TCREUR_Public/090917.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

          Thursday, September 17, 2009, Vol. 10, No. 184

                            Headlines

A U S T R I A

D & W INDUSTRIESERVICE: Creditors Must File Claims by September 28
GRADWOHL & BONSTINGL: Creditors Must File Claims by September 28
LPL PERSONALLEASING: Creditors Must File Claims by September 22
MUS-TI BAU: Claims Filing Deadline is September 29
ORIESCHNIG GMBH: Creditors Must File Claims by September 21


C Z E C H   R E P U B L I C

PA EXPORT: Declared Insolvent by Prague Court
SKYEUROPE AIRLINES: Receiver to Leave Post Amid Health Issues


F I N L A N D

* FINLAND: Commission Approves Capital Injection Scheme


F R A N C E

FCC PROUDREED: Fitch Cuts Rating on Classe E Notes to 'BB'


G E R M A N Y

ARCANDOR AG: To Transfer 1,800 Workers in Employment Company
BAYERISCHE LANDESBANK: Fitch Affirms 'D/E' Individual Rating
ESCADA AG: Insolvency Petition Cues Moody's to Withdraw Ratings
GENERAL MOTORS: German Aid to Opel Must Respect EU Rules, EU Says
HEIDELBERGCEMENT AG: Capital Increase Won't Affect Moody's Rating

HSH NORDBANK: Fitch Keeps 'D/E' Individual Rating; IDR on RWN
LANDESBANK BERLIN: Moody's Puts Final Ratings on Mortgage Bonds
PAULMANN & CRONE: Declared Insolvent; Administrator Appointed
RATIOPHARM GMBH: May Be Sold in Pieces to Repay Bank Loans
WESTLB AG: Fitch Affirms 'E' Individual Rating; IDR on RWN


G R E E C E

FAGE DAIRY: Moody's Changes Outlook on 'B3' Rating to Stable


I R E L A N D

EUROCONNECT ISSUER: Fitch Puts 'BB'-Rated Class D Notes on RWN
INDEPENDENT NEWS: Denis O'Brien Seeks to Block Rescue Plan
RMF EURO: Moody's Confirms Rating on Class V Notes at 'Caa1'
SIGMA-1 CLO: Fitch Cuts Rating on Class F Notes to 'B-'
STANTON ABS: Moody's Cuts Rating on Class A-4 Notes to 'Ca'

TALISMAN-1 FINANCE: Fitch Cuts Rating on Class G Notes to 'B'


I T A L Y

PARMALAT SPA: Bank of America Liable for Fraud, SPVs Say
RISANAMENTO SPA: Board Resigns; Shareholders' Meeting Set Nov. 16


K A Z A K H S T A N

ARU LLP: Creditors Must File Claims by September 24
ATAN AKTOBE: Creditors Must File Claims by September 24
KAPCHAGAI OIL: Creditors Must File Claims by September 24
R MEDIA: Creditors Must File Claims by September 24
SK AVIA: Creditors Must File Claims by September 24


K Y R G Y Z S T A N

AUTO TRADE: Creditors Must File Claims by September 30


L U X E M B O U R G

CRC BREEZE: S&P Downgrades Rating on EUR300 Mil. Bonds to 'BB'


N E T H E R L A N D S

CHEYNE CREDIT: Fitch Lowers Ratings on Two Tranches to 'BB'
DALRADIAN EUROPEAN: Moody's Junks Ratings on Two Classes of Notes
ING GROEP: Commission Extends Probe Into Illiquid Back-up Facility
SKYLINE 2007: Fitch Puts 'BB'-Rated Class E Tranche on RWN


P O L A N D

DUDA SA: Court Approves Debt Restructuring Deal


R O M A N I A

MONDEX SIBIU: High Rents in Malls Blamed for Insolvency
OLTCHIM SA: Debt-for-Equity Swap and State Guarantee Probed by EU


R U S S I A

ABDULINSKIY MEAT: Creditors Must File Claims by September 21
EN+ GROUP: Creditors Wants Owner to Pledge 10% of Rusal
EVRAZ GROUP: Fitch Cuts Long-Term Issuer Default Rating to 'B+'
LUZSKIY FORESTRY: Creditors Must File Claims by September 19
CONSTRUCTION MANAGEMENT: Creditors Must File Claims by Sept. 21

STROY-MOL CJSC: Creditors Must File Claims by September 21


S P A I N

MADRID RMBS: Moody's Junks Ratings on Nine Classes of Notes
TDA 27: S&P Puts 'BB-'-Rated Class E Notes on CreditWatch Negative


S W E D E N

GENERAL MOTORS: Saab Seeks Deal on Chinese Sales Networks
SAAB AUTOMOBILE: Seeks Deal on Chinese Sales Networks Within Weeks
SCANDINAVIAN CONSUMER: S&P Affirms 'BB' Ratings on Class E Notes


S W I T Z E R L A N D

AGROPESCO AG: Claims Filing Deadline is September 21
DATALEX GMBH: Claims Filing Deadline is September 21
EN ENERGIE: Claims Filing Deadline is September 21
GLANZMANN HEIZTECHNIK: Claims Filing Deadline is September 21
HANDYCENTER AARAU: Claims Filing Deadline is September 21

IMMOPESCO AG: Claims Filing Deadline is September 21
MOLETHERM LIZENZ: Claims Filing Deadline is September 21
MOLETHERM POOL: Claims Filing Deadline is September 21


U K R A I N E

BASIS LLC: Creditors Must File Claims by September 20
CHERNOVTSY SUGAR: Creditors Must File Claims by September 20
DELOVOY SOYUZ: Creditors Must File Claims by September 20
GILEYA LLC: Creditors Must File Claims by September 20
INTERTECHBUD LLC: Creditors Must File Claims by September 20

NAFTOGAZ NJSC: Begins Debt Restructuring Talks
OTTON LLC: Creditors Must File Claims by September 20
UNEX BANK: S&P Affirms 'CCC+' Counterparty Credit Ratings


U N I T E D   K I N G D O M

JOHN MCGAVIGAN: In Administration; KPMG Appointed
LUDGATE FUNDING: S&P Lowers Rating on Class S Notes to 'B-'
NATIONAL BANK: Fitch Downgrades Individual Rating to 'D'
NOVAE INSURANCE: Fitch Gives Negative Outlook; Holds 'BB+' Rating
SPOT ON COMPUTERS: Creditors to Meet Today, Sept. 17


X X X X X X X X

* IATA Predicts Worldwide Airline Losses of US$11 Billion in 2009

* Upcoming Meetings, Conferences and Seminars


                         *********



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


D & W INDUSTRIESERVICE: Creditors Must File Claims by September 28
------------------------------------------------------------------
D & W Industrieservice GmbH will convene a meeting of its
creditors for October 5, 2009 at 9:30 a.m. at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria

A court hearing for examination of the claims has been scheduled
for October 5, 2009 at 9:30 a.m. at:

         Dr. Rudolf Denzel
         Moritschstrasse 1
         9500 Villach
         Austria
         Tel: 04242/24915
         Fax: 04242/24069
         E-mail: office@denzel-patterer.at


GRADWOHL & BONSTINGL: Creditors Must File Claims by September 28
----------------------------------------------------------------
Gradwohl & Bonstingl OEG will convene a meeting of its creditors
for September 28, 2009, at 9:00 a.m. at:

         Civil Court of Graz
         Room 205
         Second Floor
         Graz
         Austria

A court hearing for examination of the claims has been scheduled
for October 13, 2009 at 9:00 a.m. at:

         Civil Court of Graz
         Room 205
         Second Floor
         Graz
         Austria

For further information, contact the company's administrator:

         Mag. Michael Schnalzer
         Bismarkstrasse 5
         8280 Fuerstenfeld
         Austria
         Tel: 03382/52610
         Fax: 03382/52331-16
         E-mail: kbs@recht-so.at


LPL PERSONALLEASING: Creditors Must File Claims by September 22
---------------------------------------------------------------
LPL Personalleasing GmbH will convene a meeting of its creditors
for September 29, 2009, at 9:30 a.m. at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria

A court hearing for examination of the claims has been scheduled
for September 29, 2009 at 9:30 a.m. at:

         Mag. Herbert Juri
         Bambergerstrasse 5/DG
         9400 Wolfsberg
         Austria
         Tel: 04352/36 300
         Fax: 04352/36300-6
         E-mail: office@juri-schuster.at


MUS-TI BAU: Claims Filing Deadline is September 29
--------------------------------------------------
Creditors of MUS-Ti Bau GmbH have until September 29, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 13, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Katharina Widhalm-Budak
         Favoritenstrasse 22/12a
         1040 Wien
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: widhalm-budak@mitrecht.com


ORIESCHNIG GMBH: Creditors Must File Claims by September 21
-----------------------------------------------------------
Orieschnig GmbH will convene a meeting of its creditors for
September 29, 2009 at 9:00 a.m. at:

         Land Court of Klagenfurt
         Meeting room 225
         Second floor
         Klagenfurt
         Austria

A court hearing for examination of the claims has been scheduled
for September 29, 2009 at 9:00 a.m. at:

         Dr. Siegfried Schueßler
         Kanalplatz 5
         9400 Wolfsberg
         Austria
         Tel: 04352/51 6 44
         Fax: 04352/52220
         E-mail: ra.dr.schuessler@aon.at


===========================
C Z E C H   R E P U B L I C
===========================


PA EXPORT: Declared Insolvent by Prague Court
---------------------------------------------
CTK, citing the insolvency register, reports that the Municipal
Court in Prague on Monday declared trading company PA Export,
former Skodaexport, insolvent.

The court named Vaclav Kulhavy as insolvency administrator, CTK
discloses.

CTK relates the company, which has debts of CZK879 million, has
been in insolvency proceedings on the proposal of the Siemens
Engineering company since mid-June.


SKYEUROPE AIRLINES: Receiver to Leave Post Amid Health Issues
-------------------------------------------------------------
CTK reports that Emil Cerevka will quit his post as receiver of
SkyEurope Airlines, a.s., citing health problems.

According to CTK, Mr. Cerevka's request will be decided on by a
regional court in Bratislava.  Mr. Cerevka, as cited by CTK, said
bankruptcy proceedings at SkyEurope continue despite his announced
departure.

As reported in the Troubled Company Reporter-Europe on Sept. 10,
2009, the district court of Bratislava opened bankruptcy
proceedings against SkyEurope.

As reported in The Troubled Company Reporter-Europe, on Aug. 31
the airline filed for bankruptcy protection due to the lack of
sufficient interim funding to finance ongoing operations.

SkyEurope Airlines -- http://www.skyeurope.com/-- was a low-cost
airline headquartered in Bratislava.  The airline operated short-
haul scheduled and charter passenger services.


=============
F I N L A N D
=============


* FINLAND: Commission Approves Capital Injection Scheme
-------------------------------------------------------
The European Commission has approved under EC Treaty state aid
rules a Finnish support scheme to stabilize financial markets by
providing capital injections to eligible financial institutions.
The Commission found the measure to be in line with its Guidance
Communications on state aid to overcome the financial crisis.  In
particular, the Commission considers that the measure constitutes
an adequate means to remedy a serious disturbance of the Finnish
economy and is as such in line with Article 87.3.b of the EC
Treaty.  In particular, the scheme is non-discriminatory, limited
in time and scope and provides safeguards to minimize distortions
of competition.

Competition Commissioner Neelie Kroes said: "The Finnish
recapitalisation scheme is an effective means to secure banks'
capital base and to finance the real economy, while at the same
time limiting distortions of competition".

On May 29, 2009, Finland notified the draft measure, which is
aimed at strengthening the solvency of deposit banks in Finland to
allow them to ensure proper financing of the economy and to better
cope with expected financial difficulties.

Under the scheme the Finnish State would subscribe non-cumulative
and unsecured subordinated loan instruments issued by eligible
banks up to 1/4 of the required amount of their own funds.  The
subordinated loans would be reimbursed after three years and upon
the approval of the Financial Supervisory Authority.

The scheme's overall budget is capped at EUR4 billion.  Only
solvent banks would be allowed to enter it.

The scheme contains elements of state aid but foresees various
safeguards aimed at ensuring that the state intervention is
proportionate, limited to what is necessary to stimulate interbank
lending and adequate to reach this goal, in accordance with the EU
state aid rules, as laid down in the Commission's guidance
documents.

In particular, the scheme provides for non-discriminatory access
as it will be open to all solvent Finnish deposit banks, including
Finnish subsidiaries of foreign banks.  It is limited in time and
scope, as both its global budget and amount per institution are
capped.  To benefit from the recapitalisation participating banks
are required to pay a market-oriented fee, in line with
recommendations from the European Central Bank.

Moreover, the scheme foresees substantial behavioural commitments
for the participating institutions regarding executive pay and
shares buy back.

In light of these commitments and conditions, the Commission
concluded that the scheme would be an adequate means to restore
confidence on Finnish financial markets.  The strict safeguards
will ensure that the state support is limited to what is necessary
to stabilize the Finnish financial sector and that negative spill-
over effects are minimized.


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


FCC PROUDREED: Fitch Cuts Rating on Classe E Notes to 'BB'
----------------------------------------------------------
Fitch Ratings has downgraded FCC Proudreed Properties 2005's class
C to E notes as detailed below.  The Class A and B notes have been
affirmed.  The Outlook on Class B notes has been revised to
Negative from Stable.

The rating action is:

  -- EUR223.8 million Class A (FR0010247577): affirmed at 'AAA';
     Outlook Stable

  -- EUR56.8 million Class B (FR0010247585): affirmed at 'AA';
     Outlook revised to Negative from Stable

  -- EUR28.4 million Class C (FR0010247593): downgraded to 'A'
     from 'AA; Outlook Negative EUR28.4 million Class D
    (FR0010247601): downgraded to 'BBB' from 'A'; Outlook Negative
     EUR28.4 million Class E (FR0010247619): downgraded to 'BB'
     from 'BBB'; Outlook Negative

Fitch considers the two loans, the Paris Properties loan (72.4% of
the portfolio) and the Proudreed France loan (27.6%) to be of
comparable quality and to have been similarly affected by
deteriorating market conditions.  Compared to the most recent
valuation in December 2008, Fitch estimates that the portfolio is
likely to have suffered a weighted-average market value decline
(MVD) of 23%, resulting in a WA Fitch loan-to-value ratio of 73%.
This compares to the WA reported LTV of 56.3%, as of the August
interest payment date.

Both the Paris Properties loan (82 properties) and the Proudreed
loan (34 properties) are secured by a majority of industrial
assets of a reasonable quality and have strong historical interest
coverage ratios (5.04x and 2.49x respectively).  Although there is
diversity of tenants, the lease income profile of the two
portfolios is rather more concentrated, with the largest tenant in
both portfolios, ND Logistics, a non-rated tenant, accounting for
14% and 17% of in place rent in the two loans, respectively.  In
addition to this, the WA term to lease break for the two loans is
2.3 years and 2.4 years respectively, which could place a strain
on collateral income and, consequently, complicate a potential
refinancing at loan maturity if significant leases are not
renewed.  The loans do not benefit from any scheduled amortization
and are scheduled to mature in August 2014.  The final legal
maturity is in August 2017.

Fitch will continue to monitor the performance of the transaction.


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


ARCANDOR AG: To Transfer 1,800 Workers in Employment Company
------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Arcandor AG's catalog-
sales unit Quelle AG agreed with the Bavarian state government to
place 1,800 workers into a so-called employment company.

Bloomberg relates Thomas Gruber, a spokesman for the Bavarian
government, said in a telephone interview yesterday a quarter of
Quelle's staff in Bavaria will transfer to the new body as of
October 1.  According to Bloomberg, the workers will be entitled
to full pay while they seek another job.

                              Sale

Bloomberg discloses Arcandor's insolvency administrator Klaus
Hubert Goerg said he asked Bankhaus Metzler to seek buyers for
Quelle.  Mr. Goerg, as cited by Bloomberg, said he will reduce
Quelle's mail-order chain to 1,000 stores from 1,450 and close all
109 Quelle electronics centers, cutting 3,700 jobs -- about a
third of the total workforce.

                           Factoring

On Sept. 15, 2009, the Troubled Company Reporter-Europe, citing
Reuters, reported that Quelle has secured financing until the end
of the year.  Reuters disclosed Arcandor's insolvency
administrator and creditor banks came to an agreement for Quelle's
factoring, in which banks pay the company upfront for accounts
receivable from customers.

                      Insolvency Proceedings

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

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

                        About Arcandor AG

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


BAYERISCHE LANDESBANK: Fitch Affirms 'D/E' Individual Rating
----------------------------------------------------------
Fitch Ratings placed the Long-term Issuer Default Ratings of
Bayerische Landesbank, HSH Nordbank, Landesbank Baden-
Wuerttemberg, Landesbank Saar and WestLB AG on Rating Watch
Negative.  In addition, the Short-term IDRs of BayernLB, WestLB,
LBBW and SaarLB were placed on RWN as well as the Support Rating
Floors of all five banks.

The five banks' IDRs remain at their Support Rating Floors and are
based on Fitch's view of the extent to which the respective German
regional governments would provide support in case of need.  Any
ownership change could reduce the likelihood of state support for
the banks, compounding the effects of the gradual expiration of
the vast majority of grandfathered guaranteed debt up until 2015.
However, Fitch anticipates that state support will still remain
strong enough for all of the Landesbanks, with the possible
exception of WestLB, to remain within the single 'A' range ('A-',
'A' or 'A+') in the foreseeable future.

The RWN reflect the possibility of ownership change and a related
diminution in the importance of these banks to their regional
state owners.  BayernLB, HSH, LBBW and WestLB have received
substantial support from their owners in the form of capital
injections and guarantees after they suffered a material impact
from the financial crisis.  For the first three banks, these
support measures are currently subject to a review and approval
process by the European Commission (EC), which is expected to
communicate its decision in the coming months.  A downgrade of
these banks' IDRs is likely if the EC's conditions include a
change in ownership.  WestLB's state aid has already been approved
by the EC with conditions imposed, specifically the change of
ownership until the end of 2011.  While the RWN on BayernLB, HSH,
LBBW and SaarLB will be reviewed by Fitch, as the EC's decisions
on each of HSH, BayernLB and LBBW are announced, WestLB's RWN will
remain pending until details of its future ownership structure
become clear -- in 2011 at the latest.  The RWN on SaarLB's IDRs
reflects the pressures on its 75.1% parent BayernLB to
restructure.

Fitch believes that the sustainability of all Landesbanken's
business models will continue to rely on direct or indirect state
ownership and/or institutional support from the savings banks in
the medium term, as the agency will outline in an upcoming report.

Even in a stabilised economic environment, the combination of the
Landesbanken's weak stand-alone quality and reliance on wholesale
funding sources will likely prevent them from funding their (even
reduced) balance sheets on competitive terms on their own merits,
depending on their various sources of funding.  Therefore,
developments in the restructuring processes of BayernLB, HSH and
LBBW may result in negative rating actions for each bank over a
longer period of time after the EC's decisions on the respective
banks.  However, Fitch notes that the pressure on these
Landesbanken's IDRs could ease if there are clear signs that a
change of ownership structure is neither given as a condition of
approving state aid by the EC nor likely to arise willingly by the
owners.  More certainty in this respect is unlikely before there
are more tangible signs that the economic crisis, and accompanying
deterioration of asset quality, is nearing its end.

HSH has suffered most from the global financial and economic
crisis.  It has received comprehensive support measures from its
state owners and has initiated an ambitious restructuring process.
This increases the uncertainty about the bank's ability to manage
the restoration of a viable business model post-restructuring.
HSH's majority owners, the relatively small regional states of
Hamburg (HH) and Schleswig-Holstein (SH), went to great lengths to
rescue their Landesbank, constraining their own financial
flexibility as a result.  The local savings banks, HSH's minority
owners, largely disengaged themselves by not participating in the
latest capital increase.  Fitch remains confident of the ability
of both states to provide support if needed, as underlined by
their 'AAA' ratings.  However, if the EC were to order the sale of
HSH, the regional public sector may not insist on retaining a
substantial stake in HSH.

WestLB had required state support even prior to the current
crisis.  As such its restructuring process is ahead of its peers.
It was the first to ring-fence a considerable volume of troubled
and non-core assets into a segregated run-off portfolio.  It is
also the only Landesbank that has announced its intention to use
the bad bank scheme recently adopted by the federal parliament.
The EC has completed its review of the state aid received and
imposed an ownership change by end-2011.  Fitch believes that, in
view of the enduring recessionary environment and protracted sale
endeavours, uncertainty will continue, potentially further
unsettling potential clients and long-term debt investors.  This
may reduce the bank's chances of emerging as a strong going
concern, making it unlikely that WestLB's owners will manage to
attract interest from a majority private investor.

BayernLB and, to a lesser extent, LBBW, might also face stringent
restructuring requirements and ownership changes.  Even if
pressure for these does not come from the EC this time around, a
renewed need for capital injections, although currently not
expected, from the owner states cannot be fully excluded, due to
the two banks' considerable loan portfolios and potential for
mounting credit losses.  This, or the potential implementation of
a bad bank model, would in turn trigger a new review by the EC,
increasing the risk of ownership change.  However, the stronger
franchises held by the two south German banks may enable them to
achieve faster recoveries, reducing the probability that they
would need renewed support.  Fitch also expects BayernLB's and
LBBW's core franchises to remain important to their respective
regional governments even after any potential sale or merger (full
or partial) with another Landesbank.  Bayern LB and LBBW's IDRs
are unlikely to fall below 'A-' in the foreseeable future, due to
the superior financial flexibility of their regional governments,
Bavaria and Baden-Wuerttemberg, as well as the strategic relevance
of these banks for their states.

SaarLB has not received any state support and therefore is not
undergoing any restructuring or compensatory demands from the EC
although it may be indirectly affected by the EC approval of state
aid for BayernLB.  In addition, a change in its ownership
structure is possible in the near term, with the state of Saarland
planning to take up some of BayernLB's stake.

The rating actions follow a comprehensive review of the German
Landesbank sector, in which Fitch has investigated the key
parameters that will influence the strength of external support in
the foreseeable future.  These include the severity of
shortcomings exposed by the current adverse economic conditions;
the amount of external support needed and received since the
outbreak of the crisis; the suitability of the restructuring
processes to address the key issues faced by the banks; the
sustainability of their resulting business models; and (in most
cases still awaited) compensatory measures imposed by the EC in
return for the state help received.  The conclusions of the review
will be published in an upcoming report.

The rating actions taken are:

Bayerische Landesbank

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

HSH Nordbank AG

  -- Long-term IDR 'A' placed on RWN
  -- Short-term IDR affirmed at 'F1'
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A' placed on RWN

Landesbank Baden-Wuerttemberg

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

Landesbank Saar

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: 'C'; RWN
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

WestLB AG

  -- Long-term IDR 'A-' placed on RWN
  -- Short-term IDR 'F1' placed on RWN
  -- Individual rating: affirmed at 'E'
  -- Support rating '1' placed on RWN
  -- Support Rating Floor 'A-' placed on RWN


ESCADA AG: Insolvency Petition Cues Moody's to Withdraw Ratings
---------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of ESCADA AG
following the company's decision to file an insolvency petition
with the Municipal Court of Munich, on August 13, 2009.

These ratings are withdrawn:

* Corporate Family Rating of Ca

* Probability of Default Rating of D

* Senior unsecured rating on the EUR200 million notes due 2012 of
  Ca

The last rating action on ESCADA was on August 14, 2009, when
Moody's downgraded the company's Probability of Default Rating to
D from Ca following the company's insolvency petition.

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear high-end apparel
for women.  In the financial year ended 31 October 2008, the
company reported consolidated sales of EUR582 million and EBITDA
of EUR8.2 million.


GENERAL MOTORS: German Aid to Opel Must Respect EU Rules, EU Says
-----------------------------------------------------------------
Matthew Newman at Bloomberg News reports that EU Competition
Commissioner Neelie Kroes told Flemish regional leader Kris
Peeters that German plans to provide loan guarantees to General
Motors Co.'s Opel unit must respect EU rules that outlaw making
aid conditional on protecting jobs.

Bloomberg relates the EU's competition commissioner met the
Flemish leader following concerns that a sale of Opel to Magna
International Inc. would shift jobs to Germany from plants in
Belgium, Spain and the U.K.

According to Bloomberg, Mr. Peeters said Ms. Kroes "underlined
that it's very important that the examination will be very severe
and that economic elements are the only elements that can be in
this dossier and when there are political elements that there will
be a very strong and very clear conclusion."

European heads of government and state may discuss the Opel
situation at a meeting in Brussels today, Sept. 17, Bloomberg
notes.

As reported in the Troubled Company Reporter-Europe on Sept. 15,
2009, the EU's competition commissioner warned Germany against any
"protectionist motives" in its support plan for GM's Opel unit as
the carmaker's new owner announced plans to cut about 10,500 jobs.
Ms. Kroes, as cited by Bloomberg, said no job or investment
conditions are allowed to be tied to the aid by the government of
German Chancellor Angela Merkel, who is seeking re-election in two
weeks.  Bloomberg disclosed Germany must submit its restructuring
plan for GM's Opel unit to the European Commission.  According to
Bloomberg, the commission said it hasn't been formally notified of
Germany's plan to provide Opel with EUR3 billion (US$4.38 billion)
in loan guarantees.  "Such conditions would create unacceptable
distortions in the internal market and could trigger a subsidy
race which would significantly damage the European economy in the
present delicate moment," Bloomberg quoted Ms. Kroes as saying.
"We will be scrutinizing the process very carefully to make sure
it is based on commercial considerations."

                               Sale

John Reed at The Financial Times reports GM chief executive Fritz
Henderson defended his decision to sell 55% of Opel to Magna and
Sberbank and and secure EUR1.5 billion (US$2.2 billion) of German
bridge financing.  Mr. Henderson, as cited by the FT, said that
while the sale had "hurt" Opel's image among its European
customers, Opel would otherwise have had to file for insolvency in
May as GM itself was preparing its US bankruptcy filing.
Mr. Henderson confirmed Magna's plans to cut 10,500 jobs or about
a fifth of Opel's workforce in Europe.  GM's plant in Antwerp was
"at risk" of being shut down, Mr. Henderson confirmed, although no
final decision had been taken to close it, the FT notes.

The FT relates Mr. Henderson said the sale would see final
agreements signed by early next month, but could take until year
end to close -- up to a month longer than the end of November
deadline GM set last week.

                              Job Cuts

Suzzy Jagger at The Times reports Tony Woodley, the joint general
secretary of Unite, warned Tuesday that the fate of the Vauxhall
workforce was by no means certain.  The trade union leader, as
cited by the Times, said: "As of right now, there are no long-term
commitments for either Ellesmere Port or Luton.  If we listen to
what Magna has actually said, it has committed to nothing beyond
2013."

Nikki Tait and Stanley Pignal at The Financial Times reports
senior Spanish government officials met union representatives from
Opel and regional politicians in Madrid yesterday to work out the
next move against plans to cut output at the Figueruelas plant
near the northern city of Zaragoza.  Unions called for a protest
rally on Saturday against a possible 1,700 job losses, the FT
relates.

                               Links

Daniel Schafer and Bernard Simon at The Financial Times report
Magna’s plans to take a majority stake in Opel triggered a
backlash on Tuesday when German carmakers Volkswagen and BMW
voiced unease over the deal and warned that they would review
links with the Canadian car parts supplier.  According to the FT,
Ferdinand Piech, VW chairman, said that Europe's largest carmaker
would consider shifting business to other car parts makers.  "We
as a group do not like it when our suppliers become our rivals,"
the FT quoted the grandson of Ferdinand Porsche as saying.

Friedrich Eichiner, BMW chief financial officer, voiced similar
concerns.  Mr. Eichiner, as cited by the FT, said "Magna has
always been a strong supplier for us.  But Magna will now become a
competitor.  This is a new situation, which we will have to
assess.  We will not put into question any running contracts with
Magna.  But where we see conflicts of interests we might in the
future decide against Magna."

The group's executives will meet customers in Europe and Asia
during the next few weeks to try to allay concerns about the parts
maker's proposed stake in Opel, the FT notes.

                       About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


HEIDELBERGCEMENT AG: Capital Increase Won't Affect Moody's Rating
-----------------------------------------------------------------
Fitch Ratings said that there will be no immediate rating impact
on Germany-based HeidelbergCement AG's Long-term Issuer Default
rating of 'B' following HC's announcement on 13 September of a
planned capital increase.  The Outlook is Negative and HC's and
subsidiary Hanson plc's senior unsecured debt remains at 'CCC'.
The Recovery Rating on the senior unsecured debt is 'RR6',
reflecting poor recovery prospects in the event of a default, in
light of high total debt levels and over 55% of total debt being
secured.  HC's Short-term IDR remains at 'B'.

"While a capital increase would be positive for HeidelbergCement's
creditors, there is no certainty that the effort will be
successful as the offering is not underwritten," says Elisabetta
Zorzi, Senior Director in Fitch's Corporate group.  "Further,
major refinancing risk persists with banks benefitting from a
security package, complicating HeidelbergCement's access to new
funding."

HC plans to increase share capital by 50% through the issuance of
62.5 million new shares against cash contributions, in a private
placement with institutional investors.  No price has been set.
The total proceeds will be used to partly repay the company's
existing indebtedness.  This exercise is part of management's
effort to restore HC's credit profile through measures including
asset disposals and capital increase.  In June 2009 HC obtained a
EUR8.7bn secured syndicated loan agreement with maturity on 15
December 2011, mitigating the refinancing risk of the EUR5bn
Hanson term B acquisition loan that had maturity in May 2010.

Fitch will monitor developments and assess the impact on HC's
credit profile following the settlement date expected on 9 October
2009.  Positive rating pressure could occur depending on the
amount of cash raised.

HC has also announced that concurrently with the placement of the
new shares from the capital increase, up to 62.5 million existing
shares held by the majority shareholder, the Merckle family and
related entities as well as certain banks that hold shares in the
company, will also be placed with institutional investors.  The
final amount to be placed is presently uncertain and will
determine the extent of dilution of the current majority
shareholder which, due to its own financial constraints, has
weighed negatively on HC's credit profile.

The Negative Outlook reflects Fitch's view that the proposed
capital increase might not be sufficient to achieve material debt
reduction and that HC's credit metrics will continue to be
stretched.  Sizable asset disposals are likely to be challenging
in the coming 12 months given continuing difficult financial
market conditions.  The agency also views the concentration of the
debt maturity profile in December 2011 as a key rating risk,
especially in view of the complex creditor inter-relationship
arising from the presence of secured lenders.  In this context,
access to debt capital markets may prove challenging.  Fitch's
latest forecasts for HC include a potential mid-teen percentage
point decline in revenue in 2009 and a flat performance in 2010,
as well as deteriorating EBITDA margins in 2009 before a slight
recovery in 2010.  Under this scenario expected lower cash flow
from operations is likely to result in only slightly positive free
cash flow compared to a five-year average of 4% free cash
flow/revenue.

Like other global building materials players, HC's Q209 results
continued to be negatively impacted by weak trading conditions
stemming from the global economic crisis.  Revenue of EUR5.4bn in
H109 was down 23% compared with H108, due to negative trading
conditions in eastern Europe and central Asia, as well as Spain,
the UK, Turkey, and North America.  HC's operating EBITDA margin
declined to 8.5 % in H109 from 13% in H108 due to a significant
worsening of profitability in Europe and North America.  While
cost cutting and efficiency measures have been implemented, HC
expects a decline in operating income in 2009 as a result of the
prevailing global downturn.


HSH NORDBANK: Fitch Keeps 'D/E' Individual Rating; IDR on RWN
-------------------------------------------------------------
Fitch Ratings placed the Long-term Issuer Default Ratings of
Bayerische Landesbank, HSH Nordbank, Landesbank Baden-
Wuerttemberg, Landesbank Saar and WestLB AG on Rating Watch
Negative.  In addition, the Short-term IDRs of BayernLB, WestLB,
LBBW and SaarLB were placed on RWN as well as the Support Rating
Floors of all five banks.

The five banks' IDRs remain at their Support Rating Floors and are
based on Fitch's view of the extent to which the respective German
regional governments would provide support in case of need.  Any
ownership change could reduce the likelihood of state support for
the banks, compounding the effects of the gradual expiration of
the vast majority of grandfathered guaranteed debt up until 2015.
However, Fitch anticipates that state support will still remain
strong enough for all of the Landesbanks, with the possible
exception of WestLB, to remain within the single 'A' range ('A-',
'A' or 'A+') in the foreseeable future.

The RWN reflect the possibility of ownership change and a related
diminution in the importance of these banks to their regional
state owners.  BayernLB, HSH, LBBW and WestLB have received
substantial support from their owners in the form of capital
injections and guarantees after they suffered a material impact
from the financial crisis.  For the first three banks, these
support measures are currently subject to a review and approval
process by the European Commission (EC), which is expected to
communicate its decision in the coming months.  A downgrade of
these banks' IDRs is likely if the EC's conditions include a
change in ownership.  WestLB's state aid has already been approved
by the EC with conditions imposed, specifically the change of
ownership until the end of 2011.  While the RWN on BayernLB, HSH,
LBBW and SaarLB will be reviewed by Fitch, as the EC's decisions
on each of HSH, BayernLB and LBBW are announced, WestLB's RWN will
remain pending until details of its future ownership structure
become clear -- in 2011 at the latest.  The RWN on SaarLB's IDRs
reflects the pressures on its 75.1% parent BayernLB to
restructure.

Fitch believes that the sustainability of all Landesbanken's
business models will continue to rely on direct or indirect state
ownership and/or institutional support from the savings banks in
the medium term, as the agency will outline in an upcoming report.

Even in a stabilised economic environment, the combination of the
Landesbanken's weak stand-alone quality and reliance on wholesale
funding sources will likely prevent them from funding their (even
reduced) balance sheets on competitive terms on their own merits,
depending on their various sources of funding.  Therefore,
developments in the restructuring processes of BayernLB, HSH and
LBBW may result in negative rating actions for each bank over a
longer period of time after the EC's decisions on the respective
banks.  However, Fitch notes that the pressure on these
Landesbanken's IDRs could ease if there are clear signs that a
change of ownership structure is neither given as a condition of
approving state aid by the EC nor likely to arise willingly by the
owners.  More certainty in this respect is unlikely before there
are more tangible signs that the economic crisis, and accompanying
deterioration of asset quality, is nearing its end.

HSH has suffered most from the global financial and economic
crisis.  It has received comprehensive support measures from its
state owners and has initiated an ambitious restructuring process.
This increases the uncertainty about the bank's ability to manage
the restoration of a viable business model post-restructuring.
HSH's majority owners, the relatively small regional states of
Hamburg (HH) and Schleswig-Holstein (SH), went to great lengths to
rescue their Landesbank, constraining their own financial
flexibility as a result.  The local savings banks, HSH's minority
owners, largely disengaged themselves by not participating in the
latest capital increase.  Fitch remains confident of the ability
of both states to provide support if needed, as underlined by
their 'AAA' ratings.  However, if the EC were to order the sale of
HSH, the regional public sector may not insist on retaining a
substantial stake in HSH.

WestLB had required state support even prior to the current
crisis.  As such its restructuring process is ahead of its peers.
It was the first to ring-fence a considerable volume of troubled
and non-core assets into a segregated run-off portfolio.  It is
also the only Landesbank that has announced its intention to use
the bad bank scheme recently adopted by the federal parliament.
The EC has completed its review of the state aid received and
imposed an ownership change by end-2011.  Fitch believes that, in
view of the enduring recessionary environment and protracted sale
endeavours, uncertainty will continue, potentially further
unsettling potential clients and long-term debt investors.  This
may reduce the bank's chances of emerging as a strong going
concern, making it unlikely that WestLB's owners will manage to
attract interest from a majority private investor.

BayernLB and, to a lesser extent, LBBW, might also face stringent
restructuring requirements and ownership changes.  Even if
pressure for these does not come from the EC this time around, a
renewed need for capital injections, although currently not
expected, from the owner states cannot be fully excluded, due to
the two banks' considerable loan portfolios and potential for
mounting credit losses.  This, or the potential implementation of
a bad bank model, would in turn trigger a new review by the EC,
increasing the risk of ownership change.  However, the stronger
franchises held by the two south German banks may enable them to
achieve faster recoveries, reducing the probability that they
would need renewed support.  Fitch also expects BayernLB's and
LBBW's core franchises to remain important to their respective
regional governments even after any potential sale or merger (full
or partial) with another Landesbank.  Bayern LB and LBBW's IDRs
are unlikely to fall below 'A-' in the foreseeable future, due to
the superior financial flexibility of their regional governments,
Bavaria and Baden-Wuerttemberg, as well as the strategic relevance
of these banks for their states.

SaarLB has not received any state support and therefore is not
undergoing any restructuring or compensatory demands from the EC
although it may be indirectly affected by the EC approval of state
aid for BayernLB.  In addition, a change in its ownership
structure is possible in the near term, with the state of Saarland
planning to take up some of BayernLB's stake.

The rating actions follow a comprehensive review of the German
Landesbank sector, in which Fitch has investigated the key
parameters that will influence the strength of external support in
the foreseeable future.  These include the severity of
shortcomings exposed by the current adverse economic conditions;
the amount of external support needed and received since the
outbreak of the crisis; the suitability of the restructuring
processes to address the key issues faced by the banks; the
sustainability of their resulting business models; and (in most
cases still awaited) compensatory measures imposed by the EC in
return for the state help received.  The conclusions of the review
will be published in an upcoming report.

The rating actions taken are:

Bayerische Landesbank

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

HSH Nordbank AG

  -- Long-term IDR 'A' placed on RWN
  -- Short-term IDR affirmed at 'F1'
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A' placed on RWN

Landesbank Baden-Wuerttemberg

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

Landesbank Saar

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: 'C'; RWN
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

WestLB AG

  -- Long-term IDR 'A-' placed on RWN
  -- Short-term IDR 'F1' placed on RWN
  -- Individual rating: affirmed at 'E'
  -- Support rating '1' placed on RWN
  -- Support Rating Floor 'A-' placed on RWN


LANDESBANK BERLIN: Moody's Puts Final Ratings on Mortgage Bonds
---------------------------------------------------------------
Moody's has assigned definitive long-term ratings of Aaa to the
issuance of the second Series of mortgage covered bonds by
Landesbank Berlin AG (rated A1/Prime-1/D+) under LBB's "Daheim Nr.
1" covered bond program.

This covered bond program has been established in Germany under
the general German law, in contrast to other German covered bonds
which rely on specific legislation (the Pfandbrief Act).

Euro 20 million Series 2 matures in September 2019 and bears a
fixed coupon.

Series 2 is backed by a secured loan granted to a German savings
bank (the borrower) -- following the "Funding Alternative" under
the program.  This loan is in turn backed by a residential
mortgage loan portfolio that was originated by the borrower.

The Covered Bond investors benefit from both the credit strength
of LBB and the rights of security in respect of the Cover Pool.
The Cover Pool is supported by:

a) Direct recourse to the borrower through the pledge of a secured
   loan for the benefit of the noteholders and;

b) A pool of residential loans originated by the borrower if the
   borrower fails to meet its obligations under the secured loan
   agreement;

The program has been structured using techniques designed to
ensure that the Cover Pool is ring-fenced in the event of Issuer
insolvency.  The program has been established under general German
law, in contrast to many other European covered bonds which rely
on specific legislation.  The Issuer has incorporated a number of
securitization techniques in this program, which has enabled it to
create a covered bond that has similar characteristics to covered
bonds backed by a specific legal framework.

Structured features included in Series 2, which mitigate credit
risks found in many covered bonds that rely on specific covered
bond legislation, include a built-in extension to the maturity of
the notes (thus mitigating refinancing risk) and, the matching of
the maturities of the pledged secured loan with those of the notes
(thus mitigating market and refinancing risks).

Moody's has assigned a Timely Payment Indicator of "Probable" to
the Covered Bonds.

As is the case with other covered bonds, Moody's considers the
transaction to be linked to the credit strength of the Issuer,
particularly from a default probability perspective.  Should the
Issuer credit strength deteriorate, all other things being equal
the rating of the Covered Bonds could be expected to come under
pressure.

In case of deterioration of the Issuer rating or the pool quality,
the Issuer would have the ability, but not the obligation, to
increase the over-collateralization in the Cover Pool.  Failure to
increase the level of over-collateralization under these
circumstances could lead to negative rating actions.

The rating assigned by Moody's addresses the expected loss posed
to investors.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.


PAULMANN & CRONE: Declared Insolvent; Administrator Appointed
-------------------------------------------------------------
Plasteurope reports that a court declared German automotive
supplier Paulmann & Crone insolvent on September 1, 2009.

The report relates court appointed Andreas Grund at Dr. Andres &
Scheider as administrator.

The business will continue to operate until December 31, 2009, the
report says.

Headquartered in Luedenscheid, Germany, Paulmann & Crone --
http://www.paulmann-crone.de/-- is an automotive parts supplier.


RATIOPHARM GMBH: May Be Sold in Pieces to Repay Bank Loans
----------------------------------------------------------
Germany's Merckle family may have to sell generic-drug maker
Ratiopharm GmbH in pieces to raise as much as EUR3 billion
(US$4.4 billion) to pay off bank loans, Aaron Kirchfeld at
Bloomberg News reports, citing three people familiar with the
plan.

According to Bloomberg, the people, who declined to be identified
because the plans aren't public, said Ratiopharm lenders
Commerzbank AG and Royal Bank of Scotland Group Plc, which are
managing the sale, are considering taking bids for the drugmaker's
four main business units alongside offers for the entire company
after they send out sale documents as early as this month.

Bloomberg relates Ratiopharm spokesman Markus Braun said
preparations for the sale process aren't finished and decisions on
the form and timing are scheduled to be made this week, after
which VEM and Ratiopharm will notify the public and employees.

Bloomberg notes the people said the Ratiopharm German drug brand,
a second, smaller German brand, the BioGenerix unit and
Ratiopharm's Canadian business may be sold individually to try to
maximize the proceeds from the sale.

Headquartered in Ulm, Germany, Ratiopharm GmbH --
http://www.ratiopharm.com/-- engages in the development,
manufacture, and sale of generic products.


WESTLB AG: Fitch Affirms 'E' Individual Rating; IDR on RWN
----------------------------------------------------------
Fitch Ratings placed the Long-term Issuer Default Ratings of
Bayerische Landesbank, HSH Nordbank, Landesbank Baden-
Wuerttemberg, Landesbank Saar and WestLB AG on Rating Watch
Negative.  In addition, the Short-term IDRs of BayernLB, WestLB,
LBBW and SaarLB were placed on RWN as well as the Support Rating
Floors of all five banks.

The five banks' IDRs remain at their Support Rating Floors and are
based on Fitch's view of the extent to which the respective German
regional governments would provide support in case of need.  Any
ownership change could reduce the likelihood of state support for
the banks, compounding the effects of the gradual expiration of
the vast majority of grandfathered guaranteed debt up until 2015.
However, Fitch anticipates that state support will still remain
strong enough for all of the Landesbanks, with the possible
exception of WestLB, to remain within the single 'A' range ('A-',
'A' or 'A+') in the foreseeable future.

The RWN reflect the possibility of ownership change and a related
diminution in the importance of these banks to their regional
state owners.  BayernLB, HSH, LBBW and WestLB have received
substantial support from their owners in the form of capital
injections and guarantees after they suffered a material impact
from the financial crisis.  For the first three banks, these
support measures are currently subject to a review and approval
process by the European Commission (EC), which is expected to
communicate its decision in the coming months.  A downgrade of
these banks' IDRs is likely if the EC's conditions include a
change in ownership.  WestLB's state aid has already been approved
by the EC with conditions imposed, specifically the change of
ownership until the end of 2011.  While the RWN on BayernLB, HSH,
LBBW and SaarLB will be reviewed by Fitch, as the EC's decisions
on each of HSH, BayernLB and LBBW are announced, WestLB's RWN will
remain pending until details of its future ownership structure
become clear -- in 2011 at the latest.  The RWN on SaarLB's IDRs
reflects the pressures on its 75.1% parent BayernLB to
restructure.

Fitch believes that the sustainability of all Landesbanken's
business models will continue to rely on direct or indirect state
ownership and/or institutional support from the savings banks in
the medium term, as the agency will outline in an upcoming report.

Even in a stabilised economic environment, the combination of the
Landesbanken's weak stand-alone quality and reliance on wholesale
funding sources will likely prevent them from funding their (even
reduced) balance sheets on competitive terms on their own merits,
depending on their various sources of funding.  Therefore,
developments in the restructuring processes of BayernLB, HSH and
LBBW may result in negative rating actions for each bank over a
longer period of time after the EC's decisions on the respective
banks.  However, Fitch notes that the pressure on these
Landesbanken's IDRs could ease if there are clear signs that a
change of ownership structure is neither given as a condition of
approving state aid by the EC nor likely to arise willingly by the
owners.  More certainty in this respect is unlikely before there
are more tangible signs that the economic crisis, and accompanying
deterioration of asset quality, is nearing its end.

HSH has suffered most from the global financial and economic
crisis.  It has received comprehensive support measures from its
state owners and has initiated an ambitious restructuring process.
This increases the uncertainty about the bank's ability to manage
the restoration of a viable business model post-restructuring.
HSH's majority owners, the relatively small regional states of
Hamburg (HH) and Schleswig-Holstein (SH), went to great lengths to
rescue their Landesbank, constraining their own financial
flexibility as a result.  The local savings banks, HSH's minority
owners, largely disengaged themselves by not participating in the
latest capital increase.  Fitch remains confident of the ability
of both states to provide support if needed, as underlined by
their 'AAA' ratings.  However, if the EC were to order the sale of
HSH, the regional public sector may not insist on retaining a
substantial stake in HSH.

WestLB had required state support even prior to the current
crisis.  As such its restructuring process is ahead of its peers.
It was the first to ring-fence a considerable volume of troubled
and non-core assets into a segregated run-off portfolio.  It is
also the only Landesbank that has announced its intention to use
the bad bank scheme recently adopted by the federal parliament.
The EC has completed its review of the state aid received and
imposed an ownership change by end-2011.  Fitch believes that, in
view of the enduring recessionary environment and protracted sale
endeavours, uncertainty will continue, potentially further
unsettling potential clients and long-term debt investors.  This
may reduce the bank's chances of emerging as a strong going
concern, making it unlikely that WestLB's owners will manage to
attract interest from a majority private investor.

BayernLB and, to a lesser extent, LBBW, might also face stringent
restructuring requirements and ownership changes.  Even if
pressure for these does not come from the EC this time around, a
renewed need for capital injections, although currently not
expected, from the owner states cannot be fully excluded, due to
the two banks' considerable loan portfolios and potential for
mounting credit losses.  This, or the potential implementation of
a bad bank model, would in turn trigger a new review by the EC,
increasing the risk of ownership change.  However, the stronger
franchises held by the two south German banks may enable them to
achieve faster recoveries, reducing the probability that they
would need renewed support.  Fitch also expects BayernLB's and
LBBW's core franchises to remain important to their respective
regional governments even after any potential sale or merger (full
or partial) with another Landesbank.  Bayern LB and LBBW's IDRs
are unlikely to fall below 'A-' in the foreseeable future, due to
the superior financial flexibility of their regional governments,
Bavaria and Baden-Wuerttemberg, as well as the strategic relevance
of these banks for their states.

SaarLB has not received any state support and therefore is not
undergoing any restructuring or compensatory demands from the EC
although it may be indirectly affected by the EC approval of state
aid for BayernLB.  In addition, a change in its ownership
structure is possible in the near term, with the state of Saarland
planning to take up some of BayernLB's stake.

The rating actions follow a comprehensive review of the German
Landesbank sector, in which Fitch has investigated the key
parameters that will influence the strength of external support in
the foreseeable future.  These include the severity of
shortcomings exposed by the current adverse economic conditions;
the amount of external support needed and received since the
outbreak of the crisis; the suitability of the restructuring
processes to address the key issues faced by the banks; the
sustainability of their resulting business models; and (in most
cases still awaited) compensatory measures imposed by the EC in
return for the state help received.  The conclusions of the review
will be published in an upcoming report.

The rating actions taken are:

Bayerische Landesbank

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

HSH Nordbank AG

  -- Long-term IDR 'A' placed on RWN
  -- Short-term IDR affirmed at 'F1'
  -- Individual rating: affirmed at 'D/E'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A' placed on RWN

Landesbank Baden-Wuerttemberg

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: affirmed at 'C/D'
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

Landesbank Saar

  -- Long-term IDR 'A+' placed on RWN
  -- Short-term IDR 'F1+' placed on RWN
  -- Individual rating: 'C'; RWN
  -- Support rating: affirmed at '1'
  -- Support Rating Floor 'A+' placed on RWN

WestLB AG

  -- Long-term IDR 'A-' placed on RWN
  -- Short-term IDR 'F1' placed on RWN
  -- Individual rating: affirmed at 'E'
  -- Support rating '1' placed on RWN
  -- Support Rating Floor 'A-' placed on RWN


===========
G R E E C E
===========


FAGE DAIRY: Moody's Changes Outlook on 'B3' Rating to Stable
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B3
corporate family rating and B3 senior unsecured rating of Fage
Dairy Industry S.A. to stable from negative.

"Fage has strengthened its position within the B3 rating category
in recent quarters and its operating performance has shown
resilience despite the difficult market conditions in its core
markets," said Stefano del Zompo, lead analyst for Fage at
Moody's.

For the first six months of 2009, Fage reported an operating
profit of approximately EUR12 million, up from a loss of
EUR5 million for the same period last year.  Moody's recognises
that the profit improvement was achieved on the back of cost
savings stemming from the U.S. plant and divestment from the loss-
making cheese businesses -- actions that have mitigated the cost
of continued intensive promotional activities in Greece.  The
company further benefited from reduced milk prices.

The stabilization of the company's outlook also reflects an
improved liquidity position.  The company's on-balance-sheet cash
was in excess of EUR36.4 million as of June 2009, up from
EUR21.8 million at YE2008.  The increase was mainly the result of
higher profitability and reduced capital expenditures after the
completion of the US plant.  Free cash flow generation and on-
balance-sheet cash, together with availability of around
EUR8 million under the receivable facility and EUR2 million under
the company's committed credit facility, are expected to be
sufficient to fund around EUR6.5 million in debt amortization
scheduled for 2009 and capital expenditures of around
EUR24 million for the next twelve months.  However, Moody's notes
that without a significant increase in profitability and cash flow
generation the company might find it difficult to make the large
debt payments scheduled in 2011 and in 2012 and then again in 2015
when the Notes will be due.

The stable outlook reflects Moody's expectation that Fage will
maintain its improved performance in the medium term despite
challenging domestic and international markets.  Any upgrade of
the rating would require Fage to sustain an EBITDA margin above
10% leading to a Debt to EBITDA ratio below 6.0x.  Conversely,
Moody's could consider changing the outlook back to negative if
credit metrics declined as a result of a weaker operational
performance such that the operating margin reverted to the low
single-digit range and Debt to EBITDA increased above 6.5x.

Moody's last rating action was implemented on April 1, 2008, when
Moody's downgraded Fage's ratings and probability of default to B3
from B2.

Headquartered in Athens, Fage is one of the leading dairy
companies in Greece, with activities in the yoghurt, refrigerated
milk and packaged cheese segments.  It has also developed its
activities in the US, the UK and Italy.  For the first six months
of 2009, Fage reported consolidated net sales of approximately
EUR159 million and operating profit of around EUR12 million.


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


EUROCONNECT ISSUER: Fitch Puts 'BB'-Rated Class D Notes on RWN
--------------------------------------------------------------
Fitch Ratings has placed EuroConnect Issuer LC 2007-1 Ltd.'s
notes, due March 2028, on Rating Watch Negative:

  -- EUR310.35 million class A secured notes (ISIN: XS0311810898):
     'AAA'; placed on RWN

  -- EUR93.1 million class B secured notes (ISIN: XS0311811862):
     'A+'; placed on RWN

  -- EUR62.1 million class C secured notes (ISIN: XS0311813306):
     'BBB'; placed on RWN

  -- EUR68.3 million class D secured notes (ISIN: XS0311814536):
     'BB'; placed on RWN

The rating action reflects the effect of Fitch's updated Global
Rating Criteria for Corporate CDOs (published in April 2008) on
the notable obligor concentration, the negative credit migration
in the portfolio since closing in August 2007, and the agency's
expectation that the portfolio will experience increasing defaults
and delinquencies.  These negative performance factors have
outweighed the increase in the credit enhancement level of each
rated tranche following the portfolio amortization after the
transaction became static in July 2008.  As the arranger has
informed Fitch of upcoming changes to the transaction within the
next few months, the notes have been placed on Rating Watch
Negative until the timely completion of the planned restructuring.

The resolution of the RWN will incorporate any changes made to the
portfolio or the transaction along with additional portfolio
migration.  The arranger is expected to complete the restructuring
of the transaction over the next few months.  If there are no
significant changes prior to the resolution of the RWN, the notes
will likely be downgraded as indicated below:

  -- Class A notes likely to be downgraded to the 'A' rating
     category

  -- Class B notes likely to be downgraded to the 'BBB' rating
     category

  -- Class C notes likely to be downgraded to the 'BB' rating
     category

  -- Class D notes likely to be downgraded to the 'B' rating
     category

The transaction is a partially-funded synthetic collateralized
debt obligation referencing a predominantly European portfolio of
senior unsecured obligations of medium and large corporate
entities originated and credit-assessed by Bayerische Hypo- und
Vereinsbank AG, UniCredit Bank Austria AG (formerly Bank Austria
Creditanstalt AG, BA-CA) and UniCredit Corporate Banking (formerly
UniCredit Banca d'Impresa, UBI).

Per the latest pool cut as of July 2009, the proportion of loans
with sub-investment grade ratings based on the initial mapping of
the banks' internal ratings to Fitch's IDR scale has more than
doubled to 31.9% from 12.5%, excluding defaulted assets.  The
exposure to the largest obligor and top 10 borrowers has increased
to 3.6% and 24.1% of the portfolio notional, respectively,
compared to 1.8% and 12.7%, respectively, at closing.  The
portfolio is concentrated in Austria (38%), Italy (20%) and
Germany (15%).

Given the current economic climate in the eurozone, Fitch expects
defaults and delinquencies to increase from their currently low
levels.  Cumulative defaults have already risen since April 2009
to represent 0.8% of the initial portfolio balance, whilst the
current delinquency rate (loans overdue by more than 30 days) was
0.14% as of July 2009.

As of July 2009, the portfolio consisted of 630 loans to 390
obligor groups and the balance has decreased by 47% since closing
to EUR3,290 million excluding defaulted assets.  The originating
banks, also the servicers, use their internal credit rating
systems to assess the loans.  Fitch has reviewed the banks'
internal rating systems and mapped the internal rating categories
to Fitch's IDR scale at closing of the transaction.

The note issuance proceeds remain as cash deposits at Bayerische
Hypo- und Vereinsbank AG ('A+'/'F1+'/Stable), Unicredit Bank
Austria AG ('A'/'F1'/Stable) and UniCredit S.P.A.  (formerly
UniCredito Italiano S.P.A., rated 'A'/'F1'/Negative).


INDEPENDENT NEWS: Denis O'Brien Seeks to Block Rescue Plan
----------------------------------------------------------
Dan Sabbagh at Times Online reports that Denis O'Brien, who holds
a 26% stake in Independent News & Media plc, called for an
extraordinary meeting to prevent the board from issuing new shares
without shareholder consent.

According to Times Online, the current rescue plans would see
IN&M's bondholders issued with new shares as part-payment for
their GBP200 million of outstanding, diluting Mr. O'Brien to about
13%.

On Sept. 15, 2009, the Troubled Company Reporter-Europe, citing
The Financial Times, reports that IN&M is considering giving its
bondholders 45% of the company's equity to extinguish part of
their debt.  Citing people with knowledge of the plan, the FT
disclosed the plan, which has yet to be agreed by the company,
lenders and two key shareholders, would avoid the need for
shareholder approval because the share issue has already been
authorized.  According to the FT, talks between IN&M and its
creditors are now focused on how much bond debt will be exchanged
for the 45% stake and how much to raise in a rights offering to
repay the balance of the EUR200 million (GBP171 million) bond debt
that IN&M failed to repay in May.

                   About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


RMF EURO: Moody's Confirms Rating on Class V Notes at 'Caa1'
------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by RMF EURO CDO V Plc.  The Combination Note P (principal
only) and the Combination Note Q (principal and interest) remain
Aaa due to the protection provided by associated OAT strips.

  -- EUR275,000,000 Class I Senior Secured Floating Rate Notes due
     2023, Downgraded to Aa1; previously on April 5, 2007
     Definitive Rating Assigned Aaa

  -- EUR110,000,000 Revolving Facility due 2023, Downgraded to
     Aa1; previously on April 5, 2007 Definitive Rating Assigned
     Aaa

  -- EUR48,900,000 Class II Senior Secured Floating Rate Notes due
     2023, Downgraded to A2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR20,800,000 Class III Deferrable Mezzanine Floating Rate
     Notes due 2023, Confirmed at Baa3; previously on March 17,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR33,000,000 Class IV Deferrable Mezzanine Floating Rate
     Notes due 2023, Upgraded to Ba3; previously on March 17, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR17,100,000 Class V Deferrable Mezzanine Floating Rate
     Notes due 2023, Confirmed at Caa1; previously on March 17,
     2009 Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

  -- EUR6,000,000 Class R Combination Notes due 2023-2, Downgraded
     to Baa3; previously on March 4, 2009 A3 Placed Under Review
     for Possible Downgrade

This transaction is a managed high yield collateralized loan
obligation with exposure to predominantly European senior secured
loans, as well as some mezzanine and high yield bonds.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2893), an increase in the amount of defaulted
securities (currently 5% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 16.7% of the portfolio), and a failure of all but the
senior par value tests.  These measures were taken from the recent
trustee report dated August 10, 2009.

Moody's notes that the upgrade action has incorporated the
aforementioned stresses as well as credit deterioration in the
underlying portfolio.  However, the action reflect updated
analysis indicating that the impact of these factors on the
ratings of these notes is not as negative as previously assessed
during Stage I of the deal review in March.  The current
conclusions stem from comprehensive deal-level analysis completed
during Stage II of the ongoing CLO surveillance review, which
included an in-depth assessment of results from Moody's
quantitative CLO rating model along with an examination of deal-
specific qualitative factors.  By way of comparison, during Stage
I Moody's took rating actions that were largely the result of a
parameter-based approach (see press release dated March 4, 2009,
titled "Moody's puts all but senior-most CLO tranches on review
for downgrade").

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


SIGMA-1 CLO: Fitch Cuts Rating on Class F Notes to 'B-'
-------------------------------------------------------
Fitch Ratings has downgraded SIGMA-1 CLO 2007 Ltd.'s six classes
of notes and assigned Outlooks and Loss Severity Ratings:

  -- EUR0.5 million class A secured FRN (ISIN: XS0313508672):
     downgraded to 'BBB' from 'AAA'; Outlook Stable, LS-5

  -- EUR6.15 million class B secured FRN (ISIN: XS0313508755):
     downgraded to 'BBB' from 'AA+'; Outlook Stable, LS-5

  -- EUR17.6 million class C secured FRN (ISIN: XS0313508839):
     downgraded to 'BB' from 'A+', Outlook Negative, LS-5

  -- EUR6.8 million class D secured FRN (ISIN: XS0313509134):
     downgraded to 'BB' from 'A-', Outlook Negative, LS-5

  -- EUR15.45 million class E secured FRN (ISIN: XS0313509480):
     downgraded to 'B' from 'BBB', Outlook Negative, LS-5

  -- EUR19.8 million class F secured FRN (ISIN: XS0313509647):
     downgraded to 'B-' from 'BB'; Outlook Negative, LS-5

The downgrades reflect the effect of Fitch's updated 'Global
Rating Criteria for Corporate CDOs' on the notable obligor
concentration, the negative credit migration in the portfolio
since closing in July 2007, and Fitch's expectation of rising
defaults and delinquencies.

The transaction is a partially-funded revolving synthetic
collateralized loans obligation referencing a predominantly German
portfolio of senior unsecured obligations of medium and large
corporate entities originated and credit-assessed by the former
Dresdner Bank AG which was recently acquired by Commerzbank AG.

As of 31 May 2009, the proportion of loans to borrowers assessed
'8' and worse on the internal rating scale of the former Dresdner
Bank AG has risen to 21.4% (excluding defaulted assets) from 11.9%
at closing in July 2007.  The exposure to the largest obligor and
top 10 borrowers has increased to 1.7% and 12.9% of the portfolio
notional, respectively, compared to 0.8% and 7.2%, respectively,
at closing.  The largest country concentration is in Germany
(89.1%), whereas the largest industry concentration is in the
industrial and manufacturing sector (21.5%).

Given the unfavorable economic conditions in Germany, Fitch
expects defaults and delinquencies to increase from the currently
low levels.  In this transaction, cumulative defaults as a
percentage of the initial portfolio balance were 0.3%, whilst the
current delinquency rate (loans overdue by more than 30 days) was
0.1% as of June 2009.

The transaction features a three-year replenishment period ending
in June 2010, subject to the eligibility and replenishment
criteria, which include the Fitch Vector test, a weighted average
life covenant, as well as country-specific and rating-dependent
debtor group concentration limits.  Due to the breach of one
replenishment criterion the pool has not been replenished since
May 2009.  This has resulted in the reduction of 11% of the
portfolio balance.  Additionally, the debtor group concentration
limit is currently breached.  However, the portfolio can be
replenished up to the initial balance should the replenishment
conditions be fulfilled again.

According to the June 2009 investor report, the portfolio balance
stood at EUR1,954.4 million (excluding defaulted assets) and
consisted of 1,211 loans to 566 obligor groups.  The former
Dresdner Bank AG, as the originator and servicer, uses its
internal credit rating system to assess the loans.  Fitch has
reviewed the bank's internal rating system and mapped the internal
rating categories to Fitch's IDR scale at the closing of the
transaction.

The note issuance proceeds remain as cash deposits at Commerzbank
AG (formerly Dresdner Bank), rated at 'A+'/'F1+'/Outlook Stable.

Class A and B's Stable Outlooks reflect their ability to withstand
Fitch's stress scenarios.  The Negative Outlooks assigned to the
remaining four classes reflect their relatively lower credit
enhancement levels which make them more vulnerable to potential
negative asset migration risk and defaults.


STANTON ABS: Moody's Cuts Rating on Class A-4 Notes to 'Ca'
-----------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Stanton ABS I p.l.c.

Issuer: Stanton ABS I p.l.c.

  -- EUR232,000,000 Class A-1 Notes due 2096 Notes (Currently
     EUR191,025,071 outstanding), Downgraded to Ba1; previously on
     Jun 11, 2009 Aa3 Placed Under Review for Possible Downgrade

  -- EUR23,000,000 Class A-2 Notes due 2096 Notes, Downgraded to
     B3; previously on Jun 11, 2009 Baa3 Placed Under Review for
     Possible Downgrade

  -- EUR12,500,000 Class A-3 Notes due 2096 Notes, Downgraded to
     Caa3; previously on Jun 11, 2009 Ba3 Placed Under Review for
     Possible Downgrade

  -- EUR12,500,000 Class A-4 Deferrable Interest Notes due 2096
     Notes, Downgraded to Ca; previously on Jun 11, 2009 Caa2
     Placed Under Review for Possible Downgrade

The transaction is a managed cashflow CDO backed mainly by global
ABS, RMBS, CMBS, CLO and other CDO assets.

The event of default that occurred on June 2, 2009, as
reported by the trustee, due to a failure of the Class A-3
overcollateralization ratio to be greater than or equal to 96% is
no longer continuing, but the ratio remains low: the Class A-3
overcollateralization ratio was 96.43% as of August 28, 2009.  For
the purpose of calculating the numerator of the
overcollateralization test, assets rated below Baa3 are carried at
a rating-based haircut and a further deterioration of the credit
quality of the portfolio could potentially trigger another event
of default.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed through a decline in the average credit rating as
measured by the portfolio weighted average rating factor 'WARF'
(currently 1079), an increase in the amount of defaulted
securities (currently 4.36% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
excluding defaulted assets (currently 4.17% of the portfolio).
Currently interest payments on Class A-4 and below are all
deferring and par coverage tests are all failing.  This portfolio
also has a 15.70% concentration on European CLOs which are all
currently under review for further downgrade, with equivalent
weighted average rating of B3.  These measures were taken from the
recent trustee report dated August 28, 2009.  Moody's also
performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record.
All information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


TALISMAN-1 FINANCE: Fitch Cuts Rating on Class G Notes to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded four classes of Talisman-1 Finance
Plc's commercial mortgage-backed notes, due 2012, and affirmed
three tranches:

  -- EUR64.2 million class A (XS0220377906) affirmed at 'AAA';
     Outlook Stable

  -- EUR28.6 million class B (XS0220378896) affirmed at 'AAA';
     Outlook Stable

  -- EUR28.6 million class C (XS0220379274) affirmed at 'AA';
     Outlook Stable

  -- EUR27.5 million class D (XS0220379514) downgraded to 'BBB'
     from 'BBB+'; Outlook Negative

  -- EUR3.1 million class E (XS0220379787) downgraded to 'BBB-'
     from 'BBB'; Outlook Negative

  -- EUR5.3 million class F (XS0220380017) downgraded to 'BB' from
     'BB+'; Outlook Negative

  -- EUR7.0 million class G (XS0220380363) downgraded to 'B' from
     'BB'; Outlook Negative

The downgrade of the junior classes reflects the uncertainty
surrounding upcoming loan maturities and, to a lesser extent, the
impact of the downturn in the European commercial real estate
market on the two remaining loans in the portfolio.

The Prime Commercial loan, the largest loan in the portfolio at
85.1%, matures in January 2010.  The balloon risk is exacerbated
by the presence of a B-note which increases overall leverage and
is likely to complicate a potential re-financing.  The Alpha Real
Estate loan (14.9%) matures in April 2010.  The legal final
maturity of the transaction is in January 2014, and in Fitch's
view, this should provide the servicer with sufficient time to
work out the loans if they should fail to refinance.

The Prime Commercial loan is secured by two secondary quality
shopping centres located near Hamburg and Cologne in Germany,
respectively.  Based on a re-valuation of the properties conducted
in December 2008, it is reported that there has been a decline of
3% in overall asset value since December 2004.  Given that almost
a year has passed since the re-valuation of the properties, in
Fitch's opinion the collateral will have suffered a further
decline of approximately 14%.  Despite the strong income
performance, Fitch believes that the secondary nature of the two
properties and the high leverage of the B-note (Fitch estimates a
whole loan LTV of 96%) create uncertainty surrounding the
potential refinancing of the Prime loan, which has been factored
into the agency's analysis.

The Alpha Real Estate loan is secured by a well-located retail
centre in Berlin and a portfolio of residential units located in
Munster, in the Lower Saxony region of Germany.  The loan will
have slightly amortized to a reported exit LTV of 71.8% by April
2010, compared with its current LTV of 72.8% based on November
2004 valuations.  Fitch estimates that a re-valuation under
current market conditions would result in a market value decline
(MVD) of 13%, implying a Fitch exit LTV of 82.2%.  In light of the
increased Fitch LTV, a successful refinancing at maturity could
prove difficult.

Fitch will continue to monitor the performance of the transaction.


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


PARMALAT SPA: Bank of America Liable for Fraud, SPVs Say
--------------------------------------------------------
U.S. District Judge Lewis Kaplan on September 14 began trial on
the lawsuit commenced by Food Holdings Ltd. and Dairy Holdings
Ltd. against Bank of America Corp.

Food Holdings and Dairy Holdings Ltd. were two special purpose
entities created by BofA.  Their liquidators have sued the bank,
claiming that it knew of the Parmalat fraud and should be forced
to pay hundreds of millions of dollars in notes to Parmalat
investors that the vehicles issued.

Parmalat went bankrupt after revealing that a EUR3.95 billion
account at Bank of America didn't exist.

Bank of America should be held liable for the 2003 collapse of
Parmalat, lawyers for the two Cayman Island entities told U.S.
District Judge Lewis Kaplan September 14, at the start of a US$500
million civil trial, Bloomberg News said.

Liquidators for two special purpose vehicles created by Bank of
America -- Food Holdings Ltd. and Dairy Holdings Ltd. -- later
sued the bank, claiming it knew of the Parmalat fraud and should
be forced to pay hundreds of millions of dollars in notes to
Parmalat investors that the vehicles issued.

                     About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The Company's U.S. operations filed for Chapter 11 protection on
February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on December 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the Cayman
Islands.  Gordon I. MacRae and James Cleaver of Kroll (Cayman)
Ltd. serve as Joint Provisional Liquidators in the cases.  On
January 20, 2004, the Liquidators filed Sec. 304 petition, Case
No. 04-10362, in the United States Bankruptcy Court for the
Southern District of New York.  In May 2006, the Cayman Island
Court appointed Messrs. MacRae and Cleaver as Joint Official
Liquidators.  Gregory M. Petrick, Esq., at Cadwalader, Wickersham
& Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon,
Herlands Randolph, represent the Finance Companies in the Sec. 304
case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


RISANAMENTO SPA: Board Resigns; Shareholders' Meeting Set Nov. 16
-----------------------------------------------------------------
Chris Staiti and Armorel Kenna at Bloomberg News report that
Risanamento SpA said its board has resigned.

According to Bloomberg News, the directors called a shareholders'
meeting for Nov. 16 to appoint a new board.

                        Restructuring Plan

As reported in the Troubled Company Reporter-Europe on Sept. 10,
2009, Bloomberg News, citing daily Il Sole 24 Ore, said
Risanamento submitted a restructuring plan to a Milan court.
Bloomberg disclosed Il Sole said the plan, backed by 60% of the
real estate company's creditors, includes a EUR150-million
(US$218 million) capital increase, the conversion of EUR350
million of debt and the sale of assets, excluding property in New
York and Paris.  Risanamento was ordered to come up with the plan
in response to a prosecutor's statement in July that the real-
estate company had failed.

