TCREUR_Public/090928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, September 28, 2009, Vol. 10, No. 191

                            Headlines

A U S T R I A

AUERSBACH GMBH: Claims Filing Deadline is October 6
H & B SANITAERTECHNIK: Claims Filing Deadline is October 6
HILBINGER & PARTNER: Claims Filing Deadline is October 6
MDZD-TRANSPORT: Claims Filing Deadline is October 6
RADOSLAV SKENDERIJA: Claims Filing Deadline is October 6

VOIGT LTD: Claims Filing Deadline is October 6


G E R M A N Y

HEIDELBERGCEMENT AG: Moody's Gives Positive Outlook on 'B1' Rating


I C E L A N D

KAUPTHING BANK: Creditors Meeting Scheduled for October 20


I R E L A N D

GALVINS WHOLESALE: Enters Into Interim Examinership
INDEPENDENT NEWS: Bondholders Balk at O'Brien Restructuring Plan
WARNER CHILCOTT: S&P Raises Corporate Credit Rating to 'BB'


I T A L Y

BANCA PADOVANA: S&P Affirms 'BB/B' Counterparty Credit Ratings
INTESA SANPAOLO: Not Backing Out of Bond Sale, Ministry Says
IT HOLDING: Gets Several Expressions of Interest
SEAT PAGINE: No Debt Restructuring Plans, Exan Reprt Says


K A Z A K H S T A N

ACTUAL CLUB: Creditors Must File Claims by September 30
ADVICE SERVICE: Creditors Must File Claims by September 30
ALLIANCE BANK: Former Executive Arrested Over US$1.1 Bln Theft
ALTERNATIVA LLP: Creditors Must File Claims by September 30
DAULET SERVICE: Creditors Must File Claims by September 30

ENTHUZIAST LLP: Creditors Must File Claims by September 30
KAZKOMMERTSBANK AO: Fitch Affirms Issuer Default Rating at 'B-'
LEMAN LLP: Creditors Must File Claims by September 30
MMS TRANS: Creditors Must File Claims by September 30
STROY COMMERCE: Creditors Must File Claims by September 30

TEMIR AT: Creditors Must File Claims by September 30
TURAN & BM: Creditors Must File Claims by September 30
ZATONSKY RYNOK: Creditors Must File Claims by September 30


K Y R G Y Z S T A N

TEMIR KANAT: Creditors Must File Claims by October 17


N E T H E R L A N D S

EOLO INVESTMENTS: Fitch Cuts Ratings on Two Classes of Notes to D
NIBC BANK: S&P Cuts Rating on Subordinated Instruments to 'BB-'


R O M A N I A

AVIOANE CRAIOVA: Creditors May Seek Insolvency, AVAS Says


R U S S I A

AVTOVAZ OAO: To Cut 27,600 Jobs as Domestic Sales Plunge
CONSTRUCTION CERAMIC: Tatarstan Bankruptcy Hearing Set October 5
GAZ GROUP: Says Alfa Bank Delaying US$1.3 Bln Debt Restructuring
MEKH-STROY LLC: Lipetskaya Bankruptcy Hearing Set October 1
SIB-SPETS LLC: Krasnoyarskiy Bankruptcy Hearing Set October 5

STROY-INVEST LLC: Creditors Must File Claims by September 30
STROY-SPEKTR LLC: Samarskaya Bankruptcy Hearing Set October 6
UC RUSAL: Repays Debts Following Alfa Bank's Bankruptcy Suits
UC RUSAL: Eyes Hong Kong Listing, Sunday Times Says


S W I T Z E R L A N D

BOSSHARD COMTEC: Claims Filing Deadline is September 30
BRONTOCAR GMBH: Claims Filing Deadline is September 30
DOFIS AG: Claims Filing Deadline is September 30
HOLZBEARBEITUNG SCHNYDRIG: Claims Filing Deadline is September 30
NOVACHANNEL AG: Claims Filing Deadline is September 30

OUTDOOR POWER: Claims Filing Deadline is September 30
PREMIUM RECOVERY: Claims Filing Deadline is September 30
ROMIKA AG: Claims Filing Deadline is September 30
VS VERLAG: Claims Filing Deadline is September 30
WELT-LADEN AM SPAELEBERG: Claims Filing Deadline is September 30


T U R K E Y

* TURKEY: Moody's Changes Outlook on 'B1' Ratings on 15 Banks


U K R A I N E

CENTRAL UKRAINIAN: Creditors Must File Claims by October 1
EXIM-TRADING LLC: Creditors Must File Claims by September 30
NAFTOGAZ OF UKRAINE: Offers Five-Year Securites to Avoid Default
OIL CENTERS: Creditors Must File Claims by October 1
PRIMESTYLE LLC: Creditors Must File Claims by October 1

SERFLEKS LLC: Creditors Must File Claims by October 1
SMTP-TRADE LLC: Creditors Must File Claims by September 30


U N I T E D   K I N G D O M

BRITISH AIRWAYS: John Porcari Withrdaws From AA Tie-Up Case
CORSAIR NO 4: Moody's Junks Ratings on US$150 Mil. Notes
GREAT HALL: Moody's Junks Ratings on Five Classes of Notes
PUNCH TAVERNS: Puts Further 300 Struggling Sites Up for Sale
TATA MOTORS: JLR Plans to Wind Down UK Plant

* UK: Lloyds TSB, HBOS on Brink of Liquidity Shorftall in 2008


X X X X X X X X

* BOND PRICING: For the Week September 21 to September 25, 2009


                         *********


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


AUERSBACH GMBH: Claims Filing Deadline is October 6
---------------------------------------------------
Creditors of Auersbach 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 13:15 p.m.

For further information, contact the company's administrator:

         Dr. Karl F. Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at


H & B SANITAERTECHNIK: Claims Filing Deadline is October 6
----------------------------------------------------------
Creditors of H & B Sanitaertechnik 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 11:30 a.m.

For further information, contact the company's administrator:

         Mag. Gernot Faber
         Neunkirchner Strasse 34
         2700 Wiener Neustadt
         Austria
         Tel: 02622/82 1 18
         Fax: 02622/82 1 18-6
         E-mail: kanzlei@ra-faber.at


HILBINGER & PARTNER: Claims Filing Deadline is October 6
--------------------------------------------------------
Creditors of Hilbinger & Partner Baumanagement 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 11:00 a.m.

For further information, contact the company's administrator:

         Goldsteiner Strebinger Rechtsanwaelte GmbH
         Wiener Strasse 14-16
         2700 Wiener Neustadt
         Austria
         Tel: 02622/24 222
         Fax: 02622/24 222-22
         E-mail: anwalt@rechtsbuero.at


MDZD-TRANSPORT: Claims Filing Deadline is October 6
---------------------------------------------------
Creditors of Mdzd-Transport 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 14:00 p.m.

For further information, contact the company's administrator:

         Mag. Wolfgang Herzer
         Schuettelstrasse 55
         1020 Vienna
         Austria
         Tel: 72 577
         Fax: 72 577 577
         E-mail: wolfgang.herzer@blw-legal.com


RADOSLAV SKENDERIJA: Claims Filing Deadline is October 6
--------------------------------------------------------
Creditors of Radoslav Skenderija KEG 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 13:45 p.m.

For further information, contact the company's administrator:

         Mag. Caroline Klus
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at


VOIGT LTD: Claims Filing Deadline is October 6
----------------------------------------------
Creditors of Voigt Ltd 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 10:45 a.m.

For further information, contact the company's administrator:

         Mag. Bernhard Konechny
         Franz-Josefs-Kai 49
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72-15
         E-mail: office@abel-abel.at


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


HEIDELBERGCEMENT AG: Moody's Gives Positive Outlook on 'B1' Rating
------------------------------------------------------------------
Moody's has changed the outlook on HeidelbergCement AG's B1
corporate family rating and B3 instrument ratings to positive from
negative.  The rating action was prompted by HeidelbergCement's
announcement of a successful rights issue for 62.5 million new
shares on September 22, 2009.

The rights issue will lead to net proceeds of EUR2.25 billion, 75%
out of which will be applied to term debt reduction and the
reminder will be used to improve HC's short term liquidity
position.  The fact that the company has been raising funds beyond
the upper range of expectations, and the successful secondary
placement of the Merckle group leading to a higher financial
flexibility, has led the agency to change its outlook to positive
compared to its initial comment on 15 September 2009 that it could
be changed to stable.

This action and the response from the markets are considered
positive for the rating.  "Moody's would expect HC's leverage
ratios on a proforma basis to be more in line with a Ba3 rating
per year-end 2010.  Weighting negatively on the rating is the
continued, although improved, uneven debt maturity structure with
the bulk of the company's debt maturing at the end of 2011 and
beginning of 2012." said Matthias Hellstern, Moody's lead analyst
for HeidelbergCement.

The positive outlook incorporates the expectation that (i) HC will
in the intermediate term successfully further extend its debt
maturity profile, (ii) HC will generate positive free cash flows
in the next years which would be applied to debt reduction and
(iii) the operating performance in 2010 will improve based on the
expectation that volumes and prices remain roughly flat or
slightly positive coupled with implemented cost reductions which
should lead over time to higher profitability and cash flows
generated, and hence further improved leverage ratios.

Given the continued weak construction markets in which HC is
active, such as the US and the UK, Moody's would also be looking
for a better visibility regarding the expected development in
these markets.

Moody's would consider an upgrade of HC's ratings if there is
sufficient visibility that HC will be able (i) to generate
material positive free cash flows in 2010 to further repay its
debt, (ii) to improve further the debt maturity profile with an
extension of debt coming due in 2011 and 2012 with measures such
as the issuance of bonds, or by the repayment of the debt, and
(iii) if the visibility is sufficient to assume that the company's
leverage ratios will improve further to levels closer to a
debt/EBITDA of 4.0x (per end of June 2009: 5.9x, proforma for the
rights issue 4.9x) and RCF/net debt above the mid teens (per end
of June 2009: 9.9%, proforma for the rights issue 10.6%) during
the course of 2010.

Outlook Actions:

Issuer: Hanson Australia Funding Limited

  -- Outlook, Changed To Positive From Negative

Issuer: Hanson Building Materials Limited

  -- Outlook, Changed To Positive From Negative

Issuer: Hanson Limited

  -- Outlook, Changed To Positive From Negative

Issuer: HeidelbergCement AG

  -- Outlook, Changed To Positive From Negative

Issuer: Heidelbergcement Finance B.V.

  -- Outlook, Changed To Positive From Negative

Moody's last rating action on HeidelbergCement on June 19, 2009,
was to confirm the company's B1 corporate family rating and to
change the outlook to negative.

HeidelbergCement AG is the world's third-largest cement producer.
HC generated sales of EUR13.5 billion per last 12 months (March
2009).  With the acquisition of UK building materials producer
Hanson plc in mid-2007, HC is now the world's largest producer of
aggregates with an annual output in 2007 of 334 mt, and the
second-largest producer of ready-mixed concrete with an output of
46 million cubic meters, behind Cemex.


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I C E L A N D
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KAUPTHING BANK: Creditors Meeting Scheduled for October 20
----------------------------------------------------------
Tasneem Brogger and Omar R. Valdimarsson at Bloomberg News report
that Kaupthing Bank hf's resolution committee called a creditors
meeting for October 20.

Bloomberg, citing an e-mailed statement, discloses, the meeting
will include a discussion on a possible extension of the bank's
moratorium on debt payments.

As reported in the Troubled Company Reporter-Europe, in a ruling
of the District Court of Reykjavik issued on November 24, 2008,
Kaupthing was granted a moratorium on payments until February 13,
2009.  On February 19, the moratorium was extended until
November 13, 2009.  The court appointed a Winding-up Committee for
the bank on May 25, 2009, whose tasks include dealing with claims
against the bank while the moratorium remains in effect and after
winding-up proceedings have commenced
at the end of the moratorium period.

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported in the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


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


GALVINS WHOLESALE: Enters Into Interim Examinership
---------------------------------------------------
BreakingNews.ie reports that Galvins Wholesale Ltd. has gone into
interim examinership after the Revenue Commissioners payment of
just over EUR6 million in excise duty from the company.

Mr. Justice John Edwards appointed Barry Donohue of KPMG, South
Mall, Cork, as interim examiner, the report discloses.

According to the report, the court was told that while the firm's
turnover grew from EUR23 million in 2004 to EUR61 million in 2008,
it was still unable to meet its liabilities, including loans to
related companies of more than EUR2 million.

Galvins' cashflow position had been severely impacted on by
suppliers tightening credit terms to the company, the report says.

The report relates the court heard Diageo is the company's largest
trading creditor with an outstanding balance of EUR3.7 million.

The report notes an independent accountant said he believed the
company had a reasonable prospect of survival if an examiner was
appointed.

Galvins Wholesale Ltd. is a drinks distributor in Ireland.


INDEPENDENT NEWS: Bondholders Balk at O'Brien Restructuring Plan
----------------------------------------------------------------
Salamander Davoudi and Anousha Sakoui at The Financial Times
report that bondholders to Independent News & Media plc opposed a
plan by Denis O'Brien, its second-largest shareholder, to take a
67% stake in the Irish publisher in exchange for a EUR100 million
cash injection.

According to the FT, a board meeting will take place today, Sept.
28, so it can review the proposal.

The FT relates an adviser to a committee of INM bondholders said
that the O'Brien plan offers "far inferior economics to the
alternative [company] proposal and in addition it has
significantly greater risks to completion".

Under the O'Brien plan, bondholders would get a 25% stake in INM
through a bonds-for-equity swap and EUR40 million (GBP37 million)
cash, while under the company plan, they would get a 46% stake and
a substantial proportion of a planned minimum EUR90 million rights
offering, the FT notes.

                           Standstill

The FT discloses INM said on Friday that its standstill agreement
had been extended until Oct. 30 and that its banks and bondholders
had also approved the sale of INM Outdoor, the group's South
African advertising business.

                  About Independent News & Media

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


WARNER CHILCOTT: S&P Raises Corporate Credit Rating to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Ireland-based Warner Chilcott plc to 'BB' from
'BB-'.  At the same time, S&P withdrew the ratings on Warner
Chilcott Corp.'s existing senior secured credit facility and
raised the issue-level rating on its subordinated notes to 'B+'
from 'B'.

S&P also assigned issue-level and recovery ratings to the
company's proposed US$2.75 billion senior secured credit facility
due in 2014 and its proposed $450 million senior unsecured notes
due 2017.  The issue-level rating on the proposed senior secured
credit facility is 'BB+' and the recovery rating is '2' indicating
the expectation for a substantial (70%-90%) recovery in the event
of payment default.  The issue-level rating on the proposed senior
unsecured notes is 'B+' and the recovery rating is '6' indicating
negligible (0-10%) recovery in the event of payment default.

"The 'BB' rating on Warner Chilcott reflects the threat of generic
and other competition to the company's product portfolio and its
limited R&D capabilities," said Standard & Poor's credit analyst
Michael G. Berrian.  These weaknesses are partially offset by
management's strong record of operating success and the company's
conservative financial metrics, highlighted by its solid cash
flows and the expected ability to quickly de-leverage following
the acquisition of Procter & Gamble's prescription pharmaceutical
business.


=========
I T A L Y
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BANCA PADOVANA: S&P Affirms 'BB/B' Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB/B' long- and short-term counterparty credit ratings on Italy-
based cooperative bank Banca Padovana Credito Cooperativo S.C.
The outlook on the ratings is negative.  S&P then withdrew the
ratings at the bank's request.

The ratings on Banca Padovana reflected the bank's long-standing
local franchise in Italy's economically dynamic Veneto region and
larger capital base than for other Italian cooperative banks that
S&P rates.

The long-term rating benefited from two notches of uplift above
Banca Padovana's stand-alone credit profile, reflecting S&P's view
of the bank's membership in the Banche di Credito Cooperativo
network and S&P's belief that the network would provide
extraordinary liquidity and capital support if needed.

Banca Padovana's asset quality has further deteriorated this year
due to the currently harsh economic conditions in Italy, which are
particularly affecting small and midsize enterprises.  The high
credit risk concentration by single name and on construction and
local real estate developers added further vulnerability.  The
ratio of nonperforming assets to gross customer loans worsened to
11.3% in the first half of 2009 from 9.2% at end-2008, and S&P
expects it to deteriorate further for the rest of the year.

In S&P's opinion, Banca Padovana could post moderate losses by
end-2009.  Operating revenues, which low interest rates and much
reduced asset growth have weakened, might not be able to absorb
higher credit provisions on the inflows of nonperforming assets
S&P expects in the second half of the year.

Banca Padovana's liquidity position improved in 2009.  In May 2009
the bank repaid a EUR150 million euro medium-term note, which
financed most of the fast loan growth of the past few years.  To
meet its obligation, the bank disposed of part of its securities
portfolio of liquid Italian government bonds.  Additionally, it
issued a securitization of performing loans and repoed it to the
European Central Bank.  On June 30, 2009, Padovana's loans-to-
table funds ratio stood at a satisfactory 107%.  Its sizable
securities portfolio of EUR220 million, mainly consisting of
Italian government bonds, serves as a liquidity buffer.

Banca Padovana's Tier 1 ratio stood at an adequate 10% at end-
2008, although S&P's view of the bank's capital position was
tempered by the high sector concentration in its loan book.

At the time of withdrawal, the negative outlook on Banca Padovana
reflected the possibility that S&P could have lowered the ratings
on the bank if a further material deterioration in asset quality
lead the bank to post significant losses at end-2009.

At the time of withdrawal, the bank had no rated debt outstanding.


INTESA SANPAOLO: Not Backing Out of Bond Sale, Ministry Says
------------------------------------------------------------
The Italian Finance Ministry denied a Sept. 25 Il Messagero report
that it had been told by Intesa Sanpaolo SpA that the bank would
not take part in a plan to sell convertible bonds to the
government to raise its capital levels, Lorenzo Totaro writes for
Bloomberg News.

"We deny that such communication took place," Bloomberg quoted a
spokeswoman for the ministry as saying.

The boards of directors of both Intesa and UniCredit Spa, Italy's
biggest banks, will meet tomorrow, Sept. 29, to decide on the
Tremonti bonds.

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

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


IT HOLDING: Gets Several Expressions of Interest
------------------------------------------------
Elena Distaso at Bloomberg News reports that IT Holding SpA has
received several expressions of interest for the company's
businesses.

Citing Andrea Ciccoli, one of the three court-appointed
administrators for the company, Bloomberg discloses the interest
includes potential offers for the entire business as well as
individual brands.

In a Sept. 24 report Bloomberg disclosed the administrators have
invited bids for the company or some of its holdings as the first
step in a plan that must be presented to Italy's Industry Ministry
for approval.

Bloomberg recalls IT Holding was granted bankruptcy protection in
February along with all of its units after failing to make
payments to lenders and suppliers.

                        About IT Holding SpA

Based in Milan, Italy, IT Holding SpA (BIT:ITH) --
http://www.itholding.com/-- operates in the luxury goods market.
The company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes.  Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C'N'C Costume National and Galliano.  The company's
production facilities are located in Italy.  IT Holding SpA has a
worldwide distribution network, including 39 directly operated
stores, 274 monobrand stores and over 6,000 department and
specialty stores.  In order to be present in the most significant
markets, IT Holding SpA has dedicated market companies: ITTIERRE
SpA, ITTIERRE France SA, ITTIERRE Moden GmbH, IT USA HOLDING Inc
and IT Asia Pacific Limited, among others.


SEAT PAGINE: No Debt Restructuring Plans, Exan Reprt Says
---------------------------------------------------------
Francesca Cinelli at Bloomberg News reports that Seat Pagine
Gialle SpA isn't planning a debt restructuring.

Citing a research report from Exane BNP Paribas, Bloomberg
discloses the company "is not considering any transactions on its
debt in the coming months, nor is it contemplating a further
capital increase."

                     About Seat Pagine Gialle

Seat Pagine Gialle SpA -- http://www.seat.it/-- is an Italy-based
company that operates multimedia platform for assisting in the
development of business contacts between users and advertisers.
It is active in the sector of multimedia profiled advertising,
offering print-voice-online directories, products for the internet
and for satellite and ortophotometric navigation, and
communication services such as one-to-one marketing.  Its products
include EuroPages, PgineBianche, Tuttocitta and EuroCompass, among
others.  Its activity is divided into four divisions: Directories
Italia, operating through, Seat Pagine Gialle; Directories UK,
through TDL Infomedia Ltd. and its subsidiary Thomson Directories
Ltd.; Directory Assistance, through Telegate AG, Telegate Italia
Srl, 11881 Nueva Informacion Telefonica SAU, Telegate 118 000
Sarl, Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was? GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                          *     *     *

As reported in the TCR-Europe on May 14, 2009, Standard & Poor's
Ratings Services said that it affirmed  its 'BB-' long-term
corporate credit ratings on Italy-based classified directories
publisher SEAT PagineGialle SpA.  S&P said the outlook is
negative.


