TCREUR_Public/091007.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, October 7, 2009, Vol. 10, No. 198

                            Headlines

A R M E N I A

ANELIK BANK: Moody's Affirms 'D-' Bank Financial Strength Rating


A U S T R I A

DMD FUNNY: Claims Filing Deadline is October 22
MJS MEDICAL: Claims Filing Deadline is October 22


F R A N C E

NUMERICABLE SA: Sweetens Debt Buyback Proposal


G E R M A N Y

ARCANDOR AG: Bochum Prosecutors Seize Company Data


G R E E C E

ANTENNA TV: S&P Affirms Long-Term Corporate Credit Rating at 'B'


I R E L A N D

BUY & SELL: Bought Out of Receivership


I T A L Y

FIAT SPA: Won't Wind Up Sevelnord Joint-Venture with Peugeot
GIANNI VERSACE: To Close Japan Stores; Review Business Strategy


K Y R G Y Z S T A N

JIN YU: Creditors Must File Claims by October 21
ROS TECH: Creditors Must File Claims by October 21


N E T H E R L A N D S

EPC 3: Fitch Downgrades Rating on Class D Notes to 'B'
STAHL: Wendel Draws Up Debt Restructuring Proposal


N O R W A Y

CAMILLO EITZEN: Indonesia's Berlian Laju Makes All-Share Bid


R U S S I A

ANGARA-STROY LLC: Creditors Must File Claims by October 18
BAUER-STROY LLC: Bankruptcy Hearing Set December 7
CERAMICS MATERIALS: Creditors Must File Claims by October 21
ILYA-VYSOKOVETSKIY: Creditors Must File Claims by October 18
LIFTING AND TRANSPORTING: Creditors Must File Claims by October 18

PROM-LES LLC: Creditors Must File Claims by November 18
ORLOVSKIY CABLE: Creditors Must File Claims by October 18
PROTVINO-KABEL LLC: Creditors Must File Claims by October 18
SAMPURSKIY DAIRY: Creditors Must File Claims by November 18
SMOLENSKIY COLD: Creditors Must File Claims by November 18

SOVETSKIY FLOUR: Kaliningradskaya Bankruptcy Hearing Set Jan. 14
UC RUSAL: Seeks to Sell Shares in Hong Kong IPO
UNIVERSAL-STROY LLC: Creditors Must File Claims by October 18

* RUSSIA: Restructuring Law Risks Bankruptcies, RBC Director Says


S W E D E N

FORD MOTOR: US Consortium Makes Bid for Swedish Unit Volvo
GENERAL MOTORS: Saab Seeks EU Approval of State Guarantee
SAAB AUTOMOBILE: Seeks EU Approval of State Guarantee


S W I T Z E R L A N D

CAROCOM GMBH: Claims Filing Deadline is October 12
ORTSBILD.CH GMBH: Claims Filing Deadline is October 9
SUNTECH GMBH: Claims Filing Deadline is October 12


U K R A I N E

AKROS LTD: Creditors Must File Claims by October 11
PEREGONOVKA SUGAR: Creditors Must File Claims by October 11
PRESTIGE LLC: Creditors Must File Claims by October 10
TMM REAL: Fitch Maintains Issuer Default Rating at 'CC'
VELES LLC: Creditors Must File Claims by October 10


U N I T E D   K I N G D O M

LLOYDS BANKING: Injects Capital Into Irish Unit
PALMER SQUARE: S&P Cuts Ratings on Four Classes of Notes to 'CC'
ROYAL BANK: Still In Talks with Possible Buyers for Asian Assets
ROYAL BANK: To Finalize GBP4 Billion Share Placing
ROYAL BANK: Injects Capital Into Irish Unit

SOUTHERN CROSS: Operations Director Kamma Foulkes to Step Down
UK RECEIVABLES: Moody's Reviews Ratings on 12 Classes of Notes

* UK: Business Failures to Rise by More Than a Third in 2009


                         *********



=============
A R M E N I A
=============


ANELIK BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed and withdrawn the ratings
of Anelik Bank CJSC of Armenia for business reasons.  The action
was taken with the consent of both parties and does not reflect a
change in the bank's creditworthiness.

"Moody's affirmation of the bank's ratings takes into
consideration that its loss-absorption capacity, a critical factor
in view of current market conditions, was recently enhanced with a
capital injection by strategic investor Crédit Libanais, which
will also enable it to grow in the medium term," says Stathis
Kyriakides, AVP-Analyst in Moody's Financial Institutions Group.
"Nevertheless, the negative outlook on the bank's ratings is
maintained as pressure on non-performing loans is on the rise."

Moody's has withdrawn these ratings for Anelik Bank:

  -- Bank Financial Strength Rating: D- (negative outlook).

  -- Long-term Global Local Currency deposit rating: Ba3 (negative
     outlook).

  -- Long-term foreign currency deposit rating: Ba3 (negative
     outlook).

  -- Short-term deposit ratings: Not-Prime.

Anelik Bank CJSC is based in Yerevan, Armenia, and reported total
assets of ARD42.5 billion (US$118 million) at the end of June
2009.


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


DMD FUNNY: Claims Filing Deadline is October 22
-----------------------------------------------
Creditors of Dmd Funny GmbH have until October 22, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 5, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11, 587 31 12, 587 87 50
         Fax: 587 87 50 50
         E-mail: office@pitzal-partner.at


MJS MEDICAL: Claims Filing Deadline is October 22
-------------------------------------------------
Creditors of Mjs Medical Jet Service Dichtl & Partner GmbH have
until October 22, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 5, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

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


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


NUMERICABLE SA: Sweetens Debt Buyback Proposal
----------------------------------------------
Alasdair Reilly and Zaida Espana at Reuters reports that
Numericable S.A. has put forward an improved loan covenant reset
and debt buyback proposal.

According to Reuters, the original proposal was opposed by lenders
who wanted an equity injection from the owners of the business.

Citing a banking source close to the situation, Reuters discloses
the new proposals involve Numericable's private equity owners --
Cinven, Carlyle Group and Altice -- deleveraging the company by
injecting EUR50 million (US$73.11 million) of cash into the
company and negating existing sponsor-held debt.

Reuters relates the source said that other changes include asking
the capital expenditure lenders to defer repayments to help with
liquidity in coming years.  According Reuters, the source also
said the amendment requires two thirds approval from the loan
syndicate.  Early bird approvals are expected by Oct. 21, with a
final deadline of Nov. 2, Reuters states.

Numericable, Reuters says, has been struggling to meet the
covenants on its leveraged loan after softer earnings and lower
earnings before interest, tax, depreciation and amortization
(EBITDA).

Numericable S.A. -- http://www.numericable.fr/-- is a cable
broadband operator in France.  It provides digital and analog
television, Internet, and phone services to homes.  Numericable
S.A. was formerly known as France Telecom Cable and changed its
name to Numericable S.A. in 2004.  The company was founded in 1993
and is based in Paris, France.


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


ARCANDOR AG: Bochum Prosecutors Seize Company Data
--------------------------------------------------
Karin Matussek at Bloomberg News reports that Thomas Schulz, a
spokesman for Arcandor AG, said Monday Bochum prosecutors seized
company data.

According to Bloomberg, Der Spiegel, citing a Bochum prosectuor,
reported that investigators are looking into whether Arcandor
contracts were "economically tenable".  Bloomberg relates the
magazine said Bochum prosecutor are investigating former Chief
Executive Officer Thomas Middelhoff for breach of trust and may
now also look into whether bankruptcy related crimes were
committed at Arcandor.

                         About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On June
8, 2009, the government rejected two applications for help by the
company, which employs 43,000 people.  The retailer sought loan
guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


===========
G R E E C E
===========


ANTENNA TV: S&P Affirms Long-Term Corporate Credit Rating at 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B' long-term corporate credit and senior unsecured debt ratings
on Greek broadcaster Antenna TV S.A.  The outlook is stable.

At the same time, S&P removed the ratings from CreditWatch, where
they had been placed with negative implications on June 12, 2009.

"The affirmation follows S&P's review of Antenna's business and
financial risk profiles after its completion of two successive
tender offers to redeem its senior unsecured notes due 2015," said
Standard & Poor's credit analyst Melvyn Cooke.  "Although S&P
views the first tender offer, made in June 2009, as aggressive
from a financial policy standpoint, S&P considers that Antenna's
financial policy remains commensurate with the current ratings."

In addition, S&P understand that Antenna intends to continue to
provide detailed public financial information under IFRS in the
foreseeable future, even if it decides to redeem the remaining
outstanding notes in February 2010.

The affirmation also reflects S&P's expectation that Antenna's
liquidity will likely remain adequate over the next few quarters,
despite S&P's assumption that Antenna is set to generate
significant operating losses and negative free cash flow for full-
year 2009.  In addition, S&P anticipate that the company's cost-
cutting initiatives, together with steady improvement in its
audience and advertising market shares over the last 12 months,
should result in strengthened operating performance and reduced
cash burn from 2010 onward.

"The stable outlook primarily reflects S&P's opinion that
Antenna's liquidity -- mainly supported by large cash balances --
stands to remain adequate over the next few quarters, despite
ongoing operating losses," said Mr. Cooke.  "We also anticipate
that Antenna's negative free cash flow will likely decrease
progressively in the next few quarters, thanks to a slowly
improving advertising market and the company's cost cuts."

S&P expects Antenna to continue sustaining or improving its
audience and its advertising market shares in the foreseeable
future.  The outlook does not factor in any acquisition and/or
shareholder buy-back activity.

Downward rating pressure could stem from materially larger-than-
expected deterioration in Antenna's liquidity over the next few
quarters, including higher-than-expected negative free cash flows.
In particular, if cash and cash equivalents were to fall
significantly below EUR350 million at year-end 2009, with
prospects of future meaningful deterioration, S&P could downgrade
Antenna.  A move by Antenna to make a significant acquisition and/
or shareholder repurchases would also weigh on the ratings.

S&P sees no rating upside at this point, given the improvements in
Antenna's operating performance already factored into the ratings.


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


BUY & SELL: Bought Out of Receivership
--------------------------------------
Barry O'Halloran at The Irish Times reports that a company backed
by Nelson and Elgin Loane, the family behind the old Adare
printing and packaging group, has acquired classified magazine
publisher Buy & Sell from receivership for an undisclosed sum.

According to the report, Buy & Sell's new owners plan to develop
the existing classified business and to expand its Web site
offering, where they see potential for growth.  The group employs
55 people and it is understood that this number will not change,
the report notes.

"Buy & Sell has a turnover of EUR7 million and is a fundamentally
profitable business with a strong heritage," the report quoted
John Eager, the company's new interim managing director, as
saying.

The report recalls Buy & Sell was placed under the High Court's
protection last June owing EUR18.3 million to National Irish Bank
and went into receivership last week after efforts to save the
company failed within the 100-day protection period.


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


FIAT SPA: Won't Wind Up Sevelnord Joint-Venture with Peugeot
------------------------------------------------------------
Sara Gay Forden and Marco Bertacche at Bloomberg News report that
Richard Gadeselli, a spokesman for Fiat SpA, said the company
isn't unwinding its Sevelnord joint-venture with PSA Peugeot
Citroen.

According to Bloomberg, Mr. Gadeselli said Sevelnord is a "long
standing and successful" venture.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on
June 16, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009.  At the same time, the 'B'
short-term corporate credit rating was affirmed.


GIANNI VERSACE: To Close Japan Stores; Review Business Strategy
---------------------------------------------------------------
Gianni Versace S.p.A. will close its Japanese stores and review
its entire business strategy as newly appointed Chief Executive
Officer Gian Giacomo Ferraris makes his mark on the business,
Chris Staiti at Bloomberg News reports.

"The Versace boutiques in Japan no longer represented the brand
image and it was felt to be more advantageous for the company to
close them and start with a clean slate," Bloomberg quoted
Federico Steiner, an outside spokesman for Versace in Milan, as
saying in a statement.  Mr. Steiner told Bloomberg that the stores
are now in the process of being closed.

According to Bloomberg, Mr. Steiner wouldn't comment on a report
by Nikkei English News that Versace will liquidate the Japanese
unit by the end of the year, other than to say the company is
"exploring its options."

Gianni Versace S.p.A. -- http://www.versace.com/-- is an Italian-
based international fashion house.  The company produces
accessories, fragrances, makeup and home furnishings as well as
clothes.


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


JIN YU: Creditors Must File Claims by October 21
------------------------------------------------
LLC Jin Yu is currently undergoing liquidation.  Creditors have
until October 21, 2009, to submit proofs of claim to:

Inquires can be addressed to (0-543) 91-99-35.


ROS TECH: Creditors Must File Claims by October 21
--------------------------------------------------
LLC Ros Tech Torg is currently undergoing liquidation. Creditors
have until October 21, 2009, to submit proofs of claim to:

Inquires can be addressed to (0-555) 74-77-11


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


EPC 3: Fitch Downgrades Rating on Class D Notes to 'B'
------------------------------------------------------
Fitch Ratings has downgraded EPC 3 note classes A to D.  The
rating actions are:

  -- EUR136.2m class A (XS0236878525) downgraded to 'AA' from
     'AAA'; Outlook Negative

  -- EUR0.05m class X (XS0236879416) affirmed at 'AAA'; Outlook
     Stable

  -- EUR17.8m class B (XS0236879416) downgraded to 'A' from 'AA+';
     Outlook Negative

  -- EUR17.9m class C (XS0236880851) downgraded to 'BB' from 'A+';
     Outlook Negative

  -- EUR17.5m class D (XS0236881313) downgraded to 'B' from 'BBB';
     Outlook Negative

The downgrades are primarily driven by the deterioration in
transaction performance as demonstrated by the 14.2% decrease in
aggregate passing rent since the review in June 2008.  Specific
concerns include the CPFM loan, whose maturity date has been
extended until August 2010 from January 2009 due to the borrower's
inability to refinance or sell the asset at loan maturity.
Concerns continue to mount over the performance of the Randstad
loan where economic vacancy has increased to 18.4% at the August
IPD from 4.7% at closing, and passing rent has fallen to EUR10.8
million from EUR16.2 million over the same period.

Fitch's criteria for European CMBS surveillance was used to
analyze the quality of the underlying commercial loans.

EPC 3 is a securitization originally comprising five commercial
mortgage backed loans originated by JP Morgan Chase Bank, N.A, of
which three remain; Randstad (64.3% by loan balance), Algarve
(30.7%), and CPFM (5.1%).  As at the August 2009 IPD, 66.5% of the
collateral by MV was located in the Netherlands, accounting for
all 20 Randstad assets and the CPFM warehouse.  The remaining
collateral comprises a single shopping centre located in Southern
Portugal.  All three loans are set to mature in 2010.

In June 2006, the Alliance and Carrefour loans both prepaid, with
their respective loan balances being used to pay down the notes on
a modified pro-rata basis; these prepayments had the effect of
reducing the reported weighted average (WA) loan-to-value ratio to
69.4% at the August 2006 IPD from 74% at closing in December 2005.
In addition, since closing both the Algarve and Randstad loans
have continued to de-leverage through fixed amortization
schedules, further bringing down the WA LTV.

The properties securing the Randstad and CPFM loans were re-valued
in February and August 2009 respectively.  This reduced the
transaction collateral's aggregate market value to EUR288.9
million from EUR305.8 million, implying a current reported
securitized WA LTV of 65.5%.  Fitch estimates the current
securitized WA LTV to be 80.4%, implying an 18.5% MV decline since
the most recent valuations.

Fitch will continue to monitor the performance of the transaction.


STAHL: Wendel Draws Up Debt Restructuring Proposal
--------------------------------------------------
Martin Arnold at The Financial Times reports that Wendel SA has
made a debt restructuring proposal for Dutch leather coatings
company Stahl.

According to the FT, the proposal from Wendel involves a EUR60
million equity injection by the French group to pay down debt at
Stahl.  FT says the proposal is still being negotiated and
requires approval from the Dutch company's lenders.  The FT says
the equity injected by Wendel will be used to buy back senior
debt.  Stahl's EUR70 million of mezzanine loans and EUR45 million
of second lien loans would be swapped for small equity stake, the
FT states.  Stahl's debt would fall from about EUR375 million to
EUR190 million, the FT notes.

According to the FT, if successful, the offer would end up with
Wendel holding a 90% stake in Stahl, which has been hit hard by
falling demand for its products used in the auto, furniture,
flooring and shoe industries.

Carlyle Group is still in talks and may yet take part in the
restructuring, the FT discloses.  The FT recalls Wendel and
Carlyle jointly acquired Stahl EUR520 million (US$762 million)
three years ago.

Stahl is 48%-owned by Wendel SA -- http://www.wendelgroup.com/--
a France-based investment company.  It primarily invests in the
industrial and service sector, in France and abroad.  As of
December 31, 2008, Wendel held 100% stakes in Oranje-Nassau, a
Dutch group focused on energy production as well as on private
equity.  Oranje-Nassau's energy sector is active in the
exploration, development and production of oil and gas, with the
main regions of interest in Europe, Africa and the Middle East,
while the private equity sector primarily invests in
internationally oriented companies.  Wendel also held stakes in
Bureau Veritas (52%), Materis (76%), Stallergenes (47%), Deutsch
(89%), Saint-Gobain (18%) and Legrand (31%), as well as various
non-strategic listed holdings.


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


CAMILLO EITZEN: Indonesia's Berlian Laju Makes All-Share Bid
------------------------------------------------------------
Robert Wright at The Financial Times reports Indonesia's Berlian
Laju has made a recommended all-share bid for Norway's Camillo
Eitzen & Co. AS.

According to the FT, the transaction will give Berlian Laju
control of Eitzen Chemical, a listed chemical tanker operator of
which Camillo Eitzen owns 52%.

The FT relates Camillo Eitzen had been undertaking a restructuring
that was expected to include issuing fresh equity as it suffered
the effects of serious downturns in the shipping markets.  Berlian
Laju, the FT says, has undertaken to complete Camillo Eitzen's
restructuring and provide the necessary capital.

Berlian Laju, the FT discloses, is offering NOK25 per Camillo
Eitzen share, payable in instruments that will convert into
Berlian Laju shares.  The offer values the Norwegian company at
NOK1.01 billion (US$174 million), the FT notes.

Berlian Laju's offer is conditional, most importantly that it can
raise US$200 million in fresh equity, the FT states.

Camillo Eitzen & Co. ASA -- http://www.camillo-eitzen.com/-- is a
Norway-based shipping company engaged, together with its
subsidiaries, in the provision of shipping services in Norway and
abroad. The Company’s core activities include ship ownership,
operation and management.  Its operations are divided into three
business segments: Eitzen Gas operates in the liquid petroleum gas
(LPG) and petrochemicals transportation market with a fleet of 34
sailing and six commercial management vessels; Eitzen Bulk is
involved in the dry bulk trade business that transports iron ore,
steel products, fertilizers, coal, grain products and petroleum
coke, and Tankers, through which the Company invests in tanker
operator companies.  Camillo Eitzen & Co. operates two
subsidiaries: Eitzen Chemical ASA, which owns and operates
chemicals transportation vessels, and Eitzen Maritime Services
ASA, which offers ship management, supply, and insurance broker
services.


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


ANGARA-STROY LLC: Creditors Must File Claims by October 18
----------------------------------------------------------
Creditors of LLC Angara-Stroy (TIN 3812048964) (Construction) have
until October 18, 2009, to submit proofs of claims to:

         O.Voychenko
         Insolvency Manager
         Post User Box 46
         Tayshet
         665008 Irkutskaya
         Russia

The Arbitration Court of Irkutskaya will convene at 10:00 a.m. on
February 18, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?19–15700/09–71.

The Debtor can be reached at:

          LLC Angara-Stroy
          Ryabikova Blvd. 43
          664043 Irkutsk
          Russia


BAUER-STROY LLC: Bankruptcy Hearing Set December 7
--------------------------------------------------
The Arbitration Court of Kaliningradskaya will convene at 10:30
a.m. on December 7, 2009, to hear bankruptcy supervision procedure
on LLC Bauer-Stroy  (TIN 3917029239, PSRN 1063917026887)
(Construction).  The case is docketed under Case No. ?21–
6080/2009.

The Temporary Insolvency Manager is:

         I. Melnikov
         B. Khmelnitskogo Str. 53
         236039 Kaliningrad
         Russia
         Tel/Fax: 8 401 266 91 55

The Debtor can be reached at:

         LLC Bauer-Stroy
         General Sommer Str. 12/1
         236040 Kaliningrad
         Russia


CERAMICS MATERIALS: Creditors Must File Claims by October 21
------------------------------------------------------------
Creditors of LLC Ceramics Materials Plant have until October 21,
2009, to submit proofs of claims to:

         A. Vukhtin
         Temporary Insolvency Manager
         Office 18
         Lenina Str. 82
         Belorechinsk
         352630 Krasnodarskiy
         Russia

The Arbitration Court of Krasnodarskiy will convene on December 8,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?32–17820/2009–8/523B.

The Debtor can be reached at:

         LLC Ceramics Materials Plant
         Bzhedukhovskaya
         Belorechenskiy
         Krasnodarskiy
         Russia


ILYA-VYSOKOVETSKIY: Creditors Must File Claims by October 18
------------------------------------------------------------
Creditors of OJSC Ilya-Vysokovetskiy Flax-Processing Plant (TIN
3720000112, PSRN 1023701725761) have until October 18, 2009, to
submit proofs of claims to:

         A.Demitrov
         Temporary Insolvency Manager
         Building 2
         Talalikhina Str. 1
         109029 Moscow
         Russia

The Arbitration Court of Ivanovskaya will convene at 9:30 a.m. on
January 11, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?17–3435/2009–14B.

The Debtor can be reached at:

         OJSC Ilya-Vysokovetskiy Flax-Processing Plant
         Ilya-Vysokovo
         Puchezhskiy
         155375 Ivanovskaya
         Russia


LIFTING AND TRANSPORTING: Creditors Must File Claims by October 18
------------------------------------------------------------------
Creditors of CJSC Lifting and Transporting Equipment (TIN
2461025466, PSRN 1022401943520) have until October 18, 2009, to
submit proofs of claims to:

         M. Vasilega
         Temporary Insolvency Manager
         Post User Box 100
         105318 Moscow
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?33–
10344/2009.

The Debtor can be reached at:

         CJSC Lifting and Transporting Equipment
         A.Pavlova Str. 1
         Krasnoyarsk
         Russia


PROM-LES LLC: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of LLC Prom-Les (TIN 2918008335, PSRN 1072918000220)
(Forestry) have until November 18, 2009, to submit proofs of
claims to:

         S. Ivanov
         Insolvency Manager
         Kirova Str. 1-338
         450008 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.?05–890/2009.

The Debtor can be reached at:

         LLC Prom-Les
         Moskovskaya Str. 13-16
         164200 Nyandoma
         Russia


ORLOVSKIY CABLE: Creditors Must File Claims by October 18
---------------------------------------------------------
Creditors of LLC Orlovskiy Cable Plant (TIN 5752030378, PSRN
1025700781138) have until October 18, 2009, to submit proofs of
claims to:

         R. Rasskazov
         Temporary Insolvency Manager
         Office 31
         Gorkogo Str. 45
         302040 Orel
         Russia

The Arbitration Court of Orlovskaya will convene at 9:10 a.m. on
January 13, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?48–3857/2009.

The Debtor can be reached at:

         LLC Orlovskiy Cable Plant
         Mashinostroitelnaya Str. 6
         302008 Orel
         Russia


PROTVINO-KABEL LLC: Creditors Must File Claims by October 18
------------------------------------------------------------
Creditors of LLC Protvino-Kabel (TIN 5037060527, PSRN
102500480059770) have until October 18, 2009, to submit proofs of
claims to:

         Ye.Zueva
         Temporary Insolvency Manager
         Leteva Str. 18
         115162 Moscow
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
supervision procedure . The case is docketed under Case No. ?41–
26819/09.

The Debtor can be reached at:

         LLC Protvino-Kabel
         Apt. 439
         Zheleznodorozhnaya Str. 3
         Protvino
         142280 Moskovskaya
         Russia


SAMPURSKIY DAIRY: Creditors Must File Claims by November 18
-----------------------------------------------------------
Creditors of OJSC Sampurskiy Dairy Plant (TIN 6817000030) have
until November 18, 2009, to submit proofs of claims to:

         O. Kiselev
         Insolvency Manager
         Office 605
         Derzhavinskaya Str. 16a
         Tambov
         Russia

The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?64–535/2009.

The Debtor can be reached at:

         OJSC Sampurskiy Dairy Plant
         Mira Str. 20A
         Sampurskiy
         Tambovskaya
         Russia


SMOLENSKIY COLD: Creditors Must File Claims by November 18
----------------------------------------------------------
Creditors of OJSC Cold Storage Facility (TIN 672901001, PSRN
1026701453646) have until November 18, 2009, to submit proofs of
claims to:

         S. Lavrentyeva
         Insolvency Manager
         Engelsa Str. 21/5
         214014 Smolensk
         Russia

The Arbitration Court of Smolenskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.?-62–900/2009.

The Debtor can be reached at:

         OJSC Cold Storage Facility
         Oktyabrya Str. 46
         214010 Smolensk
         Russia


SOVETSKIY FLOUR: Kaliningradskaya Bankruptcy Hearing Set Jan. 14
----------------------------------------------------------------
The Arbitration Court of Kaliningradskaya will convene at 10:20
a.m. on January 14, 2010, to hear bankruptcy supervision procedure
on OJSC Sovetskiy Flour Mill.  The case is docketed under Case No.
? 21–4951/2009.

The Temporary Insolvency Manager is:

         A. Kasimov
         Post User Box 1006
         236036 Kaliningrad
         Russia

The Debtor can be reached at:

         OJSC Sovetskiy
         Naberezhnaya Str. 14
         Sovetsk
         238750 Kaliningradskaya
         Russia


UC RUSAL: Seeks to Sell Shares in Hong Kong IPO
-----------------------------------------------
Brett Foley at Bloomberg News reports that United Co. Rusal
applied to sell shares in an initial public offering in Hong Kong,
citing two people familiar with the matter.

Bloomberg relates on the people said Rusal will offer investors
shares equal to a 10% stake in the company.

According to Bloomberg, billionaire Oleg Deripaska, Rusal's
controlling shareholder, is selling part of the company to help
pay back more than US$14 billion owed to Russian and foreign
creditors.

As reported in the Troubled Company Reporter-Europe on Sept. 23,
2009, The Times said talks with the Libyan Investment Authority
and other sovereign wealth funds about selling a 10% stake in
Rusal failed.  The Times disclosed the company had agreed another
extension to the deadline for renegotiating its repayment schedule
to foreign and Russian banks.  The standstill agreement on debt
repayment to foreign banks has been extended until the end of
October, The Times said.

                            About Rusal

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


UNIVERSAL-STROY LLC: Creditors Must File Claims by October 18
-------------------------------------------------------------
Creditors of LLC Universal-Stroy (TIN 2915003804, PSRN
1072905000585) (Construction) have until October 18, 2009, to
submit proofs of claims to:

         T. Kolominova
         Insolvency Manager
         Apt. 32
         Melentyeva Str. 37
         165300 Kotlas
         Arkhangelskaya
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?05–366/2009.

The Debtor can be reached at:

         LLC Universal-Story
         Privokzalnaya Str. 69a
         Urdoma
         Lenskiy
         165720 Arkhangelskaya
         Russia


* RUSSIA: Restructuring Law Risks Bankruptcies, RBC Director Says
-----------------------------------------------------------------
Yuriy Humber at Bloomberg News reports that Michael Hammond, a
non-executive director of media company OAO RBC Information
Systems, said that Russian law on debt restructuring risks
"unnecessary" bankruptcies and deterring further lending by
foreign banks.

Mr. Hammond, as cited by Bloomberg, said "The risk with the
current legislation is that some good companies that could recover
and over time repay creditors, potentially in full, will fail
unnecessarily."

"There are a number of Russian commercial banks that use the legal
system to get a better deal for themselves," Mr. Hammond
quoted Bloomberg News as saying.  "You can't blame them, but if
there’s a reasonable deal on the table then you hope terms can be
negotiated to enable companies to move forward."

The report notes Mr. Hammond has advised Russian companies on
capital markets for 20 years as a banker with Credit Suisse First
Boston and ABN Amro Holding NV's venture with NM Rothschild & Sons
Ltd.


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


FORD MOTOR: US Consortium Makes Bid for Swedish Unit Volvo
----------------------------------------------------------
Andrew Ward and John Reed at The Financial Times report that Crown
consortium has made an offer for Ford Motor Co.'s Swedish unit
Volvo.

Citing people close to the sale, the FT discloses the US-led
consortium is fronted by Michael Dingman, a former Ford director
and veteran turnround specialist, and Shamel Rushwin, a former
executive at Ford and Chrysler.

The FT says financing has been fully secured from US private
equity groups, but the consortium is seeking additional backing
from Swedish investors to signal its commitment to keep Volvo in
the country.

According to the FT, another informed person said the consortium
had offered Ford significantly less than China's Geely Automobile,
but that both bids involved similar plans for more than US$3
billion of additional investment in Volvo after completion of any
deal.

As reported in the Troubled Company Reporter-Asia on Sept. 28,
2009, The Wall Street Journal said Geely emerged as the leading
contender to acquire Volvo.  The WSJ disclosed that Ford is in the
process of analyzing a recent Geely bid to acquire 100% of Volvo
for approximately US$2.5 billion.  According to the Journal, the
offer is higher than Ford or outsiders had expected for a brand
that has lost more than US$1 billion in recent years.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                           *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans.  Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.


GENERAL MOTORS: Saab Seeks EU Approval of State Guarantee
---------------------------------------------------------
Niklas Magnusson at Bloomberg News reports that Saab Automobile
said Sweden's government sent an application to the European
Commission for approval of a potential state guarantee the Swedish
carmaker needs for a loan from the European Investment Bank.

Bloomberg relates Saab spokesman Eric Geers said Monday the
Swedish carmaker, which is being sold by General Motors Co., will
continue negotiations with the Swedish National Debt Office, which
handles the country's aid program for automakers, about the
potential guarantee.  Mr. Geers, as cited by Bloomberg, said Saab
is also waiting for the EIB to decide on whether to grant Saab the
loan.

As reported in the Troubled Company Reporter-Europe on Aug. 18,
2009, GM finalized an agreement to sell Saab to Koenigsegg
Automotive.  The FT disclosed the memorandum of understanding
agreed in June was conditional on US$600 million of funding from
the European Investment Bank, underwritten by Sweden.

                        Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

                        About Saab Automobile

Saab Automobile AB -- http://www.saab.com/-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.
Offered only through Saab Expressions dealerships, Saab cars woo
enthusiasts with merchandising that includes pen and pencil sets,
martini glasses, toys, and watches.

                       About General Motors

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

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

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

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

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

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


SAAB AUTOMOBILE: Seeks EU Approval of State Guarantee
-----------------------------------------------------
Niklas Magnusson at Bloomberg News reports that Saab Automobile
said Sweden's government sent an application to the European
Commission for approval of a potential state guarantee the Swedish
carmaker needs for a loan from the European Investment Bank.

Bloomberg relates Saab spokesman Eric Geers said Monday the
Swedish carmaker, which is being sold by General Motors Co., will
continue negotiations with the Swedish National Debt Office, which
handles the country's aid program for automakers, about the
potential guarantee.  Mr. Geers, as cited by Bloomberg, said Saab
is also waiting for the EIB to decide on whether to grant Saab the
loan.

As reported in the Troubled Company Reporter-Europe on Aug. 18,
2009, GM finalized an agreement to sell Saab to Koenigsegg
Automotive.  The FT disclosed the memorandum of understanding
agreed in June was conditional on US$600 million of funding from
the European Investment Bank, underwritten by Sweden.

                        Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

Saab Automobile AB -- http://www.saab.com/-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.
Offered only through Saab Expressions dealerships, Saab cars woo
enthusiasts with merchandising that includes pen and pencil sets,
martini glasses, toys, and watches.


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


CAROCOM GMBH: Claims Filing Deadline is October 12
--------------------------------------------------
Creditors of Carocom GmbH are requested to file their proofs of
claim by October 12, 2009, to:

         Franz Peter and Ursula Brun-Roos
         Lindenhalde 6
         6374 Buochs
         Switzerland

The company is currently undergoing liquidation in Buochs.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 4, 2009.


ORTSBILD.CH GMBH: Claims Filing Deadline is October 9
-----------------------------------------------------
Creditors of Ortsbild.ch GmbH are requested to file their proofs
of claim by October 9, 2009, to:

         Hofer Daniel
         Liquidator
         Bruennenstrasse 118
         3018 Bern
         Switzerland

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


SUNTECH GMBH: Claims Filing Deadline is October 12
--------------------------------------------------
Creditors of Suntech GmbH are requested to file their proofs of
claim by October 12, 2009, to:

         Suntech GmbH
         Neuwiese 53
         5305 Unterendingen
         Switzerland

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


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


AKROS LTD: Creditors Must File Claims by October 11
---------------------------------------------------
Creditors of LLC Industrial Group Akros Ltd. (code EDRPOU
33885997) have until October 11, 2009 to submit proofs of claim to
LLC Techprominvest, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 26, 2009.  The case is docketed
under Case No. 49/342-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Industrial Group Akros Ltd.
         Smilianskaya Str. 7
         03151 Kiev
         Ukraine


PEREGONOVKA SUGAR: Creditors Must File Claims by October 11
-----------------------------------------------------------
Creditors of OJSC Peregonovka Sugar Plant (code EDRPOU 00372013)
have until October 11, 2009, to submit proofs of claim to:

         S. Salatova
         Insolvency Manager
         Glinka Str. 2
         Kirovograd
         Ukraine

The Economic Court of Kirovograd commenced bankruptcy proceedings
against the company on August 12, 2009.  The case is docketed
under Case No. 14/78.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharsky Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         OJSC Peregonovka Sugar Plant
         Engels Str. 1
         Peregonovka
         Golovanovsky
         26522 Kirovograd
         Ukraine


PRESTIGE LLC: Creditors Must File Claims by October 10
----------------------------------------------------
Creditors of LLC Prestige (code EDRPOU 32186206) have until
October 10, 2009, to submit proofs of claim to:

         I. Soldatkin
         Post Office Box 30
         40014 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on September 3, 2009.  The case is docketed
under Case No. 12/123-09.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Ave. 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Prestige
         1st Railway Str. 2
         40030 Sumy
         Ukraine


TMM REAL: Fitch Maintains Issuer Default Rating at 'CC'
-------------------------------------------------------
Fitch Ratings is maintaining Ukraine-based TMM Real Estate
Development plc's Long-term foreign and local currency Issuer
Default ratings of 'CC' and National Long-term rating of 'B(ukr)'
on Rating Watch Negative.  The ratings were originally placed on
RWN on December 2, 2008.  The RWN continues to reflect acute
concerns about TMM's weak liquidity and the poor conditions
currently prevailing in the Ukrainian residential property market.
Based on Fitch forecasts, TMM may not generate sufficient
operational cash flow in 2009-2011 to cover its interest costs.

Fitch forecasts a negative free cash flow of about US$13 million
for TMM over the next 12 months.  Given the company's low levels
of back-up liquidity (approximately US$300,000 of cash and zero
committed undrawn credit facilities), there is concern over how
the company will be able to finance this shortfall.  Fitch
understands from TMM that it is currently in talks with various
investors with a view to raising new finance, although the agency
remains sceptical about its ability to access new finance given
its small size, weak profile and exposure to a depressed real
estate market.

Nevertheless, Fitch positively notes the progress TMM has made to
date with resolving its short-term debt problem.  Since November
2008, the company has managed to refinance all of its US$65
million of short-term debt, including UAH150 million (US$18.7
million equivalent) of bonds that matured on October 1, 2009.  As
a result, TMM now has no major debt maturities until May 2011
(when a US$18 million equivalent revolving credit facility
matures).  A large part of this refinancing has come from JSC
State Savings Bank of Ukraine (Oschadbank) (rated 'B'/Negative
Outlook), a state-owned Ukrainian bank, which has provided UAH310
million (US$37 million) of new debt since February.  Fitch views
the willingness of a state entity to lend to TMM as a positive
indicator of the company's ability to access local financing.

Fitch further notes that TMM's core market, the Ukrainian
residential property market, has suffered a significant fall in
demand following the country's macroeconomic turmoil.  TMM has
indicated that its sales may have fallen by approximately 45% yoy
in H109 in Hryvnia (UAH) terms, versus 47% for the whole
construction market (source: State Statistics Committee).  Sales
in US$ terms -- TMM's reporting currency -- will likely be even
lower given the depreciation of the UAH over the last 12 months.
Although there have been some tentative signs of stabilising
prices in the Kiev market (in UAH terms), the market remains over-
supplied, and Fitch does not expect a significant improvement in
market conditions for the foreseeable future given the weak wider
Ukrainian economy and the lack of availability of mortgage and
development finance.

Fitch now expects to resolve the RWN by end-December 2009.  A
downgrade of the ratings could be triggered if a default, such as
a failure to cover scheduled interest payments, appears imminent
or inevitable.  Conversely, the ratings could be affirmed at
current levels if the company creates sufficient liquidity
reserves to cover its forecast negative free cash flow over at
least the next 12 months.  A removal of the RWN status also
remains contingent on receipt of TMM's audited 2008 annual
accounts, which have yet to be published.

TMM, incorporated in Cyprus, is the holding company of a
vertically integrated development and construction group operating
in Ukraine -- mainly in Kiev, with presence in Kharkov and Crimea.
In FY07, TMM had revenues of US$61 million and EBITDAR of US$9
million.  As at May 31, 2008, TMM had total debt of approximately
US$81 million, all of which is secured.


VELES LLC: Creditors Must File Claims by October 10
---------------------------------------------------
Creditors of LLC Veles (code EDRPOU 31270202) have until
October 10, 2009, to submit proofs of claim to:

         J. Zinchenko
         Insolvency Manager
         Spartakovskaya Str. 8
         Guliaypole
         70200 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 26, 2009.  The case is docketed
under Case No. 19/15/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Veles
         40 years of Soviet Ukraine Str. 41
         69037 Zaporozhye
         Ukraine


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


LLOYDS BANKING: Injects Capital Into Irish Unit
-----------------------------------------------
Ian Guider and Andrew MacAskill at Bloomberg News report that
Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc have
injected EUR3.03 billion (US$4.4 billion) into their Irish units
during the past 10 months amid rising real estate losses.

According to Bloomberg, records in Dublin's Companies Registration
Office show the two banks made a series of six payments, with the
first in December and the most recent in August.  RBS injected
about EUR1.58 billion, while Lloyds sent EUR1.45 billion,
Bloomberg discloses.  Bloomberg notes the CRO records show Ulster
Bank Holdings (ROI) Ltd. has received four capital injections from
RBS since February, while Lloyds has provided its Bank of Scotland
(Ireland) Ltd. unit with two payments since December.

Bloomberg recalls RBS, 70% government-controlled, and Lloyds, 43%
taxpayer-owned, were bailed out by Chancellor of the Exchequer
Alistair Darling with GBP37 billion of public money 12 months ago.

                    About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.


PALMER SQUARE: S&P Cuts Ratings on Four Classes of Notes to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all the notes issued by
Palmer Square PLC, a European collateralized debt obligation of
asset-backed securities transaction.

According to the last trustee report available to S&P, the class
A2, B, and C par value ratio tests have continued to fail.

The rating actions reflect S&P's assessment of this further
deterioration in the credit quality of the underlying portfolio
due to its exposure to U.S. CDOs of ABS and residential mortgage-
backed securities, which S&P has recently downgraded or placed on
CreditWatch negative.

A related factor in S&P's rating analysis is the share of assets
in the underlying portfolio currently on CreditWatch negative.
According to S&P's analysis, this is currently at a level of 25%
of the portfolio by collateral balance.  On April 6, S&P published
S&P's revised assumptions related to structured finance assets
with ratings on CreditWatch held within CDO transactions.  Under
these revised assumptions, S&P adjusted downward in S&P's analysis
the ratings on these assets currently on CreditWatch negative by
at least three notches.

S&P believes there is a high likelihood that Palmer Square would
not be able to repay the junior rated notes at par.  As a result,
the junior rated notes now face, in S&P's view, a high risk of
nonpayment.

S&P will continue to monitor the transaction's performance.

                            Ratings List

       Ratings Lowered and Removed From Creditwatch Negative

                         Palmer Square PLC
        US$1,254.5 Million Asset-Backed Floating-Rate Notes

                             Rating
                             ------
          Class       To                 From
          -----       --                 ----
          A1-A        BBB+               AA-/Watch Neg
          A1-B        BBB+               AA-/Watch Neg
          A1-AE       BBB+               AA-/Watch Neg
          A2-A        B-                 BBB+/Watch Neg
          A2-B        B-                 BBB+/Watch Neg
          B-1         CCC-               BBB-/Watch Neg
          B-2         CCC-               BBB-/Watch Neg
          C-1         CC                 CCC+/Watch Neg
          C-2         CC                 CCC+/Watch Neg
          D-1         CC                 CCC-/Watch Neg
          D-2         CC                 CCC-/Watch Neg



ROYAL BANK: Still In Talks with Possible Buyers for Asian Assets
----------------------------------------------------------------
Jon Menon and Cathy Chan at Bloomberg News reports that Royal Bank
of Scotland Group Plc said it was still talking to possible buyers
for some its units in Asia after negotiations with Standard
Chartered Plc broke down.

Citing three people familiar with the discussions, Bloomberg
discloses talks to sell RBS's assets in Malaysia, China and India
broke down last week.

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  Bloomberg said about 70% of
RBS's losses came from its so-called non-core division, which
includes assets the bank plans to sell or discontinue.  According
to Bloomberg, the bulk of the division is comprised of parts of
the global banking and markets businesses, which include propriety
trading and higher risk assets.

The U.K. government owns 70% of RBS after it invested
GBP20 billion last year to rescue the bank.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc and National Westminster Bank Plc, which are United
Kingdom-based clearing banks.  The company's activities are
organized in six business divisions: Corporate Markets (comprising
Global Banking and Markets and United Kingdom Corporate Banking),
Retail Markets (comprising Retail and Wealth Management), Ulster
Bank, Citizens, RBS Insurance and Manufacturing.  On October 17,
2007, RFS Holdings B.V. (RFS Holdings), a company jointly owned by
RBS, Fortis N.V., Fortis SA/NV and Banco Santander S.A. (the
Consortium Banks) and controlled by RBS, completed the acquisition
of ABN AMRO Holding N.V. (ABN AMRO).  In July 2008, the company
disposed its entire interest in Global Voice Group Ltd.


ROYAL BANK: To Finalize GBP4 Billion Share Placing
--------------------------------------------------
Helia Ebrahimi at The Daily Telegraph reports that Royal Bank of
Scotland Group plc will meet with investors this week to finalize
the details of a GBP4 billion share placing.

According to the report, the cash raised will be used to reduce
the number of shares that RBS will need to give the UK government
to cover the GBP19.5 billion entry fee for its Asset Protection
Scheme to insure GBP325 billion of the bank's worst loans.

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  Bloomberg said about 70% of
RBS's losses came from its so-called non-core division, which
includes assets the bank plans to sell or discontinue.  According
to Bloomberg, the bulk of the division is comprised of parts of
the global banking and markets businesses, which include propriety
trading and higher risk assets.

The government owns 70% of RBS after it invested GBP20 billion
last year to rescue the bank.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


ROYAL BANK: Injects Capital Into Irish Unit
-------------------------------------------
Ian Guider and Andrew MacAskill at Bloomberg News report that
Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc have
injected EUR3.03 billion (US$4.4 billion) into their Irish units
during the past 10 months amid rising real estate losses.

According to Bloomberg, records in Dublin's Companies Registration
Office show the two banks made a series of six payments, with the
first in December and the most recent in August.  RBS injected
about EUR1.58 billion, while Lloyds sent EUR1.45 billion,
Bloomberg discloses.  Bloomberg notes the CRO records show Ulster
Bank Holdings (ROI) Ltd. has received four capital injections from
RBS since February, while Lloyds has provided its Bank of Scotland
(Ireland) Ltd. unit with two payments since December.

Bloomberg recalls RBS, 70% government-controlled, and Lloyds, 43%
taxpayer-owned, were bailed out by Chancellor of the Exchequer
Alistair Darling with GBP37 billion of public money 12 months ago.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


SOUTHERN CROSS: Operations Director Kamma Foulkes to Step Down
--------------------------------------------------------------
Ed Hammond at The Financial Times reports that Kamma Foulkes,
Southern Cross Healthcare Group plc's director of operations, will
resign from the company.

Ms. Foulkes, who had been in that role since early 2007, was
responsible for about half of the group's operations, according to
the FT.  Ms. Foulkes's departure, which will also see her stepping
down from the group’s board, will take effect on December 31, the
FT discloses.

The FT recalls Southern Cross ran into difficulty last summer when
it sought a waiver of its banking covenants after it was unable to
sell on a number of care homes it had bought.  In the six months
to the end of March, pre-tax losses widened 45% to GBP12.5
million, on revenue ahead 7% at GBP461 million, the FT states.

Southern Cross Healthcare Group PLC, along with its subsidiaries
-- http://www.schealthcare.co.uk/-- is engaged in the development
and operation of care homes for the elderly and the provision of
specialist services for people with physical and/or learning
disabilities.  The Company offers a range of care services,
including nursing, residential and dementia care.  During the
fiscal year ended September 28, 2008, the Company operated 735
care homes and 37,425 beds. As of September 28, 2008, the Company
had two business segments: elderly care (which incorporates the
Southern Cross Healthcare and Ashbourne Senior Living brands) and
specialist (being the Active Care Partnership business).  In
September 2009, the Company announced the sale of the freehold
interest in Carnbroe Care Home to Umber Properties Limited.  On
September 3, 2009, the Company completed the transfer of the
business and certain assets of the Sunchoice healthcare
distribution division to Medline Europe Limited.


UK RECEIVABLES: Moody's Reviews Ratings on 12 Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of 12 classes of asset-backed notes issued
under UK Receivables Trust II, the Class B asset-backed notes
issued by Chester Asset Receivables Dealings No.11 PLC, and the
Class B of asset-backed notes issued by Chester Asset Receivables
Dealings No.12 PLC under the UK Receivables Trust.  A complete
list of rating actions is below.

UK Receivables Trust II:

Issuers: Chester Asset Receivables Dealings 2001-B PLC, Chester
Asset Receivables Dealings 2003-B PLC, Chester Asset Receivables
Dealings 2003-C PLC, Chester Asset Receivables Dealings 2004-1 PLC

  -- GBP12,500,000 Asset Backed Floating Rate Notes due 2011,
     Class B, Series UK2001-B, A3 on review for downgrade

  -- GBP17,500,000 Asset Backed Floating Rate Notes due 2011,
     Class C, Series UK2001-B, Ba1 on review for downgrade

  -- GBP12,500,000 Asset Backed Floating Rate Notes due 2013,
     Class B, Series UK2003-B, A3 on review for downgrade

  -- GBP17,500,000 Asset Backed Floating Rate Notes due 2013,
     Class C, Series UK2003-B, Ba1 on review for downgrade

  -- EUR35,500,000 Asset Backed Floating Rate Notes due 2010,
     Class B, Series UK2003-C, A3 on review for downgrade

  -- EUR49,500,000 Asset Backed Floating Rate Notes due 2010,
     Class C, Series UK2003-C, Ba1 on review for downgrade

  -- GBP25,000,000 Asset Backed Floating Rate Notes due 2014,
     Class B, Series UK2004-1, A3 on review for downgrade

  -- GBP35,000,000 Asset Backed Floating Rate Notes due 2014,
     Class C, Series UK2004-1, Ba1 on review for downgrade

Issuer: Chester Asset Receivables Dealings Issuer Limited

  -- Series 2004-B1 EUR125,000,000 Class B Asset Backed Floating
     Rate Notes due 2011, A3 on review for downgrade

  -- Series 2004-C1 EUR175,000,000 Class C Asset Backed Floating
     Rate Notes due 2011, Ba1 on review for downgrade

  -- Series 2006-B1 GBP50,000,000 Class B Asset Backed Floating
     Rate Notes due 2013, A3 on review for downgrade

  -- Series 2006-C1 GBP70,000,000 Class C Asset Backed Floating
     Rate Notes due 2013, Ba1 on review for downgrade

Under UK Receivables Trust:

Issuers: Chester Asset Receivables Dealings No. 11 PLC, Chester
Asset Receivables Dealings No. 12 PLC

  -- GBP20,000,000 Asset Backed Floating Rate Notes due 2010,
     Class B, Chester Asset Receivables Dealings No.11 PLC, A3 on
     review for downgrade

  -- GBP12,000,000 Asset Backed Floating Rate Notes due 2011,
     Class B, Chester Asset Receivables Dealings No.12 PLC, A3 on
     review for downgrade

This rating review is in part prompted by the rapid performance
deterioration observed in the recent months, with charge-offs
reaching over 15% in September.  Furthermore, the forecast
unemployment rate for 2010 combined with the level of indebtedness
of UK families in general has led Moody's to expect charge-offs in
the trust to increase further in coming months.

Moody's is also currently reviewing the purchase rate assumption
for both master trusts as Moody's considers that there is an
increased likelihood that a stressed scenario where the trust
balance may decline would be observed in relation to the trusts.
The assumption on whether a pool balance is declining during the
stressed scenario is a key consideration for the 'purchase rate'
assumption for the trust and Moody's overall credit analysis.  The
concerns primarily stem from the relatively small size of MBNA's
card business in EMEA in comparison to the core credit card
franchise of Bank of America in the US and, in particular, the
higher charge offs that have been observed in the recent months
coupled with the expectation that this trend will continue over
the course of 2010.  As such, in Moody's opinion, the purchase
rate assumption should be decreased in order for this assumption
to be better aligned with the corresponding assumption for the
core US portfolio and with assumptions taken in other credit card
trusts rated by Moody's.  Moody's believes that the current
economic environment places more importance in making this
adjustment.

The Aaa ratings of the senior notes listed below issued under both
master trusts were placed on review for possible downgrade on 3
March 2009.  Since March's rating action, the Issuers have
communicated to Moody's and the market that they are contemplating
alternatives to increase the credit enhancement supporting the
Notes and Moody's has remained in frequent dialogue with Bank of
America.  Moody's notes that in similar circumstances during the
period 2005-2007 various issuers in the UK credit card sector have
issued subordinated classes of notes to increase the credit
enhancement available to the rated notes.

Moody's will endeavor to conclude the review on all classes of
notes in the next 45 days.  In the absence of additional credit
enhancement, the rating of the senior classes of notes would
likely be downgraded a number of rating categories.  Currently,
but subject to further analysis, Moody's would expect this to be
in the 'A' category.

UK Receivables Trust II:

Issuers: Chester Asset Receivables Dealings 2001-B PLC, Chester
Asset Receivables Dealings 2002-A PLC, Chester Asset Receivables
Dealings 2003-B PLC, Chester Asset Receivables Dealings 2003-C
PLC, Chester Asset Receivables Dealings 2004-1 PLC

  -- GBP220,000,000 Asset Backed Floating Rate Notes due 2011,
     Class A, Series UK2001-B, current rating Aaa, on review for
     possible downgrade

  -- GBP220,000,000 Asset Backed Floating Rate Notes due 2013,
     Class A, Series UK2003-B, current rating Aaa, on review for
     possible downgrade

  -- EUR621,000,000 Asset Backed Floating Rate Notes due 2010,
     Class A, Series UK2003-C, current rating Aaa, on review for
     possible downgrade

  -- GBP440,000,000 Asset Backed Floating Rate Notes due 2014,
     Class A, Series UK2004-1, current rating Aaa, on review for
     possible downgrade

Issuer: Chester Asset Receivables Dealings Issuer Limited

  -- Series 2004-A1 GBP300,000,000 Class A Asset Backed Floating
     Rate Notes due 2011, current rating Aaa, on review for
     possible downgrade

  -- Series 2004-A2 GBP250,000,000 Class A Asset Backed Floating
     Rate Notes due 2009, current rating Aaa, on review for
     possible downgrade

  -- Series 2006-A1 GBP250,000,000 Class A Asset Backed Floating
     Rate Notes due 2011, current rating Aaa, on review for
     possible downgrade

  -- Series 2008-A1 EUR350,000,000 Class A Asset Backed Floating
     Rate Notes due 2011, current rating Aaa, on review for
     possible downgrade

  -- Series 2008-A2 GBP300,000,000 Class A Asset Backed Floating
     Rate Notes due 2011, current rating Aaa, on review for
     possible downgrade

UK Receivables Trust:

Issuers: Chester Asset Receivables Dealings No.  11 PLC, Chester
Asset Receivables Dealings No.  12 PLC

  -- EUR730,000,000 Asset Backed Floating Rate Notes due 2010,
     Class A, Chester Asset Receivables Dealings No.11 PLC,
     current rating Aaa, on review for possible downgrade

  -- GBP264,000,000 Asset Backed Floating Rate Notes due 2011,
     Class A, Chester Asset Receivables Dealings No.12 PLC,
     current rating Aaa, on review for possible downgrade

In addition, Moody's is currently assessing the possible credit
impact of certain trust provisions related to the occurrence of an
originator "insolvency event" in the trusts - please refer to
Moody's press release dated June 15, 2009 for further details.

The last rating action on the senior notes was on March 3, 2009
when the notes were placed on review for possible downgrade.

The last rating action on the mezzanine and subordinated notes was
on December 9, 2008.

Moody's ratings address only the credit risks associated with the
transaction, other non-credit risks have not been addressed, but
may have significant effect on yield to investors.

Moody's ratings are subject to revision, suspension or withdrawal
at any time at Moody's absolute discretion.  The ratings are
expressions of opinion and not recommendations to purchase, sell
or hold securities.

The rating is published.  Moody's will publicly disseminate any
change in the ratings through normal print and electronic media,
and in response to requests to the Moody's rating desk, in
accordance with Moody's standard practice at the time.

Moody's will continue to monitor the transaction on an ongoing
basis.


* UK: Business Failures to Rise by More Than a Third in 2009
------------------------------------------------------------
Alistair Gray at The Financial Times reports that recovery and
restructuring specialist Begbies Traynor forecast that the number
of UK business failures will rise by more than a third this year
from the historically high levels seen during 2008 and could hit a
fresh record over the next 12 months.

Citing Nick Hood, a partner at Begbies Traynor, the FT discloses
at least 30,000 companies will have fallen into liquidation,
receivership or administration by the end of the year.

According to the FT, debt-laden companies are struggling to stay
within banking covenants as the recession squeezes revenues and
margins.

"There's going to be a real shortage of emergency funding for
companies that get into trouble," the FT quoted Mr. Hood as
saying.


                            *********

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 * * *