TCREUR_Public/091012.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

           Monday, October 12, 2009, Vol. 10, No. 201

                            Headlines

A U S T R I A

CLEANING & PERSONALSERVICE: Claims Filing Deadline is October 28
HAMILTON GMBH: Claims Filing Deadline is October 27
PERFECTA BAU: Claims Filing Deadline is October 28
PRIVATES SENIORENHEIM: Claims Filing Deadline is October 12
SPUB SERVICE: Claims Filing Deadline is October 27


C Z E C H   R E P U B L I C

TESCO STORES: Prague Court Starts Insolvency Proceedings


D E N M A R K

AMAGERBANKEN AS: Moody's Reviews 'E+' Bank Strength Rating


G E R M A N Y

ALMATIS GMBH: Mezzanine Lenders Draw Up Restructuring Proposal
JUNO 2007-2: Fitch Junks Ratings on Three Classes of Notes


H U N G A R Y

BORSODCHEM NYRT: Wanhua Seeks to Reassure Permira on Plans
TISCALI SPA: Carphone Renegotiates GBP236 Mln Price for UK Unit


I R E L A N D

CORNERSTONE TITAN: Moody's Lowers Rating on Class D Notes to 'B3'
OPERA FINANCE: Fitch Downgrades Rating on Class D Notes to B'
QUIRINUS PLC: Fitch Junks Rating on Class F Notes From 'BBB+'


I T A L Y

SAGRANTINO ITALY: Fitch Cuts Rating on Class E Notes to 'B'


K A Z A K H S T A N

ALP PROM: Creditors Must File Claims by October 17
BARIT OIL: Creditors Must File Claims by October 17
BEST CELL: Creditors Must File Claims by October 17
CENTRAL ASIA: Creditors Must File Claims by October 17
DEREVOOBRABATYVAUSHY COMBINATE: Claims Filing Deadline is Oct. 17

HDM KAZAKHSTAN: Creditors Must File Claims by October 17
INVEST CONSULTING: Creditors Must File Claims by October 17
LES STROY: Creditors Must File Claims by October 17
SOUTH TRADE: Creditors Must File Claims by October 17
STROY MATERIALY: Creditors Must File Claims by October 17


K Y R G Y Z S T A N

CONCEPT SERVICE: Court Names Y. Asanbekov as Insolvency Manager
KYRGYZ HLOPOK: Creditors Must File Claims by October 28


L U X E M B O U R G

ORCO PROPERTY: Secures Financing for Subsidiaries, Sells Buildings


N E T H E R L A N D S

BAAN COMPANY: To File Liquidation Distribution Plan Before Oct. 31


R U S S I A

AGRYZSKAYA CERAMICS: Tatarstan Bankruptcy Hearing Set October 20
ASTOR INSURANCE: Creditors Must File Claims by October 18
DUBROVKA-LES-PROM: Kirovskaya Bankruptcy Hearing Set October 20
KUZNETS-METALLURG LLC: Creditors Must File Claims by October 18
RENAISSANCE SECURITIES: Fitch Assigns 'B' Rating on Medium Notes

ROSTOV-NEFTE LLC: Creditors Must File Claims by October 18
SAMARA-STROY LLC: Creditors Must File Claims by October 18
SULIN-STROY LLC: Creditors Must File Claims by October 18
TEVRIZSKIY BUTTER: Creditors Must File Claims by October 18
ZHULANSKIY BUTTER: Creditors Must File Claims by October 18


R U S S I A

* ULYANOVSK REGION: Fitch Affirms Currency Ratings at 'BB-'


S W I T Z E R L A N D

BUETLER HOLZBAU: Claims Filing Deadline is November 2
CARREFOUR SCHWEIZ: Claims Filing Deadline is November 2
COMMUNITY MARKETING: Claims Filing Deadline is November 30
RYCHENER INNENDEKORATIONEN: Claims Filing Deadline is November 2


U K R A I N E

ELEKTRON LLC: Creditors Must File Claims by October 15
ITO ALPHA: Creditors Must File Claims by October 15
KENTAVR LLC: Creditors Must File Claims by October 15
LUGANSK COAL: Creditors Must File Claims by October 15
PIRAMIDA DTM: Creditors Must File Claims by October 15

REGION LIDER: Creditors Must File Claims by October 15
TK PROSTOR: Creditors Must File Claims by October 15
UKRPROMTECHNOLOGY LLC: Creditors Must File Claims by October 14
VINSMART PROMO LLC: Creditors Must File Claims by October 15
VP WHITE: Creditors Must File Claims by October 15


U N I T E D   K I N G D O M

CANDOVER INVESTMENTS: Fund Suspension Extended Until Dec. 4
PREMIUM BARS: Administrator In Advanced Talks Over Sale


X X X X X X X X

* BOND PRICING: For the Week October 5 to October 9, 2009


                         *********



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A U S T R I A
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CLEANING & PERSONALSERVICE: Claims Filing Deadline is October 28
----------------------------------------------------------------
Creditors of Cleaning & Personalservice GmbH have until
October 28, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 11, 2009 at 11:10 a.m.

For further information, contact the company's administrator:

         Dr. Peter Zens
         Esteplatz 5/5
         1030 Vienna
         Austria
         Tel: 534 90
         Fax: 534 90-50
         E-mail: office@schopf-zens.at


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

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

For further information, contact the company's administrator:

         Dr. Florian Gehmacher
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: gehmacher@preslmayr.at


PERFECTA BAU: Claims Filing Deadline is October 28
--------------------------------------------------
Creditors of Perfecta Bau ltd. & Co KG have until October 28,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 11, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Dr. Norbert Schopf
         Esteplatz 5/5
         1030 Vienna
         Austria
         Tel: 534 90-0
         Fax: DW 50
         E-mail: office@schopf-zens.at


PRIVATES SENIORENHEIM: Claims Filing Deadline is October 12
-----------------------------------------------------------
Creditors of Privates Seniorenheim Schmidt GmbH have until
October 12, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for October 22, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Guenter Flatz
         Muehletorplatz 12
         6800 Feldkirch
         Austria
         Tel: 05522/39100
         Fax: 05522/391001
         E-mail: office@tfd.at


SPUB SERVICE: Claims Filing Deadline is October 27
--------------------------------------------------
Creditors of Spub Service 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 noon.

For further information, contact the company's administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at


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


TESCO STORES: Prague Court Starts Insolvency Proceedings
--------------------------------------------------------
ISI reports that the Prague municipal court has commenced
insolvency proceedings against the local unit of U.K.-based retail
chain Tesco Stores.

Tesco PLC -- http://www.tescoplc.com/-- is an international
retailer.  The Company is engaged in retailing and associated
activities in the United Kingdom, the Republic of Ireland,
Hungary, Poland, the Czech Republic, Slovakia, Turkey, Thailand,
South Korea, Malaysia, Japan, China and the United States.  The
Company also provides retail banking and insurance services
through its subsidiary Tesco Personal Finance PLC (formerly Tesco
Personal Finance Group Limited) (TPF).  The Company has two
business segments, retailing and financial services.  Retailing
Services includes the Company's online shopping channels,
tesco.com and Tesco Direct; Telecoms; Tesco Personal Finance
(TPF), and dunnhumby, its consumer research business.


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


AMAGERBANKEN AS: Moody's Reviews 'E+' Bank Strength Rating
----------------------------------------------------------
Moody's Investors Service placed the E+ bank financial strength
rating of Amagerbanken A/S on review for possible downgrade.  Its
Baa3/Prime-3 long- and short-term deposit ratings and Prime-1
backed short-term issuer rating were affirmed.  The long-term
deposit rating has a stable outlook.

Moody's rating action follows the announcement that Amagerbanken's
capital level is below the individual solvency requirement of
13.6% set by the Danish financial supervisory authority,
Finanstilsynet.  The bank reported a capital ratio of 11.5% at the
end of June 2009 and, based on its own methods, calculates the
individual solvency requirement to be 9.48%; therefore, it has
appealed against Finanstilsynet's individual solvency assessment.

In the meantime, Finanstilsynet has given the bank until November
3, 2009, to meet their individual solvency requirement of 13.6%.
Moody's notes that under the Danish government's first support
scheme to the banking sector (Bank Package I), a bank that fails
to meet the capital adequacy requirement by the deadline would
fall under the control of the government-owned Financial Stability
Company.  Therefore should the appeal not be successful, failure
to meet the individual solvency requirement would likely mean that
the bank's activities would be taken over by the Financial
Stability Company.  In that event, the BFSR would likely be
downgraded to E -- the lowest possible on Moody's scale -- and
therefore the rating has been placed on review for possible
downgrade.  Moody's also believes that the bank's franchise has
been impaired given the recent events.

Amagerbanken is participating in Bank Package I, which covers
deposits and senior unsecured claims until September 30, 2010.
The affirmation of Amagerbanken's deposit ratings reflects the
support measures taken by the Danish government under Bank Package
I as well as Bank Package II, which in Moody's view underpin the
current investment-grade rating of the bank's long-term deposits.
However, the rating agency notes the bank will no longer benefit
from Bank Package I after September 30, 2010, assuming the
conditions of the scheme remain unchanged, unless it has entered
the Financial Stability Company before that date.  Therefore,
Moody's notes that there is a significant risk that the long-term
deposit rating will migrate closer to a level of the baseline
credit assessment (BCA, which maps directly from the BFSR) from
the current level which is incorporating very high systemic
support.

Moody's last rating action on Amagerbanken A/S was on
September 8, 2009, when the BFSR was downgraded to E+ and the
deposit ratings were downgraded to Prime-3/Baa3.

Amagerbanken A/S, headquartered in Copenhagen, Denmark, reported
total assets of DKK33 billion (EUR4.4 billion) at the end of
June 2009.


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G E R M A N Y
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ALMATIS GMBH: Mezzanine Lenders Draw Up Restructuring Proposal
--------------------------------------------------------------
Almatis GmbH's mezzanine lenders teamed up with private equity
sponsor Dubai International Capital and tabled a restructuring
proposal, Zaida Espana at Reuters reports citing two sources.

According to Reuters, another source said the proposal from
mezzanine lenders --including Alcentra, Babson, North Western
Mutual and Permira-- and DIC, will not involve write-downs for
senior lenders and is designed to avoid a Chapter 11 filing.
Reuters notes the same source said the mezzanine lenders and DIC's
joint offer requires approval from two thirds of senior creditors
and minor changes to the senior loan agreements.

Reuters recalls Almatis' senior lenders last month made an offer
that included a possible Chapter 11 filing and a pre-pack sale
among other options.

Headquartered in Frankfurt, Germany, Almatis GmbH --
http://www.almatis.com/-- manufactures alumina-based products
used to make abrasives and polishers, paper coatings, flame
retardants, plastics and polymers, and refractories.  Its
manufacturing plants are located in Asia, Europe, and the US.
Formerly known as Alcoa World Chemicals, Almatis was formed in
2004 when the aluminum giant sold its chemicals unit to private
investment firms Rhone Capital and Teachers' Private Capital.
Toward the end of 2007 another private equity group Dubai
International Capital, a unit of Dubai Holding, agreed to buy
Almatis.


JUNO 2007-2: Fitch Junks Ratings on Three Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded Juno (Eclipse 2007-2):

  -- EUR653.7 million Class A (XS0299976323): downgraded to 'A'
     from 'AAA'; Outlook Negative

  -- EUR0.06 million Class X (XS0299976596): affirmed at 'AAA';
     Outlook Stable

  -- EUR68.3 million Class B (XS0299976752): downgraded to 'BB'
     from 'AA'; Outlook Negative

  -- EUR73.3 million Class C (XS0299976836): downgraded to 'CCC'
     from 'A'; assigned Recovery Rating 'RR5'

  -- EUR40.4 million Class D (XS0299977057): downgraded to 'CC'
     from 'BBB'; assigned Recovery Rating 'RR6'

  -- EUR5.8 million Class E (XS0299977131): downgraded to 'CC'
     from 'BB'; assigned Recovery Rating 'RR6'

Fitch's criteria for European CMBS surveillance and criteria for
European multi-family loans were used to analyze the quality of
the underlying commercial mortgage loans.

The downgrades reflect ongoing deterioration in continental
European property market conditions, which has weakened the
creditworthiness of the loans securitized in this transaction.
Although not all the properties collateralizing the loans have
been re-valued since closing, Fitch estimates a blended market
value decline (MVD) of 33%.  Four reference obligations have been
particularly affected: Neumarkt, SCI Clichy, Den Tir and Ostend,
each discussed below.

The interest-only Neumarkt loan (14.5% of the securitized balance)
has an A/B-note structure, with only the A-note forming part of
the securitization.  The loan is collateralized by a well-located
inner-city shopping centre and office complex in Cologne, Germany.
The servicer (Barclays Capital Mortgage Servicing Limited, rated
'CPS2UK) transferred the loan to special servicing in July 2009
after the interest coverage ratio fell to 0.95x at the May 2009
interest payment date, below the covenanted 1.1x.  This was
triggered by the fourth-largest tenant breaking its lease
(representing some 11% of passing rent) and exacerbated by the
insolvency of Karstadt (responsible for 14% of passing rent).  In
addition, the servicer and the sponsor are experiencing continuing
problems in getting monitoring information on time and accurately
from the asset manager.  Having last been re-valued in August
2008, the reported LTV stands at 79.3% for the whole loan and
68.1% for the A-note.  This is well below the LTVs estimated by
Fitch (115% and 99% respectively).  Although the loan is scheduled
to mature in August 2013, the falls in income expose the borrower
to the stressed refinancing conditions prevailing currently,
weakening the loan considerably.

The SCI Clichy interest-only loan (13.4%) is collateralized by an
office complex in Clichy, 8km north-west of central Paris.  BCMS
transferred the reference obligation to special servicing in July
2009 owing to a breach of the 1.1x ICR covenant.  The EUR6.2
million lease surrender payment is solely used to fund debt
service and costs, allowing ICR to be reported at 1.0x.  The drop
in ICR (from 1.65x at cut-off) reflects the largest tenant's
decision to vacate its space (cutting 51% of passing rent) in June
2008.  In spite of the decision to vacate being announced in H207,
the space remains vacant.  The sponsor is not able to fund the
circa EUR15 million capex which Fitch understands will have to be
spent to attract a new tenant.  Fitch has taken into account the
detrimental effect this has on re-letting prospects, contributing
to a very high MVD of 58% that the agency estimates has taken
place since the last valuation in June 2008.  So although the
reported LTV is 78.2%, a lack of amortization scheduled prior to
maturity, in November 2011, indicates a high likelihood of loss.

The DenTir loan (3.6%) is secured by a shopping centre located in
Antwerp which, since March 2009, has been experiencing a
significant increase in vacancy, with 10 out of the 26 tenants
having now vacated their space.  Vacancy now stands at 33%
compared to 5% at the August 2008 IPD; likewise, ICR has fallen
sharply to 0.8x from 1.31x at cut-off.  When valued in December
2008, the property had already registered an MVD of 52% compared
to at closing, and Fitch considers further declines have occurred.
The investor report stated the increase in vacancy, low footfall
as well as local competition as further reasons for the
significant decline in MV.  A strategic review carried out by
Jones Lang Lasalle (JLL) at the request of the special servicer
corroborates much of Fitch's analysis: it concluded that without a
dramatic change in economic conditions, the property value stands
little chance of recovering to the loan balance by loan maturity
in 2016.

The Ostend loan (3.2%) is secured by a mixed-use property in
Ostend, Belgium.  The loan has been transferred to special
servicing in November 2008 following a breach of its LTV and ICR
default covenant.  The occupancy of the property dropped to 88.3%
as the parking operator (around 30% of passing rent) exercised its
break option.  Moreover, the property shows high rental arrears of
44% of quarterly invoiced rent, mainly caused by building defects
(which have been resolved in the meanwhile).  A re-valuation of
the property in October 2008 showed an MVD of 27.3%.  Building
defects and the shopping centre's bad reputation were reported as
the main drivers behind the MVD.  The reported whole loan LTV
stands at 100.6% and compares to Fitch's estimate of 108%.  The
projected ICR decreased to 0.72x as per the May 2009 IPD, and so
in spite of loan maturity falling in August 2013, the loan is
exposed to current weak credit conditions.

JUNO (Eclipse 2007-2) is a fully funded synthetic securitization
of 17 real estate backed loans originated by Barclays Bank PLC
('AA-/F1+', Stable Outlook).

Fitch will continue to monitor the performance of the transaction.


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H U N G A R Y
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BORSODCHEM NYRT: Wanhua Seeks to Reassure Permira on Plans
----------------------------------------------------------
Sundeep Tucker, Martin Arnold and Anousha Sakoui at The Financial
Times report that Jiansheng Ding, chief executive of Wanhua
Industrial, said it would not be a "disruptive force" if talks
over its proposed takeover of Borschodchem Nyrt. succeed.

"We do not want to be a disruptive force," Mr. Ding told the FT.
"We sell premium products, not discounted, and we adhere to high
environmental standards."

According to the FT, Mr. Ding's comments are aimed at re-assuring
Permira, a 40-strong lending syndicate, and the Hungarian
government about Wanhua's long-term plans for Borsodchem, which
employs 4,000 staff.

Christian Neuss, partner at Permira, told the FT, "We are not
against them [Wanhua].  But they should now act as a responsible
stakeholder and support the existing restructuring plan."

The FT says Wanhua's plans to take control of Borsodchem, owned by
Permina face opposition from lenders who, among other concerns,
are unsure about lending to a Chinese entity largely unknown to
them.

Borsodchem, the FT discloses, is in advanced talks with lenders to
restructure EUR1.1 billion (US$1.6 billion) of debt.  Wanhua would
get a 13-15% stake in Borsodchem in exchange for writing off two-
thirds of the mezzanine debt it is believed to hold, the FT says.

                          About BorsodChem

Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt.
(fka BorsodChem Rt) -- http://www.borsodchem.hu/-- produces
chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC
resins, and additives for the plastic and rubber industries.
The Company exports its products mainly to Western Europe.


TISCALI SPA: Carphone Renegotiates GBP236 Mln Price for UK Unit
---------------------------------------------------------------
Nic Fildes at The Times reports that Carphone Warehouse has
renegotiated the GBP236 million price it agreed to pay for Tiscali
UK after accusing the company of overstating its customer base.

Charles Dunstone, chief executive of Carphone Warehouse, told The
Times: "They effectively overstated the figures.  When we looked
in the cupboard there was less than we had been led to believe."

The Times relates Carphone Warehouse said in a trading statement
Thursday that the company, which it bought in May, had 160,000
fewer customers than it had been advised.

The Times notes given that the Carphone Warehouse agreed to pay
Tiscali's Italian owner on a per-customer basis, the lower than
expected subscriber base means that the sale price will be reduced
by up to GBP25 million, according to analyst calculations.

As reported in the Troubled Company Reporter-Europe, Bloomberg
News said in May Tiscali's board approved a debt restructuring
plan, including a rights offering to raise as much as EUR210
million (US$281 million), after it agreed to sell its U.K. unit to
Carphone Warehouse.  In March, Tiscali halted payments on long-
term bank debts.  It had about EUR500 million of long-term bank
borrowings at the end of last year, according to Bloomberg.

                           About Tiscali

Cagliari, Italy-based Tiscali S.p.A. (BIT:TIS) --
http://www.tiscali.com/-- is an Internet communications company
providing broadband and narrowband access for consumer and
business applications, as well as communications services and
content.  The Company's portfolio includes Internet access in the
form of dial-up, broadband, satellite and leased lines, and
hosting services, such as co-location, shared hosting and managed
hosting.  Tiscali also offers streaming media, telephony and such
services as virtual private networks (VPN), allowing companies to
communicate with remote branches.  Its consumer products and
services include Internet access, voice, media, Internet Protocol
Television (IPTV) and value-added services, such as e-mail, Net
calendar, Net fax, Net phone, mail, instant messaging and Web
hosting.  It is operational in Europe through its subsidiaries and
joint ventures.  As of June 30, 2008, Tiscali had approximately
3.2 million active users in Italy and the United Kingdom.


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I R E L A N D
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CORNERSTONE TITAN: Moody's Lowers Rating on Class D Notes to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded this class of Notes
issued by Cornerstone Titan 2007-1 p.l.c. (amounts reflect initial
outstandings):

  -- EUR333M Class A2 Commercial Mortgage Backed Floating Rate
     Notes due 2017, Downgraded to Aa3; previously on April 8,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR75.1M Class B Commercial Mortgage Backed Floating Rate
     Notes due 2017, Downgraded to Baa3; previously on April 8,
     2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR44.175M Class C Commercial Mortgage Backed Floating Rate
     Notes due 2017, Downgraded to Ba3; previously on April 8,
     2009 Aa1 Placed Under Review for Possible Downgrade

  -- EUR97.185M Class D Commercial Mortgage Backed Floating Rate
     Notes due 2017, Downgraded to B3; previously on April 8, 2009
     A1 Placed Under Review for Possible Downgrade

At the same time Moody's has affirmed the Aaa rating of the Class
A1 and Class X Notes.  Moody's did not assign ratings to the Class
E, F, G, VA, and VB Notes of the Issuer.

The rating action concludes the review for possible downgrade that
was initiated for Class A2, B, C, and D Notes on April 8, 2009,
and 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

Cornerstone Titan 2007-1 p.l.c. closed in March 2007 and
represents the securitisation of initially 18 mortgage loans
originated by Credit Suisse and 14 loans originated by Capmark.
The loans were initially secured by first-ranking legal mortgages
over 167 properties located across Germany (79%), France (15%),
Poland (4%), Switzerland (2%) and the Netherlands (1%).  By
annualised base rent, the portfolio comprised 42% mixed-use
properties (mainly office, retail and warehouse), 21% office
properties, 20% retail properties, 9% multifamily, 1% hotel
properties and 8% other properties.  At the time of closing, this
was the first true sale conduit transaction including Polish
loans.

Since closing of the transaction, four loans (7.4% of the initial
pool balance), prepaid in full.  The prepayment proceeds were
allocated 50% sequential and 50% pro-rata to the Notes.  The
remaining loans are not equally contributing to the portfolio: the
largest loan (Xanadu Loan) represents 24.1% of the current
portfolio balance, while the smallest loan (the Dusseldorf Loan)
represents 0.4%.  The current loan Herfindahl index is 9.0
compared to 10.6 at closing.  Following the prepayments, the
remaining 28 loans are secured by 147 properties with similar
property type composition as per closing: mixed-use (47%), office
(19%), retail (22%) and other property types including multifamily
(9%).  79% of the properties are currently located in Germany, 17%
in France, 2% in Switzerland, 1% in Poland and 1% in the
Netherlands.

As of the last interest payment date in July 2009, all 28
remaining loans were current while one loan (the Loews Loan, 8.4%
of the current portfolio) was in special servicing.  The
sequential payment trigger in the transaction has not been
breached to date.

2) Rating Rationale

The rating actions follows a detailed re-assessment of the loan
and property portfolio's credit risk.  Hereby, Moody's main focus
was on property value declines, term default risk, refinancing
risk and the anticipated work-out timing for potentially
defaulting loans.  In its review, Moody's especially concentrated
on the largest loans in the portfolio accounting for on aggregate
64.2% of the current portfolio, i.e. the Xanadu Loan, the Hugo
Loan, the Loews Loan, the Wolfsburg Loan and the German Retail
Portfolio III Loan.

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

  (i) the refinancing profile of the transaction with
      approximately 27% of the loans maturing in 2010 and 2011;

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

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

Driven by, in most cases, a higher default risk assessment at the
loan maturity dates, Moody's now anticipates that a very large
portion of the portfolio will default over the course of the
transaction term.  Coupled with the negative impact of reduced
property values, Moody's expects a substantial amount of losses on
the securitized portfolio.

The current subordination level for Moody's rated classes are
53.6%, 26.6%, 20.5%, 16.9%, 9.0% for the Class A1, the Class A2,
the Class B, the Class C, and the Class D notes respectively.
While the subordination provides protection against losses for the
more senior Notes, also the likelihood of higher than expected
losses on the portfolio has increased substantially, which results
in the rating action.

Since closing, four loans amounting to 7.4% of the original
portfolio balance prepaid in full.  The prepayment proceeds of the
loans were allocated to the notes on a 50% sequential and 50% pro-
rata basis.  At the same time, the loan portfolio provides for
limited scheduled principal repayment over time.  As a result, the
Notes benefited only to a limited extent from an increase in
subordination levels since closing.

The Class A2, Class B, Class C, Class D Notes are subordinated in
the transaction's capital structure.  Due to this additional
leverage, the higher portfolio risk assessment has a relatively
bigger impact on the expected loss of the more junior Notes than
on the expected loss of the senior Notes.

The Class X Notes are entitled to receive the difference between
(i) interest payable on the loans and (ii) interest payable on the
Notes and certain costs.  Servicer advances 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 Issuer Class X Account for
the purpose of repaying the principal amount of the Class X Notes.
Moody's believes that the Class X Notes have a different risk
profile in comparison to the other classes in the transaction
given their characteristics.  The rating of the Class X Notes is
therefore not directly affected by the credit risk of the loan
portfolio.

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-
2011.  Moody's estimates that compared to the underwriter's
("U/W") values at closing, the values of the properties securing
this transaction have declined on average by approximately 16.5%
until mid-2009 (ranging from a 34.0% decline for the Solstice Loan
to no decline for the German Retail Portfolio I Loan).  Looking
ahead, Moody's anticipates further declines until 2010 and 2011,
resulting in, on average, a 21.4% value decline from the closing
U/W value to Moody's trough value (ranging from a 34.0% decline
for the Solstice Loan to a 0% decline for the German Retail
Portfolio I).  In September 2009, the servicer has received an
updated open market valuation of the Loews portfolio from DTZ of
EUR104.3 million which represents a 25.7% decline from the value
at closing on a like for like basis.  This new valuation is at the
same level as the Moody's mid-2009 value in for this property
portfolio.

Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted average ("WA") securitized
loan-to-value ratio was 90.0% compared to the current U/W LTV of
76.9% (taking into account the updated value for the properties
securing the Loews Loan).  Due to the further envisaged declines,
the WA LTV will increase in Moody's opinion to 96.4% in 2010 and
will only gradually recover thereafter.  Based on Moody's
anticipated trough values, the LTVs for the securitized loans
range between 117.9% (Solstice Loan) and 56.1% (Geneva Loan).  As
eight loans have additional debt in the form of B-loans (amounting
to EUR 84.9 million on aggregate), based on estimated trough
values, the overall whole loan leverage is on average 101.3%.

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

Refinancing Risk.  Two loans accounting for 2.2% of the pool are
due to refinance in 2010.  13 loans accounting for 24.6% of the
pool are due to refinance in 2011.  The remaining loans have
maturity dates in 2013 except for the Loews loan with maturity in
2014.  However, this loan is already in default.  Moody's
adjustment of the refinancing risk assessment is primarily due to
the decline in property values and its expectations that
commercial real estate lending will remain scarce over the next
two to three years.  As Moody's expects property values in the
Continental European markets to only slowly recover from 2011
onwards, all loans will be still highly leveraged at their
respective maturity dates.  Consequently, in Moody's view, for all
loans, the default risk at maturity has increased substantially
compared to the closing analysis.  As regards the Hugo Loan (15.7%
of current portfolio balance), 44.8% of the rental income is
generated by a tenant whose lease expires in July 2012.  Given
that the loan matures in January 2012, Moody's believes that its
refinancing prospects are highly dependent on the decision of this
tenant on the renewal of its lease.  Moody's has taken this risk
into account when analyzing the default probability of the loan at
maturity.  However, future rating sensitivity in relation to the
tenant's decision as regards a lease renewal cannot be ruled out.

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.  In
particular, loans secured by properties which will experience
significant lease rollover over the next few years, could be, in
Moody's view, especially exposed to weakening occupational
markets.  As a consequence, Moody's has incorporated into its
analysis an allowance for deterioration in coverage ratios and
weakening tenant qualities, in turn increasing the term default
risk assumption for most of the loans.

Loan in Default and/or Special Servicing.  The Loews Loan which
accounts for 8.4% of the current portfolio is in default since
September 2008 and has been transferred to special servicing.  The
default was triggered by the application for opening of insolvency
proceedings in Germany of the Loews borrowers and their general
partners.  Already in August 2008, administration orders were
issued in respect of other affiliated companies of the borrower
group.  Subsequent to the special servicing transfer event, no
debt service was paid to the junior lender while the debt service
on the securitized senior portion of the loan is still paid.
According to the Special Servicer, a realization agreement has
since been executed which confirms that the parties do not intend
to apply for a forced auction sale or a forced administration of
the properties in court.  Currently, a marketing agent has been
appointed to commence the orderly sale process of the portfolio.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a substantial 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 already defaulted Loews Loan, the Hugo
Loan has the highest default risk, while the Cayenne Loan (1% of
the current portfolio balance) has the lowest risk of defaulting.

Concentration Risk.  The portfolio securitized in this transaction
exhibits an average concentration in terms of property types and
property location.

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

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


OPERA FINANCE: Fitch Downgrades Rating on Class D Notes to B'
-------------------------------------------------------------
Fitch Ratings has downgraded Opera Finance plc's EUR375 million
commercial mortgage-backed floating-rate notes due 2015:

  -- EUR250 million Class A: ISIN (XS0241931442) affirmed at
     'AAA'; Outlook revised to Negative from Stable

  -- EUR50 million Class B: ISIN (XS0241934628) downgraded to 'A'
     from 'AA'; Outlook Negative

  -- EUR40 million Class C: ISIN (XS0241935195) downgraded to
     'BBB-' from 'A'; Outlook Negative

  -- EUR35 million Class D: ISIN (XS0241935609) downgraded to 'B'
     from 'BBB'; Outlook Negative

The creditworthiness of the transaction has been impacted by the
severity of declines in the Irish commercial real estate market.
While a January 2009 re-valuation of the portfolio reflects a 9%
market value decline from the peak value in August 2008, Fitch
estimates a further MVD of 35% based on current market conditions.
This results in a Fitch loan-to-value ratio of 101% on the
securitized A-note and 127% on the whole loan, and is the main
driver of the negative rating action.

The properties are of good to average quality and are primarily
located in Dublin, with a single retail asset in Cork.  The
Stillorgan Shopping Centre, the largest asset in the portfolio
(26% of MV), is a secondary shopping centre located in the suburbs
of Dublin, while the second largest property in the portfolio is a
grade A office property located in Dublin (17.9% of MV).  With the
exception of the shopping centre property, there is no vacancy in
the portfolio (the WA vacancy stands at 2.8%).  In general, the
collateral benefits from a good lease rollover profile, with a
weighted average lease term-to-break of 14.9 years which extends
over 10 years after the maturity of the loan.  While the portfolio
displays a strong income profile, which largely insulates it from
the current turbulence in the Irish domestic market, Fitch
believes the retail element of the portfolio to be more exposed to
potential declines in income due to tenant defaults or lease
renegotiations.

Fitch's criteria for European CMBS surveillance and criteria for
European multifamily loans were used to analyse the quality of the
underlying commercial loans.


QUIRINUS PLC: Fitch Junks Rating on Class F Notes From 'BBB+'
-------------------------------------------------------------
Fitch Ratings has downgraded Quirinus (European Loan Conduit No.
23) plc's CMBS floating-rate notes due 2019:

  -- EUR461.5 million class A (XS0259561925): downgraded to 'AA+'
     from 'AAA'; Outlook Negative

  -- EUR29.3 million class B (XS0259562576): downgraded to 'AA'
     from 'AAA'; Outlook Negative

  -- EUR27.4 million class C (XS0259562907: downgraded to 'A' from
     'AA+'; Outlook Negative

  -- EUR29.4 million class D (XS0259563202): downgraded to 'BBB'
     from 'AA-'; Outlook Negative

  -- EUR16.1 million class E (XS0259563624): downgraded to 'B'
     from 'BBB+'; Outlook Negative

  -- EUR7 million class F (XS0259564192): downgraded to 'CCC' from
     'BBB+'; assigned a Recovery Rating (RR) of RR5

The pool has a reported loan-to-value ratio of 59.3% compared to
Fitch's estimate of 71%, indicating a market value decline of 16%
since closing.  Concentration has increased since closing, with
the largest loan making up 66% of the total outstanding loan
balance compared to 53% at closing, and the largest three loans
representing a cumulative 88% (Lumiere, Tishman, Eurocastle
portfolio).  Property type diversity has decreased with
significant exposure to the office sector (80% by MV), the
majority of which is concentrated within a single office asset.
The corresponding concentration in individual leases, combined
with a short weighted-average lease term to expiry of 4.4 years
(versus a WA loan term of 3.7 years), signals the importance of
successful re-lettings in the near term.

The rating action follows a satisfactory review of the
transaction's performance.  Fitch's criteria for European CMBS
surveillance and multifamily analysis were used to analyze the
quality of the underlying commercial loans.

Quirinus (European Loan Conduit No.23) plc was originally a
securitization of 10 commercial mortgage loans originated by
Morgan Stanley Bank ('A'/'F1'/Stable), which closed in July 2006.
Since closing, four loans have prepaid.  This, coupled with
scheduled amortization, has reduced the pool balance to EUR570.5
million from EUR700.8 million at closing.  The loans are secured
by a mixture of assets across France (73.1% by market value), and
Germany (26.9%) with significant exposure to the Paris office
market (73.1%).  The portfolio currently comprises 55 diverse
properties with a total MV of EUR961.5 million.  Two loans are
scheduled to mature in 2010, accounting for 7% of the outstanding
pool, with the remaining loans scheduled to mature between 2012
and 2016.  The legal maturity date of the notes falls in February
2019.

The transaction is exposed to concentration as well as upcoming
refinance risk.  Moreover, recent developments on the Windermere
XII FCC transaction have created uncertainty regarding the risks
associated with the use of non-FCT borrower special-purpose
vehicles in France.  Fitch will continue to monitor this situation
in order to determine the extent to which these risks may be
relevant to the agency's analysis of any French CMBS involving
such SPVs.


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


SAGRANTINO ITALY: Fitch Cuts Rating on Class E Notes to 'B'
-----------------------------------------------------------
Fitch Ratings has downgraded Sagrantino Italy S.r.l.'s Class E
notes, and revised the Class D Outlook to Negative from Stable.
The transaction is a securitization of 11 portfolios of non-
performing loans originated in Italy by a number of banks and
financial institutions, most of which had been securitized under
public as well as private deals.

  -- EUR96 million class A (IT0004294820) affirmed at 'AAA';
     Outlook Stable

  -- EUR86.5 million class B (IT0004294838) affirmed at 'AA';
     Outlook Stable

  -- EUR48 million class C (IT0004294846) affirmed at 'A'; Outlook
     Stable

  -- EUR24.5 million class D (IT0004294853) affirmed at 'BBB';
     Outlook revised to Negative from Stable

  -- EUR32.7 million class E (IT0004295025) downgraded to 'B' from
     'BB'; Outlook Negative


The downgrade of the notes is driven primarily by lower-than-
anticipated cumulative total net recoveries generated by the
transaction since closing of EUR231 million.  This is 39% lower
than the amount anticipated by the servicer, Pirelli RE Credit
Servicing S.p.A. (rated 'RSS2+IT'/'CSS2+IT'), in the business plan
at closing in 2007 and 38% lower than Fitch's base case
assumption.  Fitch's criteria for the securitization of European
non-performing loans were used to analyze the quality of the
remaining loans in the portfolio.

As of the July 2009 interest payment date, the reported gross book
value of the portfolio was EUR1,559.6 million, down from EUR2,576
million at closing.  Since closing, there has been a total
recovery of EUR129.4 million on a GBV of EUR670.9 million for all
closed loans.  Recoveries on secured loans amount to only 3.3%,
although the proportion of unsecured loans remaining in the
portfolio by GBV has fallen to 10% from 28% at closing.

While EUR189 million has been used to pay down the Class A notes
reducing the advance rate -- defined as the outstanding Class A
note balance as a proportion of total GBV -- on these notes to
6.2% from 11.1% at closing, total collections over the last six
months have amounted to EUR35 million, significantly below the
figure of EUR79 million anticipated by the servicer's business
plan at closing.  According to the servicer, the reason for this
is the slower-than-anticipated court resolution process and delays
in the distribution of already settled claims.  Although the
servicer has produced a new business plan, with total collections
merely delayed (total cumulative net collections over the life of
the transaction are anticipated to be the same as that forecast at
closing), total recoveries, as well as lower-than-forecast
collections thus far have led to the downgrade of the Class E
notes, as well as the revision in the Outlook of the Class D notes
to Negative.

In November and December 2006, the NPL portfolios were acquired by
Sagrantino S.r.l.  At closing, the portfolio comprised
predominantly secured NPLs, representing 72% of GBV, with the
remainder of the 28% of the portfolio consisting of unsecured
loans.

Fitch will continue to monitor the performance of the transaction.


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


ALP PROM: Creditors Must File Claims by October 17
--------------------------------------------------
Creditors of LLP Alp Prom Industriya have until October 17, 2009,
to submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 6,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         Kazakhstan


BARIT OIL: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Barit Oil Kentau have until October 17, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on June 30,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         Kazakhstan


BEST CELL: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Best Cell have until October 17, 2009, to submit
proofs of claim to:

         Lomov Str. 161-17
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on July 3,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan


CENTRAL ASIA: Creditors Must File Claims by October 17
------------------------------------------------------
LLP Central Asia Partners is currently undergoing liquidation.
Creditors have until October 17, 2009, to submit proofs of claim
to:

          Dostyk Ave. 87v
          Almaty
          Kazakhstan


DEREVOOBRABATYVAUSHY COMBINATE: Claims Filing Deadline is Oct. 17
-----------------------------------------------------------------
Creditors of JSC Derevoobrabatyvaushy Combinate have until
October 17, 2009, to submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South 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 South Kazakhstan
         Tynybaev Str. 42
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


HDM KAZAKHSTAN: Creditors Must File Claims by October 17
--------------------------------------------------------
Creditors of LLP Hdm Kazakhstan 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 31, 2009.


INVEST CONSULTING: Creditors Must File Claims by October 17
-----------------------------------------------------------
LLP Invest Consulting KBE is currently undergoing liquidation.
Creditors have until October 17, 2009, to submit proofs of claim
to:

          Dostyk Ave. 87v
          Almaty
          Kazakhstan


LES STROY: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLP Les Stroy Torg have until October 17, 2009, to
submit proofs of claim to:

         Lomov Str. 161-17
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on July 8,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan


SOUTH TRADE: Creditors Must File Claims by October 17
-----------------------------------------------------
Creditors of LLP South Trade System 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 7, 2009.


STROY MATERIALY: Creditors Must File Claims by October 17
---------------------------------------------------------
Creditors of LLP Stroy Materially PV have until October 17, 2009,
to submit proofs of claim to:

         Lermontov Str. 44-18
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on June 11,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan


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


CONCEPT SERVICE: Court Names Y. Asanbekov as Insolvency Manager
---------------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
Y. Asanbekov as Insolvency Manager for LLC Concept Service on July
15, 2009.  He can be reached at:

         OJSC GRK Ala-Too
         Erkindik Ave. 1
         Bishkek
         Kyrgyzstan
         Tel: (0-543) 91-96-62

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
ED-562/09M??5.


KYRGYZ HLOPOK: Creditors Must File Claims by October 28
-------------------------------------------------------
CJSC Kyrgyz Hlopok is currently undergoing liquidation.  Creditors
have until October 28, 2009, to submit proofs of claim to:

         Lenin Str. 55
         Djalal-Abad
         Kyrgyzstan
         Tel: (+996 3722) 5-40-15


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


ORCO PROPERTY: Secures Financing for Subsidiaries, Sells Buildings
------------------------------------------------------------------
Douglas Lytle at Bloomberg News reports that Orco Property Group
SA has sold buildings and secured financing for subsidiaries and
new developments in central Europe.

Bloomberg relates Orco said in a statement Thursday the company
reached an agreement that will allow it to draw EUR7.7 million
(US$11.4 million) for its hospitality unit out of a total
refinancing of EUR81.9 million.

According to Bloomberg, the developer said it increased its stake
in Orco Germany after converting a shareholder loan into equity.
It also sold a Warsaw car showroom and repair center for
EUR3.7 million, Bloomberg discloses.

Orco, as cited by Bloomberg, said it will continue selling assets
in the coming 18 months.  Bloomberg recalls Orco Chief Executive
Officer Jean-Francois Ott said on Oct. 1 he is considering selling
shares to any current investor who is interested in increasing a
stake in the company.

As reported in the Troubled Company Reporter-Europe on Sept. 29,
2009, Bloomberg News said Orco will present a new debt
restructuring proposal to bondholders.  Bloomberg disclosed
Mr. Ott said creditors will have 30 days to choose between the
company's proposal to swap debt for equity and warrants or prolong
bond maturities until 2019 according to a new offer.  Orco
bondholders rejected an offer for a mix of new debt and equity,
including new convertible bonds, as part of a debt-restructuring
plan, Bloomberg said.  The company, which received creditor
protection from the Paris Commercial Court on March 26, will seek
to extend the period for another six months, according to
Bloomberg.

Orco Property Group SA -- http://www.orcogroup.com/-- is a
Luxembourg-based real estate company, specializing in the
development, rental and management of properties in Central and
Eastern Europe.  Through its fully consolidated subsidiaries, Orco
Property Group SA operates in several countries, including the
Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and
Russia.  The Company rents and manages real estate and hotels
properties composed of office buildings, apartments with services,
luxury hotels and hotel residences; it also develops real estate
projects as promoter.


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


BAAN COMPANY: To File Liquidation Distribution Plan Before Oct. 31
------------------------------------------------------------------
Invensys Administratie B.V., the liquidator of Baan Company N.V.,
said October 8 the company currently expects to file the accounts
and the plan of distribution (plan van verdeling) relating to the
liquidation (vereffening) of the company with the Dutch Chamber of
Commerce prior to October 31, 2009.

The filing, when made, will be publicly announced and published in
accordance with Section 2:23b of the Dutch Civil Code (Burgerlijk
wetboek).

In the absence of objections by creditors the company expects to
terminate the liquidation at the end of 2009 resulting in the
final liquidation distribution of EUR2.85 per share being made in
the course of January 2010.

Baan Company N.V. -- http://www.baan.com-- is a provider of open
systems, client/server based Enterprise Resource Planning (ERP)
software for manufacturing software for 1 billion revenue
companies.


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


AGRYZSKAYA CERAMICS: Tatarstan Bankruptcy Hearing Set October 20
----------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 9:20 a.m. on
October 20, 2009, to hear bankruptcy supervision procedure on LLC
Agryzskaya Ceramics (TIN 1601005767, PSRN 1051655016456)
(Construction Materials).  The case is docketed under Case No.
?65–11785/2009-SG4–49.

The Temporary Insolvency Manager is:

         A. Zakirzyanov
         Post User Box 222
         Gvardeyskaya Str. 42
         420073 Kazan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Courtroom 7
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Agryzskaya Ceramics
         Zavodskaya Str. 59
         Agryz
         422230 Tatarstan
         Russia


ASTOR INSURANCE: Creditors Must File Claims by October 18
---------------------------------------------------------
Creditors of OJSC Astor Insurance Company (TIN 5505001069, PSRN
1025501177393)have until October 18, 2009, to submit proofs of
claims to:

         M.Khabarov
         Temporary Insolvency Manager
         Post User Box 7896
         644043 Omsk
         Russia

The Arbitration Court of Omskaya will convene on January 19, 2010,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. A46-16032/2009.

The Debtor can be reached at:

         OJSC Astor
         Stepnaya Str. 73
         644070 Omsk
         Russia


DUBROVKA-LES-PROM: Kirovskaya Bankruptcy Hearing Set October 20
---------------------------------------------------------------
The Arbitration Court of Kirovskaya will convene at 9:30 a.m. on
October 20, 2009, to hear bankruptcy supervision procedure on LLC
Dubrovka-Les-Prom (TIN 4303004139, PSRN 1024300541275)
(Lumbering).  The case is docketed under Case No. ?28–4564/2009–
113/6.

The Temporary Insolvency Manager is:

         G. Storozhuk
         Moskovskaya Str. 40
         Sadakovskiy
         610913 Kirov
         Russia

The Debtor can be reached at:

         LLC Dubrovka-Les-Prom
         Lenina Str. 3
         Dubrovka
         Belokholunitskiy
         613223 Kirovskaya
         Russia


KUZNETS-METALLURG LLC: Creditors Must File Claims by October 18
---------------------------------------------------------------
Creditors of LLC Kuznets-Metallurg-Stroy (TIN 4218023412, PSRN
1024201673308) (Construction)have until October 18, 2009, to
submit proofs of claims to:

         I. Bebekin
         Temporary Insolvency Manager
         Promstroevskaya Str. 58
         Novokuznetsk
         654038 Kemerovskaya
         Russia

The Arbitration Court of Kemeroskaya will convene on December 28,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A27-11390/2009.

The Debtor can be reached at:

         LLC Kuznets-Metallurg-Stroy
         Promstroevskaya Str. 58
         Novokuznetsk
         654038 Kemerovskaya
         Russia


RENAISSANCE SECURITIES: Fitch Assigns 'B' Rating on Medium Notes
----------------------------------------------------------------
Fitch Ratings has assigned Renaissance Securities Trading
Limited's new US$1 billion euro medium-term note program ratings
of Long-term 'B' (for senior unsecured notes with maturities in
excess of one year) and Short-term 'B' (for senior unsecured notes
with maturities of less than one year).  It has also assigned a
Long-term 'B' rating to US$225 million notes due April 2011 issued
under the program (ISIN number: XS0455644368).

The new programme, established on September 28, 2009, is to
replace the existing US$1 billion EMTN program (rated Long-term
'B').  The notes under the new program are unconditionally and
irrevocably guaranteed by Renaissance Capital Holdings Limited
(rated Long-term 'B-'/Negative) and Renaissance Financial Holdings
Limited.  If and when RFHL is granted ratings by two or more
rating agencies equal to or above those of RCHL, RCHL may be
released from any and all obligations under the new program.
Fitch would not expect such a release of RCHL from its obligations
to impact the ratings of the new program or the notes due April
2011.

RFHL is the holding company of the Russia-headquartered investment
banking group, known as Renaissance Capital, and ultimately owns
all of the group's subsidiaries, including the issuer of the
group's bonds, RSTL.  The difference between RCHL's Long-term IDR
and the rating of the group's bond reflects a structural issue,
connected with the fact that RCHL controls only 50% plus half of
one share in RFHL.  The residual stake in RFHL is held by ONEXIM
Group, controlled by prominent Russian businessman Mikhail
Prokhorov.

Fitch believes that cash flows for servicing the debt issued by
RSTL would be sourced from group operating subsidiaries, rather
than directly from RCHL and that the specific structural concern
affecting RCHL's Long-term IDR has no bearing on operating
subsidiaries' dealings with counterparties/other creditors.

The notes in the amount of US$225 million due April 2011 raised
off the new program were issued in two tranches which are
consolidated to form a single series.  The first US$104 million
tranche was exchanged for a part of the outstanding US$250 million
8.75% notes due November 2009 issued under the old program.  The
second US$121 million tranche is planned to be used to repay the
residual amount of the bond outstanding in November 2009.  The new
notes bear a fixed rate of 12% per annum payable semi-annually and
were placed at a 4% discount.

Further issuance under the new program will be rated separately.

The unsecured notes of each series will rank at least equally with
all present or future unsecured and unsubordinated obligations of
the issuer and the guarantors, save those preferred by relevant
provisions of law and of general application.  The new program
base prospectus terms contain a number of covenants, including
covenants which prohibit mergers by the issuer and the guarantors
and imposes limitations on transactions with affiliates (members
of the wider Renaissance Group).


ROSTOV-NEFTE LLC: Creditors Must File Claims by October 18
----------------------------------------------------------
Creditors of LLC Rostov-Nefte-Gaz-Stroy (TIN 6163059153)
(Construction) have until October 18, 2009, to submit proofs of
claims to:

         D. Vasilyev
         Temporary Insolvency Manager
         Stanislavskogo Str. 9
         344082 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A53-
12046/09 .

The Debtor can be reached at:

         LLC Rostov-Nefte-Gaz-Stroy
         M. Gorkogo Str. 245
         344022 Rostov-on-Don
         Russia


SAMARA-STROY LLC: Creditors Must File Claims by October 18
----------------------------------------------------------
Creditors of LLC Samara–Stroy-Montazh (TIN 6372008970, PSRN
1046302614489) (Construction) have until October 18, 2009, to
submit proofs of claims to:

         V .Dronov
         Temporary Insolvency Manager
         Post User Box 5068
         432980 Ulyanovsk
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. A55-
11636/2009.

The Debtor can be reached at:

         LLC Samara–Stroy-Montazh
         Burovikov Str. 1
         Otradnyy
         Samarskaya
         Russia


SULIN-STROY LLC: Creditors Must File Claims by October 18
---------------------------------------------------------
Creditors of LLC Sulin-Stroy-Materialy (TIN 6148010890, PSRN
1026102157795)(Construction Materials)have until October 18, 2009,
to submit proofs of claims to:

         V. Shevchenko
         Temporary Insolvency Manager
         Office 802
         Sotsialisticheskaya Str. 74
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 2:30 p.m. on
February 1, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A53-15578/2009.

The Debtor can be reached at:

         LLC Sulin-Stroy-Materialy
         Lenina Str. 11
         Krasny Sulin
         Russia


TEVRIZSKIY BUTTER: Creditors Must File Claims by October 18
-----------------------------------------------------------
Creditors of CJSC Tevrizskiy Butter Plant (TIN 5536003637)have
until October 18, 2009, to submit proofs of claims to:

         A. Kalashnikov
         Temporary Insolvency Manager
         Building 1
         Zavodskaya Str. 2
         644065 Omsk
         Russia

The Arbitration Court of Omskaya will convene at 10:00 a.m. on
January 26, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A46-14799/2009.

The Debtor can be reached at:

         CJSC Tevrizskiy Butter Plant
         Karbysheva Str. 86
         Tevriz
         Tevrizskiy
         646560 Omskaya
         Russia


ZHULANSKIY BUTTER: Creditors Must File Claims by October 18
-----------------------------------------------------------
Creditors of OJSC Zhulanskiy Butter Plant (TIN 5426100162, PSRN
1025405012368) have until October 18, 2009, to submit proofs of
claims to:

         A. Reshetov
         Temporary Insolvency Manager
         Office 21
         Fabrichnaya Str. 19a
         630007 Novosibirsk
         Russia

The Arbitration Court of Novosibirskaya will convene at 11:00 a.m.
on February 11, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A45-16104/2009.

The Debtor can be reached at:

         OJSC Zhulanskiy Butter Plant
         Zhulanka
         Kochkovskiy
         632497 Novosibirskaya
         Russia


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


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

The ratings reflect the region's weaker than national average
socio-economic profile and the concentration of tax revenue in a
few companies.  The ratings also factor in the region's
satisfactory budgetary performance, its low debt and continued
support from the federal government in the form of transfers and
budget loans.

The Stable Outlooks reflect Fitch's expectation that the
stabilizing local economy and federal transfers will continue to
support the region's operating revenue, leading to improved
budgetary performance.  It also reflects the agency's expectations
that conservative fiscal policy will help keep indebtedness and
current expenditure in check over the medium term.

The Ulyanovsk region's performance was negatively affected in H208
by a nationwide recession and global economic crisis.  In H109 the
operating balance improved to RUB2.9 billion (2008: RUB0.9
billion) due to current transfers from the federal government.
The region's capex increased significantly to 35.4% of total
spending in 2008 (2007: 23%), due to federal investments in
transport infrastructure.

The region's direct risk, which is composed of bank loans and
federal budget loans, decreased to RUB690 million in H109 (2008:
RUB1.1 billion).  Prudent fiscal management helps keep debt at low
levels and debt coverage ratios sound and this is expected to
continue for the rest of 2009.  The contingent liabilities of the
region are limited to public companies' debt, which is at low
levels and strictly controlled.

The per capita gross regional product was 26.1% below the median
of Russian regions in 2007 due to the modest size of the local
economy, which negatively affects the region's tax base.  Tax
revenue from the top 10 companies averaged 41% of total tax
revenue in 2006-2007, underlining the high concentration of the
region's taxation.  Nonetheless, this is mitigated by federal
transfers, which increased to 37.4% of operating revenue in 2008
from 33.9% in 2007.

The Ulyanovsk region is located in the central part of Russia.  It
accounts for 0.9% of the national population and its GRP accounted
for 0.4% of the national GDP.


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


BUETLER HOLZBAU: Claims Filing Deadline is November 2
-----------------------------------------------------
Creditors of Buetler Holzbau GmbH are requested to file their
proofs of claim by November 2, 2009, to:

         Eberle & Partner AG
         Liquidator
         Grofstrasse 34
         8887 Mels
         Switzerland

The company is currently undergoing liquidation in Sargans.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 10, 2009.


CARREFOUR SCHWEIZ: Claims Filing Deadline is November 2
-------------------------------------------------------
Creditors of Carrefour Schweiz AG are requested to file their
proofs of claim by November 2, 2009, to:

         Dominique Rochat
         Liquidator
         route de chene 30
         1211 Genf 17
         Switzerland

The company is currently undergoing liquidation in Dietlikon.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 30, 2009.


COMMUNITY MARKETING: Claims Filing Deadline is November 30
----------------------------------------------------------
Creditors of Community Marketing GmbH are requested to file their
proofs of claim by November 30, 2009, to:

         lic.iur. Marcel Furrer
         Neuhofstrasse 25
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 30, 2009.


RYCHENER INNENDEKORATIONEN: Claims Filing Deadline is November 2
----------------------------------------------------------------
Creditors of Rychener Innendekorationen GmbH are requested to file
their proofs of claim by November 2, 2009, to:

         Peter Rychener
         Liquidator
         Gruenaustrasse 6
         5712 Beinwil am See
         Switzerland

The company is currently undergoing liquidation in Beinwil am See.
The decision about liquidation was accepted at a shareholders'
meeting held on July 21, 2009.


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


ELEKTRON LLC: Creditors Must File Claims by October 15
------------------------------------------------------
Creditors of LLC Elektron (code EDRPOU 34191600) have until
October 15, 2009, to submit proofs of claim to LLC Otti-Contact,
the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 44/463-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Elektron
         Tankovaya Str. 4
         Kiev
         Ukraine


ITO ALPHA: Creditors Must File Claims by October 15
---------------------------------------------------
Creditors of LLC Ito Alpha (code EDRPOU 34190869) have until
October 15, 2009, to submit proofs of claim to LLC Santey, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 44/461-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ito Alpha
         Kotovsky Str. 11
         Kiev
         Ukraine


KENTAVR LLC: Creditors Must File Claims by October 15
-----------------------------------------------------
Creditors of LLC Kentavr (code EDRPOU 33835621) have until
October 15, 2009, to submit proofs of claim to LLC Eurodoor, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 44/464-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kentavr
         Bakinskaya Str. 37
         Kiev
         Ukraine


LUGANSK COAL: Creditors Must File Claims by October 15
------------------------------------------------------
Creditors of State OJSC Energy Management Subsidiary Company
Lugansk Coal (code EDRPOU 00178809) have until October 15, 2009,
to submit proofs of claim to:

         K. Deynegina
         Insolvency Manager
         Sovetskaya Str. 59a/13
         91000 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on August 27, 2009.  The case is docketed
under Case No. 12/166.

The Court is located at:

         The Economic Court of Lugansk
         Heroes of GPW Square 3-a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         State OJSC Energy Management Subsidiary Company
         Lugansk Coal
         Promishlennaya Str. 3
         Perevalsk
         Lugansk
         Ukraine


PIRAMIDA DTM: Creditors Must File Claims by October 15
------------------------------------------------------
Creditors of LLC Piramida DTM (code EDRPOU 21922761) have until
October 15, 2009, to submit proofs of claim to:

         N. Chesnova
         Insolvency Manager
         Post Office Box 2047
         49033 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on August 20, 2009.  The case is
docketed under Case No. B24/246-08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Piramida DTM
         Teplichnaya Str. 15-a
         Yubileynoye
         52005 Dnepropetrovsk
         Ukraine


REGION LIDER: Creditors Must File Claims by October 15
------------------------------------------------------
Creditors of LLC Region Lider Plus (code EDRPOU 36228731) have
until October 15, 2009, to submit proofs of claim to:

         V. Goriun
         Insolvency Manager
         Office 4
         Kiev Str. 109
         Simferopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on August 27, 2009.  The case is docketed
under Case No. 2-19/4411-2009.

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg Str. 29/Rechnaya Str. 11
         95000 Simferopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Region Lider Plus
         Office 36
         Mate Zalki Str. 7e
         95053 Simferopol
         AR Krym
         Ukraine


TK PROSTOR: Creditors Must File Claims by October 15
----------------------------------------------------
Creditors of LLC TK Prostor (code EDRPOU 34003816) have until
October 15, 2009, to submit proofs of claim to LLC Fortek, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 44/462-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC TK Prostor
         Kotovsky Str. 11
         Kiev
         Ukraine


UKRPROMTECHNOLOGY LLC: Creditors Must File Claims by October 14
---------------------------------------------------------------
Creditors of LLC Ukrpromtechnology (code EDRPOU 32825434) have
until October 14, 2009, to submit proofs of claim to:

         V. Varakina
         Insolvency Manager
         Balochnaya Str. 3
         Makeyevka
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on August 31, 2009.  The case is docketed
under Case No. 5/91B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Ukrpromtechnology
         Artem Str. 41
         83086 Donetsk
         Ukraine


VINSMART PROMO LLC: Creditors Must File Claims by October 15
------------------------------------------------------------
Creditors of LLC Vinsmart Promo (code EDRPOU 36443533) have until
October 15, 2009, to submit proofs of claim to:

         A. Basayev
         Insolvency Manager
         Post Office Box 1719
         83044 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on September 2, 2008.  The case is docketed
under Case No. 45/175B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Vinsmart Promo
         Zinin Str. 19a
         83004 Donetsk
         Ukraine


VP WHITE: Creditors Must File Claims by October 15
--------------------------------------------------
Creditors of LLC VP White House (code EDRPOU 34332051) have until
October 15, 2009, to submit proofs of claim to:

         V. Lialiuk
         Insolvency Manager
         Office 1
         Maryinskaya Str. 7
         61004 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on September 2, 2009.  The case is docketed
under Case No. B-39/177-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC VP White House
         Ostrovsky Str. 31
         Kharkov
         Ukraine


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


CANDOVER INVESTMENTS: Fund Suspension Extended Until Dec. 4
-----------------------------------------------------------
Simon Meads at Reuters reports that Candover Investment Plc said
on Wednesday it is extending a standstill agreement on its 2008
fund as it continues discussions with investors over the future of
the fund.

According to Reuters, Candover said the fund suspension will
continue until December 4, 2009, preventing it from making any new
acquisitions.

Reuters relates the buyout firm made only one investment out of
its 2008 fund -- in oil and gas services group Expro International
-- before it said in March that it had run out of cash to honor
its own EUR1 billion (US$1.47 billion) commitment.

Candover Investments PLC -- http://www.candoverinvestments.com/
-- is an investment trust listed on the London Stock Exchange
since 1984.  It invests in buyouts across Europe via funds managed
by its wholly owned subsidiary, Candover Partners, a European
private equity house.

As well as investing money on behalf of Candover Investments plc,
Candover raises substantial funds for buyout investment from third
parties such as pension funds, insurance companies, endowments,
charities and other professional investors.


PREMIUM BARS: Administrator In Advanced Talks Over Sale
-------------------------------------------------------
Dominic Walsh at The Times reports that BDO Stoy Hayward, which is
handling the administration of Premium Bars & Restaurants plc,
confirmed Thursday night that it was in advanced talks over the
sale of the company to Orchid for an undisclosed sum and it
expected to conclude a sale in the next six weeks.

The Times relates the proposed sale to Orchid follows the collapse
in August of a GBP52 million deal with the Reuben brothers after
the men, who owned 32.5% of PBR, sought to alter the terms of
agreement after lengthy negotiations.

Premium Bars & Restaurants plc -- http://www.pbr.uk.com/-- is a
leisure company incorporated in the UK in 1997.  The company has a
diverse portfolio of over 50 bars, restaurants and clubs in the
UK, as well as two hotels, The Waterside on Newcastle's quayside
and The Rex in Whitley Bay.  Its bars and restaurants trade under
the names of The Living Room, Prohibition Bar & Grill and Bel and
The Dragon.


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


* BOND PRICING: For the Week October 5 to October 9, 2009
---------------------------------------------------------

Issuer                  Coupon     Maturity   Currency  Price
------                  ------     --------   --------  -----

AUSTRIA
-------
IMMOFINANZ               1.250   11/19/2017      EUR    74.41
KOMMUNALKREDIT           0.500    3/15/2019      CAD    65.52
OESTER VOLKSBK           5.450     8/2/2019      EUR    64.14
OESTER VOLKSBK           4.810    7/29/2025      EUR    42.00
OESTER VOLKSBK           5.270     2/8/2027      EUR    94.74
RAIFF ZENTRALBK          4.500    9/28/2035      EUR    88.91

BELGIUM
-------
FORTIS BANK              8.750    12/7/2010      EUR    24.73

BULGARIA
--------
PETROL AD-SOFIA          8.375   10/26/2011      EUR    51.31

CYPRUS
------

ROLF GROUP               8.250    6/28/2010      USD    77.36

CZECH REPUBLIC
--------------
CZECH REPUBLIC           2.750    1/16/2036      JPY    64.28

FINLAND
-------
MUNI FINANCE PLC         1.000   11/21/2016      NZD    69.60
MUNI FINANCE PLC         1.000   10/30/2017      AUD    62.22
MUNI FINANCE PLC         1.000    2/27/2018      AUD    61.14
MUNI FINANCE PLC         0.500    9/24/2020      CAD    55.47
MUNI FINANCE PLC         0.500    3/17/2025      CAD    43.73
MUNI FINANCE PLC         0.250    6/28/2040      CAD    20.59

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015      EUR    15.71
ALCATEL SA               4.750     1/1/2011      EUR    16.44
ALCATEL-LUCENT           5.000     1/1/2015      EUR     3.86
ATARI SA                 4.000     4/1/2020      EUR     0.65
CALYON                   6.000    6/18/2047      EUR    47.18
CAP GEMINI SA            2.500     1/1/2010      EUR    51.80
CAP GEMINI SOGET         1.000     1/1/2012      EUR    45.23
CAP GEMINI SOGET         3.500     1/1/2014      EUR    45.42
CLUB MEDITERRANE         4.375    11/1/2010      EUR    49.29
CMA CGM                  5.500    5/16/2012      EUR    53.40
EURAZEO                  6.250    6/10/2014      EUR    57.17
MAUREL & PROM            3.500     1/1/2010      EUR    22.69
MAUREL ET PROM           7.125    7/31/2014      EUR    18.66
NEXANS SA                4.000     1/1/2016      EUR    62.82
PEUGEOT SA               4.450     1/1/2016      EUR    28.45
PUBLICIS GROUPE          3.125    7/30/2014      EUR    34.33
PUBLICIS GROUPE          1.000    1/18/2018      EUR    44.79
RHODIA SA                0.500     1/1/2014      EUR    39.04
SOC AIR FRANCE           2.750     4/1/2020      EUR    20.87
WENDEL INVEST            4.375     8/9/2017      EUR    71.99

GERMANY
-------
ARCANDOR AG              8.875    7/11/2013      EUR    69.92
DEPFA ACS BANK           0.500     3/3/2025      CAD    35.53
DEPFA ACS BANK           5.250    3/31/2025      CAD    74.83
DEPFA ACS BANK           3.250    7/31/2031      CHF    97.14
DEPFA ACS BANK           4.900    8/24/2035      CAD    71.01
DEPFA ACS BANK           5.125    3/16/2037      USD    75.07
DEPFA ACS BANK           5.125    3/16/2037      USD    73.69
DEPFA PFANDBRIEF         5.886    2/22/2019      EUR    65.81
DEUTSCHE BK LOND         3.250    5/18/2012      CHF    51.52
DEUTSCHE BK LOND         1.000    3/31/2027      USD    47.64
ESCADA AG                7.500     4/1/2012      EUR    31.52
GOTHAER ALLG VER         5.527    9/29/2026      EUR    68.33
GROHE HOLDING            8.625    10/1/2014      EUR    74.88
HSH NORDBANK AG          4.375    2/14/2017      EUR    69.15
HVB REAL ESTATE          6.480    3/21/2022      EUR   104.28
HYPO REAL ESTATE         4.690   12/14/2026      EUR    69.33
HYPO REAL ESTATE         5.440    4/13/2034      EUR    72.12
HYPOREAL INTL AG         4.560    3/28/2021      EUR    72.88
HYPOREAL INTL AG         4.675    9/13/2021      EUR    76.25
IKB DEUT INDUSTR         4.500     7/9/2013      EUR    74.36
KFW                      6.000    2/14/2012      RUB    92.16
KFW                      5.000   10/17/2035      EUR    73.56
L-BANK FOERDERBK         0.500    5/10/2027      CAD    43.62
LB BADEN-WUERTT          5.250   10/20/2015      EUR    35.91
LB BADEN-WUERTT          2.500    1/30/2034      EUR    58.06
RENTENBANK               1.000    3/29/2017      NZD    68.22

HUNGARY
-------
OTP BANK                 5.270    9/19/2016      EUR    75.84
REP OF HUNGARY           2.110   10/26/2017      JPY    72.22

ICELAND
-------
GLITNIR BANKI HF         6.693    6/15/2016      USD     6.98

IRELAND
-------
ALLIED IRISH BKS         5.250    3/10/2025      GBP    66.21
ALLIED IRISH BKS         5.625   11/29/2030      GBP    65.18
BANESTO FINANC           6.120    11/7/2037      EUR     6.12
BANK OF IRELAND          4.875    1/22/2018      GBP    70.79
IRISH LIFE & PER         4.625     5/9/2017      EUR    69.92
IRISH NATIONWIDE         6.250    6/26/2012      GBP   102.59
IRISH NATIONWIDE         5.500    1/10/2018      GBP    42.40
ONO FINANCE II           8.000    5/16/2014      EUR    64.25
ONO FINANCE II           8.000    5/16/2014      EUR    64.25
UT2 FUNDING PLC          5.321    6/30/2016      EUR    64.25

ITALY
-----
CIR SPA                  5.750   12/16/2024      EUR    73.96
COMUNE DI MILANO         4.019    6/29/2035      EUR    72.29
ROMULUS FINANCE          5.441    2/20/2023      GBP    66.47

LITHUANIA
---------
LITHUANIA GOVT           3.750    2/10/2016      LTL    69.26

LUXEMBOURG
----------
ARCELORMITTAL            7.250     4/1/2014      EUR    29.96
BREEZE                   4.524    4/19/2027      EUR    80.59
CRC BREEZE               5.290     5/8/2026      EUR    70.42
SAFILO CAP INTL          9.625    5/15/2013      EUR    57.88
SAFILO CAP INTL          9.625    5/15/2013      EUR    57.88

NETHERLANDS
-----------
ABN AMRO BANK NV         7.540    6/29/2035      EUR    64.11
AI FINANCE B.V.         10.875    7/15/2012      USD    30.00
AIR BERLIN FINAN         1.500    4/11/2027      EUR    62.08
ALB FINANCE BV           9.000   11/22/2010      USD    22.49
ALB FINANCE BV           8.750    4/20/2011      USD    22.98
ALB FINANCE BV           7.875     2/1/2012      EUR    22.47
ALB FINANCE BV           9.250    9/25/2013      USD    23.44
ARPENI PR INVEST         8.750     5/3/2013      USD    67.75
ARPENI PR INVEST         8.750     5/3/2013      USD    67.75
ASTANA FINANCE           7.875     6/8/2010      EUR    19.50
ASTANA FINANCE           9.000   11/16/2011      USD    20.00
BK NED GEMEENTEN         0.500    6/27/2018      CAD    70.99
BK NED GEMEENTEN         0.500    2/24/2025      CAD    47.09
BLT FINANCE BV           7.500    5/15/2014      USD    55.50
BLT FINANCE BV           7.500    5/15/2014      USD    56.00
ELEC DE CAR FIN          8.500    4/10/2018      USD    71.67
EM.TV FINANCE BV         5.250     5/8/2013      EUR     3.73
FINANCE & CREDIT        10.375    1/25/2010      USD    65.49
INDAH KIAT INTL         11.875    6/15/2002      USD     7.13
IVG FINANCE BV           1.750    3/29/2017      EUR    63.08
KAZKOMMERTS FIN          8.625    7/27/2016      USD    71.57
KBC IFIMA NV             6.004     2/7/2025      USD    65.40
LEASEPLAN CORP           4.500    11/8/2016      EUR    72.34
NATL INVESTER BK        25.983     5/7/2029      EUR    37.50
NED WATERSCHAPBK         0.500    3/11/2025      CAD    46.79
NIB CAPITAL BANK         4.790   12/17/2043      EUR    65.17
NXP BV/NXP FUNDI        10.000    7/15/2013      EUR    72.75
NXP BV/NXP FUNDI        10.000    7/15/2013      EUR    72.75
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR    59.50
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR    59.50
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR    61.58
NXP BV/NXP FUNDI         9.500   10/15/2015      USD    66.63
NXP BV/NXP FUNDI         9.500   10/15/2015      USD    66.63
NXP BV/NXP FUNDI         9.500   10/15/2015      USD    66.00
Q-CELLS INTERNAT         1.375    2/28/2012      EUR    70.47
TURANALEM FIN BV         7.875     6/2/2010      USD    23.50
TURANALEM FIN BV         6.250    9/27/2011      EUR    22.98
TURANALEM FIN BV         7.750    4/25/2013      USD    24.23
TURANALEM FIN BV         8.000    3/24/2014      USD    20.50
TURANALEM FIN BV         8.500    2/10/2015      USD    24.05
TURANALEM FIN BV         8.250    1/22/2037      USD    23.96

NORWAY
------
EKSPORTFINANS            0.500     5/9/2030      CAD    34.60
NORSKE SKOGIND           7.000    6/26/2017      EUR    63.51

POLAND
------
POLAND-REGD-RSTA         2.810   11/16/2037      JPY    64.47
POLAND GOVT BOND         3.300    6/16/2038      JPY    67.76
REP OF POLAND            2.620   11/13/2026      JPY    72.09
REP OF POLAND            2.648    3/29/2034      JPY    60.61
REP OF POLAND            3.220     8/4/2034      JPY    68.99
REP OF POLAND            4.250    7/20/2055      EUR    65.85

RUSSIA
------
MOSENERGO                7.650    2/18/2016      RUB    91.48

SPAIN
-----
GENERAL DE ALQUI         2.750    8/20/2012      EUR    58.64
MINICENTRALES            4.810   11/29/2034      EUR    58.57

SWITZERLAND
-----------
CYTOS BIOTECH            2.875    2/20/2012      CHF    51.04

UNITED KINGDOM
--------------
ALPHA CREDIT GRP         2.940     3/4/2035      JPY    70.63
AMDOCS LIMITED           0.500    3/15/2024      USD    70.00
ANGLIAN WAT FIN          2.400    4/20/2035      GBP    57.85
BANK OF SCOTLAND         2.928    6/10/2020      USD    56.37
BANK OF SCOTLAND         2.359    3/27/2029      JPY    73.97
BARCLAYS BK PLC         10.600    7/21/2011      USD    39.04
BEAZLEY GROUP LT         7.250   10/17/2026      GBP    78.97
BRADFORD&BIN BLD         7.625    2/16/2010      GBP     6.00
BRADFORD&BIN BLD         5.500    1/15/2018      GBP     5.99
BRADFORD&BIN BLD         5.750   12/12/2022      GBP     7.08
BRADFORD&BIN BLD         4.910     2/1/2047      EUR    72.25
BRADFORD&BIN PLC         6.625    6/16/2023      GBP     6.98
BRIT INSURANCE           6.625    12/9/2030      GBP    67.34
BROADGATE FINANC         5.098     4/5/2033      GBP    70.65
CATTLES PLC              7.875    1/17/2014      GBP     9.63
CITY OF KIEV             8.000    11/6/2015      USD    67.29
CITY OF KYIV             8.250   11/26/2012      USD    77.58
CJSC FIRST UKRAI         9.750    2/16/2010      USD    75.47
CO-OPERATIVE BNK         5.750    12/2/2024      GBP    76.25
CO-OPERATIVE BNK         5.875    3/28/2033      GBP    69.97
DAILY MAIL & GEN         6.375    6/21/2027      GBP    73.59
EFG HELLAS PLC           2.760    5/11/2035      JPY    64.98
ENTERPRISE INNS          6.500    12/6/2018      GBP    80.22
ENTERPRISE INNS          6.875    2/15/2021      GBP    75.69
ENTERPRISE INNS          6.875     5/9/2025      GBP    74.25
ENTERPRISE INNS          6.375    9/26/2031      GBP    71.63
EXIM OF UKRAINE          8.400     2/9/2016      USD    75.15
F&C ASSET MNGMT          6.750   12/20/2026      GBP    66.82
GRAINGER PLC             3.625    5/17/2014      GBP    52.31
GREENE KING FIN          5.702   12/15/2034      GBP    63.52
HBOS PLC                 4.500    3/18/2030      EUR    67.12
HBOS PLC                 6.000    11/1/2033      USD    54.50
HBOS PLC                 6.000    11/1/2033      USD    54.50
INEOS GRP HLDG           7.875    2/15/2016      EUR    48.83
INEOS GRP HLDG           7.875    2/15/2016      EUR    48.25
INEOS VINYLS FIN         9.125    12/1/2011      EUR    66.75
INEOS VINYLS FIN         9.125    12/1/2011      EUR    66.75
ING BANK NV              4.200   12/19/2035      EUR    76.36
LEND LEASE EUR           6.125   10/12/2021      GBP    83.95
LONGSTONE FINANC         4.896    4/19/2031      GBP    74.26
MARSTONS ISSUER          5.641    7/15/2035      GBP    71.14
MITCHELLS & BUTL         6.469    9/15/2030      GBP    72.20
NATL GRID GAS            1.754   10/17/2036      GBP    48.81
NATL GRID GAS            1.771    3/30/2037      GBP    47.31
NBG FINANCE PLC          2.755    6/28/2035      JPY    75.45
NORTHERN ROCK            5.625    1/13/2015      GBP    31.75
NORTHERN ROCK           10.375    3/25/2018      GBP    42.88
NORTHERN ROCK            6.375    12/2/2019      GBP    74.12
NORTHERN ROCK            9.375   10/17/2021      GBP    37.29
OJSC BANK NADRA          9.250    6/28/2010      USD    19.00
ONO FINANCE PLC         10.500    5/15/2014      EUR    67.38
ONO FINANCE PLC         10.500    5/15/2014      EUR    67.38
PRIVATBANK               8.000     2/6/2012      USD    75.47
PRIVATBANK               8.750     2/9/2016      USD    65.08
PUNCH TAVERNS            7.567    4/15/2026      GBP    69.59
PUNCH TAVERNS            8.374    7/15/2029      GBP    74.21
PUNCH TAVERNS            6.468    4/15/2033      GBP    62.39
UNIQUE PUB FIN           7.395    3/28/2024      GBP    73.46
UNIQUE PUB FIN           6.464    3/30/2032      GBP    60.44


                            *********

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 * * *