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


ACTUAL CLUB: Creditors Must File Claims by September 30
-------------------------------------------------------
LLP Actual Club Optic & Watches is currently undergoing
liquidation.  Creditors have until September 30, 2009, to submit
proofs of claim to:

         Jybek Joly Ave. 68-52
         Almaty
         Kazakhstan


ADVICE SERVICE: Creditors Must File Claims by September 30
----------------------------------------------------------
Creditors of LLP Advice Service have until September 30, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 13, 2009.


ALLIANCE BANK: Former Executive Arrested Over US$1.1 Bln Theft
--------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that Kazakh police
arrested Abylkasym Mamyrbekov, a former executive of Alliance
Bank, on charges of helping to steal US$1.1 billion from the
London-listed lender.

Bloomberg relates the charges against Mr. Mamyrbekov come six
months after Kazakh prosecutors issued international arrest
warrants for two senior executives of Alliance's bigger rival BTA
Bank on suspicion of embezzlement.

Citing an open letter published by the Interfax news service,
Bloomberg discloses Alliance shareholder and Chairman Margulan
Seisembayev said Aug. 30 that the US$1.1 billion in question was
spent to help the bank, including US$636 million in new equity
capital.

Based in Almaty, Kazakhstan, Alliance Bank OA (LI:ALLB) --
http://www.alb.kz/-- a.k.a Alliance Bank JSC, is a commercial
bank.  As at December 31, 2007, Alliance had 24 branches and 199
mini-branches in the Republic of Kazakhstan.  The Bank is
organized on the basis of three main segments: Retail banking,
which represents private banking services, private customer
current accounts, savings, deposits, investment savings products,
custody, credit and debit cards, consumer loans and mortgages;
Corporate banking, which represents direct debit facilities,
current accounts, deposits, overdrafts, loan and other credit
facilities, foreign currency and derivative products, and
Investment banking, which represents financial instruments
trading, structured financing, corporate leasing, and merger and
acquisitions advice.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on June 9,
2009, Standard & Poor's Ratings Services said that it lowered its
short-and long-term counterparty credit ratings on Kazakhstan-
based Alliance Bank JSC to 'D/D' (default) from 'SD/SD' (selective
default).

As reported in the Troubled Company Reporter-Europe on Feb. 10,
2009, Moody's Investors Service downgraded the long-term bank
deposit and unsecured debt ratings of Alliance Bank to B2 from
Ba2.  At the same time, the E+ bank financial strength rating was
lowered to E.  The bank's Not Prime short-term ratings were
affirmed.  Debt and deposit ratings remain on review for possible
further downgrade.


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

         Kravtsov Str. 18
         Astana
         Kazakhstan

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

The Court is located at:

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


DAULET SERVICE: Creditors Must File Claims by September 30
----------------------------------------------------------
Creditors of LLP Daulet Service have until September 30, 2009, to
submit proofs of claim to:

         Ilyaev Str.24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 30,
2009, after finding it insolvent.

The Court is located at:

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


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

         Tolstoy Str. 19-38
         Pavlodar
         Kazakhstan

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

The Court is located at:

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


KAZKOMMERTSBANK AO: Fitch Affirms Issuer Default Rating at 'B-'
---------------------------------------------------------------
Fitch Ratings has affirmed Kazkommertsbank's Long-term Issuer
Default Rating at 'B-' with a Negative Outlook.

The affirmation reflects Fitch's view that the bank should have
sufficient liquidity to repay near-term maturities.  However, the
rating level and Negative Outlook continue to reflect the bank's
very weak asset quality and potential need for future
recapitalization.

Highly liquid assets as of end-August 2009 (comprising cash, its
equivalents and correspondent accounts) were equal to around
US$780 million based on local GAAP, while KKB could additionally
draw on its US$260 million securities book and around US$370
million of maturing interbank placements to raise liquidity.
This, combined with operating revenues, should be enough to meet
US$725 million of large ticket international debt repayments
maturing in Q409, as well as US$280 million equivalent of interest
coming due before year-end, but provides little cushion against
unexpected outflows of customer funds or other negative liquidity
events.

Asset quality has continued to deteriorate sharply, with 90-day
overdue loans reported at 9.9% under local GAAP at end-July 2009,
up from 6.3% at end-Q109, one day overdues increasing to 20.5%
from 12.4% during the same period and the regulatory NPL proxy
(doubtful 5 and loss loans as a proportion of individually
assessed exposures) rising to 25.9% from 16%.  However, in Fitch's
view, even these reported impairment figures may under-estimate
the scope of asset quality problems at the bank, with a
significant part of the portfolio already restructured and the
majority of the bank's largest loans showing signs of impairment,
but not always captured in reported asset quality numbers.  The
level of accrued interest income has increased to 6.5% of gross
loans at end-H109 (based on IFRS accounts), equal to a large 41%
(albeit on a gross basis) of equity, which suggests significant
restructuring in the loan book and also undermines the quality of
capital.

The regulatory capital ratio of 13.4% at end-August 2009 and
reserves/loans ratio of 23% provide significant loss absorption
capacity, but even this may yet prove inadequate, in the agency's
view, given the scope of asset quality problems and concerns about
the quality of capital and earnings.  The still high proportion of
foreign borrowings (end-H109: 46% of liabilities) and growing
dependence on government and public sector funding is a further
weakness, although international repayments are negligible in 2010
and moderate in 2011, and the Kazakh authorities seem unlikely to
withdraw funding from the bank in a way which would undermine its
liquidity position.

At the same time, the ratings continue to reflect KKB's broad
local franchise (the largest bank in Kazakhstan by assets with a
21% market share at end-August 2009) and the potential for
moderate government capital support.  However, such support cannot
be relied upon, in Fitch's view, given KKB's increasing asset
quality problems and the government's apparent reluctance to
provide further substantial capital support to the country's
banks.  That said, Fitch also notes that a protracted or even
ultimately failed restructuring process at BTA Bank and/or
Alliance Bank (both rated 'RD' (Restricted Default)) could be
mildly credit positive for KKB, given that this would likely
increase the disincentives for the Kazakh authorities to allow a
restructuring of KKB's liabilities.

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

Rating actions are:

  -- Long-term foreign currency IDR: affirmed at 'B-'; Negative
     Outlook

  -- Long-term local currency IDR: affirmed at 'B-'; Negative
     Outlook

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'E'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- Senior unsecured debt: affirmed at 'B-'; Recovery Rating   --
     'RR4'

  -- Subordinated debt: affirmed at 'CC'; Recovery Rating 'RR6'

  -- Tier 1 perpetual subordinated notes: affirmed at 'CC';
     Recovery Rating 'RR6'


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

         Kravtsov Str. 18
         Astana
         Kazakhstan

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

The Court is located at:

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


MMS TRANS: Creditors Must File Claims by September 30
-----------------------------------------------------
Creditors of LLP MMS Trans Ug have until September 30, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 2, 2009.


STROY COMMERCE: Creditors Must File Claims by September 30
----------------------------------------------------------
Creditors of LLP Stroy Commerce Service have until September 30,
2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 2, 2009.


TEMIR AT: Creditors Must File Claims by September 30
----------------------------------------------------
Aktube Branch of JSC Insurance Company Temir At is currently
undergoing liquidation.  Creditors have until September 30, 2009,
to submit proofs of claim to:

         Jubanovyh Str. 271-1-33
         Aktobe
         Aktube
         Kazakhstan


TURAN & BM: Creditors Must File Claims by September 30
------------------------------------------------------
Creditors of LLP Turan & BM have until September 30, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 30,
2009, after finding it insolvent.

The Court is located at:

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


ZATONSKY RYNOK: Creditors Must File Claims by September 30
----------------------------------------------------------
Creditors of LLP Zatonsky Rynok have until September 30, 2009, to
submit proofs of claim to:

         Tolstoy Str. 19-38
         Pavlodar
         Kazakhstan

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

The Court is located at:

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


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


TEMIR KANAT: Creditors Must File Claims by October 17
-----------------------------------------------------
LLC Design Studio Temir Kanat is currently undergoing liquidation.
Creditors have until October 17, 2009, to submit proofs of claim
to:

         Griboedov Str. 10-1
         Bishkek
         Kyrgyzstan


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


EOLO INVESTMENTS: Fitch Cuts Ratings on Two Classes of Notes to D
-----------------------------------------------------------------
Fitch Ratings has downgraded EOLO Investments B.V. Series 2006-2
and Series 2006-3 credit-linked notes, due 2046 and 2036
respectively, as detailed below.

  -- EUR44,000,000 CWABS, Inc. asset-backed certificates Series
     2006-15 A4 repackaged floating-rate notes due October 2046
     (ISIN: XS0275137270) downgraded to 'D' from 'BB'

  -- EUR54,000,000 Home Equity Loan asset-backed Series 2006-3
     repackaged floating-rate notes due December 2036 (ISIN:
     XS0275296316) downgraded to 'D' from 'BB'

In November 2006, the two series referenced 'AAA' Home Equity
Loans asset-backed certificates on which the swap counterparty,
Credit Suisse International, has swapped its US$ cash flows and
principal amount into EUR.

Following the downgrade of the underlying asset-backed
certificates to below 'CCC' in June, Eolo 2006-2 and Eolo 2006-3
has triggered a credit event in August leading to the redemption
of both series at market value.

The Series 2006-2 notes have received 25% of their original
principal balance while the Series 2006-3 have received 33%.


NIBC BANK: S&P Cuts Rating on Subordinated Instruments to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term counterparty credit rating on Netherlands-based NIBC Bank
N.V. to 'BBB' from 'BBB+' and affirmed the 'A-2' short-term
rating.  S&P removed the ratings from CreditWatch where they were
placed on August 18, 2009.  The outlook is negative.  In addition,
S&P lowered the issue rating on NIBC's deferrable subordinated
instruments to 'BB-' from 'BB'.  This rating action does not
affect the 'AAA' issue rating on NIBC's debt instruments
guaranteed by the Dutch government.

"The rating action reflects S&P's view that NIBC is now
increasingly likely to post a loss in 2009 and in 2010 after
weaker-than-expected first-half results amid deteriorated asset
quality and revenue generation," said Standard & Poor's credit
analyst Elisabeth Grandin.

The ratings on NIBC Bank reflect above all its strong capital
base, cautious management, and good niche position in Benelux
corporate banking.  Offsetting these positive factors are the
bank's wholesale funding reliance and track record of volatile
profitability.

Thanks to good deposit collection (more than EUR3 billion as of
September 2009) and the large amount of guaranteed debt the bank
has raised (EUR4.4 billion as of end-August 2009), S&P now see
NIBC as having moderate systemic importance, from low previously,
in the Netherlands, which S&P classifies as a supportive country
under S&P's methodology.  S&P does not give the ratings on NIBC
any uplift above its stand-alone credit profile for potential
external institution-specific support.

Owing to its cautious management, in particular of liquidity risk,
the bank was able to survive the market dislocation of fall 2008
without any specific external support, despite its structural
wholesale profile.

"The negative outlook reflects the possibility that the recession
in Europe could hurt NIBC's asset quality more than S&P expects,
particularly in its specialized corporate credit portfolio, to the
extent that hurts its capital base and jeopardizes access to
funding," said Ms.  Grandin.

The 'BBB' rating factors in S&P's current expectations that NIBC
will keep its niche franchise and sound liquidity and capital
position in the coming quarters, despite pressure on asset
quality.  S&P is expecting total cost of risk for full year 2009
to be more than twice the level posted in 2008, and to stabilize
in 2010.  Profitability should remain mediocre, but with a
progressive improvement in net interest income in the second half
of 2009 and in 2010.  Failure of the bank to deliver on these
expectations could lead to a downgrade.

S&P's opinion is that given the size of the guaranteed debt raised
and customer deposits collected by NIBC, the Dutch authorities
have an incentive to avoid the failure of the bank.  However,
because of NIBC's moderate systemic importance, S&P don't think
authorities will offer specific support before the bank is close
to this extreme stress scenario.  Therefore, S&P would only start
to incorporate notches for extraordinary support in the case of a
deterioration in NIBC's stand-alone credit profile of more than
two notches.

A revision of the outlook to stable appears unlikely until after
the economic environment has clearly stabilized and the bank has
demonstrated a sound recovery in its profit generation.


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


AVIOANE CRAIOVA: Creditors May Seek Insolvency, AVAS Says
---------------------------------------------------------
Curierul National reports that creditors may request for the
insolvency of Avioane Craiova S.A. if Romania's Office of State
Ownership and Privatisation in Industry fails to decided on
resuming the company's privatization process.

Curierul National recalls Authority for State Assets Recovery
(AVAS) announced in late July that, following consultation with
the European Commission, it would change the strategy to sell the
Avioane Craiova company, after the validity of the offer expired
without reaching an agreement with the only potential buyer,
Italian company Alenia Aeronautica.  According to Curierul
National, the Italian company offered EUR1 million for shares held
by the state in Avioane Craiova and assumed technological
investments of up to EUR18 million, but it refused to pay the
plant's debts, of about EUR9 million, and asked a guarantee for
any possible compensation.

The authority, Curierul National says, is mandated to continue the
privatization process on behalf of and for the Ministry of
Economy, the majority shareholder of the company until October 14.

AVAS President Mircea Ursache, as cited by Curierul National, said
"One thing is certain about Avioane Craiova.  The decision must be
taken very quickly, since creditors began knocking at the door of
the plant, and we may find ourselves with insolvency claims."

Avioane Craiova S.A. -- http://www.acv.ro/-- is an aeronautical
company based in Ghercesti, near Craiova, Romania.


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


AVTOVAZ OAO: To Cut 27,600 Jobs as Domestic Sales Plunge
--------------------------------------------------------
Paul Abelsky at Bloomberg News reports that OAO AvtoVAZ said it
may cut 27,600 jobs, or about a quarter of its workforce after
being hit by plunging domestic sales.

Bloomberg relates AvtoVAZ, 25%-owned by Renault SA, said Thursday
it's operating at 65% of capacity.  According to Bloomberg,
AvtoVAz said annual production will probably fall to 500,000
vehicles.

Bloomberg notes Goldman Sachs Group Inc. said in a report last
week the Russian carmaker has the poorest cost control and highest
leverage among its Russian peers.

                                Loss

As reported in the Troubled Company Reporter-Europe on July 3,
2009, Reuters said Avtovaz posted a net loss of RUR24.7 billion
for 2008 (US$796 million), compared to a profit of RUR3.7 billion
last year.

                          Going Concern

On July 6, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported Avtovaz aid its auditors had raised
doubts about its future as a going concern in an audit of its 2008
results as the fall in revenues hits its ability to pay down
US$1.7 billion of debts.

Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars.  The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others.  The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers. The Company is also active in a variety of other sectors,
such as power supply, transportation, utilities, construction,
insurance, banking and finance.  AVTOVAZ OAO sells its products on
the domestic market, as well as exports them to Kazakhstan,
Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece, Belarus,
Uruguay, Cyprus, Germany and others.  It operates through one
representative office located in Moscow, several subsidiaries and
affiliated companies.


CONSTRUCTION CERAMIC: Tatarstan Bankruptcy Hearing Set October 5
----------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 9:00 a.m. on
October 5, 2009, to hear bankruptcy supervision procedure on LLC
Construction Ceramic Materials (TIN 1601005799, PSRN
1051655024750).  The case is docketed under Case No. ?65–
7653/2009-SG4–26.

The Temporary Insolvency Manager is:

         V. Shevelev
         Post User Box 22
         Gverdeyskaya Str. 42
         420073 Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Construction Ceramic Materials
         Zavodskaya Str. 59
         Agryz
         422231 Tatarstan
         Russia


GAZ GROUP: Says Alfa Bank Delaying US$1.3 Bln Debt Restructuring
----------------------------------------------------------------
Denis Maternovsky and Paul Abelsky at Bloomberg News report that
Oleg Derispaska's Gaz Group said its RUR39-billion (US$1.3
billion) debt restructuring is being delayed by Alfa Bank.

Bloomberg relates Gaz said in a statement Thursday it signed an
agreement with 21 Russian and foreign banks to extend loans by
five years; have a six-month interest holiday; and halt principal
payments for two years.  According to Bloomberg, the Russian
carmaker said Alfa Bank, which was owed US$800 million by
businesses owned by Mr. Deripaska's holding company, Basic
Element, is "resisting" the restructuring.

"Alfa Bank's signature is necessary to complete the restructuring
of company debt, which has already been approved by all creditor
banks and the Russian government," Bloomberg quoted GAZ as saying
in the statement.

Bloomberg discloses Alfa said Thursday it's ready to join the
restructuring of GAZ as long as the deal isn't tied to the
settlement of other Basic Element borrowings.

GAZ OAO (GAZ OJSC) -- http://www.gazgroup.ru/-- is a Russia-based
automotive manufacturer.  The Company produces light commercial
vehicles, trucks, buses, diesel engines, cars, power-train
components, road construction equipment, as well as spare parts
for produced vehicles.  The Company's sales markets include
Eastern Europe, South-East Asia, South America, the Middle East,
Africa and the Commonw ealth of Independent States countries. GAZ
OAO has five manufacturing plants Commercial Vehicle Plant in
Nizhny Novgorod, Pavlovo Bus Plant, Linkino Bus Plant, Avtodizel
on Yaroslavl and Ural Truck Plant.  The Company operates through
one representative office located in Hungary and 49 subsidiaries
and two affiliated companies.  It is 61.34%-owned by Sberbank
Rossii OAO.


MEKH-STROY LLC: Lipetskaya Bankruptcy Hearing Set October 1
-----------------------------------------------------------
The Arbitration Court of Lipetskaya will convene at 10:00 a.m. on
October 1, 2009, to hear bankruptcy supervision procedure on LLC
Mekh-Stroy (TIN 4825049685, ???? 1074823004960) (Construction).
The case is docketed under Case No. ?36–2127/2009.

The Temporary Insolvency Manager is:

         A. Sukochev
         Srednemoskovskaya Str. 6a
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Mekh-Stroy
         Office 620
         Sovetskaya Str. 4
         Lipetsk
         Russia


SIB-SPETS LLC: Krasnoyarskiy Bankruptcy Hearing Set October 5
-------------------------------------------------------------
The Arbitration Court of Krasnoyarskiy will convene at 2:00 p.m.
on October 5, 2009, to hear bankruptcy supervision procedure on
LLC Sib-Spets-Stroy (TIN 2464064093, PSRN 1052464022313)
(Construction).  The case is docketed under Case No. ?33–
5379/2009.

The Temporary Insolvency Manager is:

         D. Mazurovskiy
         Post User Box 106
         620000 Yekaterinburg
         Russia

The Debtor can be reached at:

         LLC Sib-Spets-Stroy
         Office 105
         Krasnoyarskiy Rabochiy prospect 137
         660010 Krasnoyarsk
         Russia


STROY-INVEST LLC: Creditors Must File Claims by September 30
------------------------------------------------------------
Creditors of LLC Stroy-Invest (TIN 1327000353, PSRN 1051327015915,
RVC 132702001) (Construction) have until September 30, 2009, to
submit proofs of claims to:

         I. Burykin
         Insolvency Manager
         Polezhaeva Str. 72-28
         430000 Saransk
         Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?39–4737/2008.

The Debtor can be reached at:

         LLC Stroy-Invest
         Furmanova Str. 18
         Saransk
         Mariy El
         Russia


STROY-SPEKTR LLC: Samarskaya Bankruptcy Hearing Set October 6
-------------------------------------------------------------
The Arbitration Court of Samarskaya will convene at 3:00 a.m. on
October 6, 2009, to hear bankruptcy supervision procedure on LLC
Stroy-Spektr (TIN 6325027542) (Construction).  The case is
docketed under Case No. ?55–7584/2009.

The Temporary Insolvency Manager is:

         K. Markov
         Office 2
         Moskovskaya Str. 85
         410012 Saratov
         Russia

The Debtor can be reached at:

         12 Liniya Str. 1
         Syzran
         446002 Samarskaya
         Russia


UC RUSAL: Repays Debts Following Alfa Bank's Bankruptcy Suits
-------------------------------------------------------------
Gleb Stolyarov at Reuters reports Oleg Deripaska's aluminium
company United Co. Rusal said Thursday it repaid debts worth
US$85.9 million to Alfa-Bank after the private lender threatened
to pursue the bankruptcy of its two units.

Reuters relates Rusal said in a statement it had spoken to its
major creditors and agreed to pay the money to Alfa-Bank to soothe
a long-running feud over debts between Mr. Deripaska and Alfa's
principal owner, Mikhail Fridman.

Aleksandras Budrys at Reuters reports Alfa-Bank on Thursday issued
a statement saying it had asked courts to consider declaring
bankrupt two units of Rusal -- Siberian-Urals Aluminium Company
(SUAL) and the Krasnoyarsk Aluminium Plant -- after they failed to
repay debts totalling over US$70 million.

                             Standstill

As reported in the Troubled Company Reporter-Europe on Sept. 21,
2009, Bloomberg News said Rusal asked its foreign lenders to
postpone the repayment of US$7.4 billion in loans to the end of
October, the fourth extension in six months.  Bloomberg disclosed
the standstill accord includes an option to extend the repayment
by another six weeks.  Rusal'sforeign lenders include Royal Bank
of Scotland Group Plc, Deutsche Bank AG, Sumitomo Mitsui Financial
Group Inc., Barclays Bank Plc, BNP Paribas SA, Commerzbank AG and
Natixis, according to Bloomberg data.

                            About Rusal

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


UC RUSAL: Eyes Hong Kong Listing, Sunday Times Says
---------------------------------------------------
John Glover at Bloomberg News, citing the Sunday Times, reports
that United Co. Rusal's directors this week will approve an
initial public offering, valuing the Russian aluminum company at
US$30 billion.

According to Bloomberg, the newspaper said Rusal will probably opt
to list its stock in Hong Kong, selling 10% of its shares.

                           Standstill

As reported in the Troubled Company Reporter-Europe on Sept. 21,
2009, Bloomberg News said Rusal asked its foreign lenders to
postpone the repayment of US$7.4 billion in loans to the end of
October, the fourth extension in six months.  Bloomberg disclosed
the standstill accord includes an option to extend the repayment
by another six weeks.  Rusal's foreign lenders include Royal Bank
of Scotland Group Plc, Deutsche Bank AG, Sumitomo Mitsui Financial
Group Inc., Barclays Bank Plc, BNP Paribas SA, Commerzbank AG and
Natixis, according to Bloomberg data.

                            About Rusal

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


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


BOSSHARD COMTEC: Claims Filing Deadline is September 30
-------------------------------------------------------
Creditors of Bosshard ComTec GmbH are requested to file their
proofs of claim by September 30, 2009, to:

         Roland Bosshard
         Zuerichstrasse 98
         8600 Duebendorf
         Switzerland

The company is currently undergoing liquidation in Duebendorf.
The decision about liquidation was accepted at an extraordinary
general meeting held on January 25, 2008.


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

         BrontoCar GmbH
         Huebelistrasse 5
         1735 Giffers
         Switzerland

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


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

         Dr. Hans M. Aichele
         Pfaffenlohweg 30
         4125 Riehen
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 18, 2009.


HOLZBEARBEITUNG SCHNYDRIG: Claims Filing Deadline is September 30
-----------------------------------------------------------------
Creditors of Holzbearbeitung Schnydrig GmbH are requested to file
their proofs of claim by September 30, 2009, to:

         Oswald Schnydrig
         Liquidator
         3903 Mund
         Switzerland

The company is currently undergoing liquidation in Bitsch.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 27, 2009.


NOVACHANNEL AG: Claims Filing Deadline is September 30
------------------------------------------------------
Creditors of novachannel 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 Luzern.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 22, 2009.


OUTDOOR POWER: Claims Filing Deadline is September 30
-----------------------------------------------------
Creditors of Outdoor Power Lenk GmbH are requested to file their
proofs of claim by September 30, 2009, to:

         Troxler André, liquidator
         Oberriedstrasse 5
         3775 Lenk
         Switzerland

The company is currently undergoing liquidation in Lenk.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 19, 2009.


PREMIUM RECOVERY: Claims Filing Deadline is September 30
--------------------------------------------------------
Creditors of Premium Recovery 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 Cham.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 23, 2009.


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

         Romika AG
         Hagnaustrasse 25
         4132 Muttenz
         Switzerland

The company is currently undergoing liquidation in Muttenz.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 12, 2009.


VS VERLAG: Claims Filing Deadline is September 30
-------------------------------------------------
Creditors of VS Verlag Service 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 Risch.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 25, 2009.


WELT-LADEN AM SPAELEBERG: Claims Filing Deadline is September 30
----------------------------------------------------------------
Creditors of Welt-Laden am Spaeleberg GmbH are requested to file
their proofs of claim by September 30, 2009, to:

         Astrid Hettesheimer
         Liquidator
         Gartenstrasse 16
         4125 Riehen
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 12, 2009.


===========
T U R K E Y
===========


* TURKEY: Moody's Changes Outlook on 'B1' Ratings on 15 Banks
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B1
foreign currency deposit ratings of 15 Turkish banks to positive
from stable.  These rating actions are the direct result of
Moody's recent decision to change the outlook on Turkey's B1
country ceiling for foreign currency deposits to positive from
stable, on September 18, 2009.  The foreign currency deposit
ratings of all 15 rated banks are constrained by the current
ceiling of B1 for such deposits in Turkey.

Moody's notes that the actions on the banks' foreign currency
deposit ratings do not affect other ratings assigned to the banks.
As such, the local currency deposits and the national scale
ratings for some of the listed banks remain on review for possible
downgrade, which is being carried out as part of Moody's global
review of the systemic support available to all banking systems.

Moody's expects to conclude these rating reviews in the coming
weeks.

                      List of Rating Actions

These rating actions were taken:

     (i) Akbank AS: the outlook on the B1 long-term foreign
         currency deposit rating was changed to positive from
         stable.

    (ii) Anadolubank: the outlook on the B1 long-term foreign
         currency deposit rating was changed to positive from
         stable.

   (iii) Asya Katilim Bankasi AS: the outlook on the B1 long-term
         foreign currency deposit rating was changed to positive
         from stable.

    (iv) Bankpozitif: the outlook on the B1 long-term foreign
         currency deposit rating was changed to positive from
         stable.

     (v) Denizbank: the outlook on the B1 long-term foreign
         currency deposit rating was changed to positive from
         stable.

    (vi) Eurobank Tekfen: the outlook on the B1 long-term foreign
         currency deposit rating was changed to positive from
         stable.

   (vii) Finansbank: the outlook on the B1 long-term foreign
         currency deposit rating was changed to positive from
         stable.

  (viii) HSBC Bank AS: the outlook on the B1 long-term foreign
         currency deposit rating was changed to positive from
         stable.

    (ix) T.C.  Ziraat Bankasi: the outlook on the B1 long-term
         foreign currency deposit rating was changed to positive
         from stable.

     (x) Turk Ekonomi Bankasi: the outlook on the B1 long-term
         foreign currency deposit rating was changed to positive
         from stable.

    (xi) Turkiye Garanti Bankasi: the outlook on the B1 long-term
         foreign currency deposit rating was changed to positive
         from stable.

   (xii) Turkiye Is Bankasi: the outlook on the B1 long-term
         foreign currency deposit rating was changed to positive
         from stable.

  (xiii) Turkiye Sinai Kalkinma Bankasi: the outlook on the B1
         long-term foreign currency deposit rating was changed to
         positive from stable.

   (xiv) Turkiye Vakiflar Bankasi: the outlook on the B1 long-term
         foreign currency deposit rating was changed to positive
         from stable.

    (xv) Yapi ve Kredi Bankasi: the outlook on the B1 long-term
         foreign currency deposit rating was changed to positive
         from stable.

The ratings of Export Credit Bank of Turkey, Finans Finansal
Kiralama, Ekspo Faktoring and C-Faktoring, are not affected by
this rating action.

                     Previous Rating Actions

The last rating action on Akbank AS was implemented on August 3,
2009, when its A3 long-term local currency deposit rating was
placed on review for possible downgrade.  Its other ratings were
unaffected.

The last rating action on Anadolubank was implemented on August 3,
2009, when its Ba1 long-term local currency deposit rating was
placed on review for possible downgrade.  Its other ratings were
unaffected.

The last rating action on Asya Katilim Bankasi AS was implemented
on August 3, 2009, when its Ba1 long-term local currency deposit
rating and A1.tr/TR-1 national scale ratings were placed on review
for possible downgrade.  Its other ratings were unaffected.

The last rating action on Bankpozitif was implemented on August 3,
2009, when its Baa3/Prime-3 local currency deposit ratings were
affirmed with a stable outlook.  Its other ratings were
unaffected.

The last rating action on Denizbank was implemented on August 3,
2009, when its Baa1 long-term local currency deposit rating was
placed on review for possible downgrade.  Its other ratings were
unaffected.

The last rating action on Eurobank Tekfen was implemented on
August 3, 2009, when its Ba1/Not Prime local currency deposit
ratings were affirmed with a stable outlook.  Its other ratings
were unaffected.

The last rating action on Finansbank was implemented on August 3,
2009, when its A3/Prime-2 local currency deposit ratings were
affirmed.  Its other ratings were unaffected.

The last rating action on HSBC Bank AS was implemented on August
3, 2009, when its A3/Prime-2 local currency deposit ratings were
affirmed with a stable outlook.  Its other ratings were
unaffected.

The last rating action on T.C. Ziraat Bankasi was implemented on
August 3, 2009, when its Baa1/Prime-2 local currency deposit
ratings were placed on review for possible downgrade.  Its other
ratings were unaffected.

The last rating action on Turk Ekonomi Bankasi was implemented on
August 3, 2009 when its Baa1 long-term local currency deposit
rating was placed on review for possible downgrade.  The outlook
on the bank's D+ BFSR was changed to stable from positive.

The last rating action on Turkiye Garanti Bankasi was implemented
on August 3, 2009, when its A3 long-term local currency deposit
rating and Aaa.tr long-term national scale rating were placed on
review for possible downgrade.  Its other ratings were unaffected.

The last rating action on Turkiye Is Bankasi was implemented on
August 3, 2009, when its A3/Prime-2 local currency deposit ratings
were placed on review for possible downgrade.  The outlook on the
bank's D+ BFSR was changed to stable from positive.

The last rating action on Turkiye Sinai Kalkinma Bankasi was
implemented on August 3, 2009, when its Baa1/Prime-2 local
currency deposit ratings were placed on review for possible
downgrade.  Its other ratings were unaffected.

The last rating action for Turkiye Vakiflar Bankasi was
implemented on August 3, 2009, when its Baa1/Prime-2 local
currency deposit ratings were placed on review for possible
downgrade.  Its other ratings were unaffected.

The last rating action for Yapi ve Kredi Bankasi was implemented
on August 3, 2009, when its A3 local currency deposit rating and
Aaa.tr national scale rating were placed on review for possible
downgrade.  The outlook on the bank's D+ BFSR was changed to
stable from positive.


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


CENTRAL UKRAINIAN: Creditors Must File Claims by October 1
----------------------------------------------------------
Creditors of LLC Central Ukrainian Company (code EDRPOU 35113015)
have until October 1, 2009, to submit proofs of claim to:

         V. Gliadchenko
         Insolvency Manager
         Sverdlov Str. 68/4
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on August 20, 2009.  The case is
docketed under Case No. B24/301-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Central Ukrainian Company
         Mechnikov Str. 12
         49000 Dnepropetrovsk
         Ukraine


EXIM-TRADING LLC: Creditors Must File Claims by September 30
------------------------------------------------------------
Creditors of LLC Exim-Trading (code EDRPOU 25583050) have until
September 30, 2009, to submit proofs of claim to:

         A. Nadlonok
         Insolvency Manager
         Office 33
         Zubrovskaya Str. 25a
         79065 Lvov
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 2/161/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Exim-Trading
         Potemkinskaya Str. 81/83
         Nikolayev
         Ukraine


NAFTOGAZ OF UKRAINE: Offers Five-Year Securites to Avoid Default
----------------------------------------------------------------
Daryna Krasnolutska and Halia Pavliva at Bloomberg News report
that NJSC Naftogaz of Ukraine is seeking to avert default on
US$500 million of Eurobonds due this month by offering five-year
securities in exchange.

Citing a company statement, Bloomberg discloses the bonds due 2014
will pay annual interest at 9.5% and have an "unconditional and
irrevocable sovereign guarantee."

Bloomberg relates President Viktor Yushchenko said in an interview
in Kiev last week Naftogaz lacks finances to repay its debt in
part because it was unable to negotiate higher tariffs for Russian
gas shipments to Europe.

As reported in the Troubled Company Reporter-Europe on Sept. 24,
2009, Bloomberg has said Ukraine's government authorized the
Finance Ministry to provide "absolute and unconditional
guarantees" for restructuring the foreign debt of Naftogaz.
Bloomberg has said the Finance Ministry said the guarantees will
be provided once Naftogaz agrees on restructuring terms with
creditors.

According to Bloomberg, the Cabinet said in a decree published
Sept. 22 the government told Naftogaz to complete talks with
investors and creditors by Oct. 20.  The Cabinet, as cited by
Bloomberg, agreed to provide the company with a US$2 billion debt
guarantee.

                   About NJSC Naftogaz of Ukraine

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

                          *     *     *

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


OIL CENTERS: Creditors Must File Claims by October 1
----------------------------------------------------
Creditors of LLC Oil Centers (code EDRPOU 33298667) have until
October 1, 2009, to submit proofs of claim to:

         R. Breus
         Insolvency Manager
         Office 70
         Novoprudnaya Str. 4
         61018 Kharkov
         Ukraine

The Economic Court of Kharkov region commenced bankruptcy
proceedings against the company on August 3, 2009.  The case is
docketed under Case No. B-48/101-09.

The Court is located at:

         The Economic Court of Kharkov region
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Oil Centers
         Office 46
         Druzhba Narodov Str. 207
         61184 Kharkov
         Ukraine


PRIMESTYLE LLC: Creditors Must File Claims by October 1
----------------------------------------------------
Creditors of LLC Primestyle (code EDRPOU 35889202) have until
October 1, 2009, to submit proofs of claim to:

         O. Tereschenko
         Insolvency Manager
         Post Office Box 6
         69006 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. 26/75/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Primestyle
         Khortitsa Island 25/11
         69017 Zaporozhye
         Ukraine


SERFLEKS LLC: Creditors Must File Claims by October 1
----------------------------------------------------
Creditors of LLC Serfleks (code EDRPOU 34218852) have until
October 1, 2009, to submit proofs of claim to:

         R. Breus
         Insolvency Manager
         Office 70
         Novoprudnaya Str. 4
         61018 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on August 3, 2009.  The case is docketed under
Case No. B-48/104-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Serfleks
         Kharkov Str. 105
         Chuguyev
         63503 Kharkov
         Ukraine


SMTP-TRADE LLC: Creditors Must File Claims by September 30
----------------------------------------------------------
Creditors of LLC SMTP-Trade (code EDRPOU 35732238) have until
September 30, 2009, to submit proofs of claim to:

         LLC Production Enterprise Prikarpatye
         Insolvency Manager
         Kikvidze Str. 26
         01103 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 26, 2009.  The case is docketed
under Case No. B11/113-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC SMTP-Trade
         Shevchenko Str. 3
         Borodianka
         07800 Kiev
         Ukraine


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


BRITISH AIRWAYS: John Porcari Withrdaws From AA Tie-Up Case
-----------------------------------------------------------
Pilita Clark at The Fianncial Times report that John Porcari,
deputy secretary of the US department of transportation, has
removed himself from the decision-making process on British
Airways plc and American Airlines Inc.'s application for antitrust
immunity.

According to the FT, Mr. Porcari's boss, Ray LaHood, the US
transportation secretary, withdrew from the case because he also
supported the airlines' application when he was an Illinois
congressman.

The department is due to issue a tentative decision at the end of
October on the proposed tie-up, which is also being investigated
by European regulators, the FT discloses.

                       About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 12,
2009, Standard & Poor's Ratings Services said that it assigned its
'BB' debt rating to the proposed GBP350 million senior unsecured
convertible bonds to be issued by U.K.—based airline British
Airways PLC (BA; BB/Negative/--).


CORSAIR NO 4: Moody's Junks Ratings on US$150 Mil. Notes
--------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Corsair (Jersey) No. 4 under series 2, a collateralized
debt obligation transaction referencing a static portfolio of
corporate entities.

Issuer: Corsair (Jersey) No.  4 Limited - Series 2

  -- Series 2 US$150,000,000 Floating Rate Step-down Secured
     Portfolio Credit-linked Notes due 2021, Downgraded to Caa3;
     previously on Feb. 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.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 140.82 initially to 1,830.52, equivalent to an
average rating of the current portfolio of B3.  The reference
portfolio includes exposures to iStar Financial Inc., CIT Group,
Inc., and Ambac Financial Group which have experienced substantial
credit migration in the past few months, and are now rated Ca.
Since inception the transaction the subordination of the rated
tranche has been reduced due to credit events on Lehman Brothers
Inc., Washington Mutual, and Kaupthing Bank hf.  These credit
events lead to a decrease of approximately 4.6% of the
subordination of the series.  The portfolio consists entirely of
the Banking, Finance, Insurance and Real Estate industry sectors.
Furthermore, the notes are backed by collateral guaranteed by MBIA
Insurance Corporation now rated B3 with a negative outlook.

Moody's monitors this transaction using primarily the methodology
and its supplements for CSOs 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.


GREAT HALL: Moody's Junks Ratings on Five Classes of Notes
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 17 classes
of notes and has confirmed the ratings of 2 classes of notes
issued by Great Hall Mortgages No.1 plc Series 2007-1 and Series
2007-2.  The 19 affected tranches, listed below, had been placed
on review for possible downgrade on June 26, 2009 due to worse-
than-expected collateral performance.  The rating actions conclude
the review and take into account the increased loss expectations
for the two mortgage portfolios backing Great Hall Mortgages No.1
plc Series 2007-1 and Great Hall Mortgages No.1 plc Series 2007-2.

Great Hall Mortgages No.1 plc Series 2007-1 closed in March 2007
and the current pool factor is approximately 72%.  The assets
supporting the notes are first-ranking mortgage loans secured on
residential properties located in England and Wales, with
approximately 81% of the outstanding portfolio being composed of
interest-only loans.  The weighted average LTV at closing was
approximately 84% while the current weighted average indexed LTV
has increased to approximately 91%.  As a result of the house
price depreciation after closing, approximately 23% of the
outstanding portfolio is currently characterized by an indexed LTV
higher than 100%.

The cumulative losses realized since closing in Great Hall
Mortgages No.1 plc Series 2007-1 amount to 1.22% of the original
portfolio balance, with an average loss severity of approximately
30%.  Total delinquencies (excluding loans in repossession) amount
to approximately 20.5% of the current portfolio balance, while
repossessions equal 1.12% of the current portfolio balance.  The
reserve fund, fully funded at closing, is currently equal to GBP
9,937,922, which corresponds to 75% of its target level.

Great Hall Mortgages No.1 plc Series 2007-2 closed in June 2007
and the current pool factor is approximately 84%.  The assets
supporting the notes are first-ranking mortgage loans secured on
residential properties located in England and Wales, with
approximately 78% of the outstanding portfolio being composed of
interest-only loans.  The weighted average LTV at closing was
approximately 84% while the current weighted average indexed LTV
has increased to approximately 93%.  As a result of the house
price depreciation after closing, approximately 38% of the
outstanding portfolio is currently characterized by an indexed LTV
higher than 100%.

The cumulative losses realized since closing in Great Hall
Mortgages No.1 plc Series 2007-2 amount to 1.09% of the original
portfolio balance, with an average loss severity of approximately
30%.  Total delinquencies (excluding loans in repossession) amount
to approximately 23.09% of the current portfolio balance, while
repossessions equal 1.30% of the current portfolio balance.  The
reserve fund, fully funded at closing, is currently equal to GBP
5,570,836, which corresponds to 60% of its target level.

In the last quarter, the delinquent loans have decreased from
approximately GBP132 million to GBP125 million in Great Hall
Mortgages No.1 plc Series 2007-1 and from GBP151 million to
GBP144 million in Great Hall Mortgages No.1 plc Series 2007-2.
The ability of these borrowers to cure their arrears coincides
with a benign interest rate environment for the floating rate
mortgages, which currently represent approximately 91% of the
outstanding portfolio in Great Hall Mortgages No.1 plc Series
2007-1 and approximately 72% of the outstanding portfolio in Great
Hall Mortgages No.1 plc Series 2007-2.  Moody's has taken into
account that such payment ability could be put at risk in case the
interest rate environment became less favorable in the medium-long
term.

Both the Affected Transactions are exposed to unhedged basis risk
between the 3-Month-GBP-Libor due on the notes and the interest
received on the mortgage loans ultimately linked to the BBR,
representing approximately 65% of the current portfolio balance in
Great Hall Mortgages No.1 plc Series 2007-1 and 53% of the current
portfolio balance in Great Hall Mortgages No.1 plc Series 2007-2.
Although Moody's has taken into account revised assumptions for
excess spread reduction due to unhedged basis risk, the worse-
than-expected collateral performance, rather than the unhedged
basis risk, is the main driver of the rating actions.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the increase in credit support
needed and the volatility of future losses.  As a consequence,
Moody's has revised its Milan Aaa CE to 26.5% and to 27.5% for
Great Hall Mortgages No.1 plc Series 2007-1 and Series 2007-2
respectively (vs. the previous assumption of 20.9% and 19.8% for
Great Hall Mortgages No.1 plc Series 2007-1 and 2007-2
respectively).  The current credit enhancement available below the
Class A notes (excluding excess spread) equals approximately 29.4%
in Great Hall Mortgages No.1 plc Series 2007-1 and 24.5% in Great
Hall Mortgages No.1 plc Series 2007-2.

Taking into account the current amount of realized losses, and
completing a roll-rate and severity analysis for the non-defaulted
portion of the portfolio, Moody's has also increased its total
loss expectations to 5% and 6% of the original portfolio balance
for Great Hall Mortgages No.1 plc Series 2007-1 and Series 2007-2
respectively (vs. 1.85% and 1.95% previously assumed).

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS.  The sector outlook
reflects these expectations of key macro-economic indicators: GDP
to contract by 4.3% in 2009, followed by growth of 1.0% in 2010,
unemployment to increase to 9.5% by 2010 from 7.8%, house prices
to decrease by around 25% from their peak in 2007 to a trough in
2010 and further increases in personal insolvencies.  For more
detailed information please refer to Moody's Economy.Com.

The classes of notes affected by the rating actions are:

Great Hall Mortgages No.1 plc Series 2007-1:

  -- Class A2a, confirmed at Aaa; previously on 26 June 2009 Aaa
     and placed under review for possible downgrade;

  -- Class A2b, confirmed at Aaa; previously on 26 June 2009 Aaa
     and placed under review for possible downgrade;

  -- Class Ba, downgraded to Aa3; previously on 26 June 2009 Aa2
     and placed under review for possible downgrade;

  -- Class Bb, downgraded to Aa3; previously on 26 June 2009 Aa2
     and placed under review for possible downgrade;

  -- Class Ca, downgraded to Baa3; previously on 26 June 2009 A2
     and placed under review for possible downgrade;

  -- Class Cb, downgraded to Baa3; previously on 26 June 2009 A2
     and placed under review for possible downgrade;

  -- Class Da, downgraded to B2; previously on 26 June 2009 Baa3
     and placed under review for possible downgrade;

  -- Class Db, downgraded to B2; previously on 26 June 2009 Baa3
     and placed under review for possible downgrade; and

  -- Class Ea, downgraded to Ca; previously on 26 June 2009 Ba2
     and placed under review for possible downgrade.

Great Hall Mortgages No.1 plc Series 2007-2:

  -- Class Aa, downgraded to Aa1; previously on 26 June 2009 Aaa
     and placed under review for possible downgrade;

  -- Class Ab, downgraded to Aa1; previously on 26 June 2009 Aaa
     and placed under review for possible downgrade;

  -- Class Ac, downgraded to Aa1; previously on 26 June 2009 Aaa
     and placed under review for possible downgrade;

  -- Class Ba, downgraded to A3; previously on 26 June 2009 Aa2
     and placed under review for possible downgrade;

  -- Class Ca, downgraded to Ba2; previously on 26 June 2009 A2
     and placed under review for possible downgrade;

  -- Class Cb, downgraded to Ba2; previously on 26 June 2009 A2
     and placed under review for possible downgrade;

  -- Class Da, downgraded to Caa2; previously on 26 June 2009 Baa2
     and placed under review for possible downgrade;

  -- Class Db, downgraded to Caa2; previously on 26 June 2009 Baa2
     and placed under review for possible downgrade;

  -- Class Ea, downgraded to Ca; previously on 26 June 2009 Ba1
     and placed under review for possible downgrade; and

  -- Class Eb, downgraded to Ca; previously on 26 June 2009 Ba1
     and placed under review for possible downgrade.

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


PUNCH TAVERNS: Puts Further 300 Struggling Sites Up for Sale
------------------------------------------------------------
Amy Wilson at The Daily Telegraph reports that Punch Taverns plc
has put has put another 300 of its worst-performing sites up for
sale.

According to the report, the company has asked property agent
Christie to drum up interest in the sites.

The report relates Punch has been selling pubs to reduce its debt
pile, and by August had reduced its borrowings by GBP1 billion,
close to a quarter.

On Sept. 25, 2009, the Troubled Company Reporter-Europe, citing,
The Financial Times, reported Andy Brough, which owns a 3.4% stake
in Punch Taverns, said the company should consider selling off all
its pubs and winding itself down progressively over the next 18
months.  Mr. Brough, as cited by the FT, said it would be in
investors' best interests if the pub group liquidates.

Punch Taverns plc -- http://www.punchtaverns.com/-- is a pub
company in the United Kingdom, with over 8,400 pubs across its
leased and managed portfolio.  The Company is engaged in the
trading activities in the operation of public houses either under
the leased model or as directly managed by the Company.  The
leased model involves the granting of leases to tenants who
operate the pub as their own business, paying rent to the Company,
purchasing beer and other drinks from it and entering into profit
sharing arrangements for income from leisure machines.  Pubs that
are directly managed involve the employment of a manager to
operate each managed pub and the Group receives all revenues
generated by the pub and is responsible for costs.  During the
fiscal year ended August 23, 2008, Punch Taverns plc acquired 20
pubs and 39 pubs were sold.


TATA MOTORS: JLR Plans to Wind Down UK Plant
--------------------------------------------
John Reed and Jonathan Guthrie at The Financial Times report that
Jaguar Land Rover said on Thursday it was winding down one of its
three UK plants.

According to the FT, the carmaker, owned by India's Tata Motors,
said it would decide which of its two West Midlands factories, at
Castle Bromwich and Solihull, would close by the middle of next
year after an analysis of costs and productivity, and talks with
unions.

JLR, the FT discloses, is also cutting new hires' salaries by a
fifth and closing its final salary pension scheme as part of a
plan to rationalize its operations.  JLR's new hires from next
April will join a defined contribution pension scheme, while
employees in the existing scheme will have a choice of accepting
lower benefits or higher contributions to match current benefit
levels, the FT says.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


* UK: Lloyds TSB, HBOS on Brink of Liquidity Shorftall in 2008
--------------------------------------------------------------
Brian Swint at Bloomberg News reports Bank of England Governor
Mervyn King said two British banks got within hours of a liquidity
shortfall on Oct. 6, 2008 and the day after as the U.K. financial
system came to the brink of collapse.

Bloomberg relates Mr. King, as cited by BBC in a interview, said
"Two of our major banks which had had difficulty in obtaining
funding could raise money only for one week then only for one day,
and then on that Monday and Tuesday it was not possible even for
those two banks really to be confident they could get to the end
of the day."

According to Bloomberg, BBC said the two banks were HBOS Plc and
Lloyds TSB Group Plc, now merged as Lloyds Banking Group Plc.


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


* BOND PRICING: For the Week September 21 to September 25, 2009
---------------------------------------------------------------

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

AUSTRIA
-------
IMMOFINANZ             1.250   11/19/2017      EUR     74.41
KOMMUNALKREDIT         0.500    3/15/2019      CAD     64.96
OESTER VOLKSBK         5.450     8/2/2019      EUR     63.84
OESTER VOLKSBK         4.810    7/29/2025      EUR     39.38
OESTER VOLKSBK         5.270     2/8/2027      EUR     93.32

BELGIUM
-------
FORTIS BANK            8.750    12/7/2010      EUR     24.21

BULGARIA
--------
PETROL AD-SOFIA        8.375   10/26/2011      EUR     50.61

CZECH REPUBLIC
--------------
CZECH REPUBLIC         2.750    1/16/2036      JPY     60.28

FINLAND
-------
MUNI FINANCE PLC       1.000   11/21/2016      NZD     68.98
MUNI FINANCE PLC       1.000   10/30/2017      AUD     61.53
MUNI FINANCE PLC       1.000    2/27/2018      AUD     60.45
MUNI FINANCE PLC       0.500    9/24/2020      CAD     52.49
MUNI FINANCE PLC       0.250    6/28/2040      CAD     19.73

FRANCE
------
AIR FRANCE-KLM         4.970     4/1/2015      EUR     15.71
ALCATEL SA             4.750     1/1/2011      EUR     16.50
ALCATEL-LUCENT         5.000     1/1/2015      EUR      3.91
ATARI SA               4.000     4/1/2020      EUR      0.65
CALYON                 6.000    6/18/2047      EUR     48.09
CAP GEMINI SA          2.500     1/1/2010      EUR     52.18
CAP GEMINI SOGET       1.000     1/1/2012      EUR     45.34
CAP GEMINI SOGET       3.500     1/1/2014      EUR     45.18
CLUB MEDITERRANE       4.375    11/1/2010      EUR     48.93
CMA CGM                5.500    5/16/2012      EUR     59.59
MAUREL & PROM          3.500     1/1/2010      EUR     22.73
MAUREL ET PROM         7.125    7/31/2014      EUR     18.84
NEXANS SA              4.000     1/1/2016      EUR     62.80
PEUGEOT SA             4.450     1/1/2016      EUR     28.76
PUBLICIS GROUPE        3.125    7/30/2014      EUR     34.60
PUBLICIS GROUPE        1.000    1/18/2018      EUR     44.53
SOC AIR FRANCE         2.750     4/1/2020      EUR     20.94
WENDEL INVEST          4.375     8/9/2017      EUR     72.07

GERMANY
-------
DEPFA PFANDBRIEF       5.886    2/22/2019      EUR     65.81
DEUTSCHE BK LOND       1.000    3/31/2027      USD     46.61
ESCADA AG              7.500     4/1/2012      EUR     31.47
GOTHAER ALLG VER       5.527    9/29/2026      EUR     67.51
GROHE HOLDING          8.625    10/1/2014      EUR     73.63
GROHE HOLDING          8.625    10/1/2014      EUR     74.77
HSH NORDBANK AG        4.375    2/14/2017      EUR     66.37
HVB REAL ESTATE        6.570    3/18/2022      EUR     75.64
HVB REAL ESTATE        6.480    3/21/2022      EUR    103.34
HYPO REAL ESTATE       4.690   12/14/2026      EUR     66.31
HYPO REAL ESTATE       5.440    4/13/2034      EUR     68.70
HYPOREAL INTL AG       4.560    3/28/2021      EUR     63.60
HYPOREAL INTL AG       4.770    8/11/2021      EUR     74.35
HYPOREAL INTL AG       4.675    9/13/2021      EUR     73.48
IKB DEUT INDUSTR       4.500     7/9/2013      EUR     74.20
KFW                    6.588    8/10/2030      EUR     81.01
KFW                    5.000   10/17/2035      EUR     73.56
L-BANK FOERDERBK       0.500    5/10/2027      CAD     41.79
LB BADEN-WUERTT        5.250   10/20/2015      EUR     35.94
LB BADEN-WUERTT        2.500    1/30/2034      EUR     56.46

HUNGARY
-------
OTP BANK               5.270    9/19/2016      EUR     75.04

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

IRELAND
-------
ALLIED IRISH BKS       5.250    3/10/2025      GBP     66.07
ALLIED IRISH BKS       5.625   11/29/2030      GBP     64.70
BANESTO FINANC         6.120    11/7/2037      EUR      6.12
BANK OF IRELAND        4.875    1/22/2018      GBP     69.88
DEPFA ACS BANK         0.500     3/3/2025      CAD     34.96
DEPFA ACS BANK         5.250    3/31/2025      CAD     73.76
DEPFA ACS BANK         3.250    7/31/2031      CHF     96.26
DEPFA ACS BANK         4.900    8/24/2035      CAD     70.18
DEPFA ACS BANK         5.125    3/16/2037      USD     70.65
DEPFA ACS BANK         5.125    3/16/2037      USD     73.41
IRISH LIFE & PER       4.625     5/9/2017      EUR     67.66
IRISH NATIONWIDE       6.250    6/26/2012      GBP    102.58
IRISH NATIONWIDE       5.500    1/10/2018      GBP     42.40
ONO FINANCE II         8.000    5/16/2014      EUR     64.13
ONO FINANCE II         8.000    5/16/2014      EUR     64.56
UT2 FUNDING PLC        5.321    6/30/2016      EUR     65.02

ITALY
-----
CIR SPA                5.750   12/16/2024      EUR     72.77
COMUNE DI MILANO       4.019    6/29/2035      EUR     70.91

LITHUANIA
---------
LITHUANIA GOVT         3.750    2/10/2016      LTL     68.40

LUXEMBOURG
----------
ARCELORMITTAL          7.250     4/1/2014      EUR     31.66
BREEZE                 4.524    4/19/2027      EUR     80.22
CRC BREEZE             5.290     5/8/2026      EUR     69.79
HELLAS III             8.500   10/15/2013      EUR     70.75

NETHERLANDS
-----------
ABN AMRO BANK NV       6.000    3/16/2035      EUR     68.30
ABN AMRO BANK NV       7.540    6/29/2035      EUR     63.20
AI FINANCE B.V.       10.875    7/15/2012      USD     30.00
AIR BERLIN FINAN       1.500    4/11/2027      EUR     62.14
ALB FINANCE BV         9.000   11/22/2010      USD     22.49
ALB FINANCE BV         8.750    4/20/2011      USD     22.48
ALB FINANCE BV         7.875     2/1/2012      EUR     22.47
ALB FINANCE BV         9.250    9/25/2013      USD     22.94
ARPENI PR INVEST       8.750     5/3/2013      USD     66.88
ARPENI PR INVEST       8.750     5/3/2013      USD     66.88
ASTANA FINANCE         7.875     6/8/2010      EUR     19.50
ASTANA FINANCE         9.000   11/16/2011      USD     18.98
BLT FINANCE BV         7.500    5/15/2014      USD     54.50
BLT FINANCE BV         7.500    5/15/2014      USD     54.50
BK NED GEMEENTEN       0.500    6/27/2018      CAD     70.22
BK NED GEMEENTEN       0.500    2/24/2025      CAD     45.56
ELEC DE CAR FIN        8.500    4/10/2018      USD     71.57
EM.TV FINANCE BV       5.250     5/8/2013      EUR      4.12
FINANCE & CREDIT      10.375    1/25/2010      USD     70.99
INDAH KIAT INTL       11.875    6/15/2002      USD      7.13
ING BANK NV            4.200   12/19/2035      EUR     75.13
IVG FINANCE BV         1.750    3/29/2017      EUR     62.21
KAZKOMMERTS FIN        8.625    7/27/2016      USD     71.31
KAZKOMMERTS FIN        8.500    6/13/2017      USD     71.50
KBC IFIMA NV           6.004     2/7/2025      USD     65.84
MONTELL FIN BV         8.100    3/15/2027      USD     69.97
NATL INVESTER BK      25.983     5/7/2029      EUR     35.78
NED WATERSCHAPBK       0.500    3/11/2025      CAD     46.53
NIB CAPITAL BANK       4.790   12/17/2043      EUR     52.88
NURFINANCE             9.375   10/17/2011      USD     87.01
NXP BV/NXP FUNDI      10.000    7/15/2013      EUR     70.88
NXP BV/NXP FUNDI      10.000    7/15/2013      EUR     70.88
NXP BV/NXP FUNDI       8.625   10/15/2015      EUR     59.25
NXP BV/NXP FUNDI       8.625   10/15/2015      EUR     59.25
NXP BV/NXP FUNDI       8.625   10/15/2015      EUR     60.25
NXP BV/NXP FUNDI       9.500   10/15/2015      USD     66.38
NXP BV/NXP FUNDI       9.500   10/15/2015      USD     66.38
NXP BV/NXP FUNDI       9.500   10/15/2015      USD     66.25
Q-CELLS INTERNAT       1.375    2/28/2012      EUR     70.80
TURANALEM FIN BV       7.125   12/21/2009      GBP     19.25
TURANALEM FIN BV       7.875     6/2/2010      USD     19.50
TURANALEM FIN BV       6.250    9/27/2011      EUR     18.48
TURANALEM FIN BV       7.750    4/25/2013      USD     19.47
TURANALEM FIN BV       8.000    3/24/2014      USD     20.50
TURANALEM FIN BV       8.500    2/10/2015      USD     19.04
TURANALEM FIN BV       8.250    1/22/2037      USD     19.29
TURANALEM FIN BV       8.250    1/22/2037      USD     19.59

NORWAY
------
EKSPORTFINANS          0.500     5/9/2030      CAD     35.71
NORSKE SKOGIND         7.000    6/26/2017      EUR     63.98

POLAND
------
POLAND-REGD-RSTA       2.810   11/16/2037      JPY     62.05
POLAND GOVT BOND       3.300    6/16/2038      JPY     64.51
REP OF POLAND          2.620   11/13/2026      JPY     69.38
REP OF POLAND          2.648    3/29/2034      JPY     57.64
REP OF POLAND          3.220     8/4/2034      JPY     65.88
REP OF POLAND          4.250    7/20/2055      EUR     64.19

RUSSIA
------
MOSENERGO              7.650    2/18/2016      RUB     90.07

SPAIN
-----
GENERAL DE ALQUI       2.750    8/20/2012      EUR     57.97

SWITZERLAND
-----------
CYTOS BIOTECH          2.875    2/20/2012      CHF     51.06

UNITED KINGDOM
--------------
3I GROUP PLC           5.750    12/3/2032      GBP     77.32
ALPHA CREDIT GRP       2.940     3/4/2035      JPY     67.37
AMDOCS LIMITED         0.500    3/15/2024      USD     70.00
ANGLIAN WAT FIN        2.400    4/20/2035      GBP     57.43
BANK OF SCOTLAND       2.928    6/10/2020      USD     55.11
BANK OF SCOTLAND       2.359    3/27/2029      JPY     71.88
BANK OF SCOTLAND       6.200     2/7/2035      EUR     61.83
BARCLAYS BK PLC       10.600    7/21/2011      USD     39.20
BRADFORD&BIN BLD       7.625    2/16/2010      GBP      6.00
BRADFORD&BIN BLD       5.500    1/15/2018      GBP      5.99
BRADFORD&BIN BLD       5.750   12/12/2022      GBP      6.38
BRADFORD&BIN PLC       6.625    6/16/2023      GBP      6.98
BRADFORD&BIN BLD       4.910     2/1/2047      EUR     70.01
BRIT INSURANCE         6.625    12/9/2030      GBP     67.22
BROADGATE FINANC       5.098     4/5/2033      GBP     73.07
CATTLES PLC            7.875    1/17/2014      GBP      9.75
CITY OF KIEV           8.000    11/6/2015      USD     66.70
CITY OF KYIV           8.250   11/26/2012      USD     76.64
CJSC FIRST UKRAI       9.750    2/16/2010      USD     75.97
CO-OPERATIVE BNK       5.750    12/2/2024      GBP     74.90
CO-OPERATIVE BNK       5.875    3/28/2033      GBP     69.29
DAILY MAIL & GEN       6.375    6/21/2027      GBP     72.42
EFG HELLAS PLC         2.760    5/11/2035      JPY     64.12
HBOS PLC               4.500    3/18/2030      EUR     65.03
HBOS PLC               6.000    11/1/2033      USD     54.41
HBOS PLC               6.000    11/1/2033      USD     54.41
INEOS VINYLS FIN       9.125    12/1/2011      EUR     66.00
INEOS VINYLS FIN       9.125    12/1/2011      EUR     66.00
ENTERPRISE INNS        6.500    12/6/2018      GBP     79.53
ENTERPRISE INNS        6.875    2/15/2021      GBP     75.03
ENTERPRISE INNS        6.875     5/9/2025      GBP     73.80
ENTERPRISE INNS        6.375    9/26/2031      GBP     69.54
EXIM OF UKRAINE        8.400     2/9/2016      USD     75.06
F&C ASSET MNGMT        6.750   12/20/2026      GBP     65.77
GRAINGER PLC           3.625    5/17/2014      GBP     51.00
GREENE KING FIN        5.702   12/15/2034      GBP     63.19
INEOS GRP HLDG         7.875    2/15/2016      EUR     46.51
INEOS GRP HLDG         7.875    2/15/2016      EUR     46.13
LEND LEASE EUR         6.125   10/12/2021      GBP     80.40
LONGSTONE FINANC       4.896    4/19/2031      GBP     73.45
MITCHELLS & BUTL       6.469    9/15/2030      GBP     71.63
MARSTONS ISSUER        5.641    7/15/2035      GBP     69.63
MAX PETROLEUM          6.750     9/8/2012      USD     63.42
NATL GRID GAS          1.754   10/17/2036      GBP     48.05
NATL GRID GAS          1.771    3/30/2037      GBP     46.85
NORTHERN ROCK          5.625    1/13/2015      GBP     32.63
NORTHERN ROCK         10.375    3/25/2018      GBP     37.18
NORTHERN ROCK          6.375    12/2/2019      GBP     73.67
NORTHERN ROCK          9.375   10/17/2021      GBP     36.87
OJSC BANK NADRA        9.250    6/28/2010      USD     19.00
ONO FINANCE PLC       10.500    5/15/2014      EUR     66.88
ONO FINANCE PLC       10.500    5/15/2014      EUR     66.88
PARAGON GROUP          7.000    4/20/2017      GBP     54.50
PRIVATBANK             8.000     2/6/2012      USD     75.42
PRIVATBANK             8.750     2/9/2016      USD     65.63
PUNCH TAVERNS          7.567    4/15/2026      GBP     69.15
PUNCH TAVERNS          8.374    7/15/2029      GBP     73.70
PUNCH TAVERNS          6.468    4/15/2033      GBP     61.94
ROYAL BK SCOTLND       9.500     4/4/2025      USD     57.39
UNIQUE PUB FIN         7.395    3/28/2024      GBP     72.81
UNIQUE PUB FIN         6.464    3/30/2032      GBP     59.93

                            *********

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.

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

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

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

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

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

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


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