Share Sale
-----------------------------------------------------------
Holger Elfes at Bloomberg News reports that Thomas Schulz, a
spokesman for Arcandor AG's court-appointed insolvency
administrator, said the company may get some money from Thursday's
sale of its former stake in tour operator Thomas Cook Group Plc.

Bloomberg relates Mr. Schulz said any funds received would be used
to buy back brand rights for the Karstadt department store chain
and the Quelle mail- order unit.  The spokesman said he didn't
know how much Arcandor is likely to get.

According to Bloomberg, Bayerische Landesbank said Thursday it
placed 376.6 million Thomas Cook shares at 240 pence each, raising
about GBP904 million (US$1.5 billion).  Bloomberg notes most of
the proceeds will go to BayernLB, Commerzbank AG and Royal Bank of
Scotland Plc, who seized the stake as collateral for loans after
the company's collapse.  Citing Mr. Schulz, Bloomberg discloses
Arcandor's debt to the three banks amounts to EUR940 million
(US$1.37 billion).

                        Insolvency Proceedings

On September 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Tuesday,
September 1.  Bloomberg disclosed the proceedings started for the
Arcandor holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

                          About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


ARCANDOR AG: Has Initial Deal on Quelle Factoring Financing
-----------------------------------------------------------
Mariajose Vera and Mike Gavin at Bloomberg News report that Thomas
Schulz, a spokesman for Arcandor AG's insolvency administrator,
said creditor banks have reached "a basic agreement" on factoring
financing for the company’s Quelle unit.

According to Bloomberg, Mr. Schulz said the agreement would
guarantee factoring through the end of the year and must first be
approved by the banks' boards.

Citing the spokesman, Bloomberg discloses the financing volume is
EUR438 million.

                      Insolvency Proceedings

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


HAPAG-LLOYD AG: State Aid Request Justified, Minister Says
----------------------------------------------------------
Robert Wright at The Financial Times reports that Wolfgang
Tiefensee, Germany's transport secretary, said Hapag-Lloyd
AG's application for EUR1.2 billion (US$1.7 billion) in state-
backed loan guarantees was justified.

According to the FT, Mr. Tiefensee said approval for the Hapag-
Lloyd application should be formalized quickly.  The FT relates
the federal transport minister said shareholders in Hapag-Lloyd
had carried out the necessary preparations for the award of the
guarantees by agreeing to put fresh capital into the company.

As reported in the Troubled Company Reporter-Europe on Sept. 10,
2009, Bloomberg News said the government is expected to make its
decision on the case before national elections, which will be held
Sept. 27.

Hapag-Lloyd AG -- http://www.hapag-lloyd.com/-- is the
transportation arm of German tourism giant TUI.  Subsidiary Hapag-
Lloyd Container Line, which accounts for most of Hapag-Lloyd's
sales, operates a fleet of about 135 containerships.  Overall,
Hapag-Lloyd Container Line's vessels have a capacity of more than
490,000 twenty-foot equivalent units (TEU).  The unit's routes
link Europe, Asia, the Americas, and Africa.  In addition to
freight transportation, Hapag-Lloyd offers luxury ocean and river
cruises under its Hapag-Lloyd Cruises brand.  TUI sold Hapag-
Lloyd's container operations to a German investment group in March
2009.


NORDDEUTSCHE LANDESBANK: German State Guarantees Extended
---------------------------------------------------------
Bate Felix at Reuters reports that the European Commission on
Thursday extended German state guarantees to Norddeutsche
Landesbank Girozentrale until February 2010 to enable the bank
toNorddeutsche Landesbank Girozentrale operates as a commercial
bank in north Germany and internationally cover refinancing needs
and continue extending loans.

According to Reuters, the commission approved the prolongation of
guarantees on securities used to provide financing to NordLB by
the Laender Lower Saxony and Saxony Anhalt regional governments.

Headquartered in Hanover, Norddeutsche Landesbank Girozentrale --
http://www.nordlb.de/-- operates as a commercial bank in north
Germany and internationally.


SCHAEFFLER GROUP: Appoints Presidents to Automotive Unit
--------------------------------------------------------
Mike Gavin at Bloomberg News reports that Schaeffler Group said
Peter Pleus and Norbert Indlekofer will take on positions as
presidents of Schaeffler Group Automotive.

                       Debt Refinacing

On August 20, 2009, the Troubled Company-Reporter, reported
Schaeffler reached an agreement with banks to refinance EUR12
billion (US$17 billion) in debt.  According to the FT, the group's
lenders gave Schaeffler more breathing space, as some of them
eschewed a solution that would see them writing down any of the
debt.

                      About Schaeffler

Germany-based Schaeffler Group -- http://www.schaeffler.com/--
manufactures a vast array of bearings, from cylindrical roller
bearings to needle roller bearings, used in the aerospace,
automotive, machine tool, and semiconductor industries.  Its three
main brands are INA, FAG, and LuK, and though the entities are
treated separately within the company, they also work
collaboratively on specific product development.  The company is
owned by Maria-Elisabeth Schaeffler, the widow of a co-founder,
and her son, Georg F. W. Schaeffler.


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I R E L A N D
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VEGA CONTAINERVESSEL: Moody's Cuts Rating on Class A Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba1 the
rating of the US$253.7 million 5.562% Class A corporate asset-
backed secured notes due 2021 issued by Vega ContainerVessel 2006-
1 Public Limited Company.  The rating remains under review for
further possible downgrade, where it was placed on 27 July 2009.
The notes were issued for the purpose of financing ships for CMA
CGM.

The rating action reflects ongoing difficulties in the
containership markets and Moody's view that these market
conditions affect both (1) CMA CGM's credit quality at time the
company's liquidity profile remains under pressure and (2) the
value of the collateral.

The rating of the Class A notes issued by Vega principally
reflects (i) CMA CGM's credit quality, and (ii) the additional
degree of protection provided by the collateral and the legal and
financial arrangements of the transaction to the Class A
noteholders.  Moody's estimates that the value of the vessels
assigned as collateral for the notes has substantially decreased
due to the severity of the current economic downturn, exacerbated
by a substantial excess in capacity.

Moody's review will focus on assessing the potential impact of
further deterioration of the current market conditions on the
estimated probability and severity of a shortfall for the Class A
notes in the event of a sale of the collateral following a
potential CMA CGM default.  Moody's expects to conclude its review
in the next two months.

The last rating action was implemented on 27 July 2009, when
Moody's downgraded the ratings of Vega to Ba1 and placed ratings
under review for possible downgrade.

In assessing the notes issued by Vega ContainerVessel 2006-1
Public Limited Company, Moody's has taken into consideration the
characteristics of the collateral pool, the volatility of vessel
prices, the potential claims ranking in priority to the Class A
Notes and the structural enhancement of the transactions.

Vega ContainerVessel 2006-1 Public Limited Company is an Irish
orphan special purpose vehicle, which has issued debt instruments
for the purpose of financing ships for CMA CGM.


=========
I T A L Y
=========


BANCA ITALEASE: 11 Bankers Involved in 2006 Insider Trading Fined
-----------------------------------------------------------------
Elisa Martinuzzi and Marco Bertacche at Bloomberg News report that
Consob, Italy's securities watchdog, has fined 11 bankers,
including Enrico Clavenna, Citigroup Inc.'s former head of Italian
equities, for their role in alleged insider trading of Banca
Italease SpA shares in 2006.

Citing Consob statements posted on its Web site, Bloomberg
discloses the bankers were fined a total of EUR3.4 million
(US$4.9 million) and face suspensions of as long as 15 months.

According to Bloomberg, Consob said Mr. Clavenna and Roberto
Casoni, then head of European small-cap research, and two
colleagues passed on privileged information on a note Mr. Casoni
was due to publish on Italease, the leasing company that's being
bought out by lender Banco Popolare SC.

Bloomberg relates Consob said for days leading up to the
publication, the bankers told seven fund managers about how
Citigroup would recommend buying Italease shares and set a target
price "substantially" above the market level.  Consob, as cited by
Bloomberg, said the asset managers allegedly bought stock on the
tip.

Banca Italease SpA (BIT:BIL) -- http://www.italease.it/-- is an
Italy-based banking company.  Banca Italease provides retail
leasing services through: Italease Secondacasa, offering real
estate leasing; Tiarredo, providing furniture leasing; Tiarredo
Arte, specializing in art leasing; Tiguido, offering car and
motorcycle leasing, and Tivaro, providing boat leasing.  Banca
Italease also offers corporate leasing through its subsidiaries:
LeasinGomme, Real Estate Leasing, Industrial Leasing, Public
Sector Leasing and Corporate Car Leasing.  Other areas of
Company's operations are: subsidized leasing, medium and long-term
lending, insurance products, factoring, long-term car leasing, and
Interest Rate Swap (IRS) contracts.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on July 22,
2009, Moody's Investors Service upgraded the long- and short-term
deposit and debt ratings of Banca Italease to Baa3 and Prime-3
from Ba1 and Not Prime respectively.  All the bank's ratings,
including the E+ BFSR, now carry a stable outlook. Moody's said
the upgrade reflects the completion of the tender
offer by Banco Popolare (rated A2/C-/Prime-1), which now owns 88%
of Banca Italease's ordinary shares, and the resulting increased
probability of parental support.  Moody's said the restructuring
of Banca Italease is expected to go ahead as planned; however, the
bank will not be de-listed, as the threshold for de-listing has
not been reached.


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L U X E M B O U R G
===================


ORCO PROPERTY: Offers Debt-for-Equity Swap to Bondholders
---------------------------------------------------------
Douglas Lytle and Lenka Ponikelska at Bloomberg News report that
Orco Property Group SA said it will offer bondholders a mix of new
debt and equity, including new convertible bonds, as part of its
restructuring plan.

The company, Bloomberg says, will organize a general assembly on
September 24 for bondholders to vote on the proposal.

Bloomberg relates Orco said in a statement the company has direct
liabilities of EUR411 million of bonds in nominal value.  Orco, as
cited by Bloomberg, said the restructuring plan, which includes a
sale of assets, or finding an equity investor, is aimed at
reaching a "satisfactory" indebtedness of the company and improve
its debt servicing.

On September 1, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Orco's net loss widened to EUR200 million
(US$287 million) in the first half of 2009 from EUR14.1 million in
the year-ago period as the value of its properties declined.
Bloomberg disclosed the value of Orco's real-estate holdings fell
12% to EUR1.83 billion at the end of June from EUR2.13 billion at
the end of December.

Orco Property Group SA -- http://www.orcogroup.com-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.

Orco was granted creditor protection at the Paris Commercial Court
on March 26 after it struggled to find buyers for its assets
because of the global credit crisis.  The French sauvegarde
protection system is similar to Chapter 11 protection in the U.S.
and calls for an "observation period" of as much as six months.


=====================
N E T H E R L A N D S
=====================


VAN DER MOOLEN: Declared Bankrupt; Creditors May Get Full Payment
-----------------------------------------------------------------
Van der Moolen Holding NV's creditors may receive full repayment
in the "best scenario," John Buckley at Bloomberg News reports,
citing Jaap Gelderloos, a court-appointed receiver for the
company.

Bloomberg relates Mr. Gelderloos said at a press conference in
Amsterdam Thursday preferred shareholders may receive partial
payment under most favorable conditions.

                            Bankruptcy

On September 10, 2009, the Court in Amsterdam declared Van der
Moolen insolvent.

On September 9, 2009, the administrators of the company requested
the court to convert the provisional suspension of payments, which
was granted on August 10, into bankruptcy.  The board and
administrators of VDM said this became necessary since the ongoing
expenses, including the salaries of the employees could no longer
be paid during September.  Furthermore, it became apparent during
the last weeks that there are no possibilities to sell VDM or to
continue as a smaller company.  The administrators expect that,
even with the best possible return on sale or liquidation of parts
of VDM, there will be on balance insufficient means to make a
payment to the holders of ordinary shares of VDM.

The bankruptcy of VDM can be attributed to a combination of
factors that appeared in a period of a number of years: big losses
in the US, unsuccessful new initiatives like Online Trader,
decreasing revenues in connection due to the financial crisis and
a cost pattern that structurally exceeded the benefits. Ultimately
two factors have accelerated the erosion of the liquidity position
of VDM: the purchase of treasury shares, and the delay in the
collection of (tax) claims of VDM.

The consequence of the bankruptcy will be that VDM will be
liquidated.  The assets and activities of the subsidiaries will be
realized into cash as much as is possible.

Headquartered in Amsterdam, Netherlands, Van der Moolen Holding
N.V. -- http://www.vandermoolen.com/--  is an international
securities trading and brokerage firm that specializes in
providing low-cost liquidity in markets worldwide.  Its business
is to make money on financial markets, as a broker and proprietary
trader in securities, futures, derivatives indexes and exchange
traded funds.


===========
R U S S I A
===========


KAZANORGSINTEZ OJSC: S&P Withdraws 'D' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'D' long-term corporate credit rating on Russian petrochemicals
group Kazanorgsintez OJSC and the 'D' issue rating on the
US$200 million senior unsecured loan participation notes issued by
subsidiary Kazanorgsintez S.A. and guaranteed by Kazanorgsintez.

The withdrawal reflects S&P's view that Kazanorgsintez still does
not have in place a firm, short-term timetable for a new financing
framework, three months after S&P's June 18, 2009, downgrade of
the group to 'D' from 'CC' because of its nonpayment of financial
debt obligations.

Still, S&P understands that Kazanorgsintez is continuing its debt
restructuring discussions with banks and debtholders, as well as
with the government and suppliers.  S&P may assign a new rating to
Kazanorgsintez when discussions are finalized, depending on the
degree of information available to us.


MASTERCROFT LTD: S&P Withdraws 'B+' Corporate Credit Rating
-----------------------------------------------------------
On Sept. 10, 2009, Standard & Poor's Ratings Services said that it
withdrew its 'B+' long-term corporate credit and 'ruA' Russia
national scale ratings on Mastercroft Ltd., a core subsidiary of
Russia-based steelmaker Evraz Group S.A. (B+/Watch Neg/--).  The
ratings on Evraz are unaffected by this action.

The withdrawal is at the request of Mastercroft's parent company
Evraz and follows the redemption in August 2009 of a US$300
million 10.875% senior unsecured bond, issued by Evraz Securities
S.A.  and guaranteed by Mastercroft.

Mastercroft is a wholly-owned subsidiary of Evraz and the holding
company of the group's Russian operating subsidiaries.  However,
although Mastercroft remains a guarantor of certain bank loans and
a $750 million 8.25% senior unsecured bond due 2015 issued by
Evraz, S&P understand that Mastercroft is not intended to be an
issuer or guarantor of new debt in the future.

On Sept. 9, 2009, S&P lowered the ratings on Evraz and Mastercroft
and placed them on CreditWatch with negative implications.  This
reflected S&P's opinion that there is heightened uncertainty about
the willingness of banks to waive or amend Evraz' financial
covenants and the ability of Evraz to address its currently very
weak liquidity.


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S W I T Z E R L A N D
=====================


AJP-BERATUNGS GMBH: Claims Filing Deadline is September 16
----------------------------------------------------------
Creditors of Ajp-Beratungs GmbH are requested to file their proofs
of claim by September 16, 2009, to:

         Alfred Jaeger
         Liquidator
         Huis am Chleinen Platz
         3917 Kippel
         Switzerland

The company is currently undergoing liquidation in Kippel.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 22, 2009.


AUTOMATION SUPPORT: Claims Filing Deadline is September 16
----------------------------------------------------------
Creditors of Automation Support Boerlin GmbH are requested to file
their proofs of claim by September 16, 2009, to:

         Thomas Boerlin
         Liquidator
         Grendelweg 7
         4314 Zeiningen
         Switzerland

The company is currently undergoing liquidation in Zeiningen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 1, 2009.


BORTEL TOUR: Claims Filing Deadline is September 16
---------------------------------------------------
Creditors of Bortel Tour GmbH are requested to file their proofs
of claim by September 16, 2009, to:

         Daniel Albert
         Liquidator
         Englisch-Gruss-Strasse 44
         3902 Brig-Glis
         Switzerland

The company is currently undergoing liquidation in Brig.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 27, 2009.


BY ESTELLE: Claims Filing Deadline is September 17
--------------------------------------------------
Creditors of By Estelle GmbH are requested to file their proofs of
claim by September 17, 2009, to:

         By Estelle GmbH
         Bahnhofstrasse 5
         8610 Uster
         Switzerland

The company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 28, 2009.


CAM PRIVATE: Claims Filing Deadline is September 16
---------------------------------------------------
Creditors of CAM Private Equity Schwitzerland AG are requested to
file their proofs of claim by September 16, 2009, to:

         Provida Consulting AG
         Thurgauerstrasse 66
         8050 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 2, 2009.


DANIA AG: Claims Filing Deadline is September 17
------------------------------------------------
Creditors of Dania AG are requested to file their proofs of claim
by September 17, 2009, to:

         Dr. iur. Rudolf Kunz
         Liquidator
         Ottoplatz 19
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Domat/Ems.  The
decision about liquidation was accepted at a general meeting held
on June 4, 2009.


ELEKTRO GRUBER: Claims Filing Deadline is September 16
------------------------------------------------------
Creditors of Elektro Gruber GmbH are requested to file their
proofs of claim by September 16, 2009, to:

         Karl Eggen, liquidator
         Luchsernstrasse 37
         3920 Zermatt
         Switzerland

The company is currently undergoing liquidation in St. Niklaus.
The decision about liquidation was accepted at a general meeting
held on June 26, 2009.


JASTO AG: Claims Filing Deadline is September 16
------------------------------------------------
Creditors of Jasto AG are requested to file their proofs of claim
by September 16, 2009, to:

         Erich Spring
         Rainmattstrasse 674
         4717 Muemliswil
         Switzerland

The company is currently undergoing liquidation in Balsthal.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 18, 2009.


MASEFIELD ASIA-PACIFIC: Claims Filing Deadline is September 16
--------------------------------------------------------------
Creditors of Masefield Asia-Pacific AG are requested to file their
proofs of claim by September 16, 2009, to:

         Gestinor AG
         Am Schanzengraben 25
         8022 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 12, 2009.


REISEBUERO WIEDERKEHR: Claims Filing Deadline is September 17
-------------------------------------------------------------
Creditors of Reisebuero Wiederkehr AG are requested to file their
proofs of claim by September 17, 2009, to:

         Bernhard Wiederkehr
         Hofwiesenstrasse 16
         8136 Gattikon
         Switzerland

The company is currently undergoing liquidation in Adliswil.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 18, 2009.


TOURMEDIA AG: Claims Filing Deadline is September 17
----------------------------------------------------
Creditors of Tourmedia AG are requested to file their proofs of
claim by September 17, 2009, to:

         SH Services GmbH
         Stampfenbachstrasse 52,
         Mail box: 1926
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 22, 2009.


SCHNITTSTELLE PRE: Claims Filing Deadline is September 16
---------------------------------------------------------
Creditors of Schnittstelle Pre Press Service AG are requested to
file their proofs of claim by September 16, 2009, to:

         Joerg Tscharner
         Liquidator
         Monbijoustrasse 61
         3007 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at a general meeting held
on June 2, 2009.


UBS AG: Workers Worried of Debt Securities, Wanted to Unload Them
-----------------------------------------------------------------
Serena Ng and Carrick Mollenkamp at The Wall Street Journal report
that e-mails presented in court show that in the summer and fall
of 2007 some U.S. UBS AG employees became increasingly worried
about billions of dollars of debt securities inventoried on the
bank's books and wanted to find a way to unload them.

As reported by the TCR on September 11, 2009, Connecticut Court
Judge John F. Blawie has ruled that UBS set aside US$35.5 million
to cover a potential judgment against it in a case involving debt
securities that employees called "crap" and "vomit".  Hedge fund
Pursuit Partners LLC claimed that UBS sold investment-grade debt
securities to the firm in 2007, though the Company knew that the
securities were about to be downgraded by ratings agencies.  Judge
Blawie said that Pursuit Partners had "presented sufficient
evidence to satisfy the probable cause standard with respect to
their claim that UBS was in possession of superior knowledge that
was not readily available" to the company.

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

As reported in the Troubled Company Reporter-Europe, UBS has
amassed more than US$53 billion in writedowns and losses since the
credit crisis began.  The bank expects to post a loss in the
second quarter of 2009.  The bank's net loss for full-year 2008
widened to CHF19.697 billion from of CHF5.247 million in the prior
year.  Net losses from continuing operations totaled
CHF19.327 billion, compared with losses of CHF5.111 billion in the
prior year.  UBS attributed the losses to negative revenues in its
fixed income, currencies and commodities (FICC) area.  For the
2008 fourth quarter, UBS incurred a net loss of CHF8.100 billion,
down from a net profit of CHF296 million.  Net loss from
continuing operations was CHF7.997 billion compared with a profit
of CHF433 million.  The Investment Bank recorded a pre-tax loss of
CHF7.483 billion, compared with a pre-tax loss of CHF2.748 billion
in the prior quarter.  This result was primarily due to trading
losses, losses on exposures to monolines and impairment charges
taken against leveraged finance commitments.  An own credit charge
of CHF1.616 billion was recorded by the Investment Bank in fourth
quarter 2008, mainly due to redemptions and repurchases of UBS
debt during this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.  UBS's personnel numbers reduced to 77,783 on
December 31, 2008, down by 1,782 from September 30, 2008, with
most staff reductions at its investment banking unit.


===========
T U R K E Y
===========


DOGAN YAYIN: US$2.5 Bln Tax Fine to Threaten Survival
-----------------------------------------------------
Delphine Strauss at The Financial Times reports that Dogan Yayin
Holding AS said tax authorities wanted companies it controls to
pay a total of TRY3.76 billion (US$2.5 billion) in unpaid taxes
and penalties.

The FT says the tax fine is equivalent to more than four-fifths of
the combined market value of Dogan Holding and Dogan Yayin.

The FT relates one banker expressed incredulity at the size of the
fine, given it related largely to share transactions between
relatively small subsidiaries of Dogan Yayin, and said it was big
enough to threaten the group's survival.

According to the FT, analysts said Dogan Yayin would probably have
to make provisions against the fine while it pursued what could be
a lengthy appeal.  Given the size of the fine, that could mean a
substantial capital increase or asset sales, the FT notes.

Dogan Yayin Holding AS -- http://www.dyh.com.tr/-- is a Dogan
Group holding company based in Istanbul, Turkey, established as a
media-entertainment conglomerate, active in the newspaper,
magazine and book publishing, television and radio broadcasting,
printing and news media sectors through its subsidiaries.  Its
publishing and broadcasting products include magazines, daily
newspapers, national and international television stations,
thematic and interactive television channels and radio stations.
DYH also runs a television production and a record label company,
as well as two printing companies.  It operates websites designed
for various purposes, and offers a digital television platform, in
addition to other online and digital services.  DYH is active in
the retail sector through D&R and Yaysat, which distribute the
Holding’s products.  It also provides foreign trade, factoring and
mortgage services.  DYH holds international partnerships with such
companies as AOL-Time Warner, the Universal Music Group and Burda
GmbH.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 26,
2009, Fitch Ratings maintained Turkey-based Dogan Yayin Holding's
Long-term foreign and local currency Issuer Default ratings, at
'B+' respectively, on Rating Watch Negative.


DOGAN YAYIN: Fitch Downgrades Issuer Default Ratings to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Turkey-based Dogan Yayin Holding's
Long-term foreign and local currency Issuer Default ratings to 'B'
from 'B+' respectively.  Both ratings remain on Rating Watch
Negative.  Fitch has simultaneously downgraded Hurriyet's, DYH's
newspaper subsidiary, Long-term foreign and local currency IDRs to
'B+' from 'BB-' and both these ratings also remain on RWN.
Hurriyet's National Long-term rating has been downgraded to
'A(tur)' from 'AA-(tur)' and remains on RWN.

The downgrades reflect Dogan TV Holding AS (74.5% owned subsidiary
of DYH) and related companies' receipt of tax fine notifications
of TRY3.76 billion (US$2.5 billion) from the Ministry of Finance
regarding their 2005-2007 financial accounts as of September 2009.
Fitch understands that DYH will not set aside any provisions for
these tax fines and there will be no related cash outflows in the
mid-term.  Fitch also understands that DYH will apply to the
Ministry of Finance for the cancellation of the tax fines claiming
that the tax reports are inaccurate with material errors.
Furthermore, DYH will also apply for a settlement process with the
Finance Ministry that may result in a substantial reduction in the
original tax fine.

The Tax office may ask for collateral if the parties don't agree
on the cancellation of the fine or on the settlement process.
Fitch notes that the tax fine charges by the tax authorities have
to be settled in court unless the tax fine on Dogan TV is
cancelled or settled with the Ministry of Finance, as is common
practice.  In this instance, DYH's management will take the
necessary legal steps against these claims.  Fitch also notes that
a "cautionary attachment" was already issued by the tax
authorities on Dogan TV's share certificates, representing a 53%
stake in Dogan TV Holding as collateral for the initial tax fine
to DYH in March 2009 for TRY862 million (US$569 million).
Settlement process may take up to two months while the tax Court
is expected to last more than one year until the end of 2010.
However, the initial tax penalty may be resolved as soon as Q409
and will shed some light on the basis of the government's claims.

The RWN is based on the lack of visibility related to the tax
fines at this stage and Fitch's concern that the escalating
political pressure on the leading media player may result in
additional tax fines that will also dent the company's capacity to
manage its daily operations.  The agency will continue to monitor
developments on this front closely and notes that a final decision
by the courts may be favorable to the company.  Fitch's rating
actions do not imply that the fines will be successfully levied,
but reflect the scale of risk associated with such potential
events.  If the fines are incurred, DYH's ratings may be
downgraded by several notches.  Fitch is aware of other Turkish
companies which have successfully contested such rulings, but also
of other instances where the outcome has gone against the company.

The total amount of TRY4.6 billion (US$3.1 billion) in tax fines,
if paid, would place a heavy burden on DYH's financial profile,
and the potential payment of such a huge fine would not be
possible even with direct support from Dogan Holding (DH) which
currently has US$0.85 billion net cash on its balance sheet.  In
such a scenario, it will be impossible for DYH to deleverage
without the support of the parent company, and DYH's rating will
come under further pressure if DH does not provide the required
additional capital to its media business in a weak economic
environment.

The downgrade of Hurriyet follows the downgrade of the parent
company, DYH, as per Fitch's methodology for parent and subsidiary
ratings.  Hurriyet is DYH's main operating subsidiary in
publishing and is the key driver of DYH's creditworthiness.


=============
U K R A I N E
=============


ALASKA LTD: Creditors Must File Claims by September 16
------------------------------------------------------
Creditors of LLC Alaska Ltd. (code EDRPOU 33310388) have until
September 16, 2009, to submit proofs of claim to:

         L. Timofeyeva
         Insolvency Manager
         Post Office Box 179
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 5/220/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Alaska Ltd.
         7th Slobodskaya Str. 70/4
         Nikolayev
         Ukraine


ALTERA LLC: Creditors Must File Claims by September 16
------------------------------------------------------
Creditors of LLC Altera (code EDRPOU 31043374) have until
September 16, 2009, to submit proofs of claim to:

         L. Timofeyeva
         Insolvency Manager
         Post Office Box 179
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 5/218/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Altera
         Office 37
         Bolshaya Morskaya Str. 45/5
         Nikolayev
         Ukraine


BELTOUR-AGRO LLC: Creditors Must File Claims by September 16
------------------------------------------------------------
Creditors of LLC Beltour-Agro (code EDRPOU 34565489) have until
September 16, 2009, to submit proofs of claim to:

         L. Timofeyeva
         Insolvency Manager
         Post Office Box 179
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on August 11, 2009.  The case is docketed
under Case No. 5/227/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Beltour-Agro
         Sevastopolskaya Str. 185
         Nikolayev
         Ukraine


DRUZHBA AGRICULTURAL: Creditors Must File Claims by September 16
----------------------------------------------------------------
Creditors of Agricultural LLC Druzhba (code EDRPOU 03732933) have
until September 16, 2009, to submit proofs of claim to:

         V. Glebov
         Insolvency Manager
         Hmelnitsky highway Str. 23
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on July 21, 2008.  The case is docketed under
Case No. 5/120-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Druzhba
         Karmaliukovoye
         Zhmerinka
         23120 Vinnitsa
         Ukraine


INTER-CONSULT LLC: Creditors Must File Claims by September 16
-------------------------------------------------------------
Creditors of LLC Inter-Consult (code EDRPOU 30985776) have until
September 16, 2009, to submit proofs of claim to A. Belov, the
company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on July 7, 2009.  The case is docketed under
Case No. 07-32/131-05-5890.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Inter-Consult
         Promishlennaya Str. 37
         65000 Odessa
         Ukraine


KONOTOP AGRICULTURAL: Creditors Must File Claims by September 16
----------------------------------------------------------------
Creditors of LLC Konotop Agricultural Chemistry Union (code EDRPOU
31097482) have until September 16, 2009, to submit proofs of claim
to:

         S. Poliakov
         Novomistenskaya Str. 10/31
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on August 10, 2009.  The case is docketed
under Case No. 7/44-09.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Ave. 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Konotop Agricultural Chemistry Union
         Frunze Str. 21a
         Konotop
         41646 Sumy
         Ukraine


PRIKARPATYE LLC: Creditors Must File Claims by September 16
-----------------------------------------------------------
Creditors of LLC Woodworking Company Prikarpatye (code EDRPOU
33484048) have until September 16, 2009, to submit proofs of claim
to:

         R. Senik
         Insolvency Manager
         Post Office Box 26
         76008 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on July 15, 2009.  The case is
docketed under Case No. B-21/168.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16
         Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Woodworking Company Prikarpatye
         Franko Str. 2b
         Broshnov
         Rozhniatinsky
         77614 Ivano-Frankovsk
         Ukraine


PRIKORDONNIK LLC: Creditors Must File Claims by September 16
------------------------------------------------------------
Creditors of LLC Prikordonnik (code EDRPOU 30157236) have until
September 16, 2009, to submit proofs of claim to:

         D. Ungurianu
         Insolvency Manager
         Golovnaya Str. 204d/5
         58032 Chernovtsy
         Ukraine

The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company on March 16, 2009.  The case is docketed under
Case No. 9/101/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobilianskaya Str. 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         LLC Prikordonnik
         Ternavka
         Gertsayevsky
         Chernovtsy
         Ukraine


REGIONAL PEDIGREE: Creditors Must File Claims by September 16
-------------------------------------------------------------
Creditors of OJSC Regional Pedigree Enterprise (code EDRPOU
00702392) have until September 16, 2009, to submit proofs of claim
to:

         L. Timofeyeva
         Insolvency Manager
         Post Office Box 179
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 5/219/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         OJSC Regional Pedigree Enterprise
         Cosmonauts Str. 61
         Nikolayev
         Ukraine


TRADEINVESTFINANCE LLC: Creditors Must File Claims by September 16
------------------------------------------------------------------
Creditors of LLC Tradeinvestfinance (code EDRPOU 34614127) have
until September 16, 2009, to submit proofs of claim to:

         N. Vinichenko
         Insolvency Manager
         Office 65
         Terekhin Str. 14-a
         04080 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 5, 2009.  The case is docketed under
Case No. 50/566.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Str. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Tradeinvestfinance
         Kikvidze Str. 11
         01103 Kiev
         Ukraine


UKRPROMBANK: To Be Liquidated; State-Owned Bank to Assume Deposits
------------------------------------------------------------------
The Ukrainian government and the National Bank of Ukraine plan to
liquidate Ukrprombank, Astrum IM reports citing Igor Umanskyi, the
country's acting minister of finance.

According to the report, Ukrprombank's assets and liabilities will
be transferred to a state-owned bank.

In an August 25 report, Market Analysis disclosed Mr. Umanskyi
said Ukrprombank depositors can be transferred to Oschadbank or
Rodovid Bank.

As reported in the Troubled Company Reporter-Europe,  Ukraine's
central bank placed Ukrprombank in receivership on Jan. 21.

Ukrprombank is headquartered in Kiev, Ukraine.  Ukrprombank ranked
18th place among the 182 banks operating in the country by assets.
According to the NBU, at April 1, 2009, Ukrprombank has total
assets of UAH9.83 billion.


===========================
U N I T E D   K I N G D O M
===========================


GLEBE TWO: Placed Into Voluntary Liquidation
--------------------------------------------
Property Week reports that Glebe Two, Glebe subsidiary company and
joint venture partner with Workspace Group, has been placed into
voluntary liquidation by its shareholders.

According to Property Week, Glebe Two, 50% partner in Workspace
Glebe, was placed into voluntary liquidation after the joint
venture failed to restructure its GBP134 million debt pile in a
"timescale a form satisfactory to Glebe two's shareholders".

Property Week recalls Workspace Glebe admitted that the value of
its portfolio as of March 31, 2009 was GBP129.6 million, and that
it had therefore breached its loan to value covenant.

Property Week relates Workspace Group said Wednesday that it would
continue to manage the portfolio of 11 London assets, totaling
1.2m sq ft, while negotiations continue with Bank of Scotland
Corporate.

On June 16, 2009, the Troubled Company Reporter-Europe, citing
Property Week, reported Workspace Group was in talks with Glebe
and Bank of Scotland Corporate about agreeing revised terms for
the debt funding "and appropriate returns for any additional
equity invested".  Propert Week disclosed Workspace Group, the
facility was non-recourse "apart from an interest shortfall
guarantee under which the joint venture partners have a maximum
liability of GBP6 million, of which GBP1.6 million has been
contributed to date".


HIGH & MIGHTY: Sold to J.D. Williams in Pre-Pack Deal
-----------------------------------------------------
Administrators from PricewaterhouseCoopers LLP have been
successful in securing the sale of part of the business of High &
Mighty Limited (in administration), the retailer of clothing and
footwear in the tall and large menswear market, to J.D. Williams &
Company Limited (part of N Brown Group plc).  The sale, which
involved a pre-packaged administration, will transfer around 100
jobs and 14 of the 22 retail outlets in the UK.

David Bennett and David Chubb of PricewaterhouseCoopers LLP were
appointed as joint administrators of the Company on
September 10, 2009.

David Bennett, administrator and director at
PricewaterhouseCoopers LLP said: "High and Mighty has a long
history as a clothing retailer in the UK.  However, the Company
has recently been experiencing difficult trading conditions.  As a
result of this, the shareholders and directors have been exploring
options to try and rescue the business.  This has necessitated the
Company seeking the protection of administration."

"The Administrators are pleased to be able to announce that they
have secured the sale of a significant portion of the business of
the Company to J.D. Williams & Company Limited.  This should
provide stability for many customers, suppliers and employees
alike and means the High & Mighty brand will continue to exist on
the UK high street."

                       About J.D. Williams

Operating from its base in Newbury, the company had 126 employees
and 4 directors in the UK.  It traded from 22 stores in the UK and
5 franchises in Europe and the Middle East.  14 of the UK stores
will continue to be operated by J.D.Williams & Company Limited, as
listed below:

   -- Edgware Road,
   -- Knightsbridge,
   -- Romford,
   -- Cardiff,
   -- Birmingham,
   -- Bristol,
   -- Southampton,
   -- Reading,
   -- Plaza (Oxford Street, London),
   -- Leeds,
   -- Manchester,
   -- Glasgow,
   -- Edinburgh, and
   -- Brighton.


LLOYDS BANKING: Mark Collins to Help with Loan Book Restructuring
-----------------------------------------------------------------
Daniel Thomas at The Financial Times reports that Lloyds Banking
Group has lined up Mark Collins, a former Land Securities
operational chief, to help the restructuring of its distressed
property loan book.

According to the FT, Mr. Collins will work with distressed
borrowers to find solutions on loans that have breached covenants.

The FT says Mr. Collins will have a newly created role in the
business support unit for real estate headed by Richard Dakin, in
what is known as the "intensive care" part of the bank.

On August 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Lloyds posted a loss of GBP3.1 billion
(US$5.2 billion) in the first half of 2009 compared with a profit
of GBP1.95 billion in the year-earlier period.  Bloomberg
disclosed the bank set aside GBP13.4 billion in the period to
cover souring commercial and real estate loans.  According to
Bloomberg, Lloyds said HBOS accounted for about 80% of the
combined bank's bad loan provisions. Lloyds Chief Executive
Officer Eric Daniels, as cited by Bloomberg, said about GBP10
billion of the provisions will be covered by the government's
asset protection program.

As reported in the Troubled Company Reporter-Europe, Lloyds sought
a GBP17-billion bailout from taxpayers after it agreed to buy HBOS
in September in a government- brokered deal to prevent the
collapse of Britain's biggest mortgage lender.  The U.K. owns 43%
of Lloyds.

                  About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.


LLOYDS BANKING: James Garvey Named Capital Markets Head
-------------------------------------------------------
The Scotsman reports that Lloyds Banking Group plc on Wednesday
named James Garvey Goldman Sachs banker James Garvey, head of
capital markets.

According to the Scotsman, Mr. Garvey will head the capital
markets and advisory business.  He will report to Andrew Geczy,
Lloyds' managing director of wholesale markets.

On August 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Lloyds posted a loss of GBP3.1 billion
(US$5.2 billion) in the first half of 2009 compared with a profit
of GBP1.95 billion in the year-earlier period.  Bloomberg
disclosed the bank set aside GBP13.4 billion in the period to
cover souring commercial and real estate loans.  According to
Bloomberg, Lloyds said HBOS accounted for about 80% of the
combined bank's bad loan provisions.  Lloyds Chief Executive
Officer Eric Daniels, as cited by Bloomberg, said about GBP10
billion of the provisions will be covered by the government's
asset protection program.

As reported in the Troubled Company Reporter-Europe, Lloyds sought
a GBP17-billion bailout from taxpayers after it agreed to buy HBOS
in September in a government- brokered deal to prevent the
collapse of Britain's biggest mortgage lender.  The U.K. owns 43%
of Lloyds.

                  About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.


LUPUS CAPITAL: 1H09 Pre-Tax Profit Down 48% to GBP7.5 Mln
---------------------------------------------------------
Reuters reports that Lupus Capital plc's adjusted pre-tax profit
fell 48% to GBP7.5 million for the six months ended June 30 from
GBP14.5 million a year ago.

According to Reuters, revenue fell 14.6% to GBP117 million.

Reuters relates the company recently renegotiated its banking
facilities.  "The revised banking arrangements have extended the
group's facilities to mid-2012 and have significantly reduced the
fixed repayment profile over the three-year term," Reuters quoted
the company as saying.

                             Breach

On July 7, 2009, the Troubled Company Reporter-Europe, citing
Daily Mail, reports that Lupus, which has been hit badly by the
downturn in the building market, ran into problems with its
lenders earlier this year after the strengthening of the dollar
pushed up the size of its debt pile.  Daily Mail disclosed in
April the company breached a loan facility and triggered a default
on part of its GBP145 million debt mountain.

Lupus Capital plc -- http://www.lupuscapital.co.uk/-- is a
holding company.  The Company, along with its subsidiaries, is
engaged in the manufacture, supply and distribution of building
products, and of goods to the oil and gas industries. Its
subsidiary, Gall Thomson, is an international supplier of marine
breakaway couplings.  Its other subsidiaries include Octroi Group
Limited, an investment company; Lupus Capital Management Limited,
engaged in management services; Schlegel Acquisition Holdings
Limited, a holding company, and Jasper Acquisition Holdings
Limited, a holding company.  On April 27, 2007, the Company
acquired 100% interest in Laird Security Systems Division.


WORKSPACE GROUP: Glebe Two Placed Into Voluntary Liquidation
------------------------------------------------------------
Property Week reports that Glebe Two, Glebe subsidiary company and
joint venture partner with Workspace Group, has been placed into
voluntary liquidation by its shareholders.

According to Property Week, Glebe Two, 50% partner in Workspace
Glebe, was placed into voluntary liquidation after the joint
venture failed to restructure its GBP134 million debt pile in a
"timescale a form satisfactory to Glebe two's shareholders".

Property Week recalls Workspace Glebe admitted that the value of
its portfolio as of March 31, 2009 was GBP129.6 million, and that
it had therefore breached its loan to value covenant.

Property Week relates Workspace Group said Wednesday that it
wouldcontinue to manage the portfolio of 11 London assets,
totaling 1.2m sq ft, while negotiations continue with Bank of
Scotland Corporate.

On June 16, 2009, the Troubled Company Reporter-Europe, citing
Property Week, reported Workspace Group was in talks with Glebe
and Bank of Scotland Corporate about agreeing revised terms for
the debt funding "and appropriate returns for any additional
equity invested".  Propert Week disclosed Workspace Group, the
facility was non-recourse "apart from an interest shortfall
guarantee under which the joint venture partners have a maximum
liability of GBP6 million, of which GBP1.6 million has been
contributed to date".

Workspace Group PLC -- http://www.workspacegroup.co.uk/-- is a
United Kingdom-based company that is engaged in property
investment in the form of letting of business accommodation to
small and medium-sized enterprises located in London and the South
East of England.  As of March 31, 2008, the Company had seven
active subsidiaries, four of which are engaged in the Company's
core activities.  LI Property Services Limited procures insurance
on behalf of Workspace Group PLC.  Workspace Management Limited
acts as manager for all the Company's property investment
companies.  Workspace Holdings Limited is an intermediate holding
company.


===============
X X X X X X X X
===============


* BOND PRICING: For the Week September 7 to September 11, 2009
--------------------------------------------------------------

Issuer                  Coupon     Maturity    Currency   Price
------                  ------     --------    --------   -----

AUSTRIA
-------
HTM SPORT FREIZE         8.500      2/1/2014      EUR     75.00
HTM SPORT FREIZE         8.500      2/1/2014      EUR     75.00
IMMOFINANZ               1.250    11/19/2017      EUR     73.56
KOMMUNALKREDIT           0.500     3/15/2019      CAD     64.59
OESTER VOLKSBK           5.450      8/2/2019      EUR     63.64
OESTER VOLKSBK           4.810     7/29/2025      EUR     38.63
OESTER VOLKSBK           5.270      2/8/2027      EUR     92.09

BELGIUM
-------
FORTIS BANK              8.750     12/7/2010      EUR     24.84

CYPRUS
------
INTERPIPE LTD            8.750      8/2/2010      USD     65.45

CZECH REPUBLIC
--------------
CZECH REPUBLIC           2.750     1/16/2036      JPY     60.01

FINLAND
-------
MUNI FINANCE PLC         1.000    11/21/2016      NZD     69.55
MUNI FINANCE PLC         1.000    10/30/2017      AUD     62.00
MUNI FINANCE PLC         1.000     2/27/2018      AUD     60.73
MUNI FINANCE PLC         0.500     9/24/2020      CAD     52.76
MUNI FINANCE PLC         0.250     6/28/2040      CAD     21.68

FRANCE
------
AIR FRANCE-KLM           4.970      4/1/2015      EUR     14.60
ALCATEL-LUCENT           5.000      1/1/2015      EUR      3.61
ALCATEL SA               4.750      1/1/2011      EUR     16.34
CALYON                   6.000     6/18/2047      EUR     49.03
CAP GEMINI SA            2.500      1/1/2010      EUR     51.74
CAP GEMINI SOGET         1.000      1/1/2012      EUR     45.05
CAP GEMINI SOGET         3.500      1/1/2014      EUR     44.62
CLUB MEDITERRANE         4.375     11/1/2010      EUR     49.02
CMA CGM                  5.500     5/16/2012      EUR     58.76
DEXIA MUNI AGNCY         4.680      3/9/2029      CAD     72.96
ESSILOR INT'L            1.500      7/2/2010      EUR     74.45
MAUREL & PROM            3.500      1/1/2010      EUR     22.62
MAUREL ET PROM           7.125     7/31/2014      EUR     18.47
NEXANS SA                4.000      1/1/2016      EUR     65.24
SOC AIR FRANCE           2.750      4/1/2020      EUR     20.43
WENDEL INVEST            4.375      8/9/2017      EUR     70.97

GERMANY
-------
BREMER LANDESBK          3.500     1/21/2011      EUR     70.66
BREMER LANDESBK          3.250     2/17/2011      EUR     68.99
BREMER LANDESBK          3.000     3/31/2011      EUR     66.49
BREMER LANDESBK          3.500      4/1/2011      EUR     66.96
BREMER LANDESBK          3.000     4/15/2011      EUR     65.77
BREMER LANDESBK          2.500      5/5/2011      EUR     64.15
BREMER LANDESBK          2.700      5/9/2011      EUR     64.21
BREMER LANDESBK          4.250      6/1/2011      EUR     64.77
BREMER LANDESBK          5.250     6/10/2011      EUR     65.49
BREMER LANDESBK          5.625     6/24/2011      EUR     65.29
BREMER LANDESBK          4.500      7/1/2011      EUR     63.65
BREMER LANDESBK          3.750     7/15/2011      EUR     62.10
BREMER LANDESBK          3.000      1/2/2012      EUR     53.41
BREMER LANDESBK          3.500      1/2/2012      EUR     54.12
BREMER LANDESBK          3.750     1/23/2012      EUR     53.62
BREMER LANDESBK          3.620     2/27/2012      EUR     51.95
BREMER LANDESBK          3.500     3/12/2012      EUR     51.24
BREMER LANDESBK          4.000     4/13/2012      EUR     51.84
BREMER LANDESBK          3.450     4/16/2012      EUR     51.32
BREMER LANDESBK          5.250     6/19/2012      EUR     53.85
BREMER LANDESBK          3.250     6/25/2012      EUR     60.84
BREMER LANDESBK          4.500      7/2/2012      EUR     53.24
BREMER LANDESBK          3.750      1/2/2013      EUR     53.23
BREMER LANDESBK          3.875     2/26/2013      EUR     55.75
BREMER LANDESBK          4.000     3/12/2013      EUR     56.48
BREMER LANDESBK          3.610     7/10/2013      EUR     74.94
BREMER LANDESBK          5.000     10/1/2013      EUR     63.44
BREMER LANDESBK          4.000      1/2/2014      EUR     72.84
BREMER LANDESBK          4.250     1/13/2014      EUR     74.50
BREMER LANDESBK          3.250     8/21/2014      EUR      9.63
DEPFA PFANDBRIEF         5.886     2/22/2019      EUR     65.81
DEUTSCHE BK LOND         3.000     5/18/2012      CHF     75.00
DEUTSCHE BK LOND         3.250     5/18/2012      CHF     50.16
DEUTSCHE BK LOND         1.000     3/31/2027      USD     45.46
ESCADA AG                7.500      4/1/2012      EUR     35.92
GOTHAER ALLG VER         5.527     9/29/2026      EUR     62.56
GROHE HOLDING            8.625     10/1/2014      EUR     64.50
GROHE HOLDING            8.625     10/1/2014      EUR     65.96
HSH NORDBANK AG          4.375     2/14/2017      EUR     63.25
HVB REAL ESTATE          6.570     3/18/2022      EUR     67.70
HYPO REAL ESTATE         4.690    12/14/2026      EUR     56.38
HYPO REAL ESTATE         5.440     4/13/2034      EUR     57.87
HYPOREAL INTL AG         4.560     3/28/2021      EUR     56.57
HYPOREAL INTL AG         4.770     8/11/2021      EUR     64.96
HYPOREAL INTL AG         4.675     9/13/2021      EUR     64.13
IKB DEUT INDUSTR         4.500      7/9/2013      EUR     72.03
IWKA FINANCE             3.750     11/9/2011      EUR     74.17
KFW                      6.588     8/10/2030      EUR     79.39
KFW                      5.000    10/17/2035      EUR     73.56
WESTHYP                  5.170      4/9/2018      EUR     74.78
L-BANK FOERDERBK         0.500     5/10/2027      CAD     42.12
LB BADEN-WUERTT          5.250    10/20/2015      EUR     36.21
LB BADEN-WUERTT          2.500     1/30/2034      EUR     56.86

ICELAND
-------
GLITNIR BANKI HF         6.693     6/15/2016      USD      6.98
KAUPTHING BANK           5.750     10/4/2011      USD     19.50
LANDSBANKI ISLND         2.250     2/14/2011      CHF      2.50

IRELAND
-------
ALLIED IRISH BKS         7.875      7/5/2023      GBP     73.72
ALLIED IRISH BKS         5.250     3/10/2025      GBP     56.53
ALLIED IRISH BKS         5.625    11/29/2030      GBP     54.82
BANESTO FINANC           6.120     11/7/2037      EUR      6.12
BANK OF IRELAND          4.875     1/22/2018      GBP     64.74
DEPFA ACS BANK           0.500      3/3/2025      CAD     34.95
DEPFA ACS BANK           5.250     3/31/2025      CAD     73.84
DEPFA ACS BANK           3.250     7/31/2031      CHF     95.74
DEPFA ACS BANK           4.900     8/24/2035      CAD     70.67
DEPFA ACS BANK           5.125     3/16/2037      USD     67.43
DEPFA ACS BANK           5.125     3/16/2037      USD     67.76
IRISH NATIONWIDE         6.250     6/26/2012      GBP    101.15
IRISH NATIONWIDE        13.000     8/12/2016      GBP     73.83
UT2 FUNDING PLC          5.321     6/30/2016      EUR     54.33

ITALY
-----
CIR SPA                  5.750    12/16/2024      EUR     73.48
COMUNE DI MILANO         4.019     6/29/2035      EUR     71.79

LITHUANIA
---------
LITHUANIA GOVT           3.750     2/10/2016      LTL     64.70

LUXEMBOURG
----------
ARCELORMITTAL            7.250      4/1/2014      EUR     32.32
BANQUE INTL LUX          2.500     7/14/2025      JPY     74.07
BREEZE                   4.524     4/19/2027      EUR     61.88
CRC BREEZE               5.290      5/8/2026      EUR     69.69
GLENCORE FINANCE         7.125     4/23/2015      EUR     99.02
HELLAS III               8.500    10/15/2013      EUR     66.13

