TCREUR_Public/090916.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

         Wednesday, September 16, 2009, Vol. 10, No. 183

                            Headlines

A U S T R I A

A. & H. FROEHLICH: Creditors Must File Claims by September 25
B.T.V. TRANSPORT: Claims Filing Deadline is September 25
CAFE RITTER: Claims Filing Deadline is September 22
DHC WINE: Claims Filing Deadline is September 21
DONAU-TRANS GMBH: Creditors Must File Claims by September 22

ELEKTRO KRUG: Creditors Must File Claims by September 23
EX LIBRIS: Claims Filing Deadline is September 23
G & N DIAMOND: Claims Filing Deadline is September 22
JOSEF SMUTNY: Claims Filing Deadline is September 22
LHG METALLBAU: Creditors Must File Claims by September 28

MICULESCU ISOLIERTECHNIK: Creditors Must File Claims by Sept. 23
SCHAUPERL JOSEF: Creditors Must File Claims by September 28
SJH BRENNSTOFFHANDEL: Creditors Must File Claims by September 28
WIENERBERGER AG: Mulls Rights Issue to Bolster Balance Sheet
UNIMATRIX GMBH: Creditors Must File Claims by September 28


B E L G I U M

CARMEUSE HOLDING: S&P Keeps CreditWatch Negative on 'B+' Rating
KBC BANK: S&P Cuts Ratings on Hybrid Capital Securities to 'C'


B U L G A R I A

* BULGARIA: Company Bankruptcies Up 63% Year-on-Year to 221


F R A N C E

BANQUE D'ORSAY: Fitch Affirms Individual Rating at 'D'


G E R M A N Y

HEIDELBERGCEMENT AG: To Sell Shares Via Rights Issue
HEIDELBERGCEMENT AG: S&P Puts 'B-' Rating on CreditWatch Positive
TRANSAMERICAN ENERGY: To File Financial Statements by Sept. 28


I R E L A N D

ANGLO IRISH: Moody's Junks Ratings on Junior Subordinated Debt


I T A L Y

ALCATEL-LUCENT: Agrees to Freeze Italian Plant Restructuring
INTESA SANPAOLO: Set to Decide on Tremonti Bonds By End of Month


K A Z A K H S T A N

AGJAN I DRUGIYE: Creditors Must File Claims by September 18
AKBIDAI LLP: Creditors Must File Claims by September 18
AKERKE GROUP: Creditors Must File Claims by September 18
AKTAU STROY: Creditors Must File Claims by September 18
AKTOBE INVEST: Creditors Must File Claims by September 18

AKTOBE TRADE: Creditors Must File Claims by September 18
ALMATY STROY: Creditors Must File Claims by September 18
ALTYN NAR: Creditors Must File Claims by September 18
AMANGELDY AGRO: Creditors Must File Claims by September 18
ASTANA PHARM: Creditors Must File Claims by September 18

BATYS STROY: Creditors Must File Claims by September 18
CAPITAL ASTYK: Creditors Must File Claims by September 18
ELECTRIC COMPANY: Creditors Must File Claims by September 18
ENERGO TECH: Creditors Must File Claims by September 18
GLOBAL INFORM: Creditors Must File Claims by September 18

GOR SVET: Creditors Must File Claims by September 18
INTER TECH: Creditors Must File Claims by September 18
IRTYSH INTER: Creditors Must File Claims by September 18
KARATAS STROY: Creditors Must File Claims by September 18
KAZ ELECTRO: Creditors Must File Claims by September 18

MABETEX MEGA: Creditors Must File Claims by September 18
SCART TRADE: Creditors Must File Claims by September 18
SEMEYSKAYA TEPLO: Creditors Must File Claims by September 18
TAZA KURYLYS: Creditors Must File Claims by September 18
TSK KAZ: Creditors Must File Claims by September 18

UG TRANS: Creditors Must File Claims by September 18
UNJU STROY: Creditors Must File Claims by September 18
URDJAR ASTYK: Creditors Must File Claims by September 18


K Y R G Y Z S T AN

BAI CHENG: Creditors Must File Claims by September 30


L I T H U A N I A

UKIO AB: Moody's Withdraws B2/Not Prime Deposit Ratings


L U X E M B O U R G

BREEZE FINANCE: Moody's Cuts Rating on Class B Notes to 'B2'


N E T H E R L A N D S

LYONDELL CHEMICAL: Files Joint Chapter 11 Plan of Reorganization


R U S S I A

UNITED COMPANY: Guinea Takes Over Friguia Alumina Refinery


S L O V A K   R E P U B L I C

VOLKSBANK SLOVENSKO: Fitch Cuts Individual Rating to 'D'


S P A I N

OBRASCON HUARTE: Moody's Downgrades Senior Bond Rating to 'Ba1'


S W I T Z E R L A N D

DESCA TRANS AG: Claims Filing Deadline is October 5
DU 25: Claims Filing Deadline is September 30
RF COSMETICS: Claims Filing Deadline is September 30
ZANIN TRANSPORTE: Claims Filing Deadline is September 30


U N I T E D   K I N G D O M

AVONCROP LIMITED: In Administration; Up for Sale
FEES COMPANY: In Administration; KPMG Appointed
GREAT LEIGHS: To Be Sold to Consortium
LEHMAN BROTHERS: PwC Says Euro Unit Clients Have to Wait 2 Years
LEHMAN BROTHERS: Firms Face FSA Action Over Structured Products

LEHMAN BROTHERS: PwC Appeals U.K. Court Denial of Proposed Scheme
MG ROVER: UK Gov't. Seeks to Disqualify Former Owners
MOORGATE TAVERNS: Seeks to Go Into Administration
PLASTIC ENGINEERING: Enters Into Administration
TIGGI'S HOLDINGS: In Administration; KPMG Appointed

VISTEON CORP: G. Adams Demands Probe on U.K. Practices
WHITE TOWER: Fitch Puts 'CCC'-Rated Class E Notes on Watch Neg.
WINDSAVE LTD: Goes Into Liquidation

* 46,900 UK Companies Have Collapsed Since Run on Northern Rock


X X X X X X X X

* Konstantin Konstantinov Rejoins Chadbourne & Parke in Moscow


                         *********




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


A. & H. FROEHLICH: Creditors Must File Claims by September 25
-------------------------------------------------------------
Creditors of A. & H. Froehlich KG have until September 25, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 9, 2009 at 11:10 a.m. at:

         Land Court of Korneuburg
         Hall II
         First Floor
         Korneuburg
         Austria

For further information, contact the company's administrator:

         Mag. Rainer Ebert
         Hauptplatz 16
         2020 Hollabrunn
         Austria
         Tel: 02952/25 26
         Fax: 02952/25 26 18
         E-mail: rainer.ebert@gmx.net


B.T.V. TRANSPORT: Claims Filing Deadline is September 25
--------------------------------------------------------
Creditors of B.T.V. Transport GmbH have until September 25, 2009,
to file their proofs of claim.

For further information, contact the company's administrator:

         Mag. Hans Georg Popp
         Bahnhofstr. 22/1
         8112 Gratwein
         Austria
         Tel: 03124/55 0 77
         Fax: 03124/55 0 77 - 4
         E-mail: kanzlei@popp-strauss.at


CAFE RITTER: Claims Filing Deadline is September 22
---------------------------------------------------
Creditors of Cafe Ritter GmbH have until September 22, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 6, 2009 at 12:15 p.m.

For further information, contact the company's administrator:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Wien
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at


DHC WINE: Claims Filing Deadline is September 21
------------------------------------------------
Creditors of DHC Wine Trading GmbH have until September 21, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 5, 2009, at 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Michael Wagner
         Untere Hauptstrasse 104
         7100 Neusiedl/See
         Austria
         Tel: 02167/3503
         Fax: 02167/3503-3
         E-mail: neusiedl@hbw.co.at


DONAU-TRANS GMBH: Creditors Must File Claims by September 22
------------------------------------------------------------
Creditors of Donau-Trans GmbH have until September 22, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 13, 2009 at 10:30 a.m. at:

         Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria

For further information, contact the company's administrator:

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs/Donau
         Austria
         Tel: 07412/52731
         Fax: 07412/52731-22
         E-mail: kanzlei@hofbauer-nokaj.at


ELEKTRO KRUG: Creditors Must File Claims by September 23
--------------------------------------------------------
Creditors of Elektro Krug GmbH have until September 23, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 7, 2009 at 12:15 p.m. at:

         Land Court of the Leoben
         Hall IV
         First Floor
         Leoben
         Austria

For further information, contact the company's administrator:

         Mag. Ulrich Berger
         Schillerstrasse 2
         8600 Bruck an der Mur
         Austria
         Tel: 03862-56681
         Fax: 03862-56681-88
         E-mail: office@re-berger.at


EX LIBRIS: Claims Filing Deadline is September 23
-------------------------------------------------
Creditors of Ex Libris Handel GmbH have until September 23, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 7, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Wien
         Austria
         Tel: 713 46 51
         Fax: 713 84 55
         E-mail: proksch@eurojus.at


G & N DIAMOND: Claims Filing Deadline is September 22
-----------------------------------------------------
Creditors of G & N Diamond Projekt GmbH have until September 22,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 6, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Hans Rant
         Seilerstatte 5
         1010 Wien
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


JOSEF SMUTNY: Claims Filing Deadline is September 22
----------------------------------------------------
Creditors of Josef Smutny Nfg. GmbH have until September 22, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 6, 2009 at 1:30 p.m.

For further information, contact the company's administrator:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Wien
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at


LHG METALLBAU: Creditors Must File Claims by September 28
---------------------------------------------------------
Creditors of LHG Metallbau GmbH have until September 28, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 13, 2009, at 10:10 a.m. at:

         Civil Court of Graz
         Room 205
         Second Floor
         Graz
         Austria

For further information, contact the company's administrator:

         Mag.Dr. Regina Schedlberger
         Andritzer Reichsstrasse 42
         8045 Graz-Andritz
         Austria
         Tel: 0316/695100
         Fax: 0316/695100-9
         E-mail: office@schedlberger.com


MICULESCU ISOLIERTECHNIK: Creditors Must File Claims by Sept. 23
----------------------------------------------------------------
Creditors of Miculescu Isoliertechnik GmbH have until
September 23, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 7, 2009, at 10:00 a.m. at:

         Land Court of the Leoben
         Hall IV
         First Floor
         Leoben
         Austria

For further information, contact the company's administrator:

         Dr. Karl Maier
         Hauptplatz 13
         8720 Knittelfeld
         Austria
         Tel: 03512-83428
         Fax: 03512-83428-50
         E-mail: office@ra-maier.at


SCHAUPERL JOSEF: Creditors Must File Claims by September 28
-----------------------------------------------------------
Creditors of Schauperl Josef Transport GmbH have until September
28, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 13, 2009 at 9:45 a.m. at:

         Civil Court of Graz
         Room 205
         Second Floor
         Graz
         Austria

For further information, contact the company's administrator:

         Mag. Michael Berghofer
         Bismarckstrasse 8
         8330 Feldbach
         Austria
         Tel: 03152/2506
         Fax: 03152/4979
         E-mail: feldbach@reifundpartner.at


SJH BRENNSTOFFHANDEL: Creditors Must File Claims by September 28
----------------------------------------------------------------
Creditors of SJH Brennstoffhandel GmbH have until September 28,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 13, 2009, at 10:00 a.m. at:

         Civil Court of Graz
         Room 205
         Second Floor
         Graz
         Austria

For further information, contact the company's administrator:

         Mag. Michael Berghofer
         Bismarckstrasse 8
         8330 Feldbach
         Austria
         Tel: 03152/2506
         Fax: 03152/4979
         E-mail: feldbach@reifundpartner.at


WIENERBERGER AG: Mulls Rights Issue to Bolster Balance Sheet
------------------------------------------------------------
Haig Simonian at The Financial Times reports that Wienerberger AG
is to launch a rights issue to stabilize its balance sheet and
allow a Libyan sovereign wealth fund to acquire up to 10% of its
shares.

According to the FT, the group will now raise about EUR336 million
through a deeply discounted 2 for 5 rights issue at EUR10 a share.
The proceeds will bolster the balance sheet and follows the
renegotiation last month of some bank covenants, the FT relates.
At the end of June, the groupís debt stood at EUR978 million, more
than three times operating profits, the FT notes.

Wienerberger, the FT discloses, posted a net loss of EUR204
million in the first half of the year.  The company's first-half
sales fell 29% to EUR898 million.

Headquarterd in Vienna, Austria, Wienerberger AG --
http://www.wienerberger.com/-- is an international building
materials group.  The business activities of the Group can be
classified in five segments: Central-East Europe, Central-West
Europe, North-West Europe, North America, and investment and
other.  Wienerberger concentrates on products for walls, roofs,
facade and paving, with a concentration on ceramic products in the
form of bricks and clay roof tiles.  The Company operates 243
plants in 26 countries and five export markets.  During the year
ended December 31, 2008, the Company acquired 100% interest in IGM
Backa Nova, 73.64% interest in Sandtoft Ltd., 83.33% interest in
Bockhorner Klinker GmbH, 49.00% interest in EUCOSO sp. Z.o.o. and
100% interest in IGM Ciglana d.o.o. Petrinja.


UNIMATRIX GMBH: Creditors Must File Claims by September 28
----------------------------------------------------------
Creditors of Unimatrix GmbH have until September 28, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 12, 2009 at 10:00 a.m. at:

         Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

For further information, contact the company's administrator:

         Dr. Peter Shamiyeh
         Hessenplatz 11
         4020 Linz
         Austria
         Tel: 922 000
         Fax: 922 000-210
         E-mail: p.shamiyeh@sr-law.at


=============
B E L G I U M
=============


CARMEUSE HOLDING: S&P Keeps CreditWatch Negative on 'B+' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it was keeping its
'B+' long-term corporate credit ratings on Belgium-based lime
producer Carmeuse Holding S.A. on CreditWatch, where they were
placed with negative implications on July 9, 2009 to reflect
covenant-related and refinancing risks.

S&P's '3' recovery rating on Carmeuse's senior secured debt remain
unchanged, indicating S&P's expectation of meaningful (50%-70%)
recovery for lenders in an event of payment default.

"The decision to keep the ratings on CreditWatch reflects
uncertainty about the final outcome of discussions between
Carmeuse and its lender banks on the company's financial covenants
and debt refinancing," said Standard & Poor's credit analyst Per
Karlsson.

Carmeuse was in breach of two financial covenants at the end of
June 2009, but received waivers from its banks.  The current
ratings factor in Carmeuse's ability to amend its covenants.  S&P
understand that the company's negotiations with its banks may also
address a EUR107 million revolving loan that matures in December
2009 and which S&P understand to be Carmeuse's main liquidity
source.

If Carmeuse is unable to reset the covenants, the company is
likely to remain in breach its covenants at the end of the third
quarter of 2009.

S&P aims to resolve the CreditWatch placement when Carmeuse and
its lender banks have completed their talks on the company's
financial covenants and its debt refinancing is in place.


KBC BANK: S&P Cuts Ratings on Hybrid Capital Securities to 'C'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to 'C'
from 'CCC' the issue ratings on three hybrid capital securities
guaranteed by Belgium-based KBC Bank N.V. (A/Stable/A-1).  S&P
also lowered the issue rating on a fourth hybrid capital security
issued by KBC to 'C' from 'CC'.

At the same time, S&P removed the rating on the $280 million
preferred stock issued by subsidiary KBC Funding Trust II from
CreditWatch with negative implications, where it had been placed
on Aug. 10, 2009.

The downgrades follow KBC's announcement of a tender offer on four
hybrid capital securities.  These rating actions do not affect the
counterparty credit ratings on KBC or the 'CCC' ratings on two
hybrid capital issues not subject to the tender offer.

Under S&P's criteria on exchange offers, S&P consider KBC's tender
offer as a "distressed exchange." According to its criteria, S&P
views a tender offer as distressed if investors accept less than
the original promise because of the risk that the issuer will not
fulfill its original obligations.

S&P views KBC's tender offer as distressed because it proposes a
substantial discount to par value and because S&P consider there
is a sizable risk of coupon deferral, in the near or medium term,
on the securities subject to the tender offer.

S&P previously lowered the ratings on the tender offer securities
to 'CCC' from 'BB+' on May 14, 2009.   At the time, S&P considered
that the risk of coupon deferral had increased considerably, owing
to a near-wipe-out of distributable reserves and uncertainty about
whether the European Commission would request coupon deferral in
order to approve the Belgian government support measures.

Even following KBC's Sept. 1, 2009, announcement that it would pay
all coupons on hybrid capital instruments due in 2009, S&P
believes the risk of coupon deferral in 2010 remains high for all
of KBC's hybrid capital instruments.  Restrictions on payment of
coupons on hybrids could be part of the restructuring plan that
the EC requires for the approval of state aid to KBC.  S&P's view
also takes into account that coupons could be suspended as KBC may
not be able to rebuild its distributable reserves, nearly depleted
by losses in the first half of 2009.

On completion of an offer that S&P consider as a distressed
exchange, S&P reviews the ratings on the affected securities.  In
KBC's case, considering the likelihood of continuing uncertainty
regarding the EC's restrictions and KBC's profitability, S&P would
expect to raise the ratings on any untendered securities subject
to the offer to 'CCC'.

                           Ratings List

                            Downgraded

                           KBC Bank N.V.
                        Junior Subordinated
     GBP525 mil 6.202% (up to) callable perp debt secs hybrid

                          To        From
                          --        ----
                          C         CC

                    KBC Bank Funding Trust II*
                         Preferred Stock
      EUR280 mil 6.875% fxd/fltg rate non-cum trust pfd secs

                      To        From
                      --        ----
                      C         CCC/Watch Neg

                    KBC Bank Funding Trust III*
                         Preferred Stock
           US$600 mil non-cum gtd trust pfd secs hybrid

                          To        From
                          --        ----
                          C         CCC

                    KBC Bank Funding Trust IV*
                          Preferred Stock
           EUR300 mil non-cum gtd trust pfd secs hybrid

                          To        From
                          --        ----
                          C         CCC

                         Ratings Affirmed

                          KBC Bank N.V.
                       Junior Subordinated
                EUR700 mil 8% callable perp hybrid
                EUR1.25 bil 8% perp callable hybrid

                             Rating
                             ------
                             CCC

                   * Guaranteed by KBC Bank N.V.


===============
B U L G A R I A
===============


* BULGARIA: Company Bankruptcies Up 63% Year-on-Year to 221
-----------------------------------------------------------
Dnevnik.bg, citing Registry Agency data, reports that number of
Bulgarian business going bust has increased 63% year-on-year to
221 since the start of the year.

According to Dnevnik, the increase in the number of firms that
have filed for creditor protection was 50%.

Dnevnik relates Evgenii Ivanov, executive director of the
Confederation of Employers and Industrialists in Bulgaria (CEIBG),
said the figures were not alarming given the bad shape of the
economy.  Mr. Ivanov, as cited by Dnevnik, said that the bulk of
the companies that were going of out business right now were
small firms that have limited resources to cushion the impact of
the downturn.


===========
F R A N C E
===========


BANQUE D'ORSAY: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------
Fitch Ratings has placed Banque d'Orsay's 'BBB+' Long-term Issuer
Default Rating, 'F2' Short-term IDR and Support Rating of '2'on
Rating Watch Negative.  The Individual Rating has been affirmed at
'D'.

The RWN placed on Banque d'Orsay follows similar rating action
taken on the IDRs and Support Rating of its parent, WestLB AG
('A-' RWN/'F1' RWN).

The placing of WestLB on RWN reflects the ownership change
expected by 2011 that has been imposed by the European Commission
in the context of the review of the state aid received by WestLB,
as well as a potential reduction of the importance of WestLB to
its owner, the German state of North Rhine Westfalia.  Further
conditions imposed by the European Commission include
restructuring measures, such as a substantial downsizing of the
bank's balance sheet.  Banque d'Orsay is fully-owned by WestLB,
and WestLB's commitment to its subsidiary is publicly stated in
its annual report, in the form of a declaration of backing, a so-
called 'Patronatserklaerung.'  The IDRs of Banque d'Orsay are
therefore based on the potential support available from WestLB.
Any further change in WestLB's IDRs or in Banque d'Orsay's
ownership structure will affect Banque d'Orsay's IDRs and Support
Rating.

Banque d'Orsay is a niche bank operating in arbitrage, asset
management and private banking, primarily in France.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


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


HEIDELBERGCEMENT AG: To Sell Shares Via Rights Issue
----------------------------------------------------
Daniel Schafer at The Financial Times reports that
HeidelbergCement AG said it would increase its capital by 50%, by
selling 62.5 million shares via a rights issue of one new share
for two existing ones.

According to the FT, HeidelbergCement could raise as much as
EUR2.5 billion (US$3.6 billion) with the rights issue.

The price for the new shares is set to be announced next Tuesday,
and the subscription period is expected to run from September 24
to October 7, the FT discloses.

"This is an important step to strengthen the capital base and
serves to further reduce the leverage," the FT quoted Bernd
Scheifele, chief executive, as saying.

                     About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI)  --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in in the provision of such products as ready-mixed
concrete, as well as concrete products and elements.  It divides
its activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                          *     *     *

The Troubled Company Reporter-Europe reported on July 10, 2009,
that Standard & Poor's Ratings Services affirmed the 'CCC+' rating
on the senior unsecured bonds issued by Germany-based building
materials group HeidelbergCement AG (B-/Negative/B), and
subsidiaries HeidelbergCement Finance B.V., Hanson Ltd., and
Hanson Australia Funding Ltd.  At the same time, the bonds were
removed from CreditWatch, where they were placed with developing
implications on June 24, 2009.

On June 24, 2009, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed Germany-based HeidelbergCement AG's
Long-term Issuer Default rating at 'B' and removed the rating from
Rating Watch Negative.  A Negative Outlook was assigned.

As reported in the Troubled Company Reporter-Europe on June 23,
2009, Moody's confirmed HeidelbergCement's B1 corporate family
rating and assigned a negative outlook.  At the same time the
ratings of all bonds outstanding at HeidelbergCement and its
subsidiaries were downgraded to B3.  The rating action was
prompted by HC's successful refinancing of its bank debt.  The new
agreement includes clauses which place bondholders structurally
behind the bank lenders.


HEIDELBERGCEMENT AG: S&P Puts 'B-' Rating on CreditWatch Positive
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'B-' long-term corporate credit rating on German heavy building
materials manufacturer HeidelbergCement AG on CreditWatch with
positive implications.  S&P also placed the 'CCC+' issue ratings
on the senior unsecured bonds issued by subsidiaries
HeidelbergCement Finance B.V., Hanson Ltd., and Hanson Australia
Funding Ltd. on CreditWatch positive.  S&P's recovery rating on
these debt instruments remains unchanged at '5', indicating S&P's
expectation of modest (10%-30%) recovery in the event of a payment
default.

At the same time, S&P affirmed the 'B' short-term rating on
HeidelbergCement.

"S&P's CreditWatch placement follows HeidelbergCement's announced
decision to launch a capital increase through the proposed
issuance of 62.5 million new shares, concurrently with a placement
of existing shares held by banks to institutional investors," said
Standard & Poor's credit analyst Xavier Buffon.

"We believe that any material cash proceeds to be raised from this
prospective capital increase could somewhat improve the group's
financial profile and key credit metrics through a like-amount of
debt reduction, and provide larger headroom under financial
covenants," added Mr. Buffon.

S&P would therefore view any successful outcome of this plan as an
additional positive step toward a strengthened financial profile
and liquidity position for HeidelbergCement, after the group's
recently completed refinancing of EUR8.7 billion of bank debt
through a new set of facilities that mature in 2011.

In addition, and even more importantly, S&P think that this move
could send positive signals to capital markets and, all other
things being equal, increase the chances of successfully
refinancing the heavy debt load maturing in December 2011.  In
particular, S&P thinks that the possible heavy dilution of the
stake in the company held by the family and controlling
shareholder, who is experiencing financial difficulties, could
remove an important negative factor for HeidelbergCement's credit
profile.

S&P intends to wait for the outcome of the transaction to resolve
the CreditWatch status.  In particular, S&P will need to assess
more precisely the cash impact of the transaction and the ultimate
shareholder structure that could result.  At this early stage, S&P
would expect any positive rating impact to be likely limited to
one notch at best, as S&P thinks key challenges remain to be
tackled, such as executing significant assets disposals and
addressing the huge refinancing need in late 2011.  If take-up is
limited, or the price too low to generate material cash proceeds,
in particular, S&P could leave the ratings unchanged.


TRANSAMERICAN ENERGY: To File Financial Statements by Sept. 28
--------------------------------------------------------------
TransAmerican Energy Inc. said it is nearing completion of its
annual audited financial statements for the year ended April 30,
2009, which should have been filed by August 28, 2009 as required
by National Instrument 51-102 Continuous Disclosure Obligations.

The Company anticipates filing the Annual Financial Statements by
September 28, 2009.

