TCREUR_Public/091001.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 1, 2009, Vol. 10, No. 194

                            Headlines

A U S T R I A

ANNE BONNY: Claims Filing Deadline is October 21
LDAG REAL: Claims Filing Deadline is October 21
LS MONTAGEBAU: Claims Filing Deadline is October 21
REICHER BAU: Claims Filing Deadline is October 20
REIHOL BETEILIGUNG: Claims Filing Deadline is October 20

REMARK ENGINEERING: Claims Filing Deadline is October 20
SALUS REALITAETEN: Claims Filing Deadline is October 20
SIX WERKZEUGBAU: Claims Filing Deadline is October 20


F R A N C E

BNP PARIBAS: To Raise EUR4.3BB in Rights Offer to Repay State Aid
CMA CGM: Forms Committee to Restructure Debt


G E O R G I A

BANK OF GEORGIA: Moody's Confirms 'D-' Financial Strength Rating
TBC BANK: Moody's Confirms 'D-' Bank Financial Strength Rating


G E R M A N Y

HAPAG-LLOYD AG: To Get EUR.186 Bln in Aid From Owners
HYPO REAL: German Gov't "Squeeze-Out" Only Option, CEO Says


I C E L A N D

TRYGGINGAMIDSTODIN HF: S&P Affirms 'BB' Counterparty Credit Rating

* ICELAND: Corporate Bankruptcies Total 555 in First 8 Mos.


I R E L A N D

CAPITAL BARS: Draws Up Rescue Plan for Four Venues
ELAN CORP: S&P Changes Outlook to Positive; Assigns 'B' Rating
ELAN FINANCE: Moody's Assigns 'B2' Rating on Senior Unsecured Note


I T A L Y

ALITALIA SPA: Intesa, UniCredit to Provide EUR100 Mln Loan
INTESA SANPAOLO: Won't Push Through with Tremonti Bond Sale Plan
ITALFINANCE SECURITISATION: S&P Puts Ratings on Negative Watch
UNICREDIT SPA: Approves EUR4 Bln Capital Increase; Shuns State Aid


K A Z A K H S T A N

ALCO TRADE: Creditors Must File Claims by October 7
COMPANY TB 1: Creditors Must File Claims by October 7
AYA GUZ: Creditors Must File Claims by October 7
GLAV BOLGAR: Creditors Must File Claims by October 7
JAYIK INVEST: Creditors Must File Claims by October 7

JELTOKSAN 2004: Creditors Must File Claims by October 7
KOSTANAI STROY: Creditors Must File Claims by October 7
NEA SEMEY: Creditors Must File Claims by October 7
REM STROY: Creditors Must File Claims by October 7


K Y R G Y Z S T A N

ASIA SYNTEZ: Creditors Must File Claims by October 7
CHELEK TRADE: Creditors Must File Claims by October 7
IVA TRANS: Creditors Must File Claims by October 7
KG LB: Creditors Must File Claims by October 7
METLES NEFT: Creditors Must File Claims by October 7

TELEVISION PRO: Creditors Must File Claims by October 7
ULSAD LLC: Creditors Must File Claims by October 7
VESTA LOGISTIC: Creditors Must File Claims by October 7


N E T H E R L A N D S

ABN AMRO: Dutch Gov't Explores Options for Commercial Banking Arm
FORTIS BANK: Dutch Gov't Explores Options for Comm'l Banking Arm


R U S S I A

ARKADA LLC: Krasnoyarskiy Bankruptcy Hearing Set October 15
BAYKAL-LES-PROM: Creditors Must File Claims by October 7
EVRO-STROY LLC: Creditors Must File Claims by October 7
GLOBEXBANK CJSC: S&P Assigns 'BB-' Counterparty Credit Rating
INTERNATIONAL TRADE: Creditors Must File Claims by October 7

STROY-INVEST LLC: Creditors Must File Claims by October 7
VOLKON-LES CJSC: Creditors Must File Claims by October 7
YAROSLAVL OIL: Creditors Must File Claims by October 7


S W I T Z E R L A N D

AMGIL GMBH: Claims Filing Deadline is October 5
GRANAL AG: Claims Filing Deadline is October 5
HOMESECURITY BAER: Claims Filing Deadline is October 5
MUTELLUS AG: Claims Filing Deadline is October 5
PLANET THUN: Claims Filing Deadline is October 5

SEDGWICK DETERT: Claims Filing Deadline is October 5
SWISS BUGGY: Claims Filing Deadline is October 5
UTO ENGINEERING: Claims Filing Deadline is October 5
WELSCAN AG: Claims Filing Deadline is October 5
WIDMER SEMINARE: Claims Filing Deadline is October 5


U K R A I N E

CAIR-NIKOLAYEV LLC: Creditors Must File Claims by October 4
ENERGYRESOURCE LLC: Creditors Must File Claims by October 4
LINKS REVUE: Creditors Must File Claims by October 4
TECHNOEXPORT LLC: Creditors Must File Claims by October 4
TERRA LIGHT: Creditors Must File Claims by October 4

UKRPROMENERGY CJSC: Creditors Must File Claims by October 4


U N I T E D   K I N G D O M

CEVA GROUP: Moody's Assigns 'Caa1' Rating on $200 Mil. Notes
ENTERPRISE INNS: Says Does Not Need Rights Issue
FOUR SEASONS: Reaches Debt Restructuring Deal with Lenders
JESSOPS PLC: Averts Insolvency After Debt-for-Equity Swap Deal
TUI AG: TUI Travel to Refinance GBP900 Mln Loan


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         *********



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


ANNE BONNY: Claims Filing Deadline is October 21
------------------------------------------------
Creditors Anne Bonny Restaurant GmbH have until October 21, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 4, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Mag. Markus Dax
         Zaunergasse 4-6
         1030 Vienna
         Austria
         Tel: 5350084
         Fax: 5350084-10
         E-mail: m.dax@daxundpartner.at


LDAG REAL: Claims Filing Deadline is October 21
-----------------------------------------------
Creditors of Ldag Real GmbH have until October 21, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 4, 2009 at 10:15 a.m.

For further information, contact the company's administrator:

         Dr. Georg Kahlig
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0
         Fax: 523 47 91-33
         E-mail: kahlig.partner@aon.at


LS MONTAGEBAU: Claims Filing Deadline is October 21
---------------------------------------------------
Creditors of ls montagebau Lichtenstrasser KEG have until
October 21, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 4, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Mag. Birgit Linder
         Am Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at


REICHER BAU: Claims Filing Deadline is October 20
-------------------------------------------------
Creditors Reicher Bau 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 10:55 a.m.

For further information, contact the company's administrator:

         Dr. Christian Bachmann
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01-Serie
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at


REIHOL BETEILIGUNG: Claims Filing Deadline is October 20
--------------------------------------------------------
Creditors Reihol Beteiligung 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 11:05 a.m.

For further information, contact the company's administrator:

         Dr. Christian Bachmann
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01-Serie
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at


REMARK ENGINEERING: Claims Filing Deadline is October 20
--------------------------------------------------------
Creditors Remark Engineering 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 5, 2009 at 10:40 a.m.

For further information, contact the company's administrator:

         Dr. Andreas Haberl
         Feldgasse 17
         4840 Voecklabruck
         Austria
         Tel: 07672/22500
         Fax: 07672/22500-20
         E-mail: office@h2recht.at


SALUS REALITAETEN: Claims Filing Deadline is October 20
-------------------------------------------------------
Creditors Salus Realitaeten 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 12:30 p.m.

For further information, contact the company's administrator:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at


SIX WERKZEUGBAU: Claims Filing Deadline is October 20
-----------------------------------------------------
Creditors of Six Werkzeugbau 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 5, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Gerhard Haslbauer
         Hauptplatz 7
         4663 Laakirchen
         Austria
         Tel: 07613/5588
         Fax: 07613/5588-15
         E-mail: rechtsanwalt@haslbauer.at


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


BNP PARIBAS: To Raise EUR4.3BB in Rights Offer to Repay State Aid
-----------------------------------------------------------------
Fabio Benedetti-Valentini and David Whitehouse at Bloomberg News
report that BNP Paribas SA plans to raise EUR4.3 billion
(US$6.3 billion) by selling stock to existing shareholders to help
repay state aid.

Bloomberg relates BNP Paribas said Tuesday it is offering 107.6
million shares at EUR40 apiece.  According to Bloomberg, the
company said it will repay EUR5.1 billion received from the French
state as well as EUR226 million of interest.

Bloomberg recalls France's five top banking networks, including
BNP Paribas and Societe Generale SA, received about EUR20 billion
from the state to boost capital and sustain lending after Lehman
Brothers Holdings Inc.'s failure shook markets last September.

Dirk De Backer, a spokesman for Prime Minister Herman Van Rompuy,
as cited by Bloomberg, said the the Belgian government, which
holds 121.2 million BNP Paribas shares, is analyzing "all
available options" regarding the rights offer.

BNP Paribas SA -- http://www.bnpparibas.com/-- is a France-based
bank group with three core businesses: Retail Banking, Asset
Management and Services, and Corporate and Investment Banking.
Retail Banking comprises the French retail banking division, BNL
Banca Commerciale in Italy, BancWest, retail banking emerging
markets, personal finance and equipment solutions.  The Asset
Management and Services business includes private banking, asset
management, online savings and trading, securities services, real
estate services and insurance.  The Corporate and Investment
Banking division operates in advisory and capital markets
(corporate finance, equities and fixed income) as well as in
financing businesses (specialized and structured finance).  BNP
Paribas SA also has other activities, including Principal
Investments and the subsidiary, Klepierre.  In May 2009, BNP
Paribas SA approved the transfer by SFPI, a wholly owned Belgian
State company, of 54.55% of shares and voting rights of Fortis SA/
NV to BNP Paribas SA.


CMA CGM: Forms Committee to Restructure Debt
--------------------------------------------
Robert Wright at The Financial Times reports that CMA CGM S.A.
said it had formed a committee of French, European and
international banks, including banks from Asia and Korea, to
restructure its debt.

CMA CGM, as cited by the FT, said "The committee will propose
suitable measures to address the group's short- and medium-term
financing requirements with a view to strengthening CMA CGM's
capital structure and, in so doing, ensuring its ongoing
development."

The company neither named the banks involved nor said what level
of debt it carried, the FT notes.

According to the FT, the company is expected to table ideas
including a year-long moratorium on debt repayments.  It also
looks set to cancel some of its large order book of new ships,
which are mainly on order at Korean shipyards, the FT states.

The FT relates the company said it would continue with initiatives
started this year to save money, including renegotiation and, in
some cases, cancellation of ships.

Seonjin Cha at Bloomberg News reports Daewoo Shipbuilding & Marine
Engineering Co., the world's second-largest shipbuilder by
sales, said CMA CGM hasn't cancelled any orders for new vessels.
According to Bloomberg, Ahn Wook Hyun, a spokesman for Daewoo
Shipbuilding, said the company has orders for eight vessels
outstanding with Daewoo Shipbuilding.

Headquartered in Marseilles, France, CMA CGM S.A. --
http://www.cma-cgm.com-- ships freight PDQ.  The marine
transportation company is one of the world's leading container
carriers.  Through subsidiaries it operates a fleet of about 370
vessels that serve more than 400 ports around the globe, and it
maintains a network of about 650 facilities in about 150
countries.  In addition to hauling containers by sea, CMA CGM
provides logistics services, arranging the transportation of
containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Chairman Jacques Saade founded the company in 1978.


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G E O R G I A
=============


BANK OF GEORGIA: Moody's Confirms 'D-' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has confirmed the Bank of Georgia's
financial strength rating, local currency deposit ratings, and
senior unsecured debt rating at their current levels, thereby
concluding the review the rating agency initiated on June 8, 2009.
The outlook on the long-term foreign currency deposit rating was
changed to stable from negative; while all other ratings were
assigned a negative outlook.

"The confirmation of the ratings is based on Moody's view that
Bank of Georgia benefits from sufficient capitalization to absorb
anticipated levels of stress, despite the deteriorating operating
environment in Georgia and the effect of weakening credit
conditions on the bank's asset quality and performance in H1
2009," said Stathis Kyriakides, AVP-Analyst in Moody's Financial
Institutions Group.  Domestic political tension, which culminated
in opposition-led (but predominantly peaceful) street
demonstrations earlier in the year, has also tapered off.
Demonstrations do not appear to have affected the disbursement of
donor countries' pledged funds in a material way.  As at June
2009, Georgia had already drawn down 15% and entered into
agreements committing an additional 25% of the total
US$4.5 billion of pledged funds -- US$1,105 million of which
earmarked for the financial sector.

Partly through such pledged funding, Bank of Georgia has had
access to US$200 million in funding in 2009 (further to the
US$60 million raised at YE2008).  However, although credit charges
remained high in H1 2009 (nearly 30% relating to the bank's
acquisition of the Ukrainian Universal Bank for Development and
Partnership in 2007, subsequently renamed to BG Bank last year),
Moody's notes that the bank was able to generate a marginal profit
of GEL409,000 (US$247,000) compared with the GEL1.4 million
(US$840,000) loss recorded at YE2008.

"The negative outlook on the bank's BFSR, local currency deposit
rating and senior unsecured debt rating reflects Moody's view that
asset quality pressure will probably lead to sustained pressure on
credit charges for the foreseeable future," said Kyriakides.  The
rating agency explains that ongoing pressure on credit charges is
due to the central bank's progressive provisioning requirements on
already delinquent loans and the likelihood of further upward
pressure on non-performing loans.

Although the creditworthiness of sectors earmarked to receive
economic aid is likely to improve, Moody's notes that the credit
standing of retail customers may continue to weaken.  Factors
affecting retail customers' credit standing -- other than weaker
economic conditions and the rise in unemployment -- include a
decline in inward remittances (from the Georgian diaspora), which
supplement household income, and a delay in the benefits of
international aid feeding through to the population.  Signs of
economic stabilization in the country are not yet sufficient to
ensure credit conditions will improve in the near term.  "The
evolution of the bank's ratings will depend on developments in the
operating environment and its own intrinsic strength," adds
Kyriakides.

Moody's cautions that, despite currently subdued domestic
politics, the events of August 2008 and the subsequent stand-off
in the country's relations with Russia (notwithstanding Western
aid) are indicative of Georgia's elevated external political risk.

Moody's last rating action on the Bank of Georgia was implemented
on June 8, 2009, when the bank's D- BFSR and Ba3 global local
currency rating and senior unsecured debt rating were placed on
review for possible downgrade.

Headquartered in Tbilisi, the Bank of Georgia reported total
assets of US$1.8 billion at June 2009.


TBC BANK: Moody's Confirms 'D-' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed TBC Bank's bank financial
strength rating and local-currency deposit rating at their current
level, thereby concluding the review the rating agency initiated
on June 8, 2009.  The outlook on the bank's long-term foreign
currency deposit rating was changed to stable from negative, while
all other ratings were assigned a negative outlook.

"The confirmation of the ratings is based on Moody's view that TBC
Bank benefits from sufficient capitalization to absorb anticipated
levels of stress, despite the deteriorating operating environment
in Georgia and the effect of weakening credit conditions on the
bank's asset quality and performance in H1 2009," said Stathis
Kyriakides, AVP-Analyst in Moody's Financial Institutions Group.
In particular, TBC Bank's capitalization was enhanced in April
2009 when it raised US$40 million of new capital, at which time
the EBRD, IFC, DEG and FMO increased their combined stake in the
bank from 22% to 55% (holding a respective 20%, 20%, 11.7% and
3.3%).  Domestic political tension, which culminated in
opposition-led (but predominantly peaceful) street demonstrations
earlier in the year, has also tapered off.  Demonstrations do not
appear to have affected the disbursement of donor countries'
pledged funds in a material way.  As of June 2009, Georgia had
already drawn down 15% and entered into agreements committing an
additional 25% of the total US$4.5 billion of pledged funds --
US$1.105 billion of which earmarked for the financial sector.

Further to the capital increase, TBC Bank was also able to access
US$103 million worth of funding from IFIs in 2009 (US$44 million
of subordinated debt -- tier 2 capital -- and US$59 million of
senior debt).  Although credit charges remained high in H1 2009,
Moody's notes that the bank was able to generate profit of
GEL1.9 million (US$1.1 million) compared with the GEL57.6 million
(US$34.7 million) million loss recorded at YE2008.

"The negative outlook on the bank's BFSR, local currency deposit
rating and senior unsecured debt rating reflects Moody's view that
asset quality pressure will probably lead to sustained pressure on
credit charges for the foreseeable future," said Kyriakides.  The
rating agency explains that ongoing pressure on credit charges is
due to the central bank's progressive provisioning requirements on
already delinquent loans and the likelihood of further upward
pressure on non-performing loans.

Although the creditworthiness of sectors earmarked to receive
economic aid is likely to improve, Moody's notes that the credit
standing of retail customers may continue to weaken.  Factors
affecting retail customers' credit standing -- other than weaker
economic conditions and the rise in unemployment -- include a
decline in inward remittances (from the Georgian diaspora), which
supplement household income, and a delay in the benefits of
international aid feeding through to the population.  Signs of
economic stabilization in the country are not yet sufficient to
ensure credit conditions will improve in the near term.  "The
evolution of the bank's ratings will depend on developments in the
operating environment and its own intrinsic strength," added
Kyriakides.

Moody's cautions that, despite currently subdued domestic
politics, the events of August 2008 and the subsequent stand-off
in the country's relations with Russia (notwithstanding Western
aid) are indicative of Georgia's elevated external political risk.

Moody's last rating action on TBC Bank was implemented on June 8,
2009, when the bank's D- BFSR and Ba3 global local currency
deposit ratings were placed on review for possible downgrade.

Headquartered in Tbilisi, TBC Bank had total assets of
US$1.0 billion as of June 2009.


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


HAPAG-LLOYD AG: To Get EUR.186 Bln in Aid From Owners
-----------------------------------------------------
Brian Parkin and Holger Elfes at Bloomberg News report that Hapag
Lloyd AG's owners, including tour operator TUI AG, will provide
EUR1.86 billion (US$2.7 billion) to the container-shipping company
as part of a rescue package.

According to Bloomberg, government officials said the financial
help for Hapag comprises EUR923 million (US$1.34 billion) pledged
last month by the owners and additional help of about EUR940
million in hybrid loans from TUI and suspended interest and debt
repayments to shareholder TUI.

                          Loan Guarantees

Separately, Bloomberg reports German lawmakers yesterday delayed a
decision to grant loan guarantees to Hapag-Lloyd, saying the bid
by the shipping company's owners was "opaque" and could lead to
taxpayers' money being misspent.

Bloomberg relates the lawmakers said Parliament's budget committee
in Berlin gave the government 24 hours to clarify issues related
to a EUR1.2 billion (US$1.75 billion) loan guarantee.  According
to Bloomberg, the lawmakers said their concerns over the
guarantees, provisionally approved by the government on Sept. 28,
focused on the role of Hapag's main shareholder TUI.

Bloomberg notes Walther Otremba, a deputy economy minister who
attended the committee meeting, said he expects the information
requested by lawmakers and a subsequent signal of their approval
for the plan "by the end of the week."

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


HYPO REAL: German Gov't "Squeeze-Out" Only Option, CEO Says
-----------------------------------------------------------
James Wilson at The Financial Times reports that Axel Wieandt, the
chief executive of Hypo Real Estate Holding AG, said
that a German government plan to enforce a "squeeze-out" of
minority shareholders next week is the only option for the
troubled bank.

"The government requires full control as a prerequisite for its
further support of the group . . . no one else would have provided
the required amount of liquidity and capital.  We have to be
pragmatic about it.  The company is only a going concern because
of the government support," the FT quoted Mr. Wieandt as saying.

HRE, the FT says, faces years of government-led restructuring,
with the state expected to inject a further EUR7 billion after the
squeeze-out is complete.  According to the FT, a report prepared
for the squeeze-out procedure by PwC says the bank is in effect
worthless.  The FT discloses after the squeeze-out, the government
will delist the bank's shares and draw up a plan to move some
impaired assets, perhaps as much as EUR200 billion, into a "bad
bank".

Mr. Wieandt, as cited by the FT, said the plan will not cut
aggregate losses for the government, but might help accelerate the
group's restructuring.

The FT notes an extraordinary meeting to consider the squeeze-out
will take place on Monday.

                       About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 6,
2009, Fitch Ratings affirmed Hypo Real Estate Holding AG's
individual rating at 'F'.


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I C E L A N D
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TRYGGINGAMIDSTODIN HF: S&P Affirms 'BB' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB'
long-term counterparty credit and insurer financial strength
ratings on Iceland-based insurer Tryggingamidstodin hf.   At the
same time, S&P removed the ratings from CreditWatch, where they
had been placed with developing implications on July 3, 2009.
Prior to that, S&P had originally placed the ratings on
CreditWatch with negative implications on Oct. 7, 2008.  The
outlook is stable.

"The ratings reflect TM's marginal operating performance and
competitive position, offset by good capitalization," said
Standard & Poor's credit analyst Peter McClean.  "We view TM's
operating performance, with its long period of undesirably high
combined ratios and strong dependence on investment returns, as
marginal, particularly in the light of the heavy losses reported
in 2008," Mr.  McClean added.  TM's operating performance has also
been exacerbated by even greater losses in its former subsidiary,
Norway-based non-life insurer NEMI Forsikring ASA (not rated),
which was sold to Copenhagen-based insurer Alpha Group (not rated)
in April 2009.  Although S&P expects a slight improvement in 2009,
the continued above-average exposure to equities (albeit much
reduced from its former high levels) means that earnings are still
exposed to some volatility.

"We expect that capitalization will be maintained at a good
level," said Mr. McClean.  In this respect, S&P will continue to
monitor the dividend flows from TM to its parent, and also capital
quality, particularly in terms of asset-related risk.  "In terms
of operating performance, while S&P has yet to be convinced of the
willingness of the Icelandic market as a whole to improve
technical results to a more acceptable level, S&P believes that
TM's own actions should enable an improvement in the combined
ratio to about 115% by the end of 2009," said Mr. McClean.  S&P
anticipate that, in common with its competitors, TM's growth
prospects will be limited by the problems associated with the
Icelandic economy, with falling demand for insurance.  S&P
believes that these factors will, to some extent, offset TM's
efforts to achieve price adequacy and that consequently any growth
is most likely to be derived from inflation-related price
increases, with gross premiums written rising by about 5% to over
Icelandic krona 9 billion in 2009.  S&P believes an upgrade is
unlikely in the medium term.  However, barring any significant
unexpected deterioration in TM's capitalization, S&P also regard a
lowering of the rating as unlikely over the rating horizon.


* ICELAND: Corporate Bankruptcies Total 555 in First 8 Mos.
-----------------------------------------------------------
IceNews, citing Statistics Iceland (Hagstofa Islands), reports
that there were 555 Icelandic companies declared bankrupt in the
first eight months of 2009, compared to 470 in the same period
last year.

According to IceNews, mbl.is reported there were just a total of
12 Icelandic companies that were declared bankrupt in August 2009,
comparison to last year’s previous figures of 20 companies in
August 2008.

Most of the bankruptcies occurred in the construction business,
IceNews notes.


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I R E L A N D
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CAPITAL BARS: Draws Up Rescue Plan for Four Venues
--------------------------------------------------
Barkeeper reports that the O'Dwyer brothers, the directors behind
Capital Bars plc, are seeking to place four of their venues in
temporary examinership to keep them afloat, namely the companies
behind Cafe en Seine, Zanzibar, Howl at the Moon and The George.

As reported in the Troubled Company Reporter-Europe on Sept. 22,
2009, The Sunday Business Post Online said Capital Bars was in
refinancing talks with Allied Irish Bank, which it owed roughly
EUR25 million.  According to Post.ie, the aspect to saving the
company's remaining properties is securing a deal with the bank.
Post.ie disclosed the company petitioned the High Court to appoint
an examiner to the four group properties, while a liquidator was
also appointed over certain group assets.  According to Post.ie,
KPMG accountant Kieran Wallace was appointed examiner to the four
premises, while a liquidator, accountant Jim Stafford, was
appointed to the Dragon bar in Dublin, as well as the Trinity
Capital Hotel and the Grafton Capital Hotel.  These properties
will now be sold to repay creditors, Post.ie said.

Headquartered in Dublin, Ireland, Capital Bars plc --
http://www.capitalbars.com/-- runs multi-themed bars (several of
them 'superpubs' -- gigantic blends of restaurants, dancehalls,
and pubs), including Cafe en Seine and The George.  Capital Bars
also has two contemporary-style hotels (Grafton Capital Hotel and
Trinity Capital Hotel) in Ireland's capital.  The joint directors
(and brothers) Desmond and Liam O'Dwyer control the company.
After acquiring Capital Bars in 2001, the O'Dwyers took the
company private the following year.


ELAN CORP: S&P Changes Outlook to Positive; Assigns 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its rating
outlook on Dublin, Ireland-Elan Corp. PLC to positive from stable.
S&P also assigned a 'B' rating to Elan Finance PLC's US$600
million senior unsecured notes due 2016, and a recovery rating of
'3', indicating substantial (50%-70%) recovery in the event of
payment default.  The 'B' corporate credit rating is affirmed.

"The ratings on Elan Corp. plc reflect continued losses and cash
requirements and a critical dependence on sales of its multiple
sclerosis treatment, Tysabri," said Standard & Poor's credit
analyst Michael G. Berrian.

While Elan specializes in the development and marketing of
treatments for pain, central nervous system ailments, infectious
diseases, and autoimmune conditions, its fundamental reliance on
one drug is key to its vulnerable business risk profile.  In
addition to Tysabri, Elan has a drug technology business that
earns a relatively steady stream of sales royalties and
manufacturing revenue generated by products using these
proprietary drug delivery technologies.  Still, Elan's ratings
continue to hinge on the commercial success of its key franchise,
Tysabri, more so following Johnson & Johnson's acquisition of
Elan's Alzheimer's Immunotherapy program, through newly-formed
Janssen Alzheimer's Immunotherapy Co. Co-promoted by Biogen Idec
Inc., Tysabri primarily is marketed as a second-line MS therapy
for a patient population seen as dissatisfied with current
treatment options.

There is no dominant therapy, and Tysabri's superior efficacy has
driven market share gains.

Following the sale of the AIP program, Elan's prospects for
internally generating cash are now even more dependent on Tysabri
sales.  Global sales for Tysabri grew to US$254 million in the
quarter ended June 30, 2009, from US$200 million in the comparable
quarter of 2008 and its rate of new-patient starts increased,
reflecting stronger demand for this treatment despite the risk of
developing progressive multifocal leukoencephalopathy, a rare and
often fatal brain disease.  The new patient growth rate increased
to 8% sequentially in the second quarter of 2009 compared with 6%
in each of the first quarter of 2009 and the fourth quarter of
2008.  While sales from this franchise should enable Elan to
generate earnings and cash flow over the next 12 months,
diminished growth prospects offer little room for operational
missteps, particularly given the company's relatively thin near-
term pipeline.


ELAN FINANCE: Moody's Assigns 'B2' Rating on Senior Unsecured Note
------------------------------------------------------------------
Moody's Investors Service assigned a rating of B2 to the new
senior unsecured note issuance of Elan Finance plc, a subsidiary
of Elan Corporation plc to be issued under Rule 144A.  The rating
outlook is positive.  There are no changes to Moody's existing
ratings of Elan including the B2 Corporate Family Rating and the
B1 Probability of Default Rating.

Proceeds of the note offering are expected to be used for general
corporate purposes including Elan's recently announced tender
offer for its 7 3/4% fixed rate notes of US$850 million due
November 2011.

The B2 rating reflects the Elan's limited scale, high product
concentration risk, significant operating losses and negative cash
flow.  The recent upgrade of Elan's ratings to B2 from B3
primarily reflects the US$885 million cash infusion from Johnson &
Johnson which significantly reduces Elan's net debt and reduces
concerns about US$1.15 billion of debt maturing in 2011.

The positive outlook reflects the potential for an additional
upgrade over time if Elan continues its recent track record of
good operating performance driven by Tyasbri sales, and positive
pipeline developments.  An upgrade could occur if Tysabri sales
steadily increase, leading to sustainable positive free cash flow,
and if pipeline execution is positive.

Conversely, the rating outlook could be revised to stable if
Tysabri sales begin to flatten or decline.  Recently, there has
been significantly more attention on the number of progressive
multifocal leukoencephalopathy cases, based on several new cases
reported in September 2009 and several New England Journal of
Medicine articles related to PML in Tysabri patients.  In
addition, the FDA recently issued a safety alert stating that PML
risk appears to increase with the number of Tysabri treatments.
While net patient adds were positive in the second quarter of
2009, it remains uncertain how the recent developments will affect
utilization trends.  In addition, the rate of any new PML cases
remains difficult to predict, but acceleration of cases cannot be
ruled out.

Rating assigned:

Elan Finance plc

    * B2 [LGD4, 66%] fixed rate senior notes of US$600 million due
      2016 (guaranteed by Elan Corporation, plc and subsidiaries)

Moody's last rating action on Elan was an upgrade of Elan's
ratings (including the Corporate Family Rating to B2 from B3) on
September 25, 2009, concluding a rating review for possible
upgrade initiated on July 2, 2009.

Elan Corporation, plc, is a specialty biopharmaceutical company
headquartered in Dublin Ireland, with areas of expertise in
neurological and autoimmune disease, and drug delivery technology.
For the first six months of 2009 the company reported
approximately US$526 million of total revenue.


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


ALITALIA SPA: Intesa, UniCredit to Provide EUR100 Mln Loan
----------------------------------------------------------
Lorenzo Totaro at Bloomberg News, citing Il Messaggero, reports
that Intesa Sanpaolo SpA and UniCredit SpA will lend Alitalia SpA
EUR100 million (US$146 million).

According to Bloomberg, Il Messaggero said the banks will each
lend Alitalia EUR50 million, which the carrier will have to repay
in four years.

                          About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia S.p.A. filed for Chapter 15 protection with the
U.S. Bankruptcy Court in the Southern District of New York.
Italy's national airline experienced financial difficulties for a
number of years caused, in large measure, by a combination of
competition from low-cost air carriers, poor management and
onerous union obligations, according to papers filed with the
court.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

On August 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.


INTESA SANPAOLO: Won't Push Through with Tremonti Bond Sale Plan
----------------------------------------------------------------
At Tuesday's meetings the Intesa Sanpaolo Management
Board chaired by Enrico Salza and the Supervisory Board chaired by
Giovanni Bazoli have decided -- in light of better trends in the
Group's performance and the economic scenario than those
foreseeable at the beginning of the year -- to issue up to
EUR1.5 billion of Tier 1 and speed up and increase capital
management actions (e.g. partial or full disposals, partnerships,
listings) envisaged in the Business Plan to assure the Group the
capital base necessary to sustain a growth in lending activity.
Thus, relying on a capital base adequate for growth, the two
Boards have decided not to carry out procedures started on March
20 last for the issue of special bank bonds to be subscribed by
the Ministry for Economy and Finance (so-called "Tremonti Bonds")
and consequently not to make the relevant request for subscription
to the Ministry for Economy and Finance and the Bank of Italy.

Both Boards have renewed their appreciation of the Government's
willingness to subscribe the Tremonti Bonds, when the crisis was
at the peak of its uncertainty, which has concretely helped the
Italian banking system come out of a very critical and risky
market phase.

The Management Board and the Supervisory Board at their meetings
of March 20, 2009, decided within their respective competences to
start procedures for the issue of up to a maximum of EUR4 billion
of Tremonti Bonds with the aim of having an "insurance policy"
against three main risks represented by:

    * markets collapsing further with the Group unable to turn to
      the markets to meet eventual internal needs and/or loan
      demands;

    * the Group being unable to deliver on capital management
      actions targeted in the Business Plan;

    * the Group being penalised by competitive disadvantages
      generated by state aid given to the major international
      competitors to bolster their capital base.

Moreover, issuing the Tremonti Bonds has been looked upon as a
"bridge" -- and so to be repaid as soon as possible -- until
capital management actions (e.g. partial or full disposals,
setting up partnerships, listings) on non-core assets are
finalised, that is an instrument to underpin the Group's capital
temporarily while a permanently stronger capital base is being
built through the capital management actions envisaged in the
Business Plan.

The decision about the formal request for subscription has taken
place as close as possible to the expiry date -- the end of
September -- in order to take into consideration how both internal
and market events have been evolving. Meanwhile, Intesa Sanpaolo
has also worked with departments of the Ministry of the Economy
and Finance to prepare all the necessary documents in case a
decision to present the formal request was taken.

Taking up the Tremonti Bonds option would have led to a further
strengthening of the Intesa Sanpaolo Group's Core Tier 1 ratio and
Tier 1 ratio by about 100 basis points.

On the other hand, on Tuesday it has been considered that --
based on how both internal and market events have been evolving --
the Group is able to reach and exceed capital strength targets on
its own:

    * the level of the Group's capital ratios are higher than
      could have been foreseen at the beginning of the year.  As
      at June 2009, the Core Tier 1 ratio stood at 6.9% (Tier 1
      ratio at 7.7%).  This capital level is fully consistent with
      both the risk profile of a banking group like Intesa
      Sanpaolo and the assumptions and targets that the Group has
      been considering.  There is reason to believe that the
      Group's ratios can remain at around 7% for the Core
      Tier 1 and 8% for the Tier 1 in the next 12-18 months even
      with no benefits from significant capital management actions
      (e.g. partial or full disposals, partnerships, listings)
      and although resuming payment of dividends on ordinary
      shares;

    * latest analyses show that Intesa Sanpaolo can count on more
      than 200 basis points of Core Tier 1 ratio and Tier 1 ratio
      to be generated by capital management actions on non-core
      assets.  Delivering on these actions is much more viable
      today with respect to earlier in the year.  The value of
      non-core assets has grown compared to initial estimates to
      more than EUR11-EUR15 billion, considering either the book
      value or a reasonable market value;

    * taking into account the current levels of Core Tier 1 ratio
      and Tier 1 ratio, their trends as well as capital benefits
      from only half of the planned actions (resulting in at least
      100 basis points), the Intesa Sanpaolo Group has the capital
      base to sustain the foreseeable loan growth level and to
      increase lending further by over EUR60 billion, an increase
      which is hard to imagine for the short term even in the
      presence of a very sustained economic recovery.

Taking up the Tremonti Bonds would have allowed the Group to
compensate for any competitive disadvantages generated by fund
injections which many peers had received from the Governments of
their respective countries; on the other hand, banks which have
taken state aid have being repaying it to a large extent.

The situation has improved for Intesa Sanpaolo also considering
cost of funding.  The Group enjoys a significantly reduced Credit
Default Swap, which is currently the lowest among the leading
European banks.  Beyond the consideration that issuing the
Tremonti Bonds is no longer essential to assure the Group's
solidity and development, the following has been taken into
account:

    * the Tremonti Bonds have become a relatively more costly
      instrument with the progressive drop in market rates and the
      relaunch of hybrid bond issues.  Annual cost for EUR4
      billion of Tremonti Bonds would have been equal to a minimum
      of EUR340 million (a maximum of EUR600 million),
      corresponding to a minimum pre-tax cost (thus comparable to
      other market instruments) of 12.6% (maximum 22.2%).
      Moreover, the market tends to consider the Tremonti Bonds as
      available capital in a broad sense more than as Core Tier 1.

      Therefore, from this point of view issuing Tier 1
      instruments, whose actual costs are today significantly
      lower than the Tremonti Bonds, basically serves the same
      purpose;

    * worldwide, a large number of banks which have received state
      aid from the Governments of their respective countries are
      in the process of repaying it.  So the market would have
      found it hard to understand why Intesa Sanpaolo decided
      Tuesday to resort to state aid after having stood out even,
      and above all, during the worst moments of the international
      financial crisis thanks to its low leverage (today Intesa
      Sanpaolo has the best ratio of tangible net shareholders'
      equity to tangible total assets among the leading European
      banks), its liquidity (Intesa Sanpaolo has currently one of
      the strongest short/medium-term liquidity positions among
      the European peers) and its low risk profile.

On Tuesday, the Management Board and the Supervisory Board, within
their respective competences, decided -- in light of the results
achieved by the Group and the foreseeable trend of the
economy -- not to issue the Tremonti Bonds and to:

    * keep the intention to maintain the Group's Core Tier 1 ratio
      and Tier 1 ratio at structural levels not lower than 7% and
      8% respectively in the coming years even if lending activity
      starts growing again, with no need for a rights issue and
      resuming dividend payment on ordinary shares for 2009
      payable in 2010;

    * to seize favorable market conditions to issue up to
      EUR1.5 billionof Tier 1.  In this way the Tier 1 ratio would
      register an immediate increase up to a maximum of around 40
      basis points.  The quality of the Group's capital would
      remain among the best in the industry, with an incidence of
      the core capital on the total regulatory capital still at
      60-65% destined to become stronger over the next months also
      as a result of the effects of the planned capital management
      actions on non-core assets;

    * to speed up capital management actions on non-core assets
      envisaged in the Business Plan, setting the most appropriate
      timing and ways with the intention of having at least half
      of the planned transactions taking place within the next
      months -- being disposals, either partial or full,
      partnerships, listings -- which should deliver a benefit to
      the Group's capital ratios of at least 100 basis points in
      terms of Core Tier 1 and Tier 1.

Although the current capital base of Intesa Sanpaolo can be
considered adequate to the Group's risk profile and its will to
increase lending, it has been decided to:

    * substantially strengthen the capital base immediately by
      up to a further 40 basis points through the issue of Tier 1;

    * replace in the short run the "provisional" effect of 100
      basis points from the Tremonti Bonds with structural effects
      of at least the same size resulting from capital management
      actions on non-core assets;

    * pursue further capital management actions able to bolster
      the capital base by at least an additional 100 basis points,
      if lending activity increases more than expectations and/or
      regulators set relatively higher capital ratios than those
      achievable by the Group as a result of the aforementioned
      decisions.

The Management Board and the Supervisory Board of Intesa Sanpaolo
confirm that the Group remains true to its traditional commitment
to support the economy even during the most severe phases and
promote all possible initiatives aimed at growth.  Intesa Sanpaolo
has long since been the banking Group most engaged in Italy in
making lending available to households, businesses, Public
Administration and the third sector.  As of Tuesday, the
Group's total loan facilities granted to the Italian System amount
to nearly one third of the country's GDP.

Recent months have seen numerous initiatives being implemented
which include:

    * the agreement between the Intesa Sanpaolo Banca dei
      Territori Division and Confindustria in favor of small and
      medium enterprises, comprising a moratorium on loan
      instalments, recapitalizing and financing receivables
      including those overdue, which was signed before the
      agreements involving the entire banking system;

    * agreements serving the same purpose which have also involved
      other business categories such as merchants and tradesman
      and will shortly be extended to farmers;

    * initiatives supporting specific industries such as tourism,
      the agro-business and companies participating in fairs and
      conferences;

    * loans to infrastructures and the public sector, handled by
      the subsidiary Banca Infrastrutture Innovazione e Sviluppo
      (BIIS) including motorways, health services, regional
      railways and high-speed railways, schools, public housing,
      alternative energies and water services;

    * financing innovation, besides the programme of the "Nova+"
      lines currently being developed by the subsidiary
      Mediocredito Italiano, also via joint actions with the
      European Investment Bank;

    * financing internationalisation processes while carrying on
      initiatives with SACE and SIMEST also via agreements between
      Intesa Sanpaolo, the subsidiary BIIS and Assocamerestero;

    * advances to facilitate non-profit organizations and micro-
      lending activities, also through the agreement between
      Intesa Sanpaolo, the subsidiary Banca Prossima and
      Conferenza Episcopale Italiana regarding the so-called
      Prestito della Speranza.

Through these and other actions the Group is making available to
the Italian System tens of billions of euros that are useful to
start a new phase of growth in the Country.

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


ITALFINANCE SECURITISATION: S&P Puts Ratings on Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on the series 2005-1 class A, B, C, and D notes
issued by Italfinance Securitisation Vehicle S.r.l.

The CreditWatch placements follow S&P's preliminary review of the
most recent information on this deal's performance.  S&P's initial
analysis has highlighted that the probability of negative rating
action for these classes has increased.

The level of delinquent loans has increased substantially since
October 2008.  As of September 2009, total delinquencies are 8.77%
of the current outstanding balance.  Of these, 7.02% relate to the
real estate pool.  This level is higher than the level recorded in
all the other lease transactions originated by the same
originator.

Cumulative gross defaults as a percentage of the initial
collateral balance have also recorded a steep increase over the
past three quarters and are now 6.64% of the original collateral
balance.  Of these defaults, 68.9% were generated by the real
estate pool.  Cumulative net defaults are 2.15%, and are
attributable to the number of defaulted loans that the originator
has purchased back.

The pool factor as of September is 38.0% of the original balance.
The collateral pool shows high concentration in real estate
assets, which as of September represents 78.7% of the current
outstanding collateral pool, from 43.5% at closing.  The increase
in the proportion of real estate assets in the collateral pool is
a consequence of the longer residual life that real estate
contracts have compared with the vehicle and equipment pools.
Concentration in the top 10 borrowers is now 8.3%.

The notes are being repaid pro rata, as all the pro rata
amortization conditions (among which are delinquency levels and
net cumulative default levels), are satisfied.  The rating on the
class D notes is supported by the credit quality of Banca
Italease, one of the originators and servicers in the transaction.
In June 2007, S&P lowered the rating on the class C notes to
'BBB–', and de-linked it from the rating on Banca Italease (the
credit quality of Banca Italease supported this rating).

S&P will now conduct a credit and cash flow analysis of the
transaction by assessing any features of the collateral pool that
have a bearing on S&P's default rate assumptions.  This will allow
us to ascertain whether credit enhancement levels for the classes
on CreditWatch are sufficient to support the current ratings.

This EUR1,127.8 million transaction, which closed in December
2005, is backed by a pool of Italian lease receivables originated
by Banca Italease and Mercantile Leasing.  The structure featured
an 18-month revolving period, during which the originator could
sell new loans to the issuer.

                            Ratings List

             Italfinance Securitisation Vehicle S.r.l.
EUR1,127.8 Million Asset-Backed Floating-Rate Notes Series 2005-1

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

                         NR -- Not rated.


UNICREDIT SPA: Approves EUR4 Bln Capital Increase; Shuns State Aid
------------------------------------------------------------------
The Board of Directors of UniCredit resolved unanimously to launch
a share capital increase by way of a rights issue for a total
maximum amount, including share premium, of up to EUR4 billion,
aimed at strengthening the Group's capital base.  The positive
impact on the Group's Core Tier 1 ratio, which stood at 6.85% as
of June 2009, will be equal to approximately 80 bps.

The proposed capital increase is expected to take place by way of
an issue of ordinary shares providing for regular beneficial
ownership to be offered on a pre-emptive basis to existing
ordinary and saving shareholders of the company, pursuant to art.
2441 of the Civil Code.

An Extraordinary Shareholders' Meeting is expected to be called in
mid November 2009.  In resolving upon the capital increase
proposal, shareholders will be asked to grant the Board of
Directors with the necessary powers to finalize the terms and
conditions of the capital increase, and, closer to the date of
launch of the transaction, to determine the subscription price for
the shares (including the share premium), the number of the shares
to be issued and the related subscription ratio.

Subject to receiving the necessary authorizations from the
relevant Authorities, it is expected that the transaction should
be completed by the end of the first quarter of 2010.

BofA Merrill Lynch and UniCredit Corporate & Investment Banking
will act as Joint Global Coordinators and Joint Bookrunners in the
context of the offer. In addition, Credit Suisse, Goldman Sachs
International, Mediobanca and UBS Investment Bank will act as
Joint Bookrunners.  The Joint Bookrunners have committed --
subject to standard terms and conditions for this type of
transaction -- to underwrite the total value of the capital
increase subscribing the new shares which will remain unsubscribed
at the end of the auction.

In addition to the approval of the proposal, the Board of
Directors of UniCredit resolved not to proceed with the issuance
of capital securities to be subscribed by the Italian Ministry of
Economy and Finance and by the Austrian Ministry of Finance.

The Board of Directors expressed its appreciation for the decisive
action taken by the Italian and Austrian Governments, which have
contributed significantly to the stabilization of the financial
system and creating the necessary conditions for accessing the
capital markets.  UniCredit also confirms its ongoing support to
the economies of those countries in which it operates and its
intention to continue developing a lending policy in support of
SMEs and households, confirming its compensation policy which
would rewards sustainable long term profitability, customers’
satisfaction and the sound management of the company.

In light of the strategic nature of the Group's activities in
Austria and in the CEE, the Board of Directors of UniCredit on
Tuesday also approved the strengthening of UniCredit Bank
Austria's capital base through the subscription of a capital
increase of up to EUR2 billion which will be resolved upon by
UniCredit Bank Austria.

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


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


ALCO TRADE: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLP Alco Trade have until October 7, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional Economic Court of Aktau
         Building of former kindergarten 51
         Micro District 27
         Aktau
         Kazakhstan

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


COMPANY TB 1: Creditors Must File Claims by October 7
-----------------------------------------------------
Creditors of LLP Company TB 1 have until October 7, 2009, to
submit proofs of claim to:

         Kravtsov Str. 18
         Room 106
         Astana
         Kazakhstan

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


AYA GUZ: Creditors Must File Claims by October 7
------------------------------------------------
Creditors of LLP Aya Guz Stroy have until October 7, 2009, to
submit proofs of claim to:

         Kravtsov Str. 18
         Astana
         Room 106
         Kazakhstan

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


GLAV BOLGAR: Creditors Must File Claims by October 7
----------------------------------------------------
Representation of Representative Bureau Glav Bolgar Stroy AD in
the Republic of Kazakhstan and Central Asia is currently
undergoing liquidation.  Creditors have until October 7, 2009, to
submit proofs of claim to:

         Tulebaev Str. 17-28
         Almaty
         Kazakhstan


JAYIK INVEST: Creditors Must File Claims by October 7
-----------------------------------------------------
LLP Jayik Invest Ltd is currently undergoing liquidation.
Creditors have until October 7, 2009, to submit proofs of claim
to:

         Micro District Samal 1, 10-53
         Almaty
         Kazakhstan


JELTOKSAN 2004: Creditors Must File Claims by October 7
-------------------------------------------------------
Creditors of LLP Jeltoksan 2004 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
July 2, 2009.


KOSTANAI STROY: Creditors Must File Claims by October 7
-------------------------------------------------------
Creditors of LLP Kostanai Stroy 2003 have until October 7, 2009,
to submit proofs of claim to:

         Al Farabi Ave. 119-414/3
         Kostanai
         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


NEA SEMEY: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP NEA Semey 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


REM STROY: Creditors Must File Claims by October 7
--------------------------------------------------
Creditors of LLP Rem Stroy Service have until October 7, 2009, to
submit proofs of claim to:

         Makataev Str. 127
         Almaty
         Kazakhstan

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

The Court is located at:

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


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


ASIA SYNTEZ: Creditors Must File Claims by October 7
----------------------------------------------------
LLC Asia Syntez Trade is currently undergoing liquidation.
Creditors have until October 7, 2009, to submit proofs of claim
to:

         Kurmanjan Datka Str. 270-20
         Osh
         Kyrgyzstan


CHELEK TRADE: Creditors Must File Claims by October 7
-----------------------------------------------------
LLC Chelek Trade is currently undergoing liquidation.  Creditors
have until October 7, 2009, to submit proofs of claim to:

         FEZ Bishkek
         Ak-Chyi
         Bishkek
         Kyrgyzstan


IVA TRANS: Creditors Must File Claims by October 7
--------------------------------------------------
LLC Iva Trans is currently undergoing liquidation.  Creditors have
until October 7, 2009, to submit proofs of claim to:

         FEZ Bishkek
         Ak-Chyi
         Bishkek
         Kyrgyzstan


KG LB: Creditors Must File Claims by October 7
----------------------------------------------
LLC KG LB is currently undergoing liquidation.  Creditors of LLC
KG LB have until October 7, 2009, to submit proofs of claim to:

         Micro District Vostok-5, 2/2-74
         Bishkek
         Kyrgyzstan


METLES NEFT: Creditors Must File Claims by October 7
----------------------------------------------------
LLC Metles Neft Snub is currently undergoing liquidation.
Creditors have until October 7, 2009, to submit proofs of claim
to:

         Chui Ave. 61/5
         Bishkek
         Kyrgyzstan
         Tel: (0-772) 19-46-31


TELEVISION PRO: Creditors Must File Claims by October 7
-------------------------------------------------------
LLC Television Pro is currently undergoing liquidation.  Creditors
have until October 7, 2009, to submit proofs of claim to:

         Lenskaya Str. 92
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-68-77


ULSAD LLC: Creditors Must File Claims by October 7
--------------------------------------------------
LLC Techno- Montage Enterprise Ulsad is currently undergoing
liquidation. Creditors have until October 7, 2009, to submit
proofs of claim to:

         Onarchinsky Str. 39
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 44-96-42


VESTA LOGISTIC: Creditors Must File Claims by October 7
-------------------------------------------------------
LLC Vesta Logistic Bishkek is currently undergoing liquidation.
Creditors have until October 7, 2009, to submit proofs of claim
to:

         Kievskaya Str. 159-62
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 61-04-23


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


ABN AMRO: Dutch Gov't Explores Options for Commercial Banking Arm
-----------------------------------------------------------------
Michael Steen at The Financial Times reports that the Dutch
government is pursuing parallel tracks to sell the commercial
banking arms of either ABN Amro or Fortis Bank Nederland as it
seeks European competition regulators' approval on a merger of the
two state-owned banks.

The FT recalls both FBN and ABN were nationalized late last year
and are due to be merged ahead of a planned privatization in or
after 2011, but the European Commission has said it would block
such a merger on competition grounds unless divestments are made.

According to the FT, following the collapse of talks to sell ABN
Amro's commercial banking assets to Deutsche Bank, it has emerged
that BNP Paribas has shown interest in the commercial banking
operations of FBN while, on a separate track, there may yet be a
deal with Deutsche Bank.

The FT notes the Finance Ministry declined to comment on any talks
but said: "We are exploring alternatives both on the Fortis Bank
Nederland side and on the ABN Amro side."

The commission has set a deadline of Friday for the Dutch
government to come up with a fresh proposal, the FT says.

                           Refinancing

Bart Koster at Dow Jones Newswires reports that the government
will next month give parliament details of its plan to
recapitalize the group created by the combination of ABN Amro and
FBN.

Dow Jones relates in a letter to parliament, Finance Minister
Wouter Bos said Monday he will inform parliament in October about
refinancing the combined ABN Amro and FBN, after they have been
legally split from Fortis Holding.  The new bank is to be called
ABN Amro Group NV, Dow Jones discloses.

According to Dow Jones, Mr. Bos said the level of refinancing will
be based on how much capital is demanded by the Dutch Central
Bank, or DNB, plus costs related to the separation of ABN Amro
from Fortis Holding and its integration with FBN.

ABN AMRO Bank N.V., headquartered in Amsterdam, the Netherlands,
had total assets of EUR666.8 billion and reported
shareholders'equity (including minority interest) of EUR20.4
billion as of December 31, 2008.


FORTIS BANK: Dutch Gov't Explores Options for Comm'l Banking Arm
----------------------------------------------------------------
Michael Steen at The Financial Times reports that the Dutch
government is pursuing parallel tracks to sell the commercial
banking arms of either ABN Amro or Fortis Bank Nederland as it
seeks European competition regulators' approval on a merger of the
two state-owned banks.

The FT recalls both FBN and ABN were nationalized late last year
and are due to be merged ahead of a planned privatization in or
after 2011, but the European Commission has said it would block
such a merger on competition grounds unless divestments are made.

According to the FT, following the collapse of talks to sell ABN
Amro's commercial banking assets to Deutsche Bank, it has emerged
that BNP Paribas has shown interest in the commercial banking
operations of FBN while, on a separate track, there may yet be a
deal with Deutsche Bank.

The FT notes the Finance Ministry declined to comment on any talks
but said: "We are exploring alternatives both on the Fortis Bank
Nederland side and on the ABN Amro side."

The commission has set a deadline of Friday for the Dutch
government to come up with a fresh proposal, the FT says.

                           Refinancing

Bart Koster at Dow Jones Newswires reports that the government
will next month give parliament details of its plan to
recapitalize the group created by the combination of ABN Amro and
FBN.

Dow Jones relates in a letter to parliament, Finance Minister
Wouter Bos said Monday he will inform parliament in October about
refinancing the combined ABN Amro and FBN, after they have been
legally split from Fortis Holding.  The new bank is to be called
ABN Amro Group NV, Dow Jones discloses.

According to Dow Jones, Mr. Bos said the level of refinancing will
be based on how much capital is demanded by the Dutch Central
Bank, or DNB, plus costs related to the separation of ABN Amro
from Fortis Holding and its integration with FBN.

Headquartered in Amsterdam, Fortis Bank Nederland (Holding) had
total assets of EUR184.203 billion and reported shareholders'
equity (including minority interest) of EUR2.944 billion as of
December 31, 2008.


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


ARKADA LLC: Krasnoyarskiy Bankruptcy Hearing Set October 15
-----------------------------------------------------------
The Arbitration Court of Krasnoyarskiy will convene at 10:00 a.m.
on October 15, 2009, to hear bankruptcy supervision procedure on
LLC Arkada (TIN 2458007604)(Wood-Processing).  The case is
docketed under Case No. ?33–13629/2008.

The Temporary Insolvency Manager is:

         V.Fisher
         Office 31
         Aerovokzalnaya Str. 19
         660022 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Arkada
         Room 59
         Aviatorov Str. 31
         Krasnoyarsk
         Russia


BAYKAL-LES-PROM: Creditors Must File Claims by October 7
--------------------------------------------------------
Creditors of LLC Baykal-Les-Prom (TIN 3914016489, PSRN
1053911527911) have until October 7, 2009, to submit proofs of
claims to:

         V. Pas'ko
         Insolvency Manager
         Inzhenernaya Str. 2-19
         Kaliningrad
         Russia

The Arbitration Court of Kaliningradskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?21–9512/2008.

The Debtor can be reached at:

         LLC Baykal-Les-Prom
         Promyshlennaya Str. 9
         Chrnyakhovsk
         238158 Kaliningradskaya
         Russia


EVRO-STROY LLC: Creditors Must File Claims by October 7
-------------------------------------------------------
Creditors of LLC Evro-Stroy (TIN 6501171054, PSRN 1066501067786)
(Construction) have until October 7, 2009, to submit proofs of
claims to:

         Yu. Dolin
         Insolvency Manager
         Office 15
         Khabarovskaya Str. 47
         693000 Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?59–1987/2009.

The Debtor can be reached at:

         LLC Evro-Stroy
         Tikhaya Str. 90
         693000 Yuzhno-Sakhalinsk
         Russia


GLOBEXBANK CJSC: S&P Assigns 'BB-' Counterparty Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term and 'B' short-term counterparty credit ratings to
Russia-based GLOBEXBANK.  The outlook is stable.  At the same
time, a 'ruAA-' Russian national scale rating was assigned.

"The ratings on GLOBEXBANK reflect the risky and volatile
operating environment in Russia, a rapidly growing loan portfolio
with high single-name loan concentrations, low funding
diversification, and uncertain future strategic development
plans," said Standard & Poor's credit analyst Maria Malyukova.

The ratings are supported by GLOBEXBANK's strong links and support
from its 98.94% shareholder, state-owned Vnesheconombank (foreign
currency BBB/Negative/A-3; local currency BBB+/ Negative/A-2);
sound capitalization; strengthening commercial dynamism; and a
fairly high share of liquid assets.

VEB plans to develop Globex as a financial partner to serve its
corporate investment projects, but needs to define a more detailed
strategy.  GLOBEXBANK aims to increase its loan portfolio to
RUR50 billion by year-end 2009, increasing its credit risks amid
the current unfavorable market conditions.  The bank's involvement
in government initiatives to support domestic companies might also
undermine its asset quality.  The bank's current ratio of
nonperforming loans of about 1% is lower than the average for the
sector, which is suffering from severe asset pressure.  However,
this mainly reflects the bank's recent bailout, balance-sheet
cleaning, and immature loan portfolio, rather than its future
performance.  GLOBEXBANK's performance will continue to be tested
in the medium term.

The bank's cash and money market instruments currently account for
30% of total assets, but will be rapidly depleted by the ongoing
lending growth.  GLOBEXBANK's funding base lacks diversification,
being mainly comprised of customer deposits (94% of total
liabilities), which experienced a massive outflow since September
2008.

GLOBEXBANK has reported positive profitability in recent months
since the beginning of 2009, but growing provisioning needs might
pressure earnings further.  The bank's capitalization is currently
good, with a ratio of adjusted total equity to adjusted assets of
35.5% on July 1, 2009, but this will likely be eroded by further
asset growth and asset concentrations.

The stable outlook balances the increased systemic risks of
operating in Russia against GLOBEXBANK's strong links with state-
owned VEB, and good capitalization.

"We would lower the ratings on GLOBEXBANK if VEB's control or
support of the bank weakened," said Ms. Malyukova.  "A material
deterioration in the bank's stand-alone credit profile would also
put pressure on the ratings."

Ratings upside potential is very limited in the short term, at
least until the turbulence in the banking sector eases.  If that
were to happen and the bank managed to strengthen its business;
diversify its customer base; acquire more sustainable funding; and
maintain good asset quality, liquidity, and capitalization, S&P
could raise the ratings.


INTERNATIONAL TRADE: Creditors Must File Claims by October 7
------------------------------------------------------------
Creditors of LLC International Trade Bank (TIN 7706021809,
Registration No. 3063) have until October 7, 2009, to submit
proofs of claims to:

         Investment Insurance Agency
         Acting As Insolvency Manager
         Post User Box 40
         115088 Moscow
         Russia
         Tel: 8-800-200-08-05

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–81253/09–71-393B.

The Debtor can be reached at:

         LLC International Trade Bank
         Building 1
         Sechenovskiy pereulok 1
         119034 Moscow
         Russia


STROY-INVEST LLC: Creditors Must File Claims by October 7
---------------------------------------------------------
Creditors of LLC Stroy-Invest (TIN 3805208487630091, PSRN
1023800922980) have until October 7, 2009, to submit proofs of
claims to:

         S. Galandin
         Insolvency Manager
         Post User Box 224
         664007 Irkutsk
         Russia

The Arbitration Court of Novosibirskaya will convene at 1:00 p.m.
on December 23, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?45–1430/2009.

The Debtor can be reached at:

         LLC Stroy-Invest
         Office 14
         Pisareva Str. 1a
         Novosibrsk
         Russia


VOLKON-LES CJSC: Creditors Must File Claims by October 7
--------------------------------------------------------
Creditors of CJSC Volkon-Les (TIN 3502003064, PSRN 1033500705512)
(Lumbering) have until October 7, 2009, to submit proofs of claims
to:

         M. Vakhrameev
         Insolvency Manager
         Post User Box 35
         152919 Rybinsk
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–233/2009.

The Debtor can be reached at:

         CJSC Volkon-Les
         Sadovaya Str. 45
         Babushkino
         Vologodskaya
         Russia


YAROSLAVL OIL: Creditors Must File Claims by October 7
------------------------------------------------------
Creditors of CJSC Yaroslavl Oil Company have until October 7,
2009, to submit proofs of claims to:

         O. Lavrentyev
         Insolvency Manager
         Apt. 8
         Moskovskiy Prospcet 119
         150030 Yaroslavl
         Russia

The Arbitration Court of Yaroslavskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?82-B/33–02.

The Debtor can be reached at:

         CJSC Yaroslavl Oil Company
         Apt. 24
         Prospect Tolbukhina 2/68
         Yaroslavl
         Russia


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


AMGIL GMBH: Claims Filing Deadline is October 5
-----------------------------------------------
Creditors of Amgil GmbH are requested to file their proofs of
claim by October 5, 2009, to:

         Franz Gilli
         Meierhoeflirain 8
         6210 Sursee
         Switzerland

The company is currently undergoing liquidation in Sursee.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 11, 2009.


GRANAL AG: Claims Filing Deadline is October 5
----------------------------------------------
Creditors of Granal AG are requested to file their proofs of claim
by October 5, 2009, to:

         Treureva AG
         Liquidator
         Muehlebachstrasse 25
         8024 Zurich
         Switzerland

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


HOMESECURITY BAER: Claims Filing Deadline is October 5
------------------------------------------------------
Creditors of Homesecurity Baer GmbH are requested to file their
proofs of claim by October 5, 2009, to:

         Rolf Baer
         Liquidator
         Steinlipark 8
         4313 Moehlin
         Switzerland

The company is currently undergoing liquidation in Moehlin.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 19, 2009.


MUTELLUS AG: Claims Filing Deadline is October 5
------------------------------------------------
Creditors of Mutellus AG are requested to file their proofs of
claim by October 5, 2009, to:

         Dr. Robert Karrer
         Brandschenkestrasse 90
         8027 Zurich
         Switzerland

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


PLANET THUN: Claims Filing Deadline is October 5
------------------------------------------------
Creditors of Planet Thun GmbH are requested to file their proofs
of claim by October 5, 2009, to:

         Niklaus Reinhard
         Liquidator
         Schorenstrasse 67
         3645 Gwatt (Thun)
         Switzerland

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


SEDGWICK DETERT: Claims Filing Deadline is October 5
----------------------------------------------------
Creditors of Sedgwick, Detert, Moran & Arnold AG are requested to
file their proofs of claim by October 5, 2009, to:

         Erik Stenberg
         Lindenstrasse 22
         8008 Zurich
         Switzerland

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


SWISS BUGGY: Claims Filing Deadline is October 5
------------------------------------------------
Creditors of Swiss Buggy Events GmbH are requested to file their
proofs of claim by October 5, 2009, to:

         David Levin
         Aeschenvorstadt 67
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Blauen.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 13, 2009.


UTO ENGINEERING: Claims Filing Deadline is October 5
----------------------------------------------------
Creditors of Uto Engineering GmbH are requested to file their
proofs of claim by October 5, 2009, to:

         Ulrich Tochtrop
         Soleweg 6
         4313 Moehlin
         Switzerland

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


WELSCAN AG: Claims Filing Deadline is October 5
------------------------------------------------
Creditors of Welscan AG are requested to file their proofs of
claim by October 5, 2009, to:

         Treuhand von Fluee AG
         Liquidator
         Baarerstrasse 95
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 15, 2009.


WIDMER SEMINARE: Claims Filing Deadline is October 5
----------------------------------------------------
Creditors of Widmer Seminare und Beratungen GmbH are requested to
file their proofs of claim by October 5, 2009, to:

         Widmer Seminare und Beratungen GmbH
         Bahnhofstrasse 23
         9410 Heiden
         Switzerland

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


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


CAIR-NIKOLAYEV LLC: Creditors Must File Claims by October 4
-----------------------------------------------------------
Creditors of LLC Cair-Nikolayev (code EDRPOU 31613639) 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. 5/83/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Cair-Nikolayev
         Sevastopolskaya Str. 66-b
         54000 Nikolayev
         Ukraine



ENERGYRESOURCE LLC: Creditors Must File Claims by October 4
-----------------------------------------------------------
Creditors of LLC Industrial and Commercial Firm Energyresource
(code EDRPOU 25392646) have until October 4, 2009, to submit
proofs of claim to:

         V. Kirik
         Insolvency Manager
         Office 127
         Arch. Verbitsky Str. 28
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 28/229-
b.

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 Industrial and Commercial Firm Energyresource
         Office 70
         Chekistov Lane 10
         01024 Kiev
         Ukraine


LINKS REVUE: Creditors Must File Claims by October 4
----------------------------------------------------
Creditors of LLC Links Revue (code EDRPOU 35139557) have until
October 4, 2009, to submit proofs of claim to:

         Private Enterprise Sapporro
         Insolvency Manager
         Miloslavskaya Str. 58
         02232 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. 44/433-b.

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 Links Revue
         Miloslavskaya Str. 58
         02232 Kiev
         Ukraine


TECHNOEXPORT LLC: Creditors Must File Claims by October 4
---------------------------------------------------------
Creditors of LLC Technoexport (code EDRPOU 32207959) have until
October 4, 2009, to submit proofs of claim to:

         V. Letskan
         Insolvency Manager
         Office 42
         Dovzhenko Str. 16v
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 50/302.

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 Technoexport
         L. Pervomaysky Str. 11
         01023 Kiev
         Ukraine


TERRA LIGHT: Creditors Must File Claims by October 4
----------------------------------------------------
Creditors of LLC Terra Light (code EDRPOU 35894799) have until
October 4, 2009, to submit proofs of claim to:

         LLC Pinar
         Insolvency Manager
         Melnikov Str. 12
         04050 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. 44/434-b.

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 Terra Light
         Office 1
         Vladimirskaya Str. 7
         01025 Kiev
         Ukraine


UKRPROMENERGY CJSC: Creditors Must File Claims by October 4
-----------------------------------------------------------
Creditors of CJSC Ukrpromenergy (code EDRPOU 24933430) have until
October 4, 2009, to submit proofs of claim to:

         M. Titarenko
         Insolvency Manager
         Office 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company.  The case is docketed under Case No. 50/300.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ukrpromenergy
         Chigorin Str. 57
         01011 Kiev
         Ukraine


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


CEVA GROUP: Moody's Assigns 'Caa1' Rating on $200 Mil. Notes
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Caa1
rating to the proposed issuance by CEVA Group plc's of new
US$200 million senior secured notes.  The notes will rank junior
to the existing first lien bank facility and senior to the
existing second lien notes.  The proceeds of the issues are
intended for general corporate purposes and Moody's understands
that it is company's intention to retain most of the cash to
invest in the organic expansion of the business.  The assigned
rating assumes that there will be no material variations to the
draft legal documentation reviewed by Moody's.

The (P) Caa1 rating on the new notes reflects the relative ranking
within the company's capital structure.  The notes will be senior
secured and will be effectively subordinated in right of payment
to all existing and future debt secured by a senior priority lien
(including obligations under the Senior Secured Facilities), and
be effectively senior in right of payment to all existing and
future debt secured by a junior priority lien (including the
Second-Priority Notes) and unsecured senior debt and other
unsecured obligations.  The notes will be jointly and severally
guaranteed on a senior basis by the same subsidiaries that
guarantee the Senior Secured Credit Facilities that, as of FYE
Dec. 8, represented 76% of total assets or 61% of total revenue or
57% of total EBITDA.  The guarantees will be senior obligations of
the guarantors and will have the same lien priority as the notes.

CEVA's Corporate Family Rating and Probability of Default Rating
remain unchanged at Caa1 reflecting Moody's expectation that
CEVA's operating performances and key credit metrics are likely to
remain weak over the short term.  In addition, Moody's notes how
market conditions, in the broad logistic market, remain unsettled
and despite the improvements in profitability during Q2 2009
compared to Q1 2009, CEVA still has to demonstrate the capability
to fully achieve its cost savings programme while there are no
signs, yet, of recovery in market.  Finally, Moody's remains
concerned about the sustainability of the company's capital
structure at current profitability levels, in light of weak credit
metrics, and the overall liquidity profile of the group, which,
however, will benefit from the issuance of the proposed notes.

Moody's notes that the new notes issuance will offset the
relatively small reduction in financial debt following a debt
exchange completed in July, which qualified as Distressed Exchange
according to Moody's methodology.  The negative rating outlook
reflects Moody's expectations that difficult market conditions are
likely to result in key credit metrics, particularly financial
leverage, remaining weak over the intermediate term.  A
stabilisation of the outlook could follow the company's success in
demonstrating a turnaround of its operating performances, notably
through an increase in EBITDA margin (as reported by the company)
towards 6%, on an ongoing basis, and a solid liquidity profile.

Issuer: CEVA Group plc

* New Senior Secured Bond rating assigned to new US$200 million
  notes at (P) Caa1 (LGD4, 58%)

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.

The last rating action on CEVA was implemented on July 20, 2009,
when Moody's affirmed CEVA's CFR at Caa1 and changed the PDR to
Caa1/LD (Limited Default) following the final closing of CEVA's
debt exchange transaction.  The LD suffix (Limited Default) was
following removed in accordance with Moody's policy.

CEVA's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
(i) the business risk and competitive position of the company
versus others within its industry, (ii) the capital structure and
financial risk of the company, (iii) the projected performance of
the company over the near to intermediate term, and (iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of CEVA's core industry and the company's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

CEVA Group plc is the fourth-largest integrated logistic provider
in the world in terms of revenues, which were approximately
EUR6.3 billion at FYE2008 and EUR2.6 billion for the first six
months ending June 2009.  The company operates in over 150
countries worldwide, employing around 50,000 people and managing
in excess of 9.2 million square metres of warehouse facilities.
CEVA's activities include the former Contract Logistics business
as acquired from TNT N.V. during 2006 and the Freight Management
business of EGL, a US-based company acquired in August 2007.


ENTERPRISE INNS: Says Does Not Need Rights Issue
------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that Enterprise Inns
plc has played down speculation that it would need a rights issue.

The company insists it is well-positioned to refinance its GBP1
billion (US$2 billion) bank facility, which expires in 2011, the
FT notes.

"At the moment, the board is of the opinion that it would be able
to refinance and that we would not need to do a rights issue," the
FT quoted Enterprise Inns chief executive Ted Tuppen as saying.

As reported in the Troubled Company Reporter-Europe on Aug. 17,
2009, The Daily Telegraph said the company is at risk of breaching
debt covenants as the rental value of its estate slumps.  The
Daily Telegraph disclosed in a note to clients Oliver Neal, a
Goldman Sachs analyst, wrote "We remain concerned that declining
asset values and cashflows will limit the group's ability to
extend its bank facilities and that it will need to raise extra
capital."

According to the Daily Telegraph, Mr. Neal, who has advised
clients to sell their shares, warned that more than half of
Enterprise's debt facilities would have to be renegotiated if the
20% fall in rental values was repeated across the estate.

Enterprise Inns plc -- http://www.enterpriseinns.com/-- is a
leased and tenanted pub operator in the United Kingdom.  As of
September 30, 2008, it owned 7,763 pubs. T he Company's wholly
owned subsidiaries include Unique Pub Properties Limited, which is
engaged in the ownership of licensed properties; The Unique Pub
Finance Company plc, which is engaged in the financing
acquisitions of licensed property, and Voyager Pub Group Limited,
which is a borrower of secured bank facility.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 29,
2009, Moody's Investors Service affirmed Enterprise Inns plc Ba3
Corporate Family Rating, B1 Probability of Default Rating and the
Ba1 rating of GBP275 million senior secured floating-rate notes
due 2031 and changed the outlook to negative from stable.


FOUR SEASONS: Reaches Debt Restructuring Deal with Lenders
----------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Four Seasons
Health Care Ltd. has finalized a deal with its lenders to
restructure debt.

According to the FT, under the restructuring proposal, some of the
company’s lenders will exchange debt owed to them for an equity
stake in the business, cutting the debts by more than 50% to about
GBP780 million.

Citing people close to the situation, the FT discloses Royal Bank
of Scotland, and the funds it manages, is set to end up the
largest single shareholder in Four Seasons post-restructuring,
with about a 40% stake.

Four Seasons Health Care Ltd. -- http://www.fshc.co.uk/-- with
more than 15,000 people in its care, the company is one of the
largest care home (nursing home) operators in the U.K.  The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man.  Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.


JESSOPS PLC: Averts Insolvency After Debt-for-Equity Swap Deal
--------------------------------------------------------------
Kiran Stacey at The Financial Times reports Jessops plc has
avoided insolvency after completing a debt-for-equity swap with
its lender HSBC.

According to the FT, the agreement will see investors share a one-
off payment of GBP100,000 (US$159,602) -- which equates to 5% of
its market value at the time of the announcement.

The FT relates the company, which has struggled under a GBP60
million debt, has set up a vehicle called Snap Equity, 47% of
which is owned by HSBC, in return for GBP34 million of debt.  HSBC
has waived its right to a GBP5 million deferred financing fee,
leaving the new company with GBP20 million debt outstanding, the
FT notes.

Headquartered in Leicester, United Kingdom, Jessops plc --
http://www.jessops.com/-- is a holding company of a group of
companies whose principal activity is the retail of photographic
products and services.  It operates via the Internet and through
mail order and telesales.  Jessops plc sells a range of digital
and analogue cameras, digital and analogue camcorders, binoculars,
digital home print solutions, memory cards, film and photographic
materials, as well as a range of accessories for the photographic
market, including its own brand products.  The Company also
provides developing and printing, and digital imaging services.
The Company is engaged in the business of selling branded
photographic equipment.  Its subsidiaries include Camera Bond
Limited, Camera Mezz Limited, Camera Equity Limited, The Jessop
Group Limited, Well Hall (Jersey) Limited, Expert Imaging Limited,
MacKinnons of Dyce Limited and Jessops Photographic (Ireland)
Limited.


TUI AG: TUI Travel to Refinance GBP900 Mln Loan
-----------------------------------------------
Pan Kwan Yuk at The Financial Times reports that TUI Travel plc
said it would raise GBP300 million through a senior unsecured
convertible bond and a further GBP140 million through fresh
revolving credit facilities to refinance a GBP900 million
shareholder loan.

According to the FT, TUI Travel said the proceeds would go towards
repaying a GBP900 million (US$1.4 billion) loan from TUI AG, the
German parent company, which holds a 51.6% stake in the business.

FT relates TUI Travel said it had renegotiated the terms of the
loan so that the final installment of GBP150 million was now
deferred to April 2011.

TUI AG, the FT notes, will not participate in the convertible bond
offering.  The FT says the company instead plans to buy an
additional 2.5% of TUI Travel shares in the open market to avoid
dilution of its voting rights.

TUI AG -- http://www.tui-group.com/en/-- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe.  TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland.  It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others.  The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises.  TUI Travel comprises the Company’s distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries.  The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others.  The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service lowered the Corporate Family
Rating and Probability of Default Rating of TUI AG to Caa1 from
B3.   At the same time, the unsecured rating and the subordinated
rating were lowered from Caa1 to Caa2 and from Caa2 to Caa3,
respectively.  Moody's said the outlook is negative.


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *