TCREUR_Public/091008.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, October 8, 2009, Vol. 10, No. 199

                            Headlines

A U S T R I A

BULLA GMBH: Claims Filing Deadline is October 27
KARIN KATZENSTEINER: Claims Filing Deadline is October 21
KRISTALL GEBAEUDEMANAGEMENT: Claims Filing Deadline is October 21


I R E L A N D

CLOVERIE PLC: S&P Withdraws 'CCC' Rating on EUR5MM Class C Notes


K A Z A K H S T A N

ABYAR LLP: Creditors Must File Claims by October 17
ALFA LLP: Creditors Must File Claims by October 17
ALIBEK KURYLYS: Creditors Must File Claims by October 17
ARA MIK 2: Creditors Must File Claims by October 17
DASTARHAN LLP: Creditors Must File Claims by October 17

DIAMED LTD: Creditors Must File Claims by October 17
MARA NORD: Creditors Must File Claims by October 17
KPP AKTAU: Creditors Must File Claims by October 17
TRUK SERVICE: Creditors Must File Claims by October 17
ZATOBOLSKY MELZAVOD: Creditors Must File Claims by October 17


K Y R G Y Z S T A N

SE CHJUNG: Creditors Must File Claims by October 21
TON YAN: Creditors Must File Claims by October 21


R U S S I A

DELTA WOOD: Creditors Must File Claims by October 18
PROF-STROY LLC: Creditors Must File Claims by October 18
STROY-MONOLIT-14: Creditors Must File Claims by October 18
STROY-STANDART: Creditors Must File Claims by October 18
TOM-LES LLC: Creditors Must File Claims by October 18


S P A I N

SANTANDER CONSUMER: S&P Cuts Rating on Class D Notes to 'BB'


S W I T Z E R L A N D

CAFE CONDITOREI: Claims Filing Deadline is October 15
ODYSSEY FINANCIAL: Claims Filing Deadline is October 15
SERUM-SHOP GMBH: Claims Filing Deadline is October 12


                         *********


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


BULLA GMBH: Claims Filing Deadline is October 27
------------------------------------------------
Creditors of Bulla GmbH have until October 27, 2009, to file their
proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Bernhard Schatz
         Enzersdorfer Strasse 4
         2340 Moedling
         Austria
         Tel: 02236/89 33 77
         Fax: 02236/893377-40
         E-mail: bernhard.schatz@bpv-huegel.com


KARIN KATZENSTEINER: Claims Filing Deadline is October 21
---------------------------------------------------------
Creditors of Karin Katzensteiner GmbH have until October 21, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 4, 2009, at 11:30 a.m.

For further information, contact the company's administrator:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 4060551
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


KRISTALL GEBAEUDEMANAGEMENT: Claims Filing Deadline is October 21
-----------------------------------------------------------------
Creditors of Kristall Gebaeudemanagement GmbH have until
October 21, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 4, 2009 at 11:15 a.m.

For further information, contact the company's administrator:

         Mag. Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 523 72 74
         E-mail: schulyok-unger@csg.at


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


CLOVERIE PLC: S&P Withdraws 'CCC' Rating on EUR5MM Class C Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
five tranches.

S&P withdrew the ratings assigned to these notes, having recently
received the repurchase agreements.

                           Ratings List

                        Ratings Withdrawn

                      Alexandria Capital PLC
    EUR400 Million Floating-Rate Secured Liquidity Linked Notes
                          Series 2005-8

                            Rating
                            ------
                   To                    From
                   --                    ----
                   NR                    AA+

                           Claris Ltd.
     EUR10 Million Gascogne Floating-Rate Credit-Linked Notes
                         Series 36/2004

                            Rating
                            ------
                   To                    From
                   --                    ----
                   NR                    CCC-

                          Cloverie PLC
EUR5 Million Class C Floating-Rate Portfolio Credit-Linked Notes
                    Series 2005-19 (Rotonda II)

                       Rating
                       ------
               To                    From
               --                    ----
               NR                    CCC/Watch Neg

                          Skylark Ltd.
EUR400 Million Class A Secured Floating-Rate Credit-Linked Notes
                     Series 2005-7 (Madison)

                       Rating
                       ------
               To                    From
               --                    ----
               NR                    AA+/Watch Neg

                       STARTS (Cayman) Ltd.
$125 Million Leveraged Super Senior Credit-Linked Fixed-Rate Notes
                           Series 2008-9

                       Rating
                       ------
               To                    From
               --                    ----
               NR                    AAA/Watch Neg


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


ABYAR LLP: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Trade Company Abyar have until October 17, 2009,
to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 4, 2009.


ALFA LLP: Creditors Must File Claims by October 17
--------------------------------------------------
Creditors of LLP North Kazakhstan Firm Alfa have until October 17,
2009, to submit proofs of claim to:

         Abai Str. 40-17
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on July 20,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


ALIBEK KURYLYS: Creditors Must File Claims by October 17
--------------------------------------------------------
Creditors of LLP Alibek Kurylys have until October 17, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 29, 2009.


ARA MIK 2: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Ara Mik 2 have until October 17, 2009, to submit
proofs of claim to:

         Makatayev Str. 127
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 10, 2009, after
finding it insolvent.

The Court is located at:

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


DASTARHAN LLP: Creditors Must File Claims by October 17
-------------------------------------------------------
Creditors of LLP Dastarhan have until October 17, 2009, to submit
proofs of claim to:

         Auelbekov Str. 126-75
         Kokshetau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on July 13,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kokshetau
         Gorky Str. 37
         Kokshetau
         Kazakhstan


DIAMED LTD: Creditors Must File Claims by October 17
----------------------------------------------------
Creditors of LLP Company Diamed Ltd have until October 17, 2009,
to submit proofs of claim to:

         Bogenbai Batyr Str. 52
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 14, 2009, after
finding it insolvent.

The Court is located at:

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


MARA NORD: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Mara Nord have until October 17, 2009, to submit
proofs of claim to:

         Abai Str. 40-17
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on July 20,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KPP AKTAU: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of JSC Kpp Aktau have until October 17, 2009, to submit
proofs of claim to:

         Micro District 28, 25-12
         Aktau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktau commenced
bankruptcy proceedings against the company on July 16, 2009, after
finding it insolvent.

The Court is located at:

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


TRUK SERVICE: Creditors Must File Claims by October 17
------------------------------------------------------
Creditors of LLP Truk Service have until October 17, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 7, 2009.


ZATOBOLSKY MELZAVOD: Creditors Must File Claims by October 17
-------------------------------------------------------------
Creditors of LLP Zatobolsky Melzavod have until October 17, 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
June 29, 2009.


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


SE CHJUNG: Creditors Must File Claims by October 21
---------------------------------------------------
LLC Se Chjung is currently undergoing liquidation.  Creditors have
until October 21, 2009, to submit proofs of claim to:

Inquires can be addressed to (0-772) 57-96-46.


TON YAN: Creditors Must File Claims by October 21
-------------------------------------------------
LLC Ton Yan Electrichestvo is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim
to:

Inquires can be addressed to (0-543) 89-07-23.


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


DELTA WOOD: Creditors Must File Claims by October 18
----------------------------------------------------
Creditors of LLC Delta Wood (TIN 3525140282, PSRN 1043500062836)
(Wood-processing) have until October 18, 2009, to submit proofs of
claims to:

         G. Pogosyan
         Temporary Insolvency Manager
         Post User Box 152
         160000 Vologda
         Russia

The Arbitration Court of Vologodskaya will convene at 2:30 a.m. on
January 13, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?139708/2009.


PROF-STROY LLC: Creditors Must File Claims by October 18
--------------------------------------------------------
Creditors of LLC Prof-Stroy (TIN 5020050961, PSRN 1075020000439)
(Construction) have until October 18, 2009, to submit proofs of
claims to:

         D. Kryazev
         Temporary Insolvency Manager
         Building 3
         Leninskiy prospect 29
         119071 Moscow
         Russia

The Arbitration Court of Moskovskaya will convene on January 25,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?4126636/09.

The Debtor can be reached at:

         LLC Prof-Stroy
         Apt .4
         Mira Str. 25
         Klin
         Klinskiy
         141600 Moskovskaya
         Russia


STROY-MONOLIT-14: Creditors Must File Claims by October 18
----------------------------------------------------------
Creditors of OJSC Stroy-Monolit-14 (TIN 7736228198, PSRN
102736002689) (Construction) have until October 18, 2009, to
submit proofs of claims to:

         S. Yeliseev
         Temporary Insolvency Manager
         Post User Box 100
         105318 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?4044103/0995-
189B.

The Debtor can be reached at:

         OJSC Stroy-Monolit-14
         Building 2
         Gazetnyy pereulok 5
         103918 Moscow
         Russia


STROY-STANDART: Creditors Must File Claims by October 18
--------------------------------------------------------
Creditors of LLC Stroy-Standart (TIN 3016035195) (Construction)
have until October 18, 2009, to submit proofs of claims to:

         Yu. Kharitonov
         Temporary Insolvency Manager
         Office 3
         Building 6
         Sen-Simona Str. 42
         414014 Astrakhan
         Russia

The Arbitration Court of Astrakhanskaya will convene at 2:00 p.m.
on November 3, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?063337/2009.

The Debtor can be reached at:

         LLC Stroy-Standart
         Botvina Str. 10
         414052 Astrakhan
         Russia


TOM-LES LLC: Creditors Must File Claims by October 18
-----------------------------------------------------
Creditors of LLC Tom-Les-Drev (TIN 7012005662) (Lumbering)have
until October 18, 2009, to submit proofs of claims to:

         V .Kukuev
         Temporary Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Tomskaya will convene at 09:00 a.m. on
February 26, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?675808/09.

The Court is located at:

         The Arbitration Court of Tomskaya
         Kirova prospect 10
         Tomsk
         Russia

The Debtor can be reached at:

         LLC Tom-Les-Drev
         Sovetskaya Str. 1E
         Yezhi
         Pervomayskiy
         636940 Tomskaya
         Russia


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


SANTANDER CONSUMER: S&P Cuts Rating on Class D Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services took various actions on Fondo
de Titulizacion de Activos Santander Consumer Spain Auto 06, Fondo
de Titulizacion de Activos Santander Consumer Spain Auto 07-1, and
Fondo de Titulizacion de Activos Santander Consumer Spain 07-2.

In Consumer Auto 06, S&P placed the class C and D notes on
CreditWatch negative.

In Consumer Auto 07-1, S&P placed the class C notes on CreditWatch
negative.

In Consumer Spain 07-2, S&P:

* Lowered its rating on the class D notes and placed them on
  CreditWatch negative; and

* Placed its ratings on the class A, B, and C notes on CreditWatch
  negative.

The rating actions follow S&P's review of the transactions'
performance.  Due to a high delinquency rate, all three are
exposed to the risk that a large portion of severe arrears may
become defaults in the short to medium term.

All the transactions incorporate amortization rules that increase
principal amortization by the amount of new defaulted loans
(defined as arrears over a certain number of months) in each
payment period.  This conservative amortization mechanism puts
additional pressure on the structure, leading in some cases to
cash reserve draws.  Given the evolution of delinquencies and
current unemployment rates in Spain (a key factor behind consumer
transactions' performance), S&P expects defaults to increase in
the future for these transactions.

In Consumer Spain 07-2, the issuer fully drew on the cash reserve
and the current level of 90+ day delinquencies represents 9.85% of
the current pool.  The fund accumulated defaulted loans for 4.1%
of the original note balance.  As a comparison, the class D
interest payment can be deferred when the cumulative default ratio
reaches 10.3%.  In August, cash reserve was fully drawn due to the
rapid increase in defaults.  This led to a complete erosion of
class D credit support, which determined the rating action.  In
addition the fund reported a principal shortfall on the class A
amortization of EUR4.6 million.

In Consumer Auto 06, the issuer drew on the cash reserve for the
first time on the last interest payment date in July.  As of
October 2, it is EUR19.56 million instead of the required
EUR20.25 million, and represents 2.7% of the current note balance.
Loans in arrears for more than 90 days account for 5.05% of the
current outstanding balance of this transaction.

In Consumer Auto 07-1, the cash reserve is at its required level
and represents 2.67% of the current pool.  Nevertheless, during
the last reporting period, the transaction registered a 90+ day
delinquency rate of 6.73%.

The notes issued by Consumer Auto 06 and Consumer Auto 07-1 are
backed by a portfolio of Spanish consumer loans originated by
Santander Consumer E.F.C.  and granted to individuals and
enterprises for buying new or used cars.  The notes issued by
Consumer Spain 07-2 are backed by a portfolio of both auto and
consumer loans granted to individuals and businesses domiciled in
Spain.

S&P will maintain close contact with the originator to monitor the
status of delinquent loans in each transaction.  Additionally, S&P
will complete S&P's updated credit and cash flow analyses to
assess whether credit enhancement levels for the classes on
CreditWatch are sufficient to support their respective ratings.

                           Ratings List

        Rating Lowered and Placed on Creditwatch Negative

  Fondo de Titulizacion de Activos Santander Consumer Spain 07-2
               EUR1.02 Billion Floating-Rate Notes

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

              Ratings Placed on Creditwatch Negative

Fondo de Titulizacion de Activos Santander Consumer Spain Auto 06
               EUR1.360 Billion Floating-Rate Notes

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

    Fondo de Titulizacion de Activos Santander Consumer Spain
                             Auto 07-1
               EUR2.04 Billion Floating-Rate Notes

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

  Fondo de Titulizacion de Activos Santander Consumer Spain 07-2
               EUR1.02 Billion Floating-Rate Notes

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


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


CAFE CONDITOREI: Claims Filing Deadline is October 15
-----------------------------------------------------
Creditors of Cafe Conditorei Widmer AG are requested to file their
proofs of claim by October 15, 2009, to:

         Monika Sutter
         Liquidator
         Wygarten 5
         5621 Zufikon
         Switzerland

The company is currently undergoing liquidation in Wohlen AG.  The
decision about liquidation was accepted at a general meeting held
on July 1, 2009.


ODYSSEY FINANCIAL: Claims Filing Deadline is October 15
-------------------------------------------------------
Creditors of Odyssey Financial Technologies Holding AG are
requested to file their proofs of claim by October 15, 2009, to:

         Herbert C. Schlaubitz
         Liquidator
         Baarerstrasse 38
         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 1, 2009.


SERUM-SHOP GMBH: Claims Filing Deadline is October 12
-----------------------------------------------------
Creditors of Serum-Shop GmbH are requested to file their proofs of
claim by October 12, 2009, to:

         Cornelia Jenni-Pergol
         Liquidator
         G Dorfstr. 123
         5053 Wittwil, Gde. Staffelbach
         Switzerland

The company is currently undergoing liquidation in Staffelbach.
The decision about liquidation was accepted at a shareholders'
meeting held on July 16, 2009.


                            *********

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                            *********


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