TCREUR_Public/091016.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, October 16, 2009, Vol. 10, No. 205

                            Headlines

A U S T R I A

B.C.L. LOGIC: Claims Filing Deadline is October 28
INDIGO COMMUNICATION: Claims Filing Deadline is October 28
MARCELLO GMBH: Claims Filing Deadline is October 27
SEIBOLD GMBH: Claims Filing Deadline is October 27
SMR BREITENFURTERSTRASSE: Claims Filing Deadline is October 27

TOYS SPIELWAREN: Claims Filing Deadline is October 28


A Z E R B A I J A N

STATE OIL: Fitch Assigns 'BB+' Issuer Default Rating


F R A N C E

FCI INTERNATIONAL: Moody's Affirms Corporate Family Rating at 'B2'
WHITE TOWER: Fitch Junks Rating on EUR15.1MM Class E Notes


G E R M A N Y

ARCANDOR AG: Four Bidders Still in the Race to Acquire Quelle
DECO 9: Fitch Junks Ratings on Four Classes of Notes
DECO 10: Fitch Junks Rating on EUR19MM Class D Notes From 'BBB'
GENERAL MOTORS: Magna, Sberbank Near Opel Acquisition Deal
TALISMAN-7 FINANCE: Fitch Corrects October 12 Press Release

TAURUS CMBS: Fitch Downgrades Rating on Class D Notes to 'B'


G R E E C E

WIND HELLAS: To Defer Payment on Subordinated Bonds


I R E L A N D

BABCOCK NETWORKS: Ken Fennell Named Provisional Liquidator
ZOE GROUP: Supreme Court Orders Liquidation of Companies


I T A L Y

CORDUSIO RMBS: Moody's Reviews 'Ba2' Rating on  Class E Notes
DIT GROUP: To Close Italian Subsidiary
RISANAMENTO SPA: Awaits Bankruptcy Case Ruling, Chairman Says


K A Z A K H S T A N

BALHASH 5: Creditors Must File Claims by October 21
KAZAKHTELECOM JSC: Fitch Affirms Issuer Default Ratings at 'BB'
MAI STROY: Creditors Must File Claims by October 21
NORTH SOUTH: Creditors Must File Claims by October 21
ONTUSTIK OIL: Creditors Must File Claims by October 21

POLIGRAPH IZDAT: Creditors Must File Claims by October 21
SHART-AK LLP: Creditors Must File Claims by October 21
SABYR 77: Creditors Must File Claims by October 21
SOLITON ETT: Creditors Must File Claims by October 21
TECH SERVICE: Creditors Must File Claims by October 21

VOSTOK MUNAI: Creditors Must File Claims by October 21


K Y R G Y Z S T A N

MAKSAT OJSC: Court Names S. Jantashov as Insolvency Manager
STENDLI COMPANY: Court Names T. Boronchiev as Insolvency Manager


N E T H E R L A N D S

DSB BANK: Talks with Banks to Avert Bankruptcy Fail
ING GROEP: Oversea-Chinese Bank to Buy ING's Asia Private Bank
LYONDELL CHEMICAL: Gets Nod to Tap Miller & Chevalier as Counsel
LYONDELL CHEMICAL: Proposes Entry Into Enterprise Products Pact
LYONDELL CHEMICAL: Proposes Pact with Gainesville-Oakwood


R U S S I A

AVTOVAZ OAO: On the Verge of Bankruptcy Despite State Aid
DIOGANAL-STROY LLC: Creditors Must File Claims by October 25
ELEKTRIK LLC: Creditors Must File Claims by October 25
EVRAZ GROUP: S&P Assigns 'B+' Senior Unsecured Debt Rating
MOBILE TELESYSTEMS: Moody's Confirms 'Ba2' Corporate Family Rating

RESHOTINSKYA CHEMICAL: Creditors Must File Claims by October 25
SAFONOVSKIY ELECTRO: Creditors Must File Claims by October 25
SERPUKHOVSKIY MECHANICAL: Creditors Must File Claims by October 25
SITI-STROY LLC: Creditors Must File Claims by October 25
SOUTH STEEL: Creditors Must File Claims by October 25

TRUBOSTAL OJSC: Creditors Must File Claims by October 25
VIMPEL-COMMUNICATION: Moody's Changes Outlook on 'Ba2' Rating


S W I T Z E R L A N D

ATIMON AG: Claims Filing Deadline is October 21
AVIVA-NET: Claims Filing Deadline is October 19
BRUNO A. MOCK: Claims Filing Deadline is October 19
CONFLOR AG: Claims Filing Deadline is October 21
COMLUX GMBH: Claims Filing Deadline is October 21

CORE BUSINESS: Claims Filing Deadline is October 21
DOOFO HOLDING: Claims Filing Deadline is October 21
EASYDIALOG GMBH: Claims Filing Deadline is October 21
MED-ART GMBH: Claims Filing Deadline is October 21
NIWITA TREUHAND: Claims Filing Deadline is October 19

PROMOTECH INTERLAKEN: Claims Filing Deadline is October 21
REAL BETEILIGUNGS: Claims Filing Deadline is October 21
SNACK BECK: Claims Filing Deadline is October 19


U K R A I N E

BUDIMPEKSSERVICE LLC: Creditors Must File Claims by October 21
ECONIKBUILD SOUTH: Creditors Must File Claims by October 21
INVESTCITY-LTD LLC: Creditors Must File Claims by October 21
KMP LLC: Creditors Must File Claims by October 21
MINERAL-AGRO LLC: Creditors Must File Claims by October 21

NAFALAN AND CO: Creditors Must File Claims by October 21
OPTIMAKS UKRAINE: Creditors Must File Claims by October 21
VIKMON LLC: Creditors Must File Claims by October 21
VO METALRESOURCE: Creditors Must File Claims by October 21

* UKRAINE: Fitch Affirms Issuer Default Ratings at 'B'


U N I T E D   K I N G D O M

BAA: Group Wide Traffic Down 2.6% in September 2009
BRITISH AIRWAYS: September 2009 Traffic Down 0.8%
DEFINED RETURNS: Enters Administration on Lehman-Related Claims
FREEDOM SIPP: Court Orders Liquidation Over Non-Payment of Taxes
JOOST TECHNOLOGIES: U.K. Arm Put Into Liquidation

NATIONAL EXPRESS: Consortium Set to Withdraw Takeover Offer
NDF ADMINISTRATION: Enters Administration on Lehman-Related Claims


X X X X X X X X

* BOOK REVIEW: Corporate Financial Distress and Bankruptcy -


                         *********


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


B.C.L. LOGIC: Claims Filing Deadline is October 28
--------------------------------------------------
Creditors of B.C.L. Logic 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 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at


INDIGO COMMUNICATION: Claims Filing Deadline is October 28
----------------------------------------------------------
Creditors of Indigo communication services 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 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Martina Simlinger-Haas
         Reisnerstrasse 31
         1030 Vienna
         Austria
         Tel: 713 99 46
         Fax: 713 99 46 22
         E-mail: ra.reisnerstr31@aon.at


MARCELLO GMBH: Claims Filing Deadline is October 27
---------------------------------------------------
Creditors Marcello 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 13:15 p.m.

For further information, contact the company's administrator:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna
         Austria
         Tel: 402 15 54 0
         Fax: 402 15 54 54
         E-mail: office@leonlaw.at


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

A court hearing for examination of the claims has been scheduled
for November 10, 2009 at 12:30 p.m.

For further information, contact the company's administrator:

         Mag. Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: dobner@sup.at


SMR BREITENFURTERSTRASSE: Claims Filing Deadline is October 27
--------------------------------------------------------------
Creditors SMR Breitenfurterstrasse 170 GmbH have until October 27,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 10, 2009 at 12:45 p.m.

For further information, contact the company's administrator:

         Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31 1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at


TOYS SPIELWAREN: Claims Filing Deadline is October 28
-----------------------------------------------------
Creditors of Toys Spielwaren Diskont 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 10, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Vienna
         Austria
         Tel: 712 04 77
         Fax: 712 04 77 - 12
         E-mail: office@ra-eisner.at


===================
A Z E R B A I J A N
===================


STATE OIL: Fitch Assigns 'BB+' Issuer Default Rating
----------------------------------------------------
Fitch Ratings has assigned State Oil Company of the Azerbaijan
Republic a Long-term Issuer Default rating of 'BB+' and a Short-
term IDR of 'B'.  The Outlook for the Long-term IDR is Stable.

As SOCAR is a 100% government-owned entity representing the
state's interests in the oil and gas industry, which is vital to
the country's economy (hydrocarbons account for 60% of
Azerbaijan's GDP), and the largest taxpayer in the country, Fitch
considers the legal, operational and strategic ties between the
state and the company to be strong.  The agency has therefore
aligned SOCAR's ratings with those of Azerbaijan ('BB+'/Stable),
based on Fitch's Parent and Subsidiary Rating Linkage methodology.

The ratings also reflect SOCAR's diversified business profile with
sales geared towards the regulated domestic market, which render
the company less vulnerable to volatile international oil and gas
prices.

In addition, the ratings take into account the company's small
scale compared with its Russian oil and gas peers.  As its core
fields are mature, Fitch expects SOCAR's oil and gas production
growth to be driven primarily by output expansion under major
production sharing agreements (PSAs).  Nevertheless, the group is
well-placed among its peers in its reserve replacement rate and
reserve life.

Furthermore, the ratings consider the company's solid financial
profile (with FY08 EBITDAR margin of 38.9% and Fitch-adjusted net
leverage of 0.8x) compared with its Russian and international
peers.  Although the company's gross leverage increased to 1.4x in
2008 (0.2x in 2007) following the acquisition of Petkim Petrokimya
Holdings AS (Petkim; 'BB-'/Negative), a Turkish petrochemicals
producer, for US$2 billion, its debt maturity profile is well-
balanced and liquidity position is adequate.  At FYE08 it had cash
of AZN512.2 million, well above its short-term debt of AZN408
million.

However, Fitch notes that SOCAR intends to pursue an expansion
strategy with an intensive investment program of AZN5.2 billion
(US$6.4 billion) over 2009-2013 (excluding obligations under the
PSAs).  The implementation of this program, along with the planned
construction of an oil refinery at Petkim's facilities for about
US$4.4 billion, may require significant external financing leading
to a material increase in leverage.


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


FCI INTERNATIONAL: Moody's Affirms Corporate Family Rating at 'B2'
------------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
of FCI International S.A.S.  It also affirmed the B3 probability
of default rating and the B2 bank facility ratings; and it changed
the outlook to stable from negative.

The change in outlook reflects the reduction in FCI's net leverage
by about one turn following the prepayment of EUR146 million of
bank debt, using proceeds from the sale of its electrical division
for approximately US$360 million to Hubbell Inc.  It also
incorporates the waiver by FCI's sponsor, Bain Capital, of its
right to about EUR50 million dividend, and the resetting of bank
financial covenants with improved headroom.

EPI generated about 12% of FCI's 2008 revenue, and had shown
relatively stable operating performance during the downturn.
Although Moody's believes that the disposal has slightly increased
FCI's business risk -- with remaining divisions comprising the
more cyclical auto and electronics, plus the higher growth MIC -
the attractive sale price (at an Ebitda multiple of about eight
times) and consequent deleveraging have improved FCI's overall
credit profile.

The positive bank response in agreeing to reset FCI's bank
covenants with 20% headroom to align with the company's new
business plan, taking into account current market conditions, also
reduces uncertainty over the company's financing structure and
removes short-term liquidity pressure.  Following the disposal,
covenant-defined net leverage is now about 2.5x, although Moody's
notes that these calculations exclude large restructuring costs
from Ebitda, mostly in the electronics and auto divisions, that
are expected to continue into mid-2010.

Moody's also notes that FCI's banks have agreed that the company
can buy up to EUR50 million of its debt, effectively using the
cash not distributed to Bain Capital.  In Moody's opinion, the
primary credit impact of this use of cash would be a commensurate
reduction in FCI's liquidity, which is split between cash and its
bank revolver -- although Moody's recognizes that FCI's liquidity
has improved compared to before the disposal of EPI.  Although
there have been recent improvements in FCI's end-user markets, the
sustainability of the recovery remains subject to the
uncertainties of global economic recovery; and forward visibility
remains somewhat limited.  Given this uncertainty -- combined with
Moody's view that the company may remain free cash flow negative
until 2011, the start of mandatory debt repayments from 2010, and
the operation of a cash sweep -- FCI's liquidity profile will
remain an important rating consideration.

On the positive side, Moody's recognizes the significant business
restructuring that has already taken place, which should
materially reduce FCI's fixed costs and may allow it to improve
its operating margins despite lower revenues.  Moody's also
acknowledges the historical support shown by Bain Capital, which
continues to have significant embedded equity in FCI.

The last credit rating announcement for FCI was on April 6, 2009,
when the CFR was downgraded to B2, with a negative outlook.

FCI, based in Versailles, France, is the world's fourth largest
connector manufacturer with 2008 revenue of EUR1.25 billion.  In
2005, Bain Capital acquired FCI in an LBO for a total
consideration of EUR934 million.


WHITE TOWER: Fitch Junks Rating on EUR15.1MM Class E Notes
----------------------------------------------------------
Fitch Ratings has downgraded White Tower 2007-1's EUR345.7m
commercial mortgage-backed floating-rate notes, due 2015:

  -- EUR255.1 million class A: downgraded to 'A' from 'AAA';
     Outlook Stable

  -- EUR0.0003 million class X: affirmed at 'AAA'; Outlook Stable

  -- EUR25.4 million class B: downgraded to 'BBB' from 'AA';
     Outlook Stable

  -- EUR25.2 million class C: downgraded to 'BB' from 'A'; Outlook
     Negative

  -- EUR25.0 million class D: downgraded to 'B' from 'BBB';
     Outlook Negative

  -- EUR15.1 million class E: downgraded to 'CCC' from 'BB';
     assigned a Recovery Rating (RR) of RR6

The rating downgrades reflect deteriorating European property
market conditions, in particular the impact on loans secured by
assets of a secondary nature.  This is evidenced in the weighted
average Fitch LTV of 110.5%, compared to a WA reported LTV of
81.9%, which implies a market value decline of 22.5%.  The assets
securing the Heron City, Castor and Pollux and Sebastopol loans
were all revalued in 2008, but the assets securing the other loans
in the pool have not been revalued since 2006.  The loans are
secured by a combination of office and retail properties located
across France, Germany and Spain with an aggregate market value
(MV) of EUR440.4 million.

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

The transaction is dominated by the Heron City, Crown, and Castor
and Pollux loans, which together account for 77% of the loan pool
balance.  The Heron City loan, which accounts for 31% of the pool,
is secured by a single shopping centre/entertainment centre asset
located on the outskirts of Barcelona, Spain.  The property's
largest tenants are Cinesa, a large multiplex cinema operator, and
Virgin Active, an international gym operator, who together account
for 41.9% of current passing rent.

The Castor and Pollux loan, accounting for 17% of the pool, is
secured by six offices and one retail property located in and
around Paris, France.  In September 2009, Coheris, which was the
largest tenant in the pool at that time, vacated its space,
thereby reducing the loan income by 17%.  Furthermore, both
tenants at the Laval property terminated their leases following
financial difficulties during 2009.  More positively, the Valois
property, which had remained vacant since closing, was let to a
French law firm for nine years in August 2009.

Fitch will continue to monitor the performance of the transaction.


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


ARCANDOR AG: Four Bidders Still in the Race to Acquire Quelle
-------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Klaus Hubert Goerg,
Arcandor AG's insolvency administrator, said four bidders remain
in contention to buy the company's Quelle mail-order unit.

"We still expect an agreement by the end of this month or early
November," Bloomberg quoted Thomas Schulz, who speaks for Mr.
Goerg, as saying.

Bloomberg relates Sueddeutsche Zeitung said the talks would be
completed in coming days

According to Bloomberg, Mr. Schulz said matters still to be
resolved in the discussions include conditions for financing of
customer credit, logistic costs and terms for laying off some
Quelle workers.

                         About Arcandor AG

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

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

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


DECO 9: Fitch Junks Ratings on Four Classes of Notes
----------------------------------------------------
Fitch Ratings has downgraded nine classes of notes from DECO 9 -
Pan Europe 3 plc, a commercial mortgage-backed securitization.
The Outlooks on the class A2 to D notes are Negative.  The agency
has simultaneously assigned Recovery Ratings to the class F, G, H
and J notes

The rating actions are:

  -- EUR345.3 million class A1 (XS0262559296) affirmed at 'AAA';
     Outlook Stable

  -- EUR5,000 class X (XS0262560203) affirmed at 'AAA'; Outlook
     Stable

  -- EUR312.0 million class A2 (XS0262561276) downgraded to 'AA'
     from 'AAA'; Outlook Negative

  -- EUR39.0 million class B (XS0262561946) downgraded to 'A' from
     'AAA'; Outlook Negative

  -- EUR37.6 million class C (XS0262562753) downgraded to 'BB'
     from 'AA'; Outlook Negative

  -- EUR15.2 million class D (XS0262563215) downgraded to 'BB-'
     from 'AA'; Outlook Negative

  -- EUR21.5 million class E (XS0262563728) downgraded to 'B' from
     'A'; Outlook Negative

  -- EUR34.2 million class F (XS0262564452) downgraded to 'CCC'
     from 'BBB'; assigned RR5

  -- EUR6.7 million class G (XS0262565004) downgraded to 'CCC'
     from 'BBB-'; assigned RR6

  -- EUR10.0 million class H (XS0262565939) downgraded to 'CCC'
     from 'BB'; assigned RR6

  -- EUR4.8 million class J (XS0262566234) downgraded to 'CCC'
     from 'BB-'; assigned RR6

Most of the underlying loans in the transaction have been affected
by the ongoing downturn in the continental European commercial
real estate markets.  The loan pool had a reported weighted-
average loan-to-value ratio of 67.6% at the July 2009 interest
payment date.  This compares to a WA Fitch LTV of 81.9%,
reflecting an overall market value decline of 20.3% since closing
in August 2006.  Of the eight remaining loans, the Treveria I and
PGREI Portfolio loans are the main drivers of the rating
downgrades.  Fitch used its European CMBS Surveillance Criteria to
analyze the underlying loans of the pool.

The Treveria I loan is the largest in the portfolio, representing
31.5% of the pool balance, and expires in January 2011.  The loan
is secured by a portfolio of predominantly secondary quality
shopping centres and retail warehouses located across Germany.  In
the agency's opinion, the loan is exposed to significant
refinancing risk due its size, its relatively short unexpired term
to scheduled maturity, the secondary quality of its collateral and
the considerable vacancy levels (11.7% by estimated rental value
versus 4.4% at closing).  The senior LTV reported as of July 2009
stands at 80.0%, which compares to an estimated WA Fitch LTV of
112.3%, reflecting an overall MVD of 30%.

The second loan, which significantly contributed to the rating
downgrades, is the PGREI portfolio loan (14.6% of the pool
balance).  The loan had a reported LTV of 80.2% at the July 2009
IPD, based on the valuation at closing.  This compares to a Fitch
LTV of 105%, reflecting an overall MVD of 23.5%.  The magnitude of
this decline primarily reflects the yield shift which Fitch
believes to have occurred for this type of collateral.  However,
the relatively stable rental income provided by good credit
tenants on generally long leases is expected to partially mitigate
the refinancing risk at scheduled loan maturity on January 2014.

Fitch is also closely following the performance of the Dresdner
office portfolio loan (30.7% of the pool balance).  If the anchor
tenant Dresdner Bank AG, now part of Commerzbank AG
( 'A+'/'F1+'/Stable) and representing approximately 80% of the
current rental income, decided not to renew its shortly expiring
leases on some of the portfolio's largest properties, the
currently robust performance of the loan could suffer substantial
impairment.  The facility is scheduled to mature in January 2013
and has a reported LTV of 47.2%, which compares to a Fitch LTV of
55.9%.

Fitch will continue to monitor the performance of the transaction.


DECO 10: Fitch Junks Rating on EUR19MM Class D Notes From 'BBB'
---------------------------------------------------------------
Fitch Ratings has downgraded four classes of DECO 10 - Pan Europe
4 p.l.c and affirmed the class A1 tranche.  The rating actions
are:

  -- EUR299.1 million class A1 due October 2019 (XS0276266888)
     affirmed at 'AAA'; Outlook Stable

  -- EUR276.8 million class A2 due October 2019 (XS0276271375)
     downgraded to 'A' from 'AAA'; Outlook Negative

  -- US$31.9 million class B due October 2019 (XS0276272001)
     downgraded to 'BBB-' from 'AA'; Outlook Negative

  -- EUR31.9 million class C due October 2019 (XS0276273074)
     downgraded to 'B' from 'A'; Outlook Negative

  -- EUR19 million class D due October 2019 (XS0276273660)
     downgraded to 'CCC' from 'BBB'; assigned Recovery Rating
     'RR6'

The downgrade reflects the impact on the 10 remaining loans in the
portfolio of the downturn in the European commercial real estate
market.  The total loan portfolio had a reported weighted-average
loan-to-value ratio of 59.4% at the July 2009 interest payment
date.  This compares to a Fitch WA LTV of 81.8%, reflecting an
overall market value decline of 20.8%.  However, the value
declines within the portfolio are partially mitigated by scheduled
amortization on six of the 10 remaining loans, which amortize
between 1% and 2% per annum of their original balance.  Fitch's
criteria for European CMBS surveillance were used to analyze the
quality of the underlying commercial loans.

Fitch is closely monitoring the performance of the Dresdner office
portfolio loan, the largest loan in the portfolio at 30.7% of the
pool balance.  The anchor tenant Dresdner Bank AG, now part of
Commerzbank AG ( 'A+'/'F1+'/Stable), represents approximately 80%
of the current rental income.  However, 24% of rent is derived
from leases that are scheduled to expire before end-2011; should
the tenant decide not to renew these shortly expiring leases on
some of the portfolio's largest properties, the currently robust
performance of the loan could suffer substantial impairment.  The
loan facility is scheduled to mature in January 2013 and has a
reported LTV of 47.2%, which compares to a Fitch LTV of 55.9%.

The Treveria II loan (the second-largest, at 16.7% of the pool
balance) is secured by 47 retail, retail warehouse, shopping
centre and mixed-use properties.  The reported LTV stands at
71.7%, which compares to an estimated Fitch LTV of 107.1% (the
exit Fitch LTV stands at 104.1%).  The Fitch LTV reflects an
overall MVD of 33%.  The combination of a high Fitch LTV and loan
maturity in July 2011 leaves the loan significantly exposed to
balloon risk.  Further, the portfolio has suffered from declining
collateral income in recent quarters due to last year's
administration of SinnLeffers, a German fashion retailer, which
has shut approximately half of its stores, some of which were
securitized in this portfolio.  This has resulted in the presence
of some medium to large vacant assets (11% by lettable area for
the overall portfolio), as well as decreased gross rental income
and increased re-letting costs, which ultimately led the loan to
breach its 1.25x cash trap trigger in the July 2009 IPD.  The
Treveria II loan has been placed on Fitch's watchlist.

The euro-funded transaction contains two loans denominated in
Swiss francs (the Emmen and Swisscom loans, representing a
combined 21.4% of the pool balance).  Issuer-level currency
hedging means that the probability of a loss being suffered by the
issuer is determined by the respective borrowers' ability to pay,
and not by currency fluctuations; however, should a loss be
suffered on these loans, noteholders' exposure could be compounded
by an appreciation of the Swiss Franc relative to the euro.  Fitch
has reflected this risk in its credit analysis.

Fitch will continue to monitor the performance of the transaction.


GENERAL MOTORS: Magna, Sberbank Near Opel Acquisition Deal
----------------------------------------------------------
Magna International Inc. and partner OAO Sberbank are close to
completing an agreement to buy a majority stake in General Motors
Co.'s Opel division, Chris Reiter and Jeff Green report, citing
three people familiar with the situation.

Bloomberg relates the people, who asked not to be identified
before an agreement is announced, said the companies' lawyers are
reviewing contracts in Frankfurt and aim to resolve final issues
to pave the way for a deal to shift 55% of Ruesselsheim,
Germany-based Adam Opel GmbH to Magna and Sberbank.  According to
Bloomberg, the people said an accord may be announced today at the
earliest.

Bloomberg says as part of the transaction, Opel's workers need to
sign off on a plan to reduce as much as EUR1.6 billion
(US$2.4 billion) in costs through 2014 in exchange for a 10% stake
in the carmaker and more influence on the board.  Bloomberg notes
one of the people said those negotiations are continuing and may
also be completed today.

As reported in the Troubled Company Reporter-Europe on Oct. 15,
2009, Bloomberg News said German workers at GM's Opel unit agreed
to freeze wages and cut bonuses.  Bloomberg disclosed Harald
Lieske, works council chief at the plant in Eisenach, said in a
phone interview Wednesday at the plant in Eisenach, the labor
accord will help achieve annual savings of about EUR175 million
(US$261 million) at the carmaker's four German factories.

                        About General Motors

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

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

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

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

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

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


TALISMAN-7 FINANCE: Fitch Corrects October 12 Press Release
-----------------------------------------------------------
This announcement corrects the version published on October 12,
2009.  The collateral securing the loans have an aggregate market
value of EUR1,752.9 million and not EUR1,470 million as previously
stated.

Fitch Ratings has downgraded TALISMAN-7 Finance Ltd's EUR1,047.9
million commercial mortgage-backed floating-rate notes, due 2017,:

  -- EUR611.2 million class A: downgraded to 'AA' from 'AAA';
     Outlook Stable

  -- EUR0.1 million class X: affirmed at 'AAA'; Outlook Stable

  -- EUR88.1 million class B: downgraded to 'A' from 'AA'; Outlook
     Stable

  -- EUR85 million class C: downgraded to 'BBB' from 'A'; Outlook
     Negative

  -- EUR67.1 million class D: downgraded to 'BB' from 'A'; Outlook
     Negative

  -- EUR47.6 million class E: downgraded to 'B' from 'BBB';
     Outlook Negative

  -- EUR69.5 million class F: downgraded to 'B-' from 'BBB';
     Outlook Negative

The rating downgrades reflect deteriorating European property
market conditions, and especially the impact on loans secured by
assets of a secondary nature.  This is evidenced in the weighted
average Fitch loan-to-value ratio of 93%, as compared to a WA
reported LTV of 61%, which implies a market value decline of 35%.
The majority of the assets in the portfolio were last valued in
December 2006, at the peak of the market, although some assets
have been re-valued more recently.  The loans are secured by a
combination of office, retail, light industrial and multifamily
properties located across Germany with an aggregate market value
of EUR1,752.9 million.

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

The transaction has significant exposure to the Mozart loan, which
alone accounts for 57% of the pool and is secured by a portfolio
of 105 mixed properties.  The loan's collateral assets are, on
average 30% reversionary, although most of this reversion is due
to the high level of vacancies in the pool which are 25% by
estimated rental value, down 3% since closing.  The portfolio has
a WA lease length of 3.3 years, compared to an unexpired loan term
of 2.4years.  A strength of the loan income is its granularity,
with the rent roll comprising over 1,000 tenants and the largest
tenant accounting for no more than 5% of passing rent.

On August 28, 2008, a default notice over the Bruckner loan was
issued by the servicer after loan sponsor Level One Holdings
entered administration, although the loan has not yet been
enforced.  The flow of funds from tenants to the borrower
collections accounts is not currently in accordance with the
facility agreement, with only debt service being paid to the
borrower.  This issue could have an impact on the amount of cash
available to service debt and pay down the loan.


TAURUS CMBS: Fitch Downgrades Rating on Class D Notes to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded and affirmed Taurus CMBS (Germany)
2006-1 plc's commercial mortgage-backed floating rate notes:

  -- EUR233.1 million class A (XS0257712579): affirmed at 'AAA';
     Outlook Stable

  -- EUR0.1 million class X (XS0257713627): affirmed at 'AAA';
     Outlook Stable

  -- EUR31.7 million class B (XS0257714435): downgraded to 'A'
     from 'AA'; Outlook Stable

  -- EUR19.9 million class C (XS0257715242): downgraded to 'BBB'
     from 'A'; Outlook Negative

  -- EUR17.6 million class D (XS0257715838): downgraded to 'B'
     from 'BBB'; Outlook Negative

The downgrades reflect ongoing declines in European commercial
real estate values.  The pool has a reported weighted-average
loan-to-value ratio of 65.1% compared to Fitch's LTV estimate of
74.4%, indicating a WA market value decline of 12.6% since closing
in July 2006.  Fitch's criteria for European CMBS surveillance and
multifamily analysis were used to analyze the quality of the
underlying commercial loans.

At closing, the transaction was a securitization of a
multiborrower pool of 9 commercial mortgage loans with an
aggregate loan balance of EUR571.1 million, secured on properties
located in Germany with an aggregate current value of EUR836.7
million.  Since closing, four of the loans have prepaid and this,
coupled with scheduled amortization, has reduced the pool balance
to EUR302.3 million.  The current loans are secured by
predominantly office and retail assets, located throughout
Germany.  The portfolio shows a relatively long unexpired
weighted-average lease term to break of 7.34 years, compared with
9.7 years at closing, and a WA loan term of 3.05 years, compared
with 5.6 years at closing.  One loan, the Bremen loan, is
scheduled to mature in October 2010 and accounts for 16.5% of the
securitized portfolio, with the remaining loans scheduled to
mature in 2011 and 2013.

The largest loan, the Bewag loan, represents 42.0% of the
aggregate loan balance and 39.9% by MV.  This loan is secured by a
large office property in Berlin which is 100% let to Bewag AG
(100% subsidiary of Vattenfall AB, which in turn is 100%-owned by
the Swedish State (rated 'AAA')) as their headquarter building
with 8.0 years remaining on the lease.  With the exception of the
Ruhr Portfolio loan, the rest of the loans could be described as
average-to-good quality retail and shopping centre assets let on
reasonably long leases and benefitting from strong tenant
covenants.  The Ruhr Portfolio loan is secured by 14 office and
retail assets and has seen the vacancy rate increase to 17.1% from
9.8% at closing.  With the exception of the Ruhr Portfolio loan,
which also has the risk of further income declines in the near
term, Fitch's main concern in relation to all of the loans is the
refinancing risk.

Fitch will continue to monitor the performance of the transaction.


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


WIND HELLAS: To Defer Payment on Subordinated Bonds
---------------------------------------------------
John Glover and Maria Petrakis at Bloomberg News report that Wind
Hellas Telecommunications SA said it plans to pay interest on
senior debt and use a grace period to defer coupons on
subordinated bonds.

Bloomberg relates Hellas Telecommunications II, the holding
company for Wind Hellas, said in a statement lenders agreed to
waive and amend some of the terms and conditions of its debt in
return for a consent fee.  According to Bloomberg, a cash
investment of at least EUR50 million (Us$75 million), as well as
restructuring costs and interest payments to subordinated
noteholders, is among new terms being demanded by lenders.

Wind Hellas Chief Operating Officer Nasos Zarkalis, as cited by
Bloomberg, said the company, which is seeking to restructure as
much as EUR3 billion of debt, needs a "new cash equity investment
to improve its liquidity position and enable it to invest in its
customers and its network."

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- offers TIM-branded (formerly Telestet)
wireless telecom services to about 2.3 million consumer and small-
business customers throughout Greece.  From its digital GSM
network, the firm offers conference calling, mobile e-mail, fax,
and data transmission.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 8,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'CC' from 'CCC' on the group's weak
second-quarter results and announcement that it was in talks with
its shareholders about a potential restructuring of the group's
capital structure.  S&P said the outlook is negative.


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


BABCOCK NETWORKS: Ken Fennell Named Provisional Liquidator
----------------------------------------------------------
RTE News reports that Ken Fennell of Kavanagh Fennell has been
appointed provisional liquidator to Babcock Networks Ireland.

The liquidator hopes to sell the business as a going concern, the
report says.

Babcock Networks is a telecom equipment company.  The company has
offices in Ballymount in Dublin and Athlone, Co Westmeath, and
employs 64 staff, the majority of whom are field-based engineers.


ZOE GROUP: Supreme Court Orders Liquidation of Companies
--------------------------------------------------------
Mary Carolan at The Irish Times reports that the Supreme Court on
Wednesday made orders confirming the liquidation of key companies
in Liam Carroll's heavily insolvent Zoe group.

According to the Irish Times, the Chief Justice, Mr. Justice John
Murray, said the companies must bear the consequences of Mr.
Carroll's decision to deliberately withhold "material and crucial
evidence" from the courts "in the teeth of legal advice" when they
brought their first application for court protection.  Mr. Murray,
as cited by the Irish Times, said that "conscious and deliberate
strategic decision" to withhold the companies' business plan was
an abuse of the court's process in relation to the appointment of
examiners and was a clear bar to a second petition proceeding.

The judges, with whose judgments Mr. Justice Nial Fennelly agreed,
also made orders lifting a stay on the winding up of the
companies, the Irish Times relates.

Declan Taite, who was provisional liquidator, now becomes official
liquidator, the Irish Times discloses.

The Irish Times notes the court made further orders awarding the
costs of most of the various court proceedings to ACC Bank, which
is owed EUR136 million by Zoe companies and had opposed court
protection being granted.  The issue of the costs of the Supreme
Court appeal will be dealt with later, the Irish Times says.


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


CORDUSIO RMBS: Moody's Reviews 'Ba2' Rating on  Class E Notes
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade two classes of notes issued by Cordusio RMBS
Securitisation S.r.l. - Series 2007:

  -- EUR102,000,000 Class D, Placed under review for possible
     downgrade; previously on 25 May 2007 assigned Baa2;

  -- EUR19,500,000 Class E, Placed under review for possible
     downgrade; previously on 25 May 2007 assigned Ba2.

The review for possible downgrade was prompted by the worse-than-
expected collateral performance of the underlying portfolio.  This
may lead to an increase in portfolio loss expectations resulting
from higher-than-expected delinquency and default levels in the
transaction.  On the last payment date in September 2009 the
cumulative defaults were equal to 0.89% of original portfolio
balance.  At the same time, the mortgage loans more than 90 days
in arrears have reached approximately 0.95% of current balance.
Moody's notes that the transaction has been drawing on its reserve
fund.  As of the last payment date, the reserve fund amounted to
EUR1.85 million that is only about 29.6% of its target amount of
EUR6.25 million.

As part of Moody's detailed transaction review, Moody's will
reassess the lifetime loss expectation for the portfolio,
reflecting the collateral performance to date as well as the
future macro-economic environment.  Moody's will also request,
whenever not already available, updated loan-by-loan information
to revise its MILAN Aaa credit enhancement.  Loan-by-loan
information will also permit Moody's to validate its assumptions
with regards to which loans have a higher default propensity.  The
lifetime loss and the MILAN Aaa credit enhancement are the key
parameters used by Moody's to calibrate its loss distribution
curve, which is one of the core inputs in the cash-flow model.

Cordusio RMBS Securitization S.r.l. was the fourth RMBS
transaction launched by UniCredit Banca SpA, now UniCredit Family
Financing S.p.A. (A1/P-1).  The portfolio consisted of EUR
3,908,102,838 of prime residential mortgage loans.  All loans are
guaranteed by first economic lien on residential properties and
all of them benefit from an economic first lien mortgage (ipoteca)
on the actual property.  At closing, all loans were in bonis
(performing).

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.


DIT GROUP: To Close Italian Subsidiary
--------------------------------------
Avi Krawitz at Rapaport News reports that Dubai-based Damas
International on Tuesday decided to close its Italian unit DIT
Group SPA.

According to the report, Damas said that the Italian operation,
which trades under the trademarks Stefan Hafner, loSi, Porrati and
Nouvelle Bague, was running at a loss and accounted for less than
2% of the group's total revenues in fiscal 2009.


RISANAMENTO SPA: Awaits Bankruptcy Case Ruling, Chairman Says
-------------------------------------------------------------
Elena Distaso and Tommaso Ebhardt at Bloomberg News report that
Risanamento SpA Chairman Vincenzo Mariconda yesterday said judges
in the bankruptcy case for the Italian property developer expect
to make a ruling in the next few days.

"We asked the judges to reject the bankruptcy request" made by
prosecutors, Bloomberg quoted Mr. Mariconda as saying after a
court hearing.

According to Bloomberg, Milan prosecutors Laura Pedio and Roberto
Pellicano didn't make a filing opposing Risanamento's
restructuring plan by a 3:00 p.m. deadline yesterday.

Armorel Kenna at Bloomberg News, citing news agency Ansa, reports
that Risanamento's lawyers say the company isn't insolvent.
Bloomberg relates the news agency reported Tuesday Risanamento's
creditors continue to support the company and haven't asked that
the company be declared bankrupt.

As reported in the Troubled Company Reporter-Europe on Oct. 13,
2009, Bloomberg News, citing Radiocor news agency, said
Risanamento's latest restructuring plan was rejected by Milan
prosecutors.

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

                       About Risanamento SpA

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


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


BALHASH 5: Creditors Must File Claims by October 21
---------------------------------------------------
Creditors of LLP Balhash 5 have until October 21, 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 26,
2009, after finding it insolvent.

The Court is located at:

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


KAZAKHTELECOM JSC: Fitch Affirms Issuer Default Ratings at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed JSC Kazakhtelecom's Long-term foreign
and local currency Issuer Default ratings at 'BB', Short-term
foreign currency IDR at 'B' and National Long-term rating at
'A(kaz)'.  The Outlooks on the Long-term IDRs and the National
Long-term rating are Negative.

The Negative Outlook reflects a substantial refinancing risk
attributed to the US$350 million syndicated loan maturity in July
2010.  Fitch expects this loan to be repaid in part with the
company's accumulated cash, while the remainder of the outstanding
loan is likely to be refinanced with new external debt to be
received by Kaztel in the near future.  However, Kaztel has yet to
secure new external debt.  If the company does not successfully
secure new debt in the next few months, Kaztel's ratings are
likely to be reviewed for a downgrade.

In addition, the Negative Outlook reflects Fitch's concern that
part of Kaztel's cash, which is mainly kept in local banks, may be
effectively restricted for some period due to the banks' possible
tight liquidity.  This could in turn impact Kaztel's liquidity
which was lower than the company's short-term debt plus the
syndicated loan at end-June 2009.

On a negative note, Fitch also underlines that nearly all of
Kaztel's debt is, and will remain denominated in or linked to,
foreign currency, while the company's cash flow is denominated
predominantly in tenge.  This mismatch results in a substantial
currency risk.  In case of a further tenge devaluation comparable
to that in early 2009, Kaztel's leverage is likely to exceed 2x
which could impact the company's rating.

On a positive note, the ratings factor in Fitch's expectations of
a decline in Kaztel's leverage and an improvement to generated
free cash flow (FCF), following reduced capex, as well as the
expected divestment of Kaztel's 51% stake in its highly-leveraged
mobile subsidiary, Mobile Telecom-Service LLP (MTS), which Fitch
views as likely at end-2009.  At end-2008, Kaztel's leverage (net
debt/EBITDA including associate dividends) was 1.7x, which left
the company limited headroom for raising leverage without
affecting its rating.  Although the 25% tenge devaluation in early
2009 puts substantial pressure on the company's leverage, Fitch
expects leverage will not increase materially or will even
decrease by end-2009, due to reduced capex and the planned MTS
disposal.  For the same reasons, Kaztel's FCF, which has been
negative in 2005-2008, is expected to improve, although remain
negative in 2009, and turn positive from 2010.

Kaztel's ratings continue to be supported by the company's
dominant market position in the fixed-line voice and internet
services segments (89% and 67% of the market at end-2008,
respectively) in Kazakhstan ('BBB-'/'F3'/Negative Outlook) which
is unlikely to be challenged in the short- to medium-term.  The
ratings are also underpinned by Kaztel's sustainable EBITDA
generation, with an EBITDA margin after associate dividends of
37.4% and an organic EBITDA margin of 30.5% at end-2008.  Fitch
forecasts that these margins will increase following the MTS
disposal.

Kaztel is a fixed-line incumbent operating in Kazakhstan.  The
state holds an indirect 51% controlling interest in Kaztel through
National Welfare Fund Samruk-Kazyna.


MAI STROY: Creditors Must File Claims by October 21
---------------------------------------------------
LLP Mai Stroy Service is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim
to:

          Saduakasov Str. 124-1
          Kokshetau
          Kazakhstan


NORTH SOUTH: Creditors Must File Claims by October 21
-----------------------------------------------------
LLP North South Trans Ltd. is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim
to:

          Office 314
          Business Center Jarsu
          Djangildin Str. 31
          Almaty
          Kazakhstan


ONTUSTIK OIL: Creditors Must File Claims by October 21
------------------------------------------------------
LLP Ontustik Oil is currently undergoing liquidation.  Creditors
have until October 21, 2009, to submit proofs of claim to:

          Temir Jol Str. 9
          Lenger
          Tolebyisky District
          South Kazakhstan
          Kazakhstan


POLIGRAPH IZDAT: Creditors Must File Claims by October 21
---------------------------------------------------------
Creditors of LLP Poligraph Izdat have until October 21, 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 14, 2009.


SHART-AK LLP: Creditors Must File Claims by October 21
------------------------------------------------------
Creditors of LLP Shart-Ak have until October 21, 2009, to submit
proofs of claim to:

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

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


SABYR 77: Creditors Must File Claims by October 21
--------------------------------------------------
Creditors of LLP Sabyr 77 have until October 21, 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


SOLITON ETT: Creditors Must File Claims by October 21
-----------------------------------------------------
Creditors of LLP Soliton Ett have until October 21, 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 14, 2009.


TECH SERVICE: Creditors Must File Claims by October 21
------------------------------------------------------
Creditors of LLP Tech Service Ug have until October 21, 2009, to
submit proofs of claim to:

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

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


VOSTOK MUNAI: Creditors Must File Claims by October 21
------------------------------------------------------
LLP Vostok Munai Service is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim
to:

          Kazybek Bi Str. 40-21
          Almaty
          Kazakhstan


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


MAKSAT OJSC: Court Names S. Jantashov as Insolvency Manager
-----------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
S. Jantashov as Insolvency Manager for OJSC Maksat on August 11,
2009. He can be reached at:

         Berdike Baatyr Str. 287
         Talas
         Kyrgyzstan
         Tel: (0-772) 70-80-54

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. ED-132/09MT.


STENDLI COMPANY: Court Names T. Boronchiev as Insolvency Manager
----------------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
?. Boronchiev as Insolvency Manager for LLC Stendli Company on
July 7, 2009. He can be reached at:

         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan
         Tel: (0-543) 03-63-41

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. ED-690/09???2.


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


DSB BANK: Talks with Banks to Avert Bankruptcy Fail
---------------------------------------------------
Fred Pals at Bloomberg News reports that DSB Bank NV failed to
reach an agreement with a group of banks including ING Groep NV
and Fortis to avoid bankruptcy.

Talks at the central bank's office in Amsterdam between
representatives of Wognum, Netherlands-based DSB and the group
didn't lead to a "solution," Bloomberg quoted Rabobank Groep NV,
one of the lenders in the group, as saying in a statement.

Bloomberg relates a court in Amsterdam said yesterday DSB, which
was put under the control of the central bank on Oct. 12, will be
declared bankrupt if it rules out a quick takeover.

On Oct. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported the central bank said DSB Bank's solvency
is under "great pressure".  Bloomberg disclosed Pieter Lakeman,
chairman of a foundation that represents customers who seek
compensation after being overcharged for their mortgages, called
for deposit withdrawals at DSB on Dutch public television Oct. 1.
Dutch Central Bank President Nout Wellink, as cited by Bloomberg,
said capital outflows at DSB amounted to EUR600 million (US$888
million) from that day and the bank currently has about EUR3.5
billion in deposits.

According to Bloomberg, the central bank said attempts to sell DSB
to a group of five banks including ING Groep NV, ABN Amro Holding
NV, Rabobank Groep NV, Fortis Bank Nederland and SNS Reaal NV
failed because there was uncertainty about possible claims on DSB
for lending too much, failing to meet its responsibilities to
clients and possible losses on credits.

DSB Bank -- http://www.dsbbank.com/-- is a fully licensed bank in
the Netherlands, providing mortgages, consumer loans, savings and
insurance products to retail clients.  The bank has a leading
market share in the Dutch market for consumer loans.  DSB Bank
also has operations in Belgium and Germany.  DSB Bank, established
in 1975, is privately owned by Dirk Scheringa, currently CEO of
DSB Bank, Chairman of the Executive Management Board.
Mr. Scheringa is also 100% owner of AZ Alkmaar football club,
which plays in the Dutch Premier League and president of the
Scheringa Museum for Magic Realism, an international collection of
more than 500 works of art.


ING GROEP: Oversea-Chinese Bank to Buy ING's Asia Private Bank
--------------------------------------------------------------
Oversea-Chinese Banking Corp., the owner of Singapore's biggest
life insurer, is close to an agreement to buy ING Groep NV's
private banking assets in Asia for about US$1.5 billion, Bloomberg
News reports citing people with knowledge on the matter.

According to Bloomberg, the people said Oversea-Chinese beat out
HSBC Holdings Plc for ING's Asian private bank as competition
heats up in a region expected to outperform Europe and the U.S. in
wealth accumulation.  Bloomberg recalls Amsterdam-based ING last
week sold its Geneva-based wealth management business to Julius
Baer Group Ltd. as it seeks to raise as much as EUR8 billion
(US$12 billion).

The report discloses that ING's Asian private banking division is
led by Renato de Guzman and manages assets for more than 5,000
clients from offices in Singapore, Hong Kong and the Philippines.
Assets under management declined to EUR11 billion at the end of
June from EUR11.4 billion three months earlier, the report notes.

As reported by the Troubled Company Reporter-Europe on Sept. 17,
the European Commission has extended, under EC Treaty state aid
rules, its investigation of the illiquid asset back-up facility
provided by the Dutch State to the financial group ING.  The
Commission has also extended its temporary clearance of the
measure until the assessment of the measure is finalized.  The
Commission initially authorised the measure for six months for
reasons of financial stability on March 31, while opening an
in-depth investigation to analyze the complex measure in light of
the Commission's Impaired Assets Communication.  On the basis of
the information provided so far, the Commission has doubts as to
the compatibility of the measure with the Impaired Assets
Communication, in particular as regards valuation and burden
sharing.  This decision is without prejudice to the final outcome
of the investigation.

In January 2009, the Dutch State and ING implemented a so-called
illiquid assets back-up facility for a portfolio of US$39 billion
(EUR30 billion) par value worth of US residential mortgage-backed
securities , mostly backed by so-called Alt-A mortgage loans.

Under the transaction, the Dutch State buys the right to receive
future cash flows on 80% of the above-mentioned portfolio.

The Commission has assessed the measure under its guidance
Communication on the treatment of asset relief measures.  Taking
account of input from external experts, the Commission considers
that the valuation seems at this stage not conservative enough.
In addition, the Commission found that a significant proportion of
securities were valued above purchase price.  Therefore, the
Commission continues to have doubts that the price paid by the
Dutch Government, equivalent to a transfer price of 90% of the
face value, is justified.  Should the Dutch authorities not be in
a position to address the Commission's concerns in a convincing
manner, the Commission's final decision on the compatibility of
the facility with EU state aid rules would have to require
increasing the remuneration of the Dutch State.

Headquartered in Amsterdam, the Netherlands, ING Groep N.V. --
http://www.ing.com/-- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia.  ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In July 2008, the Company
completed the acquisition of CitiStreet LLC, a retirement plan and
benefit service and administration company in United States.  In
November 2008, ING Groep N.V. increased its stake in joint venture
Billington Holdings PLC from 50% to 100%.  In February 2009, the
Company announced that it closed the sale of its Taiwanese life
insurance business to Fubon Financial Holding Co. Ltd.  In April
2009, the Company sold its non-state pension fund business and its
holding company in Russia to Aviva plc.


LYONDELL CHEMICAL: Gets Nod to Tap Miller & Chevalier as Counsel
----------------------------------------------------------------
Lyondell Chemical Co. and its affiliates obtained the Court's
authority to employ Miller & Chevalier Chartered as their special
counsel, nunc pro tunc to January 6, 2009.

The Debtors relate that since their retention of Miller &
Chevalier as ordinary course professional, they have determined
that their need of Miller & Chevalier's specialized services is
more substantial than that provided for in the OCP Order.

As the Debtors' special counsel, Miller & Chevalier will provide:

a. advice to the Debtors on Federal income tax matters,
    including both the implications of the Debtors' bankruptcy
    and reorganization planning and more general federal income
    tax planning and compliance;

b. advice to the Debtors with respect to tax accounting
    methods, including the last-in-first-out accounting method
    and the implications on that method of the Debtors'
    bankruptcy and reorganization;

c. advice to the Debtors on employee benefits and pension
    issues;

d. advice to and representation of the Debtors with respect
    to Federal legislative and regulatory matters, including
    advising and lobbying on tax, energy, customs, and
    climate-change issues;

e. advice to the Debtors with respect to federal audit
    matters;

f. advice to the Debtors with respect to federal customs
    and duty matters; and

g. advice to the Debtors with respect to federal excise tax
    matters.

The Debtors will pay Miller & Chevalier's professionals according
their customary hourly rates:

   Title                    Rate per Hour
   -----                    -------------
   Members                  US$575 to US$825
   Associate/Counsel        US$250 to US$450
   Legal Assistants         US$165 to US$225

The Debtors will reimburse Miller & Chevalier for expenses
incurred.

The Debtors disclose that they owed Miller & Chevalier US$155,691
for prepetition services and expenses.

Mary Lou Soller, Esq., a member at Miller & Chevalier, assures
the Court that her firm does not represent any parties-in-
interest in connection with the Debtors or their Chapter 11
cases.  She adds that Miller & Chevalier is a "disinterested
person" as the term is defined under Section 101(14) of the
Bankruptcy Code.

                     About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


LYONDELL CHEMICAL: Proposes Entry Into Enterprise Products Pact
---------------------------------------------------------------
Lyondell Chemical Co. and its units sought and obtained the
Court's approval of an agreement among Debtors Lyondell Chemical
Company, Equistar Chemicals, L.P., and Basell USA Inc., and
Enterprise Products Operating LLC.

The Debtors and Enterprise Products are parties to certain
contracts, spot agreements and leases wherein they engage in the
production, purchase, sale, exchange and transportation of
various petrochemical products, including natural gas liquid,
polymer grade propylene, refinery grade propylene, butane and
isobutane.  Enterprise Products and Basell USA each owns an
undivided 50% interest in a propane-propylene splitter and
appurtenant facilities and fixtures used for the separation of
polymer grade propylene from mixed propane-propylene streams,
along with certain real property in Chambers County, Texas.

To restructure the contractual relationship between the Debtors
and Enterprise Products and resolve certain claims extant among
them, the Debtors and Enterprise Products entered into the
Agreement, the salient terms of which are:

* Equistar will reject a Condensate Contract with Enterprise
  Products under Section 365 of the Bankruptcy Code, effective
  as of September 1, 2009.  Equistar and Enterprise Product
  will have no further obligation to perform under the Equistar
  Condensate Contract after September 1, 2009.  Enterprise
  Products will be allowed a general unsecured claim against
  Equistar for US$300,000 for rejection damages under the
  Equistar Condensate Contract.

* Lyondell will assume these agreements with Enterprise
  Products: an ISO Processing Agreement, Butane Sales
  Agreement, and Lyondell Propane Purchase Agreement.  Basell
  USA will assume these agreements with Enterprise Products:
  Propylene Sales Agreement, as amended; Facility and Pipeline
  Agreement, as amended, which will reflect the sale to
  Enterprise Products of Basell USA's 50% undivided interest in
  the Assets, pursuant to an Asset Purchase Agreement; Lake
  Charles Pipeline Eastern Segment Expansion Agreement; Lake
  Charles Pipeline West Lease Agreement, as amended; Propane
  Sale Agreement; and RGP Rail Purchase Agreement.  Equistar
  will assume these agreements with Enterprise Products: PGP
  Term Sale Agreement; RGP Exchange Agreement; RGP Processing
  Agreement; and Isobutane Sales Agreement.  In full and final
  satisfaction of all requirements under Section 365 of the
  Bankruptcy Code necessary for assumption of the Assumed
  Agreements, (i) Lyondell will pay Enterprise Products
  US$3,102,917, and (ii) Basell USA will pay Enterprise Products
  US$2,903,616.

* Enterprise Products will pay US$4,717,549 to Equistar in full
  satisfaction of amounts owed by Enterprise Products to
  Equistar under various prepetition agreements.

* Basell USA will sell the Splitter Assets to Enterprise
  Products for US$4,200,000 pursuant to the APA.  The sale will
  be free and clear of all liens and encumbrances.

* Enterprise Products and the Debtors have, in connection with
  the overall restructuring of their relationships, entered
  into several new ordinary course postpetition agreements that
  provide for, among other things, (i) the lease by Basell USA
  of Enterprise Products' 50% undivided interest in the eastern
  segment of the Lake Charles Pipeline; (ii) the operation and
  maintenance of that pipeline segment by Enterprise Products
  for and on behalf of Basell USA; (iii) the transport and
  exchange of PGP by Enterprise Products on behalf of Basell
  USA; and (iv) the sale and delivery of ethane and
  ethane/propane mix by Enterprise Products to Equistar.

* Enterprise Products will extend the Debtors a line of credit
  for US$20 million that will cover transactions among the
  Parties under (i) the contracts being assumed; (ii) the new
  ordinary course postpetition agreements that will go into
  effect pursuant to the Agreement; and (iii) certain other
  ordinary course postpetition spot purchase and sale
  agreements the Parties entered into after the Petition Date.
  The Debtors acknowledge that payment obligations arising
  under these agreements for goods and services provided and
  for other actual costs and expenses incurred from and after
  the Petition Date are entitled to priority under Section
  503(b) of the Bankruptcy Code.

* In addition to the mutual releases provided under the
  Agreement, (i) Enterprise Products' Claim 7124 against Basell
  USA for US$3,305,913, (ii) Enterprise Products' Claim 7125
  against Lyondell for US$3,304,606, (iii) Enterprise Products'
  reclamation claim against Basell USA for US$3,084,019, and (iv)
  Enterprise Products' reclamation claim against Equistar for
  US$2,510,521 will, subject to satisfaction of the conditions
  set forth in the Agreement, will be deemed disallowed and
  withdrawn, and deemed expunged from the claims register in
  the Debtors' bankruptcy cases without need for any further
  action by the Bankruptcy Court.  Moreover, the Condensate
  Contract Rejection Claim will be allowed as a general
  unsecured claim against Equistar for US$3,000,000, which
  will be effectuated by fixing and allowing Claim 7126 against
  the bankruptcy estate of Equistar in the amount of the
  Condensate Contract Rejection Claim.

Christopher R. Mirick, Esq., at Cadwalader, Wickersham & Taft
LLP, in New York, noted that through the Agreement, the Debtors
were able to obtain improved contract terms that will benefit
them through advantaged pricing and substantial cost reductions
that have an estimated net present value of US$54 million as well
as obtaining an unsecured credit line of US$20 million.  More
importantly, by consensually resolving certain claims among the
Parties, the Agreement allows the Debtors to avoiding the costs
and risks of litigation, he said.

                     About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


LYONDELL CHEMICAL: Proposes Pact with Gainesville-Oakwood
---------------------------------------------------------
Lyondell Chemical Co. and its units ask the Court to authorize
Debtor Millennium Holdings, LLC's entry into an agreement with
Gainesville-Oakwood Properties, LLC, Chameleon Solutions, Inc.,
and U.S. Bank National Association.

In May 1993, HM Holdings, Inc., and Allied Paper Incorporated
executed an agreement pertaining to remediation of certain
environmental contamination or pollution located at or emanating
from the properties, including a plant at Gainesville, Georgia.
In connection with the Environmental Agreement, Allied, HMH and
Continental Bank National Association executed a Disbursement
Agreement, whereby certain escrow funds and a Letter of Credit
were transferred to Continental as Disbursement Agent.
Millennium is successor to HMH, Gainesville-Oakwood to Allied and
U.S. Bank to Continental under the Environmental Agreement and
the Disbursement Agreement.  In July 2006, Chameleon became a
party to the Environmental Agreement and