TCREUR_Public/090923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, September 23, 2009, Vol. 10, No. 188

                            Headlines

A U S T R I A

ANDERST TRANSPORT: Creditors Must File Claims by September 30
GOTWAI GMBH: Claims Filing Deadline is September 30
GRUENE OASE: Claims Filing Deadline is September 30
MODINE MANUFACTURING: JPMorgan, Lenders Waive Technical Default
OESTERREICHISCHE BUNDES: Claims Filing Deadline is October 1

ROBAUSCH & UEBERBACHER: Claims Filing Deadline is September 30
SILKO KOMPANI: Claims Filing Deadline is October 1


B U L G A R I A

BRATSTVO: Seeks Financial Aid From Bulgaria to Avoid Bankruptcy
CENTRAL EUROPEAN: Posts Result of Tender Offer
CENTRAL EUROPEAN: Has Deal to Acquire 55% Stake in bTV


F R A N C E

HEART OF LA DEFENSE: Investors to Challenge Bankruptcy Protection


G E R M A N Y

ARCANDOR AG: Financial Investors Eye Primondo; October Sale Likely
DECO SERIES: Moody's Downgrades Rating on Class F Notes to 'B2'
HAPAG-LLOYD AG: State Guarantee Talks on "Right Track," FTD Says


G R E E C E

DANAOS CORP: Covenant Waiver Extended Until October 2010


H U N G A R Y


R-GLASS HUNGARY: Put Under Liquidation Over Unpaid Gas Bills

I R E L A N D

ALLIED IRISH: Fitch Downgrades Individual Rating to 'D/E'
ANGLO IRISH: Fitch Upgrades Individual Rating to 'E' From 'F'
EUROCREDIT CDO: Moody's Cuts Rating on Class E Notes to 'Ca'
INDEPENDENT NEWS: Nears Debt-for-Equity Swap Deal with Creditors
IRISH NATIONWIDE: Fitch Cuts Individual Rating to 'E'

JJ FLEMING: Court Extends Examinership Until Oct. 17
KILDARE SECURITIES: Moody's Cuts Rating on Class D Notes to 'Ba3'
ORAN GROUP: Revenue Commissioners Seek to Liquidate Two Companies


I T A L Y

BANCA POPOLARE: Gets EUR500MM Capital Injection from Italian Gov't
INTESA SANPAOLO: Tremonti Bond Sale Not Linked with Fideuram Sale
UNICREDIT SPA: Explores "All Options" to Boost Capital Ratios

* Moody's Reviews Ratings on Four Italian Leasing ABS Transactions


K A Z A K HS T A N

BTA BANK: Inks MOU with Creditor Committee
CIC LLP: Creditors Must File Claims by September 30
EKIBASTUZ CONTRACT: Creditors Must File Claims by September 30
STAL IMPEX: Creditors Must File Claims by September 30
TEMIRLAN PV: Creditors Must File Claims by September 30

TSELINNIK LLP: Creditors Must File Claims by September 30

* KAZAKHSTAN: Banks Incur US$17.2 Bln Loss Through Sept. 1


K Y R G Y Z S T A N

TUMAR CJSC: Creditors Must File Claims by October 7


N E T H E R L A N D S

XUTHUS SA: Fitch Downgrades Rating on Class C Notes to 'B'


R U S S I A

IZHMASH OAO: Court to Hear Bankruptcy Petition on October 7
KRASNOARMEYSKIY TIMBER: Bankruptcy Hearing Set September 29
KURSK TOBACCO: Creditors Must File Claims by September 30
LSR OJSC: Fitch Maintains Negative Watch on 'B-' Issuer Rating
NIZHNETAGILSKIY MECHANICAL: Bankruptcy Hearing Set September 29

REM-STROY LLC: Creditors Must File Claims by September 30
RYAZAN-PROM: Ryazanskaya Bankruptcy Hearing Set September 25
SEMENOV-LES LLC: Bankruptcy Hearing Set September 29
TETYUSHINSKIY FISH: Creditors Must File Claims by September 30
UC RUSAL: Seeks to Complete Debt Restructuring; LIA Talks Failed

VOLZHSKIY INVESTMENT: Creditors Must File Claims by September 30

* RUSSIA: Companies' Debt Problems Getting Worse, Sharonov Says


S P A I N

CEMEX SAB: Antitrust Authorities Search Spanish Unit


S W I T Z E R L A N D

AGB ALLGEMEINE: Claims Filing Deadline is November 2
CEPINVEST AG: Claims Filing Deadline is October 2
EMPARIO HOLDING: Claims Filing Deadline is October 2
FEURO CARREISEN: Claims Filing Deadline is October 1
RABER & CO AG: Claims Filing Deadline is November 2

TTEC INVEST: Claims Filing Deadline is October 12

* SWITZERLAND: Corporate Bankruptcies to Exceed 5,000 in 2009


U K R A I N E

RODOVID BANK: Ukraine's Central Bank Extends Debt Moratorium
SEED PROCESSING: Creditors Must File Claims by September 25
SOBRANIYE LLC: Creditors Must File Claims by September 25
SOUTH TRANSPORT: Creditors Must File Claims by September 25
UBRAN UKRAINE: Creditors Must File Claims by September 25

WHOLE SALE: Creditors Must File Claims by September 25
ZAPOROZHYE BREAD: Creditors Must File Claims by September 25


U N I T E D   K I N G D O M

BLACKS LEISURE: May Close Sandcity Division
HELENA LEISURE: Rescued by RCapital in CVA Deal
IN THE BOX: High Court Appoints Provisional Liquidator
INTIMAS GROUP: PwC Sells Part of Business to Linwood Fabrics
KETECH GROUP: Inquiry Clears Octopus Capital Over GBP2MM Deal

LEHMAN BROTHERS: PwC Says U.K. Court to Rule on Payoffs
LLOYDS BANKING: To Issue GBP2.9 Bln of Mortgage-Backed Bonds
LLOYDS BANKING: Faces Probe Over Tax Avoidance Allegations
STONE LABEL: Wound Up in High Court After CIB Probe

* UK: Pension Liabilities of Bankrupt Companies Increase
* UK: Banks & Bldg. Societies May Suffer Further GBP130BB Losses
* UK: Seven Recruitment Companies Wound Up in High Court


                         *********



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


ANDERST TRANSPORT: Creditors Must File Claims by September 30
-------------------------------------------------------------
Anderst Transport GmbH will convene a meeting of its creditors for
October 14, 2009 at 10:00 a.m. at:

         Land Court of Krems an der Donau
         Hall A
         Second floor
         Krems an der Donau
         Austria

A court hearing for examination of the claims has been scheduled
for October 14, 2009 at 10:00 a.m. at:

         Dr. Christoph Sauer
         Gartenaugasse 1
         3500 Krems
         Austria
         Tel.: 02732/86565
         Fax: 02732786566-11
         E-mail: anwalt@riel-grohmann.at


GOTWAI GMBH: Claims Filing Deadline is September 30
---------------------------------------------------
Creditors of Gotwai 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 9:45 a.m.

For further information, contact the company's administrator:

         Dr. Walter Engler
         Wollzeile 18/14
         1010 Vienna
         Austria
         Tel: 512 56 96
         Fax: 513 99 15
         E-mail: dr.engler@aon.at


GRUENE OASE: Claims Filing Deadline is September 30
---------------------------------------------------
Creditors of Gruene Oase Gartengestaltungs 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 10:00 a.m.

For further information, contact the company's administrator:

         MMag.Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: eberhard.wallentin@ksw.at


MODINE MANUFACTURING: JPMorgan, Lenders Waive Technical Default
---------------------------------------------------------------
Modine Manufacturing Company on September 15, 2009, entered into
these agreements:

     -- Second Amendment to Credit Agreement amending the Amended
        and Restated Credit Agreement, as amended, with JPMorgan
        Chase Bank, N.A. (successor by merger to Bank One, NA
        (main office Chicago)), a national banking association,
        as Swing Line Lender, as LC Issuer and a lender and as
        Agent and Bank of America, N.A., M&I Marshall & Ilsley
        Bank, Wells Fargo Bank, N.A., Dresdner Bank AG
        (Commerzbank AG), U.S. Bank, National Association and
        Comerica Bank

        See http://ResearchArchives.com/t/s?4540

     -- Waiver and Third Amendment to Note Purchase Agreement
        (2006) amending the Note Purchase Agreement dated as of
        December 7, 2006, as amended, pursuant to which the
        Company issued US$50,000,000 of 5.68% Senior Notes, Series
        A due December 7, 2017 and US$25,000,000 of 5.68% Senior
        Notes, Series B due December 7, 2017

        See http://ResearchArchives.com/t/s?4541

     -- Waiver and Third Amendment to Note Purchase Agreement
        (2005) amending the Note Purchase Agreement dated as of
        September 29, 2005, as amended, pursuant to which the
        Company issued US$75,000,000 of 4.91% Senior Notes due
        September 29, 2015

        See http://ResearchArchives.com/t/s?4542

The Company entered into the September 15 Amendments to waive
certain events of default existing under the Credit Agreement, the
2006 Note Purchase Agreement and the 2005 Note Purchase Agreement
and amend other provisions of the Credit Agreement, the 2006 Note
Purchase Agreement and the 2005 Note Purchase Agreement.

Pursuant to the terms of the September 15 Amendments:

     -- A technical default involving the Company's commitment to
        increase the capital of Modine Thermal Systems (Changzhou)
        Co., Ltd. in the aggregate amount of US$1,500,000 was
        waived and the amount of such capital increase was applied
        against the Company's basket for permitted loans and
        advances;

     -- A technical default resulting from the Company's optional
        principal prepayment under the Credit Agreement that
        reduced the aggregate outstanding principal amount of the
        advances to US$82,000,000 was waived.  To the extent that
        optional principal prepayments reduce the advances below
        US$94,000,000, the Company is required to deposit such sum
        into a cash collateral account for the benefit of the
        Lenders and the holders of the 2006 Notes and the 2005
        Notes.  Upon the effectiveness of the September 15
        Amendments, the Company borrowed US$12,000,000 and
        deposited that amount in a cash collateral account;

     -- The Company may acquire a Dutch holding company and
        conduct these transactions:

           (i) sell Modine UK Dollar, Limited, a wholly owned
               subsidiary of the Company, to the Dutch holding
               company;

          (ii) transfer its beneficial interest in Modine Korea,
               LLC, also a wholly owned subsidiary of the Company,
               to the Dutch holding company; and

         (iii) sell its wholly owned subsidiary, Modine Austria
               Holding GmbH, to Modine Holding GmbH, also a wholly
               Owned subsidiary of the Company.

        The transfers among the Company and its subsidiaries are
        Excluded Sales for purposes of mandatory prepayments of
        Asset Sale Net Proceeds; and

     -- The existing loan between the Company and Modine Korea,
        LLC may remain outstanding after the disposition of Modine
        Korea, LLC to a third party in the event such transaction
        occurs.

On September 18, 2009, the Company entered into these agreements:

     -- Third Amendment to the Credit Agreement amending the
        Credit Agreement

        See http://ResearchArchives.com/t/s?4543

     -- Fourth Amendment to the 2006 Note Purchase Agreement

        See http://ResearchArchives.com/t/s?4544

     -- Fourth Amendment to the 2005 Senior Note Agreement

        See http://ResearchArchives.com/t/s?4545

The Company entered into the September 18 Amendments to amend
certain provisions of the Credit Agreement, the 2006 Note Purchase
Agreement and the 2005 Note Purchase Agreement in anticipation of
the Company's public offering of common stock, US$0.625 par value
per share.

Pursuant to the terms of the September 18 Amendments:

     -- Certain financial covenants were modified so the amount of
        cash restructuring charges that may be added back to
        Consolidated Net Income for covenant purposes will be
        increased by US$20,000,000, permitted capital expenditures
        will be increased by US$5,000,000 for the current fiscal
        year, and any amount of unused capital expenditure for the
        current fiscal year (not to exceed US$5,000,000) may be
        carried over to the next fiscal year, and the amount of
        off balance sheet liabilities for sale leasebacks after
        February 17, 2009 and the interest component of such sale
        leasebacks that are excluded from total debt and interest
        expense for covenant purposes is increased from
        US$20,000,000 to US$30,000,000;

     -- The funds in the cash collateral account described in the
        provisions of the September 15 Amendments will be
        released; and

     -- The terms of the documents, other than certain conforming
        definitions, become effective automatically on the date of
        the closing of the Offering, subject to certain
        conditions.

                          About Modine

Modine Manufacturing Company -- http://www.modine.com/-- with
fiscal 2009 revenues of US$1.4 billion, specializes in thermal
management systems and components, bringing heating and cooling
technology and solutions to diversified global markets.  Modine
products are used in light, medium and heavy-duty vehicles,
heating, ventilation and air conditioning equipment, off-highway
and industrial equipment, refrigeration systems, and fuel cells.
The Company employs roughly 7,000 people at 32 facilities
worldwide in 15 countries.


OESTERREICHISCHE BUNDES: Claims Filing Deadline is October 1
------------------------------------------------------------
Creditors of Oesterreichische Bundes Feuerwehr GmbH have until
October 1, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Dr. Gerhard Schultschik
         Poeckgasse 4
         2700 Viennaer Neustadt
         Austria
         Tel: 02622/21235
         Fax: 02622/21235-23
         E-mail: kanzlei@schultschik.co.at


ROBAUSCH & UEBERBACHER: Claims Filing Deadline is September 30
--------------------------------------------------------------
Creditors of Robausch & Ueberbacher 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 7, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Candidus Cortolezis
         Hauptplatz 14
         8010 Graz
         Austria
         Tel.: 0316/813973
         Fax: 0316/847797
         E-mail: office@cortolezis.com


SILKO KOMPANI: Claims Filing Deadline is October 1
--------------------------------------------------
Creditors of Silko Kompani Bau GmbH have until October 1, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 15, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Claudia Sorgo
         Gartengasse 19
         8200 Gleisdorf
         Austria
         Tel: 03112/6644
         Fax: 03112/6644-20
         E-mail: office@ra-sorgo.at


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


BRATSTVO: Seeks Financial Aid From Bulgaria to Avoid Bankruptcy
---------------------------------------------------------------
Novinite.com reports that "Bratstvo" (Brotherhood), Serbia's
oldest Bulgarian newspaper, is seeking financial aid from the
Bulgarian government in an attempt to avert bankruptcy.

