TCREUR_Public/091009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, October 9, 2009, Vol. 10, No. 200

                            Headlines

A U S T R I A

M. LENZ: Claims Filing Deadline is October 26
RTZ ELEKTRO: Claims Filing Deadline is October 27


B E L G I U M

CARMEUSE HOLDING: Moody's Cuts Corporate Family Rating to 'B2'


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Corporate Bankruptcies Up 54% in Jan-Sept 2009


F R A N C E

BELVEDERE SA: Creditors Want Delayed Earnings Report Published
BIOCORAL INC: June 30 Balance Sheet Upside-Down by US$3.8 Million
WINDERMERE XII: S&P Cuts Ratings on Two Classes of Notes to 'B-'


G E R M A N Y

ESCADA AG: Herz Brothers Trims Holdings to Below 20%
ESCADA AG: U.S. Unit Opposes 717 GFC Lift Stay Request
ESCADA AG: U.S. Units Wants October 13 Deadline for Schedules
GENERAL MOTORS: Magna In Talks to Secure Backing for Opel Takeover
HYPO REAL: European Commission Raises Doubts on Restructuring Plan

MAYER & CIE: Files for Insolvency in Hechingen Court
PARAGON AG: Three German Units File for Insolvency
VAC FINANZIERUNG: Moody's Assigns 'Ca/LD' Default Rating
WESTLB AG: Agrees to Divest Unwanted Assets to Bad Bank


I R E L A N D

AER LINGUS: To Shed 676 Jobs in Cost-Cutting Drive
ALPSTAR CLO: Moody's Lowers Rating on Class E Notes to 'Caa3'
CLOVERIE PLC: S&P Withdraws 'CCC' Rating on EUR5MM Class C Notes
INDEPENDENT NEWS: Agrees Refinancing Deal with Bondholders
JUNO LTD: Moody's Downgrades Rating on Class B Notes to 'B3'

O'BRIENS SANDWICH: Goes Into Liquidation; 800 Jobs at Risk
ULSTER BANK: Fitch Downgrades Individual Rating To 'E'
VALLERIITE CDO: Moody's Cuts Ratings on Two Classes of Notes to C
ZOE GROUP: Supreme Court Rejects Second Examinership Bid


I T A L Y

RISANAMENTO SPA: Secures Additional EUR76 Million Credit Line


K A Z A K H S T A N

ALLIANCE BANK: Kazakh Gov't Secures Restructuring Deal
BEIBARS TRADE: Creditors Must File Claims by October 17
BTA BANK: Debt Restructuring Talks Continue
CLASSIKA SERVICE: Creditors Must File Claims by October 17
ENERGO SPETS: Creditors Must File Claims by October 17

KAZ PROM: Creditors Must File Claims by October 17
MERKURY OPT: Creditors Must File Claims by October 17
PETROLEUM DRILLING: Creditors Must File Claims by October 17
ORDABASY CORPORATION: Creditors Must File Claims by October 17
REGION ENERGO: Creditors Must File Claims by October 17

RIMNURD LLP: Creditors Must File Claims by October 17
TEMIR TAU: Creditors Must File Claims by October 17


K Y R G Y Z S T A N

AL MARIFA: Creditors Must File Claims by October 21
KYRGYZ GEO: Creditors Must File Claims by October 21


L A T V I A

* REPUBLIC OF LATVIA: Fitch Affirms 'BB+' Issuer Default Rating


L U X E M B O U R G

ASHWELL RATED: Moody's Junks Rating on US$30 Mil Notes From 'B1'


N E T H E R L A N D S

MOTIF CAPITAL: Moody's Confirms Ba3 Rating on Series 2005-7 Notes
REGENT'S PARK: Moody's Cuts Rating on Class E Notes to 'Caa2'
VAN DER MOOLEN: Unit to Get EUR32 Million From Tax Dividend


N O R W A Y

TELLER AS: Fitch Affirms Issuer Default Rating at 'BB+'


R U S S I A

AVTOVAZ OAO: Renault Willing to Invest, Shuvalov Says
BEREZOVSKAYA CARPET: Creditors Must File Claims by October 18
GAZ GROUP: Alfa Agrees to US$100 Mln Debt Restructuring
MIRAX GROUP: Moody's Withdraws 'Ca' Corporate Family Rating
NIZHNEKAMSKNEFTEKHIM OAO: Exchange Offer Won't Move Fitch's Rating

SIB-IN-LES LLC: Creditors Must File Claims by October 18
SEVER-NEFTE CJSC: Creditors Must File Claims by October 18


S P A I N

SANTANDER CONSUMER: Fitch Affirms 'CC' Rating on Class E Notes
SANTANDER CONSUMER: S&P Cuts Rating on Class D Notes to 'BB'


S W I T Z E R L A N D

ARGETNI AG: Claims Filing Deadline is October 12
ARTOC ART: Claims Filing Deadline is October 12
ASELCO GMBH: Claims Filing Deadline is October 12
CARAVAN TRANSPORT: Claims Filing Deadline is October 12
DISTRIMAT HOLDING: Claims Filing Deadline is October 12

GRADATA AG: Claims Filing Deadline is October 12
IBO GMBH: Claims Filing Deadline is October 12
I-PUNKT AG: Claims Filing Deadline is October 12
LAEDERACH REPRO: Claims Filing Deadline is October 12
MELTAX GMBH: Claims Filing Deadline is October 12

MERZ & ISLER: Claims Filing Deadline is October 12
NORIS AG: Claims Filing Deadline is October 12
NST BODENTECHNOLOGIE: Claims Filing Deadline is October 12
OLEG LOHNES: Claims Filing Deadline is October 14
PETRUS AG: Claims Filing Deadline is October 12

SAGER HANDEL: Claims Filing Deadline is October 12
SHOP-TANKSTELLE AARBERG: Claims Filing Deadline is October 12
SWZ AG: Claims Filing Deadline is October 12
TREEHOUSE-APPAREL GMBH: Claims Filing Deadline is October 12
VALMO GMBH: Claims Filing Deadline is October 12


U K R A I N E

CASTION LLC: Creditors Must File Claims by October 11
KAPA LLC: Creditors Must File Claims by October 14
KHABALOVKA LLC: Creditors Must File Claims by October 11
MANZHELIYA LLC: Creditors Must File Claims by October 14
NADRA BANK: Offers New Debt Restructuring Options to Creditors

NAFTOGAZ NJSC: Moody's Changes Default Rating to 'Ca/LD'
ZVS EUROBUD: Creditors Must File Claims by October 11


U N I T E D   K I N G D O M

BAA LTD: Intensifies Talks on Gatwick Sale
BRAMMER PLC: To Raise GBP35.3 Mln in Rights Issue to Cut Debt
BRITISH AIRWAYS: To Shed 1,700 Cabin Crew Jobs
DAMS INTERNATIONAL: Administrators Complete Going Concern Sale
GALA CORAL: Shareholders Draw Up Restructuring Plans

HONOURS PLC: Fitch Affirms Rating on Class D Notes at 'BB'
IRIDAL PUBLIC: Moody's Cuts Ratings on Series 2 Notes to 'Caa3'
LEHMAN BROTHERS: PwC Offers Creditor Deals; Sees Payoffs by 2010
PARK RESORTS: Lenders Agree to Reset Debt Covenants
PUNJAB NATIONAL: Moody's Assigns 'D-' Bank Fin'l Strength Rating

TATA MOTORS: Jaguar Land Rover Secures GBP175 Mln Loan From SBI

* UK: SMEs Struggle to Meet Tax Payments, LC Says
* UK: CVAs, Pre-Packs Not Interchangeable, R3 Says


X X X X X X X X

* BOOK REVIEW: Unique Value: The Secret of All Great Business


                         *********



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


M. LENZ: Claims Filing Deadline is October 26
---------------------------------------------
Creditors M. Lenz GmbH have until October 26, 2009, to file their
proofs of claim.

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

For further information, contact the company's administrator:

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


RTZ ELEKTRO: Claims Filing Deadline is October 27
-------------------------------------------------
Creditors RTZ Elektro & Innenausbau 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 12:15 a.m.

For further information, contact the company's administrator:

         Mag. Wolfgang Herzer
         Schuettelstrasse 55
         1020 Vienna
         Austria
         Tel: 72 577
         Fax: 72 577 577
         E-Mail: wolfgang.herzer@blw-legal.com


=============
B E L G I U M
=============


CARMEUSE HOLDING: Moody's Cuts Corporate Family Rating to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the Probability of
Default and Corporate Family Ratings of Carmeuse Holding SA to B2
from B1.  The rating assigned to EUR250 million of Senior Secured
Guaranteed Notes issued by Calcipar is affirmed at B1 on
structural considerations.  The outlook on the ratings is stable.
This concludes the review for possible downgrade process initiated
by Moody's on May 11, 2009.

The downgrade of the ratings to B2 was prompted by a deteriorating
financial profile since Moody's last downgraded Carmeuse to B1 in
May 2009 and the agency's expectation that debt metrics of the
group will further weaken during the second half of fiscal year
2009.  The rating action is however also strongly driven by the
challenging amortization and refinancing profile of the group post
renegotiation of the group's financing package.  Moody's notes
that most of the debt instruments in the capital structure of the
Carmeuse group have been signed at the time of the completion of
the Oglebay Norton acquisition in November 2007 and were
structured to be partly taken out by asset disposals, which has
not occurred given market conditions.  In the absence of proceeds
from asset disposals supported by a recovery in underlying
operating performance, Carmeuse will face challenges in meeting
its current amortization profile despite having made EUR60 million
repayments under the term loans using the proceeds of a new
subordinated loan and a trade receivables securitization program.
Moody's also note that covenants resets obtained from the bank
syndicate while allowing some further deterioration in the debt
metrics of the group will allow limited downside and will continue
to constrain the issuer in the short to medium term.

The rating on the EUR250 million of Senior Secured Guaranteed
Notes issued by Calcipar remain unchanged at B1 despite the
Corporate Family Rating being downgraded to B2.  This reflects the
impact of having refinanced some of the senior debt with
approximately EUR50 million of subordinated debt raised as part of
the refinancing.

The stable outlook assigned to the ratings reflects the agency's
expectation that the credit profile of the Carmeuse group will
stabilize at a low level at the beginning of fiscal year 2010
before very gradually recovering supported by a slow recovery in
the group's underlying markets.  Moody's will continue to closely
monitor the operating performance of the group versus Moody's
expectation in the short term.  Failure to improve the credit and
debt maturity profile in fiscal year 2010 would lead to negative
pressure on the ratings.  Moody's would review its outlook and
rating positioning in the event Carmeuse is able to sell non core
assets from the acquisition of Oglebay Norton.

The short term liquidity profile of Carmeuse is adequate.  The
liquidity position of the group is supported by a cash position of
EUR56 million and EUR100 million availability under the group's
EUR195 million revolver pro forma for the refinancing.  While free
cash flow generation is expected to remain under pressure in H2
2009, Carmeuse should have access to sufficient liquidity reserves
to support its operations.  Longer term the liquidity profile of
the group could weaken again given the high concentration of
amortization and refinancing required in fiscal years 2011, 2012,
and 2013.

The last rating action was on May 11, 2009, when all the ratings
of Carmeuse Holdings SA and Calcipar were placed under review for
downgrade.

Carmeuse Holding SA is the holding company for the Carmeuse Group.
Carmeuse is one of the world's leading producers of lime and lime-
related products enjoying leading positions in a number of
European markets and a number one position in North America which
has been recently strengthened.  The company operates in a
relatively concentrated industry with only a handful of large
players globally, while its operations are subject to licenses and
are difficult to replicate.  Carmeuse reported EUR1181 million in
revenues in 2008.


===========================
C Z E C H   R E P U B L I C
===========================


* CZECH REPUBLIC: Corporate Bankruptcies Up 54% in Jan-Sept 2009
----------------------------------------------------------------
Ceska Tiskova Kancelar, citing Cribis.cz, reports that the number
of Czech firms declared bankrupt in the first three quarters of
this year increased by more than 54% to 969 against the same
year-ago period.

According to CTK, in the third quarter of 2009, a total of 343
firms were declared bankrupt, an increase of nearly 77% on the
year.  Month-on-month, the number of bankrupt firms rose by 6%
or 20, CTK discloses.


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


BELVEDERE SA: Creditors Want Delayed Earnings Report Published
--------------------------------------------------------------
Keith Campbell and Ladka Bauerova at Bloomberg News report that
Belvedere SA's creditors demanded that the company publish its
delayed earnings report before a court begins examining the
company's rescue plan on Oct. 12.

Belvedere, which was granted court protection from creditors last
year, hasn't yet published earnings for the first half of 2009,
Bloomberg discloses.  The earnings report was due Aug. 31.

Bloomberg relates creditors holding EUR375 million (US$552
million) of Belvedere's floating-rate bonds said in a statement
Tuesday that the company's rescue plan is based on "unrealistic"
growth and profitability targets.  According to Bloomberg, the
creditors said the plan "does nothing to address the group's
serious debt problem".

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Companyís range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others.  Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others.  It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others.  In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness centre activities.


BIOCORAL INC: June 30 Balance Sheet Upside-Down by US$3.8 Million
---------------------------------------------------------------
Bicoral, Inc., incurred a net loss of US$139,257 for the second
quarter ended June 30, 2009, compared with a net loss of
US$149,159 in the corresponding period last year.

Net sales, which are solely attributable to the Company's wholly
owned French subsidiary, totaled approximately US$112,700 for the
three months ended June 30, 2009, a decrease of approximately
US$60,700 or 35%, from approximately US$173,400 for the three
months ended June 30, 2008.  The Company said that the decrease is
mainly attributable to a decrease in sales of products in the
neurosurgery area in export during the second quarter 2009 and is
partially due to the fluctuating exchange rates between Euro and
US Dollar.

At June 30, 2009, the Company's consolidated balance sheet showed
US$1,545,665 in total assets and US$5,387,203 in total
liabilities, resulting in a US$3,841,538 stockholders' deficit.

The Company's consolidated balance sheet at June 30, 2009, also
showed strained liquidity with US$691,237 in total current assets
available to pay US$2,156,267 in total current liabilities.

Full-text copies of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?4676

                     Going Concern Doubt

Michael T. Studer CPA P.C., in Freeport, New York, expressed
substantial doubt about Biocoral's ability to continue as a going
concern after auditing the financial statements for the year ended
December 31, 2008.  The auditing firm pointed to the Company's net
losses, working capital deficiency and stockholders' deficit in
2008, 2007 and 2006.  Management believes that it is likely that
the Company will continue to incur net losses through at least
2009.

                    About Biocoral, Inc.

Based in La Garenne Colombes, France, Biocoral, Inc. was
incorporated under the laws of the State of Delaware on May 4,
1992.  Biocoral is a holding company that conducts its operations
primarily through its wholly-owned European subsidiaries.
The Company's operations consist primarily of research and
development and manufacturing and marketing of patented high
technology biomaterials, bone substitute materials made from
coral, and other orthopedic, oral and maxillo-facial products,
including products marketed under the trade name of Biocoral.
Most of the Company's operations are conducted from Europe. The
Company has obtained regulatory approvals to market its products
throughout Europe, Canada and certain other countries.  The
Company owns various patents for its products which have been
registered and issued in the United States, Canada, Japan,
Australia and various countries throughout Europe.  However, the
Company has not applied for the regulatory approvals needed to
market its products in the United States.


WINDERMERE XII: S&P Cuts Ratings on Two Classes of Notes to 'B-'
----------------------------------------------------------------
Standard & Poor's Rating Services lowered and removed from
CreditWatch negative its credit ratings on the class A to G notes
issued by Windermere XII FCC.

The note collateral is a single-loan secured by "Coeur Defense",
an "A-grade" office property in Paris, La Defense, France.

This loan was transferred to special servicing in December 2008
following the decision of the Paris Commercial Court to place the
borrower under the protection of French "procedure de sauvegarde"
(safeguard proceedings), a form of pre-insolvency, Chapter 11-
style proceeding available in France for distressed companies.

In January 2009, the loan went into payment default and since
then, the issuer has used liquidity drawings to service interest
payments on the notes.  In September 2009, the French Court
ordered a restructuring plan which postpones the scheduled loan
maturity date until July 2014, three years before legal final
maturity date for this securitization, and places the borrower in
charge of operating the property and the property cash flow until
June 2014.  This means that the borrower, rather than the issuer's
management company (Eurotitrisation), will drive the recovery
strategy for the property.

These court decisions were unexpected and the implications of the
decisions are potentially far-reaching, in S&P's opinion.  For one
thing, safeguard proceedings were not generally understood to be
intended to be available for special-purpose entities (such as the
borrower).   In addition, in giving the borrower control over the
property cash flow, the court has paralyzed the noteholders'
security in the form of a cession Dailly over the rental income.
The lenders are challenging in court the grant of safeguard
protection and the freeze on the rental security.  S&P also
understands that the lenders are considering whether to appeal the
restructuring plan itself.  The outcome and timing of any legal
action is uncertain at this stage.

