TCREUR_Public/091002.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

            Friday, October 2, 2009, Vol. 10, No. 195

                            Headlines

A U S T R I A

BAUSERVICE FASS: Claims Filing Deadline is October 20
BUTTON ENERGY: Claims Filing Deadline is October 20


D E N M A R K

KALMAR STRUCTURED: Moody's Takes Rating Actions on Various Notes


F R A N C E

CHRISTIAN LACROIX: Borletti Group Drops Out of Bidding Race
TITAN EUROPE: Moody's Junks Ratings on Three Classes of Notes


G E R M A N Y

CENTAURUS PLC: Moody's Cuts Rating on Class D Notes to 'B'
DEUTSCHE LUFTHANSA: To Cut 15% of Administrative Staff by 2012
DYSTAR TEXTILFARBEN: Files Insolvency Petition for German Units
TREVIRA GMBH: Sold to Two German Investors


I R E L A N D

LIGHTPOINT PAN-EUROPEAN: Moody's Junks Rating on Class E Notes


I T A L Y

CELL THERAPEUTICS: Closes and Sells Italian Unit
MARIELLA BURANI: Advisers to Meet Creditors to Outline Debt Plan
TENARIS SA: To Lay Off One-Third of Italian Workforce


K A Z A K H S T A N

ALMA AIR: Creditors Must File Claims by October 7
ARGIMAC GO: Creditors Must File Claims by October 7
AVANGARD SPETS: Creditors Must File Claims by October 7
MANGISTAU PROST: Creditors Must File Claims by October 7
MERKI ATA: Creditors Must File Claims by October 7

MONOLIT 2003: Creditors Must File Claims by October 7
NEMETSKIYE OKNA: Creditors Must File Claims by October 7
REM STROY 2006: Creditors Must File Claims by October 7
RUDNY METAL: Creditors Must File Claims by October 7
SELECT B: Creditors Must File Claims by October 7

SHYNAR NS XXI: Creditors Must File Claims by October 7


K Y R G Y Z S T A N

ALTYN ALCO: Creditors' Meeting Scheduled for October 8


N E T H E R L A N D S

KHAMSIN CREDIT: S&P Downgrades Ratings on Three Tranches to 'D'


N O R W A Y

PETROMENA ASA: Aker Solutions Files NOK17 Mln Claim


R U S S I A

BELKACHINSKIY LES: Creditors Must File Claims by October 11
DELTA LLC: Creditors Must File Claims by October 11
EXPERIMENTAL MECHANICAL: Creditors Must File Claims by October 11
GOR-STROY LLC: Creditors Must File Claims by October 11
KREMENSKIY DAIRY: Creditors Must File Claims by October 11

LOM-PROM-ROSTOV: Creditors Must File Claims by October 11
METALL MAGNITKI: Creditors Must File Claims by October 11
MOLDING TECHNOLIGIES: Creditors Must File Claims by October 11
OST-STROY LLC: Creditors Must File Claims by October 11
PINYUG-LES LLC: Creditors Must File Claims by October 11

SELIVANOVSKIY MACHINE: Creditors Must File Claims by October 11
STERLITAMAKSKAYA ENGINEERING: Claims Filing Ends October 11
STROITELNYY MIR: Creditors Must File Claims by October 11
STROY-COMPANY LLC: Creditors Must File Claims by October 11
STROY-FINANS LLC: Creditors Must File Claims by October 11

UNITY RE: S&P Changes Outlook to Positive; Affirms 'BB-' Rating
URAL LLC: Creditors Must File Claims by October 11
UYARSKIY CONSTRUCTION: Creditors Must File Claims by October 11
VOLGO-STROY LLC: Creditors Must File Claims by October 11
VYBORGSKAYA SHIPPING: Creditors Must File Claims by October 11

* SAKHA REPUBLIC: Fitch Affirms 'BB' Currency Ratings


S L O V E N I A

MURA D.D.: May Be Declared Bankrupt Amid Mounting Debts
PREVENT PUR: Launches Insolvency Proceedings
STEKLARSKA NOVA: State to Pay Pension Contributions of Workers


S P A I N

BBVA FINANZIA: S&P Downgrades Rating on Class C Notes to 'BB'


S W E D E N

SWEDBANK AB: Fitch Affirms and Withdraws All Ratings


S W I T Z E R L A N D

BAHAG HOLDING: Claims Filing Deadline is October 7
BAROSOFT AG: Claims Filing Deadline is October 7
BCT SERVICES: Claims Filing Deadline is October 7
BEXYTOL AG: Claims Filing Deadline is October 7
ETABLISSEMENTS RAMUZ: Claims Filing Deadline is October 7

H. HAYDA: Claims Filing Deadline is October 7
MOBATEX AG: Claims Filing Deadline is October 12
SWISS PERFORMEX: Claims Filing Deadline is November 11
VALUELOGIC GMBH: Claims Filing Deadline is October 16


U K R A I N E

ANTARKTIKA TOURIST: Creditors Must File Claims by October 8
CONCORD LLC: Creditors Must File Claims by October 8
DALLAS-INK LLC: Creditors Must File Claims by October 7
NAFTOGAZ: Misses Payment on Eurobonds; Nears Restructuring Deal
PIATIKHATKI BUTTER: Creditors Must File Claims by October 7

SERVICE KO: Creditors Must File Claims by October 7
SVITEKS LLC: Creditors Must File Claims by October 4
TRADING AND BUILDING: Bankruptcy Supervision Procedure Starts
UNITRANS LLC: Court Starts Bankruptcy Supervision Procedure
ZHMERINKA BUTTER: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

BLACKS LEISURE: Closes 89 Loss Making Stores; Mulls 50 Job Cuts
BRITISH AIRWAYS: To Finalize Iberia Merger by Year's End
BUSINESS MORTGAGE: Moody's Cuts Rating on Class B2 Notes to 'B3'
CEVA GROUP: S&P Assigns 'CCC' Rating on US$200 Mil. Secured Notes
EUROCREDIT CDO: Moody's Confirms 'Caa1' Rating on Class E Notes

FAREPAK: Liquidators Start Settling Claims
LDV GROUP: Ex-Rover Consultant Involved in Sale Negotiations
LOMBARD STREET: Moody's Cuts Rating on Class E Notes to 'Caa3

* UK: Friendlier Insolvency Laws Attract European Companies


X X X X X X X X

* BOOK REVIEW: Working Together - 12 Principles for Achieving


                         *********



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


BAUSERVICE FASS: Claims Filing Deadline is October 20
-----------------------------------------------------
Creditors of Bauservice Fass GmbH have until October 20, 2009, to
file their proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Michael Lentsch
         Hauptplatz 32
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27 0 41
         Fax: 02622/292 46
         E-mail: office@kosch-partner.at


BUTTON ENERGY: Claims Filing Deadline is October 20
---------------------------------------------------
Creditors of Button Energy 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 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Guenther Viehboeck
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49 239
         E-mail: office@viehboeck.at


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


KALMAR STRUCTURED: Moody's Takes Rating Actions on Various Notes
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Kalmar Structured Finance A/S, a collateralized debt
obligation transaction referencing a static portfolio of corporate
entities.

Issuer: Kalmar Structured Finance A/S

  -- SKr130M Class A Secured Fixed Rate Notes due 2010 Notes,
     Downgraded to B2; previously on Feb. 23, 2009 Downgraded to
     Ba3

  -- NKr.80M Class B1 Secured Floating Rate Notes due 2010 Notes,
     Downgraded to Caa2; previously on Feb. 23, 2009 Downgraded to
     B3

  -- EUR8.5M Class B2 Secured Floating Rate Notes due 2010 Notes,
     Downgraded to Caa2; previously on Feb. 23, 2009 Downgraded to
     B3

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 317.47 initially to 908.63, equivalent to an
average rating of the current portfolio of B2.  The reference
portfolio includes exposures to CIT Group, Inc., and Clear Channel
Communications, Inc. which have experienced substantial credit
migration in the past few months, and are now rated Ca.  Since
inception of the transaction the subordinations of the rated
tranches have been reduced due to credit events on Washington
Mutual.  This credit event led to a decrease of approximately
0.29% of the subordinations of the tranches.  The reference
portfolio is diversified with the most represented industry
sectors being Telecommunications (9.33%), Retail (9.33%) and
Insurance (8.67%).

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

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

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


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


CHRISTIAN LACROIX: Borletti Group Drops Out of Bidding Race
-----------------------------------------------------------
Scheherazade Daneshkhu and Simeon Kerr at The Financial Times
report that Italy's Borletti Group has dropped out of the bidding
race for Christian Lacroix SNC, leaving Sheikh Al Hassan bin Ali
Al-Nuami as frontrunner.

The FT relates Borletti, headed by Maurizio Borletti, had teamed
up with the designer himself but said on Wednesday that despite
studying the offer for three months "the conditions for confirming
this takeover were not brought together".

According to the FT, Regis Valliot, Lacroix's administrator, said
that a rival offer from Sheikh Al Hassan, a nephew of the ruler of
Ajman, was "overall very satisfactory".  Mr. Valliot, as cited by
the FT, said Sheikh Al Hassan's offer involved injecting EUR70
million (US$102 million) of capital into Christian Lacroix and
keeping all the company's employees.  Sheikh Al Hassan faces rival
proposals from France's Bernard Krief Consulting and the
Financiere Saint-Germain holding company which owns the Daum and
Lalique crystalware firms, the FT notes.

The Falic Group, Lacroix's Florida-based owner, has submitted a
restructuring plan that would involve the disposal of the haute
couture line and would reduce the workforce from 124 people to 12,
the FT discloses.

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


TITAN EUROPE: Moody's Junks Ratings on Three Classes of Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Titan Europe 2006-3 plc (amounts reflect initial
outstandings):

  -- EUR471.975M Class A Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Aa1; previously on June 27,
     2006 Definitive Rating Assigned Aaa

  -- EUR245.427M Class B Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Ba2; previously on April 8,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR51.917M Class C Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to B2; previously on April 8, 2009
     Aa3 Placed Under Review for Possible Downgrade

  -- EUR56.637M Class D Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Caa2; previously on April 8,
     2009 Baa1 Placed Under Review for Possible Downgrade

  -- EUR37.9M Class E Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Ca; previously on April 8, 2009
     Ba1 Placed Under Review for Possible Downgrade

  -- EUR30.043M Class F Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to C; previously on April 8, 2009
     Ba2 Placed Under Review for Possible Downgrade

At the same time Moody's has affirmed the Aaa rating of the Class
X Notes.  Moody's does not rate the Class G and Class H Notes
issued by Titan Europe 2006-3 plc.

The rating action concludes the review for possible downgrade that
was initiated for the Class B, C, D, E, and F Notes on 8 April
2009.  The rating action takes Moody's updated central scenarios
into account, as described in Moody's Special Report "Moody's
Updates on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Titan Europe 2006-3 plc closed in June 2006 and represents the
securitization of initially eighteen commercial mortgage loans
originated by Credit Suisse International.  The loans were secured
directly or indirectly by first-ranking legal mortgages over 40
commercial properties located in France (44% of the original
portfolio by underwriter market value), Germany (28%), The
Netherlands (15%), Belgium (7%) and Luxembourg (6%).  The
properties were predominantly office (52%) followed by mixed-use
(26%), retail (12%) and the remaining pool comprised other types
including hotels (7%).

Since closing of the transaction, four loans (6% of the initial
pool balance), prepaid in full.  The prepayment proceeds were
allocated 50% sequential and 50% pro-rata to the Notes.  The
remaining loans are not equally contributing to the portfolio: the
largest loan (the Target Portfolio Loan) represents 27.9% of the
current portfolio balance, while the smallest loan (the AEA
Portfolio Loan) represents 0.7%.  The current loan Herfindahl
index is 7.1 compared to 8.1 at closing.  Following the
prepayments, the remaining 14 loans are secured by 36 properties
with similar property type composition as per closing: office
(52%), mixed-use (26%), retail (13%) and other property types
including a hotel (6%).  46% of the properties are currently
located in France, 27% in Germany, 17% in The Netherlands, 6% in
Belgium and 4% in Luxembourg.

As of the last interest payment date in July 2009, 13 of the
remaining 14 loans were current while one loan (the SQY Ouest
Shopping Centre Loan "SQY Ouest", 12.7% of the current portfolio)
was transferred into special servicing prior to the IPD in May
2009 and suffered a payment shortfall on the July 2009 IPD.  In
September 2009, two additional loans (the Quelle Nurnberg Loan,
11.0% of the current portfolio and the Monnet Portfolio Loan, 8.0%
of the current portfolio) were transferred into special servicing
due to a material loan event of default.  Thus, as of end of
September 2009, approximately 32% of the outstanding portfolio
balance is in special servicing.

Following the default of the SQY Ouest and Quelle Nurnberg Loans,
the sequential payment trigger in the transaction has been
breached; therefore, the proceeds from prepayments, balloon
payments and loan recoveries will be allocated sequentially to the
Notes.

2) Rating Rationale

The rating actions follow a detailed re-assessment of the loan and
property portfolio's credit risk.  Hereby, Moody's main focus was
on property value declines, term default risk, refinancing risk
and the anticipated work-out timing for potentially defaulting
loans.  In its review, Moody's especially concentrated on the
largest loans in the portfolio (the Target Loan and the
Weserstrasse Loan) and on the loans currently showing performance
problems (SQY Ouest Loan, Quelle Nurnberg Loan and Monnet Loan)
which altogether represents 73% of the current portfolio balance.

As outlined in more detail below, the rating action is mainly
driven by:

  (i) the adverse performance of three loans which comprise
      approximately 32% of the current portfolio (SQY Ouest,
      Quelle Nurnberg, and Monnet Loans);

(ii) the transaction's refinancing profile;

(iii) the most recent performance of the European commercial
      property markets; and

(iv) Moody's opinion about future property market performance.

Driven by, in most cases, a higher default risk assessment at the
loan maturity dates, Moody's now anticipates that a very large
portion of the portfolio will default over the course of the
transaction term.  Coupled with the negative impact of
significantly reduced property values, Moody's expects a very high
amount of losses on the securitized portfolio.  Those expected
losses will, given the back-loaded default risk profile and the
anticipated work-out strategy for defaulted loans, crystallize
only towards the mid to end of the transaction term.

The current subordination levels for Moody's rated classes are
53.7%, 25.8%, 19.9%, 13.4%, 9.1% and 5.7% for the Class A, the
Class B, the Class C, the Class D, the Class E and the Class F
Notes respectively.  While the subordination provides protection
against losses for the more senior Notes, also the likelihood of
higher than expected losses on the portfolio has increased
substantially, which results in the rating action.

Since closing, four loans amounting to only 6% of the original
portfolio balance prepaid in full.  The prepayment proceeds of the
loans were allocated to the Notes on a 50% sequential and 50% pro-
rata basis.  At the same time, the loan portfolio provides for
limited scheduled principal repayment over time.  As a result, the
Notes benefited only to a limited extent from an increase in
subordination levels since closing.

The Class B, Class C, Class D, Class E, and Class F Notes are
subordinated in the transaction's capital structure.  Due to this
additional leverage, the higher portfolio risk assessment has a
relatively bigger impact on the expected loss of the more junior
Notes than on the expected loss of the senior Notes.

The Class X Notes are entitled to receive the difference between
(i) interest payable on the loans and (ii) interest payable on the
Notes and certain costs.  The liquidity facility can be used to
cover potential interest shortfalls on the Class X Notes.  In
relation to principal, the net proceeds from the issue of the
Class X Notes have been retained by the Issuer in the Class X
Account for the purpose of repaying the principal amount of the
Class X Notes.  Moody's believes that the Class X Notes have a
different risk profile in comparison to the other classes in the
transaction given their characteristics.  The rating of the Class
X Notes is therefore not directly affected by the credit risk of
the loan portfolio.

Moody's anticipates that, following the application of its updated
central scenarios, Titan Europe 2006-3 plc is one of the most
negatively affected EMEA CMBS conduit deals secured by Pan-
European collateral.

3) Moody's Portfolio Analysis

Property Values.  Property values across the Continental European
markets have declined, in some markets significantly, until mid
2009 and are expected to continue to decline at least until 2010.
Moody's estimates that compared to the underwriter's ("U/W")
values at closing, the values of the properties securing this
transaction have declined by on aggregate 33% until mid 2009
(ranging from a 13% decrease for the Matrix Data Centre Loan to a
67% decline for the Quelle Nurnberg Loan).  For the Quelle
Nurnberg Loan, the value assessed by Moody's is based on a vacant
possession due to the insolvency of the sole tenant, Quelle AG,
and it is 56% lower than the vacant possession value of the U/W at
closing.  Looking ahead, Moody's anticipates further declines
until 2010, resulting in on aggregate 41% value decline for the
portfolio compared to the U/W value at closing (ranging from 17.5%
decline for the Matrix Data Centre Loan to a 67% decline for the
Quelle Nurnberg Loan).

Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted average securitized loan-to-
value ("LTV") ratio was 122% compared to the reported U/W LTV of
78%.  Due to the further envisaged declines, the WA LTV will
increase in Moody's opinion to 136% in 2010 and will only
gradually recover thereafter.  Based on Moody's anticipated trough
values, the LTVs for the securitized loans range between 208%
(Quelle Nurnberg Loan) and 78% (Matrix Data Centre Loan).  As one
loan (Quelle Nurnberg) has additional debt in the form of a B-loan
(amounting to EUR 9.4 million), based on estimated trough values,
the overall whole loan leverage is on average 139%.

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

Refinancing Risk.  The transaction does not have exposure to loans
maturing in the short-term (2009 and 2010).  However, 32% of the
current portfolio matures in 2011, 21% in 2012 and the remaining
47% in 2013.  As Moody's expects property values in the
Continental European markets to only slowly recover from 2011
onwards, all loans will be still highly leveraged at their
respective maturity dates.  Consequently, in Moody's view, for all
of the loans, the default risk at maturity has increased
substantially compared to the closing analysis.

Term Default Risk.  The occupational markets in Continental Europe
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates.  Taking into
account the lease profile of the respective loans, the Target Loan
(27.9% of current portfolio) and the Rivierstaete Office Loan
(5.9% of current portfolio) could be in Moody's view especially
exposed to weakening occupational markets.  Based on the current
lease profile, Moody's has incorporated into its analysis an
allowance for deterioration in coverage ratios and weakening
tenant qualities on a majority of the loans, in turn increasing
the term default risk assumption for the respective loans.

Loans in Default and/or Special Servicing.  Three loans in the
portfolio (SQY Ouest, Quelle Nurnberg and Monnet Loan) which
account for 31.7% of the current outstanding balance are in
default and in special servicing.

The SQY Ouest Loan was transferred to special servicing following
a notice sent by the borrower stating that it is generally unable
to pay its debts as they become due.  Subsequent to the transfer
event, no debt service due on the loan was paid on the July 2009
IPD which resulted in a liquidity facility draw in order to pay
interest due on the Class E, Class F, Class G, Class H Notes and
partially for the interest due on the Class D Notes.  The property
securing the loan, the SQY Ouest Shopping Centre located 20 km
south west of Paris is reported to suffer from high rental arrears
and vacancy of approximately 11% which the borrower has not been
able to reduce over the last year.  Moody's understands that the
special servicer is currently analyzing various work-out options
with the most likely option being a restructuring of the loan.

The borrower of the Quelle Nurnberg Loan did not pay the required
prepayment of EUR4 million which was required when the single
tenant, Quelle AG did not renew its lease which is scheduled to
expire in December 2015.  As the non-payment of the required
amount constituted an event of default under the facility
agreement, the loan was transferred into special servicing in
September 2009.  Furthermore, the sole tenant is currently in
insolvency proceedings which resulted in a non-payment of the rent
for the months of June and July 2009.  Moody's understands that
the rent was paid for August 2009, however, further details have
not been disclosed yet by the special servicer.

The Monnet Loan has been in breach of its DSCR covenant set at
1.0x since Q4 2008 with the latest coverage being at 0.67x (12-
month forward looking) as of the last IPD.  The servicer sent the
borrower a notice on August 27, 2009 that it has 10 business days
to cure the covenant breach.  As the borrower did not cure the
covenant breach in the permitted grace period, the loan was
transferred into special servicing as of 29 September 2009.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a very large portion of the portfolio will
default over the course of the transaction term.  The default risk
of all loans is predominantly driven by refinancing risk.  In
Moody's view, excluding the SQY Ouest, Quelle Nurnberg and the
Monnet Loans which Moody's has deemed as defaulted, the
Weserstrasse Loan (13.4% of current portfolio balance) has
currently the highest default risk, while the Stage Loan (1.2% of
the current portfolio) has the lowest risk of defaulting.

Concentration Risk.  The portfolio securitized in Titan Europe
2006-3 plc exhibits an average concentration in terms of property
types and property location.

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

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


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G E R M A N Y
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CENTAURUS PLC: Moody's Cuts Rating on Class D Notes to 'B'
----------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by Centaurus (Eclipse 2005-3) plc (amounts reflecting the
initial outstanding amounts):

Issuer: CENTAURUS (ECLIPSE 2005-3) plc

  -- EUR381.2M Class A Commercial Mortgage Backed Floating Rate
     Notes due 2015, Downgraded to A1; previously on Dec. 22, 2005
     Definitive Rating Assigned Aaa

  -- EUR61.9M Class B Commercial Mortgage Backed Floating Rate
     Notes due 2015, Downgraded to Baa2; previously on April 8,
     2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR97.7M Class C Commercial Mortgage Backed Floating Rate
     Notes due 2015, Downgraded to Ba3; previously on April 8,
     2009 A2 Placed Under Review for Possible Downgrade

  -- EUR94.5M Class D Commercial Mortgage Backed Floating Rate
     Notes due 2015, Downgraded to B3; previously on April 8, 2009
     Baa3 Placed Under Review for Possible Downgrade

  -- EUR0.05M Class X Commercial Mortgage Backed Floating Rate
     Notes due 2015; Affirmed at Aaa; previously on Dec. 22, 2005
     Definitive Rating Assigned Aaa

Moody's does not rate the Class E Notes issued by Centaurus
(Eclipse 2005-3) plc.  The rating action takes Moody's updated
central scenarios into account, as described in Moody's Special
Report "Moody's Updates on Its Surveillance Approach for EMEA
CMBS".

1) Transaction Overview

Centaurus (Eclipse 2005-3) plc represents a true sale of a portion
of five cross-defaulted but not cross-collateralized senior loans
(the "Senior Loans") secured by about 30,000 multifamily units
plus some commercial units and parking spaces in Germany.  The
properties were initially held by five companies that owned and
managed the properties when two Blackstone funds acquired those
companies in 2004.  The purchase of the companies was financed
through (i) the Senior Loans, (ii) five senior ranking revolving
credit facilities, (iii) continuing debt that was predominately
ranking senior to the Senior Loans, (iv) five Junior Loans and (v)
equity from the Blackstone funds.  At closing in December 2005, a
pro-rata portion of 75.43% of the Senior Loans was securitized in
this transaction.  Since closing of the transaction, the
Blackstone funds sold the majority stake in the borrower group to
a consortium of institutional investors.  All five partially
amortizing Senior Loans (and Junior Loans) mature in September
2012.

At closing of the transaction, Moody's highlighted (i) the high
overall leverage, (ii) the refinancing risk, (iii) the cross-
defaulted but not cross-collateralized nature of the loans and
(iv) the prepayment risk coupled with (a) a missing release
premium in case a whole borrower is sold (and its debt prepaid)
and (b) pro-rata allocation of the prepayment proceeds as main
weaknesses of the transaction.

2) Rating Rationale

The downgrade was prompted by (i) the property value decline that
Moody's anticipates for large multi-family portfolios since the
peak of the market in 2007; (ii) the compared to initial
expectations underperformance of cash flows derived from the
property portfolio, resulting in lower debt service coverage
ratios than anticipated and also influencing Moody's value
assessment; (iii) the compared to initial expectations
underperformance in relation to unit sales that results, together
with current and anticipated deferral of Junior Loans' interest,
in an higher than anticipated maturity balance for most of the
loans; (iv) a significantly increased refinancing risk for the
loans given the transaction's size, leverage and the loan maturity
in 2012; and (v) the increased credit quality dispersion of the
Senior Loans coupled with the still pro-rata allocation in case of
loan prepayments or repayments at loan maturity.

In Moody's view, the default risk of the securitized loans has
increased significantly compared to closing.  Together with
decreased property values and an expected future adverse value
development, Moody's anticipates a substantial amount of losses on
the loan portfolio.  The available subordination protects the more
senior notes against those losses, but the variability around the
expected loss has increased as well, resulting in the rating
action.

On an aggregated portfolio basis, the current Moody's Note-to-
Value (NTV) of 67.5% for the Class A Notes, 72.5% for the Class B
Notes, 80.4% for the Class C Notes and 88% for the Class D Notes
provides some property value cushion, but this value cushion has
already been eroded since closing and Moody's expects a further
erosion until 2011.

Important for more senior notes, as the current Moody's LTV levels
of the Senior Loans range from 60% to 90%, for scenarios in which
the better loans repay or prepay before the sequential pay trigger
is hit, the NTV levels for senior notes are expected to increase
in tandem with the NTV levels of junior notes.  In other words, in
those scenarios the available subordination to more senior notes
does not increase in order to mitigate the negative effect of an
increased expected loss of the then remaining loan portfolio.

3) Transaction Performance History

Coverage and cash flows.  Senior and Junior Loan ICR and DSCR have
been continuously lower than anticipated at closing.  As per July
2009 IPD, the aggregated Senior Loan DSCR was 1.09x (compared to
1.38x at closing) and the aggregated Junior Loan ICR (assuming
deferred interest was due) was 0.91x (compared to 1.16x at
closing).

Vacancy rates. The vacancy rate in the property portfolio
increased slightly from 6.24% at closing to above 7% until the
beginning of 2007.  Since then vacancies have stabilized, in July
2009 the vacancy rate was 7.68%.  Vacancy rates range from 5.3% in
the KWG portfolio to 9.8% in the Bremische portfolio.

Values. The underwriter's value of the portfolio was
EUR1.43 billion at closing of the transaction.  The portfolio was
revalued once at the end of 2007, showing an increased value of
EUR1.65 billion (+15%).

Property sales. Since Closing, 6% of the aggregated loan balance
repaid following unit sales and scheduled amortization.  At the
closing of the transaction, the sponsor intended to sell about 33%
of the portfolio over the term of the Senior Loans.  In the
meantime, the new consortium of sponsors has changed the business
plan and does not intend to sell meaningful amounts of individual
units.  In total, less than 2% of the portfolio has been sold,
hence the transaction delevered less than initially anticipated.

As a consequence of scheduled amortization, prepayments due to
unit sales and the prepayment of the Junior Loan of the BBG
borrower, the total outstanding debt reduced by roughly
EUR100 million since closing (Senior Loans, Junior Loans,
continuing debt and the revolving credit facility).  Currently,
the total debt amounts to EUR1,190 million and consists of the
Senior Loans (EUR811.6 million per July 2009 IPD), the Junior
Loans (EUR122.2 million plus EUR4.8 million accrued interest),
EUR12.8 million of drawn revolving credit facilities and
EUR238.8 million of continuing debt.  Taking into account the
latest valuation performed in December 2007, the total effective
Loan-to-Value of the borrowers (including Junior Loans) was 72% as
per the last IPD in July 2009, compared to 86.6% at closing.  The
reduction in LTV was mostly driven by the prepayment of one Junior
Loan and by the revaluation.  The effective LTV takes into account
that certain parts of continuing debt are effectively not ranking
senior to the Senior Loans.

Within the transaction, scheduled amortization is applied
sequentially to the Notes, while repayments at loan maturity and
prepayments applied to the Senior Loans are allocated pro-rata to
the Notes.  The transaction switches to fully sequential if
certain triggers are hit, which include (i) 10% of more of the
outstanding Loans are in default and (ii) the absolute principal
outstanding loan balance is less than 20% of the balance at
closing.  As the triggers are not hit to date, the transaction is
still in modified pro-rata mode.  Accordingly, as prepayments due
to unit sales were applied pro-rata, the subordination available
to the Class A to Class E Notes has only marginally increased
since closing.

4) Moody's Portfolio Analysis

Property Portfolio Income. The rental income derived from the
property portfolio has been stable since closing (after taking
into account unit sales).  However, the net operating income (NOI)
reported continues to be volatile, mainly due to hedging gains and
losses as well as fluctuations in operating expenses.  On average,
NOI has been slightly increasing, but the sponsor consortium's
business plan of increasing NOI by investing in the property
portfolio has not yet shown meaningful increases.  Moody's notes
that the effectively available cash flows for debt service might
differ from the figures shown in the investor reporting, mainly
due to German GAAP-based nature of the investor report.  Overall,
net cash flows are expected to continue underperforming Moody's
initial expectations.

Debt Service Capability and Junior Loans.  In light of increasing
amortisation schedules on all five Senior Loans, Moody's expects
continuing and even increasing pressure on DSCR given its rather
constant cash flow expectations.  In addition, Moody's notes that
currently the payment of the Junior Loan interest is deferred.
Given the potential build-up of deferred Junior interest in the
future, it is possible that Junior Loan deferred interest payments
will exceed 25% of the Junior Loan balance during the term of the
loans.  At this point, junior lenders that are secured by the same
mortgages as senior lenders might accelerate the junior loans if
-- amongst others -- an updated valuation is greater than 125% of
the senior liabilities that include the securitized and minority
senior lenders, the revolving credit facility as well as the
continuing debt.  This increases the potential for some of the
loans defaulting during their term.

Property Values.  The number of transactions involving larger
multi-family portfolios in Germany has decreased significantly
since the peak of the market in 2006 and 2007.  Moody's assumes
that since closing, the aggregated value of the portfolio has
decreased by 16% to EUR1.21 billion (or EUR640 psm), and may drop
further to a trough value of EUR1.1 billion (EUR605 psm) in
2010/2011.  The Moody's values reflect both the reduced interest
in acquiring larger multi-family portfolios in Germany and the
restricted availability of financing of portfolios of this size.
In deriving these value assessments, Moody's took into account a
lower than reported annual net cash flow of EUR64 million, mainly
due to higher assumptions regarding ongoing CAPEX requirement.
Moody's took those property values into account when assessing the
default risk at maturity and the loss given default of the
securitized Senior Loans.  Based on Moody's value assumption, the
transactions' current total LTV is 98.2%, increasing to 108% based
on trough values (disregarding amortization between and trough of
the market; this is translating into a 97% LTV when solely taking
into account the Senior Loans, senior minority, continuing debt
and working capital facility).

Default Risk.  Compared to Moody's closing analysis, the term
default risk of the loans has increased given the absence of
property sales that could derive excess cash and the lower than
expected coverage ratios of the loans.  Moreover, the Junior Loan
interest deferral might give rise to further default risk as
discussed above.  Overall, Moody's believes the main default risk
of the loans is still the refinancing risk.  Given the increased
LTVs of the loans and the high total debt balance that needs to be
refinanced in 2012, the default risk of the loans at maturity has
increased significantly.  The continuing debt can continue to be
outstanding and might reduce the total amount of debt that needs
to be refinanced.

Structural Aspects.  Moody's believes that next to the refinancing
risk a main weakness of the transaction remains the non-cross
collateralization of the loans, paired with (i) missing release
premia upon prepayments or repayments of whole loans by the
borrowers (which could happen for example if a borrower is sold
and its debt prepaid or if a borrower successfully refinances its
debt while others do not) and (ii) the pro-rata allocation of
repayment at maturity and prepayment proceeds.  In a scenario
where refinancing the whole debt amount or selling the total
property portfolio appears not possible, adverse selection might
occur in terms of refinancing or repaying the better (lower
levered) loans without a release premium and potential pro-rata
allocation of the proceeds, while the transaction remains exposed
to the less performing loans and borrowers without building up
incremental subordination for the more senior notes.

Increased Loss Exposure.  Taking into account the increased
default risk of the loans, Moody's decreased property values and
the expected future value development.  Moody's anticipates a
substantial amount of losses on the loan portfolio.  The available
subordination protects the more senior notes against those losses,
but the variability around the expected loss has increased as
well, resulting in the rating action.  On an aggregated portfolio
basis, the current Moody's Note-to-Value of 67.5% for the Class A
Notes, 72.5% for the Class B Notes, 80.4% for the Class C Notes
and 88% for the Class D Notes provides some value cushion, but
this value cushion has already been eroded since closing and
Moody's expects a further erosion until 2011.  Important for more
senior notes, as the current Moody's LTV levels of the Senior
Loans range from 60% to 90%, for scenarios in which the better
loans repay or prepay before the sequential pay trigger is hit,
the NTV levels for senior notes are expected to increase in tandem
with the NTV levels of junior notes.  In other words, in those
scenarios the available subordination to more senior notes does
not increase in order to mitigate the negative effect of an
increased expected loss of the then remaining


DEUTSCHE LUFTHANSA: To Cut 15% of Administrative Staff by 2012
--------------------------------------------------------------
Dow Jones Newswires reported that a spokesman for Deutsche
Lufthansa AG confirmed Monday last week that the German airline
plans to cut around 15% of its administrative staff by the year
2012.

The spokesman declined to specify the number of jobs to be cut,
but said personnel costs will be reduced by around 5% annually to
2012, according to Dow Jones.

Deutsche Lufthansa AG is an aviation company with operations
worldwide.  It operates in five business segments: Passenger
Transportation, Logistics, Maintenance, Repair and Overhaul (MRO),
Information Technology (IT) services and Catering.  On January 22,
2008, it acquired 19% of the shares in JetBlue Airways. In October
2008, Lufthansa established an Italian company called Lufthansa
Italia as it mulls to make Milan based Malpensa airport its third
hub after Frankfurt and Munich.  In September 2009, Austrian
Airlines AG was taken over by Deutsche Lufthansa AG. Austrian
Airlines will therefore become part of the Lufthansa Group as of
September 2009.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 7,
2009, Moody's Investors Service lowered the long-term and short-
term issuer ratings of Deutsche Lufthansa AG to Ba1/Not-prime from
Baa3/Prime-3.  At the same time Moody's has withdrawn the long-
term issuer rating and assigned a Corporate Family Rating and
Probability of Default Rating at Ba1. Moody's said the outlook is
stable.


DYSTAR TEXTILFARBEN: Files Insolvency Petition for German Units
---------------------------------------------------------------
Intelex reports that DyStar, which includes Textilfarben GmbH,
DyStar Textilfarben GmbH & Co Deutschland KG as and DyStar
Holdings GmbH, filed an insolvency petition with the Local Court
Frankfurt am Main for the company's business operations in Germany
after failing to address liquidity pressures.

According to the report, DyStar's insolvency filing includes the
company's sites in Frankfurt, Leverkusen, Brunsbuettel,
Geretsried, and Ludwigshafen, which combined employ about 1,300
people.

The court, the report discloses, appointed Dr. Stephan Laubereau,
of Pluta Rechtsanwalts GmbH, as preliminary insolvency
administrator over the estate of DyStar Textilfarben GmbH & Co.
Deutschland KG, and Miguel Grosser, of JAFFE Rechtsanwalte
Insolvenzverwalter, as preliminary insolvency administrator over
the estate of DyStar Textilfarben GmbH.

DyStar Textilfarben GmbH -- http://www2.dystar.com/-- is a global
company offering dyes and services for the textile and leather
industry.  The company is based in Industriepark Hoechst,
Frankfurt am Main, Germany.


TREVIRA GMBH: Sold to Two German Investors
------------------------------------------
P. B Jayakumar and Nevin John at Business-Standard report that a
German bankruptcy court has sold off Reliance Industries'
polyester making subsidiary Trevira GmbH to two German investors,
Stefan Messer and Karl-Gerhard Seifert, for an undisclosed amount.

According to the report, sources said proceeds from the sale will
be used to clear outstanding liabilities of the creditors of
Trevira, with the rest of the funds going to RIL.

"After discounting the liabilities, RIL is expected to receive a
premium of about 20 per cent over the Rs 440-crore investment it
had made to buy this company," the report quoted an RIL executive
familiar with the development as saying.

The report states production sites of Trevira in Bobingen, Guben
and Zielona Gora in Poland, together with the sales site in
Hattersheim and some other sales offices, will be transferred to
the new owners by the first week of November.

As reported in the Troubled Company Reporter-Europe on June 9,
2009, Trevira commenced insolvency proceedings by filing an
application with the court in Augsburg Court in State of Bavaria,
Germany.  The move follows major efforts by the company to
overcome the impact of industrial slowdown in Europe particularly
of the automotive and textile sectors to whom it is an important
supplier.


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


LIGHTPOINT PAN-EUROPEAN: Moody's Junks Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by LightPoint Pan-European CLO 2006
p.l.c.:

  -- EUR23,500,000 Class B Floating Rate Notes Due 2022,
     Downgraded to A1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR9,500,000 Class E Floating Rate Notes Due 2022, Downgraded
     to Caa2; previously on March 13, 2009 Downgraded to Caa1 and
     Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  Such
credit deterioration is observed through a decline in the average
credit rating (as measured by the weighted average rating factor),
an increase in the dollar amount of defaulted securities, and an
increase in the proportion of securities from issuers rated Caa1
and below.  In particular, the weighted average rating factor has
increased over the last year and is currently 2680 versus a test
level of 2550 as of the last trustee report, dated August 20,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about EUR10.2 million, accounting for
roughly 3.25% of the collateral balance, and securities rated Caa1
or lower make up approximately 8.11% of the underlying portfolio.

The downgrade actions taken on the Class B Notes and Class E Notes
also reflect Moody's revised assumptions with respect to default
probability (including certain stresses pertaining to credit
estimates) and the calculation of the Diversity Score.  These
revised assumptions are described in the publication "Moody's
Approach to Rating Collateralized Loan Obligations," dated
August 12, 2009.  Moody's analysis also reflects the expectation
that recoveries for second lien loans will be below their
historical averages, consistent with Moody's research.  Other
assumptions used in Moody's CLO monitoring are described in the
publication "CLO Ratings Surveillance Brief - Second Quarter
2009," dated July 17, 2009.  Due to the impact of all
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, diversity
score, and weighted average recovery rate, may be different from
the trustee's reported numbers.

In addition, Moody's has upgraded the ratings of these notes:

  -- EUR20,500,000 Class C Deferrable Floating Rate Notes Due
     2022; Upgraded to Baa3; previously on March 13, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade.

Finally, Moody's has confirmed the ratings of these notes:

  -- EUR20,000,000 Class D Floating Rate Notes Due 2022;
     previously on March 13, 2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade.

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

LightPoint Pan-European CLO 2006 p.l.c., issued on January 31,
2006, is a collateralized loan obligation backed primarily by a
portfolio of senior secured loans issued by European obligors.

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


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


CELL THERAPEUTICS: Closes and Sells Italian Unit
------------------------------------------------
Colin Keatinge at Bloomberg News reports that Cell Therapeutics
Inc. said it completed the closing of its Bresso, Italy
operations.

According to Bloomberg, the company said it will receive
approximately US$1.1 million from the sale of assets.

                      About Cell Therapeutics

Headquartered in Seattle, Washington, Cell Therapeutics, Inc.,
(Nasdaq and MTA: CTIC) -- http://www.CellTherapeutics.com/-- is a
biopharmaceutical company committed to developing an integrated
portfolio of oncology products aimed at making cancer more
treatable.

                        Going Concern Doubt

Stonefield Josephson Inc. in Los Angeles, California, expressed
substantial doubt about Cell Therapeutics' ability to continue as
a going concern after auditing company's financial statements for
the years ended December 31, 2008, and 2007.  The auditing firm
reported that the Company has substantial monetary liabilities in
excess of monetary assets as of December 31, 2007, including
roughly US$19.8 million of convertible subordinated notes and
senior subordinated notes which mature in June 2008.  It also
noted that the Company has sustained loss from operations over the
audit periods, incurred an accumulated deficit, and has
substantial monetary liabilities in excess of monetary assets as
of December 31, 2008.

As of June 30, 2009, the Company had US$43.2 million in total
assets; and US$98.7 million in total liabilities; resulting in
US$57.6 million in shareholders' deficit.  The Company had
US$1.35 billion in accumulated deficit as of June 30, 2009.


MARIELLA BURANI: Advisers to Meet Creditors to Outline Debt Plan
----------------------------------------------------------------
Enza Tedesco at Dow Jones Newswires reports that Mariella Burani
Fashion Group SpA said late Wednesday its financial and legal
advisers will meet with its creditor banks in coming days in an
attempt to outline a preliminary debt restructuring plan.

Dow Jones relates in a filing to the Italian stock market
regulator, the company said its advisers -- Mediobanca SpA (MB.MI)
and KPMG -- are currently reviewing the guidelines of its new
industrial plan ahead of the meeting with the creditors.

The company, Dow Jones notes, also expects to sign in coming days
a debt moratorium to the end of October with its creditor banks,
including Unicredit SpA and Intesa Sanpaolo SpA.

Cristina Carlevaro at Reuters reports Gabriele Fontanesi, the
company's CEO, said the company's restructuring plan foresees
divestments worth EUR70-80 million (US$102.6-US$117.3 million).
"We have finalized the guidelines of the plan . . . the key years
for restructuring will be 2010 and 2011," Reuters quoted
Mr. Fontanesi as saying.

                        Debt-for-Equity Swap

According to Reuters, Mariella Burani's creditor banks could be
ready to swap debt for equity.  Reuters relates Mr. Fontanesi said
the Burani family -- with a stake of more than 70% -- is willing
to subscribe its part of a cash injection directly or indirectly
for about EUR50 million.  Mr. Fontanesi, as cited by Reuters, said
the conversion of debt into equity did not rule out the arrival of
a new partner, "preferably industrial which has more resources and
new markets."

                          Going Concern

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Burani was halted in Milan trading after
the company's auditor Mazars LLP cited "significant elements of
uncertainty" about the business as a going concern following a
decline in sales.  Bloomberg dislcosed the company posted a net
loss of EUR142.1 million (US$203 million) in the first half of
2009, compared with net income of EUR4 million a year earlier,
while revenue fell 24% to EUR246.1 million.  According to
Bloomberg, Burani said Mazars couldn't express an opinion on the
fashion company's accounts.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company’s
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


TENARIS SA: To Lay Off One-Third of Italian Workforce
-----------------------------------------------------
Tommaso Ebhardt at Bloomberg News reports that Tenaris SA plans to
cut about a third of its staff in Italy as part of a "strategic
repositioning" of its business.

Bloomberg relates Tenaris Dalmine SpA, the company's Italian unit,
on Monday presented a two-year industrial plan that includes
EUR114 million (US$166 million) of investments "that will
guarantee the company's long-term continuity."

According to Bloomberg, a company spokeswoman estimated the job
cuts at 1,000 over the next two years.  Mirko Rota, a local union
official in Bergamo, estimated the job cuts at 1,024 out of a
total workforce of 2,814, Bloomberg notes.


Headquartered in Luxembourg, Tenaris S.A. --
http://www.tenaris.com/-- is a global manufacturer and supplier
of steel pipe products and related services for energy industry,
as well as for other industrial applications. The Company’s
customers include oil and gas companies, as well as engineering
companies engaged in constructing oil and gas gathering,
transportation and processing facilities. Its principal products
include casing, tubing, line pipe, and mechanical and structural
pipes. The Company operates a network of steel pipe manufacturing,
research, finishing and service facilities with industrial
operations in North and South America, Europe, Asia and Africa. In
April 2009, the Company acquired 77.45% interest in Seamless Pipe
Indonesia Jaya, an Indonesian processing business with heat
treatment and connection threading facilities.


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


ALMA AIR: Creditors Must File Claims by October 7
-------------------------------------------------
Representation of LLP Alma Air Technics is currently undergoing
liquidation. Creditors have until October 7, 2009, to submit
proofs of claim to:

         Suyunbai Ave. 292/2-10
         050030 Almaty
         Kazakhstan


ARGIMAC GO: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLP Argimac Go 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 12, 2009.


AVANGARD SPETS: Creditors Must File Claims by October 7
-------------------------------------------------------
Representation of LLP Construction Company Avangard Spets Stroy BG
84 is currently undergoing liquidation.  Creditors have until
October 7, 2009, to submit proofs of claim to:

         Eset-Batyr Str. 103/1-93
         Aktobe
         Kazakhstan


MANGISTAU PROST: Creditors Must File Claims by October 7
--------------------------------------------------------
Creditors of LLP Mangistau Prost Tsement 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 12, 2009.


MERKI ATA: Creditors Must File Claims by October 7
--------------------------------------------------
Representation of LLP Merki Ata Gas is currently undergoing
liquidation.  Creditors have until October 7, 2009, to submit
proofs of claim to:

         Askarov Str. 2
         Merke
         Jambyl
         Kazakhstan


MONOLIT 2003: Creditors Must File Claims by October 7
-----------------------------------------------------
Creditors of LLP Monolit 2003 have until October 7, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

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


NEMETSKIYE OKNA: Creditors Must File Claims by October 7
--------------------------------------------------------
Creditors of LLP Nemetskiye Okna 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 12, 2009.


REM STROY 2006: Creditors Must File Claims by October 7
-------------------------------------------------------
LLP Rem Stroy 2006 is currently undergoing liquidation.  Creditors
have until October 7, 2009, to submit proofs of claim to:

         Panfilov Str. 49-48
         Almaty
         Kazakhstan


RUDNY METAL: Creditors Must File Claims by October 7
----------------------------------------------------
Creditors of LLP Rudny Metal Trade have until October 7, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 12, 2009.


SELECT B: Creditors Must File Claims by October 7
-------------------------------------------------
Creditors of LLP Select B have until October 7, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

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


SHYNAR NS XXI: Creditors Must File Claims by October 7
------------------------------------------------------
Creditors of LLP Shynar NS XXI have until October 7, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional Economic Court of Astana
         Aimanov Str. 6
         Room 217
         Astana
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
July 12, 2009.


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


ALTYN ALCO: Creditors' Meeting Scheduled for October 8
------------------------------------------------------
Creditors of LLC Altyn Alco will meet at 10:00 a.m. on October 8,
2009, at:

         Lenin Str. 377
         Osh
         Kyrgyzstan

The company's temporary insolvency manager will discuss the
initation of insolvency procedure at the meeting.

Proxies must have authorization to vote.


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


KHAMSIN CREDIT: S&P Downgrades Ratings on Three Tranches to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' and
withdrew its credit ratings on three tranches of European
synthetic collateralized debt obligations.

The downgrades follow notification by the calculation agent of
losses from credit events in the underlying reference portfolios,
which have led to full principal loss of the tranches issued.

S&P withdrew the ratings assigned to these three notes due to
early termination.

                           Ratings List

                   Ratings Lowered and Withdrawn

          Khamsin Credit Products (Netherlands) II B.V.
       EUR5 Million Class A ABS Credit-Linked Notes Series 8
                          (Milan 2006-1)

                                    Ratings
                                    -------
                 Final      To                From
                 -----      --                ----
                 NR         D                 CCC-

          Khamsin Credit Products (Netherlands) II B.V.
     EUR15.5 Million Class B ABS Credit-Linked Notes Series 9
                          (Milan 2006-1)

                                    Ratings
                                    -------
                 Final      To                From
                 -----      --                ----
                 NR         D                 CCC-

          Khamsin Credit Products (Netherlands) II B.V.
     EUR5.5 Million Class C ABS Credit-Linked Notes Series 10
                          (Milan 2006-1)

                                    Ratings
                                    -------
                 Final      To                From
                 -----      --                ----
                 NR         D                 CCC-

                          NR -- Not rated.


===========
N O R W A Y
===========


PETROMENA ASA: Aker Solutions Files NOK17 Mln Claim
---------------------------------------------------
M2 Presswire, citing business daily Finanavisen, reports that Aker
Solutions ASA has filed a NOK17 million claim with the bankruptcy
administrators of Petromena ASA.

According to M2 Presswire, Aker Solutions has not received full
payment for equipment, delivered to two of the three rigs, which
the bankruptcy manager is working to sell.

M2 Presswire relates Norsk Tillitsmann ASA representative Ola
Nygard told news wire TDN Finans the Norwegian trustee services
provider filed in a letter, dated September 15, 2009, an
application for opening bankruptcy proceedings against Petromena,
with the Oslo district court.

PetroMENA ASA -- http://www.petromena.no/-- is a Norway-based
company engaged in the ownership and operation of drilling rigs
and vessels, as well as in the construction of off-shore drilling
platforms and facilities for the oil industry.  The Company is
operational through its three wholly owned Singapore-based
subsidiaries: PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig
III Pte Ltd.  The Company's rigs are designed for drilling in
ultra deep waters, in such areas as the Mexican Gulf, Brazil, West
and South Africa, among others.  Additionally, the Company's
subsidiaries are engaged in the construction of semi submersible
drilling rigs at the Jurong shipyard in Singapore.  As of December
31, 2008, the Company held management and operational agreements
with Larsen Oil & Gas Ltd and Larsen Oil Gas AS. The Company's
majority shareholder is Petrolia Drilling ASA, with 51.47% of its
interests.


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


BELKACHINSKIY LES: Creditors Must File Claims by October 11
-----------------------------------------------------------
Creditors of LLC Belkachinskiy Les-Prom-Khoz (TIN 1428002967, PSRN
1021400894437) (Forestry) have until October 11, 2009, to submit
proofs of claims to:

         G. Gromov
         Temporary Insolvency Manager
         Office 113
         Kalandarishvili Str. 5
         677007 Yakutsk
         Russia

The Arbitration Court of Yakutia will convene on February 11,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No.A 58–8125/08.

The Debtor can be reached at:

         LLC Belkachinskiy Les-Prom-Khoz
         Belkachi
         678673 Ust'-Mayskiy Ulus
         Yakutia
         Russia


DELTA LLC: Creditors Must File Claims by October 11
---------------------------------------------------
Creditors of LLC Delta (Construction) have until October 11, 2009,
to submit proofs of claims to:

         A. Volobuev
         Insolvency Manager
         Office 219
         Prospect Kulakova 10D
         355044 Stavropol
         Russia

The Arbitration Court of Stavropolskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?63–7398/09-S5–7.


EXPERIMENTAL MECHANICAL: Creditors Must File Claims by October 11
-----------------------------------------------------------------
Creditors of CJSC Experimental Mechanical Plant (TIN 7721019392,
PSRN 1027700005156) have until October 11, 2009, to submit proofs
of claims to:

         I. Tyazhelov
         Insolvency Manager
         Pushkina Str. 19-116
         603098 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?43–3584/2009, 33–25.

The Debtor can be reached at:

         CJSC Experimental Mechanical Plant
         Studencheskaya Str. 34V
         Dzerzhinsk
         606016 Nizhegorodskaya
         Russia


GOR-STROY LLC: Creditors Must File Claims by October 11
-------------------------------------------------------
Creditors of LLC Gor-Stroy (TIN 5260117754) (Construction) have
until October 11, 2009, to submit proofs of claims to:

         M. Salnikov
         Temporary Insolvency Manager
         Post User Box 136
         Dzerzhinsk
         606037 Nizhegorodskaya
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
supervision procedure. The case is docketed under Case No.?43–
15022/2009,27–139.

The Debtor can be reached at:

         LLC Gor-Stroy
         Novaya Str. 29
         603000 Nizhny Novgorod
         Russia


KREMENSKIY DAIRY: Creditors Must File Claims by October 11
----------------------------------------------------------
Creditors of LLC Kremenskiy Dairy Factory (TIN 4012003885, PSRN
1044003101647) have until October 11, 2009, to submit proofs of
claims to:

         V. Borodavko
         Insolvency Manager
         Apt. 44
         Suvorova Str. 31
         248030 Kaluga
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?23–465/09B-7–29.

The Debtor can be reached at:

         LLC Kremenskiy Dairy Factory
         Kremenki 74
         Medynskiy
         Kaluzhskaya
         Russia


LOM-PROM-ROSTOV: Creditors Must File Claims by October 11
---------------------------------------------------------
Creditors of LLC Lom-Prom-Rostov (TIN 6155043760, PSRN
1066155046913) (Scrap Processor) have until October 11, 2009, to
submit proofs of claims to:

         S. Lebed
         Temporary Insolvency Manager
         Post User Bix 981
         344029 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 2:30 p.m. on
January 21, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?53–13234/2009.

The Debtor can be reached at:

         LLC Lom-Prom-Rostov
         Skvoznoy pereulok 86A
         Shakhty
         Rostovskaya
         Russia


METALL MAGNITKI: Creditors Must File Claims by October 11
---------------------------------------------------------
Creditors of CJSC Metall Magnitki (TIN 4501095473, PSRN
1024500521858) (Metal Industry) have until October 11, 2009, to
submit proofs of claims to:

         N. Aleshina
         Temporary Insolvency Manager
         Post User Box 114
         640000 Kurgan
         Russia

The Arbitration Court of Kurganskaya will convene at 2:00 p.m. on
December 9, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?34—4049/2009.

The Debtor can be reached at:

         CJSC Metall Magnitki
         Omskaya Str. 181a
         640007 Kurgan
         Russia


MOLDING TECHNOLIGIES: Creditors Must File Claims by October 11
--------------------------------------------------------------
Creditors of LLC Molding Technologies (TIN 1650129395, PSRN
1051614069385) have until October 11, 2009, to submit proofs of
claims to:

         Yu. Onufrienko
         Temporary Insolvency Manager
         Post User Box 2119
         Postal Office 61
         420061 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene on October 1,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No.? 65–4422/2009-SG4–27.

The Debtor can be reached at:

         LLC Molding Technologies
         Limeks
         Stroybaza
         Naberezhnye Chelny
         Tatarstan
         Russia


OST-STROY LLC: Creditors Must File Claims by October 11
-------------------------------------------------------
Creditors of LLC Ost-Stroy (Construction) have until October 11,
2009, to submit proofs of claims to:

         O. Voronin
         Temporary Insolvency Manager
         Post User Box 68
         692525 Ussuriysk
         Russia

The Arbitration Court of Primorskiy will convene on November 25,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?51–9131/2009.

The Debtor can be reached at:

         LLC Ost-Stroy
         45 let Oktyabrya Str. 1A
         Dalnerechensk
         Primorskiy
         Russia


PINYUG-LES LLC: Creditors Must File Claims by October 11
--------------------------------------------------------
Creditors of LLC Pinyug-Les-Prom (Forestry) have until October 11,
2009, to submit proofs of claims to:

         Ye. Urvantseva
         Insolvency Manager
         Potrebkooperatsii Str. 6
         610014 Kirov
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?28–9670/2009–205/24.

The Debtor can be reached at:

         LLC Pinyug-Les-Prom
         Oktyabrskaya Str. 24
         Pinyug
         Podosinovskiy
         Kirovskaya
         Russia


SELIVANOVSKIY MACHINE: Creditors Must File Claims by October 11
---------------------------------------------------------------
Creditors of OJSC Selivanovskiy Machine-Building Plant (TIN
3322000064) have until October 11, 2009, to submit proofs of
claims to:

         A.Kislitsyn
         Temporary Insolvency Manager
         Proletraskaya Str. 24
         Krasnaya Gorbatka
         Selivanovskiy
         602332 Vladimirskaya
         Russia

The Arbitration Court of Vladimirskaya will convene at 2:30 p.m.
on December 22, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?11–4646/2009.

The Debtor can be reached at:

         OJSC Selivanovskiy Machine-Building Plant
         Krasnaya Gorbatka
         Selivanovskiy
         602332 Vladimirskaya
         Russia


STERLITAMAKSKAYA ENGINEERING: Claims Filing Ends October 11
-----------------------------------------------------------
Creditors of CJSC Sterlitamakskaya Engineering Company (TIN
0268036297) have until October 11, 2009, to submit proofs of
claims to:

         O. Vlasenko
         Temporary Insolvency Manager
         Post User Box 191
         450097 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?07–
18685/2007.

The Debtor can be reached at:

         CJSC Sterlitamakskaya Engineering Company
         Gogolya Str. 124
         453130 Sterlitamak
         Bashkortostan
         Russia

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrsloy Revolutsii Str. 63a
         450078 Ufa
         Bashkortostan
         Russia


STROITELNYY MIR: Creditors Must File Claims by October 11
---------------------------------------------------------
Creditors of LLC Stroitelnyy Mir (TIN 2460053206, PSRN
1042401783676, RVC 246601001)  (Construction) have until
October 11, 2009, to submit proofs of claims to:

         A. Turovtsev
         Temporary Insolvency Manager
         Lesnikov Str. 58/7
         660006 Krasnoyarsk
         Russia

The Arbitration Court of Novosibirskaya will convene at 4:00 p.m.
on January 12, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?45–14522/2009.

The Court is located at:

         The Arbitration Court of Novosibirskaya
         Courtroom 718
         Nizhegorodskaya Str. 6
         Novosibirsk
         Russia

The Debtor can be reached at:

         LLC Stroitelnyy Mir
         Voinskaya Str. 63/601
         630039 Novosibirsk
         Russia


STROY-COMPANY LLC: Creditors Must File Claims by October 11
-----------------------------------------------------------
Creditors of LLC Stroy-Company (TIN 6231058922, PSRN
1036208016250) (Construction) have until October 11, 2009, to
submit proofs of claims to:

         N. Pisarenko
         Temporary Insolvency Manager
         B. Tishinskiy Pereulok 38
         123557 Moscow
         Russia

The Arbitration Court of Ryazanskaya will convene at 11:45 a.m. on
December 1, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?54–2461/2009 S19.

The Debtor can be reached at:

         LLC Stroy-Company
         Building 1
         Chapaeva Str. 57
         390000 Ryazan
         Russia


STROY-FINANS LLC: Creditors Must File Claims by October 11
----------------------------------------------------------
Creditors of LLC Stroy-Finans (Construction) have until
October 11, 2009, to submit proofs of claims to:

         V. Mishinu
         Temporary Insolvency Manager
         Office 805
         Selmash prospect 90A/17B
         344029 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 10:40 a.m. on
November 12, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?53–10682/2009.

The Debtor can be reached at:

         LLC Stroy-Finans
         Proletarskaya Str. 8
         Shakhty
         346500 Rostovskaya
         Russia


UNITY RE: S&P Changes Outlook to Positive; Affirms 'BB-' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Moscow-based reinsurer Unity Re to positive from
stable.  The 'BB-' long-term counterparty credit and insurer
financial strength ratings and 'ruAA-' Russia national scale
rating were affirmed.

"The ratings reflect the company's improving competitive position,
good capitalization, strong results from insurance business, and
good quality of investment portfolio instruments," said Standard &
Poor's credit analyst Victor Nikolskiy.

These positive factors are partly offset by the high industry risk
of operating in the Russian Federation (foreign currency
BBB/Negative/A-3; local currency BBB+/Negative/A-2; Russia
national scale 'ruAAA'), combined with Unity Re's small size and
still-limited franchise, and its volatile concentrations and high
currency risk in the investment portfolio

The positive outlook reflects S&P's expectation that Unity Re will
further enhance its competitive position through growth in
premiums and number of risks and greater portfolio diversification
while maintaining good levels of operating performance.  S&P would
also expect Unity Re's risk-based capital adequacy to stay at
least at a very strong level, reflecting limited risk appetite
both in insurance and investments.

"We would consider positive rating actions if the company further
strengthens its competitive advantages while delivering
consistently good operating performance, as well as maintaining
very strong risk-based capital adequacy and a good-quality
investment portfolio," said Mr. Nikolskiy.

S&P would consider revising the outlook to stable if the company's
competitive advantages, earnings, capitalization, or investment
portfolio quality deteriorate.


URAL LLC: Creditors Must File Claims by October 11
--------------------------------------------------
Creditors of LLC Ural (TIN 5904015585, PSRN 1025900892940)
(Construction) have until October 11, 2009, to submit proofs of
claims to:

         V. Grachev
         Temporary Insolvency Manager
         Office 412
         Lenina Str. 9
         614000 Perm
         Russia

The Arbitration Court of Permskiy will convene at 11:10 a.m. on
January 20, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?50–17000/2009.

The Debtor can be reached at:

         LLC Ural
         Luganskaya Str.2
         614089 Perm
         Russia


UYARSKIY CONSTRUCTION: Creditors Must File Claims by October 11
---------------------------------------------------------------
Creditors of LLC Uyarskiy Construction Fininshing Materials Plant
have until October 11, 2009, to submit proofs of claims to:

         S .Khizhnenko
         Temporary Insolvency Manager
         Sovetskaya Str. 77
         Partizanskoe
         Partizanskiy
         663540 Krasnoyarskiy
         Russia
         Tel: 83914021035

The Arbitration Court of Krasnoyarskiy will convene at 10:00 a.m.
on November 27, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?33–7864/2009.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Courtroom 503
         Krasnyy Prospect 184
         630049 Novosibirsk
         Russia

The Debtor can be reached at:

         LLC Uyarskiy Construction Fininshing Materials Plant
         Gorkogo Str. 33
         Uyar
         663520 Krasnoyarskiy
         Russia


VOLGO-STROY LLC: Creditors Must File Claims by October 11
---------------------------------------------------------
Creditors of LLC Volgo-Stroy-Kompleks (TIN 3435701751, RVC
343501001, PSRN 1093435002869) (Construction) have until
October 11, 2009, to submit proofs of claims to:

         D. Pishavka
         Insolvency Manager
         Karbysheva Str. 105-35
         404132 Volzhskiy
         Russia

The Arbitration Court of Volgogradaskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?12–14310/2009.

The Debtor can be reached at:

         LLC Volgo-Stroy-Kompleks
         Pushkina Str. 57
         404120 Volzhskiy
         Russia


VYBORGSKAYA SHIPPING: Creditors Must File Claims by October 11
--------------------------------------------------------------
Creditors of LLC Vyborgskaya Shipping Company (PSRN
1077847439185)have until October 11, 2009, to submit proofs of
claims to:

         I. Babenko
         Temporary Insolvency Manager
         Post User Box 6
         194214 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will convene on January
18, 2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?56–30810/2009.

The Debtor can be reached at:

         LLC Vyborgskaya Shipping Company
         BolshoySampsonievskiy prospect 57/2
         Saint-Petersburg
         Russia


* SAKHA REPUBLIC: Fitch Affirms 'BB' Currency Ratings
-----------------------------------------------------
Fitch Ratings has affirmed the Russian Republic of Sakha's
(Yakutia) Long-term foreign and local currency ratings at 'BB'
respectively, while affirming the region's Short-term foreign
currency rating at 'B'.  The agency has also affirmed its National
Long-term rating at 'AA-(rus)'.  All the Long-term rating Outlooks
are Stable.

The ratings reflect the region's sound budgetary performance,
stable direct debt and smooth debt profile.  However, the ratings
also take into account the region's large public sector and
concentration of the local economy in prime natural resource
extraction.  The Stable Outlook reflects Fitch's expectation that
the Republic of Sakha (Yakutia) will be able to report an
operating margin of 7%-8% at end-2009, while containing its
contingent liabilities at a manageable level.

The region recorded a sound 10.2% operating margin in 2008,
supported by tax revenues and federal transfers.  In H109
decreased tax revenues were offset by federal transfers, thus
stabilizing the region's budgetary performance.  Sakha's capex
increased to 14.3% of the total expenditure by end-2008, leading
it to post a moderate deficit before debt variation of RUB0.9
billion.  Domestic bonds composed 88.5% of the region's direct
risk, and in 2008 amounted to RUB9.1 billion, with maturities
stretching to 2014.  The direct risk payback ratio stabilized in
2007-2008 at 1.7 years of the current balance.  The region's
refinancing needs on bonds amortizing in Q409 are covered in full
by the federal budget loan received in August 2009.

The region's economy remains exposed to price shocks and demand
drop due to its concentration in the extraction of natural
resources, particularly diamonds.  In H208 and Q109 the global
financial crisis negatively affected the region's diamond mining
industry, leading to a 6.6% yoy drop in industrial output in H109.
However, rapid development of oil and gas projects in the region
reduced tax base concentration and provided greater tax payments
in 2008.  The republic's remoteness, under-developed
infrastructure and severe climate significantly constrain
commercial development, causing the region to support a large
broad public sector.  In most cases, operations of public
companies make up for the shortage of regular commercial
activities and are subject to strict control aimed at maintaining
their solvency.

The Republic of Sakha (Yakutia) is Russia's largest region with
rich deposits of prime natural resources, located in the far
eastern part of the country.  Sakha's 951,000 people account for
0.7% of the national population and the region contributes 0.9% of
the national GDP.


===============
S L O V E N I A
===============


MURA D.D.: May Be Declared Bankrupt Amid Mounting Debts
-------------------------------------------------------
Mura d.d. may be declared bankrupt and a newly restructured
company maybe created in its wake after failing to deal with
mounting debts, just-style reports.

Based in the northeastern town of Murska Sobota, Mura d.d. is
Slovenia's largest textile manufacturer.  It employs about 3,300
people.


PREVENT PUR: Launches Insolvency Proceedings
--------------------------------------------
STA reports that Slovenian car seat upholstery maker Prevent PUR
has launched insolvency proceedings after the company's two major
owners failed to agree on a rescue plan at a shareholders meeting
last week.

The Slovenj Gradec District Court told STA that it received on
Wednesday the documents filed by one of the company's executives.


STEKLARSKA NOVA: State to Pay Pension Contributions of Workers
--------------------------------------------------------------
STA reports that Slovenian Prime Minister Borut Pahor on Sept. 22
said the state will pay contributions for pension and disability
insurance of former Steklarska nova glassworks workers.

The company, which has been undergoing receivership proceedings,
failed to pay the contributions for the last five years, the
report says.


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


BBVA FINANZIA: S&P Downgrades Rating on Class C Notes to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services took various actions on all the
notes issued by BBVA Autos 2, Fondo de Titulizacion de Activos and
BBVA Finanzia Autos 1, Fondo de Titulizacion de Activos.

In BBVA Autos 2 FTA, S&P:

* Lowered and removed from CreditWatch negative its rating on the
  class C notes; and

* Affirmed its ratings on classes A and B.

In BBVA Finanzia Autos 1 FTA, S&P:

* Lowered and kept on CreditWatch negative its rating on the class
  C notes;

* Kept the class B notes on CreditWatch negative; and

* Placed the class A notes on CreditWatch negative.

The rating actions follow S&P's review of the deals' performance.
In each transaction, the issuer drew on the cash reserve again on
the last interest payment date and current reserve fund levels are
significantly lower than the outstanding balance of loans in
arrears for more than 90 days.

As a consequence, these deals are widely exposed to the rollover
risk that a large portion of severe arrears may become defaults in
the short to medium term.  Those events may force further draws on
reserve funds and subsequently decrease credit enhancement.  Both
structures feature a structural mechanism to provision for
defaults so that the notes amortize for an amount equal to the
outstanding balance of new defaults.  S&P expects defaults to
increase due to the negative effect of the high Spanish
unemployment rate, a primary factor behind consumer deals'
performance.

                         Bbva Autos 2 Fta

BBVA Autos 2 FTA closed in December 2005 and the revolving period
ended two years after closing, as scheduled.  The fund defined a
loan in arrears for more than 12 months as defaulted.  In August
2009, loans in arrears for more than 90 days (and not yet
defaulted) comprised EUR14.89 million, representing 2.82% of the
current pool.  The cash reserve is 2.73% of the outstanding note
balance.  The issuer drew on the reserve on the May and August
IPDs -- on the latter, by EUR1.17 million.

Increasing defaults have kept eroding excess spread supplied by
the 300 basis point swap guaranteed margin.  Higher cumulative
defaults increase the probability of deferral of interest payments
on the junior notes.  The class C notes' interest payment will be
postponed if cumulative defaults are more than 10% of the original
balance.  As of August, they reached 3.61% of the original
balance.

S&P conducted a credit and cash flow analysis of BBVA Autos 2 FTA,
taking into consideration the effect of the current Spanish
economic outlook on S&P's default rate assumptions.  This showed
that the credit enhancement available for the class C notes in
this transaction is not sufficient to maintain the current
ratings.

                     Bbva Finanzia Autos 1 Fta

BBVA Finanzia Autos 1 FTA closed in April 2007 and its revolving
period ended in April 2008, one year ahead of the scheduled date,
because the delinquency rate was higher than the trigger threshold
level.  Defaults are defined as arrears of more than 12 months.
As of August 2009, arrears between 90 days and one year comprised
4.48% of the outstanding pool, compared with a cash reserve of
1.30% of the current note balance.  On the July IPD the issuer
drew on the cash reserve for the third subsequent time, by
EUR3.47 million.

As of July 2009, cumulative defaults were 3.25% of the original
balance, more than double the March value of 1.53%.  Interest
payments on the class C notes will be postponed if written-off
loans are more than 8.5% of the original balance.

After a credit and cash flow analysis of BBVA Finanzia Autos 1
FTA, S&P assessed that the current credit enhancement available
for class C is not sufficient to maintain the current ratings.  At
the same time, the results of S&P's analysis show that the ratings
assigned to all the notes could be negatively affected if
increasing defaults keep on rising at this high pace.  After the
next IPD in October 2009 (and upon receiving updated information),
S&P will review whether credit enhancement levels for each class
are still sufficient to support the current ratings.

Banco Bilbao Vizcaya Argentaria, S.A., originated the pool backing
BBVA Autos 2 FTA.  BBVA Finanzia 1 FTA's pool was originated by
Finanzia Banco de Credito S.A., the consumer finance arm of BBVA.

                           Ratings List

          BBVA Autos 2, Fondo de Titulizacion de Activos
           EUR1 Billion Floating-Rate Asset-Backed Notes

       Rating Lowered and Removed From Creditwatch Negative

                                 Rating
                                 ------
          Class         To                   From
          -----         --                   ----
          C             BBB+                 A/Watch Neg

                         Ratings Affirmed

                       Class         Rating
                       -----         ------
                       A             AAA
                       B             AA-

     BBVA Finanzia Autos 1, Fondo de Titulizacion de Activos
         EUR800 Million Asset-Backed Floating-Rate Notes

         Rating Lowered and Kept on Creditwatch Negative

                                 Rating
                                 ------
          Class         To                   From
          -----         --                   ----
          C             BB/Watch Neg         BBB/Watch Neg

                Rating Kept on Creditwatch Negative

                                 Rating
                                 ------
          Class         To                   From
          -----         --                   ----
          B             A/Watch Neg          A/Watch Neg

               Rating Placed on Creditwatch Negative

                                 Rating
                                 ------
          Class         To                   From
          -----         --                   ----
          A             AAA/Watch Neg        AAA


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


SWEDBANK AB: Fitch Affirms and Withdraws All Ratings
----------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn Swedbank
AB's ratings and those of its subsidiaries Swedbank Mortgage AB,
Estonia-based Swedbank AS, Swedbank AS (Latvia), Swedbank AB
(Lithuania) and Russia-based OAO Swedbank.  Fitch will no longer
provide ratings or analytical coverage of Swedbank and the
entities of the Swedbank group.

The agency has withdrawn rating coverage as the public information
and disclosure available to Fitch are considered insufficient to
maintain rating coverage.

The affirmation of the ratings prior to their withdrawal was based
on Fitch's view that the issuer has the capacity to absorb further
material deterioration in its eastern European exposure, mainly in
the Baltics, and some deterioration in its domestic book, assisted
by the expected SEK15bn of fresh capital from the rights issues
announced in August 2009.


The ratings of Swedbank and the group's entities at the time of
withdrawal are:

Swedbank AB

  -- Long-term Issuer Default Rating affirmed at 'A'; Stable
     Outlook; withdrawn

  -- Short-term IDR affirmed at 'F1' and withdrawn

  -- Individual Rating affirmed at 'B/C' and withdrawn

  -- Support Rating affirmed at '1' and withdrawn

  -- Support Rating Floor affirmed at 'A-' and withdrawn

  -- Senior unsecured debt affirmed at 'A' and withdrawn

  -- Guaranteed notes: Long-term affirmed at 'AAA' and Short-term
     affirmed at 'F1+' and withdrawn

  -- Subordinated debt: affirmed at 'A-' and withdrawn

  -- Hybrid notes affirmed at 'BBB+' and withdrawn

Swedbank Mortgage

  -- Long-term IDR affirmed at 'A+'; Stable Outlook; withdrawn

  -- Short-term IDR affirmed at 'F1' and withdrawn

  -- Individual Rating affirmed at 'B' and withdrawn

  -- Support Rating affirmed at '1' and withdrawn

  -- Guaranteed notes: Long-term affirmed at 'AAA' and Short-term
     affirmed at 'F1+' and withdrawn

  -- Senior unsecured debt affirmed at 'A+' and withdrawn

  -- Subordinated debt affirmed at 'A' and withdrawn

  -- Commercial paper affirmed at 'F1' and withdrawn

Swedbank AS (Estonia)

  -- Long-term IDR affirmed at 'A-'; Stable Outlook; withdrawn
  -- Short-term IDR affirmed at 'F2' and withdrawn
  -- Individual Rating affirmed at 'D/E' and withdrawn
  -- Support Rating affirmed at '1' and withdrawn
  -- Senior unsecured debt affirmed at 'A-' and withdrawn
  -- Commercial paper affirmed at 'F2' and withdrawn

Swedbank AS (Latvia)

  -- Support Rating of '2'; Rating Watch Negative; withdrawn

Swedbank AB (Lithuania)

  -- Support Rating affirmed at '1' and withdrawn

OAO Swedbank (Russia)

  -- Long-term IDR affirmed at 'BBB+'; Negative Outlook; withdrawn

  -- Short-term IDR affirmed at 'F2' and withdrawn

  -- Individual Rating affirmed at 'D/E' and withdrawn

  -- Support Rating affirmed at '2' and withdrawn

  -- National Long-term rating affirmed at 'AAA(rus)'; Outlook
     Stable; withdrawn


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


BAHAG HOLDING: Claims Filing Deadline is October 7
--------------------------------------------------
Creditors of Bahag Holding GmbH are requested to file their proofs
of claim by October 7, 2009, to:

         Bahag Holding GmbH
         Blumenweg 6
         4144 Arlesheim
         Switzerland

The company is currently undergoing liquidation in Arlesheim.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 14, 2009.


BAROSOFT AG: Claims Filing Deadline is October 7
------------------------------------------------
Creditors of Barosoft AG are requested to file their proofs of
claim by October 7, 2009, to:

         Josef Husner
         Liquidator
         Weidstrasse 10
         8800 Thalwil
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 2, 2009.


BCT SERVICES: Claims Filing Deadline is October 7
-------------------------------------------------
Creditors of Bct Services AG are requested to file their proofs of
claim by October 7, 2009, to:

         Bct Services AG
         Liquidator
         Chamerstrasse 172
         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 17, 2009.


BEXYTOL AG: Claims Filing Deadline is October 7
-----------------------------------------------
Creditors of Bexytol AG are requested to file their proofs of
claim by October 7, 2009, to:

         Bexytol AG
         Alpenstrasse 15
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at a general meeting held
on July 21, 2009.


ETABLISSEMENTS RAMUZ: Claims Filing Deadline is October 7
---------------------------------------------------------
Creditors of Etablissements Ramuz et Garage Edelweiss AG are
requested to file their proofs of claim by October 7, 2009, to:

         Barbara Eggenberger
         Fabrikstrasse 50
         8031 Zurich
         Switzerland

The company is currently undergoing liquidation in Lausanne.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 19, 2009.


H. HAYDA: Claims Filing Deadline is October 7
---------------------------------------------
Creditors of H. Hayda Taxi GmbH are requested to file their proofs
of claim by October 7, 2009, to:

         H Zilfo Dogan
         Talackerstr. 21
         4153 Reinach
         Switzerland

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


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

         Oliver Untersander
         Asylstrasse 77
         8032 Zurich
         Switzerland

The company is currently undergoing liquidation in Opfikon.  The
decision about liquidation was accepted at a general meeting held
on June 10, 2009.


SWISS PERFORMEX: Claims Filing Deadline is November 11
------------------------------------------------------
Creditors of Swiss Performex (Swipex) AG are requested to file
their proofs of claim by November 11, 2009, to:

         Eveline Boesch
         Delphinweg 17
         5616 Meisterschwanden
         Switzerland

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


VALUELOGIC GMBH: Claims Filing Deadline is October 16
-----------------------------------------------------
Creditors of ValueLogic GmbH are requested to file their proofs of
claim by October 16, 2009, to:

         ValueLogic GmbH
         Pasteurstrasse 9
         9016 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at a shareholder’s
meeting held on June 29, 2009.


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


ANTARKTIKA TOURIST: Creditors Must File Claims by October 8
-----------------------------------------------------------
Creditors of LLC Antarktika Tourist (code EDRPOU 31082062) have
until October 8, 2009, to submit proofs of claim to V. Pustovalov,
the company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on August 28, 2009.  The case is docketed
under Case No. 7/314-09-3995.

The Court is located at:

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


CONCORD LLC: Creditors Must File Claims by October 8
----------------------------------------------------
Creditors of LLC Concord (code EDRPOU 32117986) have until
October 8, 2009, to submit proofs of claim to V. Dontsov, the
company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on August 28, 2009.  The case is docketed
under Case No. 7/313-09-3994.

The Court is located at:

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


DALLAS-INK LLC: Creditors Must File Claims by October 7
-------------------------------------------------------
Creditors of LLC Dallas-Ink (code EDRPOU 31855520) have until
October 7, 2009, to submit proofs of claim to:

         M. Zvezdichev
         Insolvency Manager
         Office 16
         Shevchenko Blvd. 132
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on August 11, 2009.  The case is docketed
under Case No. 01/1959.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dallas-Ink
         Office 256
         Heroes of Dnepr Str. 45
         18000 Cherkassy
         Ukraine


NAFTOGAZ: Misses Payment on Eurobonds; Nears Restructuring Deal
---------------------------------------------------------------
Zijing Wu and Kateryna Choursina at Bloomberg News report that
NJSC Naftogaz of Ukraine on Wednesday missed a principal payment
on Eurobonds.

Bloomberg relates Naftogaz said in an e-mailed statement yesterday
that While the company has paid interest on the US$500 million of
Eurobonds due Wednesday, payment of the principal is subject to a
proposed exchange for longer-dated debt.

Bloomberg recalls Ukraine's acting Finance Minister Ihor Umanskyi
said this week Naftogaz is offering US$1.65 billion of new debt in
exchange for the Eurobonds and US$1.15 billion of outstanding
loans.

As reported in the Troubled Company Reporter-Europe on Sept. 28,
2009, Bloomberg, citing a company statement, said the bonds due
2014 will pay annual interest at 9.5% and have an "unconditional
and irrevocable sovereign guarantee."  Bloomberg disclosed
Ukrainian President Viktor Yushchenko said Naftogaz lacks finances
to repay its debt in part because it was unable to negotiate
higher tariffs for Russian gas shipments to Europe.  The
government told Naftogaz to complete talks with investors and
creditors by Oct. 20.  The Cabinet said in a decree published last
week the government agreed to provide the company with a US$2
billion debt guarantee, according to Bloomberg.

                        Debt Restructuring

Roman Olearchyk at The Financial Times reports that Naftogaz is
close to convincing note holders to accept the company's debt
restructuring offer which is needed to avoid default.

According to the FT, Belize-registered Corlblow said that
"following frank discussions" with Naftogaz, it "ceases its
opposition to the proposed restructuring."

"We are conducting meetings with our creditors and frankly I am
convinced that our proposal will be accepted," the FT qouted Oleh
Dubyna, Naftogaz’s chief, as saying on Wednesday during a visit to
London for talks with creditors.  "We already have some positive
feedback from some banks, so I think everything will be fine.”

The company is seeking to restructure nearly US$1.7 billion in
near-term foreign debt, the FT states.

                   About NJSC Naftogaz of Ukraine

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

                          *     *     *

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


PIATIKHATKI BUTTER: Creditors Must File Claims by October 7
-----------------------------------------------------------
Creditors of LLC Piatikhatki Butter Plant (code EDRPOU 33116103)
have until October 7, 2009, to submit proofs of claim to:

         A. Megeria
         Insolvency Manager
         Office 2
         Bekhterevsky Lane 4-A
         Kiev
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on August 20, 2009.  The case is
docketed under Case No. B24/304-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Piatikhatki Butter Plant
         Rabochaya Str. 77
         Dnepropetrovsk
         Ukraine


SERVICE KO: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLC Service Ko (code EDRPOU 35571687) have until
October 7, 2009, to submit proofs of claim to:

         V. Filatov
         Insolvency Manager
         Office 141
         Marshal Konev Str. 9
         03191 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 26, 2009.  The case is docketed
under Case No. 49/315-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 Service Ko
         Tchokolovsky Blvd. 19
         03186 Kiev
         Ukraine


SVITEKS LLC: Creditors Must File Claims by October 4
----------------------------------------------------
Creditors of LLC Sviteks (code EDRPOU 32765758) have until
October 4, 2009, to submit proofs of claim to:

         LLC Legal Company Aleks Vik
         Insolvency Manager
         N. Vasilenko Str. 7-A
         03124 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 5, 2009.  The case is docketed under
Case No. 15/370-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 Sviteks
         Vozdukhoflotsky Ave. 92-b
         03036 Kiev
         Ukraine


TRADING AND BUILDING: Bankruptcy Supervision Procedure Starts
-------------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on LLC Trading and Building Company (code EDRPOU
33700890).

The Insolvency Manager is:

         R. Zagriy
         Office 73
         14th of October Str. 9
         69123 Zaporozhye
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Trading and Building Company
         Office 78
         Doroshenko Str. 6
         69124 Zaporozhye
         Ukraine


UNITRANS LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Odessa commenced bankruptcy supervision
procedure on LLC Unitrans (code EDRPOU 34252872).  The company's
insolvency manager is O. Shashkevich.

The Court is located at:

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

The Debtor can be reached at:

         LLC Unitrans
         Office 50
         Lustdorf Road Str. 168, b. 1
         65133 Odessa
         Ukraine


ZHMERINKA BUTTER: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Economic Court of Vinnitsa commenced bankruptcy supervision
procedure on LLC Zhmerinka Butter and Cheese Plant (code EDRPOU
30580812).

The Insolvency Manager is:

         O. Boyko
         Kozitsky Str. 46
         Vinnitsa
         Ukraine

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Zhmerinka Butter and Cheese Plant
         Mir Str. 33
         Zhmerinka
         23100 Vinnitsa
         Ukraine


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


BLACKS LEISURE: Closes 89 Loss Making Stores; Mulls 50 Job Cuts
---------------------------------------------------------------
Blacks Leisure Group plc has begun the closure and employee
consultation process on 89 loss making stores whose performance
has been a considerable drag on the core outdoor business which
has traded successfully over the last two years.

The company said the vast majority of the stores to be closed have
not traded profitably for many years.  It will now enter into a
period of consultation with employees at its Northampton head
office regarding the reduction of approximately 50 roles,
representing about 20% of the total head office workforce.

Blacks said while it is highly regrettable that the company is
having to take these steps, both actions will ultimately
strengthen the business and help ensure that a successful and
profitable outdoor retailer emerges from the current restructuring
process.  However, further restructuring is still required to
satisfy the condition to a standstill agreement, which the company
continues to develop with its advisers, KPMG.

On September 22, 2009, Blacks announced that it had agreed a
standstill with its lender, Lloyds Banking Group, in respect of an
expected covenant breach at the end of September.  The standstill
agreement was subject to the company delivering a restructuring
plan acceptable to the company's bank, Lloyds, which included an
exit of the company's loss making stores. As a first step in that
restructuring plan, the company announced on September 23, 2009
that Sandcity, part of the Boardwear division, had been placed in
administration.

                       About Blacks Leisure

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


BRITISH AIRWAYS: To Finalize Iberia Merger by Year's End
--------------------------------------------------------
Pilita Clark and Gerrit Wiesmann at The Financial Times report
that British Airways plc has a chance of finalizing its proposed
merger with Iberia before the end of the year.

The FT relates Willie Walsh, BA's chief executive, said talks with
Iberia to form Europe's third-largest airline, first announced in
July last year, had gone on too long but progress was being made
and a deal by the year's end was possible "with a fair wind".
Mr. Walsh reiterated BA would not accept a stake of less than 53%
in a merged company, the FT states.

                             Survival

David Roberton at The Times reports that Mr. Walsh has signaled
that the immediate crisis facing the airline has receded and it is
no longer in a "fight for survival".

"I think we have done what needed to be done to address the
immediate crisis we faced.  Strengthening our cash position was a
critical issue and we are taking the right steps to profitability.
The situation is no longer as critical," the Times quoted
Mr. Walsh as saying.

The Times recalls Mr. Walsh warned in June that BA faced a fight
for survival after the carrier lost GBP401 million the previous
year and was burning through cash reserves at about GBP1 million a
day.

                        About British Airways

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 13,
2009, Moody's Investors Service lowered the Corporate Family and
Probability of Default Ratings of British Airways plc to Ba3; the
senior unsecured and subordinate ratings have been lowered to B1
and B2, respectively.  Moody's said the outlook is stable.


BUSINESS MORTGAGE: Moody's Cuts Rating on Class B2 Notes to 'B3'
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on Notes
issued by Business Mortgage Finance No. 6 plc (amounts reflecting
original Note amounts):

-- GBP106 million Class A1 Mortgage Backed Floating Rate Notes
    due 2040, downgraded to Aa1; previously on 23 April 2009 Aaa
    placed under review for possible downgrade;

-- EUR400.7 million Class A2 Mortgage Backed Floating Rate Notes
    due 2040, downgraded to Aa1; previously on 23 April 2009 Aaa
    placed under review for possible downgrade;

-- GBP38 million Class M1 Mortgage Backed Floating Rate Notes
    due 2040, downgraded to Ba1; previously on 23 April 2009 A2
    placed under review for possible downgrade;

-- EUR55.6 million Class M2 Mortgage Backed Floating Rate Notes
    due 2040, downgraded to Ba1; previously on 23 April 2009 A2
    placed under review for possible downgrade;

-- EUR39.1 million Class B2 Mortgage Backed Floating Rate Notes
    due 2040, downgraded to B3; previously on 23 April 2009 Ba1
    placed under review for possible downgrade;

-- Detachable A1 Coupons, downgraded to Aa1; previously on 23
    April 2009 Aaa placed under review for possible downgrade;

-- Detachable A2 Coupons, downgraded to Aa1; previously on 23
    April 2009 Aaa placed under review for possible downgrade.

The ratings of the Mortgage Early Redemption Certificates, are
affirmed at Aaa.

In total, approximately GBP483 million of CMBS bonds were affected
by the downgrade actions.  Moody's does not rate the Class C Notes
issued by BMF6.  As described under sub-heading 3, "Rating
Rationale", the action taken has been due to Moody's revising its
expected loss projection for the transaction as a whole.

1) Transaction Overview

Business Mortgage Finance No. 6 plc represents the sixth true-sale
securitisation by UK lender Commercial First of a pool initially
comprising 2,241 loans, mainly to individuals and secured by
first-ranking mortgages over mixed-use commercial properties
across the UK.

The transaction features 8 classes of Notes, of which the Class C
is not rated by Moody's.  The floating rate notes are issued in
both Euros and in GBP, while the underlying loans are 100% GBP
denominated.  The transaction has (i) hedging to mitigate basis
risk, interest rate risk, and cross-currency risk between the
underlying loan contracts and the Notes; (ii) a liquidity facility
of GBP50 million; and (iii) a cash reserve fund, currently with an
available balance of GBP6.85 million and a target balance of
GBP21.25 million.  The transaction is now amortising principal
sequentially; however pro-rata amortisation of the Notes is
permitted when certain performance related tests have been met.

2) Transaction Performance History

Moody's has observed arrears rates increasing in the pool since
closing.  At the August 2009 payment date, 35.1% of the pool was
in arrears by at least one full installment.  GBP112.1 million or
26.8% of the pool was 3 or more months scheduled monthly payments
late, and all of such loans were classed as being "in litigation".
For 139 loans litigation was in the initial stages, for 139 loans
a possession order had been obtained and for 88 loans the
properties were already in the possession of the servicer.

In total 51 loans in the pool, with an original balance of
GBP12.4 million have suffered a loss, and cumulative losses have
been GBP4.38 million.  The principal balance of loans with losses
as a proportion of the pool represents 2.97% of total current loan
principal balance and 2.48% of aggregate original principal
balance.  Losses as a proportion of the current pool balance are
1.05% and of the original pool balance are 0.88%.  Parts of these
losses have been absorbed by excess spread.  The total amount of
excess spread reported to have absorbed losses since closing was
GBP2.2 million.

The un-absorbed losses were met by deductions to the reserve fund,
and no principal deficiency balance has been recorded on any class
of Notes so far.  Loans which are in arrears are, on average,
still paying part of their installment, which explains why excess
spread has been able to absorb losses while delinquency rates have
been significant.

Moody's analysis of the monthly payment history between April 2008
and April 2009 of the loans in the pool has indicated that the
current trend for loans, on average, is to become more delinquent.
Excluding arrears of less than GBP250, of the loans which were in
arrears in April 2008, 77.8% became more delinquent in terms of
the absolute amount owed by April 2009.  In contrast, 11.4%
prepaid out of arrears, and a further 10.8% managed to reduce the
delinquent amount by at least one pound.  However, during this
period, there were several new cases of loans becoming delinquent;
a total of 23.1% of the loan balance as at April 2008 was
affected.

3) Rating Rationale

The rating action on the affected Notes was prompted by these
factors: (i) the higher than expected arrears levels and the lower
than expected build up in the reserve fund compared with Moody's
expectations at closing; and (ii) Moody's concerns about
continuing falling real estate values and a challenging economic
backdrop for small businesses across the country.  Long-term
affordability of the loans and the achievable sales prices upon
loan foreclosure are expected to be impaired for the foreseeable
future.

As mentioned in section 2 above, despite relatively high arrears
levels, the collection activity of the servicer has allowed a
proportion of losses to be absorbed so far.  Hence in its
analysis, Moody's considered the historical collection performance
of the servicer, when re-assessing the ratings of the sub-
investment grade classes of Notes.  In particular the Class B
ratings will remain sensitive to the performance of the servicer
in maintaining or improving its collection rates over time.

Moody's rating action on the Class A Detachable Coupons has been
due to Moody's expectation that scenarios in which the ratings of
the Class A Notes would be impacted, would also impact on the
payment promise towards the Class A Detachable Coupons.  The MERC
Notes were affirmed, as Moody's has not altered its view of the
ability of the Issuer to pass on early redemption fees to MERC
Note holders.

The analysis for the ratings of the Notes as a whole was based on
an updated poolcut and the recent performance history of each
loan.  Moody's analysis concluded that the expected future default
rate in the pool is now both higher than at closing and more
front-loaded than was anticipated at closing.  The expectation of
front loaded default rates is due to the general economic backdrop
for this sector (negative outlook over the next few years),
combined with a lack of / reduction in availability of credit.

Losses upon default were also rebased, by considering what would
be the likely achievable sales price in the event of a forced sale
over the next two to six years.  Commercial and residential
property values across the UK have fallen significantly in recent
times and Moody's expects only moderate recovery by 2011.  Moody's
estimates that the value of the properties securing this
transaction have declined by 35-55% since the properties were last
valued, depending on the particular location and quality of the
real estate asset concerned.  This means that, with average pool
LTVs of 69.2% (the loan balance is updated, valuations are not
updated and are from 2006 to 2007) and after senior expenses,
losses are likely to materialize in the expected case if the
defaulted loans would be enforced on September 30.  Therefore,
Moody's believes that the servicer's strategy going forwards will
be to delay enforcement where possible, as a strategy to maximize
future loan recoveries by continuing to make collections, even
partially, in the near term.

4) Moody's Portfolio Analysis

As at the August 2009 interest payment date, the most common
property type in the pool was a mixed-use commercial property,
with a commercial use unit on the ground floor, and a flat or
maisonette for residential use situated directly above it.
However, the types of properties in the pool are very diverse:
comprising everything from farmland to health clinics.  The top 3
regional concentrations by loan current balance in August 2009
were: 19% South East, 14.6% South West and 9.5% North West.  Wales
represented 9% and Greater London represented 8.6%.  There were no
significant borrower concentrations in the pool, and the loan
Herfindahl Index was over 500.

In terms of loan characteristics, as of August 2009, 77.8% are
Libor-linked floating rate loans, while 22.2% are fixed rate for a
period ending not after July 2010 whereupon they revert to a
Libor-linked floating rate of interest.  All loans amortize in
full, to mature on average by August 2033.  The average loan size
as of August 2009 was GBP224,605 and the average LTV 69% based on
values as of origination.  The average loan margin at end April
2009 was 3.67%.


CEVA GROUP: S&P Assigns 'CCC' Rating on US$200 Mil. Secured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'CCC'
debt rating to the proposed US$200 million secured notes to be
issued by CEVA Group PlC. (CCC+/Stable/--), the holding company of
Dutch logistics group, CEVA Ltd.  The secured notes will benefit
from the same guarantee structure as the issuer's senior secured
credit facilities.

At the same time, S&P assigned a recovery rating of '5' to this
debt, indicating S&P's view of modest (10%-30%) recovery for
creditors in the event of a payment default.  S&P anticipates that
the new notes will rank senior in lien priority to the existing
second-lien notes also issued by CEVA and junior in lien priority
to the group's existing senior secured first-lien facilities.

In addition, S&P affirmed the issue rating on the senior secured
facilities issued by CEVA at 'B-', one notch higher than the
corporate credit rating.  The recovery rating on these facilities
is unchanged at '2', indicating S&P's expectation of substantial
recovery (70%-90%) for senior secured lenders in the event of a
payment default.  S&P also affirmed the 'CCC' issue rating on
CEVA's second-lien and unsecured notes.  The recovery rating of
'5' on these debt instruments is unchanged, indicating S&P's
expectation of modest (10%-30%) recovery for creditors in the
event of a payment default.  Finally, the company's senior
subordinated notes due 2016 remain at 'CCC-,' two notches below
the corporate credit rating, with a recovery rating of '6',
indicating S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

The rating on the proposed notes is one notch lower than S&P's
corporate credit rating on CEVA.  It is based on preliminary
information and is subject to S&P's satisfactory review of the
final documentation.  The recovery and issue ratings could be
subject to further review if the amount or terms of the bond were
to change.

In S&P's simulated scenario, recovery expectations for the
proposed senior secured notes are based on their claim on
unpledged assets, on which they share a pari passu claim with any
unsatisfied portion of CEVA's outstanding first-lien facilities,
second-lien notes, and unsecured notes.

The ratings on CEVA are constrained by its highly leveraged
financial profile, weak cash flow generation, and aggressive
financial policy.  In S&P's view, the weak trading environment and
uncertainty over the timing of recovery could place further
pressure on the group's financial profile.  As a result, S&P
cannot exclude future debt exchange offers.

                         Recovery Analysis

S&P has valued the business as a going concern.  Given what S&P
see as CEVA's good market position and valuable customer base, S&P
believes that a hypothetical default would be most likely to
result from significant leverage and absolute debt, combined with
assumed further operational underperformance.

Under S&P's simulated default scenario, a default is modeled to
occur in 2010, with cash assumed to be still available on balance
sheet.  S&P assumes that the group will seek protection from
creditors through a voluntary bankruptcy filing or another
exchange offer to ease the pressure on an overleveraged capital
structure, in the assumed context of an uncertain trading
environment.

The recovery ratings on the senior secured notes, bank facilities,
and second priority notes take into account the level of expected
prior-ranking and pari passu liabilities, the potential for cross-
jurisdictional insolvency issues, and the relatively weak security
package.  The newly issued senior secured notes and existing
second priority noteholders benefit from essentially the same
security package as the creditors under the bank facilities, but
have a second- and third-ranking claim, respectively.  The
recovery ratings assume that the security available to the bank
facilities' secured debtholders is taken from the assets and share
pledges of entities that generate about 60% of CEVA Ltd.'s EBITDA.

With limited residual secured value available, in S&P's view,
coverage for the senior secured and second priority notes is
toward the lower end of the 10%-30% range and comes mainly from
their pari passu claim on the assets not captured by the security
package.

S&P's analysis is based on the current capital structure.
However, in S&P's view, the documentation provides limited
protection for creditors.  As a result, S&P believes that CEVA
could raise additional debt, which may have an adverse effect on
the recovery outcome.

                            Ratings List

                           CEVA Group PLC

                           Rating Assigned

        US$200 mil. sr secd (proposed) notes          CCC
            Recovery Rating                           5

                          Ratings Affirmed

                           Senior secured

          US$250 mil. sr secd revolving credit        B-
           fac bank ln ser  due 11/04/2012
           Recovery Rating                            2

           US$250 mil. LOC fac bank ln ser due        B-
            11/30/2013
            Recovery Rating                           2

           US$1 bil. var rate sr secd bank ln         B-
           ser due 11/04/2013
            Recovery Rating                           2

           US$400 mil. 10% sr secd 2nd priority       CCC
            nts ser due 09/01/2014
            Recovery Rating                           5

           EUR210 mil. 12% senior secured notes       CCC
            due 09/01/2014
            Recovery Rating                           5

                         Senior unsecured

         EUR505 mil. 8.5% bonds due 12/01/2014        CCC
           Recovery Rating                            5

                           Subordinated

         EUR225 mil. 10% sub-bonds due 12/01/2016     CCC-
           Recovery Rating                            6


EUROCREDIT CDO: Moody's Confirms 'Caa1' Rating on Class E Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Eurocredit CDO V PLC.  The Class A-1 Senior Secured
Floating Rate Notes and the Class A-2 Senior Floating Rate Dual
Currency Notes remain Aaa mainly due to the current over
collateralization.

Issuer: Eurocredit CDO V PLC

  -- Class A-3, Downgraded to Aa2; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class B, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to Ba1; previously on March 19, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- Class V, Downgraded to B1; previously on March 4, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Class D, Confirmed at B1; previously on March 19, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- Class E, Confirmed at Caa1; previously on March 19, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine and senior unsecured loan
exposures.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2739), an increase in the amount of defaulted
securities (currently 6.4% of the portfolio), and an increase in
the proportion of securities from issuers rated Caa1 and below
(currently 7.7% of the portfolio).  These measures were taken from
the recent trustee report dated August 12, 2009.  Moody's also
performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


FAREPAK: Liquidators Start Settling Claims
------------------------------------------
Marcus Leroux at Times Online reports that liquidators to Farepak
said checks worth a total of GBP240,000 had been sent to 5,900
customers who placed orders during the company's final weeks.

According to Times Online, the 5,900 customers were those whose
payments went into a trust, set up by Farepak to ring-fence
customers' money before it collapsed.  Times Online recalls a
judge ruled earlier this year that trust claims should be settled,
and the liquidator, BDO Stoy Hayward, on Monday said that it had
begun posting checks.

Swindon-based Farepak collapsed in October 2006, leaving more than
100,000 people out of pocket.


LDV GROUP: Ex-Rover Consultant Involved in Sale Negotiations
------------------------------------------------------------
Jonathan Guthrie at The Financial Times reported that Qu Li, a
Chinese automotive consultant employed by MG Rover, has emerged as
a participant in talks to buy the assets of LDV Group.

MG Rover was criticized in a recent government-sponsored report
for paying GBP1.7 million in commissions to companies associated
with Ms. Li, the FT disclosed.  The FT said the money was for her
services advising on and brokering deals with Chinese partners,
which included Shanghai Automotive Industry Corporation, whose
withdrawal from joint venture talks with MG Rover in 2005
triggered its collapse with 6,000 job losses.

According to the FT, Ms. Li, whose China Ventures company is based
in the UK, is now understood to be closely involved in
negotiations to buy assets of LDV from administrators at PWC.

LDV failed went into admnistration with 850 job losses after the
UK government declined to supply a bridging loan of
GBP20 million-GBP30 million and would-be buyer Weststar of
Malaysia was unable to raise commercial finance.

LDV is a manufacturer of light commercial vehicles.


LOMBARD STREET: Moody's Cuts Rating on Class E Notes to 'Caa3
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Lombard Street CLO I PLC.

Issuer: Lombard Street CLO I P.L.C.

  -- Class A Senior Secured Floating Rate Notes due 2023,
     Downgraded to Aa2; previously on Dec. 22, 2006 Assigned Aaa

  -- Revolving Loan Facility, Downgraded to Aa2; previously on
     Dec. 22, 2006 Assigned Aaa

  -- Class B Deferrable Secured Floating Rate Notes due 2023,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Class C Deferrable Secured Floating Rate Notes due 2023,
     Downgraded to Ba1; previously on March 19, 2009 Downgraded to
     Baa3 and Remained On Review for Possible Downgrade

  -- Class D Deferrable Secured Floating Rate Notes due 2023,
     Confirmed at B1; previously on March 19, 2009 Downgraded to
     B1 and Remained On Review for Possible Downgrade

  -- Class E Deferrable Secured Floating Rate Notes due 2023,
     Downgraded to Caa3; previously on March 19, 2009 Downgraded
     to Caa1 and Remained On Review for Possible Downgrade

  -- Class T Combination Notes due 2023, Downgraded to Ba2;
     previously on March 4, 2009 A2 Placed Under Review for
     Possible Downgrade

  -- Class W Combination Notes due 2023, Downgraded to Ba3;
     previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

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

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs." These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2743), an increase in the amount of defaulted
securities (currently 8.08% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 11.55% of the portfolio), and a failure of Class D and
E par value tests.  These measures were taken from the recent
trustee report dated 18 August 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality.  Due to the impact of
all the aforementioned stresses, key model inputs used by Moody's
in its analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


* UK: Friendlier Insolvency Laws Attract European Companies
-----------------------------------------------------------
Anousha Sakoui at The Financial Times, citing London-based
lawyers, reports that a number of international companies are
considering moving to England to benefit from friendlier
insolvency laws and give themselves a better chance of survival.

The FT relates the lawyers say a range of European companies are
considering relocating so that they can use "schemes of
arrangement" or insolvency proceedings to force through debt
restructurings if they cannot agree terms with all their
stakeholders.

According to the FT, English insolvency laws are seen as more
transparent and predictable than those in many continental
jurisdictions.

The government, the FT discloses, has been consulting
professionals on the impact of European insolvency regulations,
which tackle the issue of jurisdiction shopping, ahead of a
European Commission review due in 2012.


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


* BOOK REVIEW: Working Together - 12 Principles for Achieving
              Excellence
-------------------------------------------------------------
In Managing Projects, Teams, and Organizations
Author: James P. Lewis
Publisher: Beard Books
Hardcover: 208 pages
Listprice: US$34.95
Review by Henry Berry

Working Together is about the passionate implementation of a set
of management principles that were instrumental in the development
of new airplanes at the Boeing Company and, in particular, the
groundbreaking Boeing 777 aircraft.

The chief engineer of the Boeing 777 program when it was
undertaken in the early 1980s was Alan Mulally.  He was soon
promoted to general manager of the project and, in 1986, was named
president of Commercial Airplanes.  Mr. Mulally remained with
Boeing for 37 years, eventually leading Boeing Commercial
Airplanes to a turnaround that began in 1996.  And if the name
sounds more than familiar, it should: in September 2006, Ford
Motor Company named Mr. Mulally its new President and CEO, citing
his record of success during his long tenure at Boeing.  Through
all of those years, Mr. Mulally made the "working together"
principles and practices his gospel.  He has been a vocal advocate
of both the principles and this book by James Lewis even during
his highly visible transition to Ford.

Working Together chronicles the application of Mr. Mulally's
leadership principles during his years at Boeing, especially
during the execution of the 777 project.  The 12 principles
espoused in "working together" comprise a management philosophy
that enabled Boeing "to dramatically increase production on all of
our airplanes, improve our entire production system, and develop a
number of new airplanes all simultaneously," as Mr. Mulally notes
in the Foreword to the book.

The value and effectiveness of working together is conveyed in a
dramatic way by the author.  Mr. Lewis introduces the high stakes
that Boeing faced in developing the 777.  At first, the company
bit off more than it could chew.  Fired by the enthusiasms and
passions of employees exemplified by Mr. Mulally, Boeing pursued
an ideal that exceeded its capacity to meet.  At one point, Boeing
had to "stop global production for lack of parts."  Boeing was
losing money, risking its future, and disappointing its customers,
investors, and employees.

But the roots of its problems were basically a lack of proper
preparedness and organization.  With Mr. Mulally in charge,
operations were revised according to the model of working
together.  Work processes were reinforced, reinvigorated, and
closely monitored.  Practices such as focused agendas for
meetings, clear assignments, communication among disparate
employee segments, solicitation of input, and keeping a project on
track, were implemented.  Boeing underwent a transformation from a
company in danger of permanently damaging its reputation and
competence, to a company that reaffirmed its preeminence in the
field of airplane design and production.

As he took over the reins at Ford, Mr. Mulally observed that many
of the challenges he addressed in commercial airline manufacturing
are analogous to the issues he will now face at the car
manufacturing giant.  He stated, "I'm looking forward to working
closely with Bill [Ford] in the ongoing turnaround of this great
company.  I'm also eager to begin engagement with the leadership
team. I believe strongly in teamwork and I fully expect that our
efforts will be a productive collaboration."

James P. Lewis is President of Lewis Institute, Inc., a training
and consulting company specializing in project management, which
he founded in 1981.  He also teaches seminars on the subject in
the United States, England, and Asia.

                            *********

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 * * *