The report relates the Serbian state in May cut media funding by
75%, leaving the newspaper on the brink of bankruptcy.  According
to the report, government funding comprised 80% of the newspaper's
budget.

"Our only hope now is that the government of Bulgaria finds the
money -- about 75,000 levs -- to save the publishing house from
closure," the Director of the Bratstvo, Neboysha Ivanov, told the
Bulgarian National Radio, according to the report.

The circulation of "Bratstvo" is 2,000 to 2,500, and 19
journalists work for the newspaper, the report discloses.


CENTRAL EUROPEAN: Posts Result of Tender Offer
----------------------------------------------
Central European Media Enterprises Ltd. disclosed the results of
its tender offer launched on September 7, 2009, to purchase for
cash a portion of its 8.25% Senior Notes due 2012.  The tender
offer was open to non-U.S. holders only and expired at 4:00 p.m.
London time on September 10, 2009.

The company has accepted for repurchase valid tenders of its Notes
totaling EUR63.2 million in aggregate principal amount at a
purchase price of EUR970 per euro 1,000 principal amount.  The
settlement of the tender was expected to take place on
September 21, 2009.  On the settlement date, note holders whose
Notes have been accepted for repurchase will receive the purchase
price and accrued but unpaid interest on these Notes from the last
interest payment date to September 21, 2009.  The Notes
repurchased in the offer will be canceled.

                      About Central European

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- is a broadcasting company operating
leading networks in seven Central and Eastern European countries
with an aggregate population of approximately 97 million people.
The company's television stations are located in Bulgaria (PRO.BG
and RING.BG), Croatia (Nova TV), Czech Republic (TV Nova, Nova
Cinema and Nova Sport), Romania (PRO TV, PRO TV International,
Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV
Markiza, Doma and Nova Sport), Slovenia (POP TV and Kanal A) and
Ukraine (Studio 1+1, Studio 1+1 International and Kino).  CME is
traded on the NASDAQ and the Prague Stock Exchange under the
ticker symbol "CETV".


                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Standard and Poor's Ratings Services said that
it affirmed its 'B' long-term corporate credit rating on Bermuda-
based emerging markets TV broadcaster Central European Media
Enterprises Ltd The outlook is negative.  S&P also affirmed at 'B'
the debt ratings on CME's US$475 million senior convertible notes
due 2013, EUR245 million notes due 2012, and EUR150 million notes
due 2014.  In addition, S&P assigned a 'B' issue rating to the
EUR150 million bond issue due 2016 announced by CME, in line with
the corporate credit rating.


CENTRAL EUROPEAN: Has Deal to Acquire 55% Stake in bTV
------------------------------------------------------
Bulgaria's first national private television bTV, wholly owned by
Rupert Murdoch's News Corp, is considering the sale of its 55%
stake to Central European Media Enterprises Limited for EUR500
million, Austrian Times reports, citing an unofficial information.
The report relates that the media tycoon is reported to have
nearly sealed the deal, whose price is believed to be about EUR500
million.

According to the report, the future acquisition of the remaining
45% stake in the station has not been ruled out.

Rupert Murdoch's News Corp., the report recalls, hired Lehman
Brothers to ascertain the value and strategic options for three
Eastern European television stations -- wholly owned properties in
Latvia, Serbia and Bulgaria - after being approached by multiple
suitors.  The report relates that the properties were not doing
poorly, but the company had decided to hire Lehman after the
suitors' approaches.

The Times notes that at least seven big suitors, including the
Cologne-based German-Luxembourgian TV group RTL, said they were
considering buying the TV station's portfolio.  The report recalls
that the price was initially set at EUR1.1 billion, but eventually
shrank to EUR750 million.  The offers, however, dried up with the
onset of the global financial crisis, the Times says.

                    About Central European

Headquartered in Bermuda, Central European Media Enterprises Ltd.
-- http://www.cetv-net.com/-- is a broadcasting company operating
leading networks in seven Central and Eastern European countries
with an aggregate population of approximately 97 million people.
The company's television stations are located in Bulgaria (PRO.BG
and RING.BG), Croatia (Nova TV), Czech Republic (TV Nova, Nova
Cinema and Nova Sport), Romania (PRO TV, PRO TV International,
Acasa, PRO Cinema, Sport.ro and MTV Romania), Slovakia (TV
Markiza, Doma and Nova Sport), Slovenia (POP TV and Kanal A) and
Ukraine (Studio 1+1, Studio 1+1 International and Kino).  CME is
traded on the NASDAQ and the Prague Stock Exchange under the
ticker symbol "CETV".

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 9, 2009, Standard and Poor's Ratings Services said that
it affirmed its 'B' long-term corporate credit rating on Bermuda-
based emerging markets TV broadcaster Central European Media
Enterprises Ltd The outlook is negative.  S&P also affirmed at 'B'
the debt ratings on CME's US$475 million senior convertible notes
due 2013, EUR245 million notes due 2012, and EUR150 million notes
due 2014.  In addition, S&P assigned a 'B' issue rating to the
EUR150 million bond issue due 2016 announced by CME, in line with
the corporate credit rating.


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


HEART OF LA DEFENSE: Investors to Challenge Bankruptcy Protection
-----------------------------------------------------------------
Chris Bourke at Bloomberg News reports that investors in
EUR1.6 billion (US$2.3 billion) of Windermere XII FCT bonds backed
by mortgages on the Coeur Defense office complex in Paris may
appeal from a French court's decision to extend the building's
bankruptcy protection.

Citing a statement from EuroTitrisation, the manager of the
Windermere bonds backed by the tower, Bloomberg discloses the
bondholders were invited to meetings in Paris on Sept. 24 to
discuss challenging the Sept. 9 decision in favor of Heart of la
Defense, the holding vehicle of owners led by the estate of Lehman
Brothers Holdings Inc.

As reported in the Troubled Company Reporter-Europe on Sept. 11,
2009, Bloomberg News said the French Commercial Court extended
Heart of la Defense's bankruptcy protection until 2014.  Heart of
la Defense filed for the protection, known in France as
"sauvegarde" in November after a technical default on the
commercial mortgage bonds.  According to Bloomberg, investors
representing more than 85 percent of notes voted against a plan to
extend the protection, proposed by Heart of la Defense in July,
which gave majority control of the building’s rental income to the
owners' company.


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


ARCANDOR AG: Financial Investors Eye Primondo; October Sale Likely
------------------------------------------------------------------
Holger Elfes at Bloomberg News, citing Financial Times
Deutschland, reports that Arcandor AG's Primondo catalog-sales
unit may be acquired by financial investors.

According to Bloomberg, FTD, citing unidentified people close to
the transaction, said Sun Capital Partners Inc., Cerberus Capital
Management LP and Golden Gate Capital Corp. are among the bidders.

As reported yesterday in the Troubled Company Reporter-Europe,
Klaus Hubert Goerg, Arcandor's insolvency administrator, is in
talks with at least four potential investors who are interested in
acquiring the German retailer's Primondo/Quelle catalog-sales
unit.

Marilyn Gerlach at Reuters reports that a spokesman for the
insolvency administrator said Primondo is likely to be sold in
October.

Reuters relates Joerg Nerlich, who is a part of the insolvency
administrator team, had said last Friday that he hopes an
agreement will be reached in October or November, though it would
more likely be in October.

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.


DECO SERIES: Moody's Downgrades Rating on Class F Notes to 'B2'
---------------------------------------------------------------
Moody's Investors Service has taken rating actions on these
classes of Notes issued by Deco Series 2005-Pan Europe 1 plc
(amounts reflect initial outstandings):

  -- EUR20M Class D Commercial Mortgage Backed Floating Rate Notes
     due 2014, Confirmed at Aa3; previously on Aug. 14, 2009 Aa3
     Placed Under Review for Possible Downgrade

  -- EUR50M Class E Commercial Mortgage Backed Floating Rate Notes
     due 2014, Downgraded to A3; previously on Aug. 14, 2009 A2
     Placed Under Review for Possible Downgrade

  -- EUR40M Class F Commercial Mortgage Backed Floating Rate Notes
     due 2014, Downgraded to B2; previously on Aug. 24, 2009
     Downgraded to Ba2 and Remained On Review for Possible
     Downgrade

At the same time Moody's has affirmed the Aaa ratings of the Class
A2, B, and C Notes.

The rating action concludes the review for possible downgrade that
was initiated for the Class D, E, and F Notes on 14 August 2009.
The rating action takes Moody's updated central scenarios into
account, as described in Moody's Special Report "Moody's Updates
on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Deco Series 2005-Pan Europe 1 plc represents the securitization of
initially seven commercial mortgage loans originated by Deutsche
Bank AG, London Branch that were secured by mainly first ranking
mortgages on 49 commercial and multifamily properties located
across Germany and Switzerland.  The Deutsche Post Loan and the
Trabrennbahn Loan are cross defaulted and cross-collateralized.
The properties were predominantly retail (83%) with the remaining
collateral pool consisting of office (9%), multi-family (4%) and
mixed use (4%).  90% of the properties were located in Germany and
10% in Switzerland.

In April 2007, the largest loan (Centro loan), which contributed
75.4% to the initial pool balance, prepaid.  The prepayment was
allocated 75% sequential and 25% pro-rata to the Notes.  The
remaining loans are not equally contributing to the portfolio: the
largest loan (the Deutsche Post Loan) represents 24.0% of the
current portfolio balance, while the smallest loan (the
Trabrennbahn Loan) represents 6.1%.  The current loan Herfindahl
index is 5.3.  Following the prepayment, the remaining loans are
currently secured by 48 properties which are now office use (40%),
retail use (31%), multi-family (17%) and mixed use (12%).  64% of
the properties are currently located in Germany and 36% in
Switzerland.  Prepayment amounts are allocated on a 50% sequential
and 50% pro-rata basis to the Notes.

As of the last interest payment date, all of the remaining six
loans in the portfolio were current.  However, one loan
(Gewerbepark Loan -- 11.6% of the current portfolio) was on the
servicer's watchlist.

2) Rating Rationale

The rating actions follow a detailed re-assessment of the loan and
property portfolio's credit risk.  Hereby, Moody's main focus was
on property value declines, term default risk, refinancing risk
and the anticipated work-out timing for potentially defaulting
loans.

As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the commercial property
investment and lending markets in Germany and Switzerland and
Moody's opinion about future property value performance and
lending market conditions.  Driven by a higher default risk
assessment at the loan maturity dates, Moody's now anticipates
that a large portion of the portfolio will default over the course
of the transaction term.  Coupled with the negative impact of
significantly reduced property values, Moody's expects a
substantial amount of losses on the securitized portfolio.  Those
expected losses will, given the backloaded default risk profile
and the anticipated work-out strategy for defaulted loans,
crystallize only towards the end of the transaction term.

The current subordination levels for Moody's rated classes provide
protection against those expected losses.  However, the likelihood
of higher than expected losses on the portfolio has increased
substantially, which results in the downgrades of Class E and F
Notes.

Moody's notes that in light of the upcoming refinancing dates for
46% of the loans there is an increased rating sensitivity, in
particular for the Class D, E, and F Notes.  The loan maturity
date of the Project Swiss Loan (22.8% of the current pool balance)
is in January 2010.  In Moody's opinion, the refinancing risk is
limited, however, there is uncertainty around the refinancing as
it is not only driven by the loan characteristics including (i)
the Moody's LTV level of 91% based on the whole loan amount and
(ii) the remaining weighted average lease term of eight years but
also by the ability of the borrower to find a refinancing in the
current difficult lending environment.  The servicer's strategy
with respect to this loan if the borrower was not able to repay
the loan will also play a role.  A successful refinancing of this
loan in January 2010 could have a positive impact on the ratings
of the Class D, E and F Notes.  In contrast a default of the loan
at maturity could lead to limited downgrades of the Class E and F
Notes.

Since closing, 77% of the initial loan portfolio has repaid.  Due
to the repayments the credit enhancement available to the Class
A2, B, C, and D Notes has increased significantly.  The Class E
and F Notes are subordinated to the Class A2, B, C, and D Notes in
the capital structure.  Due to this additional leverage, the
higher portfolio risk assessment has a relatively bigger impact on
the expected loss of the Class E and Class F Notes than on the
expected loss of more senior notes.

3) Moody's Portfolio Analysis

Property Values.  Property values across the Continental European
markets have declined significantly until mid 2009 and are
expected to continue to decline at least until 2010.  Moody's
estimates that compared to the underwriter's values at closing,
the values of the properties securing this transaction have
declined by on aggregate 14% until mid 2009 (ranging from no
decrease for the Trabrennbahn Loan to a 36% decline for the
Gewerbepark Loan).  Looking ahead, Moody's anticipates further
declines until 2010, resulting in a 19% value decline compared to
the U/W value at closing (ranging from 10% decline for the
Trabrennbahn Loan to a 40% decline for the Gewerbepark Loan).

Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted average securitized loan-to-
value ratio was 88% compared to the reported U/W LTV of 75%.  Due
to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 94% in 2010 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 122% (Gewerbepark Loan)
and 74% (Project Swiss Loan).  As all loans have additional debt
in the form of B-loans (amounting to EUR 21.4 million on
aggregate), the overall whole loan leverage is on average 103%,
based on estimated trough values.

Moody's has taken the anticipated property value development,
including a gradual recovery from 2011 onwards, into account when
analyzing the default risk at loan maturity and the loss given
default for each securitized loan.

Refinancing Risk.  The transaction's exposure to loans maturing in
the short-term (2009 and 2010) is high.  46% of the current
portfolio matures in 2010 and 54% in 2012.  As Moody's expects
property values in the Continental European markets to only slowly
recover from 2011 onwards, all loans will be still highly
leveraged at their respective maturity dates, also taking into
account the B-loans.  Consequently, in Moody's view, for all of
the loans, the default risk at maturity has increased
substantially compared to the closing analysis.

Term Default Risk.  The occupational markets in Continental Europe
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates.  Taking into
account the lease profile of the respective loans, the Gewerbepark
Loan could be in Moody's view especially exposed to weakening
occupational markets.  The balance of the portfolio benefits from
leases to relatively creditworthy tenants expiring only after the
loan maturity and the AWOBAG Loan benefits from the granular
tenant base.  Based on the current lease profile, Moody's has
incorporated into its analysis an allowance for deterioration in
coverage ratios and weakening tenant qualities on a majority of
the loans, in turn increasing the term default risk assumption for
the respective loans.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a large portion of the portfolio will default
over the course of the transaction term.  The default risk of all
loans is predominantly driven by refinancing risk.  In Moody's
view, the Gewerbepark Loan has currently the highest default risk,
while the smallest loan in the portfolio (Trabrennbahn Loan) has
the lowest risk of defaulting.

Concentration Risk.  The portfolio securitized in Deco Series
2005-Pan Europe 1 plc exhibits a below average concentration in
terms of property types and property location.

Work-Out Strategy.  In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions.  Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and ultimate
work-out of the loan will occur at a later point in time.

Increased Portfolio Loss Exposure.  Taking into account the
increased default risk of the loans, the most recent performance
of the commercial property markets in Continental Europe, Moody's
opinion about future property value performance and the most
likely work-out strategies for defaulted loans, Moody's
anticipates a substantial amount of losses on the securitized
portfolio, which will, given the backloaded default risk profile
and the anticipated work-out strategy for defaulted loans,
crystallize only towards the end of the transaction term.


HAPAG-LLOYD AG: State Guarantee Talks on "Right Track," FTD Says
----------------------------------------------------------------
Cornelius Rahn at Bloomberg News, citing Financial Times
Deutschland, reports that talks about a EUR1.2-billion
(US$1.76 billion) government loan guarantee for Hapag-Lloyd AG are
"on the right track".

According to Bloomberg, the newspaper said the guarantee will
likely be approved on Sept. 28 by a government committee.

On Sept. 14, 2009, the Troubled Company Reporter-Europe, citing
The Financial Times, reported Wolfgang Tiefensee, Germany's
transport secretary, said Hapag-Lloyd's application for state-
backed loan guarantees was justified.  The FT disclosed the
federal transport minister said shareholders in Hapag-Lloyd had
carried out the necessary preparations for the award of the
guarantees by agreeing to put fresh capital into the company.

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


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


DANAOS CORP: Covenant Waiver Extended Until October 2010
--------------------------------------------------------
Danaos Corporation said it has now obtained waivers covering all
prior breaches of financial covenants in its credit facilities as
well as any subsequent breaches of these covenants until
October 1, 2010.

Danaos also said that the charterer of six of its containerships,
Zim Integrated Shipping Services Ltd., has stated that it is
reducing, unilaterally, all of its long-term charterhire payments
to ship-owners by 35% commencing September 1, 2009 and for an
indicated period of three years.  Danaos has not accepted this
offer, nor acquiesced to this reduction, and it is in discussions
with Zim and evaluating the situation.  The vessels that Danaos
charters to Zim are currently operating under 12-year time
charters.  Zim is not a charterer of any of Danaos' newbuilding
containerships.

                      About Danaos Corporation

Based in Athens, Greece, Danaos Corporation --
http://www.danaos.com/-- is an international owner of
containerships, chartering its vessels to many of the world's
largest liner companies.  The company's current fleet of 41
containerships aggregating 165,933 TEUs ranks Danaos among the
largest containership charter owners in the world based on total
TEU capacity.  Danaos is the largest US listed containership
company based on fleet size.  Furthermore, the company has a
contracted fleet of 28 additional containerships aggregating
217,950 TEU with scheduled deliveries up to 2012.  The company's
shares trade on the New York Stock Exchange under the symbol
"DAC."


=============
H U N G A R Y
=============


R-GLASS HUNGARY: Put Under Liquidation Over Unpaid Gas Bills
------------------------------------------------------------
R-Glass Hungary's glass jar factory in Salgotarjan has been put
under liquidation after to failing to pay its gas bills, MTI-
Econews reports, citing bailiff Miklos Balazs.

According to the report, Mr. Balazs said the official process
started on Friday, but an agreement with the owners has not yet
been reached.

The report relates Mr. Balazs said the factory can continue to
operate only if it can find money to pay its gas bills, explaining
that the HUF40 million-per-month gas bill has to be paid in
advance.

The report recalls in July, the factory temporarily suspended
production after it failed to reach an agreement with gas supplier
EMFESZ on some HUF400 million in unpaid bills.  Since last
November, R-Glass Hungary has had trouble paying staff, and it
accumulated HUF420 million in overdue taxes, the report recounts.


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


ALLIED IRISH: Fitch Downgrades Individual Rating to 'D/E'
---------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
Allied Irish Banks, Anglo Irish Bank Corporation, Bank of Ireland,
all at 'A-', and Irish Nationwide Building Society at 'BBB-'.  It
has downgraded the Long-term IDR of EBS Building Society to its
Support Rating Floor at 'BBB-' from 'BBB' and removed the Rating
Watch Evolving.  The Outlook is Stable.

At the same time, Fitch has downgraded the Individual rating of
AIB to 'D/E' from 'D' and removed the Rating Watch Negative.
Anglo's Individual rating is upgraded to 'E' from 'F', BoI's
Individual rating is affirmed at 'C/D' and the RWN removed, and
EBS' Individual rating is downgraded to 'E' from 'C/D' and the
Rating Watch Evolving removed.  INBS' Individual rating is
downgraded to 'E' from 'D/E.' The ratings for the institutions'
covered bond ratings will be addressed in a separate announcement.
For a full list of ratings, please see foot of announcement.

The rating actions follow the Sept. 16, 2009 announcement by the
Irish Minister for Finance, Mr. Brian Lenihan, that the above
credit institutions will transfer the bulk of their land and
development loans and some associated loans to the National Asset
Management Agency with a total nominal value of EUR77 billion.
This transfer is a positive development in the medium to longer
term, in Fitch's view, as it removes a burden from the
institutions and allows them to concentrate on providing more
resilient and traditional banking services.

"The introduction of NAMA should allow the institutions to return
to profitability faster, to support more readily the local economy
and to improve their liquidity," said Matthew Taylor, Senior
Director in Fitch's Financial Institutions' rating group.  "In
addition, the restructuring should encourage the institutions'
rehabilitation in the money and capital markets."

Loans will be transferred at an expected aggregate discount of
30%, which will crystallize losses for the five institutions
concerned.  However, the discount will vary by bank and will be
calculated by valuing the collateral on a loan by loan basis,
meaning that some banks will ultimately be hit harder than others.
The losses will be incurred only when the loans are transferred,
which is expected between late 2009 and first half 2010.  The
expectation of losses arising on the transfer of loans has a
negative impact on some of the ratings.

Fitch considers that the size of the loss to be incurred by AIB on
the EUR24 billion loans to be transferred to NAMA will place
pressure on its capital despite its existing loan impairment
allowances, sizeable pre-loan impairment operating profit, capital
management actions earlier in 2009 and receipt of EUR3.5 billion
preference shares subscribed to by the Irish government.  AIB
plans to raise or realize in the region of EUR2 billion capital
within the next 18 months.  Fitch considers that the bank requires
this capital in order to address the serious credit risks on its
balance sheet and maintain an acceptable level of capitalization.
To reflect AIB's need for capital, the agency has downgraded the
bank's Individual rating to 'D/E' from 'D' and removed the RWN.
However, Fitch believes that the bank's resilient underlying
profitability, although likely to be tempered by the contracting
economy, should help the bank recover more swiftly now that the
riskiest and least liquid assets have been removed from its
balance sheet.  When the outcome of the capital raising is known,
Fitch expects to review the Individual rating.

At Anglo, the transfer of EUR28 billion of loans to NAMA
represents 38% of its loan book.  Fitch considers that the size of
the loss to be incurred on the transfer of the loans to NAMA means
the bank is likely to require a further injection of capital by
the government, following the EUR4 billion already received.  The
need for additional capital reflects the serious credit problems
in the bank.  Anglo generated weak pre-loan impairment charges
operating profit for the six months to end-March 2009 and subdued
profitability is likely to hinder a smooth or rapid recovery.
Fitch has changed the bank's Individual rating to 'E' from 'F,' to
reflect its receipt of external support.

BoI has emerged in better condition than AIB or Anglo, due to its
smaller and more conservative portfolio of development and
construction loans.  Its large retail franchise and speedier
internal reorganization should also position it to achieve a more
consistent performance before its immediate peers.  In recognition
of its improved position after transferring EUR16 billion of loans
to NAMA, Fitch has removed the RWN from the bank's Individual
rating of 'C/D'.  The rating incorporates an expectation that
asset quality may weaken further in a tough operating environment.
If BoI were to raise capital, Fitch expects to view it as
strengthening the bank's position and not as external support to
address serious problems.

The capital position of EBS was tight before the announcement of
the size of the average discount on the EUR1 billion loans the
society will transfer to NAMA.  In Fitch's opinion, after the
impending loss on the transfer of loans, the society will need
external support.  To reflect this position, Fitch has downgraded
the EBS' IDR to its Support Rating Floor of 'BBB-' from 'BBB' and
removed the RWE.  The Outlook is Stable.  It has also downgraded
the society's Individual rating to 'E' from 'C/D' and removed the
RWE.

Fitch expects EBS to participate in the restructuring of the Irish
banking sector and considers it possible that its legal status may
change.  If EBS converts to limited liability status, then the
implicit support provided to senior unsecured debt by its ranking
senior to member deposits will vanish.  Fitch has downgraded the
senior unsecured debt rating to 'BBB' from 'BBB+', removed the RWE
and, acknowledging the possible change in legal status, placed the
rating on RWN.  The expected external support for the society
increases the probability that the society's permanent interest
bearing shares would be involved in burden sharing.  As a result,
the PIBS' ratings have been downgraded to 'B' from 'BB+'.  The RWE
has been removed and replaced with RWN.  Fitch considers that
there is a high probability of external support materializing,
indicated by the '2' Support Rating, which is affirmed.

INBS will transfer EUR8 billion of loans to NAMA, representing 80%
of its customer loans.  Fitch calculates that the losses incurred
on the transfer of these loans will erode loan impairment
allowances and equity, placing the society in need of external
support.  The Individual rating has been downgraded to 'E' from
'D/E' to reflect Fitch's view that the society has serious
problems and is likely to require external support.  Fitch expects
INBS to be involved in the restructuring of the Irish banking
system.  In view of the severity of the society's problems, the
agency believes that there could be some legislative risk to the
position of dated subordinated debt, which is maintained at 'BB+'
and placed on RWN.  Fitch considers that there is a high
probability of external support materializing, indicated by the
'2' Support Rating, which is affirmed.

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.

The ratings of the banks are:

AIB:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Upper Tier 2 maintained at 'B+' RWN
  -- Tier 1 maintained at 'B' RWN
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'
  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

AIB Group (UK) PLC:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'

AIB Bank (CI) Limited:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'

Anglo:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+';
  -- Individual Rating upgraded to 'E' from 'F',
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Upper Tier 2 affirmed at 'CC'
  -- Tier 1 affirmed at 'C'
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'
  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

Anglo Irish Mortgage Bank:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+';
  -- Support Rating affirmed at '1'

Bank of Ireland:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating affirmed at 'C/D', removed from RWN
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Tier 1 maintained at 'B' RWN
  -- Guaranteed senior unsecured affirmed at Long-term 'AA+'

EBS Building Society:

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWE removed,
     Outlook Stable

  -- Short-term IDR maintained at 'F1+' RWN

  -- Individual Rating downgraded to 'E' from 'C/D'; RWE removed

  -- Support Rating affirmed at '2'

  -- Support Rating Floor affirmed at 'BBB-'

  -- Senior unsecured downgraded to 'BBB' from 'BBB+'; RWE removed
     and placed on RWN

  -- Tier 1 downgraded to 'B' from 'BB+'; RWE removed and placed
     on RWN

  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'

  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

EBS Mortgage Finance:

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWE removed,
     Outlook Stable

  -- Short-term IDR maintained at 'F1+' RWN

  -- Support Rating affirmed at '2'

Irish Nationwide Building Society:

  -- Long-term IDR affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+'; RWN
  -- Individual Rating downgraded to 'E' from 'D/E'
  -- Support Rating affirmed at '2'
  -- Support Rating Floor affirmed at 'BBB-'
  -- Senior unsecured affirmed at 'BBB-'
  -- Lower Tier 2 maintained at 'BB+', placed on RWN
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'


ANGLO IRISH: Fitch Upgrades Individual Rating to 'E' From 'F'
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
Allied Irish Banks, Anglo Irish Bank Corporation, Bank of Ireland,
all at 'A-', and Irish Nationwide Building Society at 'BBB-'.  It
has downgraded the Long-term IDR of EBS Building Society to its
Support Rating Floor at 'BBB-' from 'BBB' and removed the Rating
Watch Evolving.  The Outlook is Stable.

At the same time, Fitch has downgraded the Individual rating of
AIB to 'D/E' from 'D' and removed the Rating Watch Negative.
Anglo's Individual rating is upgraded to 'E' from 'F', BoI's
Individual rating is affirmed at 'C/D' and the RWN removed, and
EBS' Individual rating is downgraded to 'E' from 'C/D' and the
Rating Watch Evolving removed.  INBS' Individual rating is
downgraded to 'E' from 'D/E.' The ratings for the institutions'
covered bond ratings will be addressed in a separate announcement.
For a full list of ratings, please see foot of announcement.

The rating actions follow the Sept. 16, 2009 announcement by the
Irish Minister for Finance, Mr. Brian Lenihan, that the above
credit institutions will transfer the bulk of their land and
development loans and some associated loans to the National Asset
Management Agency with a total nominal value of EUR77 billion.
This transfer is a positive development in the medium to longer
term, in Fitch's view, as it removes a burden from the
institutions and allows them to concentrate on providing more
resilient and traditional banking services.

"The introduction of NAMA should allow the institutions to return
to profitability faster, to support more readily the local economy
and to improve their liquidity," said Matthew Taylor, Senior
Director in Fitch's Financial Institutions' rating group.  "In
addition, the restructuring should encourage the institutions'
rehabilitation in the money and capital markets."

Loans will be transferred at an expected aggregate discount of
30%, which will crystallize losses for the five institutions
concerned.  However, the discount will vary by bank and will be
calculated by valuing the collateral on a loan by loan basis,
meaning that some banks will ultimately be hit harder than others.
The losses will be incurred only when the loans are transferred,
which is expected between late 2009 and first half 2010.  The
expectation of losses arising on the transfer of loans has a
negative impact on some of the ratings.

Fitch considers that the size of the loss to be incurred by AIB on
the EUR24 billion loans to be transferred to NAMA will place
pressure on its capital despite its existing loan impairment
allowances, sizeable pre-loan impairment operating profit, capital
management actions earlier in 2009 and receipt of EUR3.5 billion
preference shares subscribed to by the Irish government.  AIB
plans to raise or realize in the region of EUR2 billion capital
within the next 18 months.  Fitch considers that the bank requires
this capital in order to address the serious credit risks on its
balance sheet and maintain an acceptable level of capitalization.
To reflect AIB's need for capital, the agency has downgraded the
bank's Individual rating to 'D/E' from 'D' and removed the RWN.
However, Fitch believes that the bank's resilient underlying
profitability, although likely to be tempered by the contracting
economy, should help the bank recover more swiftly now that the
riskiest and least liquid assets have been removed from its
balance sheet.  When the outcome of the capital raising is known,
Fitch expects to review the Individual rating.

At Anglo, the transfer of EUR28 billion of loans to NAMA
represents 38% of its loan book.  Fitch considers that the size of
the loss to be incurred on the transfer of the loans to NAMA means
the bank is likely to require a further injection of capital by
the government, following the EUR4 billion already received.  The
need for additional capital reflects the serious credit problems
in the bank.  Anglo generated weak pre-loan impairment charges
operating profit for the six months to end-March 2009 and subdued
profitability is likely to hinder a smooth or rapid recovery.
Fitch has changed the bank's Individual rating to 'E' from 'F,' to
reflect its receipt of external support.

BoI has emerged in better condition than AIB or Anglo, due to its
smaller and more conservative portfolio of development and
construction loans.  Its large retail franchise and speedier
internal reorganization should also position it to achieve a more
consistent performance before its immediate peers.  In recognition
of its improved position after transferring EUR16 billion of loans
to NAMA, Fitch has removed the RWN from the bank's Individual
rating of 'C/D'.  The rating incorporates an expectation that
asset quality may weaken further in a tough operating environment.
If BoI were to raise capital, Fitch expects to view it as
strengthening the bank's position and not as external support to
address serious problems.

The capital position of EBS was tight before the announcement of
the size of the average discount on the EUR1 billion loans the
society will transfer to NAMA.  In Fitch's opinion, after the
impending loss on the transfer of loans, the society will need
external support.  To reflect this position, Fitch has downgraded
the EBS' IDR to its Support Rating Floor of 'BBB-' from 'BBB' and
removed the RWE.  The Outlook is Stable.  It has also downgraded
the society's Individual rating to 'E' from 'C/D' and removed the
RWE.

Fitch expects EBS to participate in the restructuring of the Irish
banking sector and considers it possible that its legal status may
change.  If EBS converts to limited liability status, then the
implicit support provided to senior unsecured debt by its ranking
senior to member deposits will vanish.  Fitch has downgraded the
senior unsecured debt rating to 'BBB' from 'BBB+', removed the RWE
and, acknowledging the possible change in legal status, placed the
rating on RWN.  The expected external support for the society
increases the probability that the society's permanent interest
bearing shares would be involved in burden sharing.  As a result,
the PIBS' ratings have been downgraded to 'B' from 'BB+'.  The RWE
has been removed and replaced with RWN.  Fitch considers that
there is a high probability of external support materializing,
indicated by the '2' Support Rating, which is affirmed.

INBS will transfer EUR8 billion of loans to NAMA, representing 80%
of its customer loans.  Fitch calculates that the losses incurred
on the transfer of these loans will erode loan impairment
allowances and equity, placing the society in need of external
support.  The Individual rating has been downgraded to 'E' from
'D/E' to reflect Fitch's view that the society has serious
problems and is likely to require external support.  Fitch expects
INBS to be involved in the restructuring of the Irish banking
system.  In view of the severity of the society's problems, the
agency believes that there could be some legislative risk to the
position of dated subordinated debt, which is maintained at 'BB+'
and placed on RWN.  Fitch considers that there is a high
probability of external support materializing, indicated by the
'2' Support Rating, which is affirmed.

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.

The ratings of the banks are:

AIB:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Upper Tier 2 maintained at 'B+' RWN
  -- Tier 1 maintained at 'B' RWN
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'
  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

AIB Group (UK) PLC:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'

AIB Bank (CI) Limited:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'

Anglo:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+';
  -- Individual Rating upgraded to 'E' from 'F',
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Upper Tier 2 affirmed at 'CC'
  -- Tier 1 affirmed at 'C'
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'
  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

Anglo Irish Mortgage Bank:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+';
  -- Support Rating affirmed at '1'

Bank of Ireland:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating affirmed at 'C/D', removed from RWN
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Tier 1 maintained at 'B' RWN
  -- Guaranteed senior unsecured affirmed at Long-term 'AA+'

EBS Building Society:

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWE removed,
     Outlook Stable

  -- Short-term IDR maintained at 'F1+' RWN

  -- Individual Rating downgraded to 'E' from 'C/D'; RWE removed

  -- Support Rating affirmed at '2'

  -- Support Rating Floor affirmed at 'BBB-'

  -- Senior unsecured downgraded to 'BBB' from 'BBB+'; RWE removed
     and placed on RWN

  -- Tier 1 downgraded to 'B' from 'BB+'; RWE removed and placed
     on RWN

  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'

  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

EBS Mortgage Finance:

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWE removed,
     Outlook Stable

  -- Short-term IDR maintained at 'F1+' RWN

  -- Support Rating affirmed at '2'

Irish Nationwide Building Society:

  -- Long-term IDR affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+'; RWN
  -- Individual Rating downgraded to 'E' from 'D/E'
  -- Support Rating affirmed at '2'
  -- Support Rating Floor affirmed at 'BBB-'
  -- Senior unsecured affirmed at 'BBB-'
  -- Lower Tier 2 maintained at 'BB+', placed on RWN
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'


EUROCREDIT CDO: Moody's Cuts Rating on Class E Notes to 'Ca'
------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Eurocredit CDO VIII Limited.

Issuer: Eurocredit CDO VIII Limited

  -- EUR432,300,000 Class A Senior Secured Floating Rate Notes due
     2020 (currently EUR 425,134,589.49 outstanding), Downgraded
     to Aa1; previously on Dec. 5, 2007 Assigned Aaa

  -- EUR47,700,000 Class B Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Baa1; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR42,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Ba2; previously on March 18,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Caa1; previously on March 18,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR24,500,000 Class E Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Ca; previously on March 18,
     2009 Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine 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', an increase in the amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and a failure of the Class C, D and E par value tests.
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.


INDEPENDENT NEWS: Nears Debt-for-Equity Swap Deal with Creditors
----------------------------------------------------------------
Anousha Sakoui and Salamander Davoudi at The Financial Times
report that Independent News & Media plc is close to agreeing a
debt-for-equity swap plan with creditors.

According to the FT, talks are continuing this week to bridge the
small gap between the company, its banks and bondholders about the
terms of the debt-for-equity swap.

The debt-for-equity swap plan under consideration would see the
bondholders swap EUR110 million-EUR120 million (US$161 million-
US$176 million) for about 45% of the company's unissued share
capital at a range of between 15-17 cents, the FT states.

Citing people close to the talks, the FT discloses negotiations
continue about the exact price at which bonds would be swapped for
720 million shares and whether the company should raise an
additional EUR20 million in the rights issue at the request of the
banks or wait until the company has recovered.

                  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.


IRISH NATIONWIDE: Fitch Cuts Individual Rating to 'E'
-----------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Ratings of
Allied Irish Banks, Anglo Irish Bank Corporation, Bank of Ireland,
all at 'A-', and Irish Nationwide Building Society at 'BBB-'.  It
has downgraded the Long-term IDR of EBS Building Society to its
Support Rating Floor at 'BBB-' from 'BBB' and removed the Rating
Watch Evolving.  The Outlook is Stable.

At the same time, Fitch has downgraded the Individual rating of
AIB to 'D/E' from 'D' and removed the Rating Watch Negative.
Anglo's Individual rating is upgraded to 'E' from 'F', BoI's
Individual rating is affirmed at 'C/D' and the RWN removed, and
EBS' Individual rating is downgraded to 'E' from 'C/D' and the
Rating Watch Evolving removed.  INBS' Individual rating is
downgraded to 'E' from 'D/E.' The ratings for the institutions'
covered bond ratings will be addressed in a separate announcement.
For a full list of ratings, please see foot of announcement.

The rating actions follow the Sept. 16, 2009 announcement by the
Irish Minister for Finance, Mr. Brian Lenihan, that the above
credit institutions will transfer the bulk of their land and
development loans and some associated loans to the National Asset
Management Agency with a total nominal value of EUR77 billion.
This transfer is a positive development in the medium to longer
term, in Fitch's view, as it removes a burden from the
institutions and allows them to concentrate on providing more
resilient and traditional banking services.

"The introduction of NAMA should allow the institutions to return
to profitability faster, to support more readily the local economy
and to improve their liquidity," said Matthew Taylor, Senior
Director in Fitch's Financial Institutions' rating group.  "In
addition, the restructuring should encourage the institutions'
rehabilitation in the money and capital markets."

Loans will be transferred at an expected aggregate discount of
30%, which will crystallize losses for the five institutions
concerned.  However, the discount will vary by bank and will be
calculated by valuing the collateral on a loan by loan basis,
meaning that some banks will ultimately be hit harder than others.
The losses will be incurred only when the loans are transferred,
which is expected between late 2009 and first half 2010.  The
expectation of losses arising on the transfer of loans has a
negative impact on some of the ratings.

Fitch considers that the size of the loss to be incurred by AIB on
the EUR24 billion loans to be transferred to NAMA will place
pressure on its capital despite its existing loan impairment
allowances, sizeable pre-loan impairment operating profit, capital
management actions earlier in 2009 and receipt of EUR3.5 billion
preference shares subscribed to by the Irish government.  AIB
plans to raise or realize in the region of EUR2 billion capital
within the next 18 months.  Fitch considers that the bank requires
this capital in order to address the serious credit risks on its
balance sheet and maintain an acceptable level of capitalization.
To reflect AIB's need for capital, the agency has downgraded the
bank's Individual rating to 'D/E' from 'D' and removed the RWN.
However, Fitch believes that the bank's resilient underlying
profitability, although likely to be tempered by the contracting
economy, should help the bank recover more swiftly now that the
riskiest and least liquid assets have been removed from its
balance sheet.  When the outcome of the capital raising is known,
Fitch expects to review the Individual rating.

At Anglo, the transfer of EUR28 billion of loans to NAMA
represents 38% of its loan book.  Fitch considers that the size of
the loss to be incurred on the transfer of the loans to NAMA means
the bank is likely to require a further injection of capital by
the government, following the EUR4 billion already received.  The
need for additional capital reflects the serious credit problems
in the bank.  Anglo generated weak pre-loan impairment charges
operating profit for the six months to end-March 2009 and subdued
profitability is likely to hinder a smooth or rapid recovery.
Fitch has changed the bank's Individual rating to 'E' from 'F,' to
reflect its receipt of external support.

BoI has emerged in better condition than AIB or Anglo, due to its
smaller and more conservative portfolio of development and
construction loans.  Its large retail franchise and speedier
internal reorganization should also position it to achieve a more
consistent performance before its immediate peers.  In recognition
of its improved position after transferring EUR16 billion of loans
to NAMA, Fitch has removed the RWN from the bank's Individual
rating of 'C/D'.  The rating incorporates an expectation that
asset quality may weaken further in a tough operating environment.
If BoI were to raise capital, Fitch expects to view it as
strengthening the bank's position and not as external support to
address serious problems.

The capital position of EBS was tight before the announcement of
the size of the average discount on the EUR1 billion loans the
society will transfer to NAMA.  In Fitch's opinion, after the
impending loss on the transfer of loans, the society will need
external support.  To reflect this position, Fitch has downgraded
the EBS' IDR to its Support Rating Floor of 'BBB-' from 'BBB' and
removed the RWE.  The Outlook is Stable.  It has also downgraded
the society's Individual rating to 'E' from 'C/D' and removed the
RWE.

Fitch expects EBS to participate in the restructuring of the Irish
banking sector and considers it possible that its legal status may
change.  If EBS converts to limited liability status, then the
implicit support provided to senior unsecured debt by its ranking
senior to member deposits will vanish.  Fitch has downgraded the
senior unsecured debt rating to 'BBB' from 'BBB+', removed the RWE
and, acknowledging the possible change in legal status, placed the
rating on RWN.  The expected external support for the society
increases the probability that the society's permanent interest
bearing shares would be involved in burden sharing.  As a result,
the PIBS' ratings have been downgraded to 'B' from 'BB+'.  The RWE
has been removed and replaced with RWN.  Fitch considers that
there is a high probability of external support materializing,
indicated by the '2' Support Rating, which is affirmed.

INBS will transfer EUR8 billion of loans to NAMA, representing 80%
of its customer loans.  Fitch calculates that the losses incurred
on the transfer of these loans will erode loan impairment
allowances and equity, placing the society in need of external
support.  The Individual rating has been downgraded to 'E' from
'D/E' to reflect Fitch's view that the society has serious
problems and is likely to require external support.  Fitch expects
INBS to be involved in the restructuring of the Irish banking
system.  In view of the severity of the society's problems, the
agency believes that there could be some legislative risk to the
position of dated subordinated debt, which is maintained at 'BB+'
and placed on RWN.  Fitch considers that there is a high
probability of external support materializing, indicated by the
'2' Support Rating, which is affirmed.

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.

The ratings of the banks are:

AIB:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Upper Tier 2 maintained at 'B+' RWN
  -- Tier 1 maintained at 'B' RWN
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'
  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

AIB Group (UK) PLC:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'

AIB Bank (CI) Limited:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating downgraded to D/E from 'D', RWN removed
  -- Support Rating affirmed at '1'

Anglo:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+';
  -- Individual Rating upgraded to 'E' from 'F',
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Upper Tier 2 affirmed at 'CC'
  -- Tier 1 affirmed at 'C'
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'
  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

Anglo Irish Mortgage Bank:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR affirmed at 'F1+';
  -- Support Rating affirmed at '1'

Bank of Ireland:

  -- Long-term IDR affirmed at 'A-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+' RWN
  -- Individual Rating affirmed at 'C/D', removed from RWN
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-'
  -- Senior unsecured affirmed at 'A-'
  -- Lower Tier 2 affirmed at 'BBB+'
  -- Tier 1 maintained at 'B' RWN
  -- Guaranteed senior unsecured affirmed at Long-term 'AA+'

EBS Building Society:

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWE removed,
     Outlook Stable

  -- Short-term IDR maintained at 'F1+' RWN

  -- Individual Rating downgraded to 'E' from 'C/D'; RWE removed

  -- Support Rating affirmed at '2'

  -- Support Rating Floor affirmed at 'BBB-'

  -- Senior unsecured downgraded to 'BBB' from 'BBB+'; RWE removed
     and placed on RWN

  -- Tier 1 downgraded to 'B' from 'BB+'; RWE removed and placed
     on RWN

  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'

  -- Guaranteed senior unsecured Short-term affirmed at 'F1+'

EBS Mortgage Finance:

  -- Long-term IDR downgraded to 'BBB-' from 'BBB'; RWE removed,
     Outlook Stable

  -- Short-term IDR maintained at 'F1+' RWN

  -- Support Rating affirmed at '2'

Irish Nationwide Building Society:

  -- Long-term IDR affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR maintained at 'F1+'; RWN
  -- Individual Rating downgraded to 'E' from 'D/E'
  -- Support Rating affirmed at '2'
  -- Support Rating Floor affirmed at 'BBB-'
  -- Senior unsecured affirmed at 'BBB-'
  -- Lower Tier 2 maintained at 'BB+', placed on RWN
  -- Guaranteed senior unsecured Long-term affirmed at 'AA+'


JJ FLEMING: Court Extends Examinership Until Oct. 17
----------------------------------------------------
Barry O'Halloran at The Irish Times reports that the High Court on
Monday protection to two companies in the Fleming construction
group.

The report relates Mr. Justice Daniel O'Keeffe extended the
examinership to John J Fleming Construction and JJ Fleming
Holdings until Oct. 17.

According to the report, Justice O'Keeffe said that in his
opinion, examinership would be a preferable course of action for
the companies than winding up.


KILDARE SECURITIES: Moody's Cuts Rating on Class D Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of two classes of
notes and affirmed the ratings of three classes of notes issued by
Kildare Securities Limited.  One of the two downgraded tranches
had been placed on review for possible downgrade on July 22, 2009,
due to worse-than-expected collateral performance and taking into
consideration the weakened macro-economic environment in Ireland.
The rating actions concluded the review and took into account the
increased loss expectations for the mortgage portfolio backing
Kildare Securities Limited.

Kildare Securities Limited closed in March 2007.  The current pool
factor is approximately 69%.  The assets supporting the notes are
prime mortgage loans secured on residential properties located in
Ireland.  The asset pool has a weighted average seasoning
exceeding 55 months and an indexed weighted average loan-to-value
(LTV) of 75.0%.  The weighted average loan-to-value for the asset
pool at closing was 73.7%.  The increase on the indexed weighted
average LTV is a result of the house price depreciation that has
been observed in Ireland since closing.  The house price
depreciation is also the reason for 16.4% of the outstanding
portfolio to have an indexed LTV that currently exceeds 100%.

The portfolio had no recorded losses or repossessions until the
last payment date.  However, as enforcement procedures in Ireland
are usually lengthy, Moody's considers loans with delinquencies
exceeding 360 days as a close indication for defaults.  In the
September 2009 payment date, the 360+ delinquencies for this
transaction accounted for 0.75% of the outstanding pool balance.
The total delinquency loans have increased slightly from 3.74% of
CB as of May 2009 to 3.84% as of August 2009 and the 90+ days
delinquencies have increased from 2.15% to 2.52% of the
outstanding balance of the portfolio.

The reserve fund is non-amortizing and is fully funded since
closing.  The transaction is exposed to substitution risk for 10
more quarters as the Issuer has the option to substitute loans and
fund further advances to current loans, under certain terms and
conditions.  However, until the payment date of September 2009 no
loans have been substituted and no further advances have been
funded.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the increase in credit support
needed and the volatility of future losses.  As a consequence,
Moody's has revised its Milan Aaa CE from 8.36% to 9%.  Classes A2
and A3 notes share the same PDL and their current available credit
enhancement (excluding excess spread) equals approximately 12.5%.

After completing a roll-rate and severity analysis for the
portfolio, Moody's has also increased its loss expectations from
0.8% to 1.45% of the original portfolio balance.

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
outlook for Ireland.  The outlook reflects these expectations of
key macro-economic indicators: GDP to contract by approximately
1.7% by Q4 2009, unemployment to increase to 14.2% by Q4 2010 from
11.7% in Q2 2009.  House prices are expected to decrease by
approximately 30% from their peak in 2007 to a trough in 2010 (the
drop currently is estimated at 22%).

The classes of notes affected by the rating actions are:

Kildare Securities Limited:

  -- Class A2, affirmed at Aaa; previously on 1 March 2007
     assigned Aaa;

  -- Class A3, affirmed at Aaa; previously on 1 March 2007
     assigned Aaa;

  -- Class B, affirmed at Aa3; previously on 1 March 2007 assigned
     Aa3;

  -- Class C, downgraded to Baa2; previously on 1 March 2007
     assigned A3;

  -- Class D downgraded to Ba3; previously on 22 July 2009 Baa3
     and placed under review for possible downgrade;

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 transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


ORAN GROUP: Revenue Commissioners Seek to Liquidate Two Companies
-----------------------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports the Revenue
Commissioners filed winding-up petitions against two companies
connected to the Oran Group, the property development business
owned by Irish developer Richard Fitzgerald, in an effort to
recover unpaid taxes.

According to the report, petitions to wind up the two companies --
Oran Properties and MDZ -- were lodged in the High Court in recent
days, and will be heard by the court next month.


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


BANCA POPOLARE: Gets EUR500MM Capital Injection from Italian Gov't
------------------------------------------------------------------
Vincent Boland at The Financial Times reports that Banca Popolare
di Milano Scrl received its capital injection in the form of
so-called Tremonti bonds, in a scheme under which the state bought
EUR500 million of bonds issued by the bank.

According to the FT, the injection lifted Banca Popolare's
core tier 1 capital ratio -- a measure of financial strength -- to
7.65% from 6.22%.

Sonia Sirletti at Bloomberg News reports Banca Popolare di Milano
Scrl completed an agreement to sell EUR500 million (US$731
million) of bonds to the Italian government.

Bloomberg relates Popolare Milano said Monday the sale will boost
the bank's so-called core tier 1 ratio, a key measure of financial
strength, to 7.65%.  The bank also agreed to increase lending to
small companies as part of the deal, Bloomberg notes.

Banca Popolare di Milano Scarl -- http://www.bpm.it/-- is an
Italy-based bank.  It offers current accounts, loans, mortgages,
credit and debit cards, financing and asset management, among
others.  The Bank provides its services through traditional
distribution network, via Internet and phone.  It divides its
products into four categories: Young, Private, Corporate and
Public Administration.  The Bank divides its operations into seven
segments: Retail Banking, Corporate Banking, Investment Banking,
Wealth Management, Corporate Center and Others.  Banca Popolare di
Milano has numerous subsidiaries, which include Banca di Legnano
SpA, Cassa di Risparmio di Alessandria SpA, Banca Akros SpA,
Tirving Ltd, BPM Capital I LLC, Bipiemme Gestioni SGR SpA and
WE@Service SpA, among others.


INTESA SANPAOLO: Tremonti Bond Sale Not Linked with Fideuram Sale
-----------------------------------------------------------------
James Amott and Sonia Sirletti at Bloomberg News report that
Intesa Sanpaolo SpA Chief Executive Officer Corrado Passera said
that the bank's possible sale of so-called Tremonti bonds isn't
linked to the sale of the company's Banca Fideuram SpA asset
management unit.

"The two deals are totally separate," Bloomberg quoted Mr. Passera
as saying to reporters in Milan.

On Sept. 16, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News reported, Mr. Passera reiterated that the
Italian bank will decide by the end of the month whether to sell
convertible bonds to the government to boost capital.

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

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


UNICREDIT SPA: Explores "All Options" to Boost Capital Ratios
-------------------------------------------------------------
Sonia Sirletti and Jerrold Colten at Bloomberg News report that
UniCredit SpA is considering "all options" to boost its capital
ratios.

According to Bloomberg, the bank, which was responding to press
reports that it may pursue a capital increase, will make a
decision on funding plans at a Sept. 29 board meeting.

Bloomberg relates Daily Il Messaggero reported Monday that
UniCredit's banking foundation investors are concerned the company
may opt for a capital increase to raise money rather than follow
through with plans to take state aid through a special bond sale.

Bloomberg recalls UniCredit has said it may seek as much as EUR4
billion (US$5.9 billion) in state aid from Italy and Austria.

Based in Milan, Italy, UniCredit SpA (BIT:UCG) --
http://www.unicreditgroup.eu/--  is a holding company of an
Italian banking group.  The Group is divided into eight divisions:
Asset Management, Retail, Central Eastern Europe, Poland's
Markets, Corporate, Markets and Investment Banking, Private
Banking and Household Banking.  Through its network of companies,
the Group provides a range of products and services that include
traditional banking products, bancassurance, loans, leasing and
investment products, which it offers to individuals and
households, as well as professionals, small and medium companies
and corporations.  The Group owns local banks in a number of
central-eastern European countries (CEECs), including Poland,
Bulgaria, Croatia, Turkey, Slovakia, Romania and the Czech
Republic.  Unicredit SpA is also present through offices and
representatives worldwide in Europe, Asia and the United States.
In the fiscal year ended December 31, 2007, UniCredit acquired
Capitalia Group.


* Moody's Reviews Ratings on Four Italian Leasing ABS Transactions
------------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade all classes of notes issued by these Italian leasing
asset-backed securities transactions:

  -- Italease Finance S.p.A.  Series 2005-1 (ITA 7)
  -- Italfinance Securitisation Vehicle S.r.l. (ITA 8)
  -- Italfinance Securitisation Vehicle 2 S.r.l. (ITA 9)
  -- Italfinance Securitisation Vehicle 2 S.R.L (ITA 10)

A complete list of all 12 affected tranches placed under review
for possible downgrade can be found at the end of this press
release.

This rating action results from Moody's examination of all
outstanding ABS transactions originated by Banca Italease SpA
(Baa3) including Italease Finance S.p.A. Series 2004-1 (ITA 6) and
Italfinance Securitisation Vehicle S.r.l. (ITA J) which are not
affected by this rating action.  The review was prompted by worse
than expected performance combined with the uncertainties
surrounding the restructuring of Banca Italease servicing units
following the tender offer from Banco Popolare (A2/P-1), which now
owns 88% of Banca Italease ordinary shares.

So far, the underlying portfolios of the affected transactions
have experienced higher defaults than Moody's expected and the
number of defaulted leasing contracts has increased steeply since
the end of Q1 2009.

Italease Finance S.p.A. Series 2005-1 (ITA 7) reported a
cumulative default rate of 3.99% of the securitized pool balance
as of Q2 2009, while Moody's mean default assumption was in the
range of 3.50%-3.90% of the securitized pool balance over the life
of the transaction as of its last review in October 2008.
Furthermore, the transaction displays a high concentration in the
real estate sub-pool which is accounting for 92% of the
outstanding principal balance as of Q2 2009.  Additionally, there
is a high borrower concentration in the real estate sub-pool with
the top ten clients accounting for over 18% of the outstanding
real estate sub-pool.  The pool factor is currently 40%.

Italfinance Securitisation Vehicle S.r.l. (ITA 8) reported a
cumulative default rate of 6.07% of the securitized pool balance
as of Q2 2009 while Moody's mean default assumption was 5.80% of
the securitised pool balance over the life of the transaction at
the review in February 2009.  The pool factor is currently 41%.

Italfinance Securitisation Vehicle 2 S.r.l. (ITA 9) reported a
cumulative default rate of 3.95% of the securitized pool balance
as of Q2 2009 while Moody's mean default assumption at closing in
March 2007 was 3.20% of the securitized pool balance over the life
of the transaction.  The pool factor is currently 71%.

Italfinance Securitisation Vehicle 2 S.R.L (ITA 10) reported a
cumulative default rate of 3.34% of the securitized pool balance
as of Q2 2009, which is double that reported in Q1 2009.  Moody's
mean default assumption was 3.75% of the securitized pool balance
over the life of the transaction at closing in May 2008.  The pool
factor is currently 66%.

The reserve funds in these transactions have not suffered any
drawing since closing.

Moody's will reassess the cumulative default rate for the
remaining life of these transactions, reflecting the collateral
performance to date as well as the future macro-economic
environment in Italy.  Furthermore, Moody's will consider in its
analysis the fact that recoveries on defaulted lease contracts
have recently been primarily derived from Banca Italease S.p.A.'s
practice of repurchasing defaulted receivables.  This lowers the
net cumulative default amount and, hence, has a direct impact on
the pro-rata amortization condition as well as the cash trapping
trigger.  Additionally, Moody's will analyze the impact of the
restructuring of Banca Italease on its servicing capacity.
Moody's expects to conclude the detailed transaction reviews
within the next six months.

The transactions that were placed on review for possible downgrade
were originated by Banca Italease between 2005 and 2008 and
comprise receivables derived from lease contracts excluding
residual value and related cash flows.  The collateral portfolios
comprise receivables deriving from vehicle, equipment and real
estate lease contracts.

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 transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.  Moody's will continue
to monitor closely the above transactions.  In Moody's opinion,
these structures allow for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal final
maturity.

                Detailed List of Affected Ratings

Issuer: Italease Finance S.p.A.  Series 2005-1 (ITA 7)

  -- Class A2 notes, Aaa Placed Under Review for Possible
     Downgrade; previously on Oct. 16, 2008 Confirmed at Aaa

  -- Class B notes, Aa3 Placed Under Review for Possible
     Downgrade; previously on Oct. 16, 2008 Confirmed at Aa3

  -- Class C notes, A3 Placed Under Review for Possible Downgrade;
     previously on Oct. 16, 2008 Confirmed at A3

Issuer: Italfinance Securitisation Vehicle S.r.l.  (ITA 8)

  -- Class A notes, Aa1 Placed Under Review for Possible
     Downgrade; previously on Feb. 13, 2009 Downgraded to Aa1

  -- Class B notes, A3 Placed Under Review for Possible Downgrade;
     previously on Feb. 13, 2009 Downgraded to A3

  -- Class C notes, Ba3 Placed Under Review for Possible
     Downgrade; previously on Feb. 13, 2009 Downgraded to Ba3

  -- Class D notes, B3 Placed Under Review for Possible Downgrade;
     previously on Feb. 13, 2009 Downgraded to B3

Issuer: Italfinance Securitisation Vehicle 2 S.r.l.  (ITA 9)

  -- Class A notes, Aaa Placed Under Review for Possible
     Downgrade; previously on March 1, 2007 Definitive Rating
     Assigned Aaa

  -- Class B notes, A3 Placed Under Review for Possible Downgrade;
     previously on July 11, 2007 Downgraded to A3

  -- Class C notes, Baa3 Placed Under Review for Possible
     Downgrade; previously on July 11, 2007 Downgraded to Baa3

  -- Class D notes, Ba1 Placed Under Review for Possible
     Downgrade; previously on Aug. 17, 2007 Downgraded to Ba1

Issuer: Italfinance Securitisation Vehicle 2 S.R.L ( ITA 10)

  -- Class A notes, Aaa Placed Under Review for Possible
     Downgrade; previously on May 13, 2008 Assigned Aaa


==================
K A Z A K HS T A N
==================


BTA BANK: Inks MOU with Creditor Committee
------------------------------------------
Willy Morris and Halia Pavliva at Bloomberg News report that BTA
Bank signed a memorandum of understanding with a committee of
creditors that may increase the amount to be recovered by
bondholders as the company restructures as much as US$13.3 billion
of debt.

According to Bloomberg, the MOU includes a creditor committee
proposal that would give senior financial creditors cash and
securities equal to 64.5% of the face value of their principal.
It also includes the bank's proposal, released earlier this month,
which would pay creditors as little as 17.75% of face value in
cash, Bloomberg notes.

Kazakhstan's Finance Minister Bolat Zhamishev told Bloomberg in an
interview yesterday that the government and the creditors have yet
to agree on the exact terms of the restructuring and that a final
agreement may take days to reach.

As reported in the Troubled Company Reporter-Europe on Sept. 11,
2009, Bloomberg News said BTA's creditors hired Deloitte & Touche
LLP and Baker & McKenzie LLP to advise them on the debt
restructuring following the bank's default earlier this year.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.


CIC LLP: Creditors Must File Claims by September 30
---------------------------------------------------
Creditors of LLP CIC have until September 30, 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
July 14, 2009.


EKIBASTUZ CONTRACT: Creditors Must File Claims by September 30
--------------------------------------------------------------
Creditors of LLP Ekibastuz Contract Energo have until
September 30, 2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 23, 2009.


STAL IMPEX: Creditors Must File Claims by September 30
------------------------------------------------------
Creditors of LLP Stal Impex S have until September 30, 2009, to
submit proofs of claim to:

         Dostoevsky Str. 72
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on June 25,
2009 after finding it insolvent.

The Court is located at:

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


TEMIRLAN PV: Creditors Must File Claims by September 30
-------------------------------------------------------
Creditors of LLP Temirlan PV have until September 30, 2009, to
submit proofs of claim to:

         Dostoevsky Str. 72
         Pavlodar
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on June 25,
2009, after finding it insolvent.

The Court is located at:

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


TSELINNIK LLP: Creditors Must File Claims by September 30
---------------------------------------------------------
Creditors of LLP Tselinnik have until September 30, 2009 to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 10, 2009.


* KAZAKHSTAN: Banks Incur US$17.2 Bln Loss Through Sept. 1
----------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports the Agency for
Financial Supervision said on its Web site that Kazakhstan's 37
banks incurred a loss of KZT2.6 trillion (US$17.2 billion) in the
year through Sept. 1 as they increased provisions against bad
loans.

According to Bloomberg, the agency said on Sept. 19 Kazakh banks
had bad-loan provisions of KZT3.5 trillion as of Sept. 1,
equivalent to 34.4% of their total loan portfolios.


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


TUMAR CJSC: Creditors Must File Claims by October 7
---------------------------------------------------
CJSC Tumar is currently undergoing liquidation.  Creditors have
until October 7, 2009, to submit proofs of claim to:

         Molodaya Gvardiya Ave. 72
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 64-23-58


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


XUTHUS SA: Fitch Downgrades Rating on Class C Notes to 'B'
----------------------------------------------------------
Fitch Ratings has downgraded Xuthus (European Loan Conduit No.29)
SA note classes A to C.  The rating actions are:

  -- EUR573.1 million class A (XS0332859650) downgraded to 'A'
     from 'AAA' Outlook Stable

  -- EUR59.8 million class B (XS0332859908) downgraded to 'BB'
     from 'AA'; Outlook Stable

  -- EUR59.8 million class C (XS0332860237) downgraded to 'B' from
     'A'; Outlook Stable

  -- EUR10,000 class X (XS0332860583) affirmed at 'AAA'; Outlook
     Stable

The downgrades are primarily driven by the ongoing downturn in the
European commercial real estate markets.  As at August 2009, the
securitised A-note of the loan had a reported loan-to-value ratio
of 62.6% while the whole loan LTV stood at 93.3%, constituting a
breach of the whole loan LTV covenant of 90%.  The Fitch A-note
and whole loan LTV's currently stand at 83% and 124.1%
respectively, implying a market value decline of 24.7% since
closing in February 2008.

The reported whole loan projected interest coverage ratio, which
is forward looking and based on net rental income, has fallen to
1.15x from 1.2x at closing, although the A-note ICR remains robust
at 1.75x.  Vacancy has remained stable at 16% by floor area;
however, the portfolio's WA unexpired lease term has fallen to 3.2
years from 4 years at closing.

Xuthus (European Loan Conduit No. 29) SA is a securitization of a
single commercial mortgage loan, which closed in February 2008 and
matures in May 2014.  The loan is secured by 64 properties located
throughout Europe with 55.4% by market value located in the
Netherlands, 22.2% in Belgium, 11.5% in Germany and 10.9% in
Switzerland.  The collateral has both a WA property grade and
technical specification grade of 'B-', which suggests good to
secondary quality properties.  The assets are predominantly office
(69% by gross passing rent) with other use types consisting of
mixed use (20%), retail (9%) and a hotel (2%).

Fitch will continue to monitor the performance of the transaction.


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


IZHMASH OAO: Court to Hear Bankruptcy Petition on October 7
-----------------------------------------------------------
Ilya Khrennikov at Bloomberg News reports that the arbitration
court in the Russian region of Udmurtia said on its Web site that
it will consider a bankruptcy lawsuit filed by OOO Gremikha
against OAO Izhmash, a unit of Russian Technologies Corp., on
Oct. 7.

Bloomberg, citing Izhmash's Web site, discloses the company owes
Gremikha more than RUR400 million (US$13 million).

"A special commission at Russian Technologies is currently
reviewing the financial situation of Izhmash and will issue a
press release when its work is finished," Bloomberg quoted Russian
Technologies spokesman Valery Kartavtsev as saying.

Kontsern Izhmash OAO (Concern Izhmash OJSC) --
http://www.izhmash.ru-- is a Russia-based company mainly involved
in the firearm production.  Its offer includes sniper rifle,
automatic weapon, sporting-hunting weapon, aircraft weapon, guided
artillery gunning complexes, as well as motorcycles, automobiles
and different types of machines.  Kontsern Izhmash OAO has one
branch located in Moscow and one representative office located in
Novosibirsk, Russia.  In addition, it has 16 subsidiaries and 12
dependant companies.


KRASNOARMEYSKIY TIMBER: Bankruptcy Hearing Set September 29
-----------------------------------------------------------
The Arbitration Court of Volgogradskaya will convene at 9:00 a.m.
on September 29, 2009, to hear bankruptcy supervision procedure on
CJSC Krasnoarmeyskiy Timber Mill (TIN 3448007082, PSRN
1023404366226).  The case is docketed under Case No. ?12–
4876/2009.

The Temporary Insolvency Manager is:

         M. Shevrina
         Prazhskaya Str. 16A-8
         Volgograd-5
         Russia

The Debtor can be reached at:

         CJSC Krasnoarmeyskiy Timber Mill
         Buguruslanskaya Str. 21
         Volgograd-29
         Russia


KURSK TOBACCO: Creditors Must File Claims by September 30
---------------------------------------------------------
Creditors of LLC Kursk Tobacco Processing Plant (TIN 4632057898,
PSRN 1054639150587) have until September 30, 2009, to submit
proofs of claims to:

         N. Silakov
         Insolvency Manager
         Apt. 1
         Sadovaya Str. 25/59
         305004 Kursk
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?35–3660/09- S24.

The Debtor can be reached at:

         LLC Kursk Tobacco Processing Plant
         2-ya Agregatnaya Str. 5A
         305022 Kursk
         Russia


LSR OJSC: Fitch Maintains Negative Watch on 'B-' Issuer Rating
--------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on Russia-
based OJSC LSR Group's Long-term foreign currency Issuer Default
rating of 'B-'.

The Rating Watch Negative continues to reflect concerns about
LSR's poor liquidity position, as reflected by a weak liquidity
score (defined as sources of liquidity relative to uses of
liquidity over the next 12 months) of 0.6x at September 1, 2009.
LSR's liquidity position is hindered by its large volume of short-
term debt maturities (US$681 million equivalent as of September 1,
2009) and expected negative free cash flow over the next 12
months.  According to Fitch's calculations, LSR may currently have
enough liquidity to cover its obligations until January or
February 2010 (barring any unforeseen cash outflows), but is
reliant on raising at least US$395 million of new finance in order
to meet its obligations for the rest of 2010.  This creates a
significant refinancing risk for LSR.

However, the ratings also factor in the possibility that LSR's
refinancing efforts could be aided by its preferential status with
the state, as reflected by its inclusion on the government's list
of 'strategically important' corporates in Q408.  LSR's
preferential status may provide the company with access to new
debt from Russian state-controlled banks (Sberbank, VTB, VEB and
Rosselkhozbank).  Thus far during 2009 LSR has received US$366
million equivalent of new corporate debt and US$329m equivalent of
project-specific debt from state-controlled banks.  Fitch
understands from LSR that further debt may be provided during the
remainder of 2009, although the agency also recognizes that there
is no guarantee that this debt will materialize with either the
speed or magnitude required, and therefore downside risks still
exist.

The ratings also continue to reflect concerns about LSR's ability
to meet certain financial covenants (total debt/EBITDA and
EBIT/interest expense).  Due to a possible breach of these
covenants during 2009, LSR successfully achieved a covenant waiver
for the half-year 2009 test, and although the year-end 2009 test
has not be waived, a relaxation of the covenant ratios has been
agreed (with the covenant ratios reverting back to original levels
in 2010).  While this provides LSR with some flexibility, Fitch
believes there still is a high risk that the company will breach
one or more covenants at either year-end 2009 or during 2010.  A
breach could accelerate LSR's liquidity problems, and therefore
LSR's ability to obtain a permanent relaxation of its covenants is
an important driver of the rating at present.

Given the immediacy of the liquidity risks facing LSR, the RWN on
the ratings will be resolved by end-2009.  A downgrade of the IDR
could be triggered by either a failure to increase LSR's liquidity
score to greater than 1x by end-2009, or a failure to permanently
reset covenants to an achievable level by end-2009.  Any downgrade
could be by more than one notch.