As for the asset, in addition to the material yield shifts that
are currently being experienced in France, Coeur Defense is facing
its biggest challenge ever in terms of letting activity.  Vacancy
is currently at 20% and if no new leases are signed, S&P believes
that this could rise to 71% by the end of 2010.  The net effect of
this scenario would be a loss of 65% of the passing rent.  S&P
understands that several tenants have already served their
notices.  This will place an additional strain on income available
to fund the rated debt.

The issuer will not have direct control over the property cash
flows.  The safeguard plan requires the borrower to meet issuer
expenses subject to a cap (EUR350,000 per annum) and interest
payments on the class A note.  The borrower will manage the
remaining income and expenses and has the discretion to defer
other payments due to its creditors, subject to certain
conditions.

Income will be paid to a borrower's account pledged in favor of
the issuer or, if the lenders agree to give up pending legal
action, to a special account ear-marked for the benefit of the
issuer.  S&P understands that the liquidity facility will be
available during the plan (until 2014) and, depending on the
interest rate environment, believe it will likely be sufficient to
fund note interest for all classes of notes (A to H) during that
period.

The rating actions reflect S&P's concerns about the implications
for the transaction of the recent court decisions as well as the
uncertainties about the sustainability of property cash flow when
leases roll over at the end of 2010.  S&P considers that the lower
classes of rated notes will likely experience losses.

                           Ratings List

                        Windermere XII FCC
  EUR1.519 Billion Commercial Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

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


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


ESCADA AG: Herz Brothers Trims Holdings to Below 20%
----------------------------------------------------
German billionaires Wolfgang Herz and Michael Herz have reduced
their holdings in insolvent Escada AG "to below 20 percent from
close to 25 percent," Reuters said in a report dated Sept. 30,
2009.

The Herz Brothers each owned 12.45 percent shares of Escada
stock.  Following the reduction, they presently hold a total
voting stake of 19.53 percent in the Company, according to
Reuters.

The Herz Brothers' decision to trim their stock holdings in
Escada AG is contrary to reports citing their interest to put
more money into the Germany-based Company as it plunged into
insolvency in August 2009.  The reduction, however, will not lead
to an exit of the Herz Brother from Escada, a source familiar
with the matter disclosed to Reuters.

Escada AG had said that it is seeking a buyer for the whole
company, including its Escada USA unit.  It has reportedly
attracted potential investors in Germany and abroad, including
private equity firms Change Capital LLP, Vestar Europe, Sun
Capital Partners Inc., LVMH Moe Hennessy, Louis Vuitton SA and
PPR SA.


ESCADA AG: U.S. Unit Opposes 717 GFC Lift Stay Request
------------------------------------------------------
717 GFC LLC asks the Court to lift the automatic stay imposed
pursuant to Section 362(d) of the Bankruptcy Code to allow it to
terminate a lease agreement with Escada (USA) Inc., as tenant,
with respect to premises located at 717 Fifth Avenue, in New
York.

Pursuant to a written guaranty, Escada AG in Germany is the
parent company of Escada USA and is the guarantor of the Lease,
according to Dennis H. McCoobery, Esq., at Stempel Bennett Claman
& Hochberg, P.C., in New York.

Escada AG filed for insolvency in Germany on August 13, 2009.
Hence, before the August 14, 2009 Petition Date of Escada USA, an
event of default had occurred under the terms of the Lease, which
triggers a termination of that Lease, Mr. McCoobery asserts.

"We will not try to anticipate herein whether or how [Escada USA]
might assert that it wishes to 'cure' the Lease default," Mr.
McCoobery says, on behalf of 717 GFC, as landlord under the
Lease.  Instead, 717 GFC contends that against this backdrop, it
has met its prima facie burden of showing "cause" to allow
termination of the Lease.

                         Debtor Objects

On behalf of Escada (USA) Inc., Shannon Lowry Nagle, Esq., at
O'Melveny & Myers LLP, in New York, asserts that 717 GFC LLC has
failed to meet its statutory burden under Section 362 of the
Bankruptcy Code.

The Debtor relates that it leased from 717 GFC its flagship store
located at 717 Fifth Avenue, in New York.  The terms of the
parties' Lease Agreement is set to expire on June 30, 2016.  The
Fifth Avenue store is not only the Debtor's most important retail
store but is also the flagship store for the entire Escada Group,
Ms. Nagle points out.

The parties' Lease has been amended several times.  In a
declaration filed in support of the Debtor's response to 717
GFC's Lift Stay Motion, Escada USA Chief Operating Officer
William H. Scott related that under the Third Lease Amendment,
(i) 717 GFC, as landlord, agreed to pay the Debtor US$25 million
instead of the US$32.5 million the Landlord owed under the Second
Amendment, and (ii) in exchange for the payment, the Landlord had
the right to either terminate the Lease or relocate the Debtor to
a smaller space in the same building.  An additional US$5 million
would become payable to the Debtor upon the Landlord's exercise
of either option.

Ms. Nagle notes that 717 GFC has recently sought modification of
the automatic stay to terminate the Fifth Avenue Lease with the
Debtor, arguing that the Debtor's parent company, Escada AG,
commenced an insolvency proceeding in Germany and that the
proceeding is a default under the Lease.  "Completely absent from
the Motion is any assertion that the Debtor is, or prepetition
was, not current with its rent and related obligations under the
Lease or that the automatic stay is causing any harm to the
Landlord," she contends.

It seems that 717 GFC is attempting to call a default
postpetition terminate the Fifth Avenue Lease, one of the
Debtor's valuable assets, to avoid making the US$20 million
payment owed under the Third Lease Amendment, Ms. Nagle says.  She
tells the Court that 717 GFC made the first US$10 million due
payment at closing but breached the Lease by failing to make the
US$5 million payments due on each of June 30, 2009, and August 31,
2009.  "Despite owing the Debtor $10 million, the Landlord is
attempting to terminate the Lease so that the Debtor cannot offset
the payments owed from fixed monthly rent, as provided for in the
Lease."

Ms. Nagle argues that unless and until the Landlord makes the
required payments, the Debtor is not obligated to pay the
Landlord fixed rent for several years under the Lease.  She also
points out that if the Landlord wants to exercise the option to
terminate the Lease, the Third Amendment provides that for that
notice to be effective, the Landlord must also pay the Debtor all
amounts due under the Third Amendment.

The Debtor further maintains that it is still within the initial
120-day statutory period provided by Section 365(d)(4)(A) within
which to decide which leases to assume or reject.  The Debtor
avers that it is compliant with its Section 365(d)(3)
obligations.

Against this backdrop, the Debtor asks the Court to deny 717
GFC's request.

                         About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


ESCADA AG: U.S. Units Wants October 13 Deadline for Schedules
-------------------------------------------------------------
Escada (USA) Inc. asks Judge Stuart M. Bernstein of the United
States Bankruptcy Court for the Southern District of New York to
extend the time within which it may file its schedules of assets
and liabilities, schedules of executory contracts and unexpired
leases, and statements of financial affairs through October 13,
2009.

The Court previously extended the Debtor's Schedules and
Statements Filing Deadline through and including September 28,
2009.  The Debtor, however, says it may not be able to complete
this task prior to the current deadline.

Shannon Lowry Nagle, Esq., at O'Melveny & Myers LLP, in New York,
relates that although Escada has made substantial progress toward
the completion of its Schedules and Statements, the Debtor's
finance and legal departments have limited personnel.

According to Ms. Nagle, the Debtor's finance and legal personnel
have been attending to their day-to-day duties, which have
significantly increased due to the Chapter 11 case.  She says
that the Finance and Legal Departments have been tasked with a
number of additional responsibilities to help stabilize the
Debtor's operations, including, among other things, (i) working
to preserve vendor relations, (ii) providing adequate assurance
deposits to utility companies, and (iii) establishing and
maintaining postpetition financial operations and reporting
systems, Ms. Nagle specifies.

In this regard, the Debtor maintains that the requested Schedules
Filing Extension is warranted.

A final Court order has not been issued as of press time.

                         About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and its debtor-affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Magna In Talks to Secure Backing for Opel Takeover
------------------------------------------------------------------
John Reed, Daniel Schafer and Bertrand Benoit at The Financial
Times report that Magna International Inc. was locked in talks
with representatives of the British government and General Motors
Co.' UK workforce Wednesday in an effort to secure their backing
for its takeover of Opel/Vauxhall.

According to the FT, unions and representatives of the government
are pressing Magna for guarantees on the future of GM's two
UK plants in exchange for concessions on wages and pensions.

The FT relates the meeting came ahead of a report by
PriceWaterhouseCoopers on Opel due out in coming days that will
identify weaknesses in Magna's restructuring plan and say there is
an "extraordinary risk" that it will miss its sales targets.
Germany's government, for which PwC prepared the plan, is
expecting to receive the final report by early next week at the
latest, the FT notes.

Christian Oliver at the Financial Times reports Britainís business
secretary, Lord Mandelson, yesterday said the UK government
will not accept Magna's plan for the takeover of Vauxhall/Opel
unless "shortcomings" identified in a report by PwC are
addressed.

"Those need to be addressed.  If there are not to be negative
consequences for Vauxhall, the plan needs to be redressed in
certain ways," the FT quoted Lord Mandelson as saying.

According to the FT, Lord Mandelson said an impact plan should be
agreed before talks begin on how much Britain will contribute to
the EUR4.5 billion (US$3.1 billion) of loan guarantees needed to
restructure Opel.  The deal's main point of contention is
distribution of production among European car plants, and the
consequent job losses, the FT says.

The FT relates Neelie Kroes, EU competition commissioner, on
Wednesday wrote that Brussels was committed to "ensuring a
process that is not distorted by protectionist motives but based
on commercial considerations to sustain viable jobs".  She
was responding to a letter from Lord Mandelson raising doubts
about the project's viability, according to the FT.

                             Viability

Beth Mellor at Bloomberg News reports Vauxhall said it's seeking a
pledge from Magna that would guarantee production of the
120,000 cars a year necessary to keep its main plant profitable.
Bloomberg relates Phil Millward, Vauxhall's human relations
director, said in an interview the Ellesmere Port factory near
Liverpool, England, needs that volume to operate two shifts a
day and generate efficiencies to ensure its viability.  According
to Bloomberg, Mr. Millward said the next move for Ellesmere
Port would "ideally" be a return to three-shift operation --
requiring at least 180,000 units -- which Vauxhall abandoned in
2006.

Global Insight analyst Neil King, as cited by Bloomberg, said the
plant may have to go beyond two shifts in 2012, when he
forecasts output of 143,000 cars.  According to Bloomberg,
Mr. King said that while Vauxhall may be safe for the next few
years as Magna seeks to tap recent investments in Ellesmere Port
made by GM, the U.K. brand will probably lose out to Opel's
German plants in the longer term.

Separately, Bloomberg News reports Vauxhall aims to reduce its
reliance on U.K. sales and boost exports to emerging markets in
an effort to safeguard its future under Magna.  According to
Bloomberg, Tom Schmidt who runs the Ellesmere Port factory,
Vauxhall can't rely solely on Britain's contribution to Opel sales
to protect its 5,500 jobs.  Vauxhall's future is at stake
as Canadian auto-parts maker Magna negotiates takeover terms that
may eliminate 10,900 jobs, or 20% percent of Opel's workforce.
Magna has said it may eliminate 1,200 jobs at Vauxhall following a
takeover.

                               Talks

Andreas Cremer at Bloomberg News reports Germany will consult
other European governments on Magna's proposed takeover of Opel
as early as next week after a viability study is concluded.

Citing a person familiar with the plan, PwC will probably endorse
the Canadian company's plan to return Opel to profit by 2011
while stressing the risks of credit default and the carmaker's
reliance on a recovery in the Russian auto market.

                               Spain

According to Bloomberg, talks with government officials in
Britain, Spain, Poland and Belgium, where Opel also has factories,
will focus on the required level of job cuts and state funding.

"The Magna-Opel deal will go through fairly soon, despite all the
shortcomings of Magna's plan," Bloomberg quoted Georg
Nuesslein, deputy chairman of the German parliament's economics
committee, as saying.  "I'm still very skeptical whether Opel
will be successful under the new structure" if Magna tries to
avoid closing plants.

Mark Mulligan, Christian Oliver, Bertrand Benoit, John Reed, Jean
Eaglesham and Daniel Schafer at The Financial Times report that
Spain boycotted today's planned ministerial meeting in Berlin to
discuss Magna's restructuring plan for Opel.

According to the FT, Miguel Sebastian, Spain's industry minister,
will instead meet Siegfried Wolf, Magna's co-chief executive, to
try to convince him to rework the business plan and delay the
deal, which could be signed next week.  The FT relates a Spanish
official said yesterday that Madrid was "not prepared to help
finance a plan which could lead to the destruction of the Opel
brand in Spain and Europe".

                       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


HYPO REAL: European Commission Raises Doubts on Restructuring Plan
------------------------------------------------------------------
Oliver Suess and Jonathan Stearns at Bloomberg News reports that
the European Commission said it has doubts that Hypo Real Estate
Holding AG's proposed restructuring plan can restore the bank's
profitability.

The commission is investigating whether Germany's EUR87-billion
(US$128 billion) rescue plan for Hypo Real Estate violates EU
rules against market-distorting subsidies, Bloomberg notes.
Bloomberg relates in the EU's Official Journal, the commission
also said it "currently doubts that the measures proposed by the
German government can be accepted".

Hypo Real Estate, according to Bloomberg, plans to cut 1,000 jobs
by 2013 as it focuses on real estate and public-sector financing
and has said it doesn't expect to return to a profit before 2012.

According to Bloomberg, the commission said Wednesday the planned
restructuring measures would reduce Hypo Real Estate's total
assets by about 25%, which would "typically be regarded as
insufficient".  The commission, as cited by Bloomberg, said the
bank's plan to concentrate on two business segments and sell the
Depfa First Albany Securities and Collineo Asset Management units
may be unacceptable because they "at least partially appear to be
necessary to restore profitability".

Hypo Real Estate almost collapsed in September when its Depfa unit
failed to get short-term funding as interbank lending dried up
after Lehman's bankruptcy.  Hypo Real Estate, then Germany's
second-biggest commercial-property lender, received a
EUR350-billion guarantee on Sept 29.

                       About Hypo Real Estate

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

                           *     *     *

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


MAYER & CIE: Files for Insolvency in Hechingen Court
----------------------------------------------------
Inteletex reports that Mayer & Cie GmbH & Co. KG on Oct. 1 filed a
petition for insolvency at the local court of Hechingen, Germany,
following a decline in textile machinery orders and sales.

The report relates Mayer & Cie said against the background of
reduced sales turnover and additional difficulty caused by the
delay in shipments, it is not in a position to meet its payment
obligations anymore and therefore had to file for insolvency.

The court appointed Dr. Wolfgang Bilgery as insolvency
administrator, the report discloses.

According to the report, the company said the insolvency does not
affect Mayer Industries in the USA and Mayer Braidtech in Germany.

Mayer & Cie GmbH & Co. KG is a circular knitting machine builder.


PARAGON AG: Three German Units File for Insolvency
--------------------------------------------------
On October 5, 2009 the board of paragon AG has submitted an
application to the District Court of Paderborn to institute
insolvency proceedings due to inability to pay.  According to plan
the subsidiaries paragon fidelio GmbH (Suhl), paragon facilio GmbH
(Delbrueck) and paragon finesse GmbH (Delbrueck) have also applied
for the start of insolvency procedures.

Due to current negotiations the board of paragon AG is confident
that the subsidiary paragon firstronic GmbH based in
Suhl/Thuringia can be kept out of any insolvency procedures.
paragon firstronic manufactures industrial electronics with a
workforce of 73 employees.

paragon AG is a direct supplier to the automotive industry and is
listed on the Deutsche Boerse Prime Standard index in
Frankfurt/Main, Germany.  The Company develops, manufactures, and
markets innovative solutions in its Automotive (Sensors/Actuators
and Cockpit Systems) and Electronic Solutions divisions.  Its
product portfolio includes the world's leading AQS air quality
sensor by far as well as hands-free speaking equipment and
instrumentation systems.  In addition to its headquarters in
Delbrueck, North Rhine-Westphalia, paragon also operates locations
in Suhl, Thuringia; St. Georgen, Baden-Wuerttemberg; Nuremberg,
Bavaria; and Heidenheim, Baden-Wuerttemberg.  In fiscal 2007, the
paragon Group generated sales totaling EUR108.9 million with a
workforce of 594 employees.


VAC FINANZIERUNG: Moody's Assigns 'Ca/LD' Default Rating
--------------------------------------------------------
Moody's Investors Service assigned a Ca/LD probability of default
rating to VAC Finanzierung GmbH's, the ultimate holding company of
Vacuumschmelze GmbH & Co. KG, following the conclusion of a
discounted cash tender offer for the outstanding EUR135 million
senior notes.  The cash tender offer resulted in EUR32.7 million
senior notes tendered for a purchase price of EUR400 per EUR1000
principal of the outstanding notes and accepted for purchase by a
related party of VAC's financial sponsor, One Equity Partners.
The Ca corporate family rating and the Ca rating of the senior
notes (LGD 4, 64%) with a negative outlook remain unchanged.

Following the purchase of the EUR32.7 million in principal amount
of the notes in addition to previous buybacks, One Equity Partners
as ultimate shareholder would own approximately 60% of the
principal amount outstanding of the notes.  The tender offer
together with previous open market buy backs, constitute a
distressed exchange and a limited default under Moody's
definition, as indicated by the "LD" designation.  The
determination of the transaction as a distressed exchange under
Moody's definition results (i) from an about 60% economic loss
suffered by bondholders according to the terms of the tender
offer, and (ii) the fact that the offer has the apparent purpose
of helping the borrower to avoid bankruptcy or a payment default.

After approximately three business days, Moody's will remove the
LD designation from the PDR, which is consistent with Moody's LGD
(loss given default) framework.

The Ca (LGD 4, 64%) rating of the senior notes reflects the Loss
Given Default of around 60% experienced by tendering bondholders
and Moody's expectation for the range of future payouts for
residual notes as a result of the pending restructuring process.

The PDR, CFR and rating on the senior notes were left unchanged,
as the probability of default for the whole entity remains
significant because the purchase of the notes by the financial
sponsor will not immediately alleviate the debt burden of VAC,
unless the buyer were to decide to forgive the respective claims.
VAC is still in negotiations with senior lenders to restructure
its financial debt, which if unsuccessful may still result in
insolvency proceedings.

VAC is currently experiencing significant operating performance
contraction, which forced the company to reset its financial
covenants under its EUR110 million senior credit facilities for
2009 in April.  On September 16, 2009, VAC announced that it did
not have consent from its lender for a pending covenant reset for
2010 and beyond and was consequently in technical default under
its senior credit facilities agreement.  As a result of this
technical default, senior lenders now have the right to accelerate
their secured debt claims of around EUR110 million.  This, in
turn, could trigger an event of default under the EUR135 million
senior notes, confronting the company with significant debt
repayment requirements, which, if not refinanced in a timely
manner, could ultimately lead to insolvency proceedings.  Moody's
understands that the tender offer is being made by VAC's financial
sponsor One Equity Partners to support a consensual capital
structure restructuring of the group to avoid an acceleration of
senior creditor claims.  Formal insolvency proceedings or other
measures of financial restructuring in which noteholders receive
less than full value in a distressed scenario could be considered
a default under Moody's definition.

The last rating action was implemented on September 18, 2009, when
Moody's downgraded VAC's CFR and PDR to Ca from Caa2, and also
downgraded VAC's EUR135 million notes to Ca from Caa3.

Adjustment:

Issuer: VAC Finanzierung GmbH

  -- Probability of Default Rating, Adjusted to Ca/LD from Ca

Headquartered in Hanau, Germany, Vacuumschmelze GmbH & Co KG has a
solid and well-established market position in the design and
manufacturing of magnetic products.  In 2008, the company
generated revenues of EUR324 million.


WESTLB AG: Agrees to Divest Unwanted Assets to Bad Bank
-------------------------------------------------------
Daniel Schafer at The Financial Times reports that WestLB agreed
on Wednesday to offload at least EUR87 billion (US$128 billion) in
non-strategic assets to a bad bank.

The FT relates WestLB on Wednesday said its supervisory board had
approved agreements that would lead to the shift of unwanted
assets from its balance sheet.  According to the FT, WestLB said a
first portfolio of structured loans would be transferred to a bad
bank by the end of November.

Soffin, the German bank rescue fund, has given WestLB a guarantee
for the first structured credit portfolio, worth EUR6.4 billion,
to be offloaded from the balance sheet, the FT discloses.

WestLB has been hit hard by the financial crisis and it has
already been granted billions in state guarantees from its owners,
the FT states.

                            About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2009, Fitch Ratings affirmed WestLB AG's individual rating at 'E'.


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


AER LINGUS: To Shed 676 Jobs in Cost-Cutting Drive
--------------------------------------------------
John Murray Brown at The Financial Times reports that Aer Lingus
plan to cut a fifth of its workforce in a EUR97 million
(GBP90 million) cost-cutting program.

According to the FT, the company, which has been hit by falling
fares and higher fuel bills, is launching a two-stage
"transformational restructuring plan" in an effort to restore
profitability.

The plan, the FT discloses, involves 676 redundancies, including
489 among pilots, cabin crew and ground staff, and 187, or 40% of
its back-office staff.

"We do not have enough work for all the people employed by Aer
Lingus," the FT quoted Christoph Mueller, Aer Lingus chief
executive, as saying.

Mr. Mueller, as cited by FT, said the company would listen to
constructive alternative proposals, but it "cannot compromise on
the savings level".

The FT notes Gerry McCormack, national industrial secretary of the
Services, Industrial, Professional and Technical Union, described
the job loss proposal as "extreme and draconian and an over-
reaction to the current economic climate".

Aer Lingus Group Plc and its subsidiaries --
http://www.aerlingus.com/-- operates as a low fares Irish airline
primarily providing passenger and cargo transportation services
from Ireland to the United Kingdom and Europe (short haul) and
also to the United states (long haul).  The Company is primarily
organized into two segments: passenger, which includes revenues
and costs relating to the carriage of passengers, and cargo, which
relates to the revenues and costs from the transportation of
cargo. During the year ended December 31, 2008, three group
companies (Seres Limited, Duneast Limited and Crodley Limited)
were put into liquidation and dissolved.


ALPSTAR CLO: Moody's Lowers Rating on Class E Notes to 'Caa3'
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Alpstar CLO 1 PLC.  The Class A-1 remains Aaa mainly due
to the current over collateralization.

Issuer: Alpstar CLO 1 PLC

  -- EUR44.9M Class A2 Senior Secured Floating Rate Notes due
     2022, Downgraded to Aa2; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- EUR33.2M Class B Deferrable Senior Secured Floating Rate
     Notes due 2022, Downgraded to Baa3; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR8.4M Class C-1 Deferrable Senior Secured Floating Rate
     Notes due 2022, Downgraded to Ba3; previously on Mar 13, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR6.8M Class C-2 Deferrable Senior Secured Fixed Rate Notes
     due 2022, Downgraded to Ba3; previously on Mar 13, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR13.2M Class D Deferrable Senior Secured Floating Rate
     Notes due 2022, Downgraded to Caa1; previously on Mar 13,
     2009 Downgraded to Ba3 and Remained On Review for Possible
     Downgrade

  -- EUR13.5M Class E Deferrable Senior Secured Floating Rate
     Notes due 2022, Downgraded to Caa3; previously on Mar 13,
     2009 Downgraded to B3 and Remained On Review for Possible
     Downgrade

  -- EUR10M Class P Combination Notes due 2022 (current Rated
     Balance is approximately EUR 7.8M), Downgraded to Ba3;
     previously on March 4, 2009 A2 Placed Under Review for
     Possible Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as approximately 9% of mezzanine loan
exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2648), an increase in the amount of defaulted
securities (currently 5.52% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 7.82% of the portfolio), and a failure of Class C, D
and E par value tests.  These measures were taken from the recent
trustee report dated September 8, 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


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


INDEPENDENT NEWS: Agrees Refinancing Deal with Bondholders
----------------------------------------------------------
Salamander Davoudi and Anousha Sakoui at The Financial Times
report that Independent News & Media plc has agreed a financial
restructuring with its bondholders.

According to the FT, INM's banks have yet formally to agree to the
restructuring plan.

As part of the refinancing, INM is set to carry out a debt-for-
equity swap that would see its bondholders swap EUR123 million of
bonds for a 46% stake in the company, followed by a rights issue
of about EUR90 million at 5 cents -- an 80% discount to the
current share price of 23.5 cents.

                   About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


JUNO LTD: Moody's Downgrades Rating on Class B Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded these classes of Notes
issued by JUNO (ECLIPSE 2007-2) LTD (amounts reflect initial
outstandings):

  -- EUR677.25M Class A Floating Rate Notes due 2022, Downgraded
     to Baa3; previously on Apr 8, 2009 Aaa Placed Under Review
     for Possible Downgrade

  -- EUR69.15M Class B Floating Rate Notes due 2022, Downgraded to
     B3; previously on Apr 8, 2009 Aa3 Placed Under Review for
     Possible Downgrade

At the same time, Moody's has affirmed the Aaa rating of the Class
X Notes issued by JUNO (ECLIPSE 2007-2) LTD.  Moody's does not
rate the Class C, Class D and Class E Notes issued by JUNO
(ECLIPSE 2007-2) LTD.

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

1) Transaction and Portfolio Overview

JUNO (ECLIPSE 2007-2) LTD closed in May 2007 and represents a
fully-funded synthetic transaction of initially 17 mortgage
reference obligations originated by Barclays Bank PLC secured
mainly by first ranking mortgages on 206 properties located in
Germany (33.8%), Sweden (24.5%), France (14.8%), Belgium, Italy
and Monaco.  The properties were predominantly office (52%) and
retail (32%).

As of the last interest payment date six loans representing 43% of
the total pool were on the servicer's watchlist, out of which five
loans were in default.  All five defaulted loans (35% of the
current portfolio) are in special servicing (Neumarkt Loan, SCI
Clichy Loan, Senior Den Tir Loan, Junior Den Tir Loan and Ostend
Loan).

As more than 10% of the loans in the portfolio are in default, the
sequential payment trigger has been breached.  Previously, the
proceeds from prepayments and balloon repayments were allocated to
the Notes in a combination of fully sequential, modified pro-rata
and pro-rata basis, based on certain loan buckets.

2) Rating Rationale

The downgrades of the Class A and Class B Notes follow a detailed
re-assessment of the reference obligations and property
portfolio's credit risk.  Hereby, Moody's main focus was on
property value declines, term default risk, refinancing risk and
the anticipated work-out timing for defaulted and for potentially
defaulting loans.  In its review, Moody's reassessed each loan in
the transaction.

As outlined in more detail below, the rating action is mainly
driven by the most recent performance of the Continental European
commercial property markets and Moody's opinion about future
property value performance.  Driven by the already experienced
defaults and for performing loans, in most cases, a higher default
risk assessment at the loan maturity dates, Moody's now
anticipates that a very large portion of the portfolio will
default over the course of the transaction term.  Coupled with the
negative impact of significantly reduced property values, Moody's
expects a very high amount of losses on the securitized portfolio.
Those expected losses will, given the backloaded default risk
profile and the anticipated work-out strategy for defaulted loans,
crystallize only towards the end of the transaction term.

The current subordination levels for Moody's rated classes, 22.3%
and 14.2% for the Class A and the Class B Notes respectively,
provide some protection against those expected losses.  However,
the likelihood of higher than expected losses on the portfolio has
increased substantially, which results in the rating action.

Since closing no loan has prepaid.  The prepayment proceeds were
allocated modified pro-rata to the transaction.  At the same time,
the loan portfolio only provides for limited scheduled principal
repayment over time.  As a result, unlike other large multi-
borrower transactions, the Class A and the Class B Notes do not
benefit from a meaningful increase in subordination levels since
closing.

In addition, the Class B Notes are subordinated to the Class A
Notes in the capital structure.  Due to this additional leverage,
the higher portfolio risk assessment has a relatively bigger
impact on the expected loss of the Class B Notes than on the
expected loss of the Class A Notes.

The Class X Notes are entitled to receive the difference between
(i) interest payable on cash collateral and payments due under the
credit default swap and (ii) interest payable on the Notes and
certain costs.  The liquidity facility can be used to cover
potential interest shortfalls on the Class X Notes.  In relation
to principal, the net proceeds from the issue of the Class X Notes
have been retained by the Issuer in the Class X Account for the
purpose of repaying the principal amount of the Class X Notes.
Moody's believes that the Class X Notes generally have a different
risk profile in comparison to the other classes in the transaction
given their characteristics.  The rating of the Class X Notes is
therefore not directly affected by the credit risk of the loan
portfolio.  However, Moody's notes that the Class X Notes of JUNO
(ECLIPSE 2007-2) LTD are structurally weaker than in other EMEA
CMBS transactions.  Namely, interest due on the Class X Notes
ranks subordinated to interest due on the Class A Notes.

Moody's anticipates that, following the application of its updated
central scenarios, JUNO (ECLIPSE 2007-2) LTD is one of the most
negatively affected EMEA CMBS conduit deals secured by Pan-
European collateral.

3) Moody's Portfolio Analysis

Property Values.  Property values across the Continental European
markets have declined, in some markets significantly, until mid
2009 and are expected to continue to decline at least until 2010.
Moody's estimates that compared to the underwriter's ("U/W")
values at closing, the values of the properties securing this
transaction have declined by on aggregate 33.4% until mid 2009
(ranging from 6.2% decrease for the Le Croissant Loan to a 57%
decline for the Obelisco Portfolio Loan).  Looking ahead, Moody's
anticipates further declines until 2010, resulting in a 37% value
decline compared to the U/W value at closing (ranging from 10%
decline for the Le Croissant Loan to a 59% decline for the
Obelisco Portfolio Loan).

Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted average securitized loan-to-
value ratio was 112.5% compared to the reported U/W LTV of 72.0%.
Due to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 119.1% in 2010 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 86.4% (Nordhausen Loan)
and 178% (Junior Den Tir Loan).  As some of the loans have
additional debt in the form of B-loans (amounting to
EUR71.6 million on aggregate), based on estimated trough values,
the overall whole loan leverage is on average 128%.

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

Refinancing Risk.  The transaction does not have exposure to loans
maturing in the short-term (2009 and 2010) but has a high exposure
to loans maturing in 2011.  46% of the current pool matures in
2011, 29% in 2013 and the remainder in 2014 and thereafter.  As
Moody's expects property values in the Continental European
markets to only slowly recover from 2011 onwards, all loans will
be still highly leveraged at their respective maturity dates, also
taking into account the B-loans.  Consequently, in Moody's view,
for all of the loans, the default risk at maturity has increased
substantially compared to the closing analysis.

Term Default Risk.  The occupational markets in Continental Europe
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates.  Le Croissant
Loan, and to a lesser extent the Prince de Galles (Monaco) and
Nordhausen loans benefit from leases to relatively creditworthy
tenants expiring only after the loan maturity.  However, taking
into account the lease profiles of the other loans, most of the
portfolio could be in Moody's view especially exposed to weakening
occupational markets.  Based on the respective current lease
profiles, Moody's has incorporated into its analysis an allowance
for deterioration in coverage ratios and weakening tenant
qualities on most of the loans, in turn increasing the term
default risk assumption for the respective loans.

Loans in Default and/or Special Servicing.  Five loans, the
Neumarkt Loan (14.5%), the SCI Clichy Loan (13.4%), the Ostend
Loan (3.17%), the Senior Den Tir Loan (2.97%) and the Junior Den
Tir (0.65%) are currently in special servicing.  The Neumarkt Loan
has breached the projected ICR default covenant.  This loan has
been on the servicer's watchlist since February 2009 due to the
decline in cash flows and the lease break of a major tenant.
Further, the loan has faced other issues as the borrower reporting
has been inaccurate and not in time.  The third largest tenant
Karstadt (and its parent company Arcandor AG) filed for insolvency
in June 2009, which places additional pressure on the already
stressed cashflows.  The SCI Clichy Loan was transferred into
special servicing in July 2009 due to default under the actual and
projected ICR covenants and following indication by the sponsor
that they are no longer intending to fund part of the
refurbishment of the ex-Fnac space.  Currently, the Fnac lease
surrender premium is used to service the debt, however in Moody's
analysis, the loss expectation for this loan is high.  The Den Tir
Loans (Senior and Junior) and Ostend Loan have been transferred
into special servicing due to default over the actual ICR,
projected ICR and LTV.

Keops Loan.  The property portfolio of the Keops Loan was revalued
in October 2008, resulting in a breach of the LTV default covenant
set at 92.5% on the whole loan.  Subsequently the initial vendor
repurchased the property portfolio in a share deal and repaid a
portion of the senior loan so that the reported U/W whole loan LTV
stands now at 91.8%.  The loan continues to be closely monitored
by the servicer to track the sponsor's progress in property
management initiatives.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a very large portion of the portfolio will
default over the course of the transaction term.  The default risk
of all loans is predominantly driven by refinancing risk.  In
Moody's view, excluding the SCI Clichy Loan, Ostend Loan, the
Senior Den Tir and the Junior Den Tir loans which Moody's has
deemed to be defaulted, the Portico Monheim Loan has currently the
highest default risk, while the Le Croissant Loan has the lowest
risk of defaulting.

Concentration Risk.  The portfolio securitized in JUNO (ECLIPSE
2007-2) LTD exhibits a below average concentration in terms of
property types and property location.

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

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


O'BRIENS SANDWICH: Goes Into Liquidation; 800 Jobs at Risk
----------------------------------------------------------
Claire O'Sullivan at Irish Examiner reports that O'Brien's Irish
Sandwich Bars has gone into liquidation after a proposed takeover
by Abrakebabra Investments Limited collapsed.

According to Irish Examiner, Paul McCann of Grant Thornton has
been appointed official liquidator.  Mr. McCann, as cited by Irish
Examiner, said he wants to sell the group, which employs 800
people across Ireland, as a going concern.  Irish Examiner relates
the liquidator, who has permission to continue trading for at
least a week, said he will seek to sell the business and brand
while retaining staff.

Irish Examiner recalls in July, some of the franchise businesses
went into examinership.

Irish Examiner discloses the Graeme Beere and Denis Desmond-backed
AIL takeover stipulated the proposed investment deal would
collapse unless the company obtained High Court approval to breach
its lease contracts.  The High Court refused, the examinership was
halted, and the group went into liquidation, Irish Examiner
states.

Irish Examiner notes it's understood there is presently a
deficiency of EUR4.1 million to creditors and this will increase
to EUR6.3 million if the company is wound up.

O'Brien's Sandwich Bars -- http://www.obriensonline.com/-- has
more than 300 stores providing healthy food option in 13 countries
across Europe, Asia, Australia and Africa.  The company sells
made-to-order hot or cold sandwiches -- ShambosTM, Tripledecker,
Wrappos and Toosties.  The extensive selection includes gourmet
coffees, fresh soups, patisseries, deli dishes, salads, snacks and
a wide range of soft drinks, including freshly made smoothies and
juices from the instore juice bar offerings.


ULSTER BANK: Fitch Downgrades Individual Rating To 'E'
------------------------------------------------------
Fitch Ratings has downgraded Northern Ireland-based Ulster Bank
Limited's Individual Rating to 'E' from 'D' and removed the Rating
Watch Negative which was assigned on September 9, 2009.  The
agency has affirmed UBL's Long-term Issuer Default Rating at 'A+'
with a Stable Outlook, Short-term IDR at 'F1+', and Support Rating
at '1'.  Fitch has also taken rating action on UBL's subsidiaries.

The downgrades of the Individual Ratings of UBL, Ulster Bank
Ireland Limited and First Active Plc reflect their increased
capital support needs, whether via direct capital injections from
their shareholder, The Royal Bank of Scotland plc (RBS, rated
'AA-' /Stable) or via their participation in the UK's asset
protection scheme (again via RBS) as credit impairments rise amid
the weakening Irish and northern Irish economies.  The Long-term
IDRs, Short-term IDRs and Support Ratings for UBL and its
subsidiaries reflect the extremely high probability of support
from RBS, in case of need which rating in turn reflect the support
of the UK authorities.

"Like its immediate peers in the Irish market, UBL is suffering a
sharp deterioration in asset quality especially in its property
finance business, which represents a significant proportion of its
portfolio," said Andrea Jaehne, Director in Fitch's Financial
Institutions' team.  "UBL is not participating in the Irish
National Asset Management Agency, but around GBP25bn loans of its
loans are likely to be indirectly covered by the UK's asset
protection scheme via an agreement with RBS.  UBL will need to pay
a fee to RBS, which Fitch expects to be sizeable in comparison to
the bank's operating profit."

UBL has received additional new equity since July 2009, increasing
RBS's total capital injection substantially.  Although going
forward UBL's risk weighted assets should reduce and
capitalization could improve, Fitch believes that further capital
injections could still be needed over the next two years in order
to absorb loan impairment charges relating to assets not covered
in the asset protection scheme while pre-impairment operating
profit generation is likely to remain under pressure given the
poor outlook of the Irish economy.

UBL is part of RBS Group and operates in northern Ireland and
Ireland.  It offers a wide range of financial services to retail
and corporate customers, while benefiting from RBS's products,
procedures and IT systems.

Ulster Bank Ltd:

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

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual rating: downgraded to 'E' from 'D', removed from
     RWN

  -- Support rating: affirmed at '1'

Ulster Bank Finance plc:

  -- Commercial paper: affirmed at 'F1+'

  -- Ulster Bank Ireland Limited:

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

  -- Senior unsecured debt: affirmed at 'A+'

  -- Short-term IDR: affirmed at 'F1+'

  -- Individual rating: downgraded to 'E' from 'D', removed from
     RWN

  -- Support rating: affirmed at '1'

First Active Plc:

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

  -- Senior unsecured debt: affirmed at 'A+'

  -- Short-term IDR: affirmed at 'F1+'

  -- Commercial paper: affirmed at 'F1+'

  -- Individual rating: downgraded to 'E' from 'D', removed from
     RWN

  -- Support rating: affirmed at '1'


VALLERIITE CDO: Moody's Cuts Ratings on Two Classes of Notes to C
-----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of nineteen
classes of notes issued by Valleriite CDO I P.L.C.  The Euro-Notes
and the US$-Notes are secured by two portfolios which were
originally managed separately.  Valleriite was initially a managed
semi-synthetic (or hybrid) CDO, through which the manager acquired
credit exposure either by referencing corporate CDS (credit
default swap) or TRS (total return swap) or by buying bonds.

Rationale for Rating Actions

Moody's explained that the rating actions taken are the results
of: (i) the significant deterioration in the credit quality of the
transactions' reference portfolios since the last rating action in
April, (ii) the sale of cash obligations to settle losses on the
synthetic portfolio and the resulting erosion in credit support,
and (iii) the increased risk of an event of default that could
cause a liquidation of the collateral.

Moody's noted that since the last rating action that took place on
16 April 2009, the portfolios have experienced significant
deterioration: (1) the weighted average rating factor (WARF)
(excluding the Ca rated names) deteriorated by 208 from 544
(corresponding to a portfolio average rating between Baa2 and
Baa3) to 752 (corresponding to a portfolio average rating between
Baa3 and Ba1) for the Dollar transaction, and by 215 from 529 to
744 for the Euro transaction, (2) the percentage of the asset
collateral rated Caa1 or below (including Residential Capital LLC,
CIT Group Inc, Ambac Assurance Corporation, GMAC LLC) relative to
the outstanding total notional of the portfolio increased to over
5.5%, and (3) the portfolio size diminished by US$67 million to
US$2,162 million for the Dollar transaction and by EUR77 million
to EUR1,261 million for the Euro transaction.  Moody's notes that
both portfolios were exposed to Kaupthing Bank HF, Landsbanki
Islands HF and Lehman Brothers Holdings Inc., which defaulted.  In
addition, the Euro transaction was exposed to Washington Mutual
Inc., which also defaulted.  As a result of the decrease in
assets, the over-collateralization test has been failing since
June for both transactions, causing some of the interest proceeds
to be captured in the principal account.

Moody's notes that since the last rating action in April, the
size of the cash obligations decreased by US$66 million to
US$375 Million for the Dollar transaction and by EUR49 million
to EUR216 million for the Euro transaction.  The proceeds of the
sales were primarily used to settle credit events or trading
losses.  Also, Valleriite repaid US$36 million of liquidity
facility for the Dollar transaction and EUR23 million of liquidity
facility for the Euro transaction through amortization of some of
the cash obligations.

                   Description of the Structure

In this hybrid transaction, the proceeds from the notes are
invested in cash assets, while there is a large unfunded super
senior swap consisting of the CDS and TRS positions senior to the
rated notes.  Synthetic credit events settlements may require the
use of a substantial amount of cash that can negatively impact the
rated securities.  Moody's considered additional scenarios to
capture the liquidity risk resulting from forced sales of cash
obligations.  A liquidity facility of US$192 million for the
Dollar transaction and EUR112 million for the Euro transaction
provides flexibility to the manager to time the necessary sale of
cash obligations required to settle losses but does not cover
potential losses.

This transaction includes an event of default provision that sets
the Net Losses threshold at US$264 million for the Dollar
transaction and at EUR154 million for the Euro transaction.  All
of the notes become due and payable at their redemption prices
should the Net Losses threshold be breached (i.e.  an Event of
Default under the notes once the losses reach the Net Losses
threshold.) The controlling class (the super-senior swap
counterparty), which is buying protection on the unfunded portion
of the portfolio has the right to proceed with the acceleration.
Moody's notes that the transaction's losses experienced to date
total approximately one third of the loss trigger.  Yet, the
likelihood of such an event has become material because of an
approximately 3.5% erosion of credit support and the portfolio
deterioration.

                         Methodology Used

Moody's continues to monitor it using primarily the methodology
for corporate synthetic CDOs as described in Moody's Special
Report:

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

In making their rating decisions, rating committees considered
both quantitative and qualitative elements.  In particular, the
monitoring committee reviewed, among other things, the results
from Moody's proprietary model that captures its latest
correlations and default assumptions.  At the core of this model
is a Gaussian copula model, which is incorporated in its public
CDO rating model CDOROMv2.5 for the simulation of the default
behavior of the portfolio of assets including the default timing
and recoveries.  The data obtained from CDOROMv2.5 are fed into a
cash flow model which incorporates the transaction's interest and
principal proceeds in the waterfall.  The cash flow model also
captures the excess spread of the transaction.  Moody's
proprietary model therefore captures both, the specificities of
this hybrid transaction and Moody's latest assumptions.

The rating actions are:

Issuer: Valleriite CDO I P.L.C.

  -- US$72M US$ Class S Floating Rate Notes, due 2017, Downgraded
     to Baa3; previously on April 16, 2009 Downgraded to Aa1

  -- US$196.8M US$ Class A-1 Floating Rate Notes, due 2017,
     Downgraded to B3; previously on April 16, 2009 Downgraded to
     A3

  -- US$49M US$ Class B-1 Floating Rate Notes, due 2017,
     Downgraded to Caa3; previously on April 16, 2009 Downgraded
     to Ba2

  -- US$20.6M US$ Class B-2 Fixed Rate Notes, due 2017, Downgraded
     to Caa3; previously on April 16, 2009 Downgraded to Ba2

  -- US$21M US$ Class C-1 Floating Rate Notes, due 2017,
     Downgraded to Caa3; previously on April 16, 2009 Downgraded
     to B2

  -- US$0.6M US$ Class C-2 Fixed Rate Notes, due 2017, Downgraded
     to Caa3; previously on April 16, 2009 Downgraded to B2

  -- US$23.4M US$ Class D-1 Floating Rate Notes, due 2017,
     Downgraded to Ca; previously on April 16, 2009 Downgraded to
     Caa1

  -- US$0.6M US$ Class D-2 Fixed Rate Notes, due 2017, Downgraded
     to Ca; previously on April 16, 2009 Downgraded to Caa1

  -- EUR42M EUR Class S Floating Rate Notes, due 2017, Downgraded
     to Ba1; previously on April 16, 2009 Downgraded to Aa1

  -- EUR112.425M EUR Class A-1 Floating Rate Notes, due 2017,
     Downgraded to B3; previously on April 16, 2009 Downgraded to
     Baa1

  -- EUR2.375M EUR Class A-2 Fixed Rate Notes, due 2017,
     Downgraded to B3; previously on April 16, 2009 Downgraded to
     Baa1

  -- EUR35.9M EUR Class B-1 Floating Rate Notes, due 2017,
     Downgraded to Caa3; previously on April 16, 2009 Downgraded
     to Ba3

  -- EUR4.7M EUR Class B-2 Fixed Rate Notes, due 2017, Downgraded
     to Caa3; previously on April 16, 2009 Downgraded to Ba3

  -- EUR12.6M EUR Class C-1 Floating Rate Notes, due 2017,
     Downgraded to Ca; previously on April 16, 2009 Downgraded to
     B3

  -- EUR13.009M EUR Class D-1 Floating Rate Notes, due 2017,
     Downgraded to Ca; previously on April 16, 2009 Downgraded to
     Caa2

  -- EUR0.991M EUR Class D-2 Fixed Rate Notes, due 2017,
     Downgraded to Ca; previously on April 16, 2009 Downgraded to
     Caa2

  -- EUR10M EUR Class G Combination Notes, due 2017, Downgraded to
     Ca; previously on April 16, 2009 Downgraded to Ba2

  -- EUR1.5M EUR Class K Combination Notes, due 2017, Downgraded
     to C; previously on April 16, 2009 Downgraded to B3

  -- EUR1.11M EUR Class L Combination Notes, due 2017, Downgraded
     to C; previously on April 16, 2009 Downgraded to B3


ZOE GROUP: Supreme Court Rejects Second Examinership Bid
--------------------------------------------------------
Mary Carolan at The Irish Times reports that the Supreme Court on
Tuesday ruled that Liam Carroll's Zoe group was not entitled to
continue with a second bid to secure court protection from
creditors.

The decision, the Irish Times says, means the property group
cannot go ahead with its planned Supreme Court appeal against a
second High Court refusal to appoint an examiner to key Zoe
companies.

The Irish Times relates the three-judge Supreme Court on Tuesday
granted ACCBank's appeal against a decision by Mr. Justice John
Cooke last August to allow Zoe to bring its second petition for
protection, the first petition having been refused by both the
High and Supreme courts in decisions last July and August.  In its
appeal against the decision to allow the second petition, ACCBank,
which is owed some EUR136 million by Zoe companies, argued the
withholding of the business plan on the first occasion was an
abuse of court process and the second petition should not be
allowed proceed, the Irish Times notes.

According to the Irish Times, the Chief Justice Mr. Justice John
Murray said the group had relied on material evidence in its
second petition which it had "consciously and deliberately" chosen
not to put before the courts in the first petition despite that
evidence being available to, or obtainable by it, on the first
occasion.

Justice Murray, as cited by the Irish Times, said while there was
no bad faith by the group, the bringing of the second petition in
such circumstances was "an abuse of the process of the courts and
the administration of justice" and it should proceed no further.

The Irish discloses Chief Justice, sitting with Ms. Justice Susan
Denham and Mr. Justice Nial Fennelly, said the court would give
its full reasons for its decision allowing ACC's appeal on
October 14 when the group's separate appeal against winding-up
orders for some Zoe companies will also be mentioned.

As reported in the Troubled Company Reporter-Europe, Mr. Carroll
had sought court protection for Zoe because ACC Bank had
threatened to take insolvency proceedings against his companies to
recoup loans worth EUR136 million.


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


RISANAMENTO SPA: Secures Additional EUR76 Million Credit Line
-------------------------------------------------------------
Jerrold Colten at Bloomberg News reports that Risanamento SpA said
in a statement Tuesday that a group of banks agreed to provide it
with additional credit of EUR76 million.

Bloomberg, citing the statement, discloses the company made a
"pre-bankruptcy" filing with a Milan court Tuesday prior to a
hearing on Oct. 15.

                       Restructuring Plan

As reported in the Troubled Company Reporter-Europe on Sept. 10,
2009, Bloomberg News, citing daily Il Sole 24 Ore, said
Risanamento's restructuring plan, backed by 60% of the real estate
company's creditors, includes a EUR150-million (US$218 million)
capital increase, the conversion of EUR350 million of debt and the
sale of assets, excluding property in New York and Paris.
Risanamento was ordered to come up with the plan in response to a
prosecutor's statement in July that the real-estate company had
failed.

                        About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


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


ALLIANCE BANK: Kazakh Gov't Secures Restructuring Deal
------------------------------------------------------
Anousha Sakoui, Gillian Tett and Isabel Gorst at The Financial
Times report that the Kazakh government this week secured a deal
with creditors to restructure Alliance Bank.

Citing people familiar with the situation, the FT discloses the
restructuring plan, which involves creditors writing off part of
Alliance's US$4 billion gross debt in exchange for a stake in the
bank's equity, has the backing of lenders representing about a
third of its debt, including Calyon, JPMorgan, ING Asia and
Sumitomo Mitsui.

"It is a major step in the restructuring for Alliance and for the
system as it is the first bank to restructure as a going concern
without introducing conservation [taking it into state control],"
the FT quoted Marcia Favale-Tarter, adviser to Samruk-Kazyna,
Kazakhstan's sovereign wealth fund, and an independent adviser to
Alliance and BTA, the country's biggest bank, as saying.

According to the FT, the Alliance deal still requires approval
from two-thirds of all creditors.

Based in Almaty, Kazakhstan, Alliance Bank OA (LI:ALLB) --
http://www.alb.kz/-- a.k.a Alliance Bank JSC, is a commercial
bank.  As at December 31, 2007, Alliance had 24 branches and 199
mini-branches in the Republic of Kazakhstan.  The Bank is
organized on the basis of three main segments: Retail banking,
which represents private banking services, private customer
current accounts, savings, deposits, investment savings products,
custody, credit and debit cards, consumer loans and mortgages;
Corporate banking, which represents direct debit facilities,
current accounts, deposits, overdrafts, loan and other credit
facilities, foreign currency and derivative products, and
Investment banking, which represents financial instruments
trading, structured financing, corporate leasing, and merger and
acquisitions advice.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 9,
2009, Standard & Poor's Ratings Services said that it lowered its
short-and long-term counterparty credit ratings on Kazakhstan-
based Alliance Bank JSC to 'D/D' (default) from 'SD/SD' (selective
default).


BEIBARS TRADE: Creditors Must File Claims by October 17
-------------------------------------------------------
Creditors of LLP Beibars Trade have until October 17, 2009, to
submit proofs of claim to:

         Valihanov Str. 112-118
         Kostanai
         Kazakhstan

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

The Court is located at:

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


BTA BANK: Debt Restructuring Talks Continue
-------------------------------------------
Anousha Sakoui, Gillian Tett and Isabel Gorst at The Financial
Times report that negotiations continue over the restructuring of
BTA Bank.

According to the FT, Kazakhstan's regulator warned it would
rescind BTA's banking license if a December 7 deadline for
agreeing restructuring terms were not met.

The FT relates Milena Ivanova Venturini, analyst at Renaissance
Capital, said BTA's creditors were likely to reach a compromise
with Samruk Kazyna.

"The creditors don't have a strong position.  BTA will go bankrupt
if they don't agree and they will get nothing," the FT quoted
Ms. Venturini as saying.

As reported in the Troubled Company Reporter-Europe on Sept. 23,
2009, Bloomberg News said BTA signed a memorandum of understanding
with a committee of creditors that may increase the amount to be
recovered by bondholders as the company restructures as much as
US$13.3 billion of debt.  Bloomberg disclosed the MOU includes a
creditor committee proposal that would give senior financial
creditors cash and securities equal to 64.5% of the face value of
their principal.  It also includes the bank's proposal, which
would pay creditors as little as 17.75% of face value in cash,
according to Bloomberg.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.


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

         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

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

The Court is located at:

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


ENERGO SPETS: Creditors Must File Claims by October 17
------------------------------------------------------
Creditors of LLP Energo Spets Remont 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.


KAZ PROM: Creditors Must File Claims by October 17
--------------------------------------------------
LLP Kaz Prom Invest Kz is currently undergoing liquidation.
Creditors have until October 17, 2009, to submit proofs of claim
to:

          Tole bi Str. 155
          Room 712
          Almaty
          Kazakhstan


MERKURY OPT: Creditors Must File Claims by October 17
-----------------------------------------------------
Creditors of LLP Merkury Opt have until October 17, 2009, to
submit proofs of claim to:

         Kurmangazy Str. 96
         Uralsk
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
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 West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


PETROLEUM DRILLING: Creditors Must File Claims by October 17
------------------------------------------------------------
Creditors of LLP Petroleum Drilling And Pipe Line Aktobe 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.


ORDABASY CORPORATION: Creditors Must File Claims by October 17
--------------------------------------------------------------
Creditors of LLP Ordabasy Corporation 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 27, 2009.


REGION ENERGO: Creditors Must File Claims by October 17
-------------------------------------------------------
LLP Region Energo is currently undergoing liquidation.  Creditors
have until October 17, 2009, to submit proofs of claim to:

          Kabanbai Batyr Ave. 5-50
          Almaty District
          Astana
          Kazakhstan


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

         Kurmangazy Str. 96
         Uralsk
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
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 West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


TEMIR TAU: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Temir Tau have until October 17, 2009, to submit
proofs of claim to:

         Valihanov Str. 112-118
         Kostanai
         Kazakhstan

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

The Court is located at:

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


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


AL MARIFA: Creditors Must File Claims by October 21
---------------------------------------------------
LLC Al Marifa is currently undergoing liquidation.  Creditors have
until October 21, 2009, to submit proofs of claim to:

Inquires can be addressed to (0-555) 50-80-31


KYRGYZ GEO: Creditors Must File Claims by October 21
----------------------------------------------------
LLC Kyrgyz Geo Service is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim
to:

         Kamskaya Str. 3b-39
         Bishkek
         Kyrgyzstan


===========
L A T V I A
===========


* REPUBLIC OF LATVIA: Fitch Affirms 'BB+' Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the Republic of Latvia's Long-term
foreign currency Issuer Default Rating at 'BB+', Long-term local
currency IDR at 'BBB-', Short-term foreign currency IDR at 'B' and
Country Ceiling rating at 'BBB'.  The Outlooks on the Long-term
IDRs are Negative.

"Latvia's rating remains under downward pressure due to the extent
of the recession, fiscal financing concerns, rising public and
external debt ratios, political developments and the risk of
further negative developments in the banking sector," said Eral
Yilmaz, Associate Director, Fitch's Sovereigns group.  "Although
there are some signs that macroeconomic imbalances are unwinding,
further necessary and painful adjustment lies ahead."

The affirmation of Latvia's ratings during Fitch's latest review
follows a succession of four consecutive downgrades between
August 2007 and April 2009.  Latvia is undergoing a severe
recession and macroeconomic re-balancing which has increased
pressure on its fixed exchange rate regime.  Fitch forecasts that
the economy will contract 18% in 2009 and 4% in 2010.  Property
prices have fallen, bank asset quality is deteriorating and
unemployment is rising.  There are some signs that an adjustment
is taking place.  Latvia's large current account deficit, a key
rating weakness, has undergone a rapid reversal and Fitch is
forecasting a current account surplus of 6% of GDP in 2009.  The
yoy Harmonised Index of Consumer Prices (HICP) inflation rate fell
to 1.5% in August 2009, from a peak of 17.7% in May 2008, and
Fitch is forecasting annual average deflation of 3.5% in 2010.
Furthermore, gross real wages fell by 5.3% yoy in H109 compared to
a yoy rise of 7.6% in H108.  Nevertheless, Fitch notes that it is
difficult to recall precedents of countries that have undergone
such significant recessions without devaluation and/or political
upheaval.

The recession and the government's takeover of Parex banka in
December 2008 have caused a sharp deterioration in public
finances.  Fitch is forecasting budget deficits of 10%, 8.5% and
6.5% of GDP in 2009-2011 respectively.  The agency is also
projecting that government debt will rise to 61% of GDP by end-
2011 from 20% at end-2008, which would elevate government debt to
the second-highest in the 'BB' rating range.  Parliamentary
elections scheduled for 2010 could complicate the budget process
while public discontent with spending cuts could rise through the
winter.

Failure to implement budget cuts and remain on track with the
EU/IMF program could lead to a downgrade.  A delay to the
disbursement of international funds to Latvia would leave fiscal
and external financing gaps, undermine confidence and put renewed
pressure on the exchange rate.  Devaluation would be severely
negative, given the high level of external debt (129% of GDP at
end-2008) and foreign-currency bank loans (91% of the total), and
would be likely to lead to a downgrade.  The pace and magnitude of
the deterioration in bank asset quality or a loss of depositor
confidence triggered by a negative shock could leave Latvian banks
in need of re-capitalization or liquidity support.  Reduced
support from foreign parent banks and increased state support for
the banking sector would put further pressure on public finances
and would be negative for the sovereign rating.

Latvia's ratings are nonetheless supported by the political and
institutional strengths associated with its EU membership, the
flexibility of its economy as well as high per capita income and
good governance indicators compared to 'BB' and 'BBB' range
medians, and its unblemished modern debt-servicing record.


===================
L U X E M B O U R G
===================


ASHWELL RATED: Moody's Junks Rating on US$30 Mil Notes From 'B1'
----------------------------------------------------------------
Moody's Investors Service has taken this rating action on notes
issued by Ashwell Rated S.A. under the Series 14, a collateralized
debt obligation transaction referencing a managed portfolio of
corporate entities.

  -- Series 14 US$30,000,000 Tranche 14-A-$1 Notes due March
     2017, Downgraded to Caa2; previously on March 10, 2009
     Downgraded to B1

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 1,111 from the last rating action to 1,453,
equivalent to an average rating of the current portfolio of B2.
The reference portfolio includes an exposure to CIT Group, Inc.
and Harrah's Operating Company which have experienced substantial
credit migration in the past few months, and are now rated Ca.
Since the last rating action on the transaction, the subordination
of the rated tranche has been reduced by 0.3% due to credit events
on Abitibi-Consolidated Inc.  The Insurance and Finance sectors
are the most represented, weighting 13% and 8.8%, respectively of
the portfolio notional.

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

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

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


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


MOTIF CAPITAL: Moody's Confirms Ba3 Rating on Series 2005-7 Notes
-----------------------------------------------------------------
Moody's Investors Service has confirmed the rating of notes issued
by Motif Capital B.V. Series 2005-7.

This transaction is a spread and loss trigger leveraged super
senior ("Leverage Super Senior") collateralized debt obligation
transaction referencing a portfolio of corporate entities.  The
risk transferred to investors is not only credit risk but also
market risk.  If the average spread of the portfolio goes above a
certain threshold (the "spread trigger") or the accumulated loss
on the portfolio has exceeded the predefined loss trigger (the
"loss trigger") at one of such predetermined times, the
transaction will unwind and the market risk on the credit default
swap tranche will be borne by investors.

Moody's explained that the rating action taken is mainly driven by
the recent tightening of spreads on corporate names.  Despite the
worsening of the credit quality in the portfolio, this tightening
has improved the performance of the transaction.  The 6-month
cushion between the current spreads and the spread triggers has
improved from 161 basis points to 392 basis points according to
Moody's scenario analysis.

Moody's analyzed and continues to monitor this transaction using
primarily the methodology for Corporate Synthetic CDOs and
Leveraged Super Senior transactions.  In particular, the analysis
incorporates the revisions of key parameters in Moody's model for
rating Corporate Synthetic CDOs such as default probability and
credit indicators such as ratings reviews and outlooks.  Moody's
announced the changes to these assumptions in a press release
titled "Moody's Updates its Key Assumptions for Rating Corporate
Synthetic CDOs," published on January 15, 2009.

More details are available in the Moody's Special Report and
Rating Methodology paper below:

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

-- A Description of Moody's Tools for Monitoring Leveraged Super
    Senior Transactions (August 2008)

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

The rating action is:

Issuer: Motif Capital B.V. Series 2005-7

  -- Series 2005-7 EUR 45,000,000 Long-Short Variable Redemption
     Limited Recourse Leveraged CDO Notes due June 2012.
     Confirmed at Ba3; previously on Dec 8, 2008 Downgraded to Ba3
     and Remained On Review for Possible Downgrade


REGENT'S PARK: Moody's Cuts Rating on Class E Notes to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Regent's Park CDO B.V

  -- EUR393M Class A Senior Secured Floating Rate Notes due 2023,
     Downgraded to Aa1; previously on Oct. 26, 2006 Assigned Aaa

  -- EUR40.2M Class B-1 Senior Secured Floating Rate Notes due
     2023, Downgraded to A2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR12M Class B-2 Senior Secured Fixed Rate Notes due 2023,
     Downgraded to A2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR51M Class C Senior Secured Deferrable Floating Rate Notes
     due 2023, Confirmed at Ba1; previously on Mar 19, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- EUR24M Class D Senior Secured Deferrable Floating Rate Notes
     due 2023, Downgraded to B2; previously on Mar 19, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR13.8M Class E Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to Caa2; previously on Mar 19,
     2009 Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

  -- EUR5M Class P Combination Notes due 2023, Downgraded to Ba1;
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade

  -- EUR10M Class Q Combination Notes due 2023, Withdrawn;
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade

  -- EUR6M Class R Combination Notes due 2023, Downgraded to Ba1;
     previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

  -- EUR13.5M Class T Combination Notes due 2023, Withdrawn;
     previously on March 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade

  -- EUR8M Class W Combination Notes due 2023, Downgraded to B2;
     previously on March 4, 2009 Ba1 Placed Under Review for
     Possible Downgrade

The ratings assigned to the Class P Combination Notes, Class R
Combination Notes and Class W Combination Notes address the
repayment of the Rated Balance on or before the legal final
maturity, where the 'Rated Balance' is equal at any time to the
principal amount of the each Combination Note on the Issue Date
(and for Class R Combination Notes increased by the Rated Coupon
of 0.25% per annum accrued on the Rated Balance on the preceding
payment date) minus the aggregate of all payments made from the
Issue Date to such date, either through interest or principal
payments.  It is not an opinion about the ability of the issuer to
pay interest.  Moody's outstanding Rated Balance may not
necessarily corresponds to the outstanding notional amount
reported by the trustee.

With respect to the Class Q and T Combination Notes, Moody's will
withdraw the rating on this class of notes for business reasons.

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2702), an increase in the amount of defaulted
securities (currently 2.25% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 9.93% of the portfolio).  These measures were taken
from the recent trustee report dated as of August 20, 2009.
Moody's also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF.
In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


VAN DER MOOLEN: Unit to Get EUR32 Million From Tax Dividend
-----------------------------------------------------------
Receivers of Van der Moolen Holding N.V. disclosed that one of the
foreign subsidiaries has received notification that it will
receive an amount of EUR32 million as a result of reclaimed
dividend tax related to the year 2008.  The receipt will be based
on the tax return of this subsidiary of the year 2008.  The
involved tax authority has announced the intention to start an
audit on the tax return that resulted in the reclaim.  This audit
will start in October.

The announced repayment and the result of the audit are of
significant influence on the estates of several of the entities
within the Van der Moolen group that are currently in the state of
bankruptcy, as well as involved creditors and employees of these
entities.  In the current liquidation process of Van der Moolen
Holding N.V., the repayment will not affect the position of the
holders of common shares.

                    About Van der Moolen

Headquartered in Amsterdam, Netherlands, Van der Moolen Holding
N.V. -- http://www.vandermoolen.com/-- is an international
securities trading and brokerage firm that specializes in
providing low-cost liquidity in markets worldwide.  Its business
is to make money on financial markets, as a broker and proprietary
trader in securities, futures, derivatives indexes and exchange
traded funds.


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


TELLER AS: Fitch Affirms Issuer Default Rating at 'BB+'
-------------------------------------------------------
Fitch Ratings has affirmed Teller AS's Long-term Issuer Default
rating at 'BB+' with a Stable Outlook.  Fitch has simultaneously
affirmed Teller's Short-term IDR of 'B', Individual Rating of 'C'
and Support Rating of '3'.

Teller's ratings reflect its strong franchise in Norwegian card
payments, the relatively low credit risk of its operations and its
satisfactory profitability.  They also consider its small capital
base, lack of business diversification, growing competition and
exposure to operational risk.

The company operates in a low-margin transaction-based market.
Operating profits fell 11% in 2008 to NOK66 million, in large part
due to the amortization of goodwill (2008: NOK36 million).
Transaction volume growth has slowed, but profitability remains
satisfactory.

Teller's main risk is operational, due to its reliance on IT
systems.  Credit risk is adequately controlled and low credit
losses have mainly arisen from fraudulent card transactions.
Market risks are moderate.  Teller has no debt to service and does
not require external funding as payments to merchants are
typically made a few days after funds are received.  Teller's
equity base is small in absolute terms; tangible equity was NOK274
million at end-2008.  Capitalization is adequate, but capital
ratios fluctuate depending on payment volumes.

In September 2009, Nordito AS (Teller's parent) announced it had
signed a letter of intent to merge with PBS Holding AS, a Danish
cards and payments services company.  Fitch believes the merger
could strengthen Teller's franchise by providing access to other
Scandinavian markets as part of a larger group active in similar
businesses.  The agency will monitor further disclosure on the
transaction.

Established in 1977, Teller supports payment card transactions for
Norwegian banks and is one of Norway's leading merchant acquirers,
operating with Visa, MasterCard and American Express.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


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


AVTOVAZ OAO: Renault Willing to Invest, Shuvalov Says
-----------------------------------------------------
John Reed and Catherine Belton at The Financial Times report that
Igor Shuvalov, Russia's first deputy prime minister, said Renault
had expressed willingness to invest in Avtovaz.

The FT relates Mr. Shuvalov said the level of Renault's investment
had yet to be determined and would only be clear after "the
necessary evaluation".

According to the FT, Renault said the company was reviewing
several options to help Avtovaz but did not mention cash.

"The options we are considering could involve contributing our
know-how or our technological expertise, or to use capacity for
production of some Renault models," the FT quoted Renault as
saying.

The company, as cited by the FT, said the discussions were "still
at a very early stage".

The FT notes after meeting Russian Prime Minister Vladimir Putin
on Monday, Christian Esteve, Renault's senior vice-president, said
the French carmaker intended to remain a partner in Avtovaz and
would stand by the government in its efforts to restructure the
company.

                             Ultimatum

As reported in the Troubled Company Reporter-Europe on Oct. 6,
2009, the FT said Mr. Putin on Friday gave Renault an ultimatum to
either help fund Avtovaz or see its 25% stake in the carmaker
reduced.  The FT disclosed Avtovaz last week said it had agreed to
cut its workforce by a quarter, eliminating 27,600 jobs amid a
steep decline in demand.  Igor Komarov, the company's chief
executive, as cited by the FT, said the main goal was to avoid
bankruptcy.

RIA Novosti reports Russian Prime Minister Vladimir Putin pledged
on Monday to save the Avtovaz, the country's largest carmaker,
from closure.

"Unless efforts are made, the company . . . could simply leave the
market and then cease to exist.  We cannot let this happen," RIA
Novosti quoted Mr. Putin as saying at a meeting with AvtovAZ
officials and shareholders.

Mr. Putin, RIA Novosti discloses, proposed establishing an
engineering competence center and drafting financial
rehabilitation and social development plans for the ailing
company.

According to RIA Novosti, Mr. Komarov assured Mr. Putin on Monday
that no serious redundancies among active employees were being
planned.

Separately, RIA Novosti, citing the Kommersant business daily,
reports Avtovaz needs RUR70 billion (US$2.33 billion) to stay
afloat.

RIA Novosti, citing Kommersant, relates Avtovaz said RUR54 billion
(US$1.8 billion) would be needed to pay off debts, RUR9.5 billion
(US$315.8 million) to launch an investment program, and another
RUR2.8 billion (US$93 million) to make up for capital outflow
expected in 2010.

According to RIA Novosti, the paper said the company will also
need an extra RUR12 billion (US$398.9 million) to pay off
employees facing redundancy.

                           Going Concern

On July 6, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported Avtovaz said its auditors had raised doubts about its
future as a going concern in an audit of its 2008 results as the
fall in revenues hits its ability to pay down US$1.7 billion of
debts.

Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars.  The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others.  The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers. The Company is also active in a variety of other sectors,
such as power supply, transportation, utilities, construction,
insurance, banking and finance.  AVTOVAZ OAO sells its products on
the domestic market, as well as exports them to Kazakhstan,
Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece, Belarus,
Uruguay, Cyprus, Germany and others.  It operates through one
representative office located in Moscow, several subsidiaries and
affiliated companies.


BEREZOVSKAYA CARPET: Creditors Must File Claims by October 18
-------------------------------------------------------------
Creditors of OJSC Berezovskaya Carpet Factory have until
October 18, 2009, to submit proofs of claims to:

         V. Chernykh
         Temporary Insolvency Manager
         Gorkogo Str. 31
         620075 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya will convene at 4:00 p.m.
on January 12, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No.A60-31305/2009-S11.

The Debtor can be reached at:

         OJSC Berezovskaya Carpet Factory
         Kirova Str. 63
         Berezovskiy
         620700 Sverdlovskaya
         Russia


GAZ GROUP: Alfa Agrees to US$100 Mln Debt Restructuring
-------------------------------------------------------
Maria Kolesnikova at Bloomberg News reports that Alfa Bank agreed
to restructure US$100 million of loans owed by billionaire Oleg
Deripaska's carmaker GAZ Group.

"We confirm that [Tues]day night Alfa Bank signed the agreement on
restructuring GAZ debt, about two months later than other
lenders," Bloomberg quoted Andrey Yashchenko, corporate finance
director for Mr. Deripaska's Basic Element holding company, as
saying in a phone interview from Moscow.

According to Bloomberg, Mr. Yashchenko said Alfa Bank also
retracted a lawsuit seeking to put GAZ's Avtodizel unit into
bankruptcy.

                           Basic Element

Bloomberg relates Mr. Yashchenko said Basic Element hasn't reached
an accord on US$332 million of Alfa loans owed by the holding
company's other units, making it impossible to complete
restructuring talks with other lenders.  Mr. Yashchenko, as cited
by Bloomberg, said Alfa continues to demand that Basic Element
restructure loans owed by its units under a single agreement.

On Sept. 28, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Gaz signed an agreement with 21 Russian
and foreign banks to extend loans by five years; have a six-month
interest holiday; and halt principal payments for two years.

GAZ OAO (GAZ OJSC) -- http://www.gazgroup.ru/-- is a Russia-based
automotive manufacturer.  The Company produces light commercial
vehicles, trucks, buses, diesel engines, cars, power-train
components, road construction equipment, as well as spare parts
for produced vehicles.  The Company's sales markets include
Eastern Europe, South-East Asia, South America, the Middle East,
Africa and the Commonwealth of Independent States countries.  GAZ
OAO has five manufacturing plants Commercial Vehicle Plant in
Nizhny Novgorod, Pavlovo Bus Plant, Linkino Bus Plant, Avtodizel
on Yaroslavl and Ural Truck Plant.  The Company operates through
one representative office located in Hungary and 49 subsidiaries
and two affiliated companies.  It is 61.34%-owned by Sberbank
Rossii OAO.


MIRAX GROUP: Moody's Withdraws 'Ca' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn the Ca corporate family
rating and Ca.ru national scale rating of Mirax Group Holding B.V.
for business reasons.

Last rating action was taken on February 24, 2009, when Moody's
Investors Service downgraded the Caa1 corporate family rating and
Ba3.ru national scale rating of Mirax Group Holding B.V.  to Ca
and Ca.ru respectively, and left all ratings with a negative
outlook.  The actions then concluded a rating review initiated on
February 5, 2009, when an exchange offer was made on a credit
linked notes and a loan for longer dated and higher yielding
instruments, which constituted a distressed exchange upon closing
under Moody's definition.

Mirax Group B.V. was incorporated in 2006 in the Netherlands as a
result of corporate restructuring of Mirax Group.  It is one of
the five largest real estate development companies in Moscow.  In
2007, Mirax Group reported revenues of approximately
US$1.28 billion and EBITDA of US$608 million.  The company is
majority owned by Mr. Sergey Polonsky, chairman of the board of
directors.


NIZHNEKAMSKNEFTEKHIM OAO: Exchange Offer Won't Move Fitch's Rating
------------------------------------------------------------------
Fitch Ratings says that it does not expect Tatarstan-based
chemical producer OAO Nizhnekamskneftekhim's proposed debt
exchange offer to impact the company's current ratings.
NKNK's ratings are maintained:

* Long-term Issuer Default Rating:'B'; remains on Rating Watch
  Negative

* Senior unsecured US$200 million loan participation notes: 'B';
  remains on RWN; Recovery Rating 'RR4'

* National Long-term rating: 'BBB-(rus)'; remains on RWN

* Short-term IDR is affirmed at 'B'

"Fitch considers that the bond exchange offer, if successful,
would be an important step in removing potential liquidity
pressure on NKNK in Q410", said Eldar Aghayev, Associate Director
in Fitch's Corporate group.  "However, the agency will need to
gain assurance that refinancing options are in place in Q110 to
meet other potential obligations."

Fitch also notes that covenants under various facilities, which
are to be tested in Q210 upon release of the group's 2009 IFRS
results, could come under pressure as leverage and coverage
metrics have deteriorated in 2009 on the back of a weaker
performance.

On October 5, 2009, NKNK issued an offer to the holders of the
outstanding US$200 million 8.5% loan participation notes due in
2015 (existing notes) to exchange any or all of such existing
notes for a combination of cash and US$-denominated 12% loan
participation notes due in 2012 (new notes), amortizing in three
equal instalments during 2011-2012.  In exchange for the existing
notes, noteholders will receive a 40% cash consideration at par
and new notes for the remaining 60% of their holding.  In
conjunction with the offer, NKNK is proposing to remove the
December 2010 put option on the existing notes through an
extraordinary noteholder resolution.  In accepting the exchange
offer, noteholders will automatically vote in favor of the
extraordinary resolution and thereby consent to the removal of the
put option on the existing notes.  Noteholders who opt out of the
exchange offer, but vote in favor of the resolution will receive a
fee of 5% of the notional amount of their holding.  Fitch notes
that the extraordinary resolution, if passed, will be binding on
all noteholders including those who chose to opt out of the
exchange offer and to vote against the removal of the put option.

Fitch notes that NKNK could suffer short-term liquidity pressures
in Q210 onwards following the cash tender, which could require up
to US$80 million.  According to Fitch's estimates, the company's
current liquidity is approximately RUB6 billion (US$200 million)
of cash and committed undrawn facilities at 1 October 2009
compared with RUB7.4 billion (US$246 million) of expected debt
repayments in Q409-FYE10 (including the currently undrawn facility
but excluding the US$200 million put-option).  NKNK's debt
repayment capacity during this period will also be supported by
expected free cash flow (FCF) generation of RUB5 billion-
RUB5.5 billion (US$166 million-US$183 million) in the same period,
according to Fitch's estimates.

The agency does not consider the proposed offer a coercive debt
exchange.  Fitch will review the outcome of the exchange offer
shortly after its expiration on October 23, 2009 with regard to
NKNK's liquidity profile.


SIB-IN-LES LLC: Creditors Must File Claims by October 18
--------------------------------------------------------
Creditors of LLC Sib-In-Les (TIN 3221005676, PSRN 1033262001321)
(Lumbering) have until October 18, 2009, to submit proofs of
claims to:

         D. Akulinin
         Insolvency Manager
         Office 600
         Krasina Str. 7
         625003 Tumen
         Russia

The Arbitration Court of Bryanskaya will convene on January 25,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. A09-6175/2009.

The Debtor can be reached at:

          LLC Sib-In-Les
          Melioratorov Str. 1
          Navlya
          242130 Bryanskaya
          Russia


SEVER-NEFTE CJSC: Creditors Must File Claims by October 18
----------------------------------------------------------
Creditors of CJSC Sever-Nefte-Stroy (TIN 8602058186, PSRN
1028600583769)(Construction) have until October 18, 2009, to
submit proofs of claims to:

         Ye. Zhikharev
         Temporary Insolvency Manager
         Post User Box 3024
         625028 Tumen
         Russia

The Arbitration Court of Khanty-Mansiysk will convene on December
28, 2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A75-7897/2009.

The Court is located at:

         The Arbitration Court of Khanty-Mansiysk
         Lenina Str. 54/1
         628011 Khanty-Mansiysk
         Khanty-Mansiysk
         Russia

The Debtor can be reached at:

         CJSC Sever-Nefte-Stroy
         50 let VLKSM Str.1
         628400 Surgut
         Khanty-Mansiysk
         Russia


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


SANTANDER CONSUMER: Fitch Affirms 'CC' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed and downgraded Santander Consumer Spain
Auto 08-1's consumer and auto-loan receivables-backed floating-
rate notes:

  -- EUR1,351.95 million class A floating-rate notes affirmed at
     'AAA'; Outlook revised to Negative from Stable; Loss Severity
     (LS) Rating of LS-1

  -- EUR35 million class B floating-rate notes affirmed at 'A';
     Outlook revised to Negative from Stable; LS-2

  -- EUR10 million class C floating-rate notes affirmed at 'BBB';
     Outlook revised to Negative from Stable; LS-3

  -- EUR12 million class D floating-rate notes downgraded to 'B+'
     from 'BB'; Outlook Negative; LS-3

  -- EUR10 million class E floating-rate notes downgraded to 'CC'
     from 'CCC'; assigned a Recovery Rating of 'RR3'

The rating actions reflect the worsening performance of the
underlying receivables.  The actions further take into account the
type of receivables securitized, the worsening performance of the
underlying assets, and Fitch's forecast of the transaction's
future performance based on the impact of Spain's economic
downturn, the expected levels of protection available to the notes
and their amortization.

Delinquencies, defined as receivables 90 days past due, have
increased sharply since October 2008.  As of June 2009
delinquencies peaked at 7.44% of the total outstanding collateral.
While the 18 months past due default definition means there are
not yet any defaulted loans in the pool, the large delinquency
pipeline -- and especially the rapid increase in delinquencies
falling into the late stage bucket (6 to 18 months past due) -- is
expected to result in a significant rise in defaults in
forthcoming quarters.  As of July 2009 the Fitch Cumulative Net
Default Ratio stood at 0.04%, well below its 0.45% base case.

The agency notes that the reserve fund has remained at its
required levels since closing and that the excess spread has been
stable.  However, given the performance of the transaction to date
and the current economic environment in Spain, Fitch expects to
see declining levels of excess spread, which will likely impact
the credit enhancement available to all rated note classes.
Excess spread is further anticipated to decline because of the
significant expected increase in defaults from the transaction's
delinquency pipeline.


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
=====================


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

         Andreas Waldmann
         Liquidator
         Gerbergasse 1
         4001 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting held
on August 26, 2009.


ARTOC ART: Claims Filing Deadline is October 12
-----------------------------------------------
Creditors of Artoc Art Advisory AG are requested to file their
proofs of claim by October 12, 2009, to:

         Nadimco AG
         Stampfenbachstrasse 5
         8021 Zurich
         Switzerland

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


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

         TBO Revisions AG
         Steinstrasse 21
         8036 Zurich
         Switzerland

The company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 20, 2009.


CARAVAN TRANSPORT: Claims Filing Deadline is October 12
-------------------------------------------------------
Creditors of Caravan Transport GmbH are requested to file their
proofs of claim by October 12, 2009, to:

         Caravan Transport GmbH
         Alpstrasse 2
         3314 Schalunen
         Switzerland

The company is currently undergoing liquidation in Schalunen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 21, 2009.


DISTRIMAT HOLDING: Claims Filing Deadline is October 12
-------------------------------------------------------
Creditors of Distrimat Holding AG are requested to file their
proofs of claim by October 12, 2009, to:

         Dr. Georg R. Wiederkehr
         Bahnhofstrasse 46
         8021 Zurich
         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.


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

         Ernst Gamper
         Schoenbergweg 11
         3006 Bern
         Switzerland

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


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

         Treuhand und Revisions AG
         Mail Box 432
         3904 Naters
         Switzerland

The company is currently undergoing liquidation in Freienbach SZ.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on January 17, 2008.


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

         I-Punkt AG
         Sonnenbergstrasse 11
         8610 Uster
         Switzerland

The company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 24, 2009.


LAEDERACH REPRO: Claims Filing Deadline is October 12
-----------------------------------------------------
Creditors of Laederach Repro AG are requested to file their proofs
of claim by October 12, 2009, to:

         Laederach Repro AG
         Baermattweg 8
         3324 Hindelbank
         Switzerland

The company is currently undergoing liquidation in Hindelbank.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 12, 2009.


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

         WMTS AG
         Untermueli 9
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Schwyz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 1, 2009.


MERZ & ISLER: Claims Filing Deadline is October 12
--------------------------------------------------
Creditors of Merz & Isler AG are requested to file their proofs of
claim by October 12, 2009, to:

         Merz & Isler AG
         Alte Stockstrasse 7
         5022 Rombach
         Switzerland

The company is currently undergoing liquidation in Kuettigen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 5, 2009.


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

         Noris AG
         Zollikerstrasse 27
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 7, 2009.


NST BODENTECHNOLOGIE: Claims Filing Deadline is October 12
----------------------------------------------------------
Creditors of NST Bodentechnologie GmbH are requested to file their
proofs of claim by October 12, 2009, to:

         Nst Bodentechnologie GmbH
         Dorfstrasse 3
         3297 Leuzigen
         Switzerland

The company is currently undergoing liquidation in Leuzigen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 21, 2009.


OLEG LOHNES: Claims Filing Deadline is October 14
-------------------------------------------------
Creditors of Oleg Lohnes AG are requested to file their proofs of
claim by October 14, 2009, to:

         Maurizio Vicini
         Liquidator
         Dorfstr. 7
         9108 Gonten
         Switzerland

The company is currently undergoing liquidation in Gonten.  The
decision about liquidation was accepted at a general meeting held
on August 29, 2009.


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

         Martin Eggli
         Muehlegasse 9
         3295 Rueti b. B.
         Switzerland

The company is currently undergoing liquidation in Bueren an der
Aare.  The decision about liquidation was accepted at an
extraordinary general meeting held on August 21, 2009.


SAGER HANDEL: Claims Filing Deadline is October 12
--------------------------------------------------
Creditors of Sager Handel GmbH are requested to file their proofs
of claim by October 12, 2009, to:

         Dr. Balsiger & Partner AG
         Pfistergasse 38
         4800 Zofingen
         Switzerland

The company is currently undergoing liquidation in Duerrenaesch.
The decision about liquidation was accepted at a shareholders'
meeting held on August 12, 2009.


SHOP-TANKSTELLE AARBERG: Claims Filing Deadline is October 12
-------------------------------------------------------------
Creditors of Shop-Tankstelle Aarberg GmbH are requested to file
their proofs of claim by October 12, 2009, to:

         Hugo Erismann, liquidator
         Beundengasse 9
         3250 Lyss
         Switzerland

The company is currently undergoing liquidation in Luzern. The
decision about liquidation was accepted at a shareholders' meeting
held on August 6, 2009.


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

         SWZ AG
         Guetli 166
         9428 Walzenhausen
         Switzerland

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


TREEHOUSE-APPAREL GMBH: Claims Filing Deadline is October 12
------------------------------------------------------------
Creditors of Treehouse-Apparel GmbH are requested to file their
proofs of claim by October 12, 2009, to:

         Alex Merk
         Koenizstr. 36
         3008 Bern
         Switzerland

The company is currently undergoing liquidation in Wil (SG).  The
decision about liquidation was accepted by the owner of the
enterprise on March 14, 2008.


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

         Valmo GmbH
         Hauptstrasse 53
         4127 Birsfelden
         Switzerland

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


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


CASTION LLC: Creditors Must File Claims by October 11
----------------------------------------------------
Creditors of LLC Castion (code EDRPOU 34126678) have until
October 11, 2009, to submit proofs of claim to:

         V. Rabushko
         Insolvency Manager
         Fuchik Str. 14
         Melitopol
         72319 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 26, 2009.  The case is docketed
under Case No. 19/117/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Castion
         Office 110
         Kirov Str. 51
         Melitopol
         72319 Zaporozhye
         Ukraine


KAPA LLC: Creditors Must File Claims by October 14
----------------------------------------------------
Creditors of LLC Kapa (code EDRPOU 32531128) have until
October 14, 2009, to submit proofs of claim to:

         V. Kovalenko
         Insolvency Manager
         Office 701
         Artem Str. 1/5
         04053 Kiev
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 27/77B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Kapa
         Office 2
         Avtobazovskaya Str. 1
         Donetsk
         Ukraine


KHABALOVKA LLC: Creditors Must File Claims by October 11
--------------------------------------------------------
Creditors of LLC Khabalovka (code EDRPOU 31369670) have until
October 11, 2009, to submit proofs of claim to S. Timchishyn, the
company's insolvency manager.

The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company on September 1/2009.  The case is docketed
under Case No. 10/111/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobilianskaya Str. 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         LLC Khabalovka
         Streletsky Kut
         Kitsmansky
         Chernovtsy
         Ukraine


MANZHELIYA LLC: Creditors Must File Claims by October 14
--------------------------------------------------------
Creditors of LLC Agricultural Firm Manzheliya (code EDRPOU
23808319) have until October 14, 2009, to submit proofs of claim
to:

         O. Georgiyevsky
         Insolvency Manager
         Lenin Str. 82
         36022 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on August 18, 2009.  The case is docketed
under Case No. 4/21.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Agricultural Firm Manzheliya
         Manzheliya
         Globinsky
         Poltava
         Ukraine


NADRA BANK: Offers New Debt Restructuring Options to Creditors
--------------------------------------------------------------
Cbonds reports that Nadra Bank has offered creditors new debt
restructuring conditions.

According to Cbonds, Nadra outlined three options for the
restructuring.

"All the creditors are to choose between a 20% repayment of the
debts, a 50% debt write-off and the prolongation of the debt
period up to seven years, or a partial conversion of the debts
into a subordinated debt," Cbonds quoted analyst from the Troika
Dialog company Yekateryna Sydorova, as saying.

Nadra, Cbonds discloses, expects to sign an agreement with
creditors before November 2, 2009, finalize the debt repayment
schedule in December and complete the restructuring process in
January 2010.

                          About Nadra Bank

VAT Nadra Bank a.k.a Nadra KB VAT or Commercial Bank Nadra OJSC
(KSE:NADR) -- http://www.nadra.com.ua/rus/-- is a Ukraine-based
nation-wide universal commercial bank.  It provides financial
services to three client segments: individuals, small and
medium-sized enterprises and corporate clients.  Its customer
services platform comprises a network of branches located in all
Ukrainian major cities, numerous Automated Teller Machines (ATM)
and Point of Sale terminals (POS), as well as an electronic
contact center.  Nadra KB VAT has in its offer micro-loans, credit
lines, overdrafts, personal and corporate credit and debit cards,
current accounts, time deposits, cash management services, deposit
taking, cash management and account services, corporate cards and
securities transactions.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 1,
2009, Standard & Poor's Ratings Services said that it had affirmed
its 'SD' (selective default) long-term counterparty credit ratings
on Ukraine-based Nadra Bank.  The ratings were lowered to 'SD'
from 'CC' on March 2, 2009, after Nadra failed to make interest
payments on certain deposits and failed to honor drawings made on
certain of its letters of credit.


NAFTOGAZ NJSC: Moody's Changes Default Rating to 'Ca/LD'
--------------------------------------------------------
Moody's Investors Service has changed the probability of default
rating of NJSC Naftogaz of Ukraine to Ca/LD from Ca.  The rating
action reflects the actual default by Naftogaz on repayment of its
US$500 million Loan Participation Notes due September 30, 2009 at
their maturity.  Naftogaz's foreign currency corporate family and
debt ratings remain unchanged at this point in time at Caa2.  The
ratings remain under review with direction uncertain, which
reflects uncertainty over the execution of the restructuring
proposal put forward by the company to its debt holders.

Moody's previous rating action on Naftogaz took place on
September 28 when the agency downgraded the PDR of Naftogaz to Ca
from Caa2, and changed the direction of the rating review to
uncertain from possible downgrade.

Headquartered in Kiev, Ukraine, Naftogaz is an integrated
hydrocarbon company with operations in oil and gas exploration and
production, domestic and international transportation, storage and
supply.  In 2008, the company generated a UAH2.0 billion
(US$0.4 billion) net loss on total revenues of UAH53.1billion
(US$10.5 billion).


ZVS EUROBUD: Creditors Must File Claims by October 11
-----------------------------------------------------
Creditors of LLC ZVS Eurobud (code EDRPOU 33554460) have until
October 11, 2009, to submit proofs of claim to:

         G. Vudud
         Insolvency Manager
         Office 11
         Luzanovskaya Str. 63
         Odessa
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on August 20, 2009.  The case is docketed
under Case No. 45/147B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC ZVS Eurobud
         Poligraphicheskaya Str. 1
         83054 Donetsk
         Ukraine


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


BAA LTD: Intensifies Talks on Gatwick Sale
------------------------------------------
BAA Ltd. has intensified talks on the sale of London's Gatwick
airport to Global Infrastructure Partners, Steve Rothwell and
Ambereen Choudhury at Bloomberg News report, citing people close
to the negotiations.

The U.K. Competition Commission's arbitration tribunal will hear
evidence starting Oct. 19 on whether BAA should be forced to sell
three airports, Bloomberg discloses.

According to Bloomberg, BAA said in a statement Wednesday it is in
talks with "a number of bidders" for Gatwick airport and no
transaction has been agreed with any party, adding that it's not
working to any specific deadline.

                            Gatwick Sale

As reported in the Troubled Company Reporter-Europe on July 17,
2009, The Guardian said that a consortium lead by Manchester
Airports Group pulled out of the bidding race for BAA's Gatwick
airport.  The Guardian disclosed MAG refused to meet BAA's final
price of GBP1.5 billion to GBP100 million more than the owner of
Manchester airport was willing to offer.  According to
the Guardian, failure to sell Gatwick by March next year will
leave BAA with the option of raising new debt in order to meet the
payment schedule.  The Guardian said the option of raising new
debt however is shrouded in doubt because the government has
proposed a "special administration" regime which, in the event of
BAA going bust, would give ministers powers over the group's
airports.

                  "Special Administration" Regime

On June 12, 2009, the Troubled Company Reporter-Europe, citing
The Daily Telegraph, reported that BAA's bondholders proposed two
alternatives to the UK government's controversial plans to force a
"special administration regime".  The bondholders' first
alternative was to impose a license obligation that compels the
debt holders to continue to operate the airports.  The second was
for special administration to trigger a "pre-agreed exchange
offer" whereby existing debts are replaced by government-
guaranteed loans in the new BAA.  According to the Daily
Telegraph, the holders of GBP4.85 billion of bonds would demand a
"consent fee" that would apply to the owners of all the GBP9.6
billion of senior debt secured against Heathrow, Gatwick and
Stansted airports.  The bondholders warned that introducing a
special administration regime could lead to the insolvency of BAA.

BAA -- http://www.baa.co.uk/-- owns and manages seven airports in
the UK, including London's Heathrow, Gatwick, and Stansted.  The
company oversees functions such as cargo handling, fire
protection, property management, retail operations (including its
own World Duty Free stores), and security.  In addition, it runs
the Heathrow Express rail service to London and works with other
mass transit operators.  Outside the UK, BAA has a 65% stake in
the Naples International Airport in Italy and manages the retail
operations at three US airports in Pittsburgh, Baltimore, and
Boston.  A group led by Spanish infrastructure manager Ferrovial
acquired BAA in 2006 for more than GBP10 billion in stock.


BRAMMER PLC: To Raise GBP35.3 Mln in Rights Issue to Cut Debt
-------------------------------------------------------------
Alistair Gray at The Financial Times reports that Brammer plc
plans to raise a net GBP35.3 million through a rights issue in an
attempt to cut its net debt by more than half and reduce the risk
that the company could breach banking covenants.

According to the FT, the one-for-one rights issue, which has been
fully underwritten by RBS Hoare Govett, is priced at 72p a share,
a 57% discount to Monday's closing price.

"In the current environment the degree of leverage in the business
was inappropriate," the FT quoted  Dominic Convey, analyst at KBC
Peel Hunt, as saying.  "The size of the fundraising was a little
more than expected . . . [but] it's been welcomed by supportive
shareholders.  It's not been a distressed fundraising by any
stretch."

The FT notes Mr. Convey said following the cash call, Brammer's
net debt will fall to GBP30 million by the end of the year.

Brammer plc -- http://www.brammer.biz/-- is engaged in the
provision of business to business services.  The Company is a
supplier of power transmission components and related inventory
management, procurement and logistics services in Europe.  Its
products include bearings, gearboxes, chains and sprockets,
hydraulics, maintenance, pneumatics and tools.  On March 31, 2008,
the Company acquired 100% of the business of CBS Rotary Power
Motion.  On May 14, 2008, the Company acquired 100% of the
business of Tecnoforniture Srl.


BRITISH AIRWAYS: To Shed 1,700 Cabin Crew Jobs
----------------------------------------------
Pilita Clark at The Financial Times reports that British Airways
plc may cut the equivalent of 1,700 cabin crew jobs and hire
future recruits on lower salaries as it faced a second year of
losses.

The FT relates unions warned that the measures, which include a
planned two-year pay freeze, brought the risk of strike action in
the lead-up to the Christmas holiday season a step closer,
claiming their members had not been adequately consulted.

According to the FT, the planned job cuts would see about 1,000
cabin crew take voluntary redundancy and a further 3,000 switch to
part-time working, the equivalent of 1,700 full-time staff
reductions.

"We expect to record a significant loss for the second consecutive
year, the first time that has happened in our history," the FT
quoted the company as saying.  "We have consulted on these changes
and are not altering anything that requires negotiation.

                        About British Airways

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

                           *     *     *

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


DAMS INTERNATIONAL: Administrators Complete Going Concern Sale
--------------------------------------------------------------
The joint administrators of Dams International Limited, one of the
UK's leading independent manufacturers and suppliers of office
furniture, have completed a sale of the business and its assets to
a team led by the former management.

The sale preserves a total of 70 jobs at Dams International's
manufacturing base in Knowsley, Merseyside.

Paul Flint and Brian Green from KPMG Restructuring were appointed
joint administrators to Dams International on September 30, 2009.

Commentating on the appointment, Mr. Flint, joint administrator
and associate partner at KPMG Restructuring, said: "We are
delighted to have been able to complete such a quick sale of Dams
International, minimizing disruption to both suppliers and
customers.  The management team were backed in this transaction by
Venture Finance, who have been able to adopt a proactive approach
in the current market place to facilitate this deal."

Established in 1967, the firm operates regional distribution
centers in Hertfordshire, York, Glasgow and Bridgwater, Somerset.
It employs 327 people around the UK, and in FY08 had a turnover of
approximately GBP42 million.

Mr. Flint on September 30 said: "Over the course of the last 12
months, Dams International has experienced a significant fall in
turnover as a result of the economic crisis which, coupled with a
failed strategic expansion into outsourced logistics, has resulted
in extensive trading losses over the last year.  Despite the
firm's restructuring efforts to date, the business has run out of
cash and is now facing severe creditor pressure."


GALA CORAL: Shareholders Draw Up Restructuring Plans
----------------------------------------------------
Gala Coral's shareholders drew up their own restructuring plans
ahead of a potential covenant breach, Roger Blitz, Anousha Sakoui
and Martin Arnold at the Financial Times report, citing people
close to the situation.

The company, the FT discloses, has already held preliminary talks
with some of its lenders about potential solutions for
restructuring its GBP2.5 billion (US$4 billion) debt, of which
GBP540 million is mezzanine debt.

According to the FT, Gala's private equity owners Candover, Cinven
and Permira have suggested restructuring plans under which they
keep control, replacing mezzanine debt with debt on which the
interest is paid in kind -- in effect be paid for by incurring
additional debt -- rather than in cash.  Citing one of the people
close to the situation, the FT says the proposed the proposal
would held Gala to avoid a covenant breach.

The FT relates one of the people said that it would be nearly
impossible to avoid a breach in January.

Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of
the leading gaming companies in the UK, with operations
encompassing bingo, casinos, and sports betting.  It runs more
than 150 bingo halls throughout the country, as well as some 30
casinos.  The company is also a leading bookmarker with nearly
1,600 betting shops and online betting sites.  Gala Coral Group
was formed in 2005 when Gala Group acquired Coral Eurobet.  The
company is jointly owned by private equity firms Cinven Group,
Candover Investments, and Permira.


HONOURS PLC: Fitch Affirms Rating on Class D Notes at 'BB'
----------------------------------------------------------
Fitch Ratings has affirmed Honours Plc notes and assigned Loss
Severity Ratings.

  -- GBP164.8 million Class A1 affirmed at 'AAA'; Outlook Stable;
     assigned 'LS1'

  -- GBP54.2 million Class A2 affirmed at 'AAA'; Outlook Stable;
     assigned 'LS3'

  -- GBP33.4 million Class B affirmed at 'A'; Outlook Stable;
     assigned 'LS3'

  -- GBP18 million Class C affirmed at 'BBB'; Outlook Stable;
     assigned 'LS3'

  -- GBP12 million Class D affirmed at 'BB', Outlook Stable,
     assigned 'LS4'

The loans were originated to individuals who commenced higher
education courses prior to September 1998.  The above notes were
issued in November 2006 to refinance notes issued against the same
collateral pool in 1999.

As at end-August 2009 the receivables (less than 24 months
delinquent) totaled GBP289 million.  Deferred loans (not in
arrears) represented 73.5%, while loans due for repayment
comprised 18.2%.  The remaining 8.2% of the receivables comprised
loans up to 24 months in arrears.  Under current conditions Fitch
does not expect all loans that are in arrears to default.  Fitch
will continue to monitor the evolution of the arrears balance
relative to available credit enhancement.

Loans are classified as defaulted upon reaching 24 months
delinquent.  Cumulative defaults since November 2006 stand at
GBP18.3 million, within Fitch's original base case assumption of
GBP18.8 million.  All defaults to date have been cured from excess
spread and, consequently, the transaction has a zero principal
deficiency ledger balance.  The excess spread levels have
benefited from recoveries received in respect of receivables that
charged-off prior to the refinancing of the notes.

The transaction features performance-related triggers which are
designed to protect the senior notes, by deferring interest on
junior notes, in event of the principal deficiency ledger
breaching specified amounts.  None of these triggers have been
breached so far, and Fitch does not anticipate any breach in the
immediate future, given the balance of the principal deficiency
ledger and current performance trends.

The Class A1 notes have been in sequential amortization since
closing; the balance has reduced to GBP164.8 million from
GBP292 million.  Consequently credit enhancement levels have
increased since closing to these levels class A 24.8%, class B
13.3%, class C 7.1%, and class D 3%.

The transaction documentation provides for a pro-rata amortization
of the notes if certain conditions are met.  Currently all the
conditions are met with the exception of one which requires class
A notes subordination ratio to double in comparison with its value
at closing.  If the current performance continues Fitch expects
the notes to start amortizing pro-rata in H111.

The transaction benefits from a liquidity facility provided by
Danske Bank ('A+'/'F1', Stable Outlook).  The facility can be used
to cover interest shortfalls for class A1, A2 and B notes.  At the
same time, Deutsche Bank ('AA-'/'F1+', Negative Outlook) is acting
as guaranteed investment contract provider for Honours Plc.
Series 2 notes.  The current ratings of both parties are
consistent with Fitch's counterparty criteria.


IRIDAL PUBLIC: Moody's Cuts Ratings on Series 2 Notes to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service has taken this rating action on notes
issued by Iridal Public Limited Company.

  -- Series 2 EUR 3,000,000 Tranche B Floating Rate Credit Linked
     Secured Notes due 2012, Downgraded to Caa3; previously on
     Feb. 13, 2009 Downgraded to Caa2

This transaction is a repackaging of a CDO tranche of TCW/Oak
Canyon Funding.  Moody's explained that the rating action taken is
the result of the downgrading of TCW/Oak Canyon Funding Tranche B
to Caa3 from Caa2.  For more information please see moodys.com.

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

  -- Repackaged Securities (October 2001)

  -- Moody's Refines Its Approach to Rating Structured Notes
      (July 1997)

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


LEHMAN BROTHERS: PwC Offers Creditor Deals; Sees Payoffs by 2010
----------------------------------------------------------------
Lehman Brothers Holdings Inc.'s U.K. administrators are offering
deals with creditors in connection with the return of funds locked
up in the company's bankruptcy case.  PricewaterhouseCoopers said
the contracts would create an alternative to a similar plan
rejected by a London judge in August.

As reported by the TCR on Aug. 24, 2009, the U.K. High Court
denied PwC's request for approval of a scheme of arrangement that
would have helped expedite the winding up of Lehman Brothers'
European units.  The High Court said it does have jurisdiction to
sanction a Scheme of Arrangement.  PwC proposed to divide more
than 1,000 clients into three classes and deal with the claims by
class rather than individually.  PwC had previously said it could
take up to a decade to return assets via bilateral agreements,
instead of the proposed scheme.

The Joint Administrators have appealed the High Court judgment.
As the judgement had an adverse effect on the interests of many of
LBIE's clients, a request was made for the hearing of the Appeal
to be expedited. This wish has been granted by the Court of Appeal
and it is expected that the hearing will take place on October 26
2009.

However, in the meantime, the Administrators are anxious that the
appeal process should not lead to any unnecessary delay in the
return of client assets.  Therefore, in parallel with the appeal
process, they are developing alternative proposals that would also
assist with the return of client assets, whether or not the appeal
is ultimately successful.  In addition, they will continue to make
bilateral returns.  Although the Scheme is the most fully
encompassing and preferred solution for the return of creditor
assets, and that is why the judgment has been appealed, these
other proposals will retain many of the Scheme provisions.
Accordingly, the Joint Administrators have been actively
discussing with their lawyers and the Scheme working group members
these alternative options which could be utilised to expedite the
return of trust property irrespective of the appeal decision.

B.  A Contractual Solution

The Joint Administrators are developing a solution which would
offer creditors the ability to voluntarily elect to benefit from
the terms of a standardized settlement arrangement.  The
Contractual Solution would have substantially the same provisions
as the draft Scheme, including a bar date, and deal with all
aspects of determining the value of a creditor's net equity, the
allocation and the distribution of trust property that are dealt
with under the draft Scheme.  This Contractual Solution has many
benefits, in that the key terms have been substantially developed
and that it does not, in itself, require court sanction.  All
consenting creditors would agree to be bound between themselves
and LBIE by the Contractual Solution.

C.  Court Applications

In addition to the terms of the Contractual Solution, the Joint
Administrators expect to make one or more applications to the
court to assist them in administering client assets.  These
Applications will include the setting of a proposed January 31,
2010 bar date on the submission of client asset claims, which
Application will be brought on as soon as possible.

The Joint Administrators are making preparations for a number of
these possibilities simultaneously as the expeditious return of
client assets remains a core objective of the Administration and
wish to minimize any further delay notwithstanding the unknown
outcome of a number of factors which will influence the ultimate
choice of appropriate strategy.

          Jurisdiction Appeal to the Court of Appeal

LBIE's legal team and counsel have developed arguments in support
of the appeal that the Court does have jurisdiction to sanction a
Scheme of Arrangement under part 26 of the Companies Act 2006.
This is due to be heard on 26 October 2009 but the timing of the
delivery of the decision remains uncertain.  It is hoped that the
Court of Appeal will give its verdict by mid-November 2009,but
this means, even if LBIE is successful that the Scheme could take
several further months to implement, as a further Court hearing is
necessary to convene the meetings of creditors and, after the
creditors' meetings, to sanction the scheme.  In these
circumstances, it is anticipated that any revised scheme will
build upon the progress made in the interim, for example by
incorporating any universal Bar Date established, and provide
additional benefits to the process by binding all potential
parties (including non-signatories to the Contractual Solution)
into its terms.

Should the appeal be unsuccessful, the Scheme cannot be pursued
any further unless the Joint Administrators decide to appeal to
the UK Supreme Court, but, by implementing the alternative steps
outlined, the Administrators expect to be well advanced in
implementing the Contractual Solution by the time the Court of
Appeal delivers its decision.

                         Estimated Timing

This table indicates the current estimated timeline. Please note
this is a directional indication only and assumes court (and
judge) availability and that there are no appeals.

October 2009          Application for Bar Date

Late October 2009     Jurisdiction Appeal heard

Now to November 2009  Draft the Contractual Solution and agree
                       with working group

November 2009         Court of Appeal delivers judgment

November/
December 2009         Promote Contractual Solution.
                     Presentation, meetings and dialogue to
                       explain proposals and to  solicit support

December 2009         Achieve target acceptances. Offer
                       unconditional date set

December 2009         If appeal is successful review both the
                       timetable to reintroduce Scheme and the
                       proposals for the Contractual Solution in
                       light of the Court's decision

These actions may be dependent upon the appeal outcome:

December 2009         Launch Bar Date application for Retention
                     Claims by Affiliates

January 31, 2010      Proposed date Bar Date for customer
                     property claims

February 2010         If required, launch trust application to
                     determine correctness of pooling of any
                     shortfalls as between signatories and non-
                     signatories. The respondents would be the
                     specific non-signatories who suffer the
                     shortfall.

February 2010         If required, launch applications for costs
                     on non-signatories to be set

March 31, 2010        Proposed Bar Date on affiliate Retention
                     Claims

Q1 2010               Commence distributions of stock lines where
                     there is no shortfall, including Custody
                     clients and in some cases where there are
                     shortfalls, provided all claimants are
                     signatories

Q2 2010               Commence distributions of stock lines where
                     there are shortfalls as soon as issues
                     regarding shortfall allocations are resolved
                     with non signatories

                     About Lehman Brothers

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

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

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

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

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

              International Operations Collapse

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

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

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


PARK RESORTS: Lenders Agree to Reset Debt Covenants
---------------------------------------------------
Pan Kwan Yuk and Anousha Sakoui at The Financial Times report that
Park Resorts Ltd.'s lenders agreed to restructure the terms of a
GBP325 million (US$517 million) debt facility to the caravan park
operator.

According to the FT, a syndicate of creditors, including Bank of
Scotland, has agreed to reset the covenants on its debt and
provide a new GBP25 million facility to upgrade the group's 37
caravan parks.

No debt is being written off, the FT discloses.  The FT says
lenders will get a 5% stake in the business as well as a portion
of the proceeds of any sale in exchange for their support of the
restructuring.

Park Resorts Ltd. -- http://www.park-resorts.com/-- is a
campground operator in the UK with more than 35 vacation spots
throughout the country.  The parks offer accommodations for
recreational vehicles (caravans), as well as caravan rentals and
some vacation homes.  Park Resorts' properties also provide such
amenities as beaches, indoor pools, and other recreational or
entertainment facilities.  Private equity firm GI Partners owns
the company.


PUNJAB NATIONAL: Moody's Assigns 'D-' Bank Fin'l Strength Rating
----------------------------------------------------------------
Moody's Investors Service has assigned first time Local and
Foreign Currency deposit ratings of Baa3/Prime-3 and a Bank
Financial Strength Rating of D- (mapping to a Baseline Credit
Assessment of Ba3) to Punjab National Bank (International)
Limited.  The outlook on all ratings is stable.

The Baa3/P-3 long-term and short-term bank deposit ratings
incorporate Moody's assessment of a high probability of expected
parental support from Punjab National Bank (rated A2 for foreign
currency bank deposits, Ba2 for foreign currency debt and BFSR of
D+).  PNBIL is PNB's largest operation outside of India and is an
integral part of the group's international strategy and shares the
same name and brand.  Given its small size within the UK market,
the deposit ratings of PNBIL do not benefit from any systemic
support.

The D- BFSR reflects the bank's niche positioning, limited track-
record and relatively high reliance on shorter-term wholesale
funding.  The bank has a well-performing, albeit unseasoned,
corporate portfolio and certain competitive advantages in its
targeted customer base.  The bank's main corporate office is
located in Central London, while three retail branches are placed
in the key Indian communities of Southall, Leicester, and
Birmingham, with additional branches scheduled to open before
March 2010.

Despite the bank's good franchise recognition in its UK-based,
Indian retail customer base, the current ratings are constrained
by the bank's nascent franchise and limited track-record in the UK
market.  PNBIL's two year operating history makes it difficult to
establish a meaningful track-record on its earning stability and
diversity, although some comfort is derived from the integration
into the parent bank.  The bank's borrower concentrations are also
high, reflective of its small size and large corporate lending
portfolio.

PNBIL's relatively high reliance on shorter-term wholesale funding
means that its lending profile is constrained by the current lack
of medium-term funding.  However, Moody's note that the bank has
increased its customer deposits by 80% year over year and aims to
continue increasing retail deposits through online banking
products and the opening of more retail branches.  In addition,
PNBIL has access to a US$50 million revolving credit facility from
the parent, which it can draw upon in the event of need.

Moody's added that any potential upward pressure on the BFSR would
require an improvement in the strength of the franchise, as well
as a reduction in borrower concentrations and a reduction in its
reliance on short-term, wholesale funding.  Conversely, negative
pressure on the BFSR could arise from an increased reliance on
short-term, interbank funding or the failure to maintain strong
asset quality which could impact the bank's limited capital base.
In addition, the deposit ratings, which benefit from parental
support, would be impacted by a downgrade of the parent's BFSR.

Based in London, United Kingdom, PNBIL had total assets of
US$593 million at March 31, 2009.


TATA MOTORS: Jaguar Land Rover Secures GBP175 Mln Loan From SBI
---------------------------------------------------------------
John Reed at The Financial Times reports that Jaguar Land Rover
said Wednesday that it had secured a GBP175 million loan from the
State Bank of India.

According to the FT, in addition to the GBP175 million loan from
India, JLR, the car company owned by India's Tata Motors, said it
had also recently added a new US$90 million (GBP56 million) export
financing facility with ABC International Bank.

The FT relates JLR said Wednesday that the GBP500 million of new
funding facilities -- alongside the SBI and ABC loans -- had been
secured from Standard Chartered Bank, Bank of Baroda and Burdale
Financial Ltd., a subsidiary of the Bank of Ireland.

As reported in the Troubled Company Reporter-Europe on Sept. 28,
2009, the FT said JLR was winding down one of its three UK plants.
The FT disclosed the carmaker said it would decide which of its
two West Midlands factories, at Castle Bromwich and Solihull,
would close by the middle of next year after an analysis of costs
and productivity, and talks with unions.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


* UK: SMEs Struggle to Meet Tax Payments, LC Says
-------------------------------------------------
LC Corporate Strategies, the tax arrears restructuring specialist,
is fielding a record number of inquiries from cash-strapped
businesses wanting to reschedule payments to the taxman.

In the past half-year alone the national firm based in Manchester
has processed more than 100 requests for help from Small and
Medium-sized Enterprises (SMEs) needing to use HM Revenue and
Customs' (HMRC) Time To Pay Arrangement Scheme to spread tax
payments.

And LC Corporate Strategies, a division of corporate rescue,
insolvency and recovery firm Leonard Curtis, is achieving a
record-breaking success rate for its SME clients with some 85% of
its payment proposals being accepted by HMRC.

Since the launch of LC Corporate Strategies in 2001 it has
processed more than 650 inquiries from firms with HMRC debts
ranging in size from 50,000 to 4 million and above.

Time to pay allows firms to manage cashflow more effectively by
spreading the payment of tax liabilities after agreement with
HMRC.  The scheme allows taxpayers to spread all types of tax
liabilities including corporation tax, income tax, VAT, PAYE/NIC
and other payments owed to HMRC.

Since November 2008 HMRC has backed about 204,000 time-to-pay
arrangements following the launch of the Business Payment Support
Service (BPSS) for SMEs in 2008.  Approximately 2.7 billion had
been deferred as of June this year and 1.1 billion of that sum now
needs to be repaid.

Rik Heap, director at Corporate Strategies, said it is essential
for directors to act as soon as they become aware of a problem
with tax payments -- because ignoring demands for payment from
HMRC won't make them go away.

"It's very difficult to help if we're contacted by a director on
the day before a business receives a winding-up petition.

"Doing nothing really is not an option.  It's crucial for
directors to move immediately if they're having issues with their
tax -- it allows them to retain control of their finances and
ensure the security of the business," he said.

Mr. Heap said HMRC remained largely supportive of SMEs because it
wanted to keep them out of insolvency but was now looking to
maximize the tax take by demanding extremely robust business
plans.

If a business plan fails to meet the required standard and a
business fails to pay its monthly tax installments the taxman may
now come down very hard.

He added: "Many businesses have increased Crown arrears at an
alarming rate and HMRC has realized that there is a very large UK
plc debt out there that needs to be paid.

"Business owners therefore have to submit a repayment plan that is
spot on first time.  Many directors submit repayment plans that
fall at the first hurdle under scrutiny by HMRC so any plan must
be workable, robust and deliverable."

Leonard Curtis -- http://www.leonardcurtis.co.uk/-- is a top 10
UK independent corporate recovery, insolvency and restructuring
specialist.


* UK: CVAs, Pre-Packs Not Interchangeable, R3 Says
--------------------------------------------------
With the Government considering adopting legislation to increase
the use of Company Voluntary Arrangements (CVAs), CVAs have been
seen as a positive insolvency tool in cases such as JJB Sports and
Focus DIY.  However, their increasing usage is not necessarily
designed to phase out pre-packs.

CVAs and pre-packs are not interchangeable and apply in two very
different sets of circumstances, explains R3 President Peter
Sargent.  A CVA comes into effect earlier than a pre-pack in an
attempt to stave off a sale of the business entirely.

When the time needed to put together and vote on a CVA is not
available to distressed businesses, a rapid sale through a
pre-pack will prevent value seeping away and ensure better returns
to creditors.  Speed is crucial where the chief value of the
assets resides in its staff.  However, pre-packs and CVAs are
merely two of several options for distressed businesses and nor
are pre-packs by any means an Insolvency Practitioners tool of
choice.

In a study by R3 earlier this year, of the 89 pre-pack cases
identified in the month of April 2009, 5,478 jobs were at risk,
but the pre-pack meant that 4,846 jobs (88%) were saved.  Contrary
to perceptions, not all pre-packs are phoenixes, in the same
survey 60% of pre-packs went to the previous business owners while
40% found different owners.

Insolvency Practitioners stated that the top four reasons for
utilising a pre-pack in the above cases were (in order of highest
response): the sale needed to be fast; it was the best chance of
saving the workforce; it was the only alternative to liquidation
and there was marginally more returns to creditors.

Preserving value and jobs are priorities and if a business ceases
to trade there are no winners.  This survey shows nearly 90% of
jobs at risk were saved in a pre-pack, a much higher figure than
the 60% under other administrations.  Pre-packs are valuable in
the right circumstances when speed is vital, buyers are scarce and
jobs need to be saved.

R3 is the trade body for Insolvency Professionals, and is made up
of 97% of the UKs Insolvency Practitioners from all over the UK.


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


* BOOK REVIEW: Unique Value: The Secret of All Great Business
              Strategies
-------------------------------------------------------------
Andrea Dunham and Barry Marcus, with Mark Stevens and Patrick
Barwise
Publisher: Beard Books
Softcover: 303 pages
List Price: US$34.95
by Henry Berry

"Never stop leveraging what you do uniquely well," the authors
advise.  Every good manager knows how to leverage business
strengths.  The challenge is identifying a corporation's unique
value; which is, in most cases, an interrelated set of strengths.
This 1993 reprint instructs the reader on the process and method
for determining unique value: how to recognize it, how to
inculcate it into the corporate culture, and how to keep it in
focus and preserve it during changing business conditions.

Employing charts and diagrams, Ms. Dunham and Mr. Marcus
illustrate their trademarked Unique Value = ROI Model.  ROI --
return on investment -- is a familiar business ratio.  However, it
is not ordinarily linked to something called "unique value."  The
authors make a compelling argument that the two are related.  In
fact, a case can be made that nearly every business achieves its
ROI from its unique value.  With Ms. Dunham and Mr. Marcus
offering this new perspective on ROI, one quickly realizes that
unique value (and ROI) is a function of marketing, customer
relations, strategic planning, and other less tangible factors.
The reader draws the conclusion that ROI is as much a result of
image or market presence as it is financial planning and
management.

The Unique Value Model is best seen as a pyramid with the
"informing concept" of unique value at its peak.  The pyramid has
four bases: Consumer/Customer, Business Systems and Skills,
Product/Technology, and Competition.  These are the four major
interrelated factors of any business organization.  The authors
posit that each of these factors must be "analyzed, structured,
and fully understood" for the Unique Value = ROI Model to be
informative and effective.

Unique value is ultimately concerned with decision-making and
operations.  This is what Mr. Marcus and Ms. Dunham mean by their
advice to "never stop leveraging what you do uniquely well."  The
authors demonstrate how corporate leaders can apply their
knowledge of unique value to shape employee activity and
interactions with customers and clients, plan marketing campaigns,
decide upon the content and style of advertising, follow closely
what certain competitors are doing, look for profitable
acquisitions, and adroitly manage all the other activities upon
which the success of the corporation depends.  Mid- and lower-
level employees may not even know there is a core concept of
unique value; but they will be a part of its embodiment from the
leadership of executives and managers.

IBM, Frito-Lay, Seagram's, Yamaha, and Holiday Inn are some of the
prominent companies used as examples of how unique value can be
applied to ROI.  Aspects of the model are already widely practiced
by many successful corporations.  After reading this book, it's
hard to imagine how a corporation can be successful without
heeding the principles of unique value.  The challenges posed by
today's business environment are greater than ever.  Competition
is fierce, both at home and from abroad; consumer demands are
fickle; and government policy pervades everything from taxes to
the environment.  Corporations that can clearly articulate and
unerringly implement their unique value have an advantage over
their competitors.

Andrea Dunham and Barry Marcus were partners in founding the
management and marketing consulting firm Dunham & Marcus.  Mr.
Marcus is CEO of Unique Value International, a consulting firm in
the areas of marketing and brand development.


                            *********

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 * * *