                      About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


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


ARU LLP: Creditors Must File Claims by September 24
---------------------------------------------------
Creditors of LLP Trade-Manufacturing Company Aru have until
September 24, 2009, to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on July 8,
2009.


ATAN AKTOBE: Creditors Must File Claims by September 24
-------------------------------------------------------
Creditors of LLP Atan Aktobe have until September 24, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 3, 2009.


KAPCHAGAI OIL: Creditors Must File Claims by September 24
---------------------------------------------------------
Creditors of LLP Kapchagai Oil have until September 24, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 701 255 64-22

The court commenced bankruptcy proceedings against the company on
June 1, 2009 after finding it insolvent.


R MEDIA: Creditors Must File Claims by September 24
---------------------------------------------------
Creditors of LLP R Media have until September 24, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
June 29, 2009.


SK AVIA: Creditors Must File Claims by September 24
---------------------------------------------------
Creditors of LLP SK Avia have until September 24, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan

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


===================
K Y R G Y Z S T A N
===================


AUTO TRADE: Creditors Must File Claims by September 30
------------------------------------------------------
Foreign LLC Auto Trade is currently undergoing liquidation.
Creditors have until September 30, 2009, to submit proofs of claim
to:

Inquiries can be addressed to (0-555) 38-16-48, (0-773) 00-27-61.


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


CRC BREEZE: S&P Downgrades Rating on EUR300 Mil. Bonds to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'BB' from
'BB+' its long-term debt rating on the EUR300 million class A
secured bond due 2026 issued by CRC Breeze Finance S.A.  The '2'
recovery rating on this bond is not affected.  The long-term 'CC'
debt rating on the EUR50 million class B secured bond issued by
Breeze Two and due 2016 is also unaffected.  The outlook on the
class A and class B notes is negative.

"The downgrade of the class A notes reflects S&P's view that the
operational and financial performance of the Breeze Two portfolio
consistently underperforms compared with S&P's original
expectations," said Standard & Poor's credit analyst Timon Binder.

S&P understands that Breeze Two has commissioned a new wind study
by independent experts to measure the actual performance of the
portfolio.  S&P assumes that this new wind study and the revenue
projections it derives will lead to significantly lower cash flows
and therefore lower senior debt service cover ratios (DSCR) than
currently projected.

S&P expects to receive an updated financial model from Breeze Two
by year-end.  However, based on the preliminary projections of the
management and S&P's own estimates, S&P believes that the senior
DSCRs are not consistent with a 'BB+' rating.

Furthermore, management currently expects that it will have to
partially use the A-note debt service reserve account in November
and that EUR2.48 million of the B-note payments will be deferred.
According to the bond documentation, deferred B-note payments are
repaid before replenishment of the A-DSRA.  Based on S&P's
preliminary revenue assumptions, S&P assume that the
EUR13.3 million in the A-DSRA might not be fully funded for more
than 18 months, which will impair Breeze Two's liquidity
situation.

Breeze Two, a Luxembourg-based special-purpose vehicle, used the
proceeds of its debt issues to make a loan to Breeze Two Energy
GmbH & Co. KG and Eoliennes Suroit SNC.  Breeze Two Energy is a
German limited partnership company, and Eoliennes Suroit is a
French unlimited liability partnership.  Each has been formed for
the purpose of acquiring, constructing, owning, and operating a
portfolio of 39 wind farms with a nameplate capacity of 305
megawatts in Germany (Breeze Two Energy) and 27 MW in France
(Eoliennes Suroit).

The outlook is negative reflecting the uncertainty regarding the
operating and financial performance of the project over the next
months.  "Following receipt of additional information on current
operational issues, of the new expert wind study, and an updated
financial model from Breeze Two's management, S&P may lower the
rating by several notches," said Mr. Binder.  "Furthermore, S&P
may lower the rating if S&P don't have more visibility on
operating issues".


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


CHEYNE CREDIT: Fitch Lowers Ratings on Two Tranches to 'BB'
-----------------------------------------------------------
Fitch Ratings has affirmed four tranches of Cheyne Credit
Opportunity CDO 1 B.V.'s notes, downgraded two tranches, and
removed three tranches from Rating Watch Negative.  The agency has
assigned Loss Severity ratings to all six tranches.

The rating actions are:

  -- EUR538 million class IA F (ISIN: XS0246347016): affirmed at
     'AAA';
     Outlook Stable; assigned a Loss Severity Rating of LS-2

  -- EUR138 million class IB (ISIN: XS0243224911): affirmed at
     'AAA'; Outlook Stable; assigned a Loss Severity Rating of
     LS-4

  -- EUR40 million class II (ISIN: XS0243225215): affirmed at
     'AA'; Outlook Stable; assigned a Loss Severity Rating of LS-5

  -- EUR40 million class III (ISIN: XS0243225488): affirmed at
     'A'; off RWN; assigned a Negative Outlook; assigned a Loss
     Severity Rating of LS-5

  -- EUR60 million class IV (ISIN: XS0243225728): downgraded to
     'BB' from 'BBB'; off RWN; assigned a Negative Outlook;
     assigned a Loss Severity Rating of LS-5

  -- EUR30 million class V (ISIN: XS0243226296): downgraded to 'B'
     from 'BB'; off RWN; assigned a Negative Outlook; assigned a
     Loss Severity Rating of LS-5

The rating actions reflect the recent clustering of leveraged loan
defaults and increasing 'CCC'-rated asset exposure in the
portfolio.  To date, the transaction has suffered seven defaults.
The cumulative default rate represents 13.1% of the target par
amount of the transaction.  In addition, 20.5% of the portfolio
now consists of 'CCC+' or lower rated obligors.  As a result of
negative portfolio migration, all over-collateralization tests are
now breached.  The credit enhancement of the class IV and class V
notes are no longer deemed consistent with a 'BBB' and 'BB' rating
definitions respectively, which is why Fitch has downgraded those
classes to 'BB' and 'B' respectively.  The performance of the two
downgraded tranches is highly dependent on portfolio recovery
prospects.  Although some credit protection still remains for the
downgraded notes, Fitch's long term outlook remains negative.

The affirmations of the class I, II, and III notes reflect the
robust CE driven by OC and excess spread.  Fitch notes that the
transaction was initially assumed to have a portfolio consisting
of 45% of second liens and mezzanine loans in aggregate, or up to
20% of mezzanine loans (the maximum allowed levels according to
the transaction documentation).  Due to higher initial loss
expectations, the initial CE was higher relative to other European
CLOs which have stricter limits on second liens and mezzanine
loans.  The current portfolio contains 2% of mezzanine loans and
15% of second lien loans which is noticeably lower than the
allowed limits.

Fitch also notes that the transaction considers defaulted assets
at zero value rather than the market value or the agency's
recovery estimates for the purpose of calculating OC tests.  Since
the portfolio has started to deteriorate, collateral coverage
tests have been breached.  This is beneficial to the senior notes
as the transaction continues to capture excess spread to redeem
the senior notes.  At the last payment date in August 2009, 2.5%
of the original notional of the class IA F note had been redeemed
as the OC tests were breached.  However, the more subordinated
notes are cut-off from cash flow and there is an increasing
likelihood that no interest payment will be made to the class IV
and V tranches for an extended period of time.


DALRADIAN EUROPEAN: Moody's Junks Ratings on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Dalradian European CLO II B.V.  The Class A-1 and the
Variable Funding Notes remain Aaa mainly due to the current over
collateralisation.

Issuer: Dalradian European CLO II B.V.

  -- Class A2 Senior Secured Floating Rate Notes due 2022,
     Downgraded to Aa2; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Class B Deferrable Secured Floating Rate Notes due 2022,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Class C Deferrable Secured Floating Rate Notes due 2022,
     Downgraded to Ba2; previously on March 19, 2009 Downgraded to
     Baa3 and Remained On Review for Possible Downgrade

  -- Class D Deferrable Secured Floating Rate Notes due 2022,
     Downgraded to Caa1; previously on March 19, 2009 Downgraded
     to B1 and Remained On Review for Possible Downgrade

  -- Class E Deferrable Secured Floating Rate Notes due 2022,
     Downgraded to Ca; previously on March 19, 2009 Downgraded to
     Caa1 and Remained On Review for Possible Downgrade

  -- Class P Combination Notes due 2022, Downgraded to Ba2;
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade

  -- Class T Combination Notes due 2022, Downgraded to Ca;
     previously on Mar 4, 2009 B2 Placed Under Review for Possible
     Downgrade

  -- Class W Combination Notes due 2022, Downgraded to Ba3;
     previously on Mar 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

This transaction is a managed high yield collateralized loan
obligation with exposure to predominantly European senior secured
loans, as well as some mezzanine and second lien loan exposure.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated February
4, 2009, titled "Moody's updates key assumptions for rating CLOs."
These revised assumptions have been applied to all corporate
credits in the underlying portfolio, the revised assumptions for
the treatment of ratings on "Review for Possible Downgrade",
"Review for Possible Upgrade", or with a "Negative Outlook" being
applied to those corporate credits that are publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2754), an increase in the amount of defaulted
securities (currently 11% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 10.8% of the portfolio), and a failure of all but the
senior par value tests.  These measures were taken from the recent
trustee report dated July 31, 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality.  Due to the impact of
all the aforementioned stresses, key model inputs used by Moody's
in its analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


ING GROEP: Commission Extends Probe Into Illiquid Back-up Facility
------------------------------------------------------------------
The European Commission has extended, under EC Treaty state aid
rules, its investigation of the illiquid asset back-up facility
provided by the Dutch State to the financial group ING.  The
Commission has also extended its temporary clearance of the
measure until the assessment of the measure is finalized.  The
Commission initially authorized the measure for six months for
reasons of financial stability on March 31, while opening an in-
depth investigation to analyse the complex measure in light of the
Commission's Impaired Assets Communication.  On the basis of the
information provided so far, the Commission has doubts as to the
compatibility of the measure with the Impaired Assets
Communication, in particular as regards valuation and burden
sharing.  This decision is without prejudice to the final outcome
of the investigation.

Competition Commissioner Neelie Kroes said: "The Commission
supports Member States' efforts to stabilize financial markets by
dealing with banks' impaired assets.  However, state aid in the
form of impaired asset relief has to be properly remunerated and
should not give undue advantages to banks.  It is therefore
extending its investigation to explore further with the Dutch
authorities whether this is compatible with the Commission's state
aid rules on impaired asset relief.  We look forward to continuing
our constructive dialogue with the Dutch authorities and I am
confident that we will arrive at a satisfactory outcome."

ING is a Dutch-based financial institution offer ing banking,
insurance and asset management services to over 85 million clients
in more than 40 countries.  With a workforce of about 125,000
people and a balance sheet of EUR1,332 billion at the end of 2008
it is one of the biggest financial institutions in the world.

In January 2009, the Dutch State and ING implemented a so-called
illiquid assets back-up facility for a portfolio of US$39 billion
(EUR30 billion) par value worth of US residential mortgage-backed
securities , mostly backed by so-called Alt-A mortgage loans.

Under the transaction, the Dutch State buys the right to receive
future cash flows on 80% of the above-mentioned portfolio, .

The Commission has assessed the measure under its guidance
Communication on the treatment of asset relief measures.  Taking
account of input from external experts, the Commission considers
that the valuation seems at this stage not conservative enough.
In addition, the Commission found that a significant proportion of
securities were valued above purchase price.  Therefore, the
Commission continues to have doubts that the price paid by the
Dutch Government, equivalent to a transfer price of 90% of the
face value, is justified.  Should the Dutch authorities not be in
a position to address the Commission's concerns in a convincing
manner, the Commission's final decision on the compatibility of
the facility with EU state aid rules would have to require
increasing the remuneration of the Dutch State.

                           Background

The Impaired Asset Communication leaves the methods and design for
impaired asset relief measures to Member States, but defines
impaired asset relief as all measures whereby a bank is dispensed
from the need for severe downward value adjustments and/or from
increasing capital requirements triggered by severe rating
downgrades.

The guidance document was designed to ensure that foreseeable
losses were disclosed and that impaired assets were valued
properly with the help of an independent expert using an
acceptable valuation methodology.  The aim of the valuation is to
establish the real economic value of the illiquid assets, which
may be significantly above the market value.  The guidance
Communication requires that measures designed to protect banks
against illiquidity arising from impaired assets are accompanied
by adequate burden sharing and remuneration.

In March 2009, following an initial assessment of the complex
measure for ING, the Commission decided for reasons of financial
stability not to raise objections for a period of six months.
However, as some conditions required by the Impaired Assets
Communication needed further in-depth analysis, in particular
regarding valuation, the Commission decided to open an in-depth
investigation.

Headquartered in Amsterdam, the Netherlands, ING Groep N.V. --
http://www.ing.com/-- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia.  ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In July 2008, the Company
completed the acquisition of CitiStreet LLC, a retirement plan and
benefit service and administration company in United States.  In
November 2008, ING Groep N.V. increased its stake in joint venture
Billington Holdings PLC from 50% to 100%.  In February 2009, the
Company announced that it closed the sale of its Taiwanese life
insurance business to Fubon Financial Holding Co. Ltd.  In April
2009, the Company sold its non-state pension fund business and its
holding company in Russia to Aviva plc.


SKYLINE 2007: Fitch Puts 'BB'-Rated Class E Tranche on RWN
----------------------------------------------------------
Fitch Ratings has placed five tranches of Skyline 2007 B.V. on
Rating Watch Negative.

The rating actions reflect Fitch's updated view on the credit risk
of the rated tranches following the release of its new rating
Criteria for European Granular Corporate Balance-Sheet
Securitisations on July 23, 2009.

The transaction's performance has been stable.  However, given
Fitch's revised view of obligor and sector concentration, and of
the current credit quality of the portfolio, the credit
enhancement levels listed below are not sufficient to support the
current ratings of the tranches being placed on RWN.

If there are no significant changes to the transaction prior to
the resolution of the RWN, the tranches will likely be downgraded
to the rating categories indicated below.

  -- Class A due July 2043: 'AAA'; placed on RWN; CE 16.15% (could
     be downgraded to 'A')

  -- Class B due July 2043: 'AA'; placed on RWN; CE 10.75% (could
     be downgraded to 'BBB')

  -- Class C due July 2043: 'A'; placed on RWN; CE 6.30%; (could
     be downgraded to 'BB')

  -- Class D due July 2043: 'BBB'; placed on RWN; CE 2.25%; (could
     be downgraded to 'B')

  -- Class E due July 2043: 'BB'; placed on RWN; CE 0.80%; (could
     be downgraded to 'CCC')

Skyline 2007 B.V. is a special purpose vehicle incorporated under
the laws of the Netherlands.  The issuer purchased a portfolio of
loans originated by FGH Bank N.V., a wholly-owned subsidiary of
Rabobank Group (rated 'AA+'/'F1+'/Outlook Stable) for a total
amount of EUR3 billion at the outset.

The transaction is revolving until five years have elapsed since
closing (until 2012).  The main replenishment criteria is based on
internal rating limits, single obligor concentration limits,
maximum weighted-average life covenants, minimum debt service
coverage ratio and interest coverage ratio levels, maximum loan-
to-value ratio and regional and property type limits.  The current
portfolio consists of 648 obligors which are secured by more than
5,000 properties in the Netherlands.


===========
P O L A N D
===========


DUDA SA: Court Approves Debt Restructuring Deal
-----------------------------------------------
Maciej Martewicz at Bloomberg News reports that a court approved
the debt restructuring deal Polski Koncern Miesny Duda SA agreed
on with its creditors in July.

Polski Koncern Miesny DUDA SA (PKM DUDA) -- http://www.zmduda.pl/
-- is a Poland-based company active in the meat processing
industry.  The Company focuses on the red meat production.  Its
main line of business is purchasing and slaughtering of pigs and
cattle, as well as butchery services.  Apart from sides of pork
and quarters of beef, the range of products includes cuts of pork
and beef, culinary meat, pluck and fats.  As a complement to its
production and trading activities, the Company offers services
with regard to the freezing, storage and transport of foodstuffs
that require specialist refrigeration facilities.  PKM DUDA is a
parent company within a group comprising approximately 30
companies in Poland, Ukraine and Germany.


=============
R O M A N I A
=============


MONDEX SIBIU: High Rents in Malls Blamed for Insolvency
-------------------------------------------------------
Laurentiu Cotu at Ziarul Financiar reports that representatives of
Relco Active, the administrator of Mondex Sibiu, blamed the high
rents paid for stores in mall-type commercial spaces or commercial
galleries in Romania for the company's insolvency.

According to ZF, with a 100-store network, the broadest in
Romania, Mondex paid over EUR2 million to retail space owners
every year.  ZF notes against an EUR11-million turnover, rents
account for around 20% in Mondex' sales, almost 5% above what
consultants say the optimal threshold for a store should be.

"We'll close 20-30 Mondex stores, where shopping gallery or mall
owners will not cut rents, and we'll shift to other retail spaces.
We'll give up the first Mondex stores in a matter of days.  We'll
focus on Bucharest more as it's a solvent market and we'll boost
exports," ZF quoted Relco Active representatives as saying.

ZF recalls Mondex shareholders filed for insolvency with the Sibiu
Court of Law, as the company was in default, having accumulated
debts of around RON700,000 (over EUR166,000) since April until
now, not including banking loans.  Citing Finance Ministry data,
ZF discloses Mondex had total debts of above RON54.5 million
(around EUR13 million) in December 2008.  In 2008, the firm
reported turnover worth RON40.8 million (EUR11.6 million) and
profit of RON71,000 (EUR17,000).

ZF relates Relco Active representatives stated, "[f]rom talks held
with special administrator Calin Bogdan Vircolacu, the company
will sell none of its assets".  They also said they will draw up a
final list of receivables by January 2010 and plan to pay all
accumulated debts, ZF notes.

Mondex Sibiu is the largest hosiery manufacturer in Romania.


OLTCHIM SA: Debt-for-Equity Swap and State Guarantee Probed by EU
-----------------------------------------------------------------
The European Commission has opened a formal investigation under EC
Treaty state aid rules into Romania's plans to grant a EUR135
million debt-to-equity swap and a EUR339.2 million state guarantee
for chemical producer Oltchim.  The Commission has doubts whether
the planned measures are in line with the state aid rules and in
particular, whether a private operator would have accepted to make
available such measures.  The opening of the in-depth inquiry
gives interested parties an opportunity to comment on the
measures.  It does not prejudge the outcome of the procedure.

Competition Commissioner Neelie Kroes said: "The Commission must
verify whether the measures planned for Oltchim would entail state
aid, and if so whether such measures would not give rise to
excessive distortions of competition."

On July 17, 2009 Romania notified to the Commission two support
measures in favour of SA Oltchim Ramnicu Valcea, one of the
largest petrochemical companies in Romania and in South-East
Europe.  The Romanian State is the majority shareholder in the
company.

Under EU state aid rules, interventions by public authorities in
companies carrying out economic activities can be considered free
of aid if they are made on terms that a private player operating
under market conditions would have accepted (the market economy
investor principle).

The first measure involves a debt-to-equity swap of public debt
amounting to around EUR135 million.  The public debt stems from
the triggering of state guarantees on non-performed commercial
loans contracted before 2000.  The Commission questioned why
Romania did not impose any interest on the public debt, in
particular since its EU accession on January 1, 2007, as Romania
should have applied the EC Treaty in its entirety as of that date.

The second measure is a state guarantee amounting to EUR339.2
million (covering 80% of a commercial loan of EUR424 million), to
be used for investments necessary for the implementation of the
company's development plan.  Romania considers that the planned
measures do not confer an advantage to the beneficiary, because
the support given by the State to Oltchim in its quality of main
shareholder and main creditor respectively is comparable to what a
private market operator would choose to do in similar
circumstances.

At this stage, given the long history of the debt, the current
situation of the company and the magnitude of the further risk
exposure of the state, the Commission doubts that a private
investor and a private creditor would have accepted to grant the
two measures.

Oltchim SA -- http://www.oltchim.ro/-- is a Romania-based
company, which is mainly active in the chemicals industry.  It is
divided into five business units: chlor-alkali, petrochemical,
chemical, technical and construction materials.  Its product range
encompasses inorganic products, such as caustic soda, chlorine,
hydrochloric acid, hydrogen peroxide; macromolecular products,
such as polyvinyl chloride, polyetherspolyols, and synthesis
organic products, including oxo alcohols, chlorinated products,
phthalic anhydride and dioctyl phthalate.  The Company also
produces pesticides, door and window frames, celluloid and thermo-
isolating boards, as well as alimentary products, such as
vegetables and fruits cans, beverages, eggs, forages, fodders,
poultry and pork meat.  Its subsidiaries include Oltchim Medical
Products SRL, Oltchim GmbH, Sistemplast SA, Oltchim Italia and
Oltchim Fundatia.  It distributes its products nationally and
internationally.  As of December 31, 2008, A.V.A.S. holds a 53.26%
stake in Oltchim SA.


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


ABDULINSKIY MEAT: Creditors Must File Claims by September 21
------------------------------------------------------------
Creditors of OJSC Abdulinskiy Meat Processing Factory (TIN
5601002509, PSRN 1035600250070, RVC 560101001) have until
September 21, 2009, to submit proofs of claims to:

         G. Chayka
         Temporary Insolvency Manager
         Pushkinskaya Str. 30
         460000 Orenburg
         Russia

The Arbitration Court of Orenburgskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No.?47–
969/2009.

The Debtor can be reached at:

         OJSC Abdulinskiy Meat Processing Factory
         Sovetskaya Str. 314
         Abdulino
         461743 Orenburgdskaya
         Russia


EN+ GROUP: Creditors Wants Owner to Pledge 10% of Rusal
-------------------------------------------------------
Ilya Khrennikov at Bloomberg News, citing Vedomosti, reports that
creditors of En+ Group Ltd. asked Russian billionaire Oleg
Deripaska, the energy company's owner, to pledge 10% of United Co.
Rusal as a condition of reorganizing US$1 billion of loans.

According to Bloomberg, the newspaper said in July, En+ reached a
preliminary agreement with banks to extend these loans until 2013
and plans to sign final documents soon.

As reported in the Troubled Company Reporter-Europe on July 30,
2009, Bloomberg News said En+ lenders include the Royal Bank of
Scotland Group Plc., Deutsche Bank AG, Raiffersen Zentralbank
Oesterreich AG and Natixis.

Based in Moscow, En+ Group Ltd. -- http://www.enplus.ru/en/-- is
an energy-related company.  The company also holds power, coal-
mining and oil businesses.  It owns a controlling interest in
United Company RUSAL.


EVRAZ GROUP: Fitch Cuts Long-Term Issuer Default Rating to 'B+'
---------------------------------------------------------------
Fitch Ratings has downgraded Russia-based metals and mining
company Evraz Group SA's Long-term Issuer Default Rating and
senior unsecured rating to 'B+' from 'BB-'.  The ratings remain on
Rating Watch Negative.  The Short-term IDR is affirmed at 'B'.
The Recovery Rating for the senior unsecured debt is 'RR4'.

Fitch has also downgraded and withdrawn Mastercroft Limited's
Long-term IDR from 'BB-' to 'B+' at RWN and affirmed and withdrawn
Mastercroft's Short-term IDR 'B'.  This follows the repayment of
Evraz Securities SA's US$300 million 10.875% bonds which matured
on 3 August 2009.  The bonds were guaranteed by Mastercroft.

The downgrade reflects Fitch's expectations of further significant
negative impact from the current global recession on Evraz's
operating performance and credit metrics in 2009 and 2010.
Evraz's weak financial and operational performance in H109
resulted in a consolidated EBITDAR margin of 10% (H108: 35%),
which is below the agency's forecast of 15%.  Evraz's performance
in H109 was impacted by a 28% yoy reduction of sales volume and
more than 40% reduction of prices for semi-finished products and
long products, the company's key products in Russia.  Delayed
restocking at key markets such as Europe and U.S., and high
operating costs in US and Europe resulted in an almost 0% EBITDAR
margin at Evraz's international operations.  This is compared to
an EBITDAR margin of 18% for its CIS steel operations.

Fitch now does not expect that Evraz will be able to regain a
"through-the-cycle" credit profile consistent with a 'BB' rating
category within 18-24 months of the trough of the current
recession.  Fitch notes that Evraz is mostly exposed to sales of
long products to the construction industry and exporting of semi-
finished products.  The agency expects a slow recovery in long
product prices and volumes in H209 and 2010, reflecting the lack
of new projects and difficult financial position of real
estate/development companies.  The downside of exporting semi-
finished products is low margins, low sales stability due to spot
selling and protectionist measures, and weakening demand from key
export markets such as China due to increased stock piling.
Therefore, despite capacity utilization rates having risen for the
group's operations to more than 90% in Russia and 80% in the US,
current and expected low prices for key products for the rest of
2009 and 2010, and the company's limited ability to further reduce
operating costs will keep consolidated EBITDAR margin at low
levels.

Under Fitch's updated scenario, which assumes a 5%-8% increase in
revenue in H209 in comparison to H109, a 10% increase in revenue
in 2010 and unit costs remaining at Q209 levels, Fitch now expects
Evraz to report EBITDAR of around US$1.1 billion-1.3 billion in
2009 (versus US$2.2bn in the previous Fitch forecast) and an
EBITDAR margin of 11%-13% (20%), and EBITDAR of around US$2.1
billion-2.3s billion in 2010 (US$3.1 billion-3.3 billion).

Due to the company's weak operational and financial performance,
its gross and net leverage is expected to reach 6.2x-6.4x and
5.8x-6x respectively.  This will exceed the company's current
covenanted level.  The RWN continues to reflect uncertainty
regarding the outcome of negotiations with lenders in respect of
the expected covenant breaches under its various facilities at the
testing date in Q110.  If unresolved, this could also constitute a
cross default under Evraz's other debt instruments.

As of end-H109, Evraz had gross debt of US$8.5 billion, cash of
US$678 million and committed revolving facilities of
US$563 million, plus the US$965 million proceeds of new equity and
convertible bond issues and free cash flow for the rest of 2009 of
US$0.1 billion-0.3 billion (as forecasted by Fitch).  The equity
and convertible bond proceeds have mostly been used to repay over
US$900m of short-term debt, bringing the overall amount of debt
coming due in H209 and H110 to US$2.9 billion as at 1 September
2009 (according to company estimates).  Out of this, the company
expects to extend and refinance US$2bn decreasing the net
repayment in H209 to US$900 million.  Fitch is concerned about
Evraz's liquidity in 2010 as its debt maturities (approximately
30% of total debt) peak in that year.  With Evraz's free cash flow
in 2010 expected to be US$1 billion-1.2 billion, liquidity is
heavily dependent on the company's ability to roll-over maturing
debt and attract new financing to meet its debt obligations.

Fitch expects to resolve the RWN within the next six months.


LUZSKIY FORESTRY: Creditors Must File Claims by September 19
------------------------------------------------------------
Creditors of LLC Luzskiy Forestry (TIN 5077022260, PSRN
1085077000865) have until September 19, 2009, to submit proofs of
claims to:

         A. Galin
         Insolvency Manager
         Post User Box 14
         165300 Kotlas
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?41–27438/08.

The Debtor can be reached at:

         LLC Luzskiy Forestry
         Artelnaya Street
         Sharapova Okhota
         Serpukhovskiy
         142256 Moskovskaya
         Russia


CONSTRUCTION MANAGEMENT: Creditors Must File Claims by Sept. 21
---------------------------------------------------------------
Creditors of LLC Construction Management No. 39 (TIN 7817306334,
PSRN 5067847028134) have until September 21, 2009, to submit
proofs of claims to:

         A. Rodin
         Temporary Insolvency Manager
         Post User Box 7
         124683 Moscow
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?56–
18791/2009.

The Debtor can be reached at:

         LLC Construction Management No. 39
         Tverskaya Str. 32A/2H
         Kolpino
         196655 Saint-Petersburg
         Russia


STROY-MOL CJSC: Creditors Must File Claims by September 21
----------------------------------------------------------
Creditors of CJSC Stroy-Mol (TIN 7716176777, PSRN 1027739661113)
(Construction) have until September 21, 2009, to submit proofs of
claims to:

         Yu.Makarova
         Temporary Insolvency Manager
         Post User Box 128
         109125 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?40–27450/09–88-
70B.

The Debtor can be reached at:

         CJSC Stroy-Mol
         Vereskovaya Str. 8
         Moscow
         Russia


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


MADRID RMBS: Moody's Junks Ratings on Nine Classes of Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:

-- all the notes issued by Madrid RMBS I, FTA (Madrid RMBS I)

-- all the notes issued by Madrid RMBS II, FTA (Madrid RMBS II),
    except the most senior outstanding A2 notes, which maintain a
    Aaa rating

-- all the notes issued by Madrid RMBS III, FTA (Madrid RMBS III)

-- Last rating action date for Madrid RMBS I, Madrid RMBS II and
    Madrid RMBS III: 5 June 2009

The rating action was prompted by the prolonged deterioration and
worse-than-expected performance of the collateral backing the
notes.  The downgrades also reflect Moody's negative sector
outlook for Spanish RMBS and the weakening of the macro-economic
environment in Spain, including the expected increase in
unemployment rates projected for 2009 and 2010.

Madrid RMSB I, II, and III closed in November 2006, December 2006
and July 2007 respectively.  The transactions are backed by
portfolios of first-ranking mortgage loans originated by Caja
Madrid (A1/P-1) and secured on residential properties located in
Spain.  Pool balances at closing were EUR2 billion, EUR1.8 billion
and EUR3.0 billion in Madrid RMBS I, II and III respectively.  At
closing the collateral consisted of loans with loan-to-value
ratios over 80%.  These high LTV loans represent over 94% of the
outstanding pool balance in all three transactions as of June
2009.  The pools are concentrated in the region of Madrid,
representing 70%, 67% and 56% of current pool balance in Madrid
RMBS I, II, and III respectively.  A significant share of the
securitized mortgage loans has been originated via regulated
brokers, representing about 50% of current pool balance in all
three transactions at the end of June 2009.  Currently, between
37% and 40% of the portfolio balance in the three Madrid RMBS
transactions corresponds to loans granted to non-Spanish
nationals.  Concentrations of loans originated via regulated
brokers and loans granted to non-Spanish nationals are among the
risk characteristics that result in higher credit enhancement
requirement for a given rating under Moody's updated methodology
for rating Spanish RMBS.

Moody's had already taken action on the three deals in November
2008.  The asset performance has continued to deteriorate so much
that the transactions are currently performing outside of Moody's
revised expectations as of the latest review.  Moody's observed
that cumulative write-offs (loans either being declared as
defaulted by the originator or being overdue for more than 6
months) have increased between two to five times since Moody's
last rating review, when cumulative write-offs stood at 3.19%,
4.64% and 2.98% in Madrid RMBS I, II and III respectively (data as
of end of September 2008).  The cumulative write-offs are
currently equal to 11.4%, 13.3% and 13.2% of the original
portfolio balance in Madrid RMBS I, II and III respectively (data
as of end of July 2009).  The 90+ delinquencies (excluding
outstanding write-offs) correspond to approximately 4.15%, 4.33%
and 4.67% of the current portfolio balance in Madrid I, II and III
respectively.

Moody's performed a loan-by-loan analysis of all delinquent and
written-off loans in the three Madrid RMBS.  This analysis
highlighted that loans originated to non-Spanish borrowers have a
significantly greater write-off rate than loans originated to
Spanish nationals.  In Madrid II and III, the write-off rate for
loans granted to non-Spanish national (calculated as the written-
off loan amount divided by original pool balance of loans
originated to non-Spanish borrowers) is between 6 to 7 times the
write-off rates of loans granted to Spaniards.  Coincidently,
loans originated via regulated brokers are experiencing
significantly higher write-offs than loans originated by Caja
Madrid's branches.  The write-off rate of broker originated loans
is about 3 times higher that the write-off rate of mortgage loans
originated by Caja Madrid.  This analysis also highlighted that
loans in negative equity (i.e. loan where the outstanding debt is
exceeding the indexed property value according to Moody's
estimations) show a write-off rate between 1.5-2 times higher than
the write-off rate of loans which are not in negative equity.  In
Madrid RMBS I, about 18% of the mortgage pool is currently in
negative equity, compared to 15% in Madrid RMBS II and 30% in
Madrid RMBS III.

The rapidly increasing levels of delinquent and written-off loans
have resulted in the full depletion of the reserve funds and
build-up in unpaid Principal Deficiencies Ledgers in all three
Madrid RMBS transactions.  According to the latest investor cash
flow statements released in late August, unpaid PDLs currently
stand at EUR43.1 million, EUR52.1 million and EUR145.2 million.
Unpaid PDLs currently exceed the size of the Class E notes in
Madrid I, and the Class E and D in Madrid RMBS II and III.
Moody's anticipates that the weakening of the economic conditions
will continue to cause high arrears and write-offs.  Available
funds in both transactions will ultimately increase as recoveries
from written-off loans are collected.  However, the pace at which
loans are moving from arrears into write-offs suggests that
current unpaid PDLs will not be completely cured.  The
amortization of the mezzanine and junior notes is likely to remain
sequential as a consequence of the breach of pro-rata amortization
triggers.  Additionally, the increase in the volume of loans being
written-off has resulted in the breach of the interest deferral
triggers in Madrid RMBS II and Madrid RMBS III.  Interest deferral
triggers on junior notes in Madrid RMBS I have not been breached
at this stage.  Interest payments on the Class E in Madrid RMBS II
and Class E and D in Madrid RMBS III were diverted to pay down
senior notes as of the last interest payment date.

Moody's has revised its loss expectation for Madrid RMBS I, II and
III to reflect the collateral performance to date as well as
Moody's negative outlook for the Spanish housing market, in the
context of a weakening macro-economic environment.  Following an
updated loan-by-loan analysis, and on the basis of the performance
experienced by the portfolio so far, Moody's has updated the
portfolio's expected loss assumption from a range of 2.4%-3.0% to
7% of original balance in Madrid RMBS I and II and 8% of original
balance in Madrid RMBS III.  Moody's has also assessed loan-by-
loan information for the outstanding portfolios to determine the
credit support consistent with target rating levels and the
volatility of the distribution of future losses.  As a result,
Moody's has revised its MILAN Aaa credit enhancement (MILAN Aaa
CE) assumptions to 22% for all three Madrid RMBS transactions.
The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate its loss distribution
curve, which is one of the core inputs in the cash-flow model it
uses to rate RMBS transactions.  The current available credit
enhancement for the Aaa classes (including subordination and
reserve fund and taking into consideration the amount of unpaid
PDLs) is equal to 12.1%, 11.2% and 6.0% in, respectively Madrid
RMBS I, II, and III as at the latest investor cash flow statements
released in August.

In Madrid RMBS II and III, Class A2 and A3 amortize sequentially.
However, sequential amortization reverts to pro-rata if the
outstanding amount of loans more than six months in arrears
exceeds 25% of the original notes balance.  The ratio of written-
off loan balance to the original notes balance is currently at
7.9% and 9.4% in Madrid RMBS II and Madrid RMBS III respectively.
Moody's considers the risk of breaching this trigger in Madrid
RMBS III to be no longer commensurate with a Aaa rating.  Given
the higher seasoning and relatively better credit performance of
Madrid RMBS II collateral, Moody's expects Class A2 to be repaid
in priority to Class A3 in most of the default scenarios, and
therefore maintains Aaa rating for the Class A2.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other
risks have not been addressed, but may have a significant effect
on yield to investors.

                  List Of Detailed Rating Actions

Issuer: MADRID RMBS I, FONDO DE TITULIZACION DE ACTIVOS

  -- EUR1340M A2 Certificate, Downgraded to A1; previously on
     June 5, 2009 Aa1 Placed Under Review for Possible Downgrade

  -- EUR70M B Certificate, Downgraded to Ba1; previously on
     June 5, 2009 A1 Placed Under Review for Possible Downgrade

  -- EUR75M C Certificate, Downgraded to Caa2; previously on
     June 5, 2009 Baa2 Placed Under Review for Possible Downgrade

  -- EUR34M D Certificate, Downgraded to C; previously on June 5,
     2009 Ba2 Placed Under Review for Possible Downgrade

  -- EUR21M E Certificate, Downgraded to C; previously on June 5,
     2009 B1 Placed Under Review for Possible Downgrade

Issuer: Madrid RMBS II Fondo de Titulizacion de Activos

  -- EUR936M A2 Certificate, Confirmed to Aaa; previously on
     June 5, 2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR270M A3 Certificate, Downgraded to A1; previously on
     June 5, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR63M B Certificate, Downgraded to Ba1; previously on
     June 5, 2009 A2 Placed Under Review for Possible Downgrade

  -- EUR67.5M C Certificate, Downgraded to Caa2; previously on
     June 5, 2009 Baa2 Placed Under Review for Possible Downgrade

  -- EUR30.6M D Certificate, Downgraded to C; previously on
     June 5, 2009 Ba3 Placed Under Review for Possible Downgrade

  -- EUR18.9M E Certificate, Downgraded to C; previously on
     June 5, 2009 B3 Placed Under Review for Possible Downgrade

Issuer: Madrid RMBS III FONDO DE TITULIZACION DE ACTIVOS

  -- EUR1575M A2 Certificate, Downgraded to Aa2; previously on
     June 5, 2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR497M A3 Certificate, Downgraded to A3; previously on
     June 5, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR55.5M B Certificate, Downgraded to B1; previously on
     June 5, 2009 A2 Placed Under Review for Possible Downgrade

  -- EUR90M C Certificate, Downgraded to Ca; previously on June 5,
     2009 Baa2 Placed Under Review for Possible Downgrade

  -- EUR72M D Certificate, Downgraded to C; previously on June 5,
     2009 Ba2 Placed Under Review for Possible Downgrade

  -- EUR52.5M E Certificate, Downgraded to C; previously on
     June 5, 2009 B3 Placed Under Review for Possible Downgrade


TDA 27: S&P Puts 'BB-'-Rated Class E Notes on CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the class B, C, D, and E notes issued by TDA
27, Fondo de Titulizacion de Activos.  The ratings on the class
A1, A2, A3, F, and NAS-IO notes are unaffected.

S&P's credit analysis, based on the most recent transaction
information S&P has received, showed a continuous deterioration of
the performance of the underlying collateral.  This has increased
the likelihood of negative rating actions on the affected classes.

In particular, if gross cumulative defaults reach a trigger level
whereby interest might be deferred (set as a percentage of the
initial pool balance), the interest on the subordinated classes of
notes will be paid only after amortization of the senior classes.
As of the end of July, gross cumulative defaults as a percentage
of the initial pool balance were 1.99%.  This level has increased
significantly over the past few interest payment dates.  At the
end of 2008, gross cumulative defaults represented 0.74% of the
initial collateral balance.

The deferral of interest triggers on classes B, C, D, and E are
set at gross cumulative default levels of 11.40%, 8.60%, 5.50%,
and 4.20%, respectively.  S&P observe that the current level of
90+ day delinquencies, plus gross cumulative defaults as a
percentage of the initial collateral balance, is 5.53%.

S&P has consequently placed its ratings on these classes on
CreditWatch negative, while S&P assesses any increased likelihood
of these levels being breached.  In addition, S&P notes that the
reserve fund has nearly depleted due to defaults and low levels of
available excess spread.  After the June IPD, the reserve fund had
reduced to only 0.16% of the outstanding collateral balance.  S&P
believes that a large proportion of severe delinquencies may
default, causing further draws.  Available credit enhancement may
then become insufficient to maintain the current ratings.

While S&P has seen limited recoveries to date, due to the length
of the foreclosure period in the Spanish jurisdiction, S&P
believes that the risk of interest deferrals will drive any
ratings movements on subordinated classes of notes over the near
to medium term.

The originators of this transaction are four Spanish financial
entities: Caixa d'Estalvis de Terrassa, Caja General de Ahorros de
Granada, Caja Vital Kutxa, and Union de Credito para la
Financiacion Mobiliaria e Inmobiliaria, Credifimo, E.F.C., S.A.U.
(Credifimo).  The loans were mainly originated in Andalucia,
Catalonia, and Madrid.

                           Ratings List

             TDA 27, Fondo de Titulizacion de Activos
    EUR930.0 Million Residential Mortgage-Backed Floating-Rate
              and EUR0.6 Million Floating-Rate Notes

              Ratings Placed on Creditwatch Negative

                                  Rating
                                  ------
             Class      To                        From
             -----      --                        ----
             B          AA/Watch Neg              AA
             C          A/Watch Neg               A
             D          BBB-/Watch Neg            BBB-
             E          BB-/Watch Neg             BB-


===========
S W E D E N
===========


GENERAL MOTORS: Saab Seeks Deal on Chinese Sales Networks
---------------------------------------------------------
Cornelius Rahn at Bloomberg News reports that Saab Automobile, the
carmaker being sold by General Motors Co., aims to reach an
agreement with Beijing Automotive Industry Holding Co. on sales
networks in China within weeks.

According to Bloomberg, Christian von Koenigsegg, founder of
Koenigsegg Automotive AB, which is leading a group of investors in
a takeover of Trollhaettan-based Saab, said he doesn't expect GM
to impose restrictions on Saab's sales in China similar to those
facing GM's Opel unit.

Bloomberg relates Mr. von Koenigsegg said Tuesday in an interview
at the Frankfurt Motor Show GM is "open to the idea to make it
work" for Saab.  "We are in the process of finding an agreement
within the next few weeks," Bloomberg quoted Mr. von Koenigsegg as
saying.

Bloomberg recalls Koenigsegg Group said last week Saab plans to
use Beijing Automotive's sales network to sell its sedans and
station wagons, and will share technology with the Chinese
manufacturer.

Saab Chief Executive Officer Jan-Aake Jonsson, as cited by
Bloomberg, said at a news conference in Frankfurt Tuesday
"Beijing Automotive is an opportunity for us to establish
ourselves in the Chinese market with their experience."

On Sept. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Beijing Automotive joined Koenigsegg
Group's offer to buy Saab from GM.  Bloomberg disclosed Koenigsegg
Group said in a statement Beijing Automotive will take a minority
stake in the team bidding for Saab and help the unprofitable GM
division find opportunities to expand in China.

Citing Saab Chief Executive Officer Jan-Aake Jonsson, Bloomberg
notes the bidding team of Koenigsegg and investor Augie Fabela II
for the Swedish manufacturer, and GM are working through the
"final pieces" of a transaction, and the purchase should be
completed by Oct. 31.

                        Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

                       About Saab Automobile

Saab Automobile AB -- http://www.saab.com/-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


SAAB AUTOMOBILE: Seeks Deal on Chinese Sales Networks Within Weeks
------------------------------------------------------------------
Cornelius Rahn at Bloomberg News reports that Saab Automobile, the
carmaker being sold by General Motors Co., aims to reach an
agreement with Beijing Automotive Industry Holding Co. on sales
networks in China within weeks.

According to Bloomberg, Christian von Koenigsegg, founder of
Koenigsegg Automotive AB, which is leading a group of investors in
a takeover of Trollhaettan-based Saab, said he doesn't expect GM
to impose restrictions on Saab's sales in China similar to those
facing GM's Opel unit.

Bloomberg relates Mr. von Koenigsegg said Tuesday in an interview
at the Frankfurt Motor Show GM is "open to the idea to make it
work" for Saab.  "We are in the process of finding an agreement
within the next few weeks," Bloomberg quoted Mr. von Koenigsegg as
saying.

Bloomber recalls Koenigsegg Group said last week Saab plans to use
Beijing Automotive's sales network to sell its sedans and station
wagons, and will share technology with the Chinese manufacturer.

Saab Chief Executive Officer Jan-Aake Jonsson, as cited by
Bloomberg, said at a news conference in Frankfurt Tuesday
"Beijing Automotive is an opportunity for us to establish
ourselves in the Chinese market with their experience."

On Sept. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Beijing Automotive joined Koenigsegg
Group's offer to buy Saab from GM.  Bloomberg disclosed Koenigsegg
Group said in a statement Beijing Automotive will take a minority
stake in the team bidding for Saab and help the unprofitable GM
division find opportunities to expand in China.

Citing Saab Chief Executive Officer Jan-Aake Jonsson, Bloomberg
notes the bidding team of Koenigsegg and investor Augie Fabela II
for the Swedish manufacturer, and GM are working through the
"final pieces" of a transaction, and the purchase should be
completed by Oct. 31.

                        Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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

                      About Saab Automobile

Saab Automobile AB -- http://www.saab.com-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.


SCANDINAVIAN CONSUMER: S&P Affirms 'BB' Ratings on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
classes A to E issued by Scandinavian Consumer Loans Ltd.

The level of credit enhancement available to all classes of notes
has increased because of class A amortization and the increased
balance of the dynamic cash reserve.  The credit support has
increased to 48.0%, 37.0%, 32.2%, and 6.8% for classes A, B, C,
and D from 34.5%, 26.5%, 23.0%, and 4.5% at closing, respectively.
During the revolving period, the class A and E notes are subject
to targeted amortization, using principal and interest receipts
from the loans to repay class A and E, respectively.

The class E notes are backed by excess spread only.  The cash
reserve was funded at closing from the class E note issuance
proceeds, and is replenished through interest collections.  The
purpose of the cash reserve is to cover both interest shortfalls
and principal losses arising in the transaction.  The reserve fund
balance depends on the interest on the loans in the portfolio and
the amount of the portfolio that is in arrears, subject to a floor
of 4.5% (EUR7.55 million) of the initial balance of the rated
notes excluding (class E).  The balance of this reserve is now
EUR8.30 million.

There are some trigger metrics in place that stop the revolving
period and start the sequential amortization of the notes, when
breached.  The revolving period can resume once the breach is
cured.  One of these triggers is the three-month rolling average
of the annualized net default rate being higher than 2.5%.  This
trigger has been breached three times during the last five months.
The rate of loans delinquent by more than one and less than six
months, on the other hand, has so far been consistently below the
5.0% trigger level, having been equal to 1.0% on average since
closing.  All the loans that are delinquent by more than five
months are written off.  All the losses have so far been cured
using excess spread.  The level of annualized excess spread
available after curing the losses has been equal to around 7.0% on
average since closing.

Given the performance of the collateral to date and the level of
credit support available to the notes, S&P affirm its ratings on
the notes.

This EUR175.7 million transaction, which closed in July 2006, is
backed by a pool of Scandinavian unsecured personal loans
originated by Nordax Finans AB.  The structure features a five-
year revolving period, during which the originator can sell new
loans to the issuer.  The issuer then adds these to the collateral
portfolio.  The revolving period ends in June 2011.

                            Ratings List

                 Scandinavian Consumer Loans Ltd.
         EUR175.7 Million Asset-Backed Floating-Rate Notes

                         Ratings Affirmed

                     Class           Rating
                     -----           ------
                     A               AAA
                     B               AA
                     C               A
                     D               BBB
                     E               BB


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


AGROPESCO AG: Claims Filing Deadline is September 21
----------------------------------------------------
Creditors of Agropesco AG are requested to file their proofs of
claim by September 21, 2009, to:

         Thomas Mayer
         Liquidator
         Marktplatz 4
         9004 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 29, 2009.


DATALEX GMBH: Claims Filing Deadline is September 21
----------------------------------------------------
Creditors of Datalex GmbH are requested to file their proofs of
claim by September 21, 2009, to:

         Dr. Alexander Frei
         Gumprechtsstrasse 42
         6376 Emmetten
         Switzerland

The company is currently undergoing liquidation in Stansstad NW.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 19, 2009.


EN ENERGIE: Claims Filing Deadline is September 21
--------------------------------------------------
Creditors of EN Energie AG are requested to file their proofs of
claim by September 21, 2009, to:

         Roland Haesler
         Hauptstrasse 135
         4313 Moehlin
         Switzerland

The company is currently undergoing liquidation in Frenkendorf.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 19, 2009.


GLANZMANN HEIZTECHNIK: Claims Filing Deadline is September 21
-------------------------------------------------------------
Creditors of Glanzmann Heiztechnik AG are requested to file their
proofs of claim by September 21, 2009, to:

         Roland Haesler
         Hauptstrasse 135
         4313 Moehlin
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 19, 2009.


HANDYCENTER AARAU: Claims Filing Deadline is September 21
---------------------------------------------------------
Creditors of Handycenter Aarau GmbH are requested to file their
proofs of claim by September 21, 2009, to:

         Reto Hunziker, Notar
         Hauptstrasse 49,
         Mail box: 494
         5734 Reinach
         Switzerland

The company is currently undergoing liquidation in Aarau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 26, 2009.


IMMOPESCO AG: Claims Filing Deadline is September 21
----------------------------------------------------
Creditors of Immopesco AG are requested to file their proofs of
claim by September 21, 2009, to:

         Thomas Mayer
         Liquidator
         Marktplatz 4
         9004 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 29, 2009.


MOLETHERM LIZENZ: Claims Filing Deadline is September 21
--------------------------------------------------------
Creditors of Moletherm Lizenz und Vertrieb AG are requested to
file their proofs of claim by September 21, 2009, to:

         Audiba Wirtschaftsberatung AG
         Kirchacherstrasse 9
         8608 Bubikon
         Switzerland

The company is currently undergoing liquidation in Solothurn.  The
decision about liquidation was accepted at a general meeting held
on May 13, 2009.


MOLETHERM POOL: Claims Filing Deadline is September 21
------------------------------------------------------
Creditors of Moletherm Pool AG are requested to file their proofs
of claim by September 21, 2009, to:

         Audiba Wirtschaftsberatung AG
         Kirchacherstrasse 9
         8608 Bubikon
         Switzerland

The company is currently undergoing liquidation in Solothurn.  The
decision about liquidation was accepted at a general meeting held
on May 13, 2009.


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


BASIS LLC: Creditors Must File Claims by September 20
-----------------------------------------------------
Creditors of LLC Company Basis (code EDRPOU 33946829) have until
September 20, 2009, to submit proofs of claim to:

         I. Kapeliushny
         Insolvency Manager
         Post Office Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 3, 2009.  The case is docketed under
Case No. 44/419-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Basis
         P. Pestel Str. 11
         01135 Kiev
         Ukraine


CHERNOVTSY SUGAR: Creditors Must File Claims by September 20
------------------------------------------------------------
Creditors of CJSC Chernovtsy Sugar (code EDRPOU 32554359) have
until September 20, 2009, to submit proofs of claim to:

         S. Liaschenko
         Insolvency Manager
         Post Office Box 1784
         49027 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 25, 2009.  The case is
docketed under Case No. B15/196-09.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev Str. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         CJSC Chernovtsy Sugar
         Loman Str. 19
         49000 Dnepropetrovsk
         Ukraine


DELOVOY SOYUZ: Creditors Must File Claims by September 20
---------------------------------------------------------
Creditors of LLC Company Delovoy Soyuz (code EDRPOU 33946525) have
until September 20, 2009, to submit proofs of claim to:

         I. Kapeliushny
         Insolvency Manager
         Post Office Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 44/415-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Delovoy Soyuz
         P. Pestel Str. 11
         01135 Kiev
         Ukraine


GILEYA LLC: Creditors Must File Claims by September 20
------------------------------------------------------
Creditors of LLC Production and Trading Firm Gileya (code EDRPOU
31638454) have until September 20, 2009, to submit proofs of claim
to:

         A. Sibal
         Insolvency Manager
         P. Doroshenko Str. 61/5
         79000 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 2/14.

The Court is located at:

         The Economic Court of Lvov
         Lichakovskaya Str. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Production and Trading Firm Gileya
         Malchitsy
         Yavorovsky
         81077 Lvov
         Ukraine


INTERTECHBUD LLC: Creditors Must File Claims by September 20
------------------------------------------------------------
Creditors of LLC Building Company Intertechbud (code EDRPOU
35223732) have until September 20, 2009, to submit proofs of claim
to:

         A. Chabak
         Insolvency Manager
         Kuybishev str. 20A
         Borzna
         16400 Chernigov
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 10, 2009.  The case is docketed
under Case No. 23/314-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building Company Intertechbud
         Bulgakov Str. 16
         03134 Kiev
         Ukraine


NAFTOGAZ NJSC: Begins Debt Restructuring Talks
----------------------------------------------
Halia Pavliva at Bloomberg News reports that NJSC Naftogaz of
Ukraine is to begin talks with creditors aimed at restructuring
debt including US$500 million of Eurobonds due this month.