Fitch also notes that LSR's key end-markets (building materials
and construction in the St.  Petersburg region) are undergoing a
severe downturn.  The agency does not expect these end-markets to
significantly recover until at least 2011, and as a result is
forecasting weak cash generation for LSR over the next three
years.  Fitch's forecasts indicate that LSR may suffer from an
approximate 30% yoy fall in sales and continued negative free cash
flow during 2009 (driven partly by significant ongoing capex
commitments), with net debt/EBITDA potentially exceeding 4x at
both FYE09 and FYE10 (compared to 1.9x at FYE08).


NIZHNETAGILSKIY MECHANICAL: Bankruptcy Hearing Set September 29
---------------------------------------------------------------
The Arbitration Court of Sverdlovskaya will convene at 3:30 a.m.
on September 29, 2009, to hear bankruptcy supervision procedure on
CJSC Nizhnetagilskiy Mechanical Plant (TIN 6623008908, PSRN
1036601221690, RVC 662301001).  The case is docketed under
Case No. ?60–11572/09-S11.

The Temporary Insolvency Manager is:

         V. Medvedev
         Post User Box 308
         620028 Yekaterinburg
         Russia

The Debtor can be reached at:

         CJSC Nizhnetagilskiy Mechanical Plant
         Klenovaya Str. 1a
         Sverdlovskaya
         622001 Nizhny Tagil
         Russia


REM-STROY LLC: Creditors Must File Claims by September 30
---------------------------------------------------------
Creditors of LLC Rem-Stroy (TIN 1648016933, PSRN 1051653019296)
(Construction) have until September 30, 2009, to submit proofs of
claims to:

         D. Nasibullina
         Insolvency Manager
         B. Urmance Str. 12-20
         422545 Zelenodolsk
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?65–1200/2009-SG4–31.

The Debtor can be reached at:

         LLC Rem-Stroy
         Koroleva Str. 28
         Zelenodolsk
         Tatarstan
         Russia


RYAZAN-PROM: Ryazanskaya Bankruptcy Hearing Set September 25
------------------------------------------------------------
The Arbitration Court of Ryazanskaya will convene on September 25,
2009, to hear bankruptcy supervision procedure on OJSC Ryazan-
Prom-Stroy-Invest (TIN 6234016141, PSRN  1056204036921)
(Construction).  The case is docketed under Case No. ?54–1320/2009
S19.

The Temporary Insolvency Manager is:

         T. Yelesina
         Post User Box 34
         390027 Ryazan
         Russia

The Debtor can be reached at:

         OJSC Ryazan-Prom-Stroy-Invest
         Building 19
         Yuzhny Promuzel
         391000 Ryazan
         Russia


SEMENOV-LES LLC: Bankruptcy Hearing Set September 29
----------------------------------------------------
The Arbitration Court of Nizhegorodskaya will convene on September
29, 2009, to hear bankruptcy supervision procedure on LLC Semenov-
Les (TIN 5228054482, PSRN 1075228000231) (Lumbering Industry).

The Temporary Insolvency Manager is:

         D. Asafov
         Office 201
         Mira Blvd. 12
         603086 Nizhny Novgorod
         Russia

The Debtor can be reached at:

         LLC Semenov-Les
         M. Pecherskogo Str. 6
         Semenov
         606651 Nizhegorodskaya
         Russia


TETYUSHINSKIY FISH: Creditors Must File Claims by September 30
--------------------------------------------------------------
Creditors of LLC Tetyushinskiy Fish Factory (TIN 1638003830) have
until September 30, 2009, to submit proofs of claims to:

         R. Kabibi
         Insolvency Manager
         Post User Box 106
         420061 Kazan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?65–14712/2??8-SG4–16.

The Debtor can be reached at:

         LLC Tetyushinskiy Fish Factory
         Tetyushi
         Russia


UC RUSAL: Seeks to Complete Debt Restructuring; LIA Talks Failed
----------------------------------------------------------------
Suzy Jagger at The Times reports that United Co. Rusal is rushing
to complete debt restructuring plans after talks with the Libyan
Investment Authority (LIA) and other sovereign wealth funds
failed.

The Times relates Rusal, which has to restructure about US$7.4
billion (GBP4.5 billion) worth of debt to foreign banks,
had been in active discussions with the Libyans about selling a
10% stake in the Russian group.

A spokesman told The Times: "RusAl has been in contact with a
number of capital providers and is considering a variety of
options for capital-raising, including a possible IPO, and we are
not commenting on any individual negotiations."

                            Standstill

The Times recalls on Friday, Rusal said that it had agreed another
extension to the deadline for renegotiating its repayment schedule
to foreign and Russian banks.  The standstill agreement on debt
repayment to [foreign] banks has been extended until the end of
October, The Times discloses.

                            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.


VOLZHSKIY INVESTMENT: Creditors Must File Claims by September 30
----------------------------------------------------------------
Creditors of OJSC Volzhskiy Investment Casting Plant (TIN
1216010050, PSRN 1021202250145) have until September 30, 2009, to
submit proofs of claims to:

         Ye. Dunaev
         Insolvency Manager
         Apt. 118
         Chavayna Blvd.10
         Ioshkar-Ola
         424038 Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?38–151/2009.

The Debtor can be reached at:

         OJSC Volzhskiy Investment Casting Plant
         Prombaza Str. 1
         Volzhsk
         425000 Mariy El
         Russia


* RUSSIA: Companies' Debt Problems Getting Worse, Sharonov Says
---------------------------------------------------------------
Paul Abelsky at Bloomberg News reports that Andrei Sharonov,
managing director of Russian investment bank Troika Dialog,
said Russian companies' debt problems are getting worse.

According to Bloomberg, Mr. Sharonov said in an interview Thursday
that the amount of corporate loans that are overdue is growing by
about US$2 billion a month, compared with about US$1.5 billion a
month in the second quarter.  Delinquent corporate debt jumped to
5.3%of the overall total in July from 4.8% in June, according to
Bloomberg calculations based on the latest central bank data.

"Companies are losing cash flow and becoming unable to service
debt," Bloomberg quoted Mr. Sharonov as saying.  "When this trend
ends will depend on the pace of the global recovery, followed by
an improvement of the economy in Russia."


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


CEMEX SAB: Antitrust Authorities Search Spanish Unit
----------------------------------------------------
Thomas Black at Bloomberg News report that Officers of the Spanish
National Antitrust Commission searched the premises of Cemex
Espana SA as part of a probe into possible price-fixing and
market-sharing agreements.

According to the report, the antitrust commission that it may
decide to initiate a formal proceeding alleging violations of
antitrust regulations and that the preliminary probe doesn't
"pre-judge" the companies being inspected.  If unlawful practices
are proven, authorities may impose penalties of as much as 10% of
total sales volume, the commission added.

Anthony Harrup at Dow Jones Newswires relates that an unnamed
Cemex spokesman said the company is cooperating with Spanish
authorities in the matter.

Dow Jones Newswires notes that Spain accounted for US$419 million
of Cemex SAB's US$7.83 billion in sales in the first six months of
2009.

In November, the Bloomberg News recalls, Cemex SAB's offices in
the U.K. and Germany were searched by European Union competition
authorities seeking information related to an antitrust
investigation; while in Colombia, Cemex, Holcim and local producer
Cementos Argos SA were fined US$1.3 million in December for fixing
prices in 2005.  Bloomberg News adds that tn Mexico, antitrust
authorities are also investigating possible collusion involving
Cemex and other cement makers.  However, the Bloomberg News
relates, Cemex said that the investigation is groundless.

                         About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 19, 2009, Fitch Ratings has affirmed these ratings of
Cemex, S.A.B. de C.V.:

  -- Foreign currency Issuer Default Rating at 'B';

  -- Local currency IDR at 'B';

  -- Long-term national scale rating at 'BB-(mex)';

  -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)';

  -- MXN30 billion Programa Dual Revolvente de Certificados
     Bursatiles program at 'BB-(mex)';

  -- Senior unsecured debt obligations at 'B+/RR3';

  -- Unsecured debt issued through the Certificados Bursatiles
     program at 'BB-(mex)';

  -- Short-term national scale rating at 'B (mex)';

  -- MXN2.5 billion short-term portion of Programa Dual Revolvente
     de Certificados Bursatiles program at 'B (mex)'.


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


AGB ALLGEMEINE: Claims Filing Deadline is November 2
----------------------------------------------------
Creditors of AGB Allgemeine Gartenbau GmbH are requested to file
their proofs of claim by November 2, 2009, to:

         Wieland Ernst
         Freiburgstrasse 60
         3280 Murten
         Switzerland

The company is currently undergoing liquidation in Montagny FR.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on February 11, 2009.


CEPINVEST AG: Claims Filing Deadline is October 2
-------------------------------------------------
Creditors of Cepinvest AG are requested to file their proofs of
claim by October 2, 2009 to:

         Heinz Schlumpf
         Carasole, CP-137
         6535 Roveredo/GR
         Switzerland

The company is currently undergoing liquidation in Roveredo/GR.
The decision about liquidation was accepted at a general meeting
held on May 19, 2009.


EMPARIO HOLDING: Claims Filing Deadline is October 2
----------------------------------------------------
Creditors of EMPARIO HOLDING GmbH are requested to file their
proofs of claim by October 2, 2009, to:

         Weidmann & Rudolf
         Bundesplatz 16
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 17, 2009.


FEURO CARREISEN: Claims Filing Deadline is October 1
----------------------------------------------------
Creditors of Feuro Carreisen GmbH are requested to file their
proofs of claim by October 1, 2009, to:

         Erwin Feusi
         Falmisstrasse 37
         8832 Wilen
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at a shareholders'
meeting held on June 4, 2009.


RABER & CO AG: Claims Filing Deadline is November 2
---------------------------------------------------
Creditors of Raber & Co AG are requested to file their proofs of
claim by November 2, 2009, to:

         Hanspeter Raber
         Liquidator
         Streitholzstrasse 7
         8057 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on April 30, 2009.


TTEC INVEST: Claims Filing Deadline is October 12
-------------------------------------------------
Creditors of TTEC Invest AG are requested to file their proofs of
claim by October 12, 2009, to:

         awit treuhand AG
         Landquartstrasse 3
         9320 Arbon
         Switzerland

The company is currently undergoing liquidation in Arbon. T he
decision about liquidation was accepted at an extraordinary
general meeting held on June 3, 2009.


* SWITZERLAND: Corporate Bankruptcies to Exceed 5,000 in 2009
-------------------------------------------------------------
swissinfo.ch reports that the Swiss Association of Creditors,
Creditreform, warned that the number of businesses to go bankrupt
annually in Switzerland will likely exceed 5,000 for the first
time.

According the report, from January to August 2009, 3,429 Swiss
companies went bankrupt.  The number of corporate bankruptcies in
August increased 44% to 393 over the same period last year, the
report discloses.

"This year, we have around 750 more bankruptcies than in 2008,"
the report quoted the organization as saying.


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


RODOVID BANK: Ukraine's Central Bank Extends Debt Moratorium
------------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that Ukraine’s
central bank extended a moratorium for one month on payments to
creditors by PAT Rodovid Bank.

Citing a statement posted Monday on the Web site of the
Natsionalnyi Bank Ukrainy, Bloomberg discloses Rodovid may repay
deposits only until Oct. 15.  The bank received government bailout
in July.

Rodovid Bank VAT -- http://www.rodovidbank.com/-- is a Ukrainian
financial institution that provides bank services for Ukrainian
and foreign legal entities and individuals.  Through the network
of offices and cash machines it provides loan, deposit, cash card,
stock, currency exchange, travelers' check, current account and
safe deposit services in the whole of Ukraine.  The Bank's main
customers include individual and corporate clients as well as
banks.  Rodovid Bank VAT is headquartered in Kiev, Ukraine.


SEED PROCESSING: Creditors Must File Claims by September 25
-----------------------------------------------------------
Creditors of LLC Seed Processing Enterprise (code EDRPOU 32270994)
have until September 25, 2009, to submit proofs of claim to:

         Brovary Regional State Tax Inspection
         Insolvency Manager
         Kiev Str. 286
         Brovary
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 9, 2009.  The case is docketed under
Case No. B3/199-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Seed Processing Enterprise
         Metallurgov Str. 2
         Brovary
         Kiev
         Ukraine


SOBRANIYE LLC: Creditors Must File Claims by September 25
---------------------------------------------------------
Creditors of LLC Sobraniye (code EDRPOU 32727204) have until
September 25, 2009, to submit proofs of claim to A. Gapunich, the
company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on Aug. 11, 2009.  The case is docketed under
Case No. 7/248-09-3492.

The Court is located at:

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


SOUTH TRANSPORT: Creditors Must File Claims by September 25
-----------------------------------------------------------
Creditors of LLC South Transport Service (code EDRPOU 34376550)
have until September 25, 2009, to submit proofs of claim to
O. Strizhakova, the company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on August 13, 2009.  The case is docketed
under Case No. 2/84-09-3651.

The Court is located at:

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


UBRAN UKRAINE: Creditors Must File Claims by September 25
---------------------------------------------------------
Creditors of LLC Ubran Ukraine (code EDRPOU 34800977) have until
September 25, 2009, to submit proofs of claim to T. Sviridenko,
the company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on August 11, 2009.  The case is docketed
under Case No. 7/249-09-3493.

The Court is located at:

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


WHOLE SALE: Creditors Must File Claims by September 25
------------------------------------------------------
Creditors of LLC Whole Sale Trading Building (code EDRPOU
34506161) have until September 25, 2009, to submit proofs of claim
to R. Tkachenko, the company's insolvency manager.

The Economic Court of Odessa region commenced bankruptcy
proceedings against the company on August 13, 2009.  The case is
docketed under Case No. 2/83-09-3650.

The Court is located at:

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


ZAPOROZHYE BREAD: Creditors Must File Claims by September 25
------------------------------------------------------------
Creditors of CJSC Zaporozhye Bread Product (code EDRPOU 30611410)
have until September 25, 2009 to submit proofs of claim to:

         L. Tsimbal
         Insolvency Manager
         Krivaya Bukhta Str. 2
         69063 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 18, 2009.  The case is docketed
under Case No. 46/29/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         CJSC Zaporozhye Bread Product
         Krivaya Bukhta Str. 2
         69063 Zaporozhye
         Ukraine


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


BLACKS LEISURE: May Close Sandcity Division
-------------------------------------------
Reuters, citing The Times, reports that Blacks Leisure Group plc
may close Sandcity, its division which sells and distributes its
O'Neill boardwear franchise.

According to Reuters, Sandcity could be put into administration
which would lead to the closure of 12 shops.  KPMG has been put on
standby as administrator, Reuters says.

On June 2, 2009, the Troubled Company Reporter-Europe, citing The
Times, reported that Blacks Leisure was negotiating with banks to
get cash to transform its loss-making boardwear shops into its
core Millets and Blacks stores.  The Times disclosed the group
secured only a three-month extension to its banking facilities,
prompting auditors to attach a "going concern" warning to its
results.  The banking facilities expired at the end of August.

Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk/-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment.  The Company comprises two
segments: Outdoor and Boardwear.  Outdoor trades under the fascias
Blacks and Millets.  The trade is from retail stores in the
British  Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike.  Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers.  The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.


HELENA LEISURE: Rescued by RCapital in CVA Deal
-----------------------------------------------
London-based investment and turnaround specialist RCapital rescued
nightclub chain Helena Leisure Group in a restructuring deal,
Terry Murden at The Scotsman reported.

According to the report, RCapital restructured the business
through a company voluntary agreement -- a means of reaching a
settlement with creditors to avoid insolvency.  The transaction
means that 16 clubs and bars operated by the Helena Leisure group
in Scotland and the north of England will stay open, the report
said.

RCapital invested GBP800,000 in exchange for 26% of the equity,
the report disclosed.


IN THE BOX: High Court Appoints Provisional Liquidator
------------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented a petition in the High Court to wind up In The Box Ltd
in the public interest.

The company operated from premises located in Bolton and supplied
and fitted kitchens for the general public via sales leads
generated by a third-party, Internet-based, sales agent.

The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch under
section 447 of the Companies Act 1985 (as amended).

The Official Receiver has been appointed provisional liquidator of
In The Box Ltd.  The role of the provisional liquidator is to
protect assets in the possession or under the control of the
company pending the determination of the petition.  The
provisional liquidator also has the power to investigate the
affairs of the company insofar as it is necessary to protect the
assets including any third party or trust monies or assets in the
possession of or under the control of the company.

The case is now subject to High Court action and no further
information will be made available until the petition is heard in
the High Court on October 15, 2009.


INTIMAS GROUP: PwC Sells Part of Business to Linwood Fabrics
------------------------------------------------------------
Stuart Maddison, Eddie Williams and Rob Hunt of
PricewaterhouseCoopers LLP, joint administrators to Intimas Group
plc and Intimas Limited, said a significant part of the business,
including the Charnos and Lepel brands, has been sold.

After an extensive marketing exercise of the Intimas business, the
sale to Linwood Fabrics Ltd. has resulted in the preservation of
55 jobs.  The remaining parts of the business remain under review,
with an expectation of a number of further redundancies amongst
the remaining staff.

Intimas is a designer and supplier of ladies' intimate apparel
including lingerie, nightwear and swimwear with a portfolio of
well-known brands including Lepel and Charnos.  The Group, which
is based in Long Eaton, Nottingham also produced collections for
major high street retailers as well as trading through a number of
its own retail outlets located around the UK.

Stuart Maddison, joint administrator and partner at
PricewaterhouseCoopers LLP, said: "I am delighted to have
concluded a sale resulting in the continuity of some well-
established brands.

"We are assessing the options as a matter of urgency with respect
to those areas of the business which did not form part of this
sale, and will continue to liaise with the relevant customers,
suppliers and employees as to the options available to us and the
timetable."

Stuart Maddison, Eddie Williams and Rob Hunt of
PricewaterhouseCoopers LLP were appointed as joint administrators
to Intimas Group plc and Intimas Limited July 15, 2009.

As reported in the Troubled Company Reporter-Europe on July 17,
2009, Times Online said Intimas Group went into administration
after being hit by trading woes and the impact of the weak pound
on import costs.  Times Online disclosed the company reported
losses of GBP1.65 million in the six months to June 30 last year.

Intimas Group plc -- http://www.intimas.co.uk/-- is a designer
and supplier of ladies' intimate apparel and swimwear with a
portfolio of brands comprising Lepel, Discover Mademoiselle,
Charnos Lingerie and Ted Baker Intimates.  The Company operates
predominantly in the United Kingdom.  Lepel offers a range of
lingerie, swimwear and sleepwear.  Charnos develops products using
Italian silks, exquisite Swiss and Austrian embroideries and
refined French laces in carefully developed shapes.  During the
year ended December 31, 2007, the Company opened two high street
stores to gauge consumer interest in a specialist branded lingerie
retailer.


KETECH GROUP: Inquiry Clears Octopus Capital Over GBP2MM Deal
-------------------------------------------------------------
Richard Tyler at The Daily Telegraph reports that Capital for
Enterprise, the finance arm of Lord Mandelson's Business
Department, has said it is satisfied that its fund manager,
Octopus Capital, had identified all the relevant problems at
KeTech Group Ltd. before agreeing to invest GBP2 million of public
money on August 1 for a significant minority stake.

According to the Daily Telegraph, a spokesman for CfE said a due
diligence on the had now been completed and that it was satisfied
that the decision to invest in KeTech was sound.

On Sept. 4, 2009, the Troubled Company Reporter-Europe, citing the
Daily Telegraph, reported CfE launched an investigation into how a
taxpayer-funded scheme rescued KeTech without noticing that one of
its subsidiaries had failed to pass on thousands of pounds of its
employees' pension contributions.  The report disclosed a Daily
Telegraph investigation found that the subsidiary of Bedford-based
engineer KeTech, called Key Radio Systems, did not pass on staff
pension contributions to their group personal pensions run by
Aegon Scottish Equitable.  According to the Daily Telegraph, the
pension shortfalls only came to light after Key Radio was placed
into administration as part of a GBP2 million refinancing deal
agreed by Octopus Capital, one of two fund managers appointed by
the Business Department to invest the GBP75 million CfE fund.

KeTech Group Ltd. -- http://www.ketech.com/-- provides
communication systems consultancy, design, engineering, software
development and maintenance services to the transport sector.
KeTech has offices in London, Bedford, Nottingham, Preston,
Bristol and Aldermaston.


LEHMAN BROTHERS: PwC Says U.K. Court to Rule on Payoffs
-------------------------------------------------------
PricewaterhouseCoopers, administrators for Lehman Brothers
Holdings, Inc.'s U.K. units, stated that a court hearing
commencing October 5 will determine how some money received after
the investment bank sought protection from creditors is paid out.

The Joint Administrators on July 16 made an application to the
U.K. High Court to seek directions to determine the treatment of
Post Administration Money (e.g., redemption proceeds, dividends or
coupons) received by Lehman Brothers International Europe in
respect of certain securities held by LBIE as custodian under
certain versions of the International Prime Brokerage Agreement.

Two parties will make arguments at the hearing.  A prime brokerage
client, RAB Market Cycles (Master) Fund Ltd., will argue that cash
proceeds should be paid to the client in full, PwC said.  A
so-called general estate creditor, Hong Leong Bank Berhad, "will
make submissions to the contrary," the Administrators said.

PwC has said it received a "significant amount of money" from
securities held by LBIE.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LLOYDS BANKING: To Issue GBP2.9 Bln of Mortgage-Backed Bonds
------------------------------------------------------------
Esteban Duarte at Bloomberg News reports that Lloyds Banking Group
Plc is issuing more than GBP2.9 billion (US$4.7 billion) of bonds
secured by home loans.

Bloomberg relates the bank said the notes will be issued through
Permanent Master Trust 2009-1, a program set up to sell mortgage-
backed debt.

According to Bloomberg, Permanent’s notes will be backed by more
than 513,000 U.K. prime home loans originated by HBOS Plc, the
lender taken over by Lloyds in January.

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

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

                  About Lloyds Banking Group PLC

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


LLOYDS BANKING: Faces Probe Over Tax Avoidance Allegations
----------------------------------------------------------
John Sweeney at The Guardian reports that tax authorities are
investigating Lloyds Banking Group plc after evidence emerged that
the bank encourages wealthy customers to avoid tax by channelling
money through China.

According to the Guardian, in an undercover film obtained by
Panorama, a banker at the Jersey branch of Lloyds TSB Offshore is
shown telling a "customer" working for BBC Panorama how income is
paid to clients via Hong Kong to "get around" the European Savings
Tax Directive.  He also admitted that he and his colleagues spent
time "brainstorming" tax avoidance schemes, the Guardian relates.

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

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

                  About Lloyds Banking Group PLC

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


STONE LABEL: Wound Up in High Court After CIB Probe
---------------------------------------------------
Stone Label & Security Printers Limited, a printing company
specializing in security labels and  based in Stone, Stafford, has
been wound up in the High Court following an investigation by the
Government's Companies Investigation Branch (CIB).

Confidential inquiries were carried out by CIB into the company
which established that it had been used as a vehicle through which
a disqualified director sought to continue to trade with the
benefits associated with limited liability.

In addition, the Court heard that the company was involved in
issuing false invoices in respect of goods and services which had
not, in fact, been ordered or delivered.  The company then used
those invoices to obtain advance payment from an invoice finance
company.  Furthermore, CIB's enquiry found that the company
obtained a small firms loan from a bank, guaranteed by the
Government, based on false information and was also insolvent with
a deficiency in excess of GBP228,000.


* UK: Pension Liabilities of Bankrupt Companies Increase
--------------------------------------------------------
Nina Montagu-Smith at The Daily Telegraph reported that pension
liabilities of bankrupt companies in the UK have broken through
the GBP1 trillion mark.

According to the report, the Pension Protection Fund, which
oversees the assets of nearly 7,400 defined-benefit occupational
schemes and administers payments to members of schemes where
employers have gone bust, said ballooning liabilities were driving
up deficits despite the recent stock market rally which has
improved asset values.

The PPF said 6,304 schemes are now in deficit -- representing 85%
of the total, the report disclosed.

Growing pension liabilities have already caused nine out of 10
final-salary schemes to close the doors to new employee members,
the report said.


* UK: Banks & Bldg. Societies May Suffer Further GBP130BB Losses
----------------------------------------------------------------
Jane Croft and Patrick Jenkins at The Financial Times report that
ratings agency Moody's said UK banks and building societies could
suffer further losses of around GBP130 billion from their loan
books from the start of 2009 based on its estimates of the future
performance of key asset classes.

According to the FT, the losses could reach GBP250 billion in a
stressed case scenario if the UK's economic performance is worse
than expected.

The FT notes Moody's said it expected some of the highest loss
rates for banks to come from commercial property lending as real
estate values have fallen by 37% since they peaked in the second
quarter of 2007.  It said some of the banks most heavily exposed
were Royal Bank of Scotland, Lloyds and HBOS which had around 10%
of their loan book exposed to the construction and property
sector, the FT discloses.


* UK: Seven Recruitment Companies Wound Up in High Court
--------------------------------------------------------
Seven recruitment companies based in  Leamington Spa have been
wound up in the High Court following an investigation by the
Government's Companies Investigation Branch (CIB).

The companies, apparently controlled by the same two directors,
were engaged in "cold calling" organizations and deceiving them
into paying additional money for job advertisements already placed
in reputable publications.  The Court heard that six of the seven
companies obtained more than GBP600,000 between August 2006 and
March 2009 through this misleading behavior.

The investigation by CIB, with assistance from the NHS Counter
Fraud and Security Management Service, found that representatives
of these companies were phoning Health Trusts and other
organisations under the pretense of confirming the details of job
advertisements already published in existing, reputable
publications.  In fact, the organisations were unknowingly
agreeing to place a new advertisement in an unrelated publication,
for which the companies would charge a fee.

BMJ UK Limited, for example, had a similar name to the British
Medical Journal, often abbreviated to "BMJ",  a reputable and
long-established publication which carries job advertisements for
the medical profession, and which has no connection to BMJ UK.

Head of Investigations and Enforcement at the Insolvency Service,
Robert Burns, said: "These companies were engaged in behavior
which was designed to extract money from advertisers under false
pretenses.  The organizations contacted by these companies were
duped into booking advertisements they had no need of placing, and
which were of little or no commercial benefit to them.  This is a
good example of cross-government working and we would like to
thank the NHS counter-fraud service for their assistance in this
matter.

"CIB will not hesitate to investigate companies who engage in
deceptive behaviour like this, and seek to wind them up in the
public interest."

Dermid McCausland, Managing Director, NHS Counter Fraud Service,
said: "The targeting of the NHS for private gain is something
which the NHS Counter Fraud Service won't tolerate.  We routinely
work in partnership with bodies such as the Companies
Investigation Branch to ensure that firm action can be taken."

Among other allegations, the Court also heard that attempts had
been made to dissolve some of the companies before proceedings
could be brought, by furnishing false information to Companies
House suggesting that the companies had ceased to trade at a time
when the investigation showed that they were still taking money
and issuing invoices.

A seventh company, Reload Recruitment Limited, was wound up as it
appeared to be connected to the other six companies and was
carrying on similar activities.

The official receiver was appointed provisional liquidator of  the
companies earlier this year (July 30), on the application of the
Secretary of State, to protect assets in the possession or under
the control of the company pending the determination of the
petition.

                            *********

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.


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