The Company intends to satisfy the provisions of 12-203 by filing
a bi-weekly Default Status Report containing the information
prescribed by 12-203, as long as the Company remains in default of
the financial statement filing requirement.

TransAmerican Energy Inc. (TSX VENTURE:TAE)(FRANKFURT:YQJ) is not
currently subject to any insolvency proceedings.  If the Company
provides any information to any of its creditors during the period
in which it is in default of filing the Annual Financial
Statements, the Company confirms that it will also file material
change reports on SEDAR containing such information.


=============
I R E L A N D
=============


ANGLO IRISH: Moody's Junks Ratings on Junior Subordinated Debt
--------------------------------------------------------------
Moody's Investors Service has downgraded the junior subordinated
debt (upper tier 2) of Anglo Irish Bank Corporation Limited to
Caa2 from B3.  The outlook on this class of debt remains negative.

The downgrade follows the announcement that the bank is to defer
the coupon on the GBP300 million Fixed to Floating Rate Undated
Subordinated Notes issued in September 2007 (of which under
GBP40 million remains outstanding).  The Caa2 rating reflects
Moody's view that the prospect for recovery of interest and
principal for these instruments is low given the challenges the
bank faces and the length of time that the bank may need to return
to sustainable profitability.

Moody's notes that the bank has already deferred coupons on its
tier 1 securities and that as a result of classification of the
buyback of the tier 1 securities as a distressed exchange the
rating on these instruments was downgraded to C.  The buyback
offer on the junior subordinated debt was not classed as a
distressed exchange and therefore no rating action was taken at
that time.  The deferral of coupons on the tier 1 instruments was
a requirement from the European Commission for approving the Irish
Government's recapitalization of the bank.  Moody's understands
that there has not been any guidance from the EC on when payments
will be able to resume, however Moody's expect that this is
unlikely to happen until the bank has returned to profitability
and Moody's would expect that payments on the junior subordinated
debt may not be made until the same time.  However, given the
current situation of the bank and the difficult economic
environment Moody's would not expect this to happen in the medium
term, although Moody's note that a substantial portion of its loan
portfolio will be transferred to the National Asset Management
Agency (NAMA) and this may speed up this process.  Depending on
the value of the assets which will be transferred, however, this
could also lead to a further capital requirement, although Moody's
would expect the Irish government to remain supportive of the
bank.  Moody's are also of the opinion that the government support
is likely to continue to be required to give the bank sufficient
flexibility to restructure and establish a viable business model
again.

The last rating action on Anglo Irish was on July 30, 2009, when
the bank's tier 1 securities were downgraded to C.

Anglo Irish Bank had total assets of EUR88.5 billion at end-March
2009.  The bank is headquartered in Dublin, Ireland.


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


ALCATEL-LUCENT: Agrees to Freeze Italian Plant Restructuring
------------------------------------------------------------
DMeurope.com, citing AFP, reports that Alcatel-Lucent has accepted
a request from the Italian government to provisionally freeze the
restructuring of its plant in Battipaglia, Italy.

DMeurope.com recalls Alcatel-Lucent, which has 2,000 employees in
Italy, announced several months ago that it planned to end
telecommunications network equipment production at the site and
keep only the research center.

                        About Alcatel-Lucent

France-based Alcatel-Lucent (Euronext Paris and NYSE: ALU) --
http://www.alcatel-lucent.com/-- provides product offerings that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users.  In the field of fixed, mobile and converged broadband
networking, Internet protocol (IP) technologies, applications and
services, the company offers the end-to-end product offerings that
enable communications services for residential, business customers
and customers.  It has operations in more than 130 countries.  It
has three segments: Carrier, Enterprise and Services.  The Carrier
segment is organized into seven business divisions: IP, fixed
access, optics, multicore, applications, code division multiple
access networks and mobile access.  Its Enterprise business
segment provides software, hardware and services that interconnect
networks, people, processes and knowledge.  Its Services business
segment integrates clients' networks.  In October 2008, the
company completed the acquisition of Motive, Inc.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 4,
2009, Standard & Poor's Ratings Services said it has affirmed its
'B+/B' long-term and short-term corporate credit ratings on French
telecommunications equipment supplier Alcatel Lucent.  S&P said
the outlook is negative.


INTESA SANPAOLO: Set to Decide on Tremonti Bonds By End of Month
----------------------------------------------------------------
Lorenzo Totaro at Bloomberg News reports that Intesa Sanpaolo SpA
Chief Executive Officer Corrado Passera reiterated that the
Italian bank will decide by the end of the month whether to sell
convertible bonds to the government to boost capital.

Mr. Passera, as cited by Bloomberg News, said the bank will make
its decision on selling the so-called Tremonti bonds based on
whether it has "all the resources to assure that we can meet
lending needs and requests."

On Sept. 7, 2009, the Troubled Company Reporter-Europe, citing The
Financial Times, reported Intesa may not push through with its
plan to request for EUR4 billion (US$5.7 billion) in state aid.
Mr. Passera told the FT the bank may get by without an investment
of so-called "Tremonti bonds", which Italian banks would issue to
the government in return for injections of state cash.

"The board will take a decision at the end of the month on the
basis of how the market has developed, on our results, and
achievability of our planned disposals," the FT quoted Mr. Passera
as saying.  "We might press ahead with our plan to issue EUR4
billion of them.  But it is also possible that we will say no or
decide to issue only a portion."

According to the FT, shareholders would rather the bank did not
issue the bonds, which carry a coupon of 8.5%, and remained
independent of potential government influence.

                             Asset Sale

Lorenzo Totaro at Bloomberg News reports Mr. Passera said proceeds
from the bank's planned sale of some assets will be used to
improve the lender's capital levels.

Bloomberg recalls the Italian bank said on Sept. 11 that it was
considering the sale of some minority stakes including its holding
in Banca Fideuram unit.

Intesa Sanpaolo SpA -- http://www.group.intesasanpaolo.com/-- is
an Italy-based banking group. It provides banking services for
private and corporate clients.  The Companyís products and
services include current and saving accounts, loans, mortgages,
financing, payment and factoring services, investment and private
banking services.  The Company divides its activities into six
main business units: Public Finance, Corporate and Investment
Banking, Territorial Banks, Foreign Banks, Eurizon Capital, and
Banca Fideuram.  Public Finance operates through Banca
Infrastrutture Innovazione e Sviluppo; Corporate and Investment
Banking is active through Banca IMI, Intesa Sanpaolo Bank Ireland,
and Zao Banca Intesa, among others; Territorial Banks includes
Mediocredito Italiano, Intesavita, and Setefi, among others;
Foreign Banks includes CIB Bank, and KMB Bank, among others;
Eurizon Capital is a subsidiary specialized in the management of
investments funds; Banca Fideuram is a subsidiary operating in the
Private Banking sector.


===================
K A Z A K H S T A N
===================


AGJAN I DRUGIYE: Creditors Must File Claims by September 18
-----------------------------------------------------------
Creditors of LLP Firm Agjan I Drugiye have until September 18,
2009, to submit proofs of claim to:

         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on June 18,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


AKBIDAI LLP: Creditors Must File Claims by September 18
-------------------------------------------------------
Creditors of LLP Firm Akbidai have until September 18, 2009, to
submit proofs of claim to:

         Tolstoy Str. 19-38
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on
June 22, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan


AKERKE GROUP: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLP Akerke Group Ltd. have until September 18, 2009,
to submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on
June 12, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


AKTAU STROY: Creditors Must File Claims by September 18
-------------------------------------------------------
Creditors of LLP Aktau Stroy Montage have until September 18,
2009, to submit proofs of claim to:

         Building of Auto Station
         Room 11
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Mangistau
commenced bankruptcy proceedings against the company on June 18,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


AKTOBE INVEST: Creditors Must File Claims by September 18
---------------------------------------------------------
LLP Aktobe Invest Service is currently undergoing liquidation.
Creditors have until September 18, 2009, to submit proofs of claim
to:

         Maresyev Str. 87
         Aktobe
         Aktube
         Kazakhstan


AKTOBE TRADE: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLP Aktobe Trade have until September 18, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on June 23, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan


ALMATY STROY: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLP Almaty Stroy Consulting have until September 18,
2009, to submit proofs of claim to:

         Tereshkov Str. 10
         Otenai
         Taldykorgan
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 19, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan


ALTYN NAR: Creditors Must File Claims by September 18
-----------------------------------------------------
Creditors of JSC Altyn Nar have until September 18, 2009, to
submit proofs of claim to:

         Tereshkov Str. 10
         Otenai
         Taldykorgan
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 23, 2009 after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan


AMANGELDY AGRO: Creditors Must File Claims by September 18
----------------------------------------------------------
Creditors of LLP Amangeldy Agro have until September 18, 2009, to
submit proofs of claim to:

         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on June 22,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


ASTANA PHARM: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLP Astana Pharm have until September 18, 2009, to
submit proofs of claim to:

         Manas Str. 2
         Room 106
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on June 1, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


BATYS STROY: Creditors Must File Claims by September 18
-------------------------------------------------------
Creditors of LLP Batys Stroy Montage have until September 18,
2009, to submit proofs of claim to:

         Micro District Aeroport 9a
         Jylyoysky
         Kulsary
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 7, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Atyrau
         Kazakhstan


CAPITAL ASTYK: Creditors Must File Claims by September 18
---------------------------------------------------------
Creditors of LLP Capital Astyk have until September 18, 2009, to
submit proofs of claim to:

         Manas Str. 2
         Room 106
         Astana
         Kazakhstan

The Specialized Inter-Regional Economic Court of Astana commenced
bankruptcy proceedings against the company on June 1, 2009 after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan


ELECTRIC COMPANY: Creditors Must File Claims by September 18
------------------------------------------------------------
LLP Electric Company Service is currently undergoing liquidation.
Creditors have until September 18, 2009, to submit proofs of claim
to:

         Gagarin Str. 31/1
         Uralsk
         West Kazakhstan
         Kazakhstan


ENERGO TECH: Creditors Must File Claims by September 18
-------------------------------------------------------
LLP Energo Tech Snub-K is currently undergoing liquidation.
Creditors have until September 18, 2009, to submit proofs of claim
to:

         Abai Str. 5-1
         Kentau
         South Kazakhstan
         Kazakhstan


GLOBAL INFORM: Creditors Must File Claims by September 18
---------------------------------------------------------
Creditors of LLP Global Inform Systems have until September 18,
2009, to submit proofs of claim to:

         Zelenaya Str. 40
         Baiserke
         Ilyisky
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on May 15, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan


GOR SVET: Creditors Must File Claims by September 18
----------------------------------------------------
Creditors of LLP Gor Svet have until September 18, 2009, to submit
proofs of claim to:

         Mashinostroileley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 23,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


INTER TECH: Creditors Must File Claims by September 18
------------------------------------------------------
LLP Inter Tech Snub Ltd. is currently undergoing liquidation.
Creditors have until September 18, 2009, to submit proofs of claim
to:

         Yarmak Str. 30
         Shymkent
         South Kazakhstan
         Kazakhstan


IRTYSH INTER: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLP Irtysh Inter Service have until September 18,
2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 19, 2009.


KARATAS STROY: Creditors Must File Claims by September 18
---------------------------------------------------------
Creditors of LLP Karatas Stroy have until September 18, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 12,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan


KAZ ELECTRO: Creditors Must File Claims by September 18
-------------------------------------------------------
LLP Kaz Electro Therm is currently undergoing liquidation.
Creditors have until September 18, 2009, to submit proofs of claim
to:

         Suyunbai Ave. 89
         Almaty
         Kazakhstan


MABETEX MEGA: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLP Mabetex Mega Elit Group have until September 18,
2009, to submit proofs of claim to:

         Zelenaya Str. 40
         Baiserke
         Ilyisky
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on May 15, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan


SCART TRADE: Creditors Must File Claims by September 18
-------------------------------------------------------
Creditors of LLP Scart Trade have until September 18, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktube commenced
bankruptcy proceedings against the company on June 23, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Satpaev Str. 16
         Aktobe
         Aktube
         Kazakhstan


SEMEYSKAYA TEPLO: Creditors Must File Claims by September 18
------------------------------------------------------------
Creditors of JSC Semeyskaya Teplo Energeticheskaya Companiya have
until September 18, 2009, to submit proofs of claim to:

         Abai Str. 97
         Semey
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 19,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


TAZA KURYLYS: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLP Taza Kurylys 5 have until September 18, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         South Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
July 8, 2009.


TSK KAZ: Creditors Must File Claims by September 18
---------------------------------------------------
LLP Tsk Kaz Ros Stroy is currently undergoing liquidation.
Creditors have until September 18, 2009, to submit proofs of claim
to:

         Molodejnaya Str. 2A/1
         Office 229
         Micro District Kurylysshy
         Almaty
         Kazakhstan


UG TRANS: Creditors Must File Claims by September 18
----------------------------------------------------
Creditors of LLP Ug Trans Aktau have until September 18, 2009, to
submit proofs of claim to:

         Building of Auto Station
         Room 11
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Mangistau
commenced bankruptcy proceedings against the company on June 23,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


UNJU STROY: Creditors Must File Claims by September 18
------------------------------------------------------
LLP Unju Stroy Invest is currently undergoing liquidation.
Creditors have until September 18, 2009, to submit proofs of claim
to:

         Kabanbai batyr Str. 15
         Office 1
         Almaty
         Kazakhstan


URDJAR ASTYK: Creditors Must File Claims by September 18
--------------------------------------------------------
Creditors of LLP Urdjar Astyk have until September 18, 2009, to
submit proofs of claim to:

         Mashinostroileley Str. 6-63
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 19,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


==================
K Y R G Y Z S T AN
==================


BAI CHENG: Creditors Must File Claims by September 30
-----------------------------------------------------
LLC Bai Cheng is currently undergoing liquidation.  Creditors have
until September 30, 2009, to submit proofs of claim to:

         Kulatov Str. 13-19
         Bishkek
         Kyrgyzstan


=================
L I T H U A N I A
=================


UKIO AB: Moody's Withdraws B2/Not Prime Deposit Ratings
-------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of AB Ukio
Bankas: its bank financial strength rating of E+ and its long-term
and short-term local currency and foreign currency deposit ratings
of B2/Not Prime.

Moody's has withdrawn these ratings for business reasons following
an official request from the bank.

Moody's notes that, as of the date of the ratings withdrawal, Ukio
Bankas had no outstanding debts rated by Moody's.

Moody's previous rating action on Ukio Bankas was on April 16,
2009, when the rating agency downgraded the bank's ratings to
B2/Not Prime/E+ from Ba3/Not Prime/D-.

Headquartered in Kaunas, Lithuania, Ukio Bankas reported
consolidated assets of LTL3.9 billion (EUR1.2 billion) at the end
of 2008.


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


BREEZE FINANCE: Moody's Cuts Rating on Class B Notes to 'B2'
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
classes of bonds issued by Breeze Finance S.A.

  -- EUR287,000,000 4.524 percent Class A Guaranteed Secured Bonds
    due 2027 downgraded to Ba2 from Baa2

  -- EUR84,000,000 6.708 percent Class B Guaranteed Secured Bonds
    due 2027 downgraded to B2 from Ba1

The downgrade is prompted by worse than expected wind flow in the
winter months of 2008 - 2009 coupled with the poor technical
performance of several wind farms.  The combination of poor
availability and low wind resulted in a decrease in energy
production of approximately 20% from the same period last year.

The poor technical performance detailed in the Turbine Generation
Overview published in August 2009 is mainly attributed to a serial
defect in 10 Nordex turbines that required replacement in late
2008.  There are also concerns over the structural integrity of
the foundations of 17 Vestas turbines.  Whilst there is no damage
to the foundations to date, there is an increased risk that over
time this could manifest itself.  Availability has recently
improved although it has at times been well below the projected
level of 97% and in many months closer to Moody's stressed level
of 90%.  These issues raise questions on the technical reliability
of the projects in the portfolio.

Wind flow was approximately 30% lower than expected in the winter
months which left Breeze Finance in a highly constrained liquidity
position at the start of the summer.  Moody's notes that wind
resource has improved recently with the figures for June and July
showing wind index levels some 14% above expectations.  However,
overall wind resource levels for the year remain much lower than
expected.  If current conditions prevail it should not be
necessary to draw on the Debt Service Reserve Account in order to
pay the Class A Bonds in October.  However, whilst it is unlikely
that Class B Interest will be deferred, Moody's expects the Debt
Service Reserve Account to be drawn in order to meet interest
payments on the Class B Bonds.  In Moody's view, the long term
persistence of the 2009 wind conditions would not, in and of
itself, result in losses to the Class A Bonds.  However, under
this scenario the transaction is highly sensitive to technical
problems with the turbines and any significant deterioration in
availability would impact the Class A Bonds.

Moody's notes that the natural cycles in the wind regime and the
relatively long-term nature of the transaction would imply that it
is too early to conclude on the long-term average wind production
based on one particular below average wind year.  However, the
Class A Bonds are exposed to annual vagaries of wind energy rather
than the long term mean due to the non deferrable nature of the
scheduled amounts due to the Class A investors.  As a result, if
there is a single extremely poor wind year, the Class A Bonds
could experience an event of default.

In contrast, the Class B Bonds are structured with deferrable
payments and, as such, are exposed more to the long term wind
resource level.  This is reflected in the pure expected loss
nature of the rating assigned to these bonds.

Moody's last rating action on Breeze Finance S.A. was on 6 July
2009 when the Class A and Class B Bonds were put on review for
possible downgrade.

Moody's ratings address only the credit risks associated with the
transaction, other non-credit risks have not been addressed, but
may have significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion.  The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.

The rating is published.  Moody's will publicly disseminate any
change in the ratings through normal print and electronic media,
and in response to requests to the Moody's rating desk, in
accordance with Moody's standard practice at the time.

Issuer: Breeze Finance S.A.

  -- A, Downgraded to Ba2; previously on Jul 6, 2009 Baa2 Placed
     Under Review for Possible Downgrade

  -- B, Downgraded to B2; previously on Jul 6, 2009 Ba1 Placed
     Under Review for Possible Downgrade


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


LYONDELL CHEMICAL: Files Joint Chapter 11 Plan of Reorganization
----------------------------------------------------------------
Lyondell Chemical Company and its 93 debtor affiliates delivered
to the United States Bankruptcy Court for the Southern District
of New York their Joint Chapter 11 Plan of Reorganization and
accompanying Disclosure Statement on September 11, 2009.

Debtors' counsel, Deryck A. Palmer, Esq., at Cadwalader,
Wickersham & Taft LLP, in New York, says that the Debtors' Plan
rationalizes the Debtors' balance sheet and incorporates a
restructuring that accomplishes two goals:

  (1) structuring the postpetition enterprise in a way to
      maximize tax, reporting, and systems efficiencies, and
      allow for tradable equity; and

  (2) limiting or eliminating the impact of guarantees issued by
      non-filing European entities and discharge obligations of
      European entities with respect to a certain "Bridge Loan
      Agreement" and "2015 Notes."

The Bridge Loan Agreement, dated as of December 20, 2007, as
amended and restated on April 30, 2008 and October 17, 2008, is
among LyondellBasell Finance Company, the Obligor Debtors, the
Obligor Non-Debtors, Merrill Lynch Capital Corporation, as
administrative agent; Citibank, N.A., as collateral agent;
Merrill Lynch, Pierce, Fenner & Smith Inc., Goldman Sachs Credit
Partners, L.P., Citigroup Global Markets Inc., ABN AMRO Inc., and
UBS Securities LLC, as joint lead arrangers, and the Bridge
Lenders.

The 2015 Notes, on the other hand, refers to the 8.375% senior
notes due 2015 in the principal amounts of US$615 million and
EURO500 million issued pursuant to the 2015 Notes Indenture.

Mr. Palmer notes that the restructuring incorporated in the Plan,
among others:

    (i) simplifies the overall corporate structure;

   (ii) simplifies financial and tax reporting;

  (iii) solves numerous tax basis/reporting/consolidation
        issues;

   (iv) matches business reporting with legal structure and
        applicable financial reporting systems; and

    (v) concentrates accounts receivable and inventory into
        fewer legal entities.

To effectuate structuring of the postpetition enterprise, the
Debtors may (i) cause any or all of the Debtors to be merged into
one or more of the Debtors or dissolved; (ii) cause transfer the
assets between or among the Debtors; or (iii) engage in any other
transaction in furtherance of the Plan.  Any of those
transactions will be effective as of the Plan Effective Date
without any further action by the stockholders of directors of
the Debtors, or any other person, Mr. Palmer says.

In addition, on or after the effective date of the Plan, and in
the Reorganized Debtors' discretion, certain transactions to be
listed in a schedule to be filed in a Plan Supplement will be
effectuated to simplify the overall corporate structure of the
Reorganized Debtors.

LyondellBasell will have this simplified organizational structure
following the Plan Effective Date:

                            Creditors
                        New Shareholders
                               |
                               |
                         New Topco N.V.
                               |
                ---------------------------------
                |                               |
           LyondellBasell               LyondellBasell
           Finance Company               Holdings B.V.
                |                               |
                |                               |
              LBFC                        LBIH and its
           Subsidiaries                   Subsidiaries
          (U.S. entities/              (non-U.S. entities/
            operations)                     operations)


The Plan provides that the Reorganized Debtors will continue to
operate under a non-U.S. parent company and intend to organize
their new parent company, New Topco, in The Netherlands.

New Topco will be a public limited liability company (naamloze
vennootschap) formed under the laws of The Netherlands.  The
initial members of the supervisory board of New Topco will be
disclosed at or before the Confirmation Hearing.  Each of the
members of the initial board will serve in accordance with
applicable Dutch law, the New Topco Supervisory Board charter,
applicable corporate governance principles and the New Topco
Articles of Association, as the same may be amended from time
to time.

As of the Plan Effective Date, the initial New Topco Manager will
be newly incorporated LyondellBasell Holdings B.V., a wholly
owned subsidiary of New Topco.  LBHBV will have five directors,
one of whom will be the Chief Executive Officer, one of whom will
be the Chief Operating Officer/Chief Financial Officer and three
of whom will be key employees who are Dutch residents.  New
Topco's Manager will be appointed by the shareholders of New
Topco every four years for a four year term.  The New Topco
Articles of Association and the New Topco Supervisory Board
charter will provide that New Topco will be represented by the
New Topco Supervisory Board with respect to the appointment by
New Topco as shareholder of LBHBV of the members of LBHBV's
management board.

According to Mr. Palmer, although the Debtors' Chapter 11 cases
are jointly administered pursuant to an order of the Bankruptcy
Court, the Debtors are not proposing the substantive
consolidation of their estates.  Thus, although the Plan
generally applies to all of the Debtors, (i) the Plan constitutes
94 distinct Chapter 11 plans, one for each Debtor, (ii) for
voting purposes, each holder of a Claim in a Class will vote its
Claims in that Class by individual Debtors, and (iii) the claims
classification scheme in the Plan applies to each Debtor.

Moreover, the Debtors are submitting a Joint Plan covered by a
single Disclosure Statement, to simplify drafting and avoid
duplicative costs relating to distribution of multiple plans and
disclosure statements, he says.

Although the plans for the Debtors are substantially similar,
there are variances in certain Classes and distributions
depending on whether the applicable Debtor is: (i) an Obligor
Debtor, (ii) a Obligor Debtor with unencumbered assets that may
be available to its General Unsecured Creditors like Lyondell
Chemical and Basell USA Inc., and (iii) a Non-Obligor Debtor,
explains Mr. Palmer.

An Obligor Debtors means those Debtors that are obligors,
issuers, borrowers or guarantors under the Debtors' Senior
Secured Credit Agreement, the Bridge Loan Agreement, and the 2015
Notes Indenture.

               Nov. 30 Confirmation Hearing

The Debtors ask the Court to set November 30, 2009, as the
hearing date to consider confirmation of the Plan.   Objections
to confirmation of the Plan must be filed with the Court and
served so as to be actually received no later than November 23,
2009.

                     Global Restructuring,
             Release of Bridge Guarantee Claims
               and 2015 Notes Guarantee Claims

Mr. Palmer notes that certain Obligor Non-Debtors are obligated
under the Bridge Loan Agreement and 2015 Notes Indenture.
Pursuant to an Intercreditor Agreement, the debt under the Bridge
Loan Agreement is secured by liens junior to those securing the
debt under the Senior Secured Credit Agreement, and the 2015
Notes are contractually subordinated.

To effectuate the bargained-for priorities among the Senior
Secured Lenders, the Bridge Lenders and the 2015 Noteholders, the
Plan provides for an "Enforcement Sale" against collateral
pledged by the Obligor Non-Debtors, thereby releasing them of any
liens and claims of the Bridge Lenders and claims of the 2015
Noteholders.  The resulting distribution scheme under the Plan,
therefore, takes into account the value of the 2015 Notes Claims
and Bridge Claims against Non-Debtor Affiliates.

Specifically, the Plan provides that on or prior to the Effective
Date, these transactions will be effectuated in the order set
forth:

  * New Topco is formed outside the existing corporate structure
    of LyondellBasell.  New Topco may be formed prior to the
    Effective Date.

  * New Topco forms LBHBV, which may be formed prior to the
    Effective Date.

  * LyondellBasell Industries Holdings B.V., the direct parent
    of Basell Germany and certain non-U.S. Non-Debtor
    Affiliates, distributes its single share of LyondellBasell
    Industries AF S.C.A. to non-Debtor Basell Funding S.a.r.l.

  * The holders of Senior Secured Claims and Bridge Loan Claims
    will transfer their claims against the Obligor Non-Debtors
    and Basell Germany -- including guarantee claims, liens,
    rights and interests under the Senior Secured Credit
    Agreement and the Bridge Loan Agreement -- to New Topco in
    exchange for New Common Stock and any other consideration
    they are to receive under the Plan other than Subscription
    Rights.

  * New Topco will contribute the claims and security interests
    to LBHBV.

  * The security agent under the Intercreditor Agreement will
    sell the stock of LBIH -- subject to its senior secured
    debt -- to LBHBV for a nominal amount of cash, thereby
    releasing all guarantee claims and liens against Obligor
    Non-Debtors under the 2015 Notes Indenture and the Bridge
    Loan Agreement. Obligations of Obligor Debtors will be
    Discharged pursuant to the Plan.

  * Pursuant to the Plan, Debtor LyondellBasell Finance Company
    will cancel its existing stock and will issue new capital
    stock to New Topco.

  * LBFC may assign a portion of the LCC/LBFC Intercompany Note
    -- the intercompany note in the approximate amount of $7.2
    billion owed by Lyondell Chemical to LBFC -- to New Topco in
    consideration for cash and a portion of the New Common
    Stock.  New Topco will transfer the remaining New Common
    Stock to be issued on account of Claims against the U.S.
    Debtors to LBFC as a capital contribution.  LBFC will
    contribute as capital the remainder of the LCC/LBFC
    Intercompany Note to Lyondell Chemical.  All distributions
    of New Common Stock to holders of Claims against the U.S.
    Debtors will be made by LBFC or a subsidiary of LBFC, and
    the value of the New Common Stock will be equal to the net
    value of the U.S. Debtors.

  * Pursuant to the Plan, LBIAF and its general partner,
    LyondellBasell AF GP S.a.r.l., will be liquidated or
    dissolved.

In addition, the North American Restructuring will occur.

                        Rights Offering

Pursuant to a rights offering sponsor agreement among New Topco,
the Debtors and a Rights Offering Sponsor, New Topco has agreed
to sell certain shares of its New Common Stock in a Rights
Offering at a subscription purchase price of New Common Stock
aggregating $3 billion.  On the Effective Date, the Rights
Offering Sponsor will purchase any unsubscribed shares at a price
per share of New Common Stock.  No Subscription Rights may be
exercised for fractional shares of New Common Stock.  The closing
date of the Rights Offering will be the Effective Date of the
Plan.

On the Effective Date, the proceeds received by New Topco from
the Rights Offering will be used to fund emergence and provide
necessary post-emergence liquidity

                 Listing of New Common Stock

New Topco will use its reasonable efforts to cause the shares of
New Common Stock to be listed on the New York Stock Exchange as
soon as reasonably practicable after the Effective Date.  New
Topco will use its commercially reasonable efforts to file a Form
10 with the Securities and Exchange Commission and seek to have
the Form 10 be declared effective by the Commission as soon as
reasonably practicable after the Effective Date in order to
enable the shares of New Common Stock to be listed on the New
York Stock Exchange.

Prior to the listing of the shares, the Debtors expect that the
New Common Stock will be held in global form by a transfer agent
in the form of one or more bearer global share certificates for
the account of Cede & Company, the nominee of the Depository
Trust Company.  Subject to compliance with Dutch law and the
rules of the Depository Trust Company, transfers of New Common
Stock prior to listing may only be made by the transfer of
a book entry position in the relevant global bearer share
certificate.

                     Securities to be Issued

The New Notes will have (i) a present value equal to all accrued
principal and interest due with respect to the DIP Roll-Up Loans
as of the effective date of the Plan; (ii) maturity not exceeding
the earlier of (a) the date that is five years from the Effective
Date, and (b) the earliest maturity or redemption date applicable
to any of the Senior Secured Credit Facility or Bridge Loan
Facility or any securities or financial instruments that replace
the Senior Secured Credit Facility; and (iii) affirmative and
negative covenants and events of default as agreed upon by the
parties and will enjoy guarantees and security as provided in the
DIP Term Loan Agreement.

The terms of the New Notes will be included in a Plan Supplement
to be submitted by the Debtors.

Moreover, pursuant to a New Topco Articles of Association in
effect upon emergence, New Topco will be authorized to issue
shares of New Common Stock and will not have any authorized
shares of preferred stock.  Upon consummation of the Plan, the
shares of New Common Stock are expected to be outstanding.

Each share of New Common Stock will have a nominal value of
EUR0.04, will carry one vote in New Topco's general meeting of
shareholders and will be entitled to dividends to the extent
declared on a record date on or after the issue date of the New
Common Stock.

The issuance of the New Common Stock and New Notes, if any, by a
member of the Reorganized LyondellBasell and the issuance or
guarantee, as applicable, by all securities, notes, stock,
instruments, certificates and other documents or agreements
required to be issued, executed or delivered to the Plan, and any
actions necessary, will be authorized without further action
under applicable law and regulation.  Upon the Effective Date,
the authorized capital stock or other equity securities of New
Topco and the Reorganized Debtors will be set forth in the Plan
Supplement.

                Litigation Reserved Common Stock

The Official Committee of Unsecured Creditors appointed in the
Debtors' Chapter 11 Cases is currently prosecuting the Committee
Litigation against, among others, the Senior Secured Lenders and
the Bridge Lenders seeking, among other things, to avoid certain
of their liens and subordinate or disallow certain of their
Claims.  If the Committee Litigation is successful in avoiding
the liens securing the Senior Secured Claims and Bridge Loan
Claims or in avoiding or equitably subordinating the claims, some
or all of the holders of Allowed General Unsecured Claims
of certain of the Debtors may be entitled to a distribution.

Accordingly, to preserve value for these holders of Allowed
General Unsecured Claims in the event that the Committee
Litigation is successful, an amount of shares of New Common Stock
as determined by the Bankruptcy Court will be authorized and
issued on the Effective Date and held in reserve, pending
resolution or settlement of the Phase I Trial and Phase IA Trial.

To the extent the Committee Litigation is successful, the
Litigation Reserved Common Stock will be distributed, as
determined by the Bankruptcy Court, to some or all of the holders
of Allowed General Unsecured Claims as if it had been distributed
on the Effective Date.  Any residual amount of the Litigation
Reserved Common Stock not distributed to holders of Allowed
General Unsecured Claims will be distributed to the Senior
Secured Lenders.  To the extent the Committee Litigation is not
successful, the Litigation Reserved Common Stock will be
distributed to the Senior Secured Lenders pursuant to the Plan as
if it had been distributed on the Effective Date.

                       Intercompany Claims

No distribution will be made with respect to Intercompany Claims,
which will be fully subordinated and cancelled, left in place or
compromises as determined by Reorganized LyondellBasell.

                         Exit Facility

On or before the Effective Date, Reorganized LyondellBasell will
enter into an Exit Facility, which will contain terms and
conditions as contemplated by a commitment letter that will be
included in the Plan Supplement and approved by the Bankruptcy
Court.

             Injunction for Non-Debtor Affiliates

The Plan contains and provides for an injunction for the benefit
of the Non-Debtor Affiliates.  On the Effective Date and except
as otherwise provided, all holders of Senior Secured Claims,
Bridge Loan Claims and 2015 Notes Claims who assert claims
against Non-Debtor Affiliates based on the Senior Secured Claims,
Bridge Loan Claims and 2015 Notes Claims or any guaranty thereof,
and all holders of claims against Non-Debtor Affiliates for which
Debtors also are obligated will be permanently enjoined from
taking (i) any action with respect to claims or causes of actions
released pursuant to the Plan, (ii) commencing, conducting or
continuing in any manner, directly or indirectly, any suit,
action or other proceeding of any kind against the Non-Debtor
Affiliates, (iii) enforcing, levying, attaching, collecting or
otherwise recovering by any manner or means, whether directly or
indirectly, any judgment, award, decree or order against the Non-
Debtor Affiliates and (iv) creating, perfecting or otherwise
enforcing in any manner, directly or indirectly, any encumbrance
against the Non-Debtor Affiliates.

                    Closing of Chapter 11 Cases

When all disputed claims against any Debtor have become Allowed
or have been disallowed by final order, and no disputed matter
remains outstanding, the Reorganized Debtors will seek the
Bankruptcy Court's authority to close the applicable Debtor's
Chapter 11 case.

                         Early Payment

The Plan will not prevent any of the Debtors or the Reorganized
Debtors from making any payments prior to the date provided for
in the Plan, and neither the Debtors nor the Reorganized Debtors
will suffer any penalty from making those payments.

                        Disbursement Trust

On or before the Effective Date, a Disbursement Trust Agreement
will be executed by the Schedule III Debtors and the Disbursement
Trustee, and all other necessary steps will be taken to establish
the Disbursement Trust and its beneficial interests, which will
be for the benefit of the Disbursement Trust Beneficiaries, as
provided in the Plan, whether their Claims are Allowed on or
after the Effective Date.  In the event of any conflict between
the Plan and the terms of the Disbursement Trust Agreement, the
terms of the Disbursement Trust Agreement will govern.

A list of the Schedule III Debtors is available for free at:

    http://bankrupt.com/misc/LyondellSchedIIIDebtors.pdf

                       Litigation Trust

On or after the Effective Date, the Debtors or the Reorganized
Debtors, as applicable, on their own behalf and on behalf of the
holders of Allowed Class 7-A Claims, if any, will execute the
Litigation Trust Agreement and will take all other steps
necessary to establish the Litigation Trust in accordance with
the Plan.  The Debtors or the Reorganized Debtors and the
Official Committee of Unsecured Creditors on behalf of holders
of Allowed Class 7-A Claims will transfer to the Litigation Trust
all of their right, title, and interest and the claims identified
in the Case Management Order to be tried in the Phase I, Phase IA
and Phase II Trials and their proceeds pursuant to an action
commenced by the Creditors' Committee against the Debtors'
secured lenders and directors.  Moreover, the Plan Supplement
will include a list of all causes of action being prosecuted that
will be transferred to the Litigation Trust.  Any recoveries on
account of the causes of action transferred to the Litigation
Trust will be distributed to holders of Allowed Class 7-A Claims
in accordance with the Plan and the Litigation Trust Agreement.
On the Confirmation Date, the Creditors' Committee will be
dissolved and the Litigation Trustee will continue to prosecute
any claims related to the Phase I, Phase IA and Phase II Trials.

                   Equity Compensation Plan

In addition, New Topco will adopt an Equity Compensation Plan,
whereby New Topco will implement an equity-based program under
which participants will receive either or some combination of
restricted stock, restricted stock units, stock options, stock
appreciation rights or other types of equity-based awards related
to New Common Stock.  The terms of the Equity Compensation Plan
will be included in the Plan Supplement.

                        Feasibility

To determine whether the Plan satisfies the feasibility
requirements of Section 1129(a)(11) of the Bankruptcy Code, the
Debtors have analyzed their ability to meet their obligations
under the Plan.  As part of this analysis, the Debtors have
prepared the projections.  Based upon the Financial Projections,
the Debtors believe that the Reorganized Debtors will be a viable
operation following the Chapter 11 Cases thus, the Plan will meet
the feasibility requirements of the Bankruptcy Code.

A chart reflecting the Debtors' estimate of the future
performance of the Reorganized Debtors and non-Debtors on an
aggregate basis, for approximately the next five years, and the
ten years thereafter may be accessed for free at:

  http://bankrupt.com/misc/Lyondell_PlanProjections.pdf

                Alternatives to Plan Confirmation

If the Plan is not confirmed and consummated, the Debtors'
alternatives include (i) liquidation of all of the Debtors under
Chapter 7 of the Bankruptcy Code and (ii) the preparation and
presentation of an alternative plan or plans of reorganization.

The Debtors, or any other party in interest, may attempt to
formulate an alternative chapter 11 plan, which might provide for
the liquidation of the Debtors' remaining assets other than as
provided by the Plan.  However, any attempt to formulate an
alternative chapter 11 plan would necessarily delay creditors'
receipt of distributions and, due to the incurrence of additional
administrative expenses during the period of delay, may provide
for smaller distributions to holders of Allowed General Unsecured
Claims and Equity Interests than are currently provided for under
the Plan.  Accordingly, the Debtors believe that the Plan will
enable all creditors to realize the greatest possible recovery on
their Claims or Equity Interests with the least delay.

             Conditions Precedent to Occurrence of
                   the Plan Effective Date

The conditions precedent to the occurrence Effective Date of the
Plan are:

  (1) The Bankruptcy Court will have entered the Confirmation
      Order, which will approve the Plan on substantially the
      same terms and conditions set forth in the Plan;

  (2) The Plan approved by the Bankruptcy Court pursuant to the
      Confirmation Order will be in form and substance
      satisfactory to each of the Debtors;

  (3) No stay of the Confirmation Order will be in effect at the
      time the other conditions set forth in the Plan for are
      satisfied or waived;

  (4) All documents, Instruments and agreements provided for
      under, or necessary to implement, the Plan will have been
      executed and delivered by the parties thereto, in form and
      substance satisfactory to each of the Debtors, unless the
      execution or delivery has been waived by the parties
      benefited thereby and all documents, Instruments and
      agreements will be effective on the Effective Date;

  (5) All of the payments to be made by the Debtors by or on the
      Effective Date will have been made or will be made on the
      Effective Date;

  (6) The Debtors or the Reorganized Debtors, as applicable,
      will have entered into an Exit Facility providing for
      US$[____] of financing, and all conditions precedent to
      funding under the Exit Facility will have been satisfied
      or waived;

  (7) The Debtors will have raised US$[__] in cash (or not less
      than US$[__] in cash, in the event of a reduction in the
      size of the Rights Offering) pursuant to the Rights
      Offering net of any fees and expenses to be paid pursuant
      to the Rights Offering Sponsor Agreement;

  (8) The Debtors or the Reorganized Debtors, as applicable,
      will have obtained all governmental and other regulatory
      approvals or rulings that may be necessary for
      consummation of the Plan or that are required by law,
      regulation or order; and

  (9) The Debtors will have distributed the appropriate amount
      of New Common Stock to the Rights Offering Sponsors in
      accordance with the terms and conditions in the Rights
      Offering Sponsor Agreement, and will have paid the Rights
      Offering Fees and Expenses, in full in Cash, without the
      need for any of the Rights Offering Sponsors to file
      retention applications or fee applications with the
      Bankruptcy Court unless otherwise required by order of the
      Bankruptcy Court.

                         Plan Supplement

The Debtors will file with the Court their liquidation analysis,
projected financial income and Plan Supplement on November 13,
2009, or 10 days prior to a November 23, 2009 deadline to vote to
accept or reject the Plan.

A full-text copy of the Debtors' Joint Plan is available for free
at:

  http://bankrupt.com/misc/Lyondell_Sept11JointReorgPlan.pdf

A full-text copy of the Debtors' Disclosure Statement is
available for free at:

  http://bankrupt.com/misc/Lyondell_Sept11DisclosureStat.pdf


                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

Bankruptcy Creditors' Service, Inc., publishes Lyondell Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by Lyondell Chemical Company and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


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


UNITED COMPANY: Guinea Takes Over Friguia Alumina Refinery
----------------------------------------------------------
Alpha Camara and Carli Lourens at Bloomberg News report that
Guinea took over United Co. Rusal's Friguia alumina refinery.

According to Bloomberg, Momo Sacko, a Camara adviser, said Friday
Guinea now owns all of the operation and may go "in search of a
new partner".

Bloomberg relates Russiaís Foreign Ministry said Guinea plans to
expropriate the site and should consider "possible consequences"
for their relationship.

Citing Mines Minister Mahmoud Thiam, Bloomberg discloses the
government sent Rusal a letter asking it to return the Friguia
development.  Bloomberg recalls Camara said in April he had asked
the justice ministry to consider legal action over Rusalís deal.
According to Bloomberg, Mr. Thiam said Guinea was paid US$19
million for the assets by Rusal, while consultants had valued them
at US$257 million.

"Rusal purchased Friguia in full compliance with Guinean
legislation and we consider the plant to be our legitimate
property," Bloomberg quoted Rusal as saying in an e-mailed
statement Friday.

                        Debt Restructuring

On Aug. 3, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Rusal agreed with representatives of
foreign banks on "key terms" to extend repayments on US$7.4
billion of loans.  Bloomberg disclosed Rusal said that a
coordinating committee acting for more than 70 banks consented to
the the company extending payments over seven years.  Rusal, as
cited by Bloomberg, said it expects to reach an accord with
Russian lenders in coming months.  The accord is subject to
approval by each bank's credit committee.  Rusal, with US$14
billion in bank debt, froze payments from March 11 to renegotiate
terms after metal prices slumped and operations ceased to be
profitable.  The company's lenders include the Royal Bank of
Scotland Group Plc., Deutsche Bank AG, Sumitomo Mitsui Financial
Group Inc., Barclays Plc, BNP Paribas SA, Commerzbank AG and
Natixis.

                            About Rusal

Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


=============================
S L O V A K   R E P U B L I C
=============================


VOLKSBANK SLOVENSKO: Fitch Cuts Individual Rating to 'D'
--------------------------------------------------------
Fitch Ratings has affirmed Slovakia-based Volksbank Slovensko
a.s.'s Long-term Issuer Default rating at 'BBB+', Short-term IDR
at 'F2' and Support Rating at '2'.  The agency has simultaneously
downgraded Volksbank Slovensko's Individual Rating to 'D' from 'C/
D'.  The Outlook on the Long-term IDR is Stable.

The downgrade of Volksbank Slovensko's Individual Rating reflects
a stronger deterioration in its performance than the market
average in H109.  A weakening of loan quality has become more
visible amid the economic slowdown and its lagged impact on
borrowers' creditworthiness.  The seasoning of the loan book,
which experienced strong growth until 2008, has contributed to
this trend.  This trend may be further amplified by loan
concentration and exposures to the corporate and real estate
sectors.  Fitch expects Volksbank Slovensko's profitability to
remain under pressure in the short- to medium-term due to an
expected further increase in loan impairment charges.  At the same
time, the bank's Individual Rating takes into account its largely
short term, but solid customer deposit funding base, and
association with a larger financial group.

Like other Slovak banks, Volksbank Slovensko has faced a decline
in trading and fee income following Slovakia's adoption of the
euro in January 2009 as well as a rise in loan impairment charges
in H109.  In addition, the decline in its net interest income has
underlined the bank's relatively high sensitivity to declining
interest rates.

Fitch considers it positive that the bank did not pay out any
dividends for the financial year 2008.  Capitalization has
therefore improved somewhat.  While the Tier 1 Ratio of 11.6% at
end-June 2009 was adequate, Fitch notes that the bank's absolute
equity size makes it more vulnerable to unexpected large-scale
credit events.  Between end-2006 and end-2008, capitalization
declined in line with strong loan growth in a benign domestic
economic environment.  This loan growth also underpinned the
bank's solid financial performance in the period.

Volksbank Slovensko's IDRs and Support rating are based on, in
Fitch's view, a high probability of support, in case of need, from
its ultimate majority shareholder, the central institution
Oesterreichische Volksbanken Aktiengesellschaft, and the bank's
strong integration into Volksbank International.  VBAG is a member
of Austria's Volksbank Verbund Group ('A'/ Stable).  VBI is a
management holding company for the combined banking operations of
VBAG and other European cooperative banks in central and eastern
Europe.  VBAG owns 51% of VBI, which in turn owns 91% of Volksbank
Slovensko.

Volksbank Slovensko is the ninth-largest Slovak bank.  It has a
strong focus on domestic SMEs, project and mortgage financing.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


=========
S P A I N
=========


OBRASCON HUARTE: Moody's Downgrades Senior Bond Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
rating and senior bond rating of Obrascon Huarte Lain to Ba1 from
Baa3.  In conjunction with this, Moody's will withdraw the issuer
rating and assign Corporate Family and Probability of Default
Ratings of Ba1.  The outlook on the ratings is negative.  At the
same time, Moody's will assign a Loss Given Default assessment of
LGD3.  This rating action concludes Moody's review for possible
downgrade initiated on March 17, 2009.

The downgrade reflects Moody's view that OHL's business model and
current financial profile is no longer commensurate with an
investment-grade rating.  In Moody's opinion, OHL's consolidated
and recourse financial profiles have weakened over the past 12-18
months as a result of its execution of a business diversification
strategy aimed at decreasing the importance of domestic
construction in favor of international activity and a concessions
business.  In the process, OHL has deployed the debt capacity and
financial flexibility from its recourse business in a rapidly
growing, but still relatively unseasoned, concessions portfolio.

Overall, the rating downgrade is underpinned by Moody's view that
the underlying cash flow generation capacity of the recourse
business has weakened and remains under stress in the current
economic environment.  Moody's believes OHL has exhausted
flexibility under the Baa3 rating following its significant
investments related to its growing concessions portfolio, which
has resulted in a breach of the guidance metrics for the rating
category.  OHL needs to demonstrate that it can deliver
sustainable positive free cash flow generation in the recourse
business to enable de-leveraging before it can regain an
investment-grade rating.  However, Moody's also acknowledges that
the company may take steps in the future to reduce the financial
risk of the group and strengthen its profile, which could be
considered as positive to the rating.

Moody's is repositioning its guidance metrics for the rating
category, as the rating agency recognises that OHL's business risk
has increased.  Furthermore, the success of the group's business
model depends on continued profitable growth in its construction
activity in the context of a more challenging market environment,
which the company faces with a more constrained financial profile,
a degree of project concentration in its international order book,
limited visibility for working capital flows and a growing
concessions portfolio that continues to require investment but
which is not yet generating material cash returns for the parent
company.

Going forward, management is expected to execute operating
measures that enable sufficient improvement under credit metrics
to preserve or improve the rating positioning.  The Ba1 CFR
incorporates Moody's expectation that OHL will demonstrate its
ability to slow the pace of investments and improve working
capital management to restore recourse cash flow generation,
coupled with good operating performance favourably impacting
EBITDA and retained cash flow growth.  This is to be seen in
conjunction with management operating under more conservative
metrics for the rating category, including maintaining Net
Recourse Debt to Recourse EBITDA between 2x and 2.5x as of year-
end and RCF to Net Recourse Debt exceeding 20% as of year-end.
The rating also involves the expectation of a gradual return to
positive free cash flow (free cash flow before working capital)
for the recourse business on a sustainable basis.

The negative outlook signals execution risk under management's
measures to strengthen its credit metrics and liquidity profile,
as well as management's need to manage within the constraints of
the revised guidance metrics over time.  The Ba1 rating could come
under pressure if no such progress is visible because of
deteriorating operating performance and/or investments, including
a further fall-off in domestic construction activity or the
contribution of international construction growing below
expectations, adverse working capital movements or other
unexpected cash calls draining recourse cash flows.  The Ba1
rating could also come under pressure if there is no improvement
in the liquidity profile, given OHL's reliance on revolving short-
term bilateral bank facilities is an area of concern in the
current capital markets environment, despite the company's good
track record of renewals.  Any measures that the company may
undertake to strengthen its permanent financing structure could
lead to positive pressure on the rating.

The LGD assessment looks at the recourse business only and takes
into account that, at this stage, from an economic standpoint, the
group is functioning as an integrated entity and Moody's considers
that there is a homogeneous senior unsecured capital structure
with a parent company acting both as holding and operating
company.  However, Moody's notes the risk of rating migration
(single- or multi-notch downgrade) for the senior unsecured bonds
in the event that there is a material increase in secured debt,
for example as a result of a renegotiation of the senior
syndicated credit facility whether caused by a deterioration in
OHL's profile or a covenant amendment.

The last rating action was implemented on March 17, 2009, when
OHL's ratings were placed on review for possible downgrade.

Headquartered in Madrid, OHL is one of Spain's leading
construction and concession operators with environmental,
development and industrial activities.  Domestic construction,
which generated around 40% of turnover and 16% of EBITDA in the
first six months of 2009, has declined in relative importance
versus concessions (around 16% of turnover and 63% of EBITDA) and
international construction (39% of turnover and 17% of EBITDA), in
line with the Group's intended diversification strategy.  In the
last 12 months to June 30, 2009, OHL reported revenues of around
EUR4.17 billion and EBITDA of around EUR650 million.


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


DESCA TRANS AG: Claims Filing Deadline is October 5
---------------------------------------------------
Creditors of Desca Trans AG are requested to file their proofs of
claim by October 5, 2009, to:

         Juerg Zimmermann
         Falkensteinerstrasse 11
         4132 Muttenz
         Switzerland

The company is currently undergoing liquidation in Muttenz.  The
decision about liquidation was accepted at a general meeting held
on June 16, 2009.


DU 25: Claims Filing Deadline is September 30
---------------------------------------------
Creditors of Du 25 GmbH are requested to file their proofs of
claim by September 30, 2009, to:

         Brutschin Zogg Joset
         Henric Petri Str. 19
         4051 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting held
on June 23, 2009.


RF COSMETICS: Claims Filing Deadline is September 30
----------------------------------------------------
Creditors of RF Cosmetics AG are requested to file their proofs of
claim by September 30, 2009, to:

         Filippo Beck
         Liquidator
         Goldbach-Center
         Seestrasse 39
         8700 Kuesnacht
         Switzerland

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


ZANIN TRANSPORTE: Claims Filing Deadline is September 30
--------------------------------------------------------
Creditors of Zanin Transporte GmbH are requested to file their
proofs of claim by September 30, 2009, to:

         Zanin Sergio
         Liquidator
         Grubenweg 3a
         3052 Zollikofen
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on December 10, 2007.


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


AVONCROP LIMITED: In Administration; Up for Sale
------------------------------------------------
Leonard Curtis, the corporate recovery, insolvency and
restructuring specialist, is seeking offers for Avoncrop Limited,
a leading UK producer, wholesaler and distributor of horticultural
products.

Paul Reeves, director at Leonard Curtis and an administrator of
Avoncrop, is continuing to trade the business while seeking a
buyer.

Avoncrop entered administration because of a failed
diversification into a related venture.

The business has a turnover of 10m and employs 53 staff at three
sites in Bracknell, Berks, Boston, Lincs and Sandford, north
Somerset.

Paul Reeves said: "Avoncrop has an experienced management team and
a range of strong brand names that are highly regarded by a loyal
customer base.

"Potential buyers could be businesses in the same sector looking
to expand, firms wishing to diversify into the sector, new
entrants seeking a ready-made business or a management buy-in
team."


FEES COMPANY: In Administration; KPMG Appointed
-----------------------------------------------
Blair Nimmo and Tony Friar of KPMG Restructuring were appointed as
Joint Administrators of The Fees Company Limited on Sept. 8 2009,
at the request of the Company's directors.

The Fees Company specialized in providing payment plan funding
options for schools and golf clubs.  Acting as an intermediary
between schools and parents, also for golf clubs and their
members, the Company would typically fund the up front payment of
fees due to schools and golf clubs whilst also collecting the
relevant sums (together with a finance and administration charge)
from parents and golf club members by direct debit over a series
of months.  The Company also operated as a BACS approved Bureau.
The Company employed 5 people based at its leased premises at
Currie, on the outskirts of Edinburgh.

Due to the nature of the Companys business, it had a significant
working capital funding requirement.  Over recent months the
Company has explored several opportunities to refinance the
business, but these were not successful.  In addition, a recently
identified gap in the Companys balance sheet resulted in the
directors concluding that the Company was insolvent and could not
continue to trade.  The Company is not therefore accepting any new
business and the Administrators will take immediate steps to
recoup and realise the Companys assets.

Blair Nimmo, Joint Administrator and Head of Restructuring for
KPMG in Scotland said: "We will work with the Schools, parents,
golf clubs and members, to provide them with as much help and
assistance as possible during this uncertain time.  We would also
encourage any parties having an interest in the Companys
intellectual property to contact the Joint Administrators as soon
as possible."

Individuals and customers having agreements with the Company
should contact the Companys head office for further information if
required.  Telephone number 0131 449 8840.


GREAT LEIGHS: To Be Sold to Consortium
--------------------------------------
The Joint Administrators to Great Leighs racecourse confirmed that
an agreement has been reached for the sale of the business for an
undisclosed sum.

The sale, to a consortium of local businessmen led by Terry
Chambers and Bill Gredley, is scheduled to complete on
September 29 from which date the consortium will take possession
of the site.

The consortium is looking to establish facilities at the course
prior to seeing racing return to the site from 2011, subject to
the provision of a racing license.  Carlton Siddle, partner at
Deloitte, commented: "We are pleased that we have been able to
agree this deal given the difficulties associated with the site.
This agreement has been a long time in the making.  We wish the
buyers every success in completing the acquisition of the course,
and subsequently securing the return of racing to this excellent
all weather track."

Carlton Siddle and Nick Edwards of Deloitte, the business advisory
firm, were appointed as Joint Administrators to the group of
companies that own and operate the Great Leighs all weather horse
racing complex in Chelmsford, Essex, on January 16, 2009.



LEHMAN BROTHERS: PwC Says Euro Unit Clients Have to Wait 2 Years
----------------------------------------------------------------
Tony Lomas, partner at PricewaterhouseCoopers and administrator
for Lehman Brothers' European operations, told The Financial Times
that it could now take two more years before clients and creditors
get back billions of dollars of assets tied up in the bank when it
collapsed a year ago.

As reported by the TCR on Aug. 24, 2009, the U.K. High Court
handed down a judgement denying PwC's request for approval of a
scheme of arrangement that would have helped expedite the winding
up of Lehman Brothers' European units.  PwC proposed to divide
more than 1,000 clients into three classes and deal with the
claims by class rather than individually.  PwC had previously said
it could take up to a decade to return assets via bilateral
agreements, instead of the proposed scheme.  PwC is appealing the
ruling.

"I had hoped to break the back of this within 24 months, but with
the setback around the scheme and other issues, a more realistic
estimate is now 24-36 months," Mr. Lomas told the Financial Times.

According to FT, Mr. Lomas, nonetheless, said he was happy with
general progress on the case.  The administrators have returned
US$13 billion to a few dozen clients, including leading hedge
funds and corporate clients such as Chinalco, the steel giant,
whose 12 per cent stake in Rio Tinto was trapped inside Lehman
when the bank collapsed.

PwC, FT reports, has also realised US$9 billion in cash for
creditors and taken control of another US$10 billion of assets.
It is now preparing to lodge claims against other parts of the
Lehman empire, including one of tens of billions against the US
parent company.

PwC has earned fees of GBP120 million on the case, and total fees
paid to advisers of the European arm are running at roughly the
same level as in the United States where fees have topped US$300
million (GBP180 million).

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: Firms Face FSA Action Over Structured Products
---------------------------------------------------------------
Following the collapse of Lehman Brothers, the Financial Services
Authority and Financial Ombudsman Service have been looking at the
potential detriment this has caused for investors in the UK
structured products market.

In May, the FSA and Ombudsman agreed that the issues relating to
Lehman-backed structured products should be considered under the
"Wider Implications" process, in order to allow the FSA to explore
all options to achieve the best outcome for consumers.

The FSA has now gained enough information from its review to
enable it to move forward and believes it is now appropriate to
lift the hold on individual adjudications of complaints on an
immediate basis.

The FSA will report back on the outcomes of its review in more
detail in October but confirms that it will be taking action
against firms as a result of the findings of the review.

Dan Waters, retail policy director at the FSA, said, "This is a
hugely complex area and during our review we have looked at
promotional literature, clarity of information, quality of advice,
sales systems and controls, involving plan managers, providers and
advisers.

"There is still much for us to do and we will be outlining some of
the findings of the review next month in more detail, but I can
confirm that we have found serious issues and will be taking
action against firms," he added.

"In light of the progress we have made, we believe our regulatory
action can now progress alongside the Ombudsman adjudicating on
individual complaints without prejudicing either, so individual
cases referred to the Ombudsman can now proceed."

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


LEHMAN BROTHERS: PwC Appeals U.K. Court Denial of Proposed Scheme
-----------------------------------------------------------------
Partners at PricewaterhouseCoopers serving as joint administrators
of Lehman Brothers' European units have taken an appeal from the
judgment handed down by the High Court in the United Kingdom
indicating that the court does not have jurisdiction to sanction a
proposed scheme of arrangement.

As reported by the TCR on Aug. 24, 2009, the U.K. High Court
denied PwC's request for approval of a scheme of arrangement that
would have helped expedite the winding up of Lehman Brothers'
European units.  PwC proposed to divide more than 1,000 clients
into three classes and deal with the claims by class rather than
individually.  PwC had previously said it could take up to a
decade to return assets via bilateral agreements, instead of the
proposed scheme.

After consulting advisers and representatives of the creditor's
working group regarding the intention to appeal the High Court
judgment, the Joint Administrators concluded that it is
appropriate to appeal given the very significant advantages of a
scheme of arrangement when compared with the potential
alternatives, notwithstanding the complex nature of the legal
arguments and that the outcome of the appeal is uncertain.

Accordingly, the Joint Administrators filed an appeal application
on September 10, 2009, with the Court of Appeal in U.K.

GLG Partners LP, as representatives of the creditor's working
group, confirmed they intend to submit written submissions in
support of the appeal and the London Investment Banking
Association has confirmed that it will appear as respondent.  A
public hearing of the appeal will be held in due course.

The Administrators said they are anxious that the appeal process
should not lead to any unnecessary delay in the process of
returning client assets.  Therefore, in parallel with the appeal
process, they continue to make bilateral returns and to assess
possible alternative mechanisms by which they might affect the
return of client assets if the appeal is ultimately unsuccessful.
At the same time, in an effort to ensure that the appeal process
itself is progressed with as little delay as possible, they have
(with GLG) written to the Court of Appeal requesting that the
appeal be heard on an expedited basis.  LIBA has also written to
the Court in support of this request.  If the Court of Appeal
agrees to hear the appeal on an expedited basis, it is hoped that
the appeal would be heard in October or November. This is,
however, subject to the court's availability.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed $639 billion in assets and $613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

               International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and its various
affiliates.  (http://bankrupt.com/newsstand/or 215/945-7000)


MG ROVER: UK Gov't. Seeks to Disqualify Former Owners
-----------------------------------------------------
Robert Hutton at Bloomberg News reports that Business Secretary
Peter Mandelson is seeking to ban investors involved in the
collapse of MG Rover Group Ltd. from running other companies.

According to Bloomberg, an 800-page government-commissioned report
into the demise of MG Rover, which went bankrupt owing
GBP1.3 billion (US$2.1 billion) weeks before the 2005 general
election, says Peter Beale, John Edwards, Nick Stephenson, John
Towers and Kevin Howe extracted a combined GBP42 million in pay
and benefits over five years.  The report was compiled over four
years by outside lawyers, Guy Newey of Maitland Chambers and
Gervase MacGregor of BDO Stoy Hayward.

Bloomberg relates Mr. Mandelson said in a British Broadcasting
Corp. interview Friday that, the government is preparing to start
proceedings to disqualify the former owners.

                            Deloitte

Jonathan Guthrie at The Financial Times reports Deloitte, the
auditor and tax adviser to MG Rover, the 850-page-report revealed
charged fees to MG Rover of GBP30.7 million over five years.  The
FT says some of the advice concerned ways in which the so-called
"Phoenix Four" directors led by Mr. Towers could extract
"excessive" rewards from the business, which they bought for just
GBP10 from BMW in 2000.  The FT notes the inspectors, however,
found "no evidence" that the high level of non-audit fees
compromised the independence and objectivity of Deloitte as
auditor.  The inspectors, the FT discloses, concluded that
Deloitte acted properly in qualifying MG Rover as a going concern
at the end of 2004, just a few months before the collapse of the
company with 6,000 job losses.

On Aug. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported the U.K. Serious Office decided not to
start a criminal investigation into the collapse of MG Rover after
reviewing a report provided by the office of Business Secretary
Peter Mandelson in July.

                        About MG Rover

Headquartered in Birmingham, United Kingdom, MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles under
the Rover and MG brands, together with engine maker Powertrain
Ltd.  Previously owned by Phoenix Venture Holdings, the company
faced huge losses in recent years, reaching GBP64.1 million in
2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  Ian Powell, Tony Lomas and Rob Hunt, partners in
PricewaterhouseCoopers, were appointed as joint administrators.
The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.  Days
later, eight European subsidiaries -- MG Rover Deutschland GmbH;
MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover
Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- were placed into administration.


MOORGATE TAVERNS: Seeks to Go Into Administration
-------------------------------------------------
The Directors of Pubs 'n' Bars, the community public house owner
and operator announced that following discussions with Clydesdale
Bank PLC, who hold a charge over the property assets of Moorgate
Taverns Limited, the directors have applied to the courts for the
appointment of administrators to Moorgate, a wholly owned
subsidiary of PnB with immediate effect.

Moorgate has an estate of ten freehold public houses within
Hertfordshire, Oxfordshire and the South coast.  Nine of these
public houses were tenanted to individual operators and had tied
contracts for beer supply and one pub was managed.  As a result of
the general economic environment, Moorgate has been trading at a
loss after finance costs and, due to the downturn in pub values,
has breached certain of its borrowing covenants with Clydesdale.