NETHERLANDS
-----------
ABN AMRO BANK NV         7.540     6/29/2035      EUR     61.42
AIR BERLIN FINAN         1.500     4/11/2027      EUR     63.80
ALB FINANCE BV           9.000    11/22/2010      USD     22.49
ALB FINANCE BV           8.750     4/20/2011      USD     20.98
ALB FINANCE BV           7.875      2/1/2012      EUR     20.97
ALB FINANCE BV           9.250     9/25/2013      USD     20.95
ASTANA FINANCE           9.000    11/16/2011      USD     17.47
BLT FINANCE BV           7.500     5/15/2014      USD     54.50
BK NED GEMEENTEN         0.500     6/27/2018      CAD     70.55
BK NED GEMEENTEN         0.500     2/24/2025      CAD     46.43
DEXIA FUNDING            7.750     11/2/2011      NZD     72.11
EM.TV FINANCE BV         5.250      5/8/2013      EUR      3.62
FINANCE & CREDIT        10.375     1/25/2010      USD     62.49
INDAH KIAT INTL         11.875     6/15/2002      USD      7.13
ING BANK NV              4.200    12/19/2035      EUR     74.59
IVG FINANCE BV           1.750     3/29/2017      EUR     53.83
KAZKOMMERTS FIN          8.625     7/27/2016      USD     56.16
KAZKOMMERTS FIN          8.500     6/13/2017      USD     61.58
KAZKOMMERTS INTL         7.625     2/13/2012      GBP     75.97
KAZKOMMERTS INTL         8.500     4/16/2013      USD     75.42
KAZKOMMERTS INTL         7.875      4/7/2014      USD     71.87
KAZKOMMERTS INTL         8.000     11/3/2015      USD     70.82
KAZKOMMERTS INTL         7.500    11/29/2016      USD     68.02
KAZKOMMERTS INTL         6.875     2/13/2017      EUR     65.98
KBC IFIMA NV             6.004      2/7/2025      USD     63.03
LEHMAN BROS TSY          8.250     3/16/2035      EUR      9.01
LEHMAN BROS TSY          7.000     5/17/2035      EUR      8.98
MONTELL FIN BV           8.100     3/15/2027      USD     56.45
NATL INVESTER BK        25.983      5/7/2029      EUR     34.34
NED WATERSCHAPBK         0.500     3/11/2025      CAD     46.99
NIB CAPITAL BANK         4.790    12/17/2043      EUR     67.62
TURANALEM FIN BV         7.875      6/2/2010      USD     19.00
TURANALEM FIN BV         6.250     9/27/2011      EUR     18.49
TURANALEM FIN BV         7.750     4/25/2013      USD     18.47
TURANALEM FIN BV         8.000     3/24/2014      USD     16.00
TURANALEM FIN BV         8.500     2/10/2015      USD     18.95
TURANALEM FIN BV         8.250     1/22/2037      USD     18.95

NORWAY
------
EKSPORTFINANS            0.500      5/9/2030      CAD     35.91

SPAIN
-----
GENERAL DE ALQUI         2.750     8/20/2012      EUR     53.26

SWITZERLAND
-----------
CYTOS BIOTECH            2.875     2/20/2012      CHF     52.75

UNITED KINGDOM
--------------
3I GROUP PLC             5.750     12/3/2032      GBP     75.25
ALPHA CREDIT GRP         2.940      3/4/2035      JPY     70.11
AMDOCS LIMITED           0.500     3/15/2024      USD     70.50
ANGLIAN WAT FIN          2.400     4/20/2035      GBP     57.68
BANK OF SCOTLAND         2.928     6/10/2020      USD     56.45
BANK OF SCOTLAND         2.340    12/28/2026      JPY     74.11
BANK OF SCOTLAND         2.408      2/9/2027      JPY     74.38
BANK OF SCOTLAND         2.359     3/27/2029      JPY     70.83
BANK OF SCOTLAND         6.200      2/7/2035      EUR     61.33
BARCLAYS BK PLC          7.610     6/30/2011      USD     49.91
BARCLAYS BK PLC         10.600     7/21/2011      USD     38.42
BEAZLEY GROUP LT         7.250    10/17/2026      GBP     71.83
BRADFORD&BIN BLD         7.625     2/16/2010      GBP      6.00
BRADFORD&BIN BLD         5.500     1/15/2018      GBP      5.99
BRADFORD&BIN BLD         5.750    12/12/2022      GBP      5.00
BRADFORD&BIN BLD         4.910      2/1/2047      EUR     64.84
BRADFORD&BIN PLC         6.625     6/16/2023      GBP      6.98
BRIT INSURANCE           6.625     12/9/2030      GBP     66.41
BROADGATE FINANC         5.098      4/5/2033      GBP     70.12
CATTLES PLC              7.875     1/17/2014      GBP      9.75
CITY OF KIEV             8.000     11/6/2015      USD     65.57
CITY OF KYIV             8.250    11/26/2012      USD     72.94
CJSC FIRST UKRAI         9.750     2/16/2010      USD     75.97
CLERICAL MED FIN         6.450      7/5/2023      EUR     76.85
CO-OPERATIVE BNK         5.750     12/2/2024      GBP     67.36
CO-OPERATIVE BNK         5.875     3/28/2033      GBP     66.10
DAILY MAIL & GEN         6.375     6/21/2027      GBP     69.72
EFG HELLAS PLC           2.760     5/11/2035      JPY     65.48
ENTERPRISE INNS          6.500     12/6/2018      GBP     77.33
ENTERPRISE INNS          6.875     2/15/2021      GBP     73.72
ENTERPRISE INNS          6.875      5/9/2025      GBP     73.12
ENTERPRISE INNS          6.375     9/26/2031      GBP     70.40
F&C ASSET MNGMT          6.750    12/20/2026      GBP     72.36
GRAINGER PLC             3.625     5/17/2014      GBP     50.57
GREENE KING FIN          5.702    12/15/2034      GBP     63.80
HBOS PLC                 6.750     5/21/2018      USD     90.76
HBOS PLC                 4.500     3/18/2030      EUR     62.68
INEOS GRP HLDG           7.875     2/15/2016      EUR     46.37
INEOS GRP HLDG           7.875     2/15/2016      EUR     45.50
INEOS GRP HLDG           8.500     2/15/2016      USD     45.89
INEOS VINYLS FIN         9.125     12/1/2011      EUR     63.50
INEOS VINYLS FIN         9.125     12/1/2011      EUR     63.50
LEND LEASE EUR           6.125    10/12/2021      GBP     80.17
LONGSTONE FINANC         4.896     4/19/2031      GBP     69.07
MAX PETROLEUM            6.750      9/8/2012      USD     65.37
MITCHELLS & BUTL         6.469     9/15/2030      GBP     70.39
NATL GRID GAS            1.754    10/17/2036      GBP     48.58
NATL GRID GAS            1.771     3/30/2037      GBP     47.00
NBG FINANCE PLC          2.755     6/28/2035      JPY     73.30
NORTHERN ROCK            5.625     1/13/2015      GBP     27.75
NORTHERN ROCK           10.375     3/25/2018      GBP     33.09
NORTHERN ROCK            6.375     12/2/2019      GBP     70.06
OJSC BANK NADRA          9.250     6/28/2010      USD     19.50
PRUDENTIAL BANK          6.875    12/29/2021      GBP     74.63
UNIQUE PUB FIN           7.395     3/28/2024      GBP     73.28
UNIQUE PUB FIN           6.464     3/30/2032      GBP     59.60

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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