Bloomberg relates Naftogaz said in an e-mailed statement Monday
the company will hold negotiations this week with bilateral
creditors and work on a restructuring proposal.

According to Bloomberg, citing "sources familiar" with the
discussions, Kaan Nazli, director of New York-based Medley Global
Advisors LCC wrote in a note to clients the company may offer to
pay annual interest of 9.5% on extended-maturity debt, compared
with 8.125% on Loan Participation Notes due Sept. 30.

                   About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine (also
known as NAK Naftogaz Ukrainy) -- http://www.naftogaz.com/-- is a
vertically integrated oil and gas company engaged in full cycle of
operations in gas and oil field exploration and development,
production and exploratory drilling, gas and oil transport and
storage, supply of natural gas and LPG to consumers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 11,
2009, Moody's Investors Service downgraded to Caa2 from Caa1 the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine while also
placing the ratings on review for possible downgrade.

The rating action reflects Moody's concerns that recent statements
by government representatives that Naftogaz has been directed to
enter into debt renegotiations with foreign creditors shortly
before the scheduled maturity of the company's US$500 million
notes on September 30 suggests that the probability of
extraordinary government support to prevent a default should now
be classified in the low rather than medium category.


OTTON LLC: Creditors Must File Claims by September 20
-----------------------------------------------------
Creditors of LLC Otton (code EDRPOU 32657745) have until
September 20, 2009, to submit proofs of claim to:

         I. Kapeliushny
         Insolvency Manager
         Post Office Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 3, 2009.  The case is docketed under
Case No. 44/418-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Otton
         M. Vasilenko Str. 7-A
         03124 Kiev
         Ukraine


UNEX BANK: S&P Affirms 'CCC+' Counterparty Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'CCC+' long-term and 'C' short-term counterparty credit ratings
and its 'uaB' Ukraine national scale rating on Ukraine-based UNEX
BANK.  The ratings were subsequently withdrawn at the bank's
request.  The outlook at the time of the withdrawal was negative.

At the moment of withdrawal the bank had no rated debt
outstanding.


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


JOHN MCGAVIGAN: In Administration; KPMG Appointed
-------------------------------------------------
Blair Nimmo and Tony Friar of KPMG Restructuring were appointed as
Joint Administrators of John McGavigan Limited on September 14,
2009, at the request of the Company's directors.

McGavigan, which has a turnover of approximately GBP9 million,
manufactures, assembles and supplies decorative panels (such as
dashboards, speedometers and temperature gauges) and other
interior design products for the automotive sector.  McGavigan was
incorporated in 1922 and has a long trading history and well
established name in its sector.  Its headquarters and
manufacturing facility are located in Bishopbriggs, Glasgow.
McGavigan employs 135 people.

McGavigan has been affected by the overall declining demand in the
automotive industry where volumes have reduced substantially in
recent times.

McGavigan, which is part of the US based Advanced Decorative
Systems Inc group, explored several opportunities to restructure,
sell or refinance the business, but these were not successful.

The Administrators are allowing the business to continue to trade
whilst marketing the business and assets for sale as a going
concern.  In the meantime, it has proven necessary to streamline
the cost base to reflect current trading levels.  Accordingly, it
is with regret that 11 redundancies have been implemented
immediately following the appointment.

Blair Nimmo, Joint Administrator and Head of Restructuring for
KPMG in Scotland said: "McGavigan is a well established Company
and a key supplier to many Tier 1 manufacturers in the automotive
sector.  We hope to continue working with the Company's suppliers,
customers and its experienced workforce while a sale of the
business is pursued.  Any interested parties should contact the
Joint Administrators as soon as possible."


LUDGATE FUNDING: S&P Lowers Rating on Class S Notes to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the classes M, B, C, D,
E, and S notes series 2007-FF1 issued by Ludgate Funding PLC.  S&P
affirmed all other classes of notes in this transaction.

The downgrades are due to the recent decline in U.K. house prices
and S&P's expectation of higher average losses for loans on
properties that are repossessed.

S&P has seen higher loss severities in most U.K. RMBS
transactions.  While repossessions have fallen to 2.13% from 2.47%
in April 2009, the average loss severity is high at 35.05%.

Furthermore, cumulative principal losses currently represent 0.35%
of the original collateral balance.  According to the July 2009
investor report, the reserve fund was drawn on again and is now at
29% of the required amount.

S&P understands that the Bank of England base rate (BBR) reduction
to 0.5% has lowered borrowers' monthly payments, which has
increased collection rates in this transaction.  However, S&P
expects further reserve fund draws as repossessed properties are
sold and further losses are realized.

Across the U.K. RMBS market, S&P has witnessed an increase in
basis risk.  However, unlike Ludgate 2006-FF1, the Ludgate 2007-
FF1 transaction includes a basis swap to hedge against differences
between the BBR received from the floating-rate loans and the
LIBOR due on the notes.

Ludgate 2007-FF1 is a U.K. residential mortgage-backed securities
transaction.  At closing, approximately 53.5% of the pool was buy-
to-let loans.

                           Ratings List

                       Ludgate Funding PLC
               GBP253.85 Million, EUR197.2 Million,
     And $55.00 Million Mortgage-Backed Floating-Rate Notes
   And GBP2.3 Million Excess-Spread Backed Floating-Rate Notes
                         Series 2007-FF1

      Ratings Lowered and Removed From CreditWatch Negative

                             Rating
                             ------
         Class      To                    From
         -----      --                    ----
         Ma         AA+                   AAA/Watch Neg
         Mb         AA+                   AAA/Watch Neg
         Bb         A+                    AA/Watch Neg
         Cb         BBB                   A/Watch Neg
         Da         BB                    BBB/Watch Neg
         Db         BB                    BBB/Watch Neg
         E          B                     BB/Watch Neg
         S          B-                    B/Watch Neg

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A1a        AAA
                        A1b        AAA
                        A1c        AAA
                        A2a        AAA
                        A2b        AAA
                        MERCs      AAA


NATIONAL BANK: Fitch Downgrades Individual Rating to 'D'
--------------------------------------------------------
Fitch Ratings has affirmed London-based National Bank of Egypt
UK's Long-term Issuer Default Rating at 'BB+' with a Stable
Outlook.  The agency has affirmed the bank's Short-term IDR of 'B'
and Support Rating of '3'.  At the same time, Fitch has downgraded
NBE UK's Individual Rating to 'D' from 'C/D'.

NBE UK's IDRs and Support Rating reflect the moderate probability
of support that would flow to the bank, ultimately from the
Egyptian authorities, via its 100% owner, National Bank of Egypt
(NBE, rated 'BB+'/Stable Outlook), and are aligned with those of
NBE and Egypt's sovereign rating ('BB+'/Stable Outlook).

The downgrade of NBE UK's Individual Rating reflects the increase
in the level of the bank's impairments during FY09, which are
expected to result in a net loss for the period.  Impaired assets
include loans, floating rate notes and interbank placements.  The
bulk of the impaired exposure is to Icelandic banks, but also
includes exposure to financial institutions based in other
markets.

Following the global financial crisis and economic slowdown, NBE
UK has revised its strategy.  Management's primary focus is on
improving the credit quality of its assets and maintaining good
liquidity.  Cash flows from maturing assets are being invested in
'AAA'-rated government securities or government guaranteed
instruments.  As a result, the credit quality of NBE UK's assets
has improved, with 80% of the balance sheet rated investment grade
at end-August 2009 (end-June 2008: 72%).  Nevertheless, some
further deterioration of asset quality could occur.

NBE UK has maintained high liquidity, which is reflected in the
large proportion of interbank assets and of marketable securities
on its balance sheet.  At end-June 2009, the bank remained
adequately capitalized.

NBE UK's main areas of activity are in the wholesale money market
business and the provision of trade finance facilities, primarily
to Egyptian banks.

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.


NOVAE INSURANCE: Fitch Gives Negative Outlook; Holds 'BB+' Rating
-----------------------------------------------------------------
Fitch Ratings has changed the Outlook on UK-based Novae Insurance
Company Limited to Negative from Stable.  Its Insurer Financial
Strength rating is affirmed at 'A-'.  At the same time the agency
has revised the Outlook on Novae Group plc's Long-term Issuer
Default Rating to Negative from Stable.  Novae's Long-term IDR is
affirmed at 'BBB' and the GBP100 million subordinated notes at
'BB+'.  NICL is an FSA-regulated UK insurance company and a wholly
owned subsidiary of Novae.

The Outlook revision reflects Novae's recent poor operating
performance and Fitch's expectation that near-term earnings will
continue to be weak.  The agency believes that downside earnings
risk exists from a higher than average level of claims activity
across certain business lines, and from the prospect of reduced
investment income, an element that has formed a prominent part of
past profitability.  The rating affirmation reflects Novae's
strong capital position, prudent investment strategy and robust
liquidity position.  Fitch notes that the risk of adverse reserve
development from US liability lines, which significantly impaired
historical operating performance, appears to have subsided.  Fitch
continues to view Novae's ability to demonstrate stability in its
reserving as a key rating driver.

Novae achieved solid gross written premium growth to GBP349
million at FYE08, a y-o-y increase of 4.8%, while reporting a
13.5% rise in net income to GBP37.1 million (GBP24.2 million
excluding non-monetary foreign exchange).  However, softer pricing
and an increase in claims activity impacted the technical result,
reflected in a worsened combined ratio of 105.8% (2007: 99.1%).
Results for H109 exhibited further weakness where, despite GWP
increasing 18.4% to GBP220.3 million, Novae reported a net loss of
GBP10.5 million (H108: profit of GBP15.4 million) which included a
GBP16.4 million negative impact from non-monetary foreign
exchange, with aviation and credit losses resulting in the
combined ratio deteriorating to 112.2% (H108: 98.7%), although the
agency notes that it would have been 90.4% excluding these two
lines.  While the aviation losses suffered in H109 are most
probably exceptional, the impact of recessionary conditions on
other lines, notably UK credit, remains a concern.

Fitch maintains a favorable view of Novae's prudent investment
approach and notes the positive results generated by the insurer's
investments, which returned GBP50 million or 5.1% in 2008 (2007:
GBP46.8 million or 5.2%).  The agency notes the high percentage of
the insurer's recent operating earnings that have been generated
by investment income and believes that sustaining such returns in
the near-term is unlikely (H109 investment income was
GBP10.9 million representing an annualized return of 2.02%),
placing further downward pressure on earnings.  Novae is seeking
to improve investment returns, predominantly through increasing
exposure to corporate bonds.  Fitch remains cautious as to how
successful the revised investment approach will prove to be,
recognizing the increased risk inherent in this asset class, but
views positively the maintenance of an investment grade
requirement for all invested assets, which should help to reduce
default risk within the portfolio.

Novae's capital position is considered to be strong and provides
considerable support to the current ratings.  However, the
continued growth of Novae's premium base and the formation of
Novae Re are expected to place some pressure on the insurer's
capital strength.  The group continues to manage its capital base
closely, completing the early repurchase of GBP30 million (nominal
value) of subordinated notes in May 2009.  Fitch believes that
Novae has no current requirement to raise additional external
funds and notes that the additional capital required to establish
Novae Re will be funded by a letter of credit and internal
sources.


SPOT ON COMPUTERS: Creditors to Meet Today, Sept. 17
----------------------------------------------------
Sam Trendall at CRN reports that a meeting of Spot on Computers'
creditors will take place today, Sept. 17, at the office of
insolvency specialist Mistry Associates.

CRN recalls the Mancunian firm was incorporated in 1996 and, by
the turn of the century, was posting annual revenues of more than
GBP10 million.  Citing an industry source, CRN discloses the firm
was not adaptive enough with its business model in later years.


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


* IATA Predicts Worldwide Airline Losses of US$11 Billion in 2009
-----------------------------------------------------------------
The International Air Transport Association said September 15 a
revised global financial forecast predicting airline losses
totaling US$11 billion in 2009.  This is US$2 billion worse than
the previously projected US$9 billion loss due to rising fuel
prices and exceptionally weak yields.  Industry revenues for the
year are expected to fall by US$80 billion (15%) to US$455 billion
compared with 2008 levels.

IATA also revised its loss estimates for 2008 from a loss of
US$10.4 billion to a loss of US$16.8 billion.  This revision
reflects restatements and clarification of the accounting
treatment of very large revaluations to goodwill and fuel hedges.
IATA industry profit figures strip-out such extra-ordinary items
which are not realized in cash terms.

"The bottom line of this crisis -- with combined 2008-9 losses at
US$27.8 billion -- is larger than the impact of 9/11," said
Giovanni Bisignani, IATA's Director General and CEO.  Industry
losses for 2001-2002 were US$24.3 billion.  "This is not a short-
term shock.  US$80 billion will disappear from the industry's top
line.  That 15% of lost revenue will take years to recover.
Conserving cash, careful capacity management and cutting costs are
the keys to survival.  The global economic storm may be abating,
but airlines have not yet found safe harbor.  The crisis
continues," said Mr. Bisignani.

Three main factors are driving the expected losses:

    * Demand: Passenger traffic is expected to decline by 4.0% and
      cargo by 14% for 2009 (compared to declines of 8.0% and 17%
      respectively in the June forecast).  By July, cargo demand
      was -11.3% and passenger demand was -2.9%.  While both are
      improvements over the lows of -23.2% for cargo (January) and
      -11.1% for passenger (March), both markets remain weak.

    * Yield: Yields are expected to fall 12% for passenger and 15%
      for cargo, compared to declines of 7% and 11% respectively
      in the June forecast.  The fall in passenger yield is led by
      the 20% drop in demand for premium travel. Cargo utilization
      remains at less than 50% despite the removal of 227
      freighters from the global fleet.  There is little hope for
      an early recovery in yields in either the passenger or cargo
      markets.

    * Fuel: Spot oil prices have been driven up sharply in
      anticipation of improved economic conditions.  Oil is now
      expected to average US$61 per barrel (Brent) for the year
      (up from US$56 per barrel in the June forecast).  This will
      add US$9 billion in cost for a total expected fuel bill of
      US$115 billion.

"The optimism in the global economy has seen passenger and freight
volumes rise, but that is the only bright spot.  Rising costs and
falling yields have squeezed airline cash flows.  The sharp
decline in yields will leave a lasting mark on the industry's
structure.  And revenues are not likely to return to 2008 levels
until 2012 at the earliest," said Mr. Bisignani.

"With cash flows substantially down over the first half of the
year, the situation is critical.  Larger carriers have built-up
cash reserves of US$15 billion -- a war chest that is warding off
a major cash crisis.  But the outlook for small and medium sized
carriers --  with limited options to raise cash -- is much more
severe," said Mr. Bisignani.

The regional picture is varied:

    * North American carriers are expected to post losses of
      US$2.6 billion, more than double the previously forecast
      loss of US$1.0 billion.  Early resizing of capacity matched
      the slump in demand.  But yields remain weak and recovery in
      travel demand is being held back by high levels of debt and
      unemployment.

    * European carriers are expected to post the largest losses,
      US$3.8 billion.  This is also more than double the
      previously forecast US$1.8 billion loss.  Key long-haul
      markets were hit by the world trade collapse and delays in
      relaxing slot regulations prevented a timely reduction in
      capacity.

    * Asia-Pacific carriers will post losses of US$3.6 billion,
      similar to the US$3.3 billion previously forecast.  Worst
      hit by the recession and fuel hedging losses at the end of
      2008, the region's carriers are the first to benefit from
      reviving Asian economic growth and the modest restocking of
      inventories in the West.

    * Latin American carriers are expected to break even, an
      improvement from the previously forecast loss of
      US$0.9 billion and the best performance among the regions.
      Airlines in this region are benefiting from more robust
      economies and less of the consumer debt headwind seen in
      North America.

    * Middle East carriers will also see an improved outlook, from
      a loss of US$1.5 billion to a loss of US$0.5 billion.
      Airlines continue to gain long-haul market share with
      expanded capacity and hub connectivity.  The weakness of
      economic recovery, however, could mean continued excess
      capacity and further losses.

    * The outlook for Africa's carriers is unchanged with an
      expected loss of US$0.5 billion.  In spite of many economies
      on the continent continuing to grow during the global
      recession, African airlines were not able to benefit and
      lost market share.  Further losses are expected in this
      region next year.

"This is not an airline-only crisis.  There is less cash coming
into the industry and the entire value chain must be prepared for
change.  All our business partners -- including airports, air
navigation service providers, global distribution systems --  must
be prepared to cut costs and improve efficiencies.  Some airports
have delivered cost reductions, but not in line with the magnitude
of the changes to the industry cash flow," said Mr. Bisignani.

"Governments need a wake-up call to create a policy framework that
supports a competitive air transport sector capable of driving
economic expansion.  But European governments are fixated on using
environment as an excuse to squeeze more taxes out of the
industry.  And the US is not moving fast enough to deliver the
critical advantages to competitiveness that NextGen air traffic
management will bring," said Mr. Bisignani.  "We don't want
bailouts. But we need governments to look more seriously at this
sector by (1) investing in efficient infrastructure, (2) replacing
the proliferation of environmental taxes with a global solution
for the environment and (3) giving airlines normal commercial
freedoms to merge where it makes sense and to access markets and
global capital like any other business," said Mr. Bisignani.

                              2010

IATA expects losses to continue into 2010 with the industry
expected to report a US$3.8 billion net loss.  This is based on a
limited revival of growth in traffic volumes of 3.2% for passenger
and 5% for cargo; very little increase in yields of 1.1% for
passenger and 0.9% for cargo and oil at US$72 per barrel.

IATA (International Air Transport Association) represents some 230
airlines comprising 93% of scheduled international air traffic.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

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 * * *