There are no guarantees from PnB to Clydesdale in respect of
Moorgate's borrowings and the net effect on cashflow will be an
interest saving of approximately GBP150,000 per annum by PnB.  The
book value of the pubs as at December 31, 2008 was GBP8.03 million
and the debt is GBP7.08 million.  As a result of this, the Group
now operates 94 pubs.


PLASTIC ENGINEERING: Enters Into Administration
-----------------------------------------------
Plastic Engineering (Leamington) Limited is a Warwickshire-based
based company which specializes in precision injection molding of
thermoplastics, predominately for the automobile and
pharmaceutical industries.

It entered into administration on September 2, 2009 with Geoff
Rowley and Gerald Smith, Client Partners of Vantis Business
Recovery Services, a division of Vantis, the UK accounting, tax
and business advisory group, appointed as Joint Administrators.

The company entered into administration following a loss of trade
as a result of the declining UK automotive market.  It is
continuing to trade and, since the appointment, the administrators
have spoken to a number of key customers and suppliers who have
all been supportive.  They are optimistic that a buyer can be
found for the business and assets as a going concern.

Commenting on the case, Geoff Rowley said: "We are doing all that
we can to achieve a sale.  Regrettably, of the 140 staff, we have
had to make 40 redundancies to trade the business at a level where
future losses are minimised.  We are working with those affected
to ensure all their claims are processed on a timely basis."


TIGGI'S HOLDINGS: In Administration; KPMG Appointed
---------------------------------------------------
Paul Dumbell and Brian Green from KPMG Restructuring in Manchester
have been appointed Joint Administrators to Tiggi's Holdings
Limited, Tiggi's (St Annes) Limited and Tiggi's (Bolton) Limited.

The companies operate the "Tiggi's" branded Italian restaurants in
St Annes and Bolton, along with the "21T" bar and restaurant and
the "Bliss" night club in St Annes.  Tiggi's Holdings Limited is a
non-trading parent company.

A total of 79 people are employed across the three businesses.
There have been no redundancies.

Paul Dumbell, joint administrator and director at KPMG
Restructuring, commented, "It's no secret that the recession has
eaten away at the UK hospitality sector, with many restaurants
having to contend both with a reduction in corporate entertaining
and a squeeze on consumer disposable income.  For Tiggi's in
particular, the economic downturn resulted in a fall in customer
numbers and also lower spend per head."

Mr. Dumbell continued, "We will continue to trade all of the
establishments under license of the management while we seek a
buyer for the business and assets."


VISTEON CORP: G. Adams Demands Probe on U.K. Practices
------------------------------------------------------
Sinn Fein President Gerry Adams has called for an investigation
of Visteon after workers were left to fend for themselves when
Visteon UK terminated operations in its factories in Christopher
Martin Road, Basildon, Enfield and Belfast in March 2009,
according to Enfield Independent.

The Belfast factory is under Mr. Adams's Northern Ireland
constituency.  Sinn Fein is an Irish political movement founded
in 1905 to promote independence from England and unification of
Ireland.

Enfield Independent reported that Mr. Adams criticized both
Visteon and Ford Motor Company after he obtained paperwork
showing how the company's pension fund was being run.  According
to the report, Mr. Adams said in a Northern Ireland Assembly in
May 2009, "The behavior of the board of Visteon UK and Ford
Motor Company and the treatment of the workers here and in
Britain, has been shameful.  Indeed, I believe that aspects of
that behavior amount to fraud, corruption and sharp practice. .
. .  We must seek to ensure that the relevant Government and
statutory agencies, including the Pensions Regulator, carry out
the necessary rigorous assessments and investigations into the
conduct of those companies."

Enfield Independent added that the Pensions Regulator issued a
statement saying: "We are very aware of this situation but cannot
provide comment on individual cases.  As with any investigation,
we will consider any evidence presented to us and act in a manner
which aims to protect member benefits."

UNITE Union called for a meeting with Ford's management last
September 9, 2009, Hannah Crown of Enfield Independent related.
The Union also supports an investigation into Visteon and Ford.

Ford, however, insisted that it is independent of Visteon,
Enfield Independent noted.  Instead, Ford released a statement
saying: "The situation for former Visteon UK employees is
unfortunate but the responsibility for administering and funding
their terms and conditions was Visteon's.  This included managing
its pension fund, which was 100 per cent funded at the time of
transfer.  Ford has taken a number of actions to support Visteon
and to assist Visteon in its efforts to achieve long term
viability.  These included enabling 560 Visteon employees to
return to Ford and providing Visteon with ongoing and new Ford
business."

                        About Visteon Corp.

Headquartered in Van Buren Township, Michigan, Visteon Corporation
(NYSE: VC) -- http://www.visteon.com/-- is a global automotive
supplier that designs, engineers and manufactures innovative
climate, interior, electronic and lighting products for vehicle
manufacturers, and also provides a range of products and services
to aftermarket customers.  The company has corporate offices in
Van Buren Township, Michigan (U.S.); Shanghai, China; and Kerpen,
Germany.  It has facilities in 27 countries and employs roughly
35,500 people.  The Company has assets of US$4,561,000,000 and
debts of US$5,311,000,000 as of March 31, 2009.

Visteon Corporation and 30 of its affiliates filed for Chapter 11
protection on May 28, 2009, (Bank. D. Del. Case No. 09-11786
through 09-11818).  Judge Christopher S. Sontchi oversees the
Chapter 11 cases.  James H.M. Sprayregen, Esq., Marc Kieselstein,
Esq., and James J. Mazza, Jr., Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, represent the Debtors in their restructuring
efforts.  Laura Davis Jones, Esq., James E. O'Neill, Esq., Timothy
P. Cairns, Esq., and Mark M. Billion, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, serve as the Debtors'
local counsel.  The Debtors' investment banker and financial
advisor is Rothschild Inc.  The Debtors' notice, claims, and
solicitation agent is Kurtzman Carson Consultants LLC.  The
Debtors' restructuring advisor is Alvarez & Marsal North America,
LLC.

Bankruptcy Creditors' Service, Inc., publishes Visteon Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings of Visteon
Corp. and its debtor-affiliates. (http://bankrupt.com/newsstand/
or 215/945-7000)


WHITE TOWER: Fitch Puts 'CCC'-Rated Class E Notes on Watch Neg.
---------------------------------------------------------------
Fitch Ratings has placed all of White Tower 2006-3 plc's note
classes, due 2012, on Rating Watch Negative:

  -- GBP673.6 million class A (XS0275770914): 'AA'; placed on RWN
  -- GBP171.5 million class B (XS0275771649): 'BBB'; placed on RWN
  -- GBP116 million class C (XS0275772704): 'BB'; placed on RWN
  -- GBP116 million class D (XS0275773181): 'B'; placed on RWN
  -- GBP68 million class E (XS0275774072): 'CCC'; placed on RWN

The rating actions are driven by recent developments surrounding
the securitised loan and its borrowers.

In a 7 September 2009 statement issued by CB Richard Ellis Loan
Servicing Limited (rated 'CSS3+'), acting as special servicer, it
was noted that Her Majesty's Revenue and Customs had served
notices revoking the borrowers' exemption from the Non Resident
Landlords Scheme in respect of six properties accounting for 59%
of the total market value of the portfolio.  As a result,
withholding tax will be incurred on the gross rents generated by
the relevant properties, instead of net income, as was previously
the case, which is likely to adversely impact the level of
resources available for the payment of interest and repayment of
principal on the notes.

A subsequent statement issued by CBRELS on September 9, 2009 said
that HMRC had also presented winding up petitions in respect of
seven companies, which affect the same six properties.  The
petitions relate to unpaid tax liabilities accounting for
GBP4.8 million, plus interest and other costs incurred by HMRC.
Court hearings relating to HMRC's petitions are scheduled for
21 and 28 October 2009.

At the moment there is no clarity regarding the likely actions
that will be taken by the affected companies, HMRC or the special
servicer.  The RWN reflects this uncertainty, and will be resolved
once more information has been received on the likely outcome of
these developments.


WINDSAVE LTD: Goes Into Liquidation
-----------------------------------
Terry Murden at The Scotsman reports that Windsave Ltd. has gone
into liquidation.

The company, the report discloses, has blamed government
resistance to relaxing planning rules for forcing its household
windmill operation out of business.

According to the report, the company is now being wound up by the
liquidator at Martin Aitken & Co at the request of the Revenue and
Customs over an unpaid GBP130,000 bill.

Windsave Holdings, which accounts for 80% of the business, is
continuing to trade normally, the report notes.  It is involved in
contracts with commercial and local authority clients in the UK
and overseas.


* 46,900 UK Companies Have Collapsed Since Run on Northern Rock
---------------------------------------------------------------
Approximately 46,900 UK companies have gone bust between this week
(September 11) and the run on Northern Rock on September 14, 2007,
UHY Hacker Young, the national accountancy group.

UHY Hacker Young also estimates that since Lehman Brothers
collapsed on September 16, 2008 28,600 UK companies have gone
bust.

After the run on Northern Rock companies started to go bust at the
rate of 50 per day but after the failure of Lehman Brothers this
accelerated to 79 a day.

Mark Waterman, Partner at UHY Hacker Young, commented: "Northern
Rock was a real blow to the UK economy but Lehman Brothers knocked
the whole financial system for six.

"The damage to the property and retail sector was predictable but
what came as a big shock was how heavily funding problems impacted
the manufacturing and hi-tech sectors.

"With the exception of companies servicing the public sector
practically no significant part of the UK economy has remained
unscathed.  Unfortunately many hi-tech companies that would have
played an important role in the long time competitiveness of the
UK economy have been sunk."

5,447 manufacturing companies have become insolvent since Northern
Rock (3,370 since Lehman Bros collapsed).

1,287 IT companies have gone bankrupt since Northern Rock not
including 62 specialist R&D companies.


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


* Konstantin Konstantinov Rejoins Chadbourne & Parke in Moscow
--------------------------------------------------------------
Chadbourne & Parke LLP said Konstantin Konstantinov has rejoined
Chadbourne's practice in the Russian Federation as a partner in
its Moscow office.  Mr. Konstantinov had practiced with Chadbourne
for over 11 years.  For a short period of time he worked at
Dechert LLP which established a presence in Russia recently. He
has now returned to Chadbourne.

Mr. Konstantinov, a Harvard educated Russian advocate, is admitted
to practice in both New York and Russia.  He advises clients on
international commercial and financial matters, including project
finance, securities regulation, secured finance, debt
restructuring and mergers and acquisitions.

"We are very pleased to welcome back Konstantin as the sixth
resident partner in our Moscow office," said Chadbourne Managing
Partner Charles K. O'Neill.  "Our lawyers and our clients know him
as an outstanding transactional lawyer and an extremely valued
colleague and advisor."

Chadbourne's Moscow office was established in 1990 and has been
recognized as one of the leading law offices in Russia, most
recently by Acquisition Finance Magazine and International Law
Office.  The firm's St. Petersburg office opened in 2005.

Each of the partners in Moscow and St. Petersburg has more than a
decade of experience advising clients on Russian transactions.
Chadbourne's Moscow office is a full service practice, providing
Russian, English and U.S. legal advice to clients on a wide range
of matters, including corporate, finance and litigation.  It is
supported by over 400 lawyers in 11 other Chadbourne offices,
including Kyiv, Almaty and Warsaw.

"As it has been for almost 20 years, Chadbourne & Parke continues
to be committed to Russia and to our CIS practice," said Moscow
Senior Partner Mikhail Rozenberg.  Added Jennifer Handz, Moscow
Managing Partner, "I echo the sentiments expressed by Charlie
O'Neill in New York and Mikhail Rozenberg here in Moscow.  We
intend to take full advantage of Konstantin's prominent reputation
as a leading international practitioner, and we are delighted to
have him back."

                     About Chadbourne & Parke

Chadbourne & Parke LLP -- http://www.chadbourne.com/-- an
international law firm headquartered in New York City, provides a
full range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
energy, communications and technology, commercial and products
liability litigation, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance and
reinsurance, environmental, real estate, bankruptcy and financial
restructuring, employment law and ERISA, trusts and estates and
government contract matters.  Major geographical areas of
concentration include Central and Eastern Europe, Russia, the
Middle East and Latin America.  The Firm has offices in New York,
Washington, DC, Los Angeles, London (an affiliated partnership),
Moscow, St. Petersburg, Warsaw (a Polish partnership), Kyiv,
Almaty, Dubai and Beijing.

                            *********

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.

                            *********


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.


                 * * * End of Transmission * * *