TCREUR_Public/090924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Thursday, September 24, 2009, Vol. 10, No. 189

                            Headlines

A U S T R I A

HAGENTALER FARBENWERK: Claims Filing Deadline is October 6
KABADAYI KEG: Claims Filing Deadline is October 5
KERP CONSULTING: Claims Filing Deadline is October 5
OFROOM BAERNTHALER: Claims Filing Deadline is October 5
STAHLBAU LAMPRECHT: Claims Filing Deadline is October 5


F R A N C E

CHRISTIAN LACROIX: Sheik Eyes Takeover Bid, Le Figaro Says


G E R M A N Y

ARCANDOR AG: Quelle Agree with German Gov't on Employment Company
HEIDELBERGCEMENT AG: Raises EUR2.25 Bln in Share Sale
KRONOS INT'L: Fitch Affirms Junk Issuer Default Rating
VAC FINANZIERUNG: Shareholder to Buy Back EUR45 Mln of Bonds
VACUUMSCHMELZE GMBH: Moody's Comments on Cash Tender Offer


I R E L A N D

CORDATUS LOAN: Moody's Confirms 'Caa3' Rating on Class E Notes
EATON VANCE: Moody's Confirms 'Caa3' Ratings on Class E-1,2, Notes


I T A L Y

CREDITO TREVIGIANO: S&P Withdraws 'BB+/B' Counterparty Ratings
RISANAMENTO SPA: Milan Judge Adjourns Hearing to Oct. 15


K A Z A K H S T A N

ALLIANCE BANK: Court Approves Debt Restructuring Application
KOKTUBE LLP: Creditors Must File Claims by September 30
LUO LOTOS: Creditors Must File Claims by September 30
NUR DOS 4: Creditors Must File Claims by September 30
PANFILOV SULTAN: Creditors Must File Claims by September 30

TASHYAPY INSHAAT: Creditors Must File Claims by September 30
TEMIRBANK AO: Moody's Withdraws 'E' Bank Strength Rating


K Y R G Y Z S T A N

GOLWEN INVEST: Creditors Must File Claims by October 17


L U X E M B O U R G

OAKHAM RATED: Moody's Junks Ratings on Three Classes of Notes


M A C E D O N I A

* SKOPJE MUNICIPALITY: Standard & Poor's Changes Outlook to Stable


N E T H E R L A N D S

ASTIR BV: S&P Withdraws 'CCC-' Ratings on Tranche 2 Notes
FORTIS FINANCE: Moody's Cuts Rating on Credit Linked Notes to Ba1
VAN DER MOOLEN: Court Declares Three Entities Bankrupt


R U S S I A

GAZPROMBANK OAO: Moody's Downgrades Bank Strength Rating to 'E+'
GORIZONT LLC: Creditors Must File Claims by September 30
MECHANICAL PLANT: Creditors Must File Claims by September 30
MEGAFON OJSC: S&P Raises Corporate Credit Rating From 'BB+'
NOVOZYBKOVSKIY MACHINE: Creditors Must File Claims by September 30

SIB-STROY LLC: Creditors Must File Claims by September 30
UC RUSAL: Seeks Int'l Arbitration Over Friguia Refinery Ownership
ZENIT CONSTRUCTION: Creditors Must File Claims by September 30


S P A I N

GENERAL MOTORS: Magna to Review Proposed Job Cuts in Spain
SANTANDER FINANCIACION: Moody's Puts (P)C Rating on Series F Notes


S W E D E N

GLOBAL GAMING: Creditor Files Bankruptcy Suit in Sweden


S W I T Z E R L A N D

El-CARNO AG: Claims Filing Deadline is September 30
INTERCABLE-VERLAG: Claims Filing Deadline is September 30
PISTACHE-FASHION: Claims Filing Deadline is September 30
UNITED ENTERTAINMENT: Claims Filing Deadline is September 30


U K R A I N E

AGROBUSINESS-NV OJSC: Creditors Must File Claims by September 26
ALDK GROUP: Creditors Must File Claims by September 27
BANK DIAMANT: Fitch Affirms National Long-Term Rating at 'B+'
NAFTOGAZ OF UKRAINE: To Get Guarantees for Debt Restructuring
NEW LIFE: Creditors Must File Claims by September 26

PROMIN OJSC: Creditors Must File Claims by September 26
SV-PRODUCT LLC: Creditors Must File Claims by September 26

* UKRAINE: Policy Disarray Could Affect 'B2' Rating, Moody's Says


U N I T E D   K I N G D O M

ALBA 2006-2: Fitch Puts 'CC'-Rated Class F Notes on Watch Negative
ALBA 2007-1: Fitch Puts Junk-Rated Notes on Watch Negative
AROSA FUNDING: Moody's Withdraws 'Ba3' Rating on 2006-4 Notes
BARRATT DEVELOPMENTS: To Raise GBP175 Mln in Rights Offer
CORSAIR NO 4: Moody's Junks Rating on US$40 Mil. Notes

FOLLOWUS HOLDINGS: Unpaid Creditors Must File Claims by Oct. 30
G SQUARE FINANCE: Meeting of Creditors on October 2
GENESIS MALAYSIA: Voluntarily Winding Up; Claims Due Sept. 25
LONCO RETAIL: Meeting of Creditors on September 28
LOST WAX: Administrators Soliciting Offers for Business

METRIX FUNDING: Moody's Junks Ratings on Three Classes of Notes
MINERVA PLC: Refinances GBP750 Million of Debt
NORTHERN ROCK: S&P Downgrades Rating on Tier One Notes to 'C'
PANTHER BAR: Administrators Soliciting Offers for Assets
REDROW PLC: To Raise GBP150 Mln in Rights Issue to Cut Debt


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         *********


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A U S T R I A
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HAGENTALER FARBENWERK: Claims Filing Deadline is October 6
------------------------------------------------------------
Creditors of Hagentaler Farbenwerk GmbH have until October 6,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 20, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Mag. Georg Rupprecht
         Hauptplatz 9-13
         2500 Baden
         Austria
         Tel.: 02252/20 98 99
         Fax: 02252/20 98 99-99
         E-mail: georg.rupprecht@bpv-huegel.com


KABADAYI KEG: Claims Filing Deadline is October 5
-------------------------------------------------
Creditors of Kabadayi KEG have until October 5, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 19, 2009 at 10:15 a.m.

For further information, contact the company's administrator:

         Dr. Bernhard Eder
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: 505 78 61 9
         E-mail: eder@rechtsanwaelte.co.at


KERP CONSULTING: Claims Filing Deadline is October 5
----------------------------------------------------
Creditors of Kerp Consulting GmbH have until October 5, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 19, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel.: 712 33 30
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at


OFROOM BAERNTHALER: Claims Filing Deadline is October 5
-------------------------------------------------------
Creditors of Ofroom Baernthaler Hoetzl GmbH have until October 5,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 19, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Michael Lesigang
         Landstraßer Hauptstraße 14
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         E-mail: michael@lesigang.at


STAHLBAU LAMPRECHT: Claims Filing Deadline is October 5
-------------------------------------------------------
Creditors of Stahlbau Lamprecht & Szabo GmbH have until October 5,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 19, 2009 at 9:45 a.m.

For further information, contact the company's administrator:


         Dr. Kurt Freyler
         Seilerstaette 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


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


CHRISTIAN LACROIX: Sheik Eyes Takeover Bid, Le Figaro Says
----------------------------------------------------------
Steve Rhinds at Bloomberg News, citing Le Figaro, reports that SNC
Sheikh Hassan ben Ali al-Naimi, a member of the ruling house of
Ajman in the United Arab Emirates, may make a takeover bid for
Christian Lacroix.

The newspaper, citing an unidentified adviser, said the sheikh
will offer more than EUR50 million and hire 199 of the company's
125 workers.

On June 4, 2009, the Troubled Company Reporter-Europe, citing AFP,
reported a commercial court in Paris placed Christian Lacroix SNC
into administration.  AFP disclosed the company declared
insolvency in May, blaming "the sharp downturn of the luxury
market."

As reported in the Troubled Company Reporter-Europe on July 31,
2009, the court will accept a bid or rule to liquidate Christian
Lacroix this month, at the earliest.


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


ARCANDOR AG: Quelle Agree with German Gov't on Employment Company
-----------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Arcandor AG's catalog-
sales unit Quelle agreed with the German federal government to
place all workers who will fired by the end of the month into a
so-called employment company.

According to Bloomberg, the federal labor ministry said on its Web
site the workers will stay in the employment company for as long
as six months.  The workers will be entitled to full pay while
they seek other jobs, Bloomberg says.

On Sept. 17, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Arcandor's insolvency administrator Klaus
Hubert Goerg said he will reduce Quelle's mail-order chain to
1,000 stores from 1,450 and close all 109 Quelle electronics
centers, cutting 3,700 jobs -- about a third of the total
workforce.

                        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.

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.


HEIDELBERGCEMENT AG: Raises EUR2.25 Bln in Share Sale
-----------------------------------------------------
Richard Weiss at Bloomberg News reports that HeidelbergCement AG
raised EUR2.25 billion (US$3.3 billion) selling new shares to cut
debt.

According to Bloomberg, the company sold 62.5 million new shares
at EUR37 each, and in addition placed 57.2 million shares
controlled by billionaire owner Ludwig Merckle and certain banks
for the same price with investors.  The company priced the shares
at the top end of a range of EUR35 to EUR37, Bloomberg discloses.

HeidelbergCement has a total of EUR11.9 billion in bonds and loans
outstanding, with EUR8.78 billion payable in 2011, Bloomberg data
shows.

Separately, Bloomberg reports HeidelbergCement is poised to start
staggered bond sales to address about EUR5 billion (US$7.4
billion) in refinancing needs that can't be covered by disposals
and cash flow following the share sale.

Bloomberg relates HeidelbergCement Chief Executive Officer Bernd
Scheifele said in an interview Wednesday the high-yield offerings
will be used to cut debt step by step.  Mr. Scheifele, as cited by
Bloomberg, said he aims to restore HeidelbergCement's investment
grade credit rating by improving maturities, debt-to-earnings
ratios and cash reserves.

Bloomberg recalls the company in December had its junk credit-
rating lowered two levels and is B1 now at Moody's Investors
Service, which cited the potential risk of cash shortages and debt
concerns.

                       About HeidelbergCement

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

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2009, Fitch Ratings said that there will be no immediate rating
impact on Germany-based HeidelbergCement AG's Long-term Issuer
Default rating of 'B' following HC's announcement on 13 September
of a planned capital increase.  The Outlook is Negative and HC's
and subsidiary Hanson plc's senior unsecured debt remains at
'CCC'.  The Recovery Rating on the senior unsecured debt is 'RR6',
reflecting poor recovery prospects in the event of a default, in
light of high total debt levels and over 55% of total debt being
secured.  HC's Short-term IDR remains at 'B'.

On Sept. 16, 2009, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that it has placed
its 'B-' long-term corporate credit rating on German heavy
building materials manufacturer HeidelbergCement AG on CreditWatch
with positive implications.  S&P also placed the 'CCC+' issue
ratings on the senior unsecured bonds issued by subsidiaries
HeidelbergCement Finance B.V., Hanson Ltd., and Hanson Australia
Funding Ltd. on CreditWatch positive.  S&P's recovery rating on
these debt instruments remains unchanged at '5', indicating S&P's
expectation of modest (10%-30%) recovery in the event of a payment
default.  At the same time, S&P affirmed the 'B' short-term rating
on HeidelbergCement.


KRONOS INT'L: Fitch Affirms Junk Issuer Default Rating
------------------------------------------------------
Fitch Ratings has withdrawn the 'CCC/RR4' rating on Valhi, Inc.'s
US$85 million senior secured revolving credit facility at the
company's request given that the company has terminated the
facility.  Fitch did not rate any other debt issued by Valhi and
therefore withdraws the Issuer Default Rating of 'CCC'.

Valhi is a holding company with direct and indirect ownership
stakes in NL Industries, Inc., Kronos Worldwide, Inc., CompX
International, Inc. (manufacturer of component products) and Waste
Control Specialists (provider of hazardous waste disposal
services).

Fitch affirms the ratings of Kronos International Inc.:

  -- Issuer Default Rating at 'CCC';

  -- EUR80 million senior secured revolving credit facility due
     May 26, 2011 at 'B+/RR1';

  -- EUR400 million senior secured notes due April 15, 2013, at
     'CCC/RR4'.

The Rating Outlook is Negative.

The Negative Outlook reflects Fitch's view that trading conditions
could deteriorate.  Operating EBITDA for the 12 months ended
June 30, 2009, was a negative US$3.5 million and Fitch does not
expect the company to be free cash flow positive for 2009.

The ratings reflect tight liquidity and high financial leverage at
Kronos International and Kronos Worldwide's strong market position
in the TiO2 industry (fifth largest globally).  Fitch notes that
Kronos International has obtained an amendment to its
subsidiaries' revolving credit which limits availability to
EUR51 million until the obligors evidence compliance with
covenants through March 31, 2010, and provide evidence that the
obligors' loss before taxes for the financial year ending Dec. 31,
2009 has not exceeded $56 million.

Kronos International is Europe's second largest producer of TiO2
pigments.  The company is a wholly owned subsidiary of Kronos
Worldwide, a holding company which has additional ownership
interests in certain North American TiO2 producers.  TiO2 pigments
are used in paints, paper, plastics, fibers and ceramics.


VAC FINANZIERUNG: Shareholder to Buy Back EUR45 Mln of Bonds
------------------------------------------------------------
John Glover at Bloomberg News reports that One Equity Partners,
the buyout firm that owns VAC Finanzierung GmbH, plans to buy back
some of the EUR135 million (US$200 million) of bonds issued by the
company.

Citing a filing with the Luxembourg Exchange, Bloomberg discloses
bondholders can sell as much as EUR45 million of the 9.25% bonds
at 35% of face value to Iron Holding Ltd., a unit of the buyout
firm.

Bloomberg relates VAC said in the filing the firm is buying the
bonds to "participate in any potential restructuring of the
capital structure of the issuer ".  One Equity Partners owns 35%
of the notes, according to Bloomberg.

The offer expires at 4:00 p.m. in London tomorrow, Sept. 25,
Bloomberg says citing the filing.

As reported in the Troubled Company Reporter-Europe on Sept. 21,
2009, Bloomberg News said VAC is in talks with "various lenders"
after defaulting under the terms of its senior credit facility.
Bloomberg disclosed the company in a filing with the Luxembourg
Exchange Thursday last week it failed to present a proposal to
reset its financial covenants that was acceptable to the lenders'
agent.

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

                           *      *      *

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


VACUUMSCHMELZE GMBH: Moody's Comments on Cash Tender Offer
----------------------------------------------------------
Moody's Investors Service commented that the cash tender offer for
part of VAC's EUR135 million Senior Secured Notes, if completed as
proposed, will constitute a distressed exchange, which qualifies
as a default under Moody's definition.  The Ca Corporate Family
Rating, the Ca Probability of Default Rating and the Ca, LGD4, 64%
rating for the EUR135 million Senior Secured Notes, all with a
negative outlook, are not affected by this announcement as the
current rating anticipated a very high probability of default with
a recovery in line with the terms proposed in the tender offer.

Under the terms of the cash tender offer, which was announced by
an affiliate of VAC's financial sponsor and sole shareholder One
Equity Partners, bondholders may sell up to EUR45 million notes
for a minimum purchase price of EUR350 per EUR1,000 par value,
which would represent a recovery rate of 35%.  The tender offer
will expire on September 25, 2009.

Further it was announced that One Equity Partners already owns
approximately 35% of the outstanding principal amount of the
notes.

Moody's understands that the tender offer is being made by VAC's
financial sponsor One Equity Partners in light of a potential
capital structure restructuring of the group.  VAC currently
experiences significant operating performance contraction which
already forced the company to reset its financial covenants for
2009.  On September 16, 2009, VAC announced that it had not
achieved lender's consent to a covenant reset for 2010 and beyond
and was consequently in technical default under its senior credit
facilities agreement.  As a result of this technical default,
senior lenders now have the right to accelerate their secured debt
claims of around EUR110 million, which in turn would also trigger
an event of default under the EUR135 million senior notes.

If completed, the tender offer for VAC's EUR135 million senior
notes will constitute as a distressed exchange under Moody's
definition as bondholders would suffer (i) an economic loss
according to the terms of the tender offer, and (ii) the offer has
the apparent purpose of helping the borrower to avoid bankruptcy
or a payment default.

The last rating action was implemented on September 18, 2009, when
Moody's downgraded VAC's CFR and PDR to Ca from Caa2 as well as
VAC's Finanzierung's EUR135 million notes to Ca from Caa3 with a
negative rating outlook.

Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG has a
solid and well-established market position in the design and
manufacturing of magnetic products.  In 2008, the company
generated revenues of EUR324 million.


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I R E L A N D
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CORDATUS LOAN: Moody's Confirms 'Caa3' Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Cordatus Loan Fund I plc.

  -- Senior Secured Floating Rate Variable Funding Notes due 2024,
     Downgraded to Aa1; previously on Feb. 20, 2007 Definitive
     Rating Assigned Aaa

  -- Euro Class A1 Senior Secured Floating Rate Notes due 2024,
     Downgraded to Aa1; previously on Feb. 20, 2007 Definitive
     Rating Assigned Aaa

  -- Sterling Class A2 Senior Secured Floating Rate Notes due
     2024, Downgraded to Aa1; previously on Feb. 20, 2007
     Definitive Rating Assigned Aaa

  -- Class B Deferrable Secured Floating Rate Notes due 2024,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Class W Combination Notes due 2024, Downgraded to Ba3;
     previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

  -- Class C Deferrable Secured Floating Rate Notes due 2024,
     Confirmed at Ba1; previously on March 18, 2009 Downgraded to
     Ba1 and Remained On Review for Possible Downgrade

  -- Class D Deferrable Secured Floating Rate Notes due 2024,
     Confirmed at B2; previously on March 18, 2009 Downgraded to
     B2 and Remained On Review for Possible Downgrade

  -- Class E Deferrable Secured Floating Rate Notes due 2024,
     Confirmed at Caa3; previously on March 18, 2009 Downgraded to
     Caa3 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' (currently 2749) the amount of defaulted securities
(currently 0.96% of the portfolio), an increase in the proportion
of securities from issuers rated Caa1 and below (currently 8.33%
of the portfolio).  These measures were taken from the recent
trustee report dated 20 July 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, 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.


EATON VANCE: Moody's Confirms 'Caa3' Ratings on Class E-1,2, Notes
------------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Eaton Vance CDO X PLC.

Issuer: Eaton Vance CDO X Plc

  -- EUR18,000,000 Class B-1 Second Priority Secured Floating
     Rate Notes due 2027, Downgraded to Aa3; previously on
     March 4, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- US$23,400,000 Class B-2 Second Priority Secured Floating Rate
     Notes due 2027, Downgraded to Aa3; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR14,750,000 Class C-1 Third Priority Deferrable Secured
     Floating Rate Notes due 2027, Upgraded to Baa3; previously on
     March 18, 2009 Downgraded to Ba1 and Remained On Review for
     Possible Downgrade

  -- US$19,175,000 Class C-2 Third Priority Deferrable Secured
     Floating Rate Notes due 2027, Upgraded to Baa3; previously on
     March 18, 2009 Downgraded to Ba1 and Remained On Review for
     Possible Downgrade

  -- EUR17,750,000 Class D-1 Fourth Priority Deferrable Secured
     Floating Rate Notes due 2027, Confirmed at B2; previously on
     March 18, 2009 Downgraded to B2 and Remained On Review for
     Possible Downgrade

  -- EUR10,000,000 Class E-1 Fifth Priority Deferrable Secured
     Floating Rate Notes due 2027, Confirmed at Caa3; previously
     on March 18, 2009 Downgraded to Caa3 and Remained On Review
     for Possible Downgrade

  -- US$23,075,000 Class D-2 Fourth Priority Deferrable Secured
     Floating Rate Notes due 2027, Confirmed at B2; previously on
     March 18, 2009 Downgraded to B2 and Remained On Review for
     Possible Downgrade

  -- US$13,000,000 Class E-2 Fifth Priority Deferrable Secured
     Floating Rate Notes due 2027, Confirmed at Caa3; previously
     on March 18, 2009 Downgraded to Caa3 and Remained On Review
     for Possible Downgrade

The Class A-1 notes and the Variable Funding notes are not
affected and remain rated Aaa.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to European and US senior secured
loans, some mezzanine loan exposure as well as some structured
finance securities.

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 class B-1
and B-2 notes are also a result of credit deterioration of the
underlying portfolio.  This is observed through a decline in the
average credit rating as measured through the portfolio weighted
average rating factor 'WARF' (currently 2841), an increase in the
amount of defaulted securities (currently 3.59% of the portfolio),
an increase in the proportion of securities from issuers rated
Caa1 and below (currently 12.02% of the portfolio).  Moody's
however recognize that the underlying portfolio exhibit a high
level of diversity (currently a Moody's Diversity Score of 83.3),
which contribute to mitigate the risk of most senior tranches of
the structure.  These measures were taken from the recent trustee
report dated August 12, 2009.  Moody's also performed a number of
sensitivity analyses, including consideration of a further decline
in portfolio WARF quality.  Due to the impact of all
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average factor, and weighted
average recovery rate may be different from trustee's reported
numbers.

Moody's notes that the upgrade actions on class C-1 and C-2 notes
have incorporated the aforementioned stresses as well as credit
deterioration in the underlying portfolio.  However, the actions
reflect updated analysis indicating that the impact of these
factors on the ratings of these notes is not as negative as
previously assessed during Stage I of the deal review in March.
The current conclusions stem from comprehensive deal-level
analysis completed during Stage II of the ongoing CLO surveillance
review, which included an in-depth assessment of results from
Moody's quantitative CLO rating model along with an examination of
deal-specific qualitative factors.  By way of comparison, during
Stage I Moody's took rating actions that were largely the result
of a parameter-based approach.

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.


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


CREDITO TREVIGIANO: S&P Withdraws 'BB+/B' Counterparty Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn the
'BB+/B' long- and short-term counterparty credit ratings on
Credito Trevigiano Banca di Credito Cooperativo at the bank's
request.

At the time of withdrawal, the ratings on Trevigiano were on
CreditWatch with negative implications, where they were originally
placed on July 29, 2009.  The negative implications reflected
S&P's opinion regarding the vulnerability of Trevigiano's asset
quality to the harsh economic conditions in Italy and S&P saw the
need to obtain more information from management.  Depending on the
extent of the expected deterioration in asset quality metrics in
the following few quarters, S&P could have lowered or affirmed the
ratings.  At the time of withdrawal, S&P did not resolve the
CreditWatch placement because of lack of information.

At the time of withdrawal, the long-term rating benefited from one
notch of uplift above Trevigiano's stand-alone credit profile,
reflecting S&P's view of the bank's membership in the Banche di
Credito Cooperativo (BCC) network, and S&P's belief that the
network would provide extraordinary liquidity and capital support
if needed.

There was no rated debt outstanding at the time of withdrawal.


RISANAMENTO SPA: Milan Judge Adjourns Hearing to Oct. 15
--------------------------------------------------------
MF-Dow Jones reports that a Milan judge on Tuesday adjourned the
hearing on Risanamento SpA's possible bankruptcy to Oct. 15.

MF-Dow Jones relates two Milan prosecutors that filed the
insolvency request to the bankruptcy court Monday rejected
Risanamento's restructuring plan.

According to MF-Dow Jones, Risanamento Chairman Vincenzo Mariconda
said after the hearing the company now has until Oct. 6 to respond
to the prosecutors.

Tommaso Ebhardt and Jerrold Colten at Bloomberg News report
Mr. Mariconda said the real-estate company, which opposes the
prosecutor's position on bankruptcy, isn't changing its
restructuring plan.

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

                      About Risanamento SpA

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


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


ALLIANCE BANK: Court Approves Debt Restructuring Application
------------------------------------------------------------
The Specialised Financial Court of Almaty has approved JSC
Alliance Bank's application for restructuring by a decision dated
September 18, 2009.

Nariman Gizitdinov at Bloomberg News reports Alliance said the
court's decision approving the start of its debt restructuring
will protect the Kazakh lender from possible lawsuits filed by
creditors.

Bloomberg relates Alliance said creditors will meet on Nov. 15 to
vote on the bank's debt-restructuring plan.  According to
Bloomberg, Alliance said for the plan to be approved, creditors
who hold a total of no less than two-thirds of the bank's debt
must vote in favor of it.

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.


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

         Pobeda Ave. 5
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on July 2,
2009, after finding it insolvent.

The Court is located at:

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


LUO LOTOS: Creditors Must File Claims by September 30
-----------------------------------------------------
Creditors of LLP Luo Lotos have until September 30, 2009, to
submit proofs of claim to:

         Kazybek bi Str. 50
         Office 74
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 4, 2009, after
finding it insolvent.

The Court is located at:

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


NUR DOS 4: Creditors Must File Claims by September 30
-----------------------------------------------------
Creditors of LLP Nur Dos 4 have until September 30, 2009, to
submit proofs of claim to:

         Gogol Str. 177a
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
commenced bankruptcy proceedings against the company on June 24,
2009, after finding it insolvent.

The Court is located at:

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


PANFILOV SULTAN: Creditors Must File Claims by September 30
-----------------------------------------------------------
LLP Panfilov Sultan is currently undergoing liquidation.
Creditors have until September 30, 2009, to submit proofs of
claim.

For further information, contact 8 701 724 03-09, 8 701 748 88-25


TASHYAPY INSHAAT: Creditors Must File Claims by September 30
------------------------------------------------------------
The Kazakhstan Branch of JSC Tashyapy Inshaat Taahut Sanayi ve
Tidjaret is currently undergoing liquidation.  Creditors have
until September 30, 2009, to submit proofs of claim to:

         Jangeldin Street
         Shymkent
         South Kazakhstan
         Kazakhstan


TEMIRBANK AO: Moody's Withdraws 'E' Bank Strength Rating
--------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of
Kazakhstan's Temirbank.  Temirbank's E BFSR, C senior unsecured
debt and issuer ratings and Not-Prime short-term ratings had
stable outlooks prior to the rating withdrawal, while long-term
Caa3 local and foreign currency deposit ratings had developing
outlooks.  The ratings have been withdrawn because Moody's
believes it lacks adequate information to maintain the ratings.

Temirbank's public debt, rated by Moody's at the time of the
withdrawal, remains outstanding in the amount of US$800 million.
Moody's commented that it was not able to continue maintaining its
ratings in this particular situation based on publicly available
information after the issuer's official request to withdraw the
ratings.  Moody's view on the lack of adequate information
concerns particularly the asset quality and recapitalization plans
of Temirbank.  Given the bank's currently distressed capital
position arising from a significant and still increasing volume of
non-performing loans, Moody's believes that the lack of relevant
information on the performance of the bank's assets does not allow
the rating agency to make reasonable estimations on the recovery
value of the bank's non-performing loans that account for a large
proportion of the bank's loan book.  Moody's C debt rating and its
E BFSR rating before the rating withdrawal were Moody's lowest
possible rating levels in the respective categories.  Furthermore,
the agency lacks information with regards to particular plans on
possible recapitalization and public debt restructuring which was
previously announced by its shareholder BTA Bank.  Therefore, the
rating agency is not in a position to maintain ratings of
Temirbank in the foreseeable future.

Moody's will no longer maintain rating coverage or publish
research on these public debts and/or the issuer ratings for
Temirbank due to the lack of information.

Moody's most recent rating action on Temirbank was taken on 30
July 2009 when the rating agency downgraded the company's issuer
and debt ratings to C from Ca with a stable outlook and assigned
developing outlooks to Temirbank's Caa3 local and foreign currency
deposit ratings.

Headquartered in Almaty, Kazakhstan, Temirbank had assets of
KZT294 billion (US$2.45 billion) at year-end 2008.


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


GOLWEN INVEST: Creditors Must File Claims by October 17
-------------------------------------------------------
LLC Golwen Invest is currently undergoing liquidation.  Creditors
have until October 17, 2009, to submit proofs of claim to:

         Room 22
         Abdrahmanov Str. 170a
         Bishkek
         Kyrgyzstan


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


OAKHAM RATED: Moody's Junks Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has taken these rating actions on series
3, 5, 6, 7, and 8 issued by Oakham Rated SA, a collateralized debt
obligation transaction referencing a managed portfolio of
corporate entities.

Issuer: Oakham Rated S.A. Series 3

  -- NOK451,000,000 Secured Limited Recourse Fixed Rate Credit-
     Linked Notes due 2016 (Series 3), Downgraded to Caa1;
     previously on March 10, 2009 Downgraded to B2

Issuer: Oakham Rated - Series V-VI-VII

  -- EUR33,791,000 Secured Limited Recourse Floating Rate Credit-
     Linked Notes, Downgraded to Caa2; previously on March 10,
     2009 Downgraded to B3

  -- EUR16,045,000 Secured Limited Recourse Floating Rate Credit-
     Linked Notes, Downgraded to Caa2; previously on March 10,
     2009 Downgraded to B3

  -- EUR5,824,000 Secured Limited Recourse Floating Rate Credit-
     Linked Notes, Downgraded to B2; previously on March 10, 2009
     Downgraded to Ba2

Issuer: Oakham Rated S.A. - Series VIII

  -- TWD1,610,000,000 Secured Limited Recourse Fixed Rate Credit-
     Linked Notes, Downgraded to B3; previously on March 10, 2009
     Downgraded to Ba3

Moody's explained that the rating actions taken are the results of
the deterioration of the credit quality of the reference
portfolio.  Since the last rating action on the transactions, the
subordination of the rated tranches has been reduced due to credit
events on Lehman Brothers Inc., Chemtura Corporation, Glitnir
Bank, Landesbanki, Federal Home Loan Mortgage Corporation and
Federal National Mortgage Association.  These credit events lead
to a decrease of approximately 1.9% of the subordination of the
series.  The reference portfolio includes an exposure to CIT
Group, Inc., Ambac Financial Group and Ambac Assurance Corporation
which have experienced substantial credit migration in the past
few months.  The FIRE group (Finance, Insurance and Real Estate)
accounts for 31%, Banking 16% and Sovereign 11% of the portfolio
notional.

Moody's monitors this transaction using primarily the methodology
and its supplements for CSO as described in Moody's Rating
Methodology papers:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the strength of the legal
framework as well as specific documentation features, and
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.


=================
M A C E D O N I A
=================


* SKOPJE MUNICIPALITY: Standard & Poor's Changes Outlook to Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Macedonia's capital, Municipality of Skopje, to stable
from negative following a similar action on the Republic of
Macedonia (foreign currency BB/Stable/B; local currency
BB+/Stable/B).  At the same time, the long-term issuer credit
rating was affirmed at 'BB'.

"The revision of the outlook to stable results from S&P's similar
action on the sovereign," said Standard & Poor's credit analyst
Jean-Louis Renaud.

The rating on Skopje reflects S&P's opinion that the
municipality's fiscal flexibility is extremely limited as a result
of the initial stages of fiscal decentralization.  Low wealth
levels, obstacles to local economic development, and contingent
liabilities arising from the municipality's companies also
constrain the rating.

These factors are mitigated by the absence of direct debt held by
Skopje and only marginal quantities of tax-supported debt, recent
revenue growth stemming from initial stages of fiscal
decentralization, and an accumulated fiscal surplus.

"The stable outlook reflects S&P's anticipation of a slight
contraction of Skopje's hitherto strong operating surpluses, which
S&P nevertheless believe should permit the municipality to carry
out infrastructure-related investments without further debt
accumulation beyond the level planned for 2009," said Mr. Renaud.

However, if the municipality accelerates its capital-expenditure
program, or if its capacity to generate operating surpluses is
eroded beyond S&P's expectations, leading to a sharp and rapid
accumulation of debt beyond what S&P anticipate, it could result
in S&P's lowering the rating.  The rating could also come under
pressure depending on the municipality's potential repayment
schedule and foreign currency exposure resulting from any possible
borrowing plan.

Conversely, assuming S&P were to raise the sovereign rating, S&P
could also raise the rating if the central government
substantially increases the municipality's ability to self-finance
infrastructure-related investments, and the municipality remains
committed to sound financial performance.


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


ASTIR BV: S&P Withdraws 'CCC-' Ratings on Tranche 2 Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Astir B.V.'s Pearl CDO series 21 and 23 Tranche 2 notes.  At the
same time, Astir increased the notional amount of the Tranche 1
notes in each series to reflect the consolidated tranche size.

In May 2007 S&P rated the Tranche 1 notes issued by each series.
In July 2007, S&P rated additional notes issued by each series
(Tranche 2).

Astir combined the Tranche 1 and 2 notes of each series in 2007.
They constitute a single tranche with a total aggregate amount for
both Astir 21 and 23.

The 'CCC-' ratings remains unchanged on the consolidated Tranche 1
notes of each series.

                           Ratings List

                         Ratings Withdrawn

                             Astir B.V.
    EUR65 Million Limited-Recourse Secured Variable-Rate Notes
                      Series 21 (Pearl CDO 1)

                                      Rating
                                      ------
              Class            To                From
              -----            --                ----
              Tranche 2        NR                CCC-

    EUR15 Million Limited-Recourse Secured Variable-Rate Notes
                     Series 23 (Pearl CDO 1)

                                      Rating
                                      ------
              Class            To                From
              -----            --                ----
              Tranche 2        NR                CCC-

                          NR — Not rated.


FORTIS FINANCE: Moody's Cuts Rating on Credit Linked Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has taken this rating action on Series
123 notes issued by Fortis Finance NV, a collateralized debt
obligation transaction referencing a static portfolio of corporate
entities.

Issuer: Fortis Finance N.V. Credit Linked Notes Series 123

  -- Credit-Linked Notes, Downgraded to Ba1; previously on
     March 20, 2009 Downgraded to Baa2

Fortis Finance N.V. Series 123 is a combination note combining
five synthetic tranches (Class A to Class E) referencing a
portfolio of corporate entities.  The rating of Series 123
addresses the ultimate repayment of the rated balance in respect
of the notes on or before the legal maturity date, where the
"rated balance" is equal, at any time, to the principal amount of
the notes on the issue date (EUR82,500,000) minus the aggregate of
all payments made since the issue date.  Payment made to date on
the combination note is approximately EUR31.7 million.

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 797 from the last rating action to 889,
equivalent to an average rating of the current portfolio of Ba1.
The reference portfolio includes an exposure to CIT Group, Inc.,
and Ambac Financial Group which have experienced substantial
credit migration in the past few months, and are now rated Ca.
Since the last rating action on the transaction, the subordination
of the rated tranche has been reduced due to credit events on
Lehman Brothers Inc., Federal National Mortgage Association,
Idearc Inc and Visteon Corporation.  The Banking, Retail,
Beverage, Food & Tobacco and Telecommunications sectors are the
most represented, weighting 8%, 8%, 7% and 6%, respectively, of
the portfolio current notional.

Moody's monitors this transaction using primarily the methodology
and its supplements for Corporate Collateralized Synthetic
Obligations as described in Moody's Rating Methodology papers:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (September 2009)

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include, among others,
the structural protections in each transaction, the recent deal
performance in the current market environment, the strength of the
legal framework as well as specific documentation features, and
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.


VAN DER MOOLEN: Court Declares Three Entities Bankrupt
------------------------------------------------------
Bart Koster at Dow Jones Newswires reports that Van der Moolen
Holding NV said Tuesday the Court in Amsterdam has declared the
last three entities of the company bankrupt.

This affects Van der Moolen Effectenspecialist BV, Curvalue II BV
and Curvalue III, Dow Jones discloses.

As a result, VDM will be liquidated.

As reported in the Troubled Company Reporter-Europe, the Court in
Amsterdam declared Van der Moolen insolvent on September 10, 2009.

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

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

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


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


GAZPROMBANK OAO: Moody's Downgrades Bank Strength Rating to 'E+'
----------------------------------------------------------------
Moody's Investors Service has downgraded these ratings of
Gazprombank: bank financial strength rating to E+ from D-, long-
term foreign and local currency deposit and debt ratings to Baa3
from Baa2 as well as the short-term foreign currency bank deposit
rating to Prime-3 from Prime-2.  The outlook on all ratings is
stable.  Concurrently, Moody's Interfax Rating Agency affirmed
Gazprombank's Aaa.ru national scale rating for deposits.  Moscow-
based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.  This rating action concludes the review
initiated on the BFSR in April 2009.

The downgrade of the BFSR (which currently maps to a Baseline
Credit Assessment of B2), reflects the weakening in Gazprombank's
financial fundamentals, in particular, weak capital position in
relation to risks taken.  The bank's shareholder equity decreased
sharply in H2 2008, as a result of a large mark-to-market loss of
around RUB90 billion (US$3.1 billion) on foreign exchange
derivatives and securities, which was equivalent to 40% of H1 2008
equity (IFRS data).  In order to hedge the large foreign exchange
derivative position, the bank was thus forced to rapidly grow its
FX-denominated loan book which resulted in further pressure on
capital.  As a result, the Tier 1 ratio declined to 7.8% at year-
end 2008 from 19.9% at year-end 2007.

The pressure on Gazprombank's capital derives largely from its
high exposure to credit and market risks.  The rating agency's
application of various scenarios (anticipated and worse-than-
expected) to the bank's loan books suggests that Gazprombank's
capital adequacy could suffer a further decline as its overall
asset quality deteriorates, and that it is therefore likely to
need additional recapitalization from its parent.

In addition to the credit risk, Gazprombank faces significant
market risk arising from basis risk on its delta-hedged derivative
position, which is also exerting significant pressure on its
capital.  As a result of potential defaults in the loan book, the
derivative FX position could become imperfectly hedged and, in the
event of a simultaneous significant exchange rate fluctuation,
Moody's would expect Gazprombank to face further capital pressure.

Moody's views favorably the RUB25 billion (US$840 million) Tier 1
subordinated loan that Gazprombank received from its shareholders
in Q3 2009 as well as the RUB75 billion (US$2.5 billion) Tier 2
loan approved by state corporation Vnesheconombank.  The rating
agency notes that while the subordinated deposits help the bank to
comfortably meet the regulatory capital requirements, this capital
is of a lower quality and is not eligible to cover potential
credit losses and permanent market losses.

The downgrade of Gazprombank's debt and deposit ratings
incorporate weaker stand-alone financial standing of the bank
reflected in the downgrade of bank's BFSR to E+ (mapping into a
BCA of B2) from D- (mapping into a BCA of Ba3).  At the same time,
Gazprombank's debt and deposit ratings continue to incorporate
Moody's assessment of a very high probability of parental support
from the leading Russian gas group Gazprom (stand-alone credit
risk profile equivalent to a Ba1 and an issuer rating of
Baa1/stable), and from the Russian government (debt rating of
Baa1/stable), which in Moody's opinion, should provide the
majority of support.

The previous rating action on Gazprombank was on April 30, 2009,
when Moody's placed the D- BFSR on review for possible downgrade
and affirmed all other ratings with a stable outlook.

Headquartered in Moscow, Russian Federation, Gazprombank -- the
country's third-largest bank -- reported total assets of
US$60.4 billion, equity of US$4.3 billion and profit of US$483
million under IFRS at end-Q1 2009.  The parent, Gazprom, is a
monopoly in the natural resources sector, controlled by the
government of Russia.  Gazprombank is the main settlement vehicle
within Gazprom Group, and handles over 75% of the group's
settlements.  In addition, the bank actively participates in
Gazprom's investment projects, and a large share of its deposits
(ca.  33% at the end of Q1 2009) is related to the group.
Gazprombank is an important payroll agent for the group, and its
branch network is in suitable locations in order to best conduct
these operations.


GORIZONT LLC: Creditors Must File Claims by September 30
--------------------------------------------------------
Creditors of LLC Gorizont (TIN 3012000177, PSRN 1023000507562)
have until September 30, 2009, to submit proofs of claims to:

         A. Belousov
         Insolvency Manager
         Post User Box 137
         Bakinskaya Str. 79
         414024 Astrakhan
         Russia

The Arbitration Court of Astrakhanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?06–856/2009.

The Debtor can be reached at:

         LLC Gorizont
         Astrakhanskaya Str. 19
         Akhtubinsk
         416502 Astrakhanskaya
         Russia


MECHANICAL PLANT: Creditors Must File Claims by September 30
------------------------------------------------------------
Creditors of LLC Mechanical Plant (TIN 2806005086) have until
September 30, 2009, to submit proofs of claims to:

         N. Surov
         Insolvency Manager
         Office 212
         Pereulok Svyatitelya Innokentiya 13
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya will convene on October 8,
2009, to hear the company's bankruptcy proceedings.  The case is
docketed under Case No. ?04–1161/2009.

The Debtor can be reached at:

         LLC Mechanical Plant
         Shosseynaya Str. 8
         Novoraychikhinsk
         676780 Amurskaya
         Russia


MEGAFON OJSC: S&P Raises Corporate Credit Rating From 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Russian telecoms operator
OJSC MegaFon to 'BBB-' from 'BB+'.  The outlook is stable.  S&P
also raised the Russia national scale rating to 'ruAAA' from
'ruAA+'.

At the same time, the senior unsecured debt rating on the
company's US$375 million loan participation notes was raised to
'BBB-' from 'BB+' and the '3' recovery rating on this debt was
withdrawn, because it is now investment grade.

"The upgrade reflects S&P's view that MegaFon's solid
capitalization measures should provide sufficient leeway at this
stage to accommodate investment-grade ratings, despite the
remaining uncertainties associated with the company's financial
policy and corporate governance, notably the dividend policy,"
said Standard & Poor's credit analyst Alexander GriazNov.

The company's financial profile benefits from its net cash
position, strong free cash flow generation and solid liquidity.
The upgrade also recognizes MegaFon's satisfactory business
profile, reflecting its well established position on the Russian
telecoms market, efficient operations, and resilience to the
weakened macroeconomic situation in the Russian Federation
(foreign currency BBB/Negative/A-3; local currency
BBB+/Negative/A-2; Russia national scale 'ruAAA').

As of June 30, 2009, the company had more than RUR59 billion in
cash and equivalents, compared with short-term debt of about
RUR17 billion.

The stable outlook assumes that MegaFon will continue its strong
operating performance and retain its position in the Russian
telecoms market.  It also assumes that Russia's general
macroeconomic environment and growth prospects for the telecom
sector in Russia will remain favorable over the long term.  The
company's sound financial standing should provide it with the
flexibility to grow both organically and through acquisitions.

"The rating factors in the possibility of higher debt raised to
finance acquisitions and/or dividend payments, as long as adjusted
debt does not materially exceed EBITDA by 1x for a prolonged
period of time," said Mr. Griaznov.

Negative rating pressure could build in case of large debt-
financed acquisitions or shareholder distributions, leading to
deterioration of the debt-to-EBITDA ratio above 1x.

Rating upside is currently limited by the company's risk
concentration on Russia.  Over the longer term, upside could come
from diversification of the company's operations, strengthening
its position in the Russian telecoms market and its ability to
maintain conservative credit metrics.


NOVOZYBKOVSKIY MACHINE: Creditors Must File Claims by September 30
------------------------------------------------------------------
Creditors of LLC Novozybkovsiy Machine-Building Plant (TIN
3204005676, PSRN 1043222000601) have until September 30, 2009, to
submit proofs of claims to:

         D. Kazakov
         Insolvency Manager
         Post User Box 18
         Liteynaya Str. 50
         241014 Bryansk
         Russia

The Arbitration Court of Bryanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?09–12130/2008.

The Debtor can be reached at:

         LLC Novozybkovsiy Machine-Building Plant
         Lenina Str. 61
         Novozybkov
         243020 Bryanskaya
         Russia


SIB-STROY LLC: Creditors Must File Claims by September 30
---------------------------------------------------------
Creditors of LLC Sib-Stroy-2000 (TIN 5503091476) (Construction)
have until September 30, 2009, to submit proofs of claims to:

         N. Utochenko
         Insolvency Manager
         Apt. 136
         Mira prospect 106a
         Omsk 89
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?46–136/2009.

The Debtor can be reached at:

         LLC Sib-Stroy-2000
         Chernyshevskogo Str. 7
         Omsk
         Russia


UC RUSAL: Seeks Int'l Arbitration Over Friguia Refinery Ownership
-----------------------------------------------------------------
Tom Burgis at The Financial Times reports that United Co. Rusal is
preparing to seek international arbitration after Guinea demanded
that it hand back ownership of the Friguia refinery.

Following a Guinean court's ruling earlier this month that
invalidated the 2006 privatization of the Friguia refinery to
Rusal, Mahmoud Thian, minister of mines, told the FT that the
government expected the company to hand back all ownership
documents to the state but that it could continue to operate the
plant.

According to the FT, Mr. Thian said Rusal paid only US$22 million
for an asset that had been independently valued at between US$250
million and US$350 million.  The FT notes the minister also said
Rusal had failed to pay "a large portion" of taxes, royalties and
other duties since it began to operate the refinery under a rental
agreement in 2002, according to government audits.

"We have no doubt that we are the legal owner and we are going to
prove it," the FT quoted Rusal as saying.  "We are not aware of
any audits referring to US$750 million of outstanding payments.
The information that we paid US$22 million [in the privatization]
is incorrect."

                         Debt Restructuring

As reported in the Troubled Company Reporter-Europe on Sept. 23,
2009, The Times said Rusal is rushing to complete debt
restructuring plans after talks with the Libyan Investment
Authority (LIA) and other sovereign wealth funds failed.  The
Times disclosed 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.

                            Standstill

The Times recalled 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 said.

                            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.


ZENIT CONSTRUCTION: Creditors Must File Claims by September 30
--------------------------------------------------------------
Creditors of LLC Zenit Construction Company (TIN 2518004030, PSRN
1042052570417) have until September 30, 2009, to submit proofs of
claims to:

         A. Belyy
         Insolvency Manager
         Bashidze Str. 12-39
         690106 Vladivistok
         Russia

The Arbitration Court of Primorskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?51–13697/2008 21–261.

The Debtor can be reached at:

         LLC Zenit Construction Company
         Armyanskiy Pereulok 1
         Preobrazhenie
         692998 Lazovskiy
         Russia


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


GENERAL MOTORS: Magna to Review Proposed Job Cuts in Spain
----------------------------------------------------------
Paul Tobin and Andreas Cremer at Bloomberg News report that Magna
International Inc. will review the possible elimination of 1,672
jobs at the Spanish plant of General Motors Co.'s Adam Opel GmbH
unit.

According to Bloomberg, Pedro Bona, a union leader, said Magna is
scheduled to meet on Sept. 25 with Opel labor representatives
including those from the plant in Figueruelas, where the bidder
agreed Monday to reconsider a July proposal to cut 23% of the
factory's 7,400 employees.

Bloomberg relates Magna and Opel management and labor
representatives began talks on the workforce reductions Monday at
the GM division's headquarters in the Frankfurt suburb of
Ruesselsheim.  The proposed cutbacks would represent 22% of the
50,000 people across Europe working for Opel and Vauxhall, its
sister brand in the U.K.

                             Vauxhall

BBC News reports a source close to the talks said some 1,100
Vauxhall jobs could be lost as part of Canadian parts maker
Magna's restructuring of Opel.  According to BBC, the source said
any job cuts could be shared between the plants at Luton and
Ellesmere Port.

As reported in the Troubled Company Reporter-Europe on Sept. 11,
2009, GM and the Opel trust selected Magna and Savings Bank
of the Russian Federation's joint offer to acquire a 55% interest
in Opel as the preferred solution to address the future
of the U.S. carmaker's unit.

Under the offer, the acquired 55% interest in Opel would be owned
50:50 by a Magna/Sberbank consortium with GM retaining a 35%
interest and Opel employees acquiring 10% as part of a new labor
framework.  The offer contemplates a total equity investment by
the consortium of EUR500 million over time.

                        About General Motors

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

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

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

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

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

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


SANTANDER FINANCIACION: Moody's Puts (P)C Rating on Series F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by the Spanish securitization fund Fondo
de Titulizacion de Activos, Santander Financiacion 4:

  - (P)Aaa to the EUR1,113.8 million Series A notes;
  - (P)Aa2 to the EUR75.0 million Series B notes;
  - (P)A2 to the EUR75.0 million Series C notes;
  - (P)Baa2 to the EUR60.0 million Series D notes;
  - (P)B3 to the EUR176.2 million Series E notes;
  - (P)C to the EUR195.0 million Series F notes;

Fondo de Titulizacion de Activos, Santander Financiacion 4 is a
securitisation fund created to purchase a pool of consumer loans
granted by Banco Santander, S.A. to individuals resident in Spain.
This is the forth consumer loan transaction launched by Santander.

In Moody's view, the strengths of this transaction include, among
others: (i) a 13.0% reserve fund, which can be used to cover
potential interest and/or principal shortfalls; (ii) the
relatively high excess spread (2.75%) guarantee by the swap, which
provides credit enhancement to the structure; (iii) the triggers
in place to mitigate commingling and servicer disruption risk; and
(iv) the experience of Santander in servicing consumer loans.

However, Moody's notes that the transaction includes several
challenging features, namely: (i) performance of past
transactions, both of which are performing below expectations;
(ii) debtor concentration, which is higher than the typical
consumer loan transaction; and (iii) the negative impact of the
interest deferral trigger on the subordinated series.  These risks
were taken into account in the credit enhancement calculation.

As of August 2009, the provisional pool of underlying assets
comprised a portfolio of 175,433 loans granted to 169,818
borrowers.  The portfolio has a weighted average seasoning of 1.2
years and a weighted average remaining life of 4.7 years.
Geographically, the pool is concentrated in Madrid (19%),
Andalusia (17%), and Cataluna (11%).  The weighted average
interest rate is 9%, with 70% of the loans having a fixed interest
rate and the remaining 30% being floating-rate loans.  100% of the
loans hold a personal guarantee.  At closing, the management
company will randomly select the loans from the provisional pool,
after having eliminated receivables that are more than 30 days in
arrears.

Moody's initially analyzed and will monitor this transaction using
the rating methodology for described in the Rating Methodology
report "The Lognormal Method Applied to ABS Analysis", June 2000.
The provisional ratings take into account, amongst others, (i) an
evaluation of the underlying portfolio of loans; (ii) historical
performance information provided by the bank and from previous
transactions; (iii) the credit enhancement provided by the reserve
fund, the subordination of the notes, and the excess spread; and
(iv) the legal and structural integrity of the transaction.

The provisional ratings address the expected loss posed to
investors by the legal final maturity (July 2022).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on or before the final legal
maturity date.  Moody's ratings address only the credit risks
associated with the transaction.  Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only reflect Moody's preliminary
credit opinions regarding the transaction.  Upon a conclusive
review of the final pool of assets and the final documentation,
Moody's will Endeavour to assign a definitive rating to the notes.
A definitive rating, if any, may differ from a provisional rating.

Date of previous rating action: no previous rating action since
initial rating assignment.


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


GLOBAL GAMING: Creditor Files Bankruptcy Suit in Sweden
-------------------------------------------------------
DPA, citing the Svenska Dagbladet newspaper, reports that a
creditor asked a Swedish court to declare as bankrupt Global
Gaming Factory X, the software group that wants to buy the Pirate
Bay file sharing site.

The newspaper said Johan Sellstrom, a former board member of GGF,
filed the suit after failing to get an outstanding debt of some
SEK1.3 million (US$200,000 dollars) paid.

Global Gaming Factory X AB -- http://www.globalgamingfactory.com/
-- is a Sweden-based company, which develops software and runs
business development within the computer games industry.  The
Company has a network of Internet cafes and gaming centers. It has
two wholly owned subsidiaries that develop and sell Internet cafe
software.  Smartlaunch Systems A/S, is based in Denmark and it
develops Smartlaunch, and Celco Software Ltd., which is based in
Canada and it develops CyberCafePro.


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


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

         Dr. Herbert Schneider
         Dufourstrasse 121
         9000 St. Gallen
         Switzerland

The company is currently undergoing liquidation in Abtwil SG.  The
decision about liquidation was accepted at a general meeting held
on June 25, 2009.


INTERCABLE-VERLAG: Claims Filing Deadline is September 30
---------------------------------------------------------
Creditors of Intercable-Verlag AG are requested to file their
proofs of claim by September 30, 2009, to:

         areca AG
         Baarerstrasse 12
         6300 Zug
         Switzerland

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


PISTACHE-FASHION: Claims Filing Deadline is September 30
--------------------------------------------------------
Creditors of Pistache-Fashion GmbH are requested to file their
proofs of claim by September 30, 2009, to:

         Sybille Muggli
         Liquidator
         Lausanne 54
         1700 Fribourg
         Switzerland

The company is currently undergoing liquidation in Fribourg.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 11, 2009.


UNITED ENTERTAINMENT: Claims Filing Deadline is September 30
------------------------------------------------------------
Creditors of United Entertainment GmbH are requested to file their
proofs of claim by September 30, 2009, to:

         Kurt Gautschi
         Im Grund1
         5722 Graenichen
         Switzerland

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


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


AGROBUSINESS-NV OJSC: Creditors Must File Claims by September 26
----------------------------------------------------------------
Creditors of OJSC Agrobusiness-NV (code EDRPOU 05491161) have
until September 26, 2009, to submit proofs of claim to:

         V. Shuba
         Insolvency Manager
         Office 313
         Kosmicheskaya Str. 26
         61145 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on August 6, 2009.  The case is docketed under
Case No. B-19/06-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         OJSC Agrobusiness-NV
         Zheleznodorozhnaya Str. 1
         Novaya Vodolaga
         Kharkov
         Ukraine


ALDK GROUP: Creditors Must File Claims by September 27
------------------------------------------------------
Creditors of LLC Aldk Group (code EDRPOU 33211112) have until
September 27, 2009, to submit proofs of claim to:

         N. Martinenko
         Insolvency Manager
         Office 5
         Mayakovsky Ave. 12
         69035 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 18, 2009.  The case is docketed
under Case No. 26/91/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Aldk Group
         Gorky Str. 71
         69002 Zaporozhye
         Ukraine


BANK DIAMANT: Fitch Affirms National Long-Term Rating at 'B+'
-------------------------------------------------------------
Fitch Ratings has affirmed the National Long-term rating of
Ukraine-based Bank Diamant at B+(ukr) with a Negative Outlook and
simultaneously withdrawn the rating.

Fitch will no longer provide rating or analytical coverage on this
issuer.


NAFTOGAZ OF UKRAINE: To Get Guarantees for Debt Restructuring
-------------------------------------------------------------
Kateryna Choursina at Bloomberg News reports that Ukraine's
government authorized the Finance Ministry to provide "absolute
and unconditional guarantees" for restructuring the foreign debt
of NJSC Naftogaz of Ukraine.

Bloomberg relates the Finance Ministry said in a statement
published on its Web site Monday the guarantees will be provided
once Naftogaz agrees on restructuring terms with creditors.

As reported in the Troubled Company Reporter-Europe on Sept. 1,
2009, Reuters said Naftogaz held initial talks with creditors on
restructuring its US$500 million Eurobond due by the end of
September.  According to Reuters, the company has until
Sept. 30 to repay the debt or agree a change to its terms.

                    About NJSC Naftogaz of Ukraine

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

                           *     *     *

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


NEW LIFE: Creditors Must File Claims by September 26
----------------------------------------------------
Creditors of OJSC New Life (code EDRPOU 01528341) have until
September 26, 2009, to submit proofs of claim to:

         Kitsman Job Center
         Insolvency Manager
         Storozhinetskaya Str. 12
         Kitsman
         59300 Chernovtsy
         Ukraine

The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company on July 30, 2009.  The case is docketed under
Case No. 9/118/b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC New Life
         Maliatintsy
         Kitsman
         59314 Chernovtsy
         Ukraine


PROMIN OJSC: Creditors Must File Claims by September 26
-------------------------------------------------------
Creditors of OJSC Promin (code EDRPOU 00707780) have until
September 26, 2009, to submit proofs of claim to:

         T. Tchagovets
         Insolvency Manager
         Office 5-A
         Shakespeare Str. 12-A
         61045 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. B-48/53-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         OJSC Promin
         Pioneer Str. 40
         Zolochev
         Kharkov
         Ukraine


SV-PRODUCT LLC: Creditors Must File Claims by September 26
----------------------------------------------------------
Creditors of LLC SV-Product (code EDRPOU 30694827) have until
September 26, 2009, to submit proofs of claim to:

         I. Penkova
         Insolvency Manager
         Office 10
         Druzhba Str. 30
         Schastye
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. 12/57.

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW Square 3-a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC SV-Product
         Lutuginskaya Str. 123-a
         91020 Lugansk
         Ukraine


* UKRAINE: Policy Disarray Could Affect 'B2' Rating, Moody's Says
-----------------------------------------------------------------
Presidential politicking ahead of the January 2010 election is
behind the policy confusion that has reigned at Ukraine's central
bank for more than a year, according to Moody's new Issuer Comment
entitled "Ukraine's Political Clash Complicates Economic Policy
Decisions."  More broadly, said the agency, policy disarray across
the macroeconomic spectrum threatens a new standoff with the IMF
and another break in confidence that could renew downward pressure
on Ukraine's B2 sovereign ratings.

"The context of recent conflicts over central bank policy has been
further complicated by the global recession and its severe impact
on the Ukrainian economy and currency," said Jonathan Schiffer,
Moody's VP-Senior Credit Officer and lead analyst on Ukraine.
"Ideological battles between the President and Prime Minister,
rivals in the upcoming presidential election, have contributed to
a confusing array of policy measures as well as important
personnel changes at the NBU during the past year."

Mr. Schiffer pointed out that these controversies have led to
frequent clashes with the IMF over the failure to meet the
detailed criteria set out in the country's stand-by program,
leading to cliff-hanging IMF decisions regarding the extension of
program tranches.  Repeated standoffs have further aggravating
market skepticism about the ability of highly indebted companies
and banks to avoid default.

"With the policy quagmire growing and political turbulence rising,
the populace has exhibited weakened confidence in the hryvnia
currency, much as they did before the last presidential elections
in autumn 2004," said Mr. Schiffer.

To offset such skepticism and prevent another steep fall in the
exchange rate, the NBU has responded with a battery of
administrative measures.  In Moody's view, these have only served
to further confuse financial transactions, confidence in the local
currency and banking system, and the chances that banks will start
issuing credit again to stimulate the real economy.

Mr. Schiffer said that another round of speculation regarding the
currency -- such as would be caused if the IMF postpones the next
program disbursement -- could lead to a considerable drain in
reserves.  Such developments would lead to rising debt ratios
alongside Ukraine's weak institutional environment and likely spur
Moody's to consider whether to act on the negative outlook
currently in place on the B2 government ratings.  The situation
merits careful monitoring.


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


ALBA 2006-2: Fitch Puts 'CC'-Rated Class F Notes on Watch Negative
------------------------------------------------------------------
Fitch Ratings has placed all classes of Alba 2006-2 Plc and Alba
2007-1 Plc on Rating Watch Negative following the Issuer's
announcement of a Potential Event of Default.

The Issuer announced on 18 September 2009 that payments of
principal and interest due on the interest payment dates falling
on 15 and 17 September 2009, respectively for Alba 2006-2 and
2007-1, were not made.  An event of default could occur if these
payments are not made within five business days of the scheduled
payment date.

Fitch is awaiting more information on the causes of this non-
payment.  Fitch expects to resolve the Rating Watch Negative once
payment is made or an event of default has been announced by the
trustee.  If an event of default is announced the ratings would be
downgraded to 'D'.  Even if the note payments are made within the
grace period, Fitch will assess the operational aspects that have
caused the delay in payment and may still take negative rating
action, particularly on the higher rated notes.

The current ratings are:

Alba 2006-2

  -- Class A2 (ISIN XS0271529538): 'AAA' on Rating Watch Negative
  -- Class A3a (ISIN XS0271529967): 'AAA' on Rating Watch Negative
  -- Class A3b (ISIN XS0272876623): 'AAA' on Rating Watch Negative
  -- Class B (ISIN XS0271530114): 'AAA' on Rating Watch Negative
  -- Class C (ISIN XS0271530544): 'AA' on Rating Watch Negative
  -- Class D (ISIN XS0271530973): 'BBB+' on Rating Watch Negative
  -- Class E (ISIN XS0271531435): 'B' on Rating Watch Negative
  -- Class F (ISIN XS0272877514): 'CC' on Rating Watch Negative
  -- MERCS (ISIN XS0272869172): 'AAA' on Rating Watch Negative

Alba 2007-1 Plc

  -- Class A2 (ISIN XS0301704747): 'AA+' on Rating Watch Negative

  -- Class A3 (ISIN XS0301721832): 'AA+' on Rating Watch Negative

  -- Class B (ISIN XS0301706288): 'AA-' on Rating Watch Negative

  -- Class C (ISIN XS0301707096): 'BBB' (AA minus) on Rating Watch
     Negative

  -- Class D (ISIN XS0301708060): 'BB (A minus) on Rating Watch
     Negative

  -- Class E (ISIN XS0301708573): 'CCC' on Rating Watch Negative

  -- Class F (ISIN XS0301708813): 'CC' on Rating Watch Negative

  -- MERC (ISIN XS0301962444): 'AAA' on Rating Watch Negative


ALBA 2007-1: Fitch Puts Junk-Rated Notes on Watch Negative
----------------------------------------------------------
Fitch Ratings has placed all classes of Alba 2006-2 Plc and Alba
2007-1 Plc on Rating Watch Negative following the Issuer's
announcement of a Potential Event of Default.

The Issuer announced on 18 September 2009 that payments of
principal and interest due on the interest payment dates falling
on 15 and 17 September 2009, respectively for Alba 2006-2 and
2007-1, were not made.  An event of default could occur if these
payments are not made within five business days of the scheduled
payment date.

Fitch is awaiting more information on the causes of this non-
payment.  Fitch expects to resolve the Rating Watch Negative once
payment is made or an event of default has been announced by the
trustee.  If an event of default is announced the ratings would be
downgraded to 'D'.  Even if the note payments are made within the
grace period, Fitch will assess the operational aspects that have
caused the delay in payment and may still take negative rating
action, particularly on the higher rated notes.

The current ratings are:

Alba 2006-2

  -- Class A2 (ISIN XS0271529538): 'AAA' on Rating Watch Negative
  -- Class A3a (ISIN XS0271529967): 'AAA' on Rating Watch Negative
  -- Class A3b (ISIN XS0272876623): 'AAA' on Rating Watch Negative
  -- Class B (ISIN XS0271530114): 'AAA' on Rating Watch Negative
  -- Class C (ISIN XS0271530544): 'AA' on Rating Watch Negative
  -- Class D (ISIN XS0271530973): 'BBB+' on Rating Watch Negative
  -- Class E (ISIN XS0271531435): 'B' on Rating Watch Negative
  -- Class F (ISIN XS0272877514): 'CC' on Rating Watch Negative
  -- MERCS (ISIN XS0272869172): 'AAA' on Rating Watch Negative

Alba 2007-1 Plc

  -- Class A2 (ISIN XS0301704747): 'AA+' on Rating Watch Negative

  -- Class A3 (ISIN XS0301721832): 'AA+' on Rating Watch Negative

  -- Class B (ISIN XS0301706288): 'AA-' on Rating Watch Negative

  -- Class C (ISIN XS0301707096): 'BBB' (AA minus) on Rating Watch
     Negative

  -- Class D (ISIN XS0301708060): 'BB (A minus) on Rating Watch
     Negative

  -- Class E (ISIN XS0301708573): 'CCC' on Rating Watch Negative

  -- Class F (ISIN XS0301708813): 'CC' on Rating Watch Negative

  -- MERC (ISIN XS0301962444): 'AAA' on Rating Watch Negative


AROSA FUNDING: Moody's Withdraws 'Ba3' Rating on 2006-4 Notes
-------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Arosa Funding Limited a collateralized debt obligation
transaction referencing a managed portfolio of corporate entities.

Issuer: Arosa Funding Limited

  -- Series 2006-4, Withdrawn; previously on May 19, 2009
     Downgraded to Ba3

The rating action follows the repurchase in full of the notes.


BARRATT DEVELOPMENTS: To Raise GBP175 Mln in Rights Offer
---------------------------------------------------------
Tim Barwell at Bloomberg News reports that Barratt Developments
Plc said it will raise a gross GBP175 million in a placing and
GBP545.5 million through a rights offer.

Bloomberg relates Finance Director David Thomas said yesterday on
a conference call the share sale should cut the company's
borrowings to about GBP700 million.  Barratt had GBP1.28 billion
of debt as of June 30 after it bought rival Wilson Bowden Plc in
2007, Bloomberg notes.

Barratt reported a net loss of GBP469 million for its fiscal year
through June compared with a year-earlier profit of GBP86.4
million, Bloomberg discloses.

According to Bloomberg, Barratt said amended bank loan terms will
come into effect upon successful completion of the placing and
rights offer.

                    About Barratt Developments

Barratt Developments Plc -- http://www.barrattdevelopments.co.uk
-- is a United Kingdom-based company engaged in housebuilding and
commercial development.  The subsidiaries of the Company include
BDW Trading Limited, KingsOak Homes Limited, Barratt Commercial
Limited, Barratt North Scotland Limited, Wilson Bowden Limited,
David Wilson Homes Limited and Ward Homes Limited, all of which
are engaged in housebuilding and development, and Wilson Bowden
Developments Limited, which is involved in commercial development.
The Company offers a product range from first-time buyer homes to
luxury apartments and family homes.  It operates throughout Great
Britain, and as of June 30, 2008, it was selling from 585 sites
spread over 32 divisions.  It has built 2,833 homes for the
housing association partners.  As of June 30, 2008, the Company's
overall housebuilding operation delivered 18,588 completions.


CORSAIR NO 4: Moody's Junks Rating on US$40 Mil. Notes
------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Corsair (Jersey) No.4 Limited: Series 7, a
collateralized debt obligation transaction referencing a First to
Default static portfolio of corporate entities.

Issuer: Corsair (Jersey) No. 4 Limited

  -- Series 7 US$40,000,000 Floating Rate Secured First to Default
     Credit-Linked Notes due 2018-1, Downgraded to Ca; previously
     on Mar 23, 2009 Downgraded to Ba2

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  Specifically, the reference portfolio includes a full
notional exposure to Ambac Financial Group which has experienced
substantial credit migration in the past few months, and is now
rated Ca.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 240 from the last rating action to 1113,
equivalent to an average rating of the current portfolio of Ba1.
The portfolio pool comprises of 9 Banking and Insurance reference
entities and any one credit event will trigger a termination of
the deal.

Moody's monitors this transaction using primarily the methodology
and its supplements for CSO as described in Moody's Rating
Methodology papers:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (September 2009)

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include, among others,
the structural protections in each transaction, the recent deal
performance in the current market environment, the strength of the
legal framework as well as specific documentation features, and
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.


FOLLOWUS HOLDINGS: Unpaid Creditors Must File Claims by Oct. 30
---------------------------------------------------------------
Richard William James Long of Richard Long & Co. has been
appointed as liquidator, effective September 9, 2009, of Followus
Holdings PLC (6141942) pursuant to U.K.'s Insolvency Act 1986.

Mr. Long says that all known creditors have been or should have
been paid in full.  Unpaid creditors, however, are required to
submit particulars of their debts and claims by October 30, 2009,
to this address:

    Richard William James Long
    Richard Long & Co.
    Castlegate House
    36 Castle Street
    Hertford, Hertfordshire, SG14 1HH

Followus was a supplier of security software.


G SQUARE FINANCE: Meeting of Creditors on October 2
---------------------------------------------------
A meeting of the creditors of G Square Finance Limited, which is
in receivership, will be held at Ernst & Young LLP, I More London
Place, London SEI 2AF on October 2, 2009 at 11:00 a.m. (BST).

At the meeting, creditors will receive the report of the Joint
Administrative Receivers and will decide if a committee of
creditors should be appointed.

Written details of the debt claimed must be lodged with the
Administrative Receivers by noon on October 1, 2009 at:

    Ernst & Young LLP
    I More London Place
    London SEI 2AF

Creditors whose claims are wholly secured are not entitled to
attend the meeting.


GENESIS MALAYSIA: Voluntarily Winding Up; Claims Due Sept. 25
-------------------------------------------------------------
Following an extraordinary general meeting of Genesis Malaysia
Maju Fund Limited, a resolution voluntarily winding up the Company
pursuant to Section 391 of the Companies (Guernsey) Law, 2008, was
confirmed.

Mark James and Nicholas Vermuelen both of PricewaterhouseCoopers
CI LLP was appointed as joint liquidators.

All persons having claims against Genesis Malaysia are requested
to send a detailed account thereof to the Joint Liquidators on or
before Sept. 25, 2009.

The Joint Liquidators may be reached at

    Mark James and Nicholas Vermuelen
    Joint Liquidators of Genesis Malaysia
    PO Box 321
    National Westminster House,
    Le Truchot, St. Peter Port,
    Guernsey GYI 4ND


LONCO RETAIL: Meeting of Creditors on September 28
--------------------------------------------------
Glyn Mummery and Jeremy Stuart French both of Vantis Business
Recovery Services said that a meeting of creditors of Lonco Retail
Services Limited (04688092) will be held on September 28, 2009, at
2:00 p.m. at The Manor Hotel Berwick Pond Road, Rainham, Essex,
RM13 9EL.

The meeting is an initial creditors' meeting under paragraph 51 of
Schedule B1 of the Insolvency Act 1986

In order to be entitled to vote under Rule 2.38 at the meeting, a
creditor must send details in writing of its claims must by
September 27.


LOST WAX: Administrators Soliciting Offers for Business
-------------------------------------------------------
Stephen Cook and Joanne Millner of Smith & Williamson, appointed
as joint administrators of Lost Wax Media Limited, are seeking
interested parties to purchase the business and assets of Lost
Media.

According to the Joint Administrators, Lost Wax Media:

    -- is a specialist supplier of software systems for the
       Aerospace & Defense markets.

    -- developed a wide range of software systems for this sector
       for over 12 years.

    -- has a 100% owned subsidiary in North America which markets
       and distributes products to North American customers.

    -- has internal blue companies among its customers.

    -- had annual consolidated turnover of GBP1.5 million.

    -- has leasehold premises located in Richmond-upon-Thames,
       Surrey.

Interested parties requiring further information should contact:

     Marcus Petrovi
     Smith & Williamson,
     25 Moorgate, London EC2R 6AY
     Telephone: 020 7131 4138
     Facsimile: 020 7131 4001
     E-mail: marcus.petrovic@smith.williamson.co.uk

Lost Wax Media is a software development, systems and support
Company.


METRIX FUNDING: Moody's Junks Ratings on Three Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings on ten
classes of notes and confirmed its rating on three classes of
notes issued by Metrix Funding No.1 plc.

Issuer: Metrix Funding No 1 Plc

  -- Class A-1, Confirmed at Aaa; previously on March 13, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class A-2, Confirmed at Aaa; previously on March 13, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class A-3, Confirmed at Aaa; previously on March 13, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class B-1, Downgraded to A1; previously on March 13, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Class B-2, Downgraded to A1; previously on March 13, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Class B-3, Downgraded to A1; previously on March 13, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Class C-1, Downgraded to Baa2; previously on March 13, 2009
     A2 Placed Under Review for Possible Downgrade

  -- Class C-2, Downgraded to Baa2; previously on March 13, 2009
     A2 Placed Under Review for Possible Downgrade

  -- Class D-1, Downgraded to B1; previously on March 13, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Class D-2, Downgraded to B1; previously on March 13, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- Class E-1, Downgraded to Caa2; previously on March 13, 2009
     Ba2 Placed Under Review for Possible Downgrade

  -- Class E-2, Downgraded to Caa2; previously on March 13, 2009
     Ba2 Placed Under Review for Possible Downgrade

  -- Class E-3, Downgraded to Caa2; previously on March 13, 2009
     Ba2 Placed Under Review for Possible Downgrade

This transaction is a managed UK SME cash collateralized loan
obligation.  According to the latest trustee report (August 2009),
the outstanding portfolio totalled GBP1,702 million of portfolio
assets, representing exposure to 393 loans given to 93 borrowers,
and there was GBP equivalent 298 million on the principal
collection accounts.  There is one delinquent loan in the
portfolio with a notional of GBP21.6 million, and there is also
one borrower, with an aggregate loan exposure of GBP50 million,
which has breached the terms in the underlying loan agreement with
HSBC.  The end of the replenishment period will be at the next
interest payment date in November, the WAL of the current
portfolio is approximately 2.4 years.

The rating actions reflect the credit deterioration of the
underlying portfolio as well as the application of revised and
updated key modelling parameter assumptions that Moody's uses to
rate and monitor ratings of CDOs exposed to corporate assets and
which are also being applied in its analysis of SME CDOs.  Moody's
announced the changes to these assumptions in two press releases
titled "Moody's updates key assumptions for rating CLOs",
published on 4 February 2009 and "Moody's Updates its Key
Assumptions for Rating Corporate Synthetic CDOs," published on 15
January 2009.  The revisions affect default probability, which has
been stressed to take into account forward looking measures, as
well as correlation, which is reflected by a 5% minimum
correlation and more conservative industry correlation
assumptions.  Default probability and correlation are key
parameters in Moody's model for rating CDOs exposed to corporate
assets.

The internal ratings assigned to the borrowers by the originator
HSBC Bank plc are used to determine the default probabilities of
the borrowers in this transaction.  These internal ratings are
converted to Moody's rating scale according to a mapping.  The
internal ratings provided by HSBC Bank plc exhibit sufficient
deterioration to move the average rating of the portfolio into sub
investment grade territory.  The latest reported WARF is 1524
(Ba2/Ba3).

Furthermore, various stress scenarios were run, including
reductions in Moody's assumptions regarding likely recoveries and
stressing by one notch those assets belonging to sectors which
were viewed as particularly vulnerable such as finance,
construction and building, hotel and gaming, etc.

In addition to the quantitative factors that are explicitly
modeled, 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.


MINERVA PLC: Refinances GBP750 Million of Debt
----------------------------------------------
Josephine Moulds at The Daily Telegraph reports that Minerva plc
has refinanced GBP750 million of debt.

According to the report, lenders have now agreed to revised terms
on the company's debt, including GBP570 million of loans against
two office developments in the heart of the City of London, St.
Botolphs and The Wallbrook.

The report recalls as property values plummeted, Minerva came
close to breaching its loan-to-value covenants, which have now
been deferred.

"We are pleased to have completed the refinancing and extensions
to our loan facilities, which is a key milestone and provides
added security to the group," the report quoted Salmaan Hasan, the
chief executive of Minerva, as saying.

Minerva plc -- http://www.minervaplc.co.uk/-- is a property
investment and development company based in London, United
Kingdom.


NORTHERN ROCK: S&P Downgrades Rating on Tier One Notes to 'C'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on the GBP300 million 8.399% Reserve Capital Instruments
and GBP200 million 7.053% Tier One Notes issued by Northern Rock
PLC (A/Watch Neg/A-1) to 'C' from 'CC'.  The counterparty credit
ratings on Northern Rock are unaffected by this action.

On Aug. 18, 2009, Northern Rock announced its intention to cease
coupon payments on eight hybrid capital issues, of which seven are
rated by us.  On Aug. 19, 2009, S&P downgraded the rated issues to
'CC' from 'CCC' and stated that S&P expected to downgrade them to
'C' when coupon payments were actually missed.  The coupons on two
of the issues -- the RCIs and TONs -- are due and, in line with
Northern Rock's August 2009 announcement, will not be paid.  S&P
has consequently lowered the ratings on the RCIs and TONs to 'C'
from 'CC'.

The ratings on the five other rated hybrid issues mentioned in
Northern Rock's August 2009 announcement are unaffected and remain
'CC'.  S&P expects to downgrade these issues to 'C' once coupons
become due and go unpaid.  S&P understand that the next scheduled
coupon payment dates on these five instruments range between
October 2009 and June 2010.

                           Ratings List

                             Downgrade

                         Northern Rock PLC
         GBP300 mil. 8.399% step-up callable perp reserve
            tier 1 cap instruments (ISIN: XS0117031194)

                       To                From
                       --                ----
                       C                 CC

        GBP200 mil. 7.053% callable perp core tier one nts
                       (ISIN: XS0152710439)

                       To                From
                       --                ----
                       C                 CC


PANTHER BAR: Administrators Soliciting Offers for Assets
--------------------------------------------------------
The joint administrators of Panther Bar Company Limited are
seeking expressions of interest for the Company's portfolio of 18
free-of-tie tenanted pubs and bars in the North East and North
west of England.

The Joint Administrators -- Ryan Grant, Nick Cropper and Anne O'
Keefe from Zolfo Copper -- says Panther Bar has:

   * 18 freehold properties.

   * formalised relationships with its tenants

   * sites in established locations with a robust customer base.

For further details, please contact:

     Isabelle Demir
     10 Fleet Place, London, EC4M 7RB
     E-mail: Idemir@zolfocopper.eu


REDROW PLC: To Raise GBP150 Mln in Rights Issue to Cut Debt
-----------------------------------------------------------
Jonathan Russell at The Daily Telegraph reports plans to raise
GBP150 million through a rights issue to reduce debt.

According to Ed Hammond of The Financial Times, Redrow has net
debt of GBP214 million.  The FT says Redrow Chairman Steve Morgan,
who owns just under 30% of the company’s shares, is expected to
back the rights issue.

The Daily Telegraph recalls two weeks ago Redrow announced its
worst set of annual results -- a loss of GBP140.8 million -- with
sales down more than 50%.  The company said it it had renegotiated
the terms of its exisiting financing arrangements, with changes to
the covenants on its debt, the Daily Telegraph notes.

As reported in the Troubled Company Reporter-Europe, Redrow last
year closed two offices and slashed 650 jobs, or 50% of the
workforce, and scrapped its fiscal first-half dividend.

Redrow plc (LON:RDW) --  http://www.redrow.co.uk/-- is United
Kingdom-based Company engaged in residential and commercial
property development.  It operates in two business segments: home,
and mixed use and regeneration.  The Company's products portfolio
in its home segment include Signature, which features one-bedroom
apartments to five-bedroom luxury houses; In the City, which
offers high specification apartment living, and Debut, which
ranges from one-bedroom apartments to two-storey homes.  In the
mixed use and regeneration segment, the Company undertakes
projects that combine two or more types of development, such
residential, commercial (retail, office), leisure and/or
industrial, and provides concerted social, economic and physical
solutions for community benefits.  During the fiscal year ended
June 30, 2007, the Company's land bank with planning comprised
17,700 plots, and it had a forward land bank of 24,400 plots.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *