TCREUR_Public/090921.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, September 21, 2009, Vol. 10, No. 186

                            Headlines

A U S T R I A

AVA-TRANS HOLDING: Claims Filing Deadline is September 30
FADA GMBH: Claims Filing Deadline is September 30
IMMOFINANZ AG: Immoeast Shareholders to Have Majority Control
INNENAUSBAU & REINIGUNGSUNTERNEHMEN: Claims Filing Ends Sept. 30
WIENERBERGER AG: Moody's Gives Stable Outlook on 'Ba1' Rating


F I N L A N D

DYNEA INTERNATIONAL: Moody's Cuts Corp. Family Rating to 'Caa1'


G E R M A N Y

IKB DEUTSCHE: Moody's Confirms 'Ba2' Subordinated Debt Ratings
TUI AG: Moody's Junks Corporate Family Rating From 'B3'
VAC FINANZIERUNG: Says In Talks with Lenders Following Default
VEM VERMOEGENSVERWALTUNG: Begins Ratiopharm Structured Sale


I R E L A N D

PROTIM ABRASIVES: High Court Appoints KPMG as Examiner
TIVWAY LTD: Decision on Court Protection Extension Due Today


I T A L Y

GRAZIA NERI: To Enter Into Liquidation


K A Z A K H S T A N

ASIA MERIDIAN: Creditors Must File Claims by September 24
ASTANA FINANCE: Nomura Named Coordinator of Creditors' Committee
ASYL TAL: Creditors Must File Claims by September 24
GELIOS LLP: Creditors Must File Claims by September 24
NUR-ASU LLP: Creditors Must File Claims by September 24

RAMEX LLP: Creditors Must File Claims by September 24


K Y R G Y Z S T A N

AS CONSTRUCTION: Creditors Must File Claims by September 30


R U S S I A

BORETSKIY LES: Creditors Must File Claims by September 24
BUSINESS-STROY-SERVIS: Creditors Must File Claims by September 24
GRANIT-2 LLC: Creditors Must File Claims by September 24
SOCHI-DOM LLC: Creditors Must File Claims by September 24
STROY-BUSINESS LLC: Creditors Must File Claims by September 24

STROY-KAPITAL LLC: Moscow Bankruptcy Hearing Set September 24
UC RUSAL: Seeks Fourth Extension of US$7.4 Bln Loan Repayment


S E R B I A   &   M O N T E N E G R O

HIP PETROHEMIJA: Resumes Output Following Debt-for-Equity Swap


S L O V A K   R E P U B L I C

NOVACKE CHEMICKE: Files for Bankruptcy on EU Cartel Fine


S W E D E N

SKANDINAVISKA ENSKILDA: Launches Discounted Offer for Securities


S W I T Z E R L A N D

AESCULA PHARMA: Claims Filing Deadline is September 30
BAHNHOF-PARKING ADLISWIL: Claims Filing Deadline is September 23
BIOQUEL GMBH: Claims Filing Deadline is September 30
KIDSCO AG: Claims Filing Deadline is September 30
LAUPER GMBH: Claims Filing Deadline is September 23

MARKETING MACHINE: Claims Filing Deadline is September 23
MVM VERSICHERUNGSMAKLER: Claims Filing Deadline is September 30
RSMP CONSULTANTS: Claims Filing Deadline is September 23
RUSTOLLI MONTAGE: Claims Filing Deadline is September 23
S M GIPSEREI: Claims Filing Deadline is September 30

T.M.P. TOP: Claims Filing Deadline is September 30
UPGRADE GMBH: Claims Filing Deadline is September 23


U K R A I N E

AKSIOMA LLC: Creditors Must File Claims by September 24
NAFTOGAZ OF UKRAINE: Yushchenko Supports US$500 Mln Bond Swap
PUSTOMITY MILK: Creditors Must File Claims by September 24
SATURN LLC: Creditors Must File Claims by September 24


U N I T E D   K I N G D O M

BURTON'S FOODS: Debt-for-Equity Swap Hurts Duke Street Investment
ITV PLC: Tony Ball's Incentivization Plan Talks to Continue Today
YOUR SPACE: In Talks Over Company Voluntary Arrangement


X X X X X X X X

* BOND PRICING: For the Week September 14 to September 18, 2009


                         *********


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AVA-TRANS HOLDING: Claims Filing Deadline is September 30
---------------------------------------------------------
Creditors of Ava-Trans Holding GmbH have until September 30, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Mag. Thomas Steiner
         Weihburggasse 18-20/50
         1010 Wien
         Austria
         Tel: 513 53 63
         Fax: DW 17
         E-mail: steiner.steiner@aon.at


FADA GMBH: Claims Filing Deadline is September 30
-------------------------------------------------
Creditors of Fada GmbH have until September 30, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 14, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Mag. Judith Eisenberg-Mirecki
         Reisnerstrasse 25
         1030 Wien
         Austria
         Tel: 714 82 44
         Fax: 714 82 44
         E-mail: ra.eisenberg-mirecki@aon.at


IMMOFINANZ AG: Immoeast Shareholders to Have Majority Control
-------------------------------------------------------------
Peter Woodifield at Bloomberg News reports that minority
shareholders in Immoeast AG, the Austrian property developer that
plans to merge with majority owner Immofinanz AG, will be offered
control of the enlarged company in return for backing the
transaction.

"There has to be a compelling commercial argument for the Immoeast
shareholders to make sure they raise their hands when they have to
vote on the merger,=94 Bloomberg quoted Eduard Zehetner, chief
executive officer of both businesses, as saying in an interview.
"The tricky part is how sweet to make the cake."

According to Bloomberg, Immofinanz's biggest asset is its 55%
stake in Immoeast, whose market value is almost three times
bigger.  Bloomberg relates Mr. Zehetner said Sept. 16 in an
Amsterdam, without the stake, Immofinanz's debt exceeds its assets
by about EUR800 million (US$1.2 billion).

Mr. Zehetnerm, as cited by Bloomberg, said Immofinanz will have to
buy the rest of Immoeast because any other transaction would be
too complicated.

As reported in the Troubled Company Reporter-Europe on Sept. 18,
2009, Reuters said Immofinanz still has not found a suitable way
to execute a merger with Immoeast.  Reuters disclosed Mr. Zehetner
told Austrian newspaper WirtschaftsBlatt in an interview "A
possible timeframe is from 2010 onwards.  We are investigating how
this is legally and technically possible -- we haven't found a
solution yet."

                            Insolvency

According to Reuters, Mr. Zehetner also said the risk for
Immofinanz to become insolvent "has dropped from 90% last year to
10%" after the group slashed its development pipeline, sold assets
and restructured debt.

IMMOFINANZ AG -- http://www.immofinanz.at/-- is an Austrian real
estate company that invests in private and commercial properties.
Its core activities are the rental and overall management of its
portfolio, the identification of sound investments and the
diversification of its portfolio both geographically and across
the different sectors of the property market.  The Company focuses
on operations in German-speaking countries of Austria, Germany and
Switzerland, but is also active in Central, Eastern and South-
Eastern Europe.  As of April 30, 2009 the IMMOFINANZ AG managed a
portfolio of 1.711 properties, covering a usable floor area of
9,487,910 square meters.  Its properties include apartments,
hotels, offices, retail outlets and garages.  The Company operates
through numerous direct and indirect as well as majority owned and
wholly owned subsidiaries, including IMMOAUSTRIA Immobilien
Anlagen GmbH, IMMOEAST AG and IMMOWEST, among others.


INNENAUSBAU & REINIGUNGSUNTERNEHMEN: Claims Filing Ends Sept. 30
----------------------------------------------------------------
Creditors of Innenausbau & Reinigungsunternehmen Gerndt KEG have
until September 30, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 14, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Mag. Dominik Baurecht
         Kaerntnerring 4
         1010 Wien
         Austria
         Tel: 533 66 61-77
         Fax: 533 66 61-10
         E-mail: baurecht@gnbz.at


WIENERBERGER AG: Moody's Gives Stable Outlook on 'Ba1' Rating
-------------------------------------------------------------
Moody's Investors Service has changed the outlook for
Wienerberger's Ba1 corporate family rating and the outlook on the
Ba3 hybrid bond rating to stable from negative.

The rating action was prompted by the recently announced rights
issue which is expected to provide Wienerberger with proceeds of
around EUR315 million.  As Wienerberger plans to use the proceeds
to reduce its indebtedness, the company's leverage ratios should
improve to levels which would position Wienerberger somewhat more
in line with the Ba1 rating category though it might take some
time for the company to be more firmly grounded in the current
rating.

In taking this decision Moody's has assumed that despite the
continued weakness in residential construction markets,
Wienerberger would be able to turn around its operating
performance in 2010 predominantly stemming from the rigorous and
extensive cost cutting programs which the company has undertaken
in recent months.

Also supporting the rating with a stable outlook is the
comfortable liquidity situation for Wienerberger, with very
limited debt maturities in the next 24 months and the availability
of long term committed bank lines.  In addition, with the rights
issue -- which will be used to pay down debt further - and the
successful renegotiation or the company's financial covenants with
its banks Moody's assumes that there is sufficient headroom under
Wienerberger's covenant tests going forward despite the weak
operating performance which is expected to remain subdued --
albeit slightly improved -- in the next financial year.

Moody's notes that a very high proportion of Wienerberger's
turnover is dependent on new residential housing construction,
which is generally highly cyclical and therefore the group is more
severely hit from an economic downturn than other companies in the
building materials industry which have a more diversified customer
base, such as infrastructure or non-residential construction.
Nonetheless the rights issue should provide Wienerberger with some
more cushion to get through the current downturn.

The Ba1 rating assumes that the company will over the intermediate
term be able to again improve its retained cash flow/net debt
ratio sustainable above the mid teens and that Wienerberger is
able to generate positive free cash flows by prudent spending on
capital expenditures and working capital management in order to
reduce its indebtedness and to align it to the weaker earnings and
operating cash flow level.  The stable outlook reflects the
expectation that Wienerberger's capital structure will improve in
2010, helped by the proceeds from the rights issue, the generation
of positive free cash flows and by the implementation of cost
cutting measures, to levels which would position Wienerberger more
solidly in the Ba1 rating category.

Moody's notes that the rating of the company's hybrid bond is
based on the assumption that the company will not make use of its
option to defer the coupon payment in the beginning of next year,
though the agency recognizes that such option is still open to the
company.

Outlook Actions:

Issuer: Wienerberger AG

  -- Outlook, Changed To Stable From Negative

Moody's last rating action on Wienerberger was to downgrade the
rating to Ba1 from Baa3 on 08 June 2009.

Headquartered in Vienna, Austria, Wienerberger AG is the world's
largest brick manufacturer and Europe's second-largest producer of
clay roof tiles.  The group generated revenues of EUR2.4 billion
per FY 2008.


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DYNEA INTERNATIONAL: Moody's Cuts Corp. Family Rating to 'Caa1'
---------------------------------------------------------------
Moody's Investors Services has downgraded the Probability of
Default and Corporate Family Ratings of Dynea International Oy to
Caa1.  The ratings are under review for downgrade.

The rating action was prompted by a continued deterioration of the
financial profile of Dynea International Oy since Moody's last
downgraded the group to B2 from B1 in March 2009.  Despite first
signs of cost cutting measures implemented by Dynea towards the
end of fiscal year 2008 and beginning of fiscal year 2009 starting
to bear fruit, subdued demand levels and weak capacity utilization
has led to continued weak operating performance with estimated LTM
June 2009 EBITDA (as adjusted by Moody's) of EUR12 million
compared to EUR42 million for the full year 2008.  Moody's notes
that the LTM EBITDA computation includes some non cash
restructuring charges booked in Q4 2008, which could not be
adjusted given limited financial disclosure on non recurring
items.  Consequently debt metrics have deteriorated materially
from year end levels with RCF / Net debt estimated to have dropped
to 6.3% on an LTM June 2009 basis (14.7% for the full year 2008).
The outlook for the operations of Dynea for the second half of the
year remains subdued with a clear lack of visibility on a
potential pick-up in activity.  There have been no tangible signs
of demand improvement in the second quarter of 2009
notwithstanding that a bottom in demand should have been reached.

The rapid deterioration in the debt coverage ratios of the group
since the end of last year makes a covenant breach at the end of
Q3 2009 a very likely risk to the liquidity profile of the group.
The free availability of the group's revolving credit facility is
seen as absolutely key to the group's ability to operate its
business in the future given rising raw material prices and
relatively depleted inventories.  The agency notes that Dynea has
made cash drawings under its revolver during the second quarter of
fiscal year 2009.  Moody's has limited visibility on whether
Dynea's banking group will continue supporting the group by
accepting to waive or reset covenants in the event of a breach.

Moody's notes that the capital structure of Dynea International
includes a high proportion of subordinated shareholder loans
(approximately 60% of the group's financial indebtedness), which
the agency believes have limited rights upon bankruptcy.  The
presence of this instrument in the capital structure is expected
to enhance the recovery prospects for other third-party creditors
in the corporate family.

The review for downgrade reflects the uncertainty surrounding the
outcome of potential covenant negotiations with Dynea
International's senior lenders at a time when the operating
performance of the group is under pressure.  The review process
will focus on the group's outlook for the second half of the
fiscal year 2009 and beyond as well as on the result of potential
covenant negotiations with lending banks.

The last rating action was on March 10, 2009, when Dynea
International Oy was downgraded to B2 with a negative outlook.

Dynea International Oy is a diversified specialty chemicals group
headquartered in Helsinki, Finland.  The group produces industrial
and panelboard resins as well as interior and engineered wood
solutions for the construction, furniture, automotive and
machinery & equipment industry.  Dynea reported 2008 revenues of
EUR864 million and an EBITDA of EUR41 million.


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IKB DEUTSCHE: Moody's Confirms 'Ba2' Subordinated Debt Ratings
--------------------------------------------------------------
Moody's Investors Service confirmed the Baa3 long-term debt and
deposit ratings, Ba2 subordinated debt ratings and Prime-3 short-
term rating of IKB Deutsche Industriebank, reflecting Moody's
assessment of a very high probability of ongoing external support.
The outlook on the senior and junior debt ratings remains
negative.  IKB's E bank financial strength rating, mapping to a
stand-alone baseline credit assessment of Caa1, was affirmed, with
a stable outlook.

Concurrently, Moody's downgraded the upper Tier 2 junior
subordinated instruments issued by IKB and its vehicle ProPart
Funding Ltd to C from Ca, the lowest level on Moody's rating
scale, and the Tier 1 instruments issued by IKB Funding Trust I &
II and Capital Raising GmbH to Ca from Caa3.  The outlook on these
instruments is stable.

The rating actions conclude the review for possible downgrade
originally initiated on 21 August 2008.

                Baa3/P-3 Ratings Benefit Strongly
                From Expected Medium-Term Support

Moody's decision to confirm IKB's senior unsecured debt and
deposit ratings at the Baa3 level along with the rating for
subordinated debt at Ba2 follows the recent granting of
EUR7.0 billion of additional guarantees to cover new debt
issuances from the German Financial Market Stabilisation Fund
(SoFFin).  The rating agency notes positively that a
EUR3.0 billion portion has been granted for a period of up to five
years, which is more accommodating than the term structure of
guarantees previously granted by the SoFFin.  In Moody's view, the
decision can be seen as a continuing commitment to support the
bank with liquidity in the medium term, thus allowing for a longer
period for the bank to recover some of its earlier financial
strength, in particular on the funding side.

"The SoFFin's decision to provide the bank with further assistance
was a key factor in Moody's decision to incorporate a very high
probability of systemic support into IKB's senior unsecured long-
term debt ratings," says Katharina Barten, Senior Analyst and Vice
President in Moody's banking team in Frankfurt.  "The amount and
maturity structure of the SoFFin guarantees should help IKB to
meet its financial obligations in the foreseeable future, which
also supports the short-term rating of Prime-3," adds Ms.  Barten.

Moody's cautions, however, that it expects the probability of
systemic support to diminish over time, given that IKB's systemic
importance -- at least in less fragile market conditions -- is
fairly modest.  To maintain its Baa3 senior unsecured ratings, IKB
will need to make swift progress in rebuilding its financial
strength, so that upward pressure on the BFSR can offset the
forecast gradual decrease in the probability of external support
in the future.  Furthermore, it must be careful not to over-
stretch its liquidity in the process of rebuilding its loan book.

Moody's decision to apply a negative outlook on the senior
unsecured debt and deposit ratings reflects its view of a lower
probability of future systemic support coupled with the
uncertainties with regard to IKB's future performance.

             BFSR Constrained by Profitability Issues
               and IKB's Impaired Funding Franchise

The E BFSR reflects Moody's view that, notwithstanding improved
capital levels, IKB will likely continue to face substantial
challenges in its effort to rebuild some of its previous financial
strength and that it has yet to prove that its business is
economically viable and its franchise is sustainable.

Accordingly, Moody's argues that the BFSR currently continues to
remain constrained by several factors, especially (i) the poor
outlook on IKB's short- and medium-term profitability and thus its
internal capital generation capacity, (ii) its limited access to
debt and equity capital markets and (iii) continued concerns about
the long-term viability of IKB's lending-biased franchise, which
suffers from a limited product portfolio and few cross-selling
opportunities.  However, Moody's stresses that it will monitor the
bank's progress closely and does not rule out positive pressure on
the BFSR in the near term.

            Hybrid Ratings Downgraded on Expectation of
                   Possible Further Write-Downs

Moody's downgrade of IKB's junior subordinated debt instruments
("Genussscheine") to C from Ca reflect (i) the additional recent
write-down of principal, (ii) Moody's expectation that coupons may
need to be deferred for several years and (iii) the risk of yet
higher principal write-downs, as the rating agency expects further
losses in the next two to three years.  Moreover, these
instruments are less likely to be written back again by the time
they mature (between 2009 and 2017).

The same applies to trust-preferred securities and silent
participations ("Stille Einlagen"), which were downgraded to Ca
from Caa3.  However, these instruments are perpetual and future
cash flows are not directly affected by envisaged write-downs
(where applicable).

This rating action concludes the review for possible downgrade on
the bank's short- and long-term debt ratings that Moody's
initiated on 21 August 2008 following the sale of a 90% stake in
the bank from KfW (rated Aaa) to the private equity company, Lone
Star (unrated).

Headquartered in Duesseldorf, Germany, IKB reported total assets
of EUR44.7 billion at the end of March 2009 and a group net loss
of EUR580 million for the previous 12 months.


TUI AG: Moody's Junks Corporate Family Rating From 'B3'
-------------------------------------------------------
Moody's Investors Service has lowered the Corporate Family Rating
and Probability of Default Rating of TUI AG to Caa1 from B3.  At
the same time, the unsecured rating and the subordinated rating
are lowered from Caa1 to Caa2 and from Caa2 to Caa3, respectively.
This concludes the review that was initiated on July 28, 2009.
The outlook is negative.

The rating action reflects Moody's view that the liquidity at TUI
AG will be significantly strained over the coming 12-18 months due
to the requirement for additional financial support for its
recently-divested Hapag-Lloyd division, in which it retains a
43.3% stake, as well as the very weak financial position of that
entity.  Such support may include equity contributions from
current shareholders, as well as EUR215 million for the
acquisition of a stake in a Newco to acquire CTA (a container
shipping terminal).  In addition, Moody's believes that the
financial condition of Hapag-Lloyd will make it largely unable to
service its own financial commitments to TUI AG (c.EUR1.46
billion) in a timely manner.  Moody's note also that should state
support be forthcoming for Hapag-Lloyd in the form of bank
guarantees, these would rank senior to its obligations to TUI AG.
Moody's therefore believe that TUI AG may need to take alternative
measures to meet its financial obligations during 2010 and beyond,
notably close to EUR1 billion in bond redemptions and private
placements in 2010.  In this regard, TUI is currently planning to
divest certain assets to increase liquidity.

In support of TUI AG's liquidity profile, Moody's note its claim
to the remaining c.EUR1 billion inter-company loan to TUI Travel
plc, which matures in January 2011, which will be significant for
TUI's own liquidity profile.  The loan is subject to mandatory
prepayment in case TUI Travel plc raises alternative funding, and
as such may be repaid earlier than the final maturity.  In
addition, Moody's note that EUR200 million in loans to Hapag-Lloyd
are guaranteed by the City of Hamburg and repayable in March 2010.
Apart from Moody's concerns on longer-term liquidity, however,
Moody's note also the general weakness in the group's overall
metrics in terms of adjusted leverage.

The negative outlook reflects both the weak operating environment
as well as uncertainties concerning liquidity.  Given that
liquidity is currently the key driver of the rating, the outlook
could be stabilized if this were to be comfortably strengthened
beyond a twelve month horizon, together with a stable or improved
operating performance.  Conversely, the rating could be lowered if
liquidity does not improve in the short-term, or if credit metrics
were to deteriorate.

TUI AG's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of TUI AG's core industry and TUI AG's ratings are
believed to be comparable to those of other issuers of similar
credit risk.  The last rating action for TUI AG was implemented on
28 July 2009, when the CFR was lowered to B3 and all ratings were
placed under review for possible downgrade.

TUI, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group, and currently retains a 43.3% stake in
Hapag-Lloyd, which is a leading provider of container shipping
services.  In 2008, the group reported revenues and underlying
EBITA of EUR24.9 billion and EUR759 million, respectively.
Tourism accounted for about 75% of revenues, and shipping and
other activities for the remainder.


VAC FINANZIERUNG: Says In Talks with Lenders Following Default
--------------------------------------------------------------
John Glover at Bloomberg News reports that VAC Finanzierung GmbH
said it's in talks with "various lenders" after defaulting under
the terms of its senior credit facility.

According to Bloomberg, the company said in a filing with the
Luxembourg Exchange Thursday it failed to present a proposal to
reset its financial covenants that was acceptable to the lenders'
agent.

Headquartered in Hanau, Germany, Vacuumschmelze GmbH designs and
manufactures magnetic products.

                           *      *      *

As reported in the Troubled Company Reporter-Europe on June 11,
2009, Moody's Investors Service downgraded the corporate family
rating and probability of default rating of Vac Finanzierung GmbH,
the ultimate holding company of Vacuumschmelze GmbH & Co. KG, to
Caa2 from Caa1.  At the same time, Moody's downgraded Vac
Finanzierung's senior secured notes to Caa3 from Caa2.  Moody's
said the rating outlook is negative.


VEM VERMOEGENSVERWALTUNG: Begins Ratiopharm Structured Sale
-----------------------------------------------------------
Aaron Kirchfeld at Bloomberg News reports that VEM
Vermoegensverwaltung GmbH, the investment vehicle that controls
Ratiopharm GmbH, on Thursday began a "structured sales process"
for the generic-drug maker.

Bloomberg relates VEM said in an e-mailed statement the trustees
are prepared to sell Ratiopharm in parts if it provides "better
prospects" for the sale, though it would prefer a divestment of
the drugmaker as a whole.

VEM, as cited by Bloomberg, said the Ratiopharm sale, which is
aimed at raising funds to pay down debt, will be completed in the
first quarter of 2010 at the earliest because of the "complexity"
of the transaction and the "high number" of interested buyers.

According to Bloomberg, people familiar with the situation said
earlier this week 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.

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2009, Bloomberg News said Germany's Merckle family seeks to raise
as much as EUR3 billion (US$4.4 billion) from the sale to pay off
bank loans.

Daniel Schafer at The Financial Times reports Merckle's banks have
recently extended a debt moratorium on VEM by 18 months, buying
time for a sale of some of its assets to reduce debt.

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


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PROTIM ABRASIVES: High Court Appoints KPMG as Examiner
------------------------------------------------------
IrelandOn-Line reports that the High Court on Thursday approved
the appointment of an examiner to Protim Abrasives Ltd. after an
independent accountant's report showed that the company has a
reasonable prospect of survival as a going concern.

The report relates Justice John MacMenamin said he was satisfied
to appoint Kieran Wallace of KPMG as examiner to the company,
which employs 45 people.

The company, the report discloses, went into examinership because
it is insolvent and cannot pay its debts.

According to the report, its main creditors are National Irish
Bank who are owed EUR4.9 million, and the Revenue Commissioners
who are owed EUR235,000.

The report notes a statement of affairs for August 2009 showed
that the firm has assets of EUR13.2 million against liabilities of
EUR11.9 million.  In a liquidation scenario there would be a
deficit of EUR6.25 million, the report states.

Headquartered in Dublin, Ireland, Protim Abrasives Ltd. --
http://www.protim.ie/-- supplies hardware, timber preservative
and bathroom products.


TIVWAY LTD: Decision on Court Protection Extension Due Today
------------------------------------------------------------
IrelandOn-Line reports that a High Court judge will decide today,
Sept. 21, whether to extend creditor protection to the parent
companies of Tivway Ltd., a firm within the John J. Fleming
Construction group.

According to the report Mr. Justice Daniel O'Keeffe said that he
will give his decision at 10:00 a.m. today.

The report relates the examiner of Tivway, a subsidiary of one of
the Cork-based Fleming group of companies, has applied to the High
Court to have both John J Fleming Construction and JJ Fleming
Holdings included as part of the examinership process that would
allow the companies survive.

The group employs 650 people and has overall debts of some EUR1
billion, the report discloses.

On July 22, 2009, the Troubled Company Reporter-Europe, citing The
Irish Times, reported Mr. Justice Brian McGovern made orders
appointing George Maloney of accountants Baker, Tilly, Ryan and
Glennon, as interim examiner to devise a rescue package for
Tivway.  The Irish Times disclosed ACC Bank, which is owed EUR21.5
million by Tivway, had opposed examinership for the company,
arguing a receiver should be appointed instead as a cheaper and
equally effective option, while Anglo Irish Bank Corporation,
which is owed EUR268 million as a contingent creditor, supported
the examinership application.

Tivway lost EUR41 million last year due to the deteriorating
economy, particularly within the property sector.


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I T A L Y
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GRAZIA NERI: To Enter Into Liquidation
--------------------------------------
The British Journal of Photography reports that Italian photo
agency Grazia Neri Agency is to enter into liquidation, blaming
"extreme editorial and advertising crisis".

In a letter seen by BJP Grazia Neri's executive director Michele
Neri, said "the extreme editorial and advertising crisis that has
started in the second half of 2008 and has exploded in 2009 has
brought the agency to a severe financial crisis, with a decrease
in sales of nearly 40%."

According BJP, Mr. Neri said the in the past year, the agency has
cut its staff from 31 to 18, and has "consumed all the financial
reserves accumulated in the past".


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K A Z A K H S T A N
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ASIA MERIDIAN: Creditors Must File Claims by September 24
---------------------------------------------------------
Creditors of LLP Company Asia Meridian 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 3, 2009.


ASTANA FINANCE: Nomura Named Coordinator of Creditors' Committee
----------------------------------------------------------------
Following the announcement by Astana Finance on May 19, 2009,
Nomura International Plc has been appointed Co-ordinator of the
newly formed Creditors' Committee.

The formation of the committee results from Astana Finance's
decision to suspend payments of interest and principal on its
international obligations and those of its subsidiary, Astana
Finance B.V., and to suspend principal payments on certain of its
domestic obligations.

An appointment letter, dated August 21, 2009, has been executed by
Astana Finance and the members of the Creditors' Committee.  A
copy of the appointment letter is available to Creditors upon
request from the Co-ordinator.

The Creditors' Committee currently consists of the following
members:

   -- Banco Finantia,
   -- Franklin Templeton,
   -- Landesbank Berlin AG,
   -- Merrill Lynch International, and
   -- Nomura International Plc.

Additional Creditors may be added as members of the Creditors'
Committee.

Any Creditor wishing to contact the Co-ordinator may contact
Makram Abboud or Luke Jaggar of Nomura International Plc
(makram.abboud@nomura.com or luke.jaggar@nomura.com).  In
addition, questions may be raised with Michael Susslebeck of
Landesbank Berlin AG, a member of the Creditors' Committee
(michael.suesselbeck@lbb.de).

                           About Nomura

Nomura -- http://www.nomura.com/-- is a financial services group.
Based in Tokyo and with regional headquarters in Hong Kong,
London, and New York, Nomura employs about 26,000 staff worldwide.

                        About Astana Finance

JSC Astana Finance a.k.a Astana Finans AO (KAS:ASFI) --
http://www.af.kz/-- is a Kazakhstan-based non-banking financial
institution.  It provides leasing services of such goods as
agricultural machines and equipment, trucks and road construction
machines, utilities and special machines, aircraft and aeronautic
equipment, and rolling-stock.  It also offers microcredits and
loans, mortgages, business credits, mutual funds, insurance,
hedging, and others.  The Company has branch offices located in
Astana, Almaty and Atyrau, Kazakhstan.  As of January 01, 2009, it
operated through nine wholly owned subsidiaries, one 99.97%-owned
company and one affiliated company.  Astana Finans AO's activities
comprise the territories of Kazakhstan and the Russian Federation.


ASYL TAL: Creditors Must File Claims by September 24
----------------------------------------------------
Creditors of LLP Asyl Tal have until September 24, 2009, to submit
proofs of claim to:

         Neusypov Str. 26/2-4
         Uralsk
         West Kazakhstan
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


GELIOS LLP: Creditors Must File Claims by September 24
------------------------------------------------------
Creditors of LLP Gelios have until September 24, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

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


NUR-ASU LLP: Creditors Must File Claims by September 24
-------------------------------------------------------
Creditors of LLP Nur-Asu have until September 24, 2009, to submit
proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

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

The Court is located at:

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


RAMEX LLP: Creditors Must File Claims by September 24
-----------------------------------------------------
Creditors of LLP Ramex have until September 24, 2009, to submit
proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

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

The Court is located at:

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


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K Y R G Y Z S T A N
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AS CONSTRUCTION: Creditors Must File Claims by September 30
-----------------------------------------------------------
LLC AS Construction is currently undergoing liquidation.
Creditors have until September 30, 2009, to submit proofs of claim
to:

         Lev Tolstoi Str. 103a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 41-88-57


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R U S S I A
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BORETSKIY LES: Creditors Must File Claims by September 24
---------------------------------------------------------
Creditors of LLC Boretskiy Les-Prom-Khoz (TIN 2910003818, PSRN
102290127018) (Forestry) have until September 24, 2009, to submit
proofs of claims to:

         N. Stepanov
         Insolvency Manager
         Office 225
         Novgorodskiy Prospect 74
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?05=9614888/2008.

The Debtor can be reached at:

         LLC Boretskiy Les-Prom-Khoz
         Office 49
         Building 1
         Dobrolyubova Str. 1
         163012 Arkhangelsk
         Russia


BUSINESS-STROY-SERVIS: Creditors Must File Claims by September 24
-----------------------------------------------------------------
Creditors of LLC Business-Stroy-Servis (TIN 3123128038, PSRN
1053107162140) (Construction) have until September 24, 2009, to
submit proofs of claims to:

         B. Krotov
         Insolvency Manager
         Apt. 223
         Promyshlennyy Proezd 3
         308033 Belgorod
         Russia
         Tel: (4722)34-13-74

The Arbitration Court of Belgorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?08=961125/2009=9624B.

The Debtor can be reached at:

         LLC Business-Stroy-Servis
         Prospect Slavy 18
         Belgorod
         Russia


GRANIT-2 LLC: Creditors Must File Claims by September 24
--------------------------------------------------------
Creditors of LLC Granit-2 (TIN 5102001588, PSRN 1025100537990)
(Construction) have until September 24, 2009, to submit proofs of
claims to:

         S. Ivanov
         Insolvency Manager
         Z. Kosmodemyanskoy Str. 29
         183008 Murmansk
         Russia

The Arbitration Court of Murmanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?42=965769/2008.

The Debtor can be reached at:

         LLC Granit-2
         Sovetskaya Str. 18
         Kandalaksha
         Russia


SOCHI-DOM LLC: Creditors Must File Claims by September 24
---------------------------------------------------------
Creditors of LLC Sochi-Dom-Stroy (TIN 2320104740) (Construction)
have until September 24, 2009, to submit proofs of claims to:

         A. Sakhovskiy
         Insolvency Manager
         Post User Box 88
         432099 Ulyanovsk
         Russia

The Arbitration Court of Krasnodarskiy will convene at 2:50 p.m.
on December 15, 2009, to hear the company's bankruptcy
proceedings.  The case is docketed under Case No. ?-32=9626918/2008=96
27/1538-B.

The Debtor can be reached at:

         LLC Sochi-Dom-Stroy
         Olimpiyskaya Str. 23
         Sochi
         Krasnodarskiy
         Russia


STROY-BUSINESS LLC: Creditors Must File Claims by September 24
--------------------------------------------------------------
Creditors of LLC Stroy-Business (TIN 7719571373)  (Construction)
have until September 24, 2009, to submit proofs of claims to:

         Ya.Zhukovskaya
         Insolvency Manager
         Office 34
         Rozhdestvenskiy Blvd. 5-7
         107045 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?41=9626718/09.

The Debtor can be reached at:

         LLC Stroy-Business
         Gagarina Str. 64A/39
         Kolomna
         Kolomenskiy
         140400 Moskovskaya
         Russia


STROY-KAPITAL LLC: Moscow Bankruptcy Hearing Set September 24
-------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:30 a.m. on
September 24, 2009, to hear bankruptcy supervision procedure on
LLC Stroy-Kapital (Construction).  The case is docketed under Case
No. ?40=9637610/09=96124=9643B.

The Temporary Insolvency Manager is:

         L. Mirabyan
         Post User Box 126
         117303 Moscow
         Russia

The Debtor can be reached at:

         LLC Stroy-Kapital
         Building 5
         Butyrskaya Str. 75/74
         125015 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Moscow
         B. Tulskaya Str. 17
         Moscow
         Russia


UC RUSAL: Seeks Fourth Extension of US$7.4 Bln Loan Repayment
-------------------------------------------------------------
United Co. Rusal asked its foreign lenders to postpone the
repayment of US$7.4 billion in loans to the end of October, the
fourth extension in six months, Denis Maternovsky and Yuriy Humber
at Bloomberg News report, citing four people familiar with the
matter.

According to Bloomberg, the people, who declined to be identified
because the talks are private, said the standstill accord includes
an option to extend the repayment by another six weeks.

Rusal=92s foreign lenders include Royal Bank of Scotland Group Plc,
Deutsche Bank AG, Sumitomo Mitsui Financial Group Inc., Barclays
Bank Plc, BNP Paribas SA, Commerzbank AG and Natixis, according to
Bloomberg data.

                           About Rusal

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


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S E R B I A   &   M O N T E N E G R O
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HIP PETROHEMIJA: Resumes Output Following Debt-for-Equity Swap
--------------------------------------------------------------
Aleksandra Nenadovic at Bloomberg News, citing the B92 Web site,
reports that HIP Petrohemija a.d. resumed output following a
three-month halt after it reached a debt-for-equity-swap deal with
suppliers.

According to Bloomberg, B92, citing Economy Minister Mladjan
Dinkic, said under the agreement, Serbian gasoline retailer Naftna
Industrija Srbije will convert EUR24 million (US$35.4 million) of
Petrohemija's debt to equity, taking a 6% stake in the company to
raise its share to 25.79%.

Bloomberg relates B92 said the Economy Ministry will also propose
that the government approve a EUR50-million debt-to-equity swap by
the end of 2010.

Bloomberg says once Petrohemija's debts are settled, the company
will receive a monthly supply of 40,000 tons of gasoline to
process into petrochemical products, polymers and lubricants.

HIP Petrohemija a.d. is Serbia's largest petrochemicals producer.


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S L O V A K   R E P U B L I C
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NOVACKE CHEMICKE: Files for Bankruptcy on EU Cartel Fine
--------------------------------------------------------
Radoslav Tomek at Bloomberg News reports that Novacke Chemicke
Zavody AS said it filed for bankruptcy after the European
Commission in June fined the company EUR19.6 million (US$28.9
million) for being part of a cartel to fix the price of calcium
carbide and magnesium powder.

According to Bloomberg, Novacke, which has almost 1,700 employees,
said it filed a lawsuit to a Brussels court against the fine.

The management "believes" it will be able to continue production
during the bankruptcy procedure, Bloomberg discloses.

Based in Novaky, Slovak Republic, Novacke Chemicke Zavody AS --
http://www.nchz.sk/-- is a chemical manufacturer.  Its products
include: inorganic chemicals, organic chemicals, polymers and PVC
processing products.


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S W E D E N
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SKANDINAVISKA ENSKILDA: Launches Discounted Offer for Securities
----------------------------------------------------------------
Stockholm, Sweden-based Skandinaviska Enskilda Banken AB unveiled
its offer to the holders of its outstanding US$500,000,000 Capital
Contribution Securities, currently bearing an interest rate of
4.958% per annum and US$600,000,000 Capital Contribution
Securities, currently bearing an interest rate of 5.471% per annum
to purchase their Securities for cash.

The Tender Offer is made pursuant to a modified "Dutch Auction" on
the terms and subject to the conditions set out in the Offer to
Purchase dated September 18, 2009.

The purpose of the Tender Offer is to create additional Core
Tier 1 capital in the capital structure of the Bank in order to
improve and to strengthen the quality of its capital base.

Information with respect to the Securities:

                                                    Total
                                                    Consideration
                        Outstanding  Early          (Acceptable
   Series of              Principal  Participation  Bid Price
   Securities                Amount  Payment        Range)
   ----------           -----------  -------------  -------------
   US$500,000,000    US$500,000,000     US$40       US$780
   Capital                                          - US$850
   Contribution
   Securities,
   currently
   bearing
   interest at a
   rate of 4.958%
   per annum
   ISINs -- US830505AL70
         -- USW25381DLO7

   US$600,000,000    US$600,000,000     US$40       US$780
   Capital                                          - US$850
   Contribution
   Securities,
   currently
   bearing
   interest at a
   rate of 5.471%
   per annum
   ISINs -- US830505AM53
         -- USW25381DM89

     -- Per US$1,000 principal amount of Securities that are
       accepted for purchase.

                       Details of the Offers

The Bank is offering to purchase for cash, upon the terms and
subject to the conditions set forth in the Offer to Purchase, the
maximum aggregate principal amount of the 4.958% Securities and
the 5.471% Securities that it can purchase for US$400,000,000
(excluding Accrued Interest) and subject to amendment as described
in the Offer to Purchase, which amendment may be significant, the
Maximum Payment Amount), at a purchase price per US$1,000 in
principal amount determined in accordance with the procedures set
forth in the Offer to Purchase.  The Bank reserves the right, but
is not obligated, to amend the Maximum Payment Amount in the
circumstances described in the Offer to Purchase, which amendment
may be significant, without, in the event of any increase in the
Maximum Payment Amount, extending the Withdrawal Date or otherwise
reinstating withdrawal rights.  The Tender Offer is conditioned
upon the Replacement Regulatory Capital Condition and certain
other conditions.  The Tender Offer is not conditioned on any
minimum amount of Securities being tendered.  The Bank expressly
reserves its right to terminate the Tender Offer at any time prior
to the Expiration Time.

The Total Consideration payable for each series of Securities is
determined based on a formula consisting of a "base" price plus a
Clearing Premium applicable to both series of Securities to be
determined pursuant to a modified "Dutch Auction" process
described in full in the Offer to Purchase.  Holders validly
tendering their Securities after the Early Participation Date and
at or prior to the Expiration Time will only be eligible to
receive the Tender Offer Consideration, which is equal to the
Total Consideration less the Early Participation Payment.  The
Total Consideration and the Tender Offer Consideration will be
payable in cash.  Acceptance of tendered Securities may be subject
to proration as described in the Offer to Purchase.  In addition,
holders who tender Securities that are accepted for purchase by
the Bank will receive a cash payment representing the accrued and
unpaid interest on those Securities from the last interest payment
date to, but not including, the settlement date for Securities
purchased by the Bank pursuant to the Tender Offer (Accrued
Interest).

The Total Consideration for each US$1,000 principal amount of
either series of Securities validly tendered (and not withdrawn)
pursuant to the Tender Offer on or prior to the Early
Participation Date and accepted for purchase by the Bank will be
equal to the sum of: (i) the Base Price (equal to (a) US$780 for
the 4.958% Securities and (b) US$780 for the 5.471% Securities)
for that series of Securities and (ii) the Clearing Premium, which
Clearing Premium will be determined pursuant to a modified "Dutch
Auction".

The Tender Offer Consideration for each US$1,000 principal amount
of either series of Securities validly tendered pursuant to the
Tender Offer after the Early Participation Date and at or prior to
the Expiration Time and accepted for purchase by the Bank will
consist of the Total Consideration for that series of Securities
less the Early Participation Payment for each US$1,000 principal
amount of Securities accepted for purchase.

             Replacement Regulatory Capital Condition
                    and Maximum Payment Amount

The consummation of the Tender Offer is subject to satisfaction or
waiver of certain conditions, including the Replacement Regulatory
Capital Condition.  The purchase by the Bank of any Securities
validly tendered is subject to the requirement of the Swedish
Financial Supervisory Authority that before such purchase the Bank
must have issued a further aggregate nominal amount of capital
contribution securities with no less favorable regulatory capital
treatment to the Securities at least equal to the Maximum Payment
Amount (or its equivalent in the currency of the further capital
contribution security issue).

The Bank also intends to issue outside the United States a new
series of euro-denominated Tier 1 capital contribution securities
(the New Euro Tier 1 Securities), which will have no less
favorable regulatory capital treatment to the Securities.  If the
Bank is able to successfully issue an aggregate nominal amount of
New Euro Tier 1 Securities at least equal to the Maximum Payment
Amount then the Replacement Regulatory Capital Condition will be
satisfied.

However, to the extent the aggregate nominal amount of any New
Euro Tier 1 Securities is less than the Maximum Payment Amount,
the Bank will need to make a corresponding reduction to the
Maximum Payment Amount in order to be able to consummate the
Tender Offer (although the ability to make such amendment is
without prejudice to its right to otherwise terminate the Tender
Offer at any time prior to the Expiration Time). To the extent the
aggregate nominal amount of the New Euro Tier 1 Securities is more
than the Maximum Payment Amount this will enable the Bank to
similarly increase the Maximum Payment Amount if it wishes to do
so.

                 Indicative Tender Offer Timetable

    Events                                 Times and Dates
    ------                                 ---------------
    Tender Offer announced                 Friday, Sept. 18, 2009

    Early Participation Date               5:00 p.m. (New York
                                           City time) on Thursday,
                                           October 1, 2009
    Final deadline by which holders of
    Securities must have tendered (and
    not withdrawn) such holder's
    Securities in the Tender Offer
    to be eligible to receive the Early
    Participation Payment

    Withdrawal Date                        5:00 p.m. (New York
                                           City time) on Thursday,
                                           October 1, 2009

    The latest time and date at which
    a holder of Securities can withdraw
    its tender (subject to such date
    being extended in accordance with
    the terms of the Tender Offer)

    Announcement of Early Participation    9:00 a.m. (New York
                                           City time) on Friday,
                                           October 2, 2009

    Announcement of Securities tendered
    by the Early Participation Date

    Expiration Time
    Final deadline for receipt of valid
    Tender Instructions by the Depositary  12:00 midnight (New
                                           York City time) on
                                           Monday, October 19,
                                           2009

    Announcement of Tender Offer Results
    Announcement of whether the Bank will  Tuesday, October 20,
    accept valid tenders of Securities     2009
    for purchase pursuant to the Tender
    Offer and, if so accepted, the Total
    Consideration relating to such
    Securities.

    Payment Date
    Expected payment date for the          Thursday, October 22,
    Tender Offer                           2009

Holders of Securities are advised to read carefully the Offer to
Purchase for full details of and information on the procedures for
participating in the Tender Offer.

Goldman, Sachs & Co. and Banc of America Securities LLC are acting
as Dealer Managers and Global Bondholder Services Corporation is
acting as the Depositary and Information Agent.  The Depositary
and Information Agent are the agents of the Bank and owe no duty
to any holder of Securities.

Questions and requests for assistance in connection with the
Tender Offer may be directed to any Dealer Manager.

The Dealer Managers are:

   Goldman, Sachs & Co.             BofA Merrill Lynch
   Liability Management Group       Debt Advisory Services
   One New York Plaza               One Bryant Park
   New York, New York 10004         New York, NY 10036
   Attn: Liability Management       Attn: Debt Advisory Services
   Tel: (800) 828-3182 (toll free)  Tel: (888) 292-0070 (toll
free)
        (212) 902 5183 (collect)         (646) 855-3401 (collect)
        Email: tom.healy@gs.com

Questions and requests for assistance in connection with the
delivery of Tender Instructions may be directed to the Information
Agent.


     Depositary and Information Agent
     Global Bondholder Services Corporation
     65 Broadway - Suite 723
     New York, New York 10006
     Attn: Corporate Actions
     Banks and Brokers call: (212) 430-3774
     Toll free (866)-873-7700

                Offer and Distribution Restrictions

France

The Tender Offer is not being made, directly or indirectly, to the
public in the Republic of France.  Neither the Offer to Purchase
nor any other document or material relating to the Tender Offer
has been or shall be distributed to the public in France and only
(i) providers of investment services relating to portfolio
management for the account of third parties (personnes fournissant
le service d'investissement de gestion de portefeuille pour compte
de tiers) and/or (ii) qualified investors (investisseurs
qualifies) other than individuals, all as defined in and in
accordance with Articles L.411-1. L.411-2 and D.411-1 to D.411-3
of the French Code monetaire et financier, are eligible to
participate in the Tender Offer.  The Offer to Purchase has not
been and will not be submitted for clearance to nor approved by
the Autorite des Marches Financiers.

Italy

The Tender Offer is not being made, directly or indirectly, in the
Republic of Italy (Italy). The Tender Offer and the Offer to
Purchase have not been submitted to the clearance procedures of
the Commissione Nazionale per le Societe e la Borsa (CONSOB)
pursuant to Italian laws and regulations. Accordingly, holders of
Securities are notified that, to the extent such holders are
located or resident in Italy, the Tender Offer is not available to
them and they may not tender Securities for purchase pursuant to
the Tender Offer and, as such, any Tender Instructions received
from or on behalf of such persons shall be ineffective and void,
and neither the Offer to Purchase nor any other documents or
materials relating to the Tender Offer or the Securities may be
distributed or made available in Italy.

United Kingdom

The communication of the Offer to Purchase and any other documents
or materials relating to the Tender Offer is not being made and
such documents or materials have not been approved by an
authorized person for the purpose of Section 21 of the Financial
Services and Markets Act 2000 (FSMA).  Accordingly such documents
or materials are not being distributed to, and must not be passed
on to, the general public in the United Kingdom. The communication
of such documents or materials as a financial promotion is only
being made to those persons in the United Kingdom falling within
the definition of Investment Professionals (as defined in Article
19(5) of the FSMA (Financial Promotion) Order 2005 (the Financial
Promotion Order) or persons who are within Article 43 of the
Financial Promotion Order or any other persons to whom it may
otherwise lawfully be made under the Financial Promotion Order.


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S W I T Z E R L A N D
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AESCULA PHARMA: Claims Filing Deadline is September 30
------------------------------------------------------
Creditors of Aescula Pharma GmbH are requested to file their
proofs of claim by September 30, 2009, to:

         Aescula Pharma GmbH
         Bloezenweg 4
         4133 Pratteln
         Switzerland

The company is currently undergoing liquidation in Pratteln.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 9, 2009.


BAHNHOF-PARKING ADLISWIL: Claims Filing Deadline is September 23
----------------------------------------------------------------
Creditors of Bahnhof-Parking Adliswil AG are requested to file
their proofs of claim by September 23, 2009, to:

         Hans Scherrer
         Rietstrasse 17
         8307 Effretikon
         Switzerland

The company is currently undergoing liquidation in Adliswil.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 23, 2009.


BIOQUEL GMBH: Claims Filing Deadline is September 30
----------------------------------------------------
Creditors of BioQuel GmbH are requested to file their proofs of
claim by September 30, 2009, to:

         Treuhand AG Gossau
         Lagerstrasse 4
         9201 Gossau
         Switzerland

The company is currently undergoing liquidation in Niederdorf.
The decision about liquidation was accepted at a general meeting
held on July 17, 2009.


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

         Werner Edelmann
         Ebnetstrasse 47
         8474 Dinhard
         Switzerland

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


LAUPER GMBH: Claims Filing Deadline is September 23
---------------------------------------------------
Creditors of Lauper GmbH are requested to file their proofs of
claim by September 23, 2009, to:

         Schaerer Treuhand AG
         Felli 4
         4853 Riken
         Switzerland

The company is currently undergoing liquidation in Rothrist.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 18, 2009.


MARKETING MACHINE: Claims Filing Deadline is September 23
---------------------------------------------------------
Creditors of marketing machine GmbH are requested to file their
proofs of claim by September 23, 2009, to:

         Peter Haller Treuhand AG
         Liquidator
         Wintersingerstrasse 26A
         4312 Magden
         Switzerland

The company is currently undergoing liquidation in Moehlin.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 16, 2009.


MVM VERSICHERUNGSMAKLER: Claims Filing Deadline is September 30
---------------------------------------------------------------
Creditors of MVM Versicherungsmakler AG are requested to file
their proofs of claim by September 30, 2009, to:

         Rossi Luigi Raimondo
         Oberer Graben 3
         9000 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a general meeting
held on June 15, 2009.


RSMP CONSULTANTS: Claims Filing Deadline is September 23
--------------------------------------------------------
Creditors of RSMP Consultants GmbH are requested to file their
proofs of claim by September 23, 2009, to:

         Fiduria AG
         Zieglerstrasse 43b
         3000 Bern 14
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at a extraordinary
shareholders' meeting held on June 25, 2009.


RUSTOLLI MONTAGE: Claims Filing Deadline is September 23
--------------------------------------------------------
Creditors of Rustolli Montage GmbH are requested to file their
proofs of claim by September 23, 2009, to:

         Marija Rustolli-Karaqi
         Liquidator
         Rosenweg 8
         4313 Moehlin
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 23, 2009.


S M GIPSEREI: Claims Filing Deadline is September 30
----------------------------------------------------
Creditors of S M Gipserei & Malerei GmbH are requested to file
their proofs of claim by September 30, 2009, to:

         Etemi Spendim
         Liquidator
         Industriestrasse 9
         3175 Flamatt
         Switzerland

The company is currently undergoing liquidation in Wuennewil-
Flamatt.  The decision about liquidation was accepted at a
shareholders' meeting held on July 25, 2009.


T.M.P. TOP: Claims Filing Deadline is September 30
--------------------------------------------------
Creditors of t.m.p. top.media.production AG are requested to file
their proofs of claim by September 30, 2009, to:

         Andrey-Treuhand AG
         Zimmergasse 16
         Mail Box 2066
         8032 Zurich
         Switzerland

The company is currently undergoing liquidation in Opfikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 21, 2009.


UPGRADE GMBH: Claims Filing Deadline is September 23
----------------------------------------------------
Creditors of Upgrade GmbH are requested to file their proofs of
claim by September 23, 2009, to:

         BDS Treuhand AG
         Liquidator
         Vordergasse 3
         8200 Schaffhausen
         Switzerland

The company is currently undergoing liquidation in Doerflingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 3, 2009.


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U K R A I N E
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AKSIOMA LLC: Creditors Must File Claims by September 24
-------------------------------------------------------
Creditors of LLC Aksioma Firm (code EDRPOU 32413463) have until
September 24, 2009, to submit proofs of claim to:

         P. Duplika
         Insolvency Manager
         Post Office Box 27
         33023 Rovno
         Ukraine

The Economic Court of Rovno region commenced bankruptcy
proceedings against the company on August 7, 2009.  The case is
docketed under Case No. 8/18.

The Court is located at:

         The Economic Court of Rovno
         Yavornitsky Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         LLC Aksioma Firm
         Office 137
         Makarov Str. 26
         33000 Rovno
         Ukraine


NAFTOGAZ OF UKRAINE: Yushchenko Supports US$500 Mln Bond Swap
-------------------------------------------------------------
Halia Pavliva, Daryna Krasnolutska and James M. Gomez at Bloomberg
News report that President Ukrainian Viktor Yushchenko backed NJSC
Naftogaz of Ukraine's plan to repay or swap US$500 million of
Eurobonds.

"It's the Cabinet's policy that led the company to its current
problems, including lousy gas agreements between Ukraine and
Russia signed in January," Mr. Yushchenko said in an interview in
Kiev Thursday.  "The agreement can be revised at any moment."

According to Bloomberg, Naftogaz faces a deficit this year because
the government delayed increasing gas prices on Ukraine's domestic
market and the company gets less money for gas shipments through
its territory to Europe than any other European country.  The
company is currently in loan talks with the EU to secure funds for
gas purchases.

Bloomberg relates Naftogaz First Deputy Chief Executive Officer
Igor Didenko said the company has asked OAO Gazprom, Russia's
gas exporter, to contract for 33.75 billion cubic meters of gas
for 2010.

                         Debt Restructuring

As reported in the Troubled Company Reporter-Europe on Sept. 4,
2009, The Financial Times said Naftogaz hired Credit Suisse as an
adviser to help restructure more than US$1.7 billion in debts,
including a US$500 million eurobond issue, due to mature on
September 30.

                    About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
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 June 2,
2009, Moody's Investors Service downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine.  Moody's
said the outlook on the ratings was changed to negative.


PUSTOMITY MILK: Creditors Must File Claims by September 24
----------------------------------------------------------
Creditors of LLC Pustomity Milk (code EDRPOU 22557520) have until
September 24, 2009, to submit proofs of claim to:

         P. Duplika
         Insolvency Manager
         Post Office Box 27
         33023 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company on July 3, 2009.  The case is docketed under
Case No. 9/26.

The Court is located at:

         The Economic Court of Rovno
         Yavornitsky Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         LLC Pustomity Milk
         Pustomity
         Goschansky
         35414 Rovno
         Ukraine


SATURN LLC: Creditors Must File Claims by September 24
------------------------------------------------------
Creditors of LLC Saturn (code EDRPOU 13992279) have until
September 24, 2009, to submit proofs of claim to:

         P. Duplika
         Insolvency Manager
         Post Office Box 27
         33023 Rovno
         Ukraine

The Economic Court of Rovno commenced bankruptcy proceedings
against the company on August 6, 2009.  The case is docketed under
Case No. 8/17.

The Court is located at:

         The Economic Court of Rovno
         Yavornitsky Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         LLC Saturn
         Gagarin Str. 6
         33000 Rovno
         Ukraine


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U N I T E D   K I N G D O M
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BURTON'S FOODS: Debt-for-Equity Swap Hurts Duke Street Investment
-----------------------------------------------------------------
Martin Arnold at The Financial Times reports that Burton's Foods
Ltd., owned by private equity group Duke Street Capital, has been
taken over by its lenders in a debt restructuring.

According to the FT, the Burton's debt-forequity swap, which is
still being finalized, would hand control of the company to
Canadian Imperial Bank of Commerce and Apollo Global Management,
which financed Duke Street's GBP220 million buy-out in March 2007.

Duke Street, which has already written its GBP60 million equity
investment in Burton's down to zero, is expected to end up with a
small minority stake in the company, which was hit by a surge in
the price of commodities, including cocoa, skimmed milk and wheat,
the FT notes.

The FT recalls the private equity group has been in talks with
Burton's lenders for almost a year after the biscuit group
breached its banking covenants, which set minimum limits for
profits and indebtedness.  Riverhill advised Burton's.

Burton's Foods Ltd. -- http://www.burtonsfoods.com/-- is one of
the largest sweet biscuit companies in the UK.  The company makes
such childhood favorites as Jammie Dodgers and Wagon Wheels.  Its
other brand names include Viscount and Maryland (a favorite in the
UK). The company also makes private-label biscuits, confectionery,
and snack foods.  Its products are available in Europe and North
America.  The company was founded in 2001 as the result of the
merger of Burton's Gold Medal Biscuits and Horizon Biscuits
Company.  In 2007 Burton's was acquired by Duke Street Capital.


ITV PLC: Tony Ball's Incentivization Plan Talks to Continue Today
-----------------------------------------------------------------
Ben Fenton at The Financial Times reports that negotiations
between the board of ITV plc and representatives of Tony Ball, the
man it wants as its next chief executive, over his incentivization
plan will begin again today, Sept. 21.

The FT says the sides agree about his basic salary and bonuses,
but Mr. Ball is adamant he should have a deal involving share
options that could bring him about GBP20 million during five
years, if he were to attain performance targets.

According to the FT, the board is divided about how much it will
agree to pay in incentives.

                           About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 18,
2009, Standard & Poor's Ratings Services said that it has lowered
its long-term corporate credit and senior unsecured debt ratings
on U.K. private TV broadcaster ITV PLC to 'B+' from 'BB-'.  S&P
said the outlook is negative.  At the same time, S&P affirmed its
'B' short-term corporate credit rating on ITV.


YOUR SPACE: In Talks Over Company Voluntary Arrangement
-------------------------------------------------------
Your Space plc on Thursday said that it is currently in talks with
insolvency practitioners regarding the implementation of a Company
Voluntary Arrangement, to be proposed to the creditors of the
Company.

A CVA is a formal procedure under Part I of the Insolvency Act
1986 that allows a company to agree a composition or arrangement
with its creditors in satisfaction of some, or all, of its debts.

A letter has been sent to creditors informing them of these
proposals.

A further announcement will be made as soon as the terms of the
CVA have been finalized.

On Sept. 15, the company said negotiations regarding the disposal
of certain parts of its business, which were to raise additional
finance, were terminated.  It requested a suspension, with
immediate effect, of trading of its shares on AIM, pending
clarification of its financial position.

Your Space plc -- http://www.yourspaceplc.com/-- provides
serviced offices, virtual offices and meeting rooms.


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* BOND PRICING: For the Week September 14 to September 18, 2009
---------------------------------------------------------------

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

AUSTRIA
-------
IMMOFINANZ                 1.250   11/19/2017      EUR     74.49
KOMMUNALKREDIT             0.500    3/15/2019      CAD     64.17
OESTER VOLKSBK             5.450     8/2/2019      EUR     63.64
OESTER VOLKSBK             4.810    7/29/2025      EUR     41.00
OESTER VOLKSBK             5.270     2/8/2027      EUR     92.72

BELGIUM
-------
FORTIS BANK                8.750    12/7/2010      EUR     24.09

BULGARIA
--------
PETROL AD-SOFIA            8.375   10/26/2011      EUR     50.31

CYPRUS
------
INTERPIPE LTD              8.750     8/2/2010      USD     67.45

CZECH REPUBLIC
--------------
CZECH REPUBLIC             2.750    1/16/2036      JPY     60.02

FINLAND
-------
MUNI FINANCE PLC           1.000   11/21/2016      NZD     69.26
MUNI FINANCE PLC           1.000   10/30/2017      AUD     61.03
MUNI FINANCE PLC           1.000    2/27/2018      AUD     59.76
MUNI FINANCE PLC           0.500    9/24/2020      CAD     52.56
MUNI FINANCE PLC           0.250    6/28/2040      CAD     21.54

FRANCE
------
AIR FRANCE-KLM             4.970     4/1/2015      EUR     15.46
ALCATEL-LUCENT             5.000     1/1/2015      EUR      3.81
ALCATEL SA                 4.750     1/1/2011      EUR     16.49
ATARI SA                   4.000     4/1/2020      EUR      0.65
CALYON                     6.000    6/18/2047      EUR     46.94
CAP GEMINI SA              2.500     1/1/2010      EUR     51.74
CAP GEMINI SOGET           1.000     1/1/2012      EUR     45.12
CAP GEMINI SOGET           3.500     1/1/2014      EUR     45.04
CLUB MEDITERRANE           4.375    11/1/2010      EUR     49.12
CMA CGM                    5.500    5/16/2012      EUR     59.26
DEXIA MUNI AGNCY           4.680     3/9/2029      CAD     74.43
MAUREL & PROM              3.500     1/1/2010      EUR     22.66
MAUREL ET PROM             7.125    7/31/2014      EUR     18.96
NEXANS SA                  4.000     1/1/2016      EUR     66.42
PEUGEOT SA                 4.450     1/1/2016      EUR     28.74
PUBLICIS GROUPE            3.125    7/30/2014      EUR     33.90
PUBLICIS GROUPE            1.000    1/18/2018      EUR     44.69
SOC AIR FRANCE             2.750     4/1/2020      EUR     20.78
WENDEL INVEST              4.375     8/9/2017      EUR     71.88

GERMANY
-------
DEPFA PFANDBRIEF           5.886    2/22/2019      EUR     65.81
DEUTSCHE BK LOND           3.250    5/18/2012      CHF     50.13
DEUTSCHE BK LOND           1.000    3/31/2027      USD     46.05
ESCADA AG                  7.500     4/1/2012      EUR     34.52
GOTHAER ALLG VER           5.527    9/29/2026      EUR     65.71
GROHE HOLDING              8.625    10/1/2014      EUR     70.45
GROHE HOLDING              8.625    10/1/2014      EUR     69.00
HSH NORDBANK AG            4.375    2/14/2017      EUR     63.49
HVB REAL ESTATE            6.570    3/18/2022      EUR     69.96
HYPO REAL ESTATE           4.690   12/14/2026      EUR     60.03
HYPO REAL ESTATE           5.440    4/13/2034      EUR     61.84
HYPOREAL INTL AG           4.560    3/28/2021      EUR     58.43
HYPOREAL INTL AG           4.770    8/11/2021      EUR     68.45
HYPOREAL INTL AG           4.675    9/13/2021      EUR     67.60
IKB DEUT INDUSTR           4.500     7/9/2013      EUR     72.53
IWKA FINANCE               3.750    11/9/2011      EUR     73.94
KFW                        6.588    8/10/2030      EUR     79.80
KFW                        5.000   10/17/2035      EUR     73.56
L-BANK FOERDERBK           0.500    5/10/2027      CAD     41.67
LB BADEN-WUERTT            5.250   10/20/2015      EUR     36.00
LB BADEN-WUERTT            2.500    1/30/2034      EUR     56.07
LB BADEN-WUERTT            2.935    7/14/2036      JPY     72.29

HUNGARY
-------
OTP BANK                   5.270    9/19/2016      EUR     74.75

ICELAND
-------
GLITNIR BANKI HF           6.693    6/15/2016      USD      6.98

IRELAND
-------
ALLIED IRISH BKS           7.875     7/5/2023      GBP     77.33
ALLIED IRISH BKS           5.250    3/10/2025      GBP     63.77
ALLIED IRISH BKS           5.625   11/29/2030      GBP     64.14
BANESTO FINANC             6.120    11/7/2037      EUR      6.12
BANK OF IRELAND            4.875    1/22/2018      GBP     71.72
DEPFA ACS BANK             0.500     3/3/2025      CAD     34.75
DEPFA ACS BANK             5.250    3/31/2025      CAD     73.56
DEPFA ACS BANK             3.250    7/31/2031      CHF     95.76
DEPFA ACS BANK             4.900    8/24/2035      CAD     70.09
DEPFA ACS BANK             5.125    3/16/2037      USD     68.63
DEPFA ACS BANK             5.125    3/16/2037      USD     68.63
DEPFA BANK PLC            11.000     2/7/2011      BRL     71.40
IRISH LIFE & PER           4.625     5/9/2017      EUR     67.66
IRISH NATIONWIDE           6.250    6/26/2012      GBP    102.32
IRISH NATIONWIDE           5.500    1/10/2018      GBP     42.41
ONO FINANCE II             8.000    5/16/2014      EUR     62.06
ONO FINANCE II             8.000    5/16/2014      EUR     62.13
UT2 FUNDING PLC            5.321    6/30/2016      EUR     63.91

ITALY
-----
CIR SPA                    5.750   12/16/2024      EUR     72.61
COMUNE DI MILANO           4.019    6/29/2035      EUR     69.60

LITHUANIA
---------
LITHUANIA GOVT             3.750    2/10/2016      LTL     66.23

LUXEMBOURG
----------
ARCELORMITTAL              7.250     4/1/2014      EUR     32.80
BREEZE                     4.524    4/19/2027      EUR     61.87
CRC BREEZE                 5.290     5/8/2026      EUR     69.15
GLENCORE FINANCE           7.125    4/23/2015      EUR    101.15
HELLAS III                 8.500   10/15/2013      EUR     70.45

NETHERLANDS
-----------
ABN AMRO BANK NV           6.000    3/16/2035      EUR     67.40
ABN AMRO BANK NV           7.540    6/29/2035      EUR     60.10
AI FINANCE B.V.           10.875    7/15/2012      USD     30.00
AIR BERLIN FINAN           1.500    4/11/2027      EUR     62.16
ALB FINANCE BV             9.000   11/22/2010      USD     22.49
ALB FINANCE BV             8.750    4/20/2011      USD     22.48
ALB FINANCE BV             7.875     2/1/2012      EUR     20.97
ALB FINANCE BV             9.250    9/25/2013      USD     22.95
ARPENI PR INVEST           8.750     5/3/2013      USD     66.13
ARPENI PR INVEST           8.750     5/3/2013      USD     66.13
ASTANA FINANCE             9.000   11/16/2011      USD     18.48
BLT FINANCE BV             7.500    5/15/2014      USD     54.50
BLT FINANCE BV             7.500    5/15/2014      USD     54.50
BK NED GEMEENTEN           0.500    6/27/2018      CAD     70.09
BK NED GEMEENTEN           0.500    2/24/2025      CAD     45.46
ELEC DE CAR FIN            8.500    4/10/2018      USD     69.75
EM.TV FINANCE BV           5.250     5/8/2013      EUR      3.70
FINANCE & CREDIT          10.375    1/25/2010      USD     69.49
INDAH KIAT INTL           11.875    6/15/2002      USD      7.13
ING BANK NV                4.200   12/19/2035      EUR     73.36
IVG FINANCE BV             1.750    3/29/2017      EUR     58.30
KAZKOMMERTS FIN            8.625    7/27/2016      USD     67.47
KAZKOMMERTS FIN            8.500    6/13/2017      USD     67.25
KBC IFIMA NV               6.004     2/7/2025      USD     64.88
MONTELL FIN BV             8.100    3/15/2027      USD     64.88
NATL INVESTER BK          25.983     5/7/2029      EUR     34.87
NED WATERSCHAPBK           0.500    3/11/2025      CAD     46.44
NIB CAPITAL BANK           4.790   12/17/2043      EUR     72.55
NURFINANCE                 9.375   10/17/2011      USD     83.92
NXP BV/NXP FUNDI          10.000    7/15/2013      EUR     71.00
NXP BV/NXP FUNDI          10.000    7/15/2013      EUR     71.00
NXP BV/NXP FUNDI           8.625   10/15/2015      EUR     57.18
NXP BV/NXP FUNDI           8.625   10/15/2015      EUR     58.38
NXP BV/NXP FUNDI           8.625   10/15/2015      EUR     58.38
NXP BV/NXP FUNDI           9.500   10/15/2015      USD     66.50
NXP BV/NXP FUNDI           9.500   10/15/2015      USD     66.50
NXP BV/NXP FUNDI           9.500   10/15/2015      USD     66.00
Q-CELLS INTERNAT           1.375    2/28/2012      EUR     66.09
TURANALEM FIN BV           7.875     6/2/2010      USD     18.50
TURANALEM FIN BV           6.250    9/27/2011      EUR     17.74
TURANALEM FIN BV           7.750    4/25/2013      USD     18.22
TURANALEM FIN BV           8.000    3/24/2014      USD     16.00
TURANALEM FIN BV           8.500    2/10/2015      USD     18.54
TURANALEM FIN BV           8.250    1/22/2037      USD     18.83
TURANALEM FIN BV           8.250    1/22/2037      USD     18.96

NORWAY
------
EKSPORTFINANS              0.500     5/9/2030      CAD     35.43
NORSKE SKOGIND             7.000    6/26/2017      EUR     63.44

POLAND
------
POLAND-REGD-RSTA           2.810   11/16/2037      JPY     61.51
POLAND GOVT BOND           3.300    6/16/2038      JPY     64.27
REP OF POLAND              2.620   11/13/2026      JPY     69.46
REP OF POLAND              2.648    3/29/2034      JPY     57.94
REP OF POLAND              3.220     8/4/2034      JPY     65.61
REP OF POLAND              4.250    7/20/2055      EUR     64.11

SWITZERLAND
-----------
CYTOS BIOTECH              2.875    2/20/2012      CHF     52.00

UNITED KINGDOM
--------------
3I GROUP PLC               5.750    12/3/2032      GBP     75.23
ALPHA CREDIT GRP           2.940     3/4/2035      JPY     67.06
AMDOCS LIMITED             0.500    3/15/2024      USD     70.00
ANGLIAN WAT FIN            2.400    4/20/2035      GBP     57.20
BANK OF SCOTLAND           2.928    6/10/2020      USD     54.52
BANK OF SCOTLAND           2.340   12/28/2026      JPY     71.29
BANK OF SCOTLAND           2.408     2/9/2027      JPY     71.61
BANK OF SCOTLAND           2.359    3/27/2029      JPY     67.79
BANK OF SCOTLAND           6.200     2/7/2035      EUR     61.42
BARCLAYS BK PLC           10.600    7/21/2011      USD     39.37
BEAZLEY GROUP LT           7.250   10/17/2026      GBP     78.93
BRADFORD&BIN BLD           7.625    2/16/2010      GBP      6.00
BRADFORD&BIN BLD           5.500    1/15/2018      GBP      5.99
BRADFORD&BIN BLD           5.750   12/12/2022      GBP      5.46
BRADFORD&BIN PLC           6.625    6/16/2023      GBP      5.98
BRADFORD&BIN BLD           4.910     2/1/2047      EUR     67.19
BRIT INSURANCE             6.625    12/9/2030      GBP     67.16
BROADGATE FINANC           5.098     4/5/2033      GBP     68.23
CATTLES PLC                7.875    1/17/2014      GBP      9.75
CITY OF KIEV               8.000    11/6/2015      USD     65.85
CITY OF KYIV               8.250   11/26/2012      USD     76.01
CJSC FIRST UKRAI           9.750    2/16/2010      USD     75.97
CO-OPERATIVE BNK           5.750    12/2/2024      GBP     72.11
CO-OPERATIVE BNK           5.875    3/28/2033      GBP     69.12
DAILY MAIL & GEN           6.375    6/21/2027      GBP     72.20
EFG HELLAS PLC             2.760    5/11/2035      JPY     64.19
ENTERPRISE INNS            6.500    12/6/2018      GBP     78.78
ENTERPRISE INNS            6.875    2/15/2021      GBP     73.31
ENTERPRISE INNS            6.875     5/9/2025      GBP     73.14
ENTERPRISE INNS            6.375    9/26/2031      GBP     70.43
F&C ASSET MNGMT            6.750   12/20/2026      GBP     70.84
GRAINGER PLC               3.625    5/17/2014      GBP     50.84
GREENE KING FIN            5.702   12/15/2034      GBP     62.18
HBOS PLC                   4.500    3/18/2030      EUR     62.43
HBOS PLC                   6.000    11/1/2033      USD     72.35
HBOS PLC                   6.000    11/1/2033      USD     72.35
INEOS GRP HLDG             7.875    2/15/2016      EUR     44.03
INEOS GRP HLDG             7.875    2/15/2016      EUR     43.25
INEOS GRP HLDG             8.500    2/15/2016      USD     45.52
INEOS VINYLS FIN           9.125    12/1/2011      EUR     65.38
INEOS VINYLS FIN           9.125    12/1/2011      EUR     65.38
LEND LEASE EUR             6.125   10/12/2021      GBP     81.03
LONGSTONE FINANC           4.774    4/19/2031      GBP     74.64
LONGSTONE FINANC           4.896    4/19/2031      GBP     72.66
MARSTONS ISSUER            5.641    7/15/2035      GBP     69.67
MAX PETROLEUM              6.750     9/8/2012      USD     64.53
MITCHELLS & BUTL           6.469    9/15/2030      GBP     70.56
NATL GRID GAS              1.754   10/17/2036      GBP     48.06
NATL GRID GAS              1.771    3/30/2037      GBP     46.69
NBG FINANCE PLC            2.755    6/28/2035      JPY     73.57
NORTHERN ROCK              5.625    1/13/2015      GBP     29.67
NORTHERN ROCK             10.375    3/25/2018      GBP     36.19
NORTHERN ROCK              6.375    12/2/2019      GBP     72.54
NORTHERN ROCK              9.375   10/17/2021      GBP     36.24
OJSC BANK NADRA            9.250    6/28/2010      USD     18.50
OLD MUTUAL PLC             4.500    1/18/2017      EUR     75.72
ONO FINANCE PLC           10.500    5/15/2014      EUR     65.50
ONO FINANCE PLC           10.500    5/15/2014      EUR     65.50
PARAGON GROUP              7.000    4/20/2017      GBP     54.50
PIPE HOLDINGS PL           9.750    11/1/2013      GBP     60.13
PIPE HOLDINGS PL           9.750    11/1/2013      GBP     60.13
PRIVATBANK                 8.000     2/6/2012      USD     74.38
PRIVATBANK                 8.750     2/9/2016      USD     65.13
PUNCH TAVERNS              7.567    4/15/2026      GBP     67.52
PUNCH TAVERNS              8.374    7/15/2029      GBP     72.55
PUNCH TAVERNS              6.468    4/15/2033      GBP     61.66
UNIQUE PUB FIN             6.464    3/30/2032      GBP     59.35
UNIQUE PUB FIN             7.395    3/28/2024      GBP     72.54

                            *********

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 * * *