TCREUR_Public/090930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, September 30, 2009, Vol. 10, No. 193

                            Headlines

A U S T R I A

DAVID THURNER: Claims Filing Deadline is October 5
GEKO FINANZ: Claims Filing Deadline is October 20
GERHARD DRESEL: Claims Filing Deadline is October 15
RICHARD FUNDER: Claims Filing Deadline is October 20
SONNSTEIN GMBH: Claims Filing Deadline is October 5


D E N M A R K

KALMAR STRUCTURED: Moody's Cuts Rating on Class C Notes to 'Ca'


G E R M A N Y

DVB BANK: Moody's Cuts Bank Financial Strength Rating to 'D+'
GENERAL MOTORS: Opel Restructuring Talks Making Progress
KABEL DEUTSCHLAND: Fitch Affirms Issuer Default Rating at 'BB-'


I C E L A N D

GLITNIR BANK: Creditors to Get 22%-36% Recovery on Claims


I R E L A N D

CANWEST GLOBAL: MediaWorks Ireland Sells Stake in Ten Holdings
INDEPENDENT NEWS: Board Approves Debt Restructuring Plan
RAHAXI INC: Revenues May Be Insufficient to Fund Capital Needs
WARNER CHILCOTT: Moody's Assigns 'Ba3' Rating on Senior Facilities


I T A L Y

A2A SPA: Faces Fine on Illegal State Aid, Saglia Says


K A Z A K H S T A N

ASIA ENERGO: Creditors Must File Claims by October 7
ASTYK LLP: Creditors Must File Claims by October 7
DAR SERVICE: Creditors Must File Claims by October 7
KASKAD 9: Creditors Must File Claims by October 7
KOSTANAI ASIA: Creditors Must File Claims by October 7

KTM SECURITY: Creditors Must File Claims by October 7
MEJ STROY: Creditors Must File Claims by October 7
SHEIH HAN: Creditors Must File Claims by October 7
TITAN CONSTRUCTION: Creditors Must File Claims by October 7
UST-KAMENOGORSKAYA: Creditors Must File Claims by October 7


K Y R G Y Z S T A N

MVR CREDIT: Creditors Must File Claims by October 17


P O L A N D

ELEKTRIM SA: Court Denies Telco's Request for Arbitral Award
TVN SA: S&P Downgrades Long-Term Corporate Credit Rating to 'BB-'


R U S S I A

ARTEM-STROY: Creditors Must File Claims by October 4
BAKHUS LLC: Creditors Must File Claims by October 4
DELANCE LTD: S&P Downgrades Corporate Credit Rating to 'CC'
EVRAZ GROUP: Moody's Downgrades Corporate Family Rating to 'Ba3'
KIT FINANCE: Moody's Confirms 'Caa2' Long-Term Deposit Ratings

NEFTE-ZAVOD OJSC: Creditors Must File Claims by October 4
ORENBURGSKAYA ACCUMULATOR: Bankruptcy Hearing Set October 7
REGIONAL CONSTRUCTION: Creditors Must File Claims by October 4
RUSSIAN WOLFRAMITE: Creditors Must File Claims by October 4
RUSSKIY LES: Creditors Must File Claims by November 4

SOLCHART COMPANY: Declares Bankruptcy
STANDARD BANK: Fitch Affirms Individual Rating at 'D/E'
STEEL COMPANY: Creditors Must File Claims by October 4
TROIKA DIALOG: Fitch Assigns 'B+' Short-Term Issuer Default Rating
TUMENSKIY REGION: Creditors Must File Claims by October 4

ZYRYANSKIY BUTTER: Creditors Must File Claims by October 4


S W I T Z E R L A N D

MAMMUTRANS LLC: Claims Filing Deadline is December 28
UBS AG: Wants to Exit Swiss Government's Bad Bank Scheme, CEO Says


U K R A I N E

BUREAU-OFERTA LLC: Creditors Must File Claims by October 4
IKAR LLC: Creditors Must File Claims by October 4
LEMESCHIKHA AGRICULTURAL: Creditors Must File Claims by October 3
NAFTOGAZ NJSC: Moody's Cuts Probability of Default Rating to 'Ca'
SILUR OJSC: Creditors Must File Claims by October 4

STG LLC: Creditors Must File Claims by October 3


U N I T E D   K I N G D O M

AW SINCLAIR: Put Into Administration; 97 Jobs at Risk
CLARIS LTD: Moody's Lifts Rating on Series 97/2007 Notes to 'Ba2'
EMI GROUP: Citigroup May Push for Bankruptcy to Recover Loan
EUROPEAN PRIME: S&P Downgrades Rating on Class D Notes to 'B-'
FARRINGDON MORTGAGES: Fitch Cuts Rating on Class B2a Notes to 'B'

FARRINGDON MORTGAGES: S&P Affirms Ratings on Class B2a Notes at BB
GEMINI PLC: S&P Downgrades Rating on Class E Notes to 'B-'
GEMMA GROUP: Assets Sold to Bombardier Transportation
HARGREAVES SERVICES: Secures GBP115 Mln Debt Package
KINGSTON MANAGEMENT: In Administration; Begbies Traynor Appointed

LEHMAN BROTHERS: World's Top Banks File Billions in Claims
LOGOS TECHNOLOGIES: Business Sold in Pre-Pack Deal
MR LUCKY: PwC Appointed as Joint Administrators
VIRGIN MEDIA: LSE Trading Starts Tomorrow, Oct. 1

* UK: Autumn Critical Period for Hotel Companies, KPMG Says


X X X X X X X X

* S&P's 2009 Global Corporate Default Tally at 216


                         *********



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A U S T R I A
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DAVID THURNER: Claims Filing Deadline is October 5
--------------------------------------------------
Creditors of David Thurner KEG have until October 5, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 19, 2009 at 1:00 p.m.

For further information, contact the company's administrator:

         Dr. Peter Hajek senior
         Blumengasse 5
         7000 Eisenstadt
         Austria
         Tel: 02682/63108
         Fax: 02682/65640
         E-mail: eisenstadt@hbw.co.at


GEKO FINANZ: Claims Filing Deadline is October 20
-------------------------------------------------
Creditors of Geko Finanz-Consult GmbH have until October 20, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 3, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Christiane Pirker
         Hasenhutgasse 9 Haus 3
         1120 Vienna
         Austria
         Tel: 817 57 57, 817 57 67
         Fax: 817 57 55 17
         E-mail: Dr.Christiane.Pirker@chello.at


GERHARD DRESEL: Claims Filing Deadline is October 15
----------------------------------------------------
Creditors of Gerhard Dresel GmbH have until October 15, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 29, 2009 at 10:15 a.m.

For further information, contact the company's administrator:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: 713 61 92 22
         E-mail: kanzlei@kosesnik-langer.at


RICHARD FUNDER: Claims Filing Deadline is October 20
----------------------------------------------------
Creditors of Richard Funder GmbH have until October 20, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 3, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31 1
         E-mail: markus.siebinger@der-rechtsanwalt.at


SONNSTEIN GMBH: Claims Filing Deadline is October 5
---------------------------------------------------
Creditors of SonnStein GmbH have until October 5, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 12, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Paul Wachschuetz
         Postgasse 6/IV
         9500 Villach
         Austria
         Tel: 04242/28896
         Fax: 0424/28896-6
         E-mail: rajw@inode.at


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D E N M A R K
=============


KALMAR STRUCTURED: Moody's Cuts Rating on Class C Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Kalmar Structured Finance A/S, a static synthetic CDO
squared transaction referencing 119 corporate reference entities
incorporated in Europe, North America along with Emerging Markets
sovereign and corporate credits, as well as another two lower
mezzanine pieces of the iTRAXX and CDX indexes.

Issuer: Kalmar Structured Finance A/S - Secured Notes III

  -- Class A1 Secured Notes III due 2011, Downgraded to Caa2;
     previously on Feb. 23, 2009 Downgraded to Ba3

  -- Class A2 Secured Notes III due 2011, Downgraded to Caa2;
     previously on Feb. 23, 2009 Downgraded to Ba3

  -- Class B1 Secured Notes III due 2011, Downgraded to Caa3;
     previously on Feb. 23, 2009 Downgraded to Caa1

  -- Class B2 Secured Notes III due 2011, Downgraded to Caa3;
     previously on Feb. 23, 2009 Downgraded to Caa1

  -- Class C Secured Notes III due 2011, Downgraded to Ca;
     previously on Feb. 23, 2009 Downgraded to Caa3

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 898 from the last rating action to 1241,
equivalent to an average rating of the current portfolio of B2.
The reference portfolio includes an exposure to CIT Group, Inc.,
Ambac Financial Group, Clear Channel Communications, Inc., and
Harrah's Operating Company, Inc., which have experienced
substantial credit migration in the past few months, and are now
rated Ca.  The Retail, Insurance and Banking industry sectors are
the most represented, weighting 10.07%, 8.10% and 6.67%,
respectively, of the portfolio initial notional.

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

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (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.


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


DVB BANK: Moody's Cuts Bank Financial Strength Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of DVB Bank SE to D+ from C-, reflecting its expectation of
weakening asset quality in the bank's loan portfolios.  The D+
BFSR maps to a baseline credit assessment of Baa3.  DVB's A1 long-
term debt and deposit ratings and A2 subordinated debt ratings
were confirmed.  The Prime-1 short-term rating was affirmed.  The
rating action includes the review for possible downgrade initiated
in June 2009.  The outlook on all the ratings is negative

         Weakening Asset Quality Prompted BFSR Downgrade

Moody's decision to further downgrade DVB's BFSR to D+ (mapping to
a BCA of Baa3) from C- (Baa2 BCA) after a review of its ratings
was prompted by its expectation that the bank, a specialized
transport finance lender, will suffer from significant asset
quality deterioration and, subsequently, rising credit losses over
the next 12-18 months.

Moody's placed DVB's senior unsecured debt and deposit ratings and
its senior subordinated rating on review for possible downgrade in
June 2009.  The review focused on the bank's overall capacity to
absorb possible credit losses and its ability to generate
sufficient internal capital.  Moody's also incorporated into its
analysis DVB's investments in closed-end funds in the shipping,
aviation and rail sectors, initiated by its investment management
division

The outcome of Moody's stress tests on DVB reflects its view that
the bank will post subdued earnings in the next few quarters and
at the same time, may have to account for potentially considerable
losses in 2010-11 on both its asset finance loan portfolios (in
particular ship financing and aviation) and its correlated closed-
end equity fund investments, which contain sizeable equity for
ship finance.

Moody's acknowledges DVB's relatively strong regulatory
capitalization under Basel II (it reported a ratio of 14.4% at the
end of H1 2009), which provides the bank with a buffer against the
effects of adverse rating migrations.  However, a strengthening US
dollar could weaken regulatory capitalization ratios as the bank's
loan book is largely denominated in that currency, translating
potentially adverse currency movements into higher risk-weighted
assets.

Moody's views positively the bank's clear specialization,
dedicated management and long-standing experience in managing
exposures in the transportation sector.

         Negative Outlook Driven by Low Predictability of
                     Actual Losses in Shipping

The negative outlook on the D+ BFSR reflects that Moody's worst-
case scenario for the ship financing segment could potentially
exert higher-than-expected pressure on the bank's capital levels,
aggravated by losses from its equity fund investments, which could
result in a downgrade over the next 12-18 months.  The rating
agency will therefore closely monitor actual credit losses and
rising impairments from DVB's fund investments and evaluate the
bank's ability to absorb such losses while maintaining its
existing comfortable capital cushion.

          Long-Term Ratings Benefit From Parental Support

DVB's senior unsecured ratings incorporate Moody's assessment of a
very high probability of support from the parent, DZ BANK AG
Deutsche Zentral-Genossenschaftsbank (rated Aa3/P-1, one of the
two central banks in the German co-operative banking sector) and
indirectly from the co-operative sector, represented by the
Bundesverband der Deutschen Volksbanken und Raiffeisenbanken.

Regarding the negative outlook on the A1 ratings, Moody's
emphasises that a downgrade of DVB's D+ BFSR by one notch would be
likely to prompt a downgrade of its debt and deposit ratings.

The last rating action on DVB was on June 23, 2009, when Moody's
downgraded DVB's BFSR to C- and placed all its ratings on review
for possible downgrade.

Headquartered in Frankfurt, Germany, DVB reported total assets of
EUR17.9 billion at the end of June 2009 and a net profit of
EUR48.7 million for H1.


GENERAL MOTORS: Opel Restructuring Talks Making Progress
--------------------------------------------------------
John Reed, Daniel Schafer and Nikki Tait at The Financial Times
report that participants in the German-led talks to bail out and
restructure Opel are making progress on agreeing cuts in
headcount, pay and capacity at General Motors Co.'s European unit.

According to the FT, the parties aim to have preliminary
agreements signed by next week.

Canada's Magna International Inc., which is set to buy control of
Opel with Russia's Sberbank, and GM want to sign the agreements by
the first days of October in order to secure regulatory approval
from the European Union in time to close the deal by late November
or early December, the FT says.

The FT relates the European Union's competition chief, Neelie
Kroes, on Tuesday implored Germany to act more urgently as it
leads negotiations on the rescue.  According to the FT, Ms. Kroes
told European lawmakers it was a case of "the sooner the better”
that the Opel situation was clarified.  "We are running out of
time," the FT quoted Ms. Kroes as saying.

Citing people close to the situation, the FT discloses Magna's
talks with unions about employees' contribution to the
restructuring are also progressing quickly.  The FT notes aside
from any job cuts, Magna is negotiating wage cuts and a profit-
sharing scheme for Opel's workers, who will in exchange receive a
10% stake in the carmaker.

Andreas Cremer and Rainer Buergin at Bloomberg News report that
German Chancellor Angela Merkel's designated coalition partner
will probably let Magna's purchase of GM's Opel unit proceed.
Bloomberg relates Joerg-Uwe Hahn, the Free Democratic Party's head
in the state of Hesse, said Monday the party, which has opposed
German government backing of the deal as wasteful of taxpayers'
money, is now likely to recognize that the transaction should go
ahead.

                              Spain

Paul Tobin at Bloomberg News reports that Spanish Industry
Minister Miguel Sebastian said Magna will present Oct. 7 its
industrial plan for Opel.  According to Bloomberg, Mr. Sebastian
said Spain will wait to see the plan before deciding whether to
offer financial support to Magna.

Emma Ross-Thomas at Bloomberg News reports Prime Minister Jose
Luis Rodriguez Zapatero said that he has consulted with Ms. Merkel
about the Spanish operations of Opel.  Mr. Zapatero, as cited by
Bloomberg, said the carmaker will receive "significant" public
aid.

                             Scrutiny

Vanessa Furhams at The Wall Street Journal reports Spain urged
European regulators to investigate Opel's planned sale to
Magna.  The WSJ relates Spain's industry minister asked EU
commissioners to examine whether the deal unfairly spares Opel's
German operations from job cuts and possible plant closures that
are planned.

Mark Mulligan and Daniel Schafer at The Financial Times report in
a letter dated Sept. 28, Mr. Sebastian insists that any
reorganization of the the carmaker's European operations must
"make best possible use of the company's most efficient assets".

                             Efficiency

John Reed at The Financial Times, citing internal company data,
reports the British and Spanish car plants under threat of heavy
cuts in Berlin's rescue plan for Opel produce cars more
efficiently than two of the three German factories.  According to
the FT, the figures for December 2008 show the car plant in
Ruesselsheim in Germany, Opel's hometown, took nearly 10 hours
longer to assemble a car than the company's main UK car plant in
Ellesmere Port, and nearly 14 hours longer than the carmaker's
factory in Zaragoza, Spain.  Opel's Belgian plant in Antwerp,
which Magna may close, took 25.2 hours to assemble a car in
December, the FT states.  The FT notes that while this made the
factory only Opel's sixth most efficientfactory in Europe, it was
still more efficient than factories in Gliwice, Poland, and in
Ruesselsheim.

Karin Matussek at Bloomberg News, citing the Westdeutsche
Allgemeine Zeitung, discloses Opel labor leader Rainer Einenkel
criticized a report that the carmaker's U.K. and Spanish plants
are more efficient than two of its three German factories.
Bloomberg relates Mr. Einenkel, labor leader at Opel's plant in
Bochum, Germany, said the report compared apples with oranges.

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2009, GM chief executive Fritz Henderson confirmed Magna's plans
to cut 10,500 jobs or about a fifth of Opel's workforce in Europe.
GM's plant in Mr. Henderson said GM's plant in Antwerp was "at
risk" of being shut down, although no final decision had been
taken to close it.

                       About General Motors

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

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

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

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

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

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


KABEL DEUTSCHLAND: Fitch Affirms Issuer Default Rating at 'BB-'
---------------------------------------------------------------
Fitch Ratings has affirmed Kabel Deutschland Vertrieb und Service
GmbH & Co AG's Long-term Issuer Default Rating at 'BB-', with a
Stable Outlook.  The agency also affirmed the company's senior
secured bank facilities at 'BB+'.  At the same time, Fitch
affirmed the holding company Kabel Deutschland GmbH's senior notes
at 'BB-'.

The IDR reflects the strength of KDS's business model with
utility-like revenue streams from its large basic TV subscriber
base, and increasing blended average revenue per user supported by
solid customer take-up of higher ARPU premium services (broadband,
telephony and pay-TV).  Despite challenging economic conditions,
the company continued to produce good operational and financial
performance delivered in the first quarter to June 2009 suggesting
that the company remains on track to deliver its FY09/10 (ending
March 2010) guidance.  In Fitch's view this is further evidence
that the company's triple-play strategy remains entirely valid.

KDS ratings however reflect the low level of free cash flow
generated so far due to three consecutive years of high capex,
including to a lower degree the effects of the Orion acquisition,
which together have resulted in the group's initial deleveraging
plan being significantly pushed back.  While KDS's marked
operational and financial performance improvements could otherwise
signal upward rating momentum, Fitch also takes into consideration
the company's willingness to participate in the further
consolidation of the German cable market -- and the potential
impact on leverage -- as well as FCF generation which is still
weaker than similarly rated peers.  Fitch notes that FY08/09's FCF
benefited from the one-off effect of the Orion acquisition on
working capital.

The Stable Outlook factors in Fitch's expectation that KDG will
continue to benefit from its attractively priced offering compared
to the competition in a broadband market that has lower
penetration compared to the rest of Europe.  In addition, through
its DOSCSIS 3.0 upgraded network KDG is in a position to maintain
its speed advantage against competition particularly Deutsche
Telekom's new VDSL network.  Fitch also expects that competitive
pressures in the German sector may ease with the consolidation of
alternative operators who have driven margin squeeze in recent
years.

KDG's liquidity should remain comfortable, with sufficient
headroom under its EUR325 million revolving facility.  For
FY09/10, Fitch anticipates an improvement in KDG's total net cash
pay and senior debt leverage measures from LTM to June 2009 levels
of 4x and 2.9x respectively, due to higher expected EBITDA and FCF
generation.

In the first quarter to June 2009 KDG continued to deliver solid
quarter-on-quarter revenue growth of 4.6% to EUR367.2 million, and
increase adjusted EBITDA (before non-cash management compensation
and restructuring expenses) by 10.5%.  Thanks to the company's
high operational gearing and management's cost control, group
EBITDA margin strengthened further to 42.3% in the LTM-June-2009
from 39.2% in the same period in 2008.  KDG saw a material
improvement in operating cash flow (EBITDA net of capex) to EUR241
million from EUR122 million despite the limited reduction in capex
to EUR354 million in LTM-June-2009 from EUR362 million.

KDG continued to benefit from solid consumer interest in its
triple-play offer with new services' revenue generating units
growing 34.7% y-o-y in the LTM-June-2009, essentially driven by
internet (305,000 new RGUs) and phone (344,000 RGUs) services.  In
total KDG added 952,300 premium RGUs while at the same time the
erosion of its cable access segment was limited to only 74,600
RGUs.


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GLITNIR BANK: Creditors to Get 22%-36% Recovery on Claims
---------------------------------------------------------
Glitnir Bank hf's creditors will get between 22% and 36% of what
they're owed, Omar R. Valdimarsson at Bloomberg News reports,
citing the bank's resolution committee.

Bloomberg relates Arni Tomasson, chairman of the committee, citing
an evaluation report, said as of June 30, the value of Glitnir's
assets stood at EUR4 billion (US$5.8 billion), while its
liabilities were EUR13.7 billion.

As reported in the Troubled Company Reporter-Europe on Sept. 25,
2009, Bloomberg News said the bank's creditors can take a 95%
stake in Islandsbanki Bank, the state-controlled unit of Glitnir,
immediately or receive a bond issued by the bank with the option
to hold as much as 90% of its shares between 2011 and 2015.

"Overall, the bank's creditors have been positive towards the two
options available," Bloomberg quoted Mr. Tomasson as saying. “The
decision between the two options will be based on what we believe
gives the creditors the highest return, taking into account the
inherent risk.  We plan to announce the decision on which option
will be chosen on Sept. 30."

                        About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Judge Stuart Bernstein of the U.S. Bankruptcy Court for the
Southern District Court of New York granted Glitnir banki hf
permission to enter Chapter 15 of the U.S. bankruptcy code on
Jan. 6, 2008.

Glitnir has been granted a moratorium pursuant to a ruling of the
Reykjavik District Court until Nov. 13, 2009.  On May 12,
2009, the court appointed a winding-up board for the bank, which
will handle, for instance, claims against the bank while
the moratorium is in effect and after winding-up proceedings
commence upon the conclusion of the moratorium.


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CANWEST GLOBAL: MediaWorks Ireland Sells Stake in Ten Holdings
--------------------------------------------------------------
Canwest Global Communications Corp. last week said its subsidiary,
CanWest MediaWorks Ireland Holdings, has entered into an agreement
with Macquarie Capital Advisers Limited for the sale of all of its
ownership interest in Ten Network Holdings Limited by means of a
block trade on a fully underwritten basis for gross proceeds of
approximately A$680 million (CN$634 million).  The sale of the Ten
Holdings shares is expected to be completed on or about October 1,
2009 and is subject to customary closing conditions for securities
offerings in Australia.

In connection with the sale of the shares of Ten Holdings, Canwest
Media Inc. has agreed with its senior secured lenders and the
members of the ad hoc committee of holders of its US$761 million
aggregate principal amount of 8% senior subordinated notes (which
are guaranteed by several subsidiaries of CMI, including CMIH)
with respect to the use of the net proceeds of the sale.

Pursuant to the agreement, the net proceeds will be used as:

     -- to repay in full all amounts outstanding under the 12%
        senior secured notes of US$95 million (CN$102 million)
        issued by CMI and Canwest Television Limited Partnership;

     -- CN$85 million for general corporate and working capital
        purposes, including to repay all outstanding borrowings
        (other than letters of credit) under the senior secured
        revolving asset-based loan facility with CIT Business
        Credit Canada Inc., which facility will continue to remain
        available to CMI after the repayment; and

     -- to deposit US$398 million (CN$426 million) with the
        trustee for the benefit of the holders of the 8% senior
        subordinated notes.

The sale of the shares of Ten Holdings is expected to facilitate
continuing discussions with the Ad Hoc Committee regarding a
recapitalization transaction.  CMI and the members of the ad hoc
committee have entered into a further extension agreement and
forbearance to October 6, 2009.  CIT Business Credit Canada Inc.
has agreed to extend to October 15, 2009 certain milestones that
were to have been achieved by September 25, 2009.

The sale of the shares of Ten Holdings requires certain amendments
to the indenture governing the 8% senior subordinated notes.
Canwest further announced that members of the Ad Hoc Committee
holding approximately 70% of the outstanding principal amount of
the 8% senior subordinated notes, in excess of the majority
threshold required, have agreed with CMI to support the amendments
necessary to permit the sale of the shares of Ten Holdings.
Further, these members have agreed to cause the record owners
through which these members hold their 8% senior subordinated
notes to grant their consent to a supplemental indenture
implementing these amendments.  CMI is launching a consent
solicitation process on September 24, 2009 to obtain these
necessary consents from the record owners.  Unless the consent
solicitation is terminated by CMI, upon receipt of the requisite
record owner consents, CMI intends to effect the execution of a
supplemental indenture containing the amendments.

Canwest Global Communications Corp. -- http://www.canwest.com/--
(TSX: CGS and CGS.A,) an international media company, is Canada's
largest media company.  In addition to owning the Global
Television Network, Canwest is Canada's largest publisher of
English language daily newspapers and owns, operates and/or holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, web sites and radio
stations and networks in Canada, New Zealand, Australia,
Turkey,Indonesia, Singapore, the United Kingdom and the United
States.

At May 31, 2009, Canwest Media had C$4,847,020,000 in total assets
and C$5,826,522,000 in total liabilities.

                         *     *     *

As reported in the Troubled Company Reporter on June 9, 2009,
Moody's Investors Service downgraded Canwest Limited Partnership's
probability of default rating to Ca/LD and its corporate family to
Caa3 after the Company failed to pay US$10 million due under its
senior secured credit facility on May 29, 2009, the end of the
company's fiscal quarter.  This suggests that CLP has chosen to
force the issue with its bank lenders, and is also likely an
indication that ongoing negotiations with the bank lenders were
not going well, according to Moody's.  Since the payment includes
a principal component and there is no cure period, the bank credit
facility is now in default.  The lenders have not accelerated
repayment.

The TCR on June 2, 2009, said Standard & Poor's Ratings Services
lowered its ratings on Canwest LP, including the corporate credit
and senior secured ratings to 'D' (default) from 'CCC' and the
rating on the C$75 million senior subordinated credit facility due
2015 to 'D' from 'CC'.  S&P also lowered the rating on the
Company's US$400 million senior subordinated notes due 2015 to 'C'
from 'CC'.


INDEPENDENT NEWS: Board Approves Debt Restructuring Plan
--------------------------------------------------------
Salamander Davoudi and Anousha Sakoui at The Financial Times
report that the board of Independent News & Media plc has approved
a debt restructuring plan following agreements with its creditors.

According to the FT, as part of the plan, INM will carry out a
debt-for-equity swap that would see its bondholders swap
EUR123 million of bonds for an about 46% stake in the company,
followed by a rights issue of around EUR90 million at 5 cents.

Citing people with knowledge of the situation, the FT discloses
under the plan, INM's banks would extend their credit lines to the
company for 4-1/2 years and loosen covenants to give the company
breathing space to recover, in exchange for an increase in the
interest paid on their loans.

                   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.


RAHAXI INC: Revenues May Be Insufficient to Fund Capital Needs
--------------------------------------------------------------
Management of Rahaxi Inc. plans to take steps it believes will be
sufficient to provide the Company with the ability to continue as
a going concern.  Management intends to raise financing through
the sale of its stock in private placements to individual
investors.

Management may also raise funds in the public markets.

The Company warned in a filing with the U.S. Securities and
Exchange Commission in August its anticipated revenues from
operations will be insufficient to satisfy its ongoing capital
requirements for the next 12 months.  Rahaxi's fiscal year ends
June 30.  It has not yet filed its annual report for the fiscal
year ended June 30, 2009.

If its financial resources are insufficient, the Company will
require additional financing to execute its operating plan and
continue as a going concern.  The Company cannot predict whether
the additional financing will be in the form of equity or debt, or
be in another form.  The Company may not be able to obtain the
necessary additional capital on a timely basis, on acceptable
terms, or at all.  In any of these events, the Company may be
unable to implement its current plans for expansion, repay  its
debt obligations as they become due, or respond to competitive
pressures, any of which circumstances would have a material
adverse effect on its business, prospects, financial condition and
results of operations.

Management believes that with this financing, the Company will be
able to generate additional revenues that will allow the Company
to continue as a going concern.  This will be accomplished by
hiring additional personnel and focusing sales and marketing
efforts on the distribution of product through key marketing
channels currently being developed by the Company.  The Company
may also pursue the acquisition of certain strategic industry
partners where appropriate, and may also seek to raise funds
through debt and other financings.

In August, Rahaxi reported to the U.S. Securities and Exchange
Commission a net loss of US$3,675,124 and US$12,226,686 for the
three and nine months ended March 31, 2009, and US$23,150,901 for
the year ended June 30, 2008, and had an accumulated deficit of
US$109,796,498 as of March 31, 2009.

As of March 31, 2009, the Company had US$3,014,871 in total assets
against US$5,165,092 in total liabilities, all current, and
US$539,013 in non-controlling interest; resulting in US$2,689,234
in stockholders' deficit.

Last week, Rahaxi filed an amendment to its Articles of
Incorporation with the Secretary of State of Nevada to increase
the Company's authorized Common Stock to 1,000,000,000 shares and
increase the Company's authorized Preferred Stock to 10,000,000
shares.

The amendment was approved by holders of a majority of the
outstanding shares of the Company through a Proxy Statement --
written consent solicitation -- that was previously mailed to
stockholders on August 10, 2009, and filed with the Securities and
Exchange Commission.

The amendment to the Company's Articles of Incorporation was filed
with the Secretary of State of Nevada on September 21, 2009, and
became effective upon filing.

                           About Rahaxi

Rahaxi, Inc., formerly FreeStar Technology Corporation, provides
payment services and processing.  Its principal offices are in
Dublin, Ireland; the Company also has offices in Helsinki,
Finland; Stockholm, Sweden; Geneva, Switzerland; and Santo
Domingo, the Dominican Republic.  On November 21, 2008, it filed a
Certificate of Amendment to its Articles of Incorporation with the
Nevada Secretary of State changing its name to "Rahaxi, Inc." and
implementing a one-for-three reverse stock split of its common
stock.


WARNER CHILCOTT: Moody's Assigns 'Ba3' Rating on Senior Facilities
------------------------------------------------------------------
Moody's Investors Service assigned a rating of Ba3 to the proposed
new senior secured credit facilities of Warner Chilcott
Corporation, Warner Chilcott Company, LLC, and WC Luxco S.a r.l.
At the same time, Moody's assigned a B3 rating to the proposed new
senior unsecured notes to be co-issued by Warner Chilcott Company,
LLC, and Warner Chilcott Finance LLC.  Each of the borrowers under
the senior secured credit facilities and co-issuers of the senior
unsecured notes is a subsidiary of Warner Chilcott plc, which,
together with its subsidiaries, are collectively referred to as
"Warner Chilcott".   At the same time, Moody's withdrew the
ratings on Warner Chilcott's former senior secured credit
facilities.

In addition, Moody's affirmed Warner Chilcott's B1 Corporate
Family Rating, B1 Probability of Default Rating, B3 senior
subordinated rating and SGL-1 Speculative Grade Liquidity Rating.
The rating outlook is stable.

Proceeds of the new senior unsecured notes offering and senior
secured credit facilities are expected to be used to fund Warner
Chilcott's pending acquisition of The Procter & Gamble Company's
pharmaceuticals business for US$3.1 billion.

Warner Chilcott's B1 Corporate Family Rating reflects the
company's good position in the women's health pharmaceuticals
business, offset by its relatively limited scale.  The pending
acquisition of PGP will significantly improve Warner Chilcott's
scale, but will result in higher financial leverage and high
product concentration risk in the PGP products Actonel and Asacol.
Following the very recent sale of two dermatology products,
Moody's anticipates pro forma debt to EBITDA of approximately 2.4
to 2.8 times.  Although this leverage ratio is not excessive, risk
factors include declining sales of Actonel, a patent challenge on
Asacol, and a growth strategy that appears in transition,
potentially resulting in higher leverage in the future.

The proposed new senior secured bank facilities are rated Ba3
[LGD3, 37%], one notch higher than the B1 Corporate Family Rating
because of the support provided by US$380 million of existing
senior subordinated notes rated B3 [LGD6, 94%], and US$450 million
of proposed senior unsecured notes rated B3 [LGD5, 85%].  These
rating remains subject to final transaction terms and amounts, and
changes in the capital structure could result in rating changes
based on the application of Moody's Loss Given Default Rating
Methodology.  For instance, in a scenario with a reduced amount of
senior unsecured notes, the Ba3 rating on the proposed senior
secured bank facilities could be lowered.

The SGL-1 Speculative Grade Liquidity rating reflects Moody's view
that liquidity will remain very good after the close of the PGP
transaction based on strong free cash flow, good availability
under the revolving credit agreement and ample headroom under
financial covenants.  A potential put from Sanofi-Aventis related
to Actonel rights could require a large cash outlay by Warner
Chilcott, but under most scenarios liquidity should remain very
strong based on availability through a delayed draw feature of the
new term loans.

Ratings assigned:

* Warner Chilcott Corporation, Warner Chilcott Company, LLC, and
  WC Luxco S.a r.l. (Borrowers)

* Ba3 [LGD3, 37%] senior secured Term Loan A of $1.0 billion due
  2014

* Ba3 [LGD3, 37%] senior secured Term Loan B of $1.5 billion due
  2015

* Ba3 [LGD3, 37%] senior secured revolving credit facility of
  $250 million due 2014

* Warner Chilcott Company, LLC, and Warner Chilcott Finance LLC
  (Co-Issuers)

* B3 [LGD5, 85%] senior unsecured notes of $450 million due 2017

Ratings affirmed:

Warner Chilcott Company, LLC

* B1 Corporate Family Rating
* B1 Probability of Default Rating
* SGL-1 Speculative Grade Liquidity Rating

Rating affirmed with LGD point estimate revisions:

Warner Chilcott Corporation

* B3 [LGD6, 94%] senior subordinated notes of US$380 million due
  2015

Ratings withdrawn:

Warner Chilcott Corporation, Warner Chilcott Company, LLC, and
Warner Chilcott Holdings Company III, Limited (Former Borrowers)

* Ba3 [LGD3, 36%] revolving credit facility due 2011
* Ba3 [LGD3, 36%] Term Loan B due 2012
* Ba3 [LGD3, 36%] Term Loan C due 2012

Moody's last rating action on Warner Chilcott was an affirmation
of the company's ratings with a stable outlook on August 24, 2009.

Headquartered in Ardee, Ireland, Warner Chilcott plc is a
specialty pharmaceutical company currently focused on the women's
healthcare and dermatology segments of the U.S. pharmaceuticals
market.  For the first six months of 2009, the company reported
total revenue of approximately US$497 million.


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


A2A SPA: Faces Fine on Illegal State Aid, Saglia Says
-----------------------------------------------------
Italian municipal utilities including A2A SpA may have to pay
EUR420 million in fines related to state aid deemed illegal by the
European Union, Jerrold Colten and Tommaso Ebhardt at Bloomberg
News report, citing the country's deputy industry minister,
Stefano Saglia.

A2A SpA -- http://www.a2a.eu/-- is an Italy-based company engaged
in the utility and environmental sector and created as a result of
the merger of ASM, AEM and AMSA.  The Company divides its
activities into five business groups: Energy, including sale of
electricity and gas; Heat and Services, including the sale of heat
and electricity, as well as heating systems management services
and facility management; Environment, including the collection,
treatment, disposal and recovery of materials and energy;
Networks, including the management of energy transmission and
distribution networks, as well as the transport and distribution
of natural gas and the management of water cycle, and Corporate
and Other Services, including support services, as well as public
illumination, traffic regulation systems, video surveillance
services and the management of votive.  A2A SpA operates through
such subsidiaries as A2A Trading Srl, Amsa SpA and A2A Calore &
Servizi Srl, among others.


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


ASIA ENERGO: Creditors Must File Claims by October 7
----------------------------------------------------
LLP Asia Energo Invest is currently undergoing liquidation.
Creditors have until August 7, 2009, to submit proofs of claim to:

         Rihard Zorge Str. 9
         Turksibsky District
         050011 Almaty
         Kazakhstan


ASTYK LLP: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Grain Company Astyk until October 7, 2009, to
submit proofs of claim to:

         Tsvetochnaya Str. 4
         Shemonaiha
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 19,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


DAR SERVICE: Creditors Must File Claims by October 7
----------------------------------------------------
Creditors of LLP Dar Service have until October 7, 2009, to submit
proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpayev Str. 3
         Atyrau
         Kazakhstan


KASKAD 9: Creditors Must File Claims by October 7
-------------------------------------------------
Creditors of LLP Kaskad 9 have until October 7, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
June 30, 2009.


KOSTANAI ASIA: Creditors Must File Claims by October 7
------------------------------------------------------
Creditors of LLP Kostanai Asia have until October 7, 2009, to
submit proofs of claim to:

         Gorky Str. 10-1
         Zatobolsk
         Kazakhstan

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

The Court is located at:

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


KTM SECURITY: Creditors Must File Claims by October 7
-----------------------------------------------------
Creditors of LLP Ktm Security have until October 7, 2009, to
submit proofs of claim to:

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

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


MEJ STROY: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Mej Stroy Trans have until October 7, 2009, to
submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpayev Str. 3
         Atyrau
         Kazakhstan


SHEIH HAN: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Sheih Han have until October 7, 2009, to submit
proofs of claim to:

         Gorky Str. 10-1
         Zatobolsk
         Kazakhstan

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

The Court is located at:

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


TITAN CONSTRUCTION: Creditors Must File Claims by October 7
-----------------------------------------------------------
Creditors of LLP Titan Construction have until October 7, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 17, 2009.


UST-KAMENOGORSKAYA: Creditors Must File Claims by October 7
-----------------------------------------------------------
Creditors of LLP Ust- Kamenogorskaya Torgovo-Zakupochnaya Baza
have until October 7, 2009, to submit proofs of claim to:

         Tsvetochnaya Str. 4
         Shemonaiha
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 19,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


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


MVR CREDIT: Creditors Must File Claims by October 17
----------------------------------------------------
LLC Micro Credit Company MVR Credit is currently undergoing
liquidation.  Creditors have until October 17, 2009, to submit
proofs of claim to:

         Moskovskaya Str. 194
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 31-31-57


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


ELEKTRIM SA: Court Denies Telco's Request for Arbitral Award
------------------------------------------------------------
The Warsaw Court of Appeals denied the request of Deutsche Telekom
(DT) and Elektrim for the recognition in the Republic of Poland of
the arbitral award rendered in Vienna on November 26, 2004,
confirming the position of Elektrim Telekomunikacja (Telco), a 51%
Vivendi subsidairy.  The decision is binding and enforceable in
Poland.  All of DT's and Elektrim's motions for recognition in the
proceedings were rejected.

After the Austrian Supreme Court, this decision marks another and
significant victory for Vivendi in its dispute with DT and
Elektrim over its investment in the Polish telecom operator PTC.

As claimed by Vivendi since 2004 and contrary to the assertions of
DT and Elektrim, the Warsaw Court of Appeals affirmed that the
arbitral award has no effect on Telco's 48% ownership of PTC.  DT
and Elektrim had misused the arbitral award for years as false
justification to lay claim to control those PTC shares and to
exclude Telco out of PTC.  This decision confirms that DT and
Elektrim cannot claim Telco's 48% ownership on the basis of the
arbitral award.

                          About Elektrim

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- is a holding company with subsidiaries
engaged in energy and telecommunication services.

As reported in the Troubled Company Reporter-Europe, Elektrim
entered composition bankruptcy proceedings in August 2007.


TVN SA: S&P Downgrades Long-Term Corporate Credit Rating to 'BB-'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Poland's private TV
broadcaster TVN S.A. to 'BB-' from 'BB'.  The outlook is negative.

At the same time, S&P lowered its issue rating on TVN's Polish
zloty (PLN) 500 million senior unsecured bonds to 'B+' from 'BB',
one notch below the corporate credit rating on TVN.  S&P also
lowered its debt rating on the EUR215 million senior unsecured
bonds issued by TVN Finance PLC to 'B+' from 'BB-', one notch
below the corporate credit rating.

S&P has removed all the ratings from CreditWatch with negative
implications, where they had been placed on March 13, 2009.

"The downgrade follows S&P's review of TVN's business and
financial profiles after the successful renegotiation by TVN's
parent company, ITI Holdings, of its EUR320 million senior credit
facility due 2012," said Standard & Poor's credit analyst Melvyn
Cooke.  "The lower rating also integrates S&P's view that TVN's
majority ownership of "n", following the acquisition of an
additional 26% minus one share in "n" from ITI in March 2009, will
likely result in material weakening of TVN's free cash flow
generation and liquidity over the next two years, and sizable
deterioration in TVN's credit measures."

In particular, liquidity, which S&P previously considered as a
support to the ratings, is now in its opinion weak for the ratings
in light of the ongoing, substantial funding needs for "n" and
TVN's obligation to pay dividends to cover debt service at ITI.

S&P lowered the issue ratings on the senior unsecured bonds issued
by TVN and TVN Finance PLC to factor in the marked increase in
priority liabilities relative to TVN's total assets; this is
linked to TVN's majority ownership of "n".

"The negative outlook is based chiefly on S&P's view that TVN's
liquidity may further weaken following development of "n" in the
next 12 to 18 months," said Mr. Cooke.  "Our outlook also
incorporates the short-term risks of potential additional
deterioration of TVN's free cash flow generation and credit
measures during the period.

TVN's successful maintenance of available funding –- cash balances
and/or credit facilities -- at more than PLN150 million would be
in line with S&P's guidelines for the ratings.  Assuming this is
the case, S&P would consequently anticipate that TVN would have
sufficient funding to service dividend payments to ITI, enabling
it to adequately cover interest payments.  S&P would also expect
TVN's ratio of lease-adjusted total debt to EBITDA not to exceed
3.5x in the medium term.

The ratings also assume that TVN will maintain its solid position
in the Polish TV market and its established track record of high
audience share among urban viewers.

S&P could downgrade TVN if its available funding were to fall
below PLN150 million with no immediate prospects for improvement.
Material underperformance at TVN, resulting in sustained negative
free cash flow generation and significantly higher-than-expected
leverage, would also pressure the ratings.

S&P could revise the outlook to stable if TVN were able to restore
adequate liquidity, while continuing to post healthy operating
performance at its non pay-TV businesses, and if S&P observes
steady operating and financial improvement at "n".


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


ARTEM-STROY: Creditors Must File Claims by October 4
----------------------------------------------------
Creditors of SUE Artem-Stroy-Zakazchik (TIN 2502024129, PSRN
1022500537388, RVC 250201001) (Construction) have until October 4,
2009, to submit proofs of claims to:

         M. Smolik
         Temporary Insolvency Manager
         K. Shefnera Str. 2
         690001 Vladivostok
         Russia

The Arbitration Court of Primorskiy will convene on December 23,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?51–8963/2009.

The Debtor can be reached at:

         SUE Artem-Stroy-Zakazchik
         Kirova Str. 55
         Artem
         692760 Primorskiy
         Russia


BAKHUS LLC: Creditors Must File Claims by October 4
---------------------------------------------------
Creditors of LLC Bakhus (Alcohol Beverages Production)(TIN
7729031560, PSRN 1027739614187) have until October 4, 2009, to
submit proofs of claims to:

         Yu. Gudkov
         Insolvency Manager
         Office 1
         Z.A.Kosmedemyanskikh Str. 27
         125130 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–68474/09–73-262B.

The Debtor can be reached at:

         LLC Bakhus
         Ryabinovaya Str. 44
         1221471 Moscow
         Russia


DELANCE LTD: S&P Downgrades Corporate Credit Rating to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Delance Ltd., the holding company of
Russian car retailer Rolf Group, to 'CC' from 'CCC+'.  The outlook
is negative.

At the same time, the issue rating on the unsecured notes issued
by the group's financing vehicle Colgrade Ltd. and guaranteed by
Delance Ltd. and Rolf Group were lowered to 'C' from 'CCC'.  The
'5' recovery rating on the notes remains unchanged, indicating
S&P's expectation of modest (10%-30%) recovery in the event of
payment default.

The rating action follows Rolf's recent announcement of a public
offer to exchange its existing US$250 million notes due in 2010
either for a cash amount of between 60% or 80% of face value, or
for a combination of a cash amount of 21% of face value and 79%
converted into new notes.  "Under its criteria, S&P view a
proposed exchange offer at a discount to par by a company under
substantial financial pressure as a distressed debt exchange and
tantamount to a default," said Standard & Poor's credit analyst
Varvara Nikanorava.

In addition, S&P understand that the company's financial
restructuring measures will include refinancing its existing
bilateral bank facilities with the proceeds of a new syndicated
facility as well as resetting financial covenants.  This reflects,
in S&P's view, the company's increasingly weak financial position
and the need to secure its liquidity.

Furthermore, Rolf has announced the sale of a 40% shareholding in
its Mitsubishi distribution business, through which Rolf generates
most of its revenues, to Mitsubishi Corp. (A+/Stable/A-1) for a
minimum equity consideration of US$72 million, with possible
further payments leading to a maximum US$200 million in total if
certain conditions are met.

It is S&P's understanding that all these transactions are
interdependent and that Rolf aims to close them all at one time.

"Upon the completion of the tender offer, S&P expects to lower the
corporate credit rating on the company to 'SD' (selective default)
and lower the rating on the notes to 'D' (default), said Ms.
Nikanorava.  "Following the financial restructuring and subject to
sufficient information, S&P would then assign a new corporate
credit rating to Rolf based on the company's new capital
structure, maturity schedule, and liquidity profile, as well as on
other financial and business risk factors."


EVRAZ GROUP: Moody's Downgrades Corporate Family Rating to 'Ba3'
----------------------------------------------------------------
Moody's downgraded Evraz CFR from Ba3 under review to B1.  At
the same time the ratings for Senior Unsecured totaling
US$2,750 million due in 2013, 2015, and 2018 were downgraded
from B1 to B2.  The outlook of all rating is negative.

The rating action concludes the review initiated on June 8, 2009
which was principally focused on the 2009 operating performance
and the outlook for 2010, the capacity utilization based on
possible volume and price evolution in the steel markets as well
as the pace of progress achieved in extending the short term
refinancing profile of the debt and the ability of the company to
gain headroom under certain covenants included in several debt
instruments, which comprise a very significant part of the capital
structure.

The rating action reflects the agency's view that Evraz will
display at the end of 2009 very weak credit metrics for the
previous rating category and that the recovery of the financial
performance will likely be slow despite the positive measures
taken by management to adjust the cost base.  At the same time the
rating continues to reflect that Evraz is a strong global
competitor with a cost efficient assets base and a business
profile that has gained geographical diversity, thereby reducing
the dependence on Russia, in the past few years.

The recently released 1H 2009 results reflect that global steel
markets continue to be subdued with a still depressed demand and
low prices.  Though the agency acknowledges that the company was
able to show material positive EBITDA during this exceptionally
challenging period, Evraz performance showed that in spite of
relatively high capacity utilizations rates at Russian and
Ukrainian operations, currently low prices for steel products
significantly reduced cash generation capabilities of the company
and negatively affected credit metrics.  Worse than expected
performance by Moody's of the US assets further impacted the
overall performance of the company.  The expectations for the
remaining part of 2009 and 2010 continue to be somewhat bleak and
although Moody's forecast that Evraz should be able to continue to
generate positive EBITDA and FCF in 2009 with a material
improvement in 2010 - based on the management measures rather than
a material improvement in the steel industry dynamics -, the
previously anticipated pace of reduction in absolute level of debt
and gradual restoration of its credit metrics is now most likely
to be considerably slower.

The B1 rating incorporates the assumption that the debtholders
will remain supportive and that Evraz will be successful in
regaining comfortable headroom under its financial covenants as
well as extend its short-term maturity profile with the conclusion
of various new financial arrangements currently in progress.  The
agency nonetheless notes that there is a material risk of
execution associated with a certain level of complexity in these
discussions as well as a rather short window to conclude.  The
recent US$965 million of cash injection into the company via
equity/convertible bond placements helped to comfort liquidity.

The negative outlook reflects the risk that the discussions to
reset certain covenants -- likely to be in breach by the end of
2009 in Moody's view -- could be more difficult that currently
anticipated and that the new financing arrangements may not be
concluded as and when planned.  Moody's underlines that there
would be material downward pressure should there be delays in
these discussions or signs of possible ultimate failure.  However
if a positive resolution with adequate headroom for the financial
covenants to face contingencies is received in a timely manner and
the debt maturity profile extended, Moody's might consider
revising the outlook to stable.  Moody's would also take into
account the ability of the company to generate material free cash
flow in 2009 and 2010, which would be instrumental in reducing the
absolute level of debt.

The last rating action was on 8 June 2009 when Moody's placed CFR
of Evraz under review for possible downgrade.

Evraz Group is one of the largest vertically integrated steel
companies in Russia (by volume and assets) with assets also in
Europe, North America and South Africa that produced 17.6 million
tones of steel products, reported revenue of US$20.39 billion
(58.6% increase Y-o-Y) and EBITDA of US$6.35 billion (45.9%
increase Y-o-Y) in 2008.  In the 1H 2009 the company reported
US$4.6 billion in revenue (57% decrease H-o-H) and EBITDA of
US$468 million (87% decrease H-o-H).

Evraz's principal assets are steel plants in Russia, Europe, North
America, South Africa and Ukraine, iron ore and processing
facilities, as well as coal mines, logistics and trading assets.


KIT FINANCE: Moody's Confirms 'Caa2' Long-Term Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has confirmed these ratings of KIT
Finance Investment Bank (Russia): Caa2 long-term foreign currency
and local currency deposit ratings, and E bank financial strength
rating.  At the same time, Moody's Interfax Rating Agency, which
is majority owned by Moody's, has confirmed KIT's B2.ru long-term
National Scale Rating.  The outlook on all ratings is stable.

The confirmation of KIT's ratings reflects Moody's expectations
that the recovery plan adopted in June 2009 by Russia's Deposit
Insurance Agency -- and agreed upon with the Central Bank of
Russia -- will enable the bank to operate as a going concern.  The
plan aims to settle creditors' obligations and to revive the
bank's business.  As a result, KIT sold certain assets (Rostelecom
shares) and received significant funding from DIA in order to
repay previously restructured deposits.

According to this recovery plan, KIT Finance is set to develop
retail banking and SME business as a new core strategy.  However,
in Moody's view, a successful implementation of this new strategy
in an area that is new for the bank carries considerable
uncertainties such as (i) elevated (for a newcomer) asset quality
problems and (ii) the ability to gain reasonable franchise, to
develop proper processes and technologies, and to acquire a
qualified workforce.  The new strategy is expected to generate
revenues from the new business lines no earlier than 2011.
Moody's, therefore, believes that the possibility of returning the
funding received from DIA (over a 3-5 year period) will be driven
by the expected increase in the price of investment assets which
remained on KIT's balance sheet from pre-crisis activities rather
than by KIT's core revenue generation or amortization of remaining
assets.

The stable outlook assigned by Moody's to KIT's ratings reflects
the agency's view that significant improvement in the bank's
credit standing is unlikely during the next 18 months given the
slow recovery in the price of investment assets and the inability
of the new strategy to generate meaningful revenues during that
time span.  On the other hand, Moody's does not expect significant
deterioration in KIT's credit standing given the significant
support (capital and funding) already provided to the bank and
expected to be provided in the near future.

Moody's does not incorporate any shareholder or systemic support
into the bank's ratings given the lack of strategic fit of KIT to
Russian Rilways, KIT's new shareholder, and its low importance to
the Russian banking sector.  As a result, the Caa2 deposit ratings
directly correspond to KIT's Caa2 baseline credit assessment.

Moody's previous rating action on KIT was on September 17, 2008
when Moody's downgraded the bank's long-term global local and
foreign currency deposit ratings to Caa2 from B2, and its BFSR to
E from E+.  In addition, the short-term deposit ratings were
affirmed at Not Prime.  At the same time, Moody's Interfax Rating
Agency, which is majority owned by Moody's, downgraded KIT's long-
term NSR to B2.ru from A3.ru.  All ratings were placed on review
with direction uncertain.

Based in St. Petersburg, Russia, KIT was a multiple business line
entity, albeit dominated by investment and corporate banking and
mortgage activities.  After the default on September 17, 2008, its
assets became mainly composed of the mortgage loan book as well as
investment assets.  It recorded total assets of ca.  US$4 billion
at year-end 2008 and is ranked among the 50 largest banks in
Russia.


NEFTE-ZAVOD OJSC: Creditors Must File Claims by October 4
---------------------------------------------------------
Creditors of OJSC Nefte-Zavod-Stroy (TIN 5250006815)(Construction)
have until October 4, 2009, to submit proofs of claims to:

         A. Golubev
         Temporary Insolvency Manager
         Romantikov Str. 22
         606100 Pavlovo
         Russia

The Arbitration Court of Nizhegorodskaya will convene on January
26, 2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?43–19886/2009–26–184.

The Debtor can be reached at:

         OJSC Nefte-Zavod-Stroy
         Prospcet Pobedy 4a
         Kstovo
         Nizhegorodskaya
         Russia


ORENBURGSKAYA ACCUMULATOR: Bankruptcy Hearing Set October 7
-----------------------------------------------------------
The Arbitration Court of Orenburgskaya will convene on Oct.7, 2009
to hear bankruptcy supervision procedure on LLC Orenburgskaya
Accumulator Company (Accumulator Batteries Manufacturing)(TIN
5610091103).  The case is docketed under Case No. ?47–3139/2009.

The Temporary Insolvency Manager is:

         N. Trachuk
         Stara-Zagora Str. 25
         443090 Samara
         Russia

The Debtor can be reached at:

         LLC Orenburgskaya Accumulator Company
         Donguzskaya Str. 28
         460027 Orenburg
         Russia


REGIONAL CONSTRUCTION: Creditors Must File Claims by October 4
--------------------------------------------------------------
Creditors of LLC Regional Construction Trade Company have until
October 4, 2009, to submit proofs of claims to:

         A. Danilov
         Temporary Insolvency Manager
         Post User Box 32
         Postal Office 42
         394042 Voronezh
         Russia

The Arbitration Court of Voronezhskaya will convene at 10:00 a.m.
on January 14, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?14–8422–2009–28/9B.

The Debtor can be reached at:

         LLC Regional Construction Trade Company
         Office 21
         Dimitrova Str. 53a
         394000 Voronezh
         Russia


RUSSIAN WOLFRAMITE: Creditors Must File Claims by October 4
-----------------------------------------------------------
Creditors of LLC Russian Wolframite (Mining and Concentrating
Mill)(TIN 7728180320, PSRN 1027739673455) have until October 4,
2009, to submit proofs of claims to:

         N. Gorbunov
         Insolvency Manager
         Post User Box 101
         119313 Moscow
         Russia

The Arbitration Court of Smolenskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?62–2235/2008.

The Debtor can be reached at:

         LLC Russian Wolframite
         Chernyakhovskogo Str. 44
         214013 Smolensk
         Russia


RUSSKIY LES: Creditors Must File Claims by November 4
-----------------------------------------------------
Creditors of LLC Russkiy Les (TIN 2804011750, PSRN 1052800197229)
(Forestry) have until November 4, 2009, to submit proofs of claims
to:

         L. Fedotova
         Insolvency Manager
         Office 105
         B. Khmelnitskogo Str. 20
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?-04–2853/2009.

The Debtor can be reached at:

         LLC Russkiy Les
         9 Maya Str. 210
         Belogorsk
         676853 Amurskaya
         Russia


SOLCHART COMPANY: Declares Bankruptcy
-------------------------------------
Steel Guru, citing Interfax, reports that the Solchart Company,
the owner of the dry cargo carrier Arctic Sea, has declared itself
bankrupt, blaming the poorly coordinated measures taken by
investigators of Russian prosecutors' Investigative Committee.

Steel Guru relates company director Viktor Matveyev, as cited by
Interfax, said "Money needs to be found to continue using the
vessel, to bring it back to proper working condition, to provide
it with everything necessary as well as to pay back our
creditors."


STANDARD BANK: Fitch Affirms Individual Rating at 'D/E'
-------------------------------------------------------
Fitch Ratings has assigned Russia-based Troika Dialog Group
Limited a Long-term foreign currency Issuer Default Rating of 'B+'
with a Stable Outlook.  TDGL, registered in the Cayman Islands, is
the ultimate holding company of the Russia-based investment
banking group, known as Troika Dialog.  The agency has
simultaneously downgraded Russia-based ZAO Standard Bank's Long-
term foreign currency IDR to 'B+' from 'BBB', whilst assigning a
Stable Outlook, and affirmed its Individual Rating at 'D/E',
whilst removing it from Rating Watch Evolving, following the
completion of its acquisition by TDGL.  A full rating breakdown is
provided at the end of this comment.

The ratings assigned to TDGL reflect Troika Dialog's good
investment-banking franchise in Russia, currently low leverage,
experienced management team and its good risk management.  The
ratings also factor in the current and prospective benefits from
the company's partnership with Standard Bank Group, following
SBG's acquisition of a 33% stake in TDGL.  In particular, Fitch
views positively that, as a result of the deal, Troika Dialog has
received a US$200 million cash equity injection and a 100% stake
in ZAO Standard Bank, leaving the firm with some US$300 million of
fresh equity.  However, its ratings also take into account the
group's reliance on the high risk profile of Russia's capital
markets which make for volatile revenues and could cause liquidity
problems in case of sharp market downward movements.

Market risk is inherent in most of Troika Dialog's operations, and
Fitch considers the group's exposure to Russian market risk to be
high, although the company has markedly reduced its risk appetite
and leverage since the onset of the market crisis in Russia in
Q308.  Apart from inventories designated for market-making
activities and its proprietary trading portfolio, the company's
on-balance-sheet exposure to market risk includes a sizeable
portfolio of less liquid principal investments.  The gains and
losses on these are unpredictable, and can positively or
negatively impact consolidated earnings and capital.

Until mid-2008, TDGL's consolidated performance was strong, with
ROAE well above 50% since 2004, but it suffered material mainly
market-related losses in Q308, leaving the company just marginally
profitable in the financial year ending end-September 2008.  Mark-
to-market adjustments on principal investments contributed
significantly to those losses.  Although TDGL returned to
profitability in Q408, Fitch believes that its profits are likely
to remain challenged throughout the rest of 2009 and potentially
2010 as investment banking revenues remain subdued and brokerage
commissions and asset management fees stay low, following asset
depreciation and reduced business volumes.

The group's funding and liquidity profile is a key rating factor.
Troika Dialog relies heavily on market-based funding sources which
are typically short-term and subject to early termination and
collateral calls.  Reliance on short-term funding is further
exacerbated by volatility in client funds which may be subject to
significant outflows during market stresses.  At the same time,
Fitch views positively that Troika Dialog has managed to maintain
its liquidity throughout this difficult market environment and,
following repayment of a US$130 million syndicated loan in July
2009, has no near-term debt maturities.  After the US$200 million
cash injection from SBG and a significant reduction in the repo
business, the company's liquidity has improved and now appears to
have returned to historical levels.  In a further positive note,
Troika Dialog has recently secured a five-year US$150 million
unsecured loan facility from the European Bank for Reconstruction
and Development which is currently mainly undrawn.

Rating actions on ZAO Standard Bank reflect the completion of its
acquisition by TDGL.  The bank's Long-term IDR is now at the same
level as the rating of TDGL, as the agency believes the bank will
operate as an integral part of the group.  Fitch understands that
a significant part of the bank's business has been essentially
winding down in recent months, while management practices are
being brought into line with Troika Dialog's standards.  It is
intended that ZAO Standard Bank will be renamed Bank Troika Dialog
within six months.  Since end-2008, the bank's assets have more
than halved, with significant reductions taking place in its
derivatives portfolio, commercial and bank loans as well as its
securities portfolio.  Management has been successful in
renegotiating the terms of loan agreements, resulting in a
considerable reduction in the loan portfolio maturity profile.  On
the liabilities side, ZAO Standard Bank returned an unsecured
facility to the Central Bank of Russia and repaid a number of bank
loans, while clients withdrew about a quarter of corporate
deposits.  At present, the bank's assets total approximately
US$400m.

Apart from SBG's 33% stake, TDGL will continue to be controlled by
a partnership of approximately 100 managers and employees.  The
core operating subsidiary of SBG is the Standard Bank of South
Africa ('BBB+'/Stable Outlook).

The rating actions are:

Troika Dialog Group Limited:

  -- Long-term foreign currency IDR: assigned at 'B+'; Outlook
     Stable

  -- Short-term IDR: assigned at 'B'

  -- Support Rating: assigned at '5'

  -- Support Rating Floor: assigned at 'No floor'

ZAO Standard Bank:

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BBB'; removed from Rating Watch Negative (RWN); Stable
     Outlook

  -- Short-term IDR: downgraded to 'B' from 'F3'; removed from RWN

  -- Support Rating: downgraded to '4' from '2'; removed from RWN

  -- National Long-term Rating: downgraded to 'A-(rus)' from
     'AA+(rus)'; removed from RWN; Stable Outlook

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving


STEEL COMPANY: Creditors Must File Claims by October 4
------------------------------------------------------
Creditors of CJSC Steel Company (TIN 7722299343, PSRN
1037722043402) have until October 4, 2009, to submit proofs of
claims to:

         V. Yershov
         Insolvency Manager
         Post User Box 3722
         410000 Saratov
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40–50704/09–123-l86).

The Debtor can be reached at:

         CJSC Steel Company
         Building 2
         Storozhevaya Str. 30
         111020 Moscow
         Russia


TROIKA DIALOG: Fitch Assigns 'B+' Short-Term Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has assigned Russia-based Troika Dialog Group
Limited a Long-term foreign currency Issuer Default Rating of 'B+'
with a Stable Outlook.  TDGL, registered in the Cayman Islands, is
the ultimate holding company of the Russia-based investment
banking group, known as Troika Dialog.  The agency has
simultaneously downgraded Russia-based ZAO Standard Bank's Long-
term foreign currency IDR to 'B+' from 'BBB', whilst assigning a
Stable Outlook, and affirmed its Individual Rating at 'D/E',
whilst removing it from Rating Watch Evolving, following the
completion of its acquisition by TDGL.  A full rating breakdown is
provided at the end of this comment.

The ratings assigned to TDGL reflect Troika Dialog's good
investment-banking franchise in Russia, currently low leverage,
experienced management team and its good risk management.  The
ratings also factor in the current and prospective benefits from
the company's partnership with Standard Bank Group, following
SBG's acquisition of a 33% stake in TDGL.  In particular, Fitch
views positively that, as a result of the deal, Troika Dialog has
received a US$200 million cash equity injection and a 100% stake
in ZAO Standard Bank, leaving the firm with some US$300 million of
fresh equity.  However, its ratings also take into account the
group's reliance on the high risk profile of Russia's capital
markets which make for volatile revenues and could cause liquidity
problems in case of sharp market downward movements.

Market risk is inherent in most of Troika Dialog's operations, and
Fitch considers the group's exposure to Russian market risk to be
high, although the company has markedly reduced its risk appetite
and leverage since the onset of the market crisis in Russia in
Q308.  Apart from inventories designated for market-making
activities and its proprietary trading portfolio, the company's
on-balance-sheet exposure to market risk includes a sizeable
portfolio of less liquid principal investments.  The gains and
losses on these are unpredictable, and can positively or
negatively impact consolidated earnings and capital.

Until mid-2008, TDGL's consolidated performance was strong, with
ROAE well above 50% since 2004, but it suffered material mainly
market-related losses in Q308, leaving the company just marginally
profitable in the financial year ending end-September 2008.  Mark-
to-market adjustments on principal investments contributed
significantly to those losses.  Although TDGL returned to
profitability in Q408, Fitch believes that its profits are likely
to remain challenged throughout the rest of 2009 and potentially
2010 as investment banking revenues remain subdued and brokerage
commissions and asset management fees stay low, following asset
depreciation and reduced business volumes.

The group's funding and liquidity profile is a key rating factor.
Troika Dialog relies heavily on market-based funding sources which
are typically short-term and subject to early termination and
collateral calls.  Reliance on short-term funding is further
exacerbated by volatility in client funds which may be subject to
significant outflows during market stresses.  At the same time,
Fitch views positively that Troika Dialog has managed to maintain
its liquidity throughout this difficult market environment and,
following repayment of a US$130 million syndicated loan in July
2009, has no near-term debt maturities.  After the US$200 million
cash injection from SBG and a significant reduction in the repo
business, the company's liquidity has improved and now appears to
have returned to historical levels.  In a further positive note,
Troika Dialog has recently secured a five-year US$150 million
unsecured loan facility from the European Bank for Reconstruction
and Development which is currently mainly undrawn.

Rating actions on ZAO Standard Bank reflect the completion of its
acquisition by TDGL.  The bank's Long-term IDR is now at the same
level as the rating of TDGL, as the agency believes the bank will
operate as an integral part of the group.  Fitch understands that
a significant part of the bank's business has been essentially
winding down in recent months, while management practices are
being brought into line with Troika Dialog's standards.  It is
intended that ZAO Standard Bank will be renamed Bank Troika Dialog
within six months.  Since end-2008, the bank's assets have more
than halved, with significant reductions taking place in its
derivatives portfolio, commercial and bank loans as well as its
securities portfolio.  Management has been successful in
renegotiating the terms of loan agreements, resulting in a
considerable reduction in the loan portfolio maturity profile.  On
the liabilities side, ZAO Standard Bank returned an unsecured
facility to the Central Bank of Russia and repaid a number of bank
loans, while clients withdrew about a quarter of corporate
deposits.  At present, the bank's assets total approximately
US$400m.

Apart from SBG's 33% stake, TDGL will continue to be controlled by
a partnership of approximately 100 managers and employees.  The
core operating subsidiary of SBG is the Standard Bank of South
Africa ('BBB+'/Stable Outlook).

The rating actions are:

Troika Dialog Group Limited:

  -- Long-term foreign currency IDR: assigned at 'B+'; Outlook
     Stable

  -- Short-term IDR: assigned at 'B'

  -- Support Rating: assigned at '5'

  -- Support Rating Floor: assigned at 'No floor'

ZAO Standard Bank:

  -- Long-term foreign currency IDR: downgraded to 'B+' from
     'BBB'; removed from Rating Watch Negative (RWN); Stable
     Outlook

  -- Short-term IDR: downgraded to 'B' from 'F3'; removed from RWN

  -- Support Rating: downgraded to '4' from '2'; removed from RWN

  -- National Long-term Rating: downgraded to 'A-(rus)' from
     'AA+(rus)'; removed from RWN; Stable Outlook

  -- Individual Rating: affirmed at 'D/E'; removed from Rating
     Watch Evolving


TUMENSKIY REGION: Creditors Must File Claims by October 4
---------------------------------------------------------
Creditors of LLC Tumenskiy Region (TIN 7203135951, PSRN
1037200604506) (Construction) have until October 4, 2009, to
submit proofs of claims to:

         Ye. Martyanova
         Temporary Insolvency Manager
         Melnikayte Str. 106-253
         265026 Tumen
         Russia

The Arbitration Court of Tumen will convene at 9:40 a.m. on
December 3, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?70–4728/2009.

The Debtor can be reached at:

         LLC Tumenskiy Region
         Sovetskaya Str.61
         Tumen
         Russia


ZYRYANSKIY BUTTER: Creditors Must File Claims by October 4
----------------------------------------------------------
Creditors of CJSC Zyryanskiy Butter-Making Plant (TIN 7005006231)
have until October 4, 2009, to submit proofs of claims to:

         M. Churaev
         Temporary Insolvency Manager
         Shkolnaya Str. 11
         Plotnikovo
         636210 Tomskaya
         Russia

The Arbitration Court of Tomskaya commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?67–5253/09.

The Debtor can be reached at:

         CJSC Zyryanskiy Butter-Making Plant
         Lenina Str. 124
         Zyryanskoe
         Zyryaninskiy
         Tomskaya
         Russia


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


MAMMUTRANS LLC: Claims Filing Deadline is December 28
-----------------------------------------------------
Creditors of Mammutrans LLC are requested to file their proofs of
claim by December 28, 2009, to:

         Mammutrans LLC
         Pumpwerkstrasse 15
         8105 Regensdorf
         Switzerland

The company is currently undergoing liquidation in Regensdorf.
The decision about liquidation was accepted at a shareholders'
meeting held on January 26, 2009.


UBS AG: Wants to Exit Swiss Government's Bad Bank Scheme, CEO Says
------------------------------------------------------------------
Patrick Jenkins and Megan Murphy and Haig Simonian at The
Financial Times report that UBS AG aims to leave the Swiss
government's "bad bank" scheme and to return to health in a year.

Oswald Gruebel, chief executive of UBS, told FT in an interview,
the bad bank scheme, under which UBS pays for protection against
big losses on toxic assets, "is very expensive".

The FT recalls the Swiss government last month sold its 9% stake
in UBS but US$23.5 billion of UBS assets, carved out to lessen
risk at the group, remain in the government's bad bank.

"We have to make an offer to buy back those assets," the FT quoted
Mr. Gruebel as saying.

According to the FT, given the recent recovery in credit markets,
UBS is confident it could take the assets back on its balance
sheet, but concedes it may not be feasible to enact its plan
before the second half of 2010.

Based in Zurich, Switzerland, UBS AG (VTX:UBSN) --
http://www.ubs.com/-- is a global provider of financial services
for wealthy clients.  UBS's financial businesses are organized on
a worldwide basis into three Business Groups and the Corporate
Center.  Global Wealth Management & Business Banking consists of
three segments: Wealth Management International & Switzerland,
Wealth Management US and Business Banking Switzerland.  The
Business Groups Investment Bank and Global Asset Management
constitute one segment each.  The Industrial Holdings segment
holds all industrial operations controlled by the Group.  Global
Asset Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.

As reported in the Troubled Company Reporter-Europe, UBS has
amassed more than US$53 billion in writedowns and losses since the
credit crisis began.  The bank expects to post a loss in the
second quarter of 2009.  The bank's net loss for full-year 2008
widened to CHF19.697 billion from of CHF5.247 million in the prior
year.  Net losses from continuing operations totaled
CHF19.327 billion, compared with losses of CHF5.111 billion in the
prior year.  UBS attributed the losses to negative revenues in its
fixed income, currencies and commodities (FICC) area.  For the
2008 fourth quarter, UBS incurred a net loss of CHF8.100 billion,
down from a net profit of CHF296 million.  Net loss from
continuing operations was CHF7.997 billion compared with a profit
of CHF433 million.  The Investment Bank recorded a pre-tax loss of
CHF7.483 billion, compared with a pre-tax loss of CHF2.748 billion
in the prior quarter.  This result was primarily due to trading
losses, losses on exposures to monolines and impairment charges
taken against leveraged finance commitments.  An own credit charge
of CHF1.616 billion was recorded by the Investment Bank in fourth
quarter 2008, mainly due to redemptions and repurchases of UBS
debt during this period.

UBS said it will further reduce its headcount to 15,000 by the end
of the year.  UBS's personnel numbers reduced to 77,783 on
December 31, 2008, down by 1,782 from September 30, 2008, with
most staff reductions at its investment banking unit.


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


BUREAU-OFERTA LLC: Creditors Must File Claims by October 4
----------------------------------------------------------
Creditors of LLC Bureau-Oferta (code EDRPOU 31521538) have until
October 4, 2009, to submit proofs of claim to:

         O. Slavnaya
         Insolvency Manager
         Fruktovaya Str. 67
         Makeyevka
         Donetsk
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 12, 2009.  The case is docketed
under Case No. 43/312.

The Court is located at:

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

The Debtor can be reached at:

         LLC Bureau-Oferta
         Avtozavodskaya Str. 18
         04074 Kiev
         Ukraine


IKAR LLC: Creditors Must File Claims by October 4
-------------------------------------------------
Creditors of LLC Ikar (code EDRPOU 13844722) have until October 4,
2009, to submit proofs of claim to M. Tsurika, the company's
insolvency manager.

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on March 19, 2009.  The case is docketed under
Case No. 5/82/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ikar
         Shevchenko Str. 59
         54000 Nikolayev
         Ukraine


LEMESCHIKHA AGRICULTURAL: Creditors Must File Claims by October 3
-----------------------------------------------------------------
Creditors of Agricultural OJSC Lemeschikha (code EDRPOU 24412996)
have until October 3, 2009, to submit proofs of claim to:

         T. Davidiuk
         Insolvency Manager
         Chapayev Lane 51
         Zhashkov
         19200 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on August 11, 2009.  The case is docketed
under Case No. 10/1930.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Blvd. 307
         18004 Cherkassy
         Ukraine


NAFTOGAZ NJSC: Moody's Cuts Probability of Default Rating to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the probability of
default rating of NJSC Naftogaz of Ukraine to Ca from Caa2.
Naftogaz's foreign currency corporate family and debt ratings
remain unchanged, at Caa2.  The ratings remain under review, but
Moody's has changed the direction to uncertain from possible
downgrade.

The rating action reflects the 24 September 2009 restructuring
offer by Naftogaz, in which Naftogaz invites the holders of the
company's US$500 million Loan Participation Notes due
September 30, 2009 to consent to their restructuring.  According
to the restructuring offer, the Notes would be exchanged for new
notes with a 5-year maturity, 9.5% coupon p.a.  The new notes
would be backed by an unconditional and irrevocable sovereign
guarantee.  Naftogaz anticipates finalizing the Notes'
restructuring by October 19, 2009.  Thus, the Ca PDR reflects
Moody's expectation that Naftogaz will default on the Notes'
repayment at maturity on September 30, 2009.

The decision to retain a Caa2 rating on the bonds reflects Moody's
anticipation of a high recovery following default.

The decision to change the direction of the rating review to
direction uncertain reflects the possibility that the holders of
the Notes might not agree with the current restructuring offer,
which could potentially result in a lengthy court settlement and
lower recovery prospects for bondholders.  Furthermore, the
restructuring offer references all of Naftogaz's short- and
medium-term financial debt, to which the Notes' cross-default
clause applies, thus calling for restructuring of around
US$1.7 billion of total debt.  This further contributes to the
uncertainty over the overall process and recovery prospects.

Moody's previous rating action on Naftogaz was implemented on
August 7, 2009, when Moody's downgraded the company's ratings to
Caa2 from Caa1 and placed them on review for possible downgrade,
reflecting the possible restructuring of Naftogaz's debt.

Headquartered in Kiev, Ukraine, Naftogaz is an integrated
hydrocarbon company with operations in oil and gas exploration and
production, domestic and international transportation, storage and
supply.  In 2008, the company generated a UAH2.0 billion
(US$0.38 billion) net loss on total revenues of UAH53.1billion
(US$10.1 billion).


SILUR OJSC: Creditors Must File Claims by October 4
----------------------------------------------------
Creditors of OJSC Silur (code EDRPOU 00191046) have until
October 4, 2009 to submit proofs of claim to:

         E. Kozarenko
         Insolvency Manager
         Office 29
         Zubarev Str. 37
         61172 Kharkov
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on Sept. 2, 2009.  The case is docketed under
Case No. 42/45b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Silur
         Filatov Str. 9
         Khartsizsk
         86709 Donetsk
         Ukraine


STG LLC: Creditors Must File Claims by October 3
------------------------------------------------
Creditors of LLC Business Group STG (code EDRPOU 26302224) have
until October 3, 2009 to submit proofs of claim to:

         A. Kiredjan
         Insolvency Manager
         Office 13
         Gogol Str. 9
         65026 Odessa
         Ukraine

The Economic Court of Odessa region commenced bankruptcy
proceedings against the company on August 25, 2009.  The case is
docketed under Case No. 2/88-09-3912.

The Court is located at:

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

The Debtor can be reached at:

         LLC Business Group STG
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine


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


AW SINCLAIR: Put Into Administration; 97 Jobs at Risk
-----------------------------------------------------
Construction News reports that AW Sinclair and Sons Ltd. has gone
into administration, putting 97 jobs at risk.

According to the report, parent company Quibell Group, which is
based in Hull, said the business was "no longer considered
viable".

PricewaterhouseCoopers has been appointed as administrator, the
report discloses.

Based in North Yorkshire, AW Sinclair and Sons Ltd. --
http://www.quibell.co.uk/-- is a construction firm.
The Quibell Group acquired the company in 1989.


CLARIS LTD: Moody's Lifts Rating on Series 97/2007 Notes to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has taken rating actions on notes issued
by Claris Limited Series 97/2007, a collateralized debt obligation
transaction referencing a managed portfolio of corporate entities.

Issuer: Claris Limited

  -- Series 97/2007 Tranche 1 EUR50,000,000 Drachenburg Floating
     Rate Credit Linked Notes due 2015, Downgraded to B3;
     previously on March 27, 2009 Upgraded 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 342 from the last rating action to 472,
equivalent to an average rating of the current portfolio of Baa3.
The reference portfolio includes an exposure to CIT Group, Inc.
and Ambac Assurance Corporation, which have both experienced
substantial credit migration in the past few months, and are now
rated Ca and Caa2, respectively.  Since the last rating action on
the transaction, the subordination of the rated tranche has been
reduced due to credit events on Syncora Guarantee Inc. (formerly,
XL Capital Assurance Inc.) and Bradford & Bingley plc in April and
June, respectively.  These credit events lead to a decrease of
approximately 0.87% of the subordination of the series.  The
Banking, Finance, Insurance and Real Estate industry sectors are
the most represented, weighting 42%, 9.8%, 18.5% and 3.3%,
respectively, of the portfolio notional.

This transaction was previously upgraded from Caa2 after being
restructured in March in which the subordination was amended and
increased.  Despite this, the portfolio has since suffered losses
due to credits events and substitutions.

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

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

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


EMI GROUP: Citigroup May Push for Bankruptcy to Recover Loan
------------------------------------------------------------
Josh Kosman at The New York Post reports Citigroup Inc., which is
seeking to reduce the size of its balance sheet, may force EMI
Group Ltd. into bankruptcy.

The New York Post recalls in 2007, Guy Hands's Terra Firma Capital
used Citigroup to underwrite its US$4.73 billion buyout of EMI.

According to the New York Post, Citigroup, which is unable to
resell the loan, now holds the entire amount on its balance sheet.

As reported in the Troubled Company Reporter-Europe on Aug. 18,
2009, The Wall Street Journal said EMI Music isn't generating
enough profit to comply with a GBP950 million loan from Citigroup.
According to the WSJ, people familiar with the situation said EMI
Music will need cash injections over the next eight months to
avoid defaulting on the loan -- and it is unclear how much more
cash Mr. Hands is willing to invest.  The WSJ said if Mr. Hands,
who has injected about GBP80 million into EMI Music through its
parent company, Maltby Capital Ltd., doesn't come up with the
money, Citigroup could seek to take control of the business and
sell it.

The WSJ disclosed the Citigroup loan requires increases in EMI
Music's earnings before interest, tax, depreciation, and
amortization relative to the size of its debt, the Journal
discloses.  According to the WSJ, since September, EMI Music has
been subjected to three "covenant tests" to see if it meets the
ratio -- and failed each one.

On July 31, 2009, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that investors in Terra Firma backed
plans for the private equity firm to inject GBP300 million of
equity into EMI as part of a potential refinancing of the music
group's GBP2.6 billion debts.

London-based EMI Group Limited -- http://www.emigroup.com/--
houses recorded music segment EMI Music and EMI Music Publishing.
EMI Music distributes CDs, videos, and other formats primarily
through imprints Capitol Music Group, EMI Records, and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
Private equity firm Terra Firma bought EMI for US$4.9 billion in
2007.


EUROPEAN PRIME: S&P Downgrades Rating on Class D Notes to 'B-'
--------------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its credit rating on the class D notes issued
by European Prime Real Estate No. 1 PLC, due to increased concerns
about a principal loss on the Halton Lea Shopping Centre loan.  At
the same time, S&P affirmed and removed from CreditWatch negative
the class A to C notes.

Five loans secured by U.K. commercial properties back the notes.
The properties comprise three shopping centers and two offices,
representing 58% and 42% by market value, respectively, according
to the July 2009 servicer report.

The Halton Lea Shopping Centre loan was transferred in special
servicing in July 2008 because of a breach of the projected whole
loan interest-coverage ratio covenant.  The loan was accelerated a
few days ago due to the parties not agreeing a workout strategy.
The performance of the collateral has declined since closing in
2005.  The property is currently suffering from a high vacancy
rate (14.8%) and has been subject to material market value
declines, primarily due to significant yield shift. The special
servicer reported the property value as GBP27.5 million in August
2009.  The senior loan outstanding balance is GBP34.6 million.

In light of these factors, S&P considers that the risk of a
principal loss at the transaction level has continued to increase.

The performance of the four other loans remain in line with S&P's
current expectations.  The refinancing of these loans might be
challenged by the sharp increase in capitalization rates and
limited availability of refinancing.  S&P believes extended
workouts for some loans may minimize or, perhaps, eliminate,
losses to noteholders.

Special servicing fees continue to affect the class D notes but
the current amount falls under S&P's minor shortfall approach--as
a result S&P has not lowered the rating on these notes to 'D' at
this time.

                           Ratings List

               European Prime Real Estate No. 1 PLC
GBP347.758 Million Commercial Mortgage-Backed Floating-Rate Notes

       Rating Lowered and Removed From CreditWatch Negative

              Class       To           From
              -----       --           ----
              D           B-           BB/Watch Neg

      Ratings Affirmed and Removed From CreditWatch Negative

              Class       To           From
              -----       --           ----
              A           AAA          AAA/Watch Neg
              B           AA           AA/Watch Neg
              C           BBB          BBB/Watch Neg


FARRINGDON MORTGAGES: Fitch Cuts Rating on Class B2a Notes to 'B'
-----------------------------------------------------------------
Fitch Ratings has upgraded three, downgraded one and affirmed
eight tranches of the Farringdon Mortgages Transactions of UK non-
conforming transactions.

The rating actions are:

Farringdon Mortgages No. 1 Plc (Farringdon 1):

  -- Class A2a (ISIN XS0211295778) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-2'

  -- Class A2a detachable coupons (ISIN XS0211296313)
     affirmed at 'AAA'; Outlook Stable

  -- Class M2a (ISIN XS0211300362) upgraded to 'AA' from 'A';
     Outlook Positive; assigned Loss Severity Rating of 'LS-1'

  -- Class B1a (ISIN XS0211301766) upgraded to 'A' from 'BBB';
     Outlook Positive; assigned Loss Severity Rating of 'LS-2'

  -- Class B2a (ISIN XS0211303382) affirmed at 'BB-'; Outlook
     Positive; assigned Loss Severity Rating of 'LS-2'

  -- MERCS (ISIN XS0211306641) affirmed at 'AAA'; Outlook Stable

Farringdon Mortgages No. 1 Plc (Farringdon 2):

  -- Class A2a (ISIN XS0228709985) affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-1'

  -- Class A2a DAC (ISIN XS0228710561) affirmed at 'AAA'; Outlook
     Stable;

  -- Class M2a (ISIN XS0228711882) upgraded to 'AA' from 'A';
     Outlook Positive; assigned Loss Severity Rating of 'LS-1'

  -- Class B1a (ISIN XS0228712260) affirmed at 'BBB'; Outlook
     revised to Positive from Stable; assigned Loss Severity
     Rating of 'LS-2';

  -- Class B2a (ISIN XS0228712930) downgraded to 'B' from 'BB';
     Outlook Stable; assigned Loss Severity Rating of 'LS-2'

  -- MERCS (ISIN XS0228713235) affirmed at 'AAA'; Outlook Stable

The upgrades reflect the significant credit enhancement growth
since closing as a result of considerably high constant prepayment
rates.  On the other hand, losses of both transactions have, in
several of the last four quarters, exceeded the available excess
spread resulting in reserve fund draws.  A declining RF affects
mainly the CE of the most junior tranche of the transactions.
This prompted the affirmation of the Class B2a of Farringdon 1 --
despite its significant CE growth -- and the downgrade of the
Class B2a of Farringdon 2.  The dissimilar rating actions reflect
the relatively worse performance of the latter transaction's
delinquencies, cumulative losses and weight average loss severity.

Until October 2008 the maximum period losses reached by Farringdon
1 had been 0.56%, before worsening to 2.19% and 1.14% in January
and April 2009, respectively.  This level was above the available
XS causing the RF to be drawn.  On the last reported quarter, in
July 2009, period losses of Farringdon 1 narrowed to 0.88%.
Similarly, Farringdon 2 Period losses worsened to 0.71%, 1.05% and
1.51% in October 2008, January and July 2009, respectively, from
0.53% in July 2008, and also resulted in RF draws.  In July 2009
period losses descended to 0.54%.  Widening losses are a result of
more properties being sold and higher WALS.  Period WALS reached a
maximum of 49.11% and 59.61% in April 2009 for Farringdon 1 and 2,
respectively.

The higher Period WALS are a combination of declining house prices
and the long time lapse before properties are sold, which
increases the cost of carry.  The loan-by-loan level analysis
shows that some of the loans in repossession have a high
percentage of arrears due and not paid, suggesting that future
loss severity levels are likely to remain high and possibly result
in further RF reductions.  In addition, because of the small size
of the remaining pool of the transactions, the available XS may be
insufficient to absorb the loss of a large property sale.

The loan-by-loan data at July 2009 shows that out of the
repossessed loans, 81.45% of the Farringdon 1 pool has an LTV
between 80% and 90%.  Farringdon 2 has 84.92% of its repossessed
loans with an LTV higher than 80%, and 18.88% of the transaction
repossessed loans above 90%.  Farringdon 1 loans were mainly
originated in 2004, while the vast majority of Farringdon 2 loans
in 2005.  Therefore, both pools still have some house price
appreciation built in, but overall Farringdon 1 loans have more
house price appreciation and a lower LTV distribution than
Farringdon 2.  As a result, the WALS of the latter deal are
expected to be higher.


FARRINGDON MORTGAGES: S&P Affirms Ratings on Class B2a Notes at BB
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
the class B1a notes issued by Farringdon Mortgages No. 1 PLC and
the class M2a notes issued by Farringdon Mortgages No. 2 PLC.  At
the same time, S&P affirmed all other classes of notes in these
transactions.

The upgrades are due to increases in credit enhancement in the
transactions, which have paid down as the more senior classes of
notes have redeemed.  In S&P's opinion, arrears are high in both
transactions but this is offset by the increase in credit
enhancement and high collection rates (interest received as a
percentage of interest due).

All loans in both transactions are paying a floating rate of
interest linked to three-month LIBOR.  S&P believes borrowers have
been helped through lower monthly payments as LIBOR has fallen
throughout 2009.  This has led to improvements in collection rates
in recent quarters.

S&P will continue to monitor these transactions closely.  Both
transactions have relatively low pool factors.  Therefore, as
borrowers continue to refinance, S&P anticipates that the risk of
adverse selection will increase.

Farringdon Mortgages No. 1 and Farringdon Mortgages No. 2 are U.K.
nonconforming residential mortgage-backed securities transactions
that closed in February 2005 and September 2005, respectively.

                           Ratings List

                    Farringdon Mortgages No. 1 PLC
        GBP125 Million Mortgage-Backed Floating-Rate Notes

                           Rating Raised

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  B1a         BBB+          BBB

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2a         AAA
                        A2a DAC     AAA
                        M2a         AA
                        B2a         BB
                        MERCs       AAA

                  Farringdon Mortgages No. 2 PLC
        GBP200 Million Mortgage-Backed Floating-Rate Notes

                           Rating Raised

                                   Rating
                                   ------
                  Class       To            From
                  -----       --            ----
                  M2a         A+            A

                         Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A2a         AAA
                        A2a DAC     AAA
                        B1a         BBB
                        B2a         BB
                        MERCs       AAA


GEMINI PLC: S&P Downgrades Rating on Class E Notes to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on all
classes of notes issued by GEMINI (ECLIPSE 2006-3) PLC.  At the
same time, S&P removed all the notes from CreditWatch.

GEMINI is a single-borrower secured-loan transaction backed by a
portfolio of average-quality retail, office, warehouse/industrial,
and leisure properties in England and Scotland.

S&P initially rated this interest-only transaction in October
2006.  At that time, it included 36 properties and
GBP918.9 million in notes.  Two assets, originally listed
separately, are now reported by the servicer as a single property,
and one property has been sold since issuance.  The notes have
paid down to a current balance of GBP850.4 million.

The deal has a long-dated senior interest rate swap which, in the
current interest rate environment, results in significant
potential break costs.  Payments and break costs associated with
both the senior and junior loan interest rate hedges rank senior
to payments to noteholders.

The underlying properties have suffered in the current economic
environment, with operating income adversely affected by rising
vacancies.  Softening rental markets and tenant rollover, combined
with increased exposure to tenant insolvency, have created a drag
on the assets' performance.

Rising vacancies have reduced rental income and increasing void
costs have added to stress on the net cash flows.  The secondary
nature of many of the underlying assets and the exposure to retail
and industrial properties make this portfolio susceptible to
continued occupational weakness.

The most recent quarterly report indicated that the interest
coverage ratio has fallen to 1.01x.  Factoring in the junior loan
swap payments ranking senior to loan payments reduces the actual
ICR to 0.94x.  The issuer has most recently paid shortfalls by
using excess funds available in various accounts.

The most recent valuation indicates a portfolio value of
GBP801.4 million.  This is a decline in the value at issuance and
results in a securitized senior loan-to-value ratio of 106.1%.
For covenant testing, LTV calculations include the mark-to-market
senior swap break cost.  Estimated break costs have fluctuated
considerably, but using the most recent mark-to-market break cost
estimate from the servicer increases the LTV ratio to 120%.

S&P expects continued market deterioration to preclude value
recovery in the near term, and any projected recovery in value to
be hampered by the shift in investor preference away from the type
of secondary assets that characterize the GEMINI portfolio.

The loan is in special servicing as a result of a breach in the
LTV ratio covenant of 80%.

The special servicer, CB Richard Ellis Loan Servicing Ltd., has
recently issued a report to noteholders detailing an asset
management strategy designed to avoid default and enforcement with
the purpose of increasing the revenue generated by the underlying
properties.  The special servicer has indicated that near-term
deficiencies in coverage are likely to occur as a result both of
recent declines in operating income and upcoming one-off required
payments.  A GBP64 million liquidity facility is available to
bridge interest shortfalls to noteholders.

In light of the current economic environment, the continuing
difficulties for tenants, and the softening rental market, the
characteristics of the transaction have led us to lower S&P's
ratings on all the notes to reflect a more appropriate level of
creditworthiness.

                            Ratings List

      Ratings Lowered and Removed From CreditWatch Negative

                    GEMINI (ECLIPSE 2006-3) PLC
GBP918.862 Million Commercial Mortgage-Backed Floating-Rate Notes

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


GEMMA GROUP: Assets Sold to Bombardier Transportation
-----------------------------------------------------
Julie Palmer and Antony Fanshawe, partners at Begbies Traynor
based in Southampton, Portsmouth, Bournemouth and Salisbury,
announced that the business and assets of Gemma Group, comprising
the trading companies, Whiteley Electronics Limited and Gemma
Electronics Limited, have been sold to Bombardier Transportation
UK Limited.

Whiteley Electronics trading from Mansfield, Notts is involved in
the fabrication and installation of rail and bus passenger
information systems.  Gemma Electronics, based in Cosham, Hants is
involved in the manufacture of printed circuit boards for Whiteley
and a number of other blue-chip customers.

The Group suffered from losses in 2006 and 2007, which has led to
severe and increasing cash constraints in the last 18 months,
despite a healthy forward order book.  This position has been
exacerbated by the current economic downturn.  The Group entered
Administration on July 14, 2009.

The sale preserves the vast majority of the jobs for 150
employees.

Ms. Palmer commented "I am delighted to achieve a successful going
concern sale.  Whiteley Electronics is a long standing and major
employer in the Mansfield area having traded since 1930.  It has
been a difficult period for the workforce of both companies.  I am
grateful for their support during the Administration and we have
demonstrated that even in this difficult climate there are still
buyers there for good businesses."


HARGREAVES SERVICES: Secures GBP115 Mln Debt Package
----------------------------------------------------
Rapidly expanding Durham-based Hargreaves Services plc has secured
funding in one of the region's largest corporate deals of the past
12 months.

Hargreaves Group is a supplier of products and services to the
energy, mineral and waste sectors.  During the past few years, the
GBP503 million turnover business has grown both by acquisition and
organically, and has now secured a new debt package to allow for
further growth over the coming year.

Sourced from a "club" of five banks, led by existing bankers Royal
Bank of Scotland, the deal that was structured and negotiated by
the BTG McInnes Corporate Finance team in Newcastle will deliver a
GBP115 million debt refinancing facility.

Lloyds TSB Corporate Markets, Santander, HSBC and Yorkshire Bank
have all joined RBS in providing the facilities, demonstrating the
renewed corporate lending that is starting to be seen to following
a period of virtual standstill after the collapse of the banking
markets in September 2008.

Commenting on the refinancing facility, Iain Cockburn, Hargreaves'
Finance Director, said: "We are pleased to have new finance
arrangements in place.  Given the current economic climate, we
believe the securing of this facility is testament to the strength
of the business and its prospects for further progress."

Established in 1994 as a specialist bulk haulier, the Hargreaves
Group has grown, both organically and by acquisition, into a major
force in the supply, movement and management of mineral resources
and the provision of support services to the energy and waste
industries.

"Despite the unprecedented economic conditions this deal is
evidence that good quality businesses with strong management teams
are still able to secure funding," said Shawn Bone, partner at BTG
McInnes Corporate Finance.

"Hargreaves is a quality North East business and there was a great
deal of interest from the banking sector to support its expansion.
It is now well positioned to continue its successful track record
of growth," Mr. Bone added.

The Group employs 2,300 staff and operates through four divisions,
production, energy & commodities, transport and industrial
services.  The Hargreaves Group operates over 400 vehicles as well
as other sub-contracted haulage stock around the UK and owns
numerous collieries, factories, transport depots and manufacturing
plants across the country.

Other advisers involved in the deal included KPMG who provided
transaction support services, Walker Morris who advised the
company on legal matters and Eversheds who advised the banking
group.


KINGSTON MANAGEMENT: In Administration; Begbies Traynor Appointed
-----------------------------------------------------------------
Kingston Management (Guernsey) Limited was placed in to
Administration by the Royal Court of Guernsey on September 8.
Alan Roberts and Adrian Rabet of Begbies Traynor were appointed as
Joint Administrators.

The Company, based in Hirzel Court, St. Peter Port, currently
employs seven people.  The staff will continue to work for the
company to facilitate the transfer of the client portfolio to
other management companies which is expected to take several
months.

Commenting on the appointment, Joint Administrator Alan Roberts
said: "Protection and improvement of client service is a key
requirement of this process.  The Regulator has been consulted at
all stages of the process and we look forward to a successful
outcome of the portfolio transfer in coming weeks."


LEHMAN BROTHERS: World's Top Banks File Billions in Claims
----------------------------------------------------------
Wilmington Trust Company, as indenture trustee for noteholders,
Pricewaterhouse Coopers as administrators of Lehman Brothers
International (Europe) and other European units of Lehman,
Bundesverbank Deuscher Banken E.V., Lehman Brothers Japan, and
Deutsche Bundesbank, have filed the largest claims by the Sept. 22
bar date for filing proofs of claim in the Chapter 11 cases of
Lehman Brothers Holdings Inc. and its U.S. units.

According to reports by Michael J. Moore and Heather Smith:

   * the U.K.'s biggest financial institutions, including
     Barclays Plc and HSBC Holdings Plc, filed more than
     US$3.2 billion of claims.  arclays, which purchased Lehman's
     headquarters and North American brokerage last year, filed
     claims totaling more than US$2.5 billion.  HSBC, Britain's
     biggest bank, is seeking to recover more than
     US$440 million.

   * Japan's biggest financial institutions, including Nomura
     Holdings Inc. and Mizuho Financial Group Inc., filed more
     than US$4 billion of claims.  Nomura, Japan's biggest
     brokerage, filed claims totaling more than US$2 billion.
     Mitsubishi UFJ Financial Group Inc., the largest Japanese
     bank, is seeking to recover more than US$510 million.
     Mizuho filed claims for at least US$890 million.

   * the U.S.'s eight biggest banks, including U.S. Bancorp and
     Bank of America Corp., filed more than US$20.8 billion of
     claims.  U.S. Bancorp, acting as a trustee, filed claims
     of more than US$12.4 billion.  Bank of America, the biggest
     U.S. bank by assets, is seeking to recover more than
     US$5.2 billion.  Morgan Stanley, which converted into a bank
     holding company less than a week after Lehman collapsed,
     is seeking at least US$3 billion.

   * France's biggest financial institutions, including BNP
     Paribas SA and Societe Generale SA, filed more than
     US$3.3 billion worth of claims against LBHI.  BNP Paribas,
     France's largest bank, said it's owed about US$1.3 billion.
     Societe Generale, France's third biggest lender, filed
     claims totaling more than US$1.2 billion.

According to the list posted by Epiq Bankruptcy Solutions, the
claims agent, parties who have filed claims in excess of US$500
million against LBHI include:

  Claim No.     Claimant                            Claim Amount
  ---------     --------                            ------------
  10082         Wilmington Trust, as
                  Indenture Trustee              US$48,779,932,734
  17894,17538   Bundesverband Deutscher
                  Banken E.V.                    US$25,725,484,071
  21530         LB International (Europe)        US$23,178,197,173
  21281         Lehman Brothers Japan            US$21,803,510,131
  21527         LB International (Europe)        US$11,834,607,665
  19951         Deutsche Bundesbank              US$10,360,901,745
  23568         LB Re Financing No. Limited       US$6,761,074,231
  22719, 22605  Citibank, N.A., as trustee        US$5,041,254,234
  23465-23468   U.S. Bank N.A.                    US$5,000,000,000
  14826         Heron Quays (HQ2) T1 Limited      US$4,280,970,000
  22766, 22773  Wilmington Trust, as Trustee      US$4,162,459,849
  22774, 22604  Citibank, N.A., as trustee        US$3,386,836,805
  27994, 27995  Fenway Capital, LLC               US$3,012,139,644
  21525         LB SF No. Ltd                     US$2,875,036,778
  20137         Bank of America, N.A.             US$2,857,969,396
  21529         LB International (Europe)         US$2,807,719,562
  27141         Deutsche Bank AG                  US$2,494,729,944
  20105         Bank of America N.A.              US$2,349,153,939
  23463         Pamela Weder, VP                  US$5,000,030,321
  1612          Lehman Brothers Bank, FSB         US$2,192,000,000
  15079, 15078  Office of Thrift Supervision      US$2,192,000,000
  20492         U.S. Bank N.A.                    US$2,121,209,098
  21798         Bank of New York Mellon,
                  as indenture trustee            US$2,051,666,667
  21800         Bank of New York Mellon,
                  as indenture trustee            US$1,933,352,667
  27638         COMMERZBANK AG                    US$1,790,927,595
  21802         Bank of New York Mellon,
  20504, 2055   U.S. Bank N.A.                    US$1,742,758,407
  20829         Pacific International Finance     US$1,600,000,000
                  as indenture trustee            US$1,521,656,250
  20149         Merrill Lynch International       US$1,536,014,058
  28103, 28099  Goldman Sachs Bank USA,
                  as successor                    US$1,519,683,047
  21799         Bank of New York Mellon,
                  as indenture trustee            US$1,516,614,583
  18074         Barclays Bank PLC                 US$1,336,813,993
  21797         Bank Of New York Mellon,
                  as indenture trustee            US$1,264,375,000
  18076         Barclays Bank PLC                 US$1,125,806,565
  11037         NY State Department of
                  Taxation and Finance            US$1,217,149,064
  27947, 27946  7th Avenue Inc.                   US$1,200,000,000
  27634         COMMERZBANK AG                    US$1,136,013,393
  20506, 20507  U.S. Bank N.A.                    US$1,072,249,503
  11307, 11306  Morgan Stanley Capital Group      US$1,019,588,693
  24366         CTLA Trustee Services Admin.      US$1,000,000,000
  22721, 22606  Citibank, N.A., as trustee          US$999,992,177
  28105, 28104  Goldman Sachs Bank USA,
                  as successor                      US$999,304,164
  20148         Merrill Lynch International         US$987,098,710
  22639, 22775  Citibank, N.A., as trustee          US$927,988,327
  14971         BNP Paribas                         US$895,971,755
  3813          Boise Land & Timber II, LLC         US$833,781,693
  17120         OMX Timber Finance Investments
                  II, LLC                           US$844,896,060
  1439          OMX Timber Finance Investments
                  II, LLC                           US$833,171,475
  27635         COMMERZBANK AG                      US$820,730,825
  17755         Deutsche Bank AG, London            US$801,478,085
  21517         Storm Funding                       US$795,799,364
  21693, 21685  Royal Bank of Scotland PLC          US$791,596,534
  17321, 17319  Primary Fund of the Reserve Fund    US$785,000,000
  21801         Bank of New York Mellon,
                  as indenture trustee              US$766,500,000
  17199, 17198  Nomura International PLC            US$722,417,698
  17247         Danske Bank A/S London Branch       US$699,657,334
  14664         GLG European Long-Short Fund        US$648,992,015
  5576, 4727    New York City Dept. of Finance      US$626,999,222
  15649         Abu Dhabi Investment Authority      US$609,695,486
  21285         Lehman Brothers Japan Inc.          US$562,563,676
  12145         Chang Hwa Commercial Bank, Los Ang  US$511,720,568

Wilmington Trust, as successor indenture trustee to Citibank,
N.A., filed a US$48.8 billion claim against LBHI, on behalf of
holders of various unsecured senior notes due to mature 2009 to
2037 issued by Lehman.  WTC says that although the total claim is
undetermined at this time, it says the total claim falls within a
range of US$49.2 billion, as provided by Citibank, to US$73.1
billion, as provided by the Debtor.

Heron Quays (HQ2) T1 Limited and Heron Quays (HQ2) T2 Limited
filed a US$4.28 billion claim.  Heron Quays Lehman owes it money
for leases at former headquarters at Canary Wharf, in London.

The N.Y. State Department of Taxation made claim for US$1.2
billion in taxes, interest and penalties from Lehman Brothers
Holdings Inc.  The state is seeking payment for tax bills dating
to 1994, according to the proof of claim.  New York-based Lehman
owes US$393 million in tax and interest for the 2003 tax year and
US$387.9 million for 2007.  New York state said that US$1.09
billion constitutes as an "unsecured priority" claim, while the
remaining US$131 million constitute as a "general unsecured"
claim.

Lehman Brothers' creditors filed more than 16,000 claims against
the failed investment bank before the Sept. 22 deadline.

                      About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


LOGOS TECHNOLOGIES: Business Sold in Pre-Pack Deal
--------------------------------------------------
The positive aspects of properly planned and executed pre-pack
administrations -- and their ability to bring service sector
businesses back from the brink while giving a decent return to
stakeholders -- are being highlighted by Southampton insolvency
practitioner Antony Fanshawe following the successful sale of a
Lymington-based specialist IT firm to an American company.

Formed in 1995, the Logos Technologies business specializes in
electronic data capture systems for the pharmaceutical industry.
Antony Fanshawe, regional partner with Begbies Traynor, was
initially appointed to assist with negotiations between
shareholders regarding the potential sale of the business.

It soon become apparent that the company was technically insolvent
but, said Mr. Fanshawe, placing it into formal administration and
then marketing the business for sale would have sounded the death
knell in terms of achieving the best deal for creditors.

"Once word of administration gets out it becomes virtually
impossible to retain the staff and customers necessary to keep a
software developer like this in business.  Value disappears very
fast indeed," Mr. Fanshawe explained.

"In these situations you must sell quickly or not at all.  The
pre-pack process facilitates this by allowing terms of a sale to
be negotiated prior to the company being placed in administration.
The disposal can then take place virtually immediately.  The trick
is to get the best deal for stakeholders whilst keeping the
process under wraps."

With two potential purchasers in the frame Mr. Fanshawe was keen
to make the process as inclusive as possible and the opinions of
all stakeholders were carefully considered as an important factor
in the administrators' decision-making process before the American
company, Omnicomm Systems Inc was selected as the preferred
bidder.

The business is now trading successfully as Omnicomm Limited,
benefiting from the intellectual property and global licensing
agreements of its new parent company.

Mr. Fanshawe concluded: "Pre-packs are an excellent tool for
bringing about the sale of a business where the real value lies in
the employees, forward contracts or intellectual property.  I hope
that the experience of Logos Technologies will help the process to
be seen as an important business recovery tool used properly in
the right case."


MR LUCKY: PwC Appointed as Joint Administrators
-----------------------------------------------
Stuart Maddison and Steve Ellis of PricewaterhouseCoopers LLP were
appointed as Joint Administrators of Mr. Lucky Bags Limited,
Stockleys Sweets Limited and Teepee Creative Limited on
September 23, 2009.

Following their appointment, the administrators announced a sale
of the Teepee business to Bon Bon Buddies Ltd. Teepee Creative
Limited is a manufacturer and distributor of branded toys and
gifts.

Two remaining subsidiaries of Mr Lucky Bags Limited (Dovedale
Confectionary Limited and Toontastic Publishing Limited) are not
in administration and continue to operate as normal.

Mr Lucky Bags Limited, which is based in Stoke-on-Trent and has 68
employees, is a manufacturer and distributor of novelty party bags
containing sweets, toys and games to high street and independent
retailers in the UK and Europe.  Stockleys Sweets Limited is based
in Accrington, near Blackburn, and is a traditional manufacturer
of confectionery. Stockleys Sweets Limited employs 38 staff.

The Companies were placed into administration following a
difficult trading period, as a result of the current downturn in
the retail sector.

Stuart Maddison, Joint Administrator and partner at
PricewaterhouseCoopers LLP said, "We are delighted to have secured
a sale of the Teepee business via the pre-packaged method of
administration.  This sale demonstrates that in the right
circumstances, a pre-packaged administration following an
extensive accelerated marketing process can provide real stability
to a brand".

"Mr Lucky Bags and Stockleys are two well-established businesses
and the immediate priority following our appointment is to seek a
buyer for the businesses as a going concern.  To that end, we
invite any interested parties to contact us as soon as possible.
While this process takes place, we will be relying on the support
of our customers, suppliers and of course the employees to enable
us to fulfill outstanding orders."

Any interested parties should contact Julie Skelly at
PricewaterhouseCoopers LLP on 01509 604 194.


VIRGIN MEDIA: LSE Trading Starts Tomorrow, Oct. 1
-------------------------------------------------
Salamander Davoudi at The Financial Times reports that Virgin
Media will start trading on the London Stock Exchange tomorrow,
Oct. 1.

According to the FT, the secondary listing is aimed at broadening
the company's shareholder base and raising its profile in the UK
and Europe.

Virgin Media, which will not issue any new equity as part of the
process, will continue to use Nasdaq as its primary listing, the
FT notes.

As reported in the Troubled Company Reporter-Europe on Aug. 11,
2009, Virgin Media lost an unexpectedly large number of
subscribers in the three months to the end of June.  The FT
disclosed some 26,200 customers left the company in the second
quarter -- almost twice as many as expected.  According to the FT,
Virgin Media's pre-tax losses in the first half of the year
narrowed from GBP554 million to GBP168 million.  The FT said in
spite of the drop in customer numbers, half-year revenue fell
slightly from GBP1.89 billion to GBP1.87 billion as the remaining
customers at Virgin Media increased their average monthly spending
to a record GBP43.27, up from GBP41.68 in the same period last
year.

                        About Virgin Media

Headquartered in London, England, Virgin Media Inc. --
http://www.virginmedia.com/-- is a United Kingdom-based
entertainment and communications business.  Virgin Media is a
residential broadband and mobile virtual network operator, and a
provider in the United Kingdom of pay television and fixed-line
telephone services.  Virgin Media manages its business through
three segments: Cable, Mobile and Content.  The Cable segment
includes the distribution of television programming over the
Company’s cable network, and the provision of broadband and fixed-
line telephone services to consumers, businesses and public sector
organizations.  The Mobile segment includes the provision of
mobile telephone services under the name Virgin Mobile to
consumers over cellular networks owned by third parties.  The
Company’s Content segment includes the operations of its United
Kingdom television channels, such as Virgin1, Living and Bravo's
portfolio of retail television channels.  In April 2009, Virgin
Media Inc. announced that AURELIUS AG has acquired sit-up Ltd.

                          *     *     *

On July 20, 2009, the Troubled Company Reporter-Europe reported
that Fitch Ratings affirmed UK cable operator Virgin Media Inc.'s
Long-term Issuer Default Rating at 'BB-' with a Stable Outlook,
and its Short-term IDR at 'B'.  The agency also affirmed Virgin
Media Finance's and Virgin Media Investment Holdings Limited's
existing instrument ratings.

As reported in the Troubled Company Reporter-Europe on June 1,
2009, Moody's Investors Service affirmed the Ba3 corporate family
rating of Virgin Media Inc.  Moody's said the outlook is stable.


* UK: Autumn Critical Period for Hotel Companies, KPMG Says
-----------------------------------------------------------
This autumn will be a critical period for many hotel companies,
predicted KPMG, as the sector faces the drop off in summer leisure
spend and looks for a much needed return of corporate and events
business.  But with commercial tensions between owners and the
brand and management companies as great as they have ever been,
flexibility and co-operation will be key to keeping the wolf from
the door Richard Hathaway, KPMG's Head of Travel, Leisure and
Tourism commented:

"Given the rough ride the hotel sector has endured in the last 12
months, the summer will have provided a life line for many
struggling businesses, but as leisure spend drops off through the
autumn, the next three months could be make or break.

"Savvy operators will have optimised their summer trading and the
rise of the 'staycation', to offset some of their lost business
custom in recent months, but a continued tight rein on costs and
cash will be critical in the coming quarter.

"Many will find that the their traditionally strong autumn and
Christmas revenues from business travel, conferences and events
does not return this year and as a result their businesses will
remain under severe pressure for the foreseeable future.  Indeed
recent research indicates that the sector is not expecting an
increase in conference and meeting bookings in the coming year.

"We are expecting to see a surge in business insolvencies
generally in the autumn, and in this context, the hotel sector is
unlikely to be an exception.  The festive period should provide a
leisure trading boost, which will be particularly important this
year, as traditionally weak trading in January and February may
call time for some."

"Tensions between individual hotel owners and the big brands have
never been so pronounced, as the pressure on cash and funding
heightens their differing priorities.  Capital expenditure is a
particular pressure point, with a need to find a balance between
the long term need to maintain standards and on the short term
need to keep servicing debt.  This will require considerable
flexibility and co-operation or the consequences could be severe
for both sections of the industry."

                            About KPMG

KPMG is a global network of professional firms providing Audit,
Tax, and Advisory services.  It operates in 144 countries and has
more than 104,000 professionals working in member firms around the
world.  The independent member firms of the KPMG network are
affiliated with KPMG International, a Swiss cooperative.  KPMG
International provides no client services.


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


* S&P's 2009 Global Corporate Default Tally at 216
--------------------------------------------------
One global corporate issuer defaulted on the week of September 18
to 24, bringing the 2009 year-to-date tally to 216 issuers --
nearly 4x the 62 defaults at this time in 2008, said an article
published Sept. 25 by Standard & Poor's.

Last week's defaulter was based in Japan, bringing the default
tallies by region to 155 issuers in the U.S., 13 in Europe, 34 in
the emerging markets, and 14 in the other developed region
(Australia, Canada, Japan, and New Zealand), according to the
article, titled "Global Corporate Default Update (Sept. 18 - 24,
2009) (Premium)."

The latest default resulted from a payment suspension after the
issuer, Aiful Corp., successfully applied for alternative dispute
resolution (ADR) procedures.  S&P views this as a selective
default ('SD').

"Selective defaults have accounted for 75 defaults this year, the
majority of which were distressed exchanges," said Diane Vazza,
head of Standard & Poor's Global Fixed Income Research Group.
"Missed interest payments come in second, accounting for 74
defaults in 2009."  Bankruptcy filings also have surged, with 54
issuers so far this year having filed for bankruptcy protection,
which surpasses the full-year 2008 total of 49 bankruptcy-related
defaults.

"Despite unprecedented turbulence in the credit markets and
record-high default volume since 2008, the ability of corporate
credit ratings to serve as an effective measure of relative
default risk remains intact," said Ms. Vazza.

This is evidenced by several factors, such as 87% of the issuers
that have defaulted this year were rated speculative grade ('BB+'
and lower) prior to default, investment-grade-rated issuers
('BBB-' and above) have a 99% survival rate within a one-year time
horizon, and the majority of defaults this year stem from the
lowest rungs of the credit spectrum, known as weakest links.
Globally, 278 issuers are weakest links (entities rated 'B-' and
lower with a negative outlook or ratings on CreditWatch negative),
and the regional distribution of weakest links closely mirrors the
default experience so far this year.

Of the global corporate defaulters so far this year, 40% of issues
with available recovery ratings had recovery ratings of '6'
(indicating our expectation for negligible recovery of 0%-10%),
16% of issues had recovery ratings of '5' (modest recovery
prospects of 10%-30%), 12% had recovery ratings of '4' (average
recovery prospects of 30%-50%), and 11% had recovery ratings of
'3' (meaningful recovery prospects of 50%-70%).  And for the
remaining two rating categories, 11% of issues had recovery
ratings of '2' (substantial recovery prospects of 70%-90%) and 10%
of issues had recovery ratings of '1' (very high recovery
prospects of 90%-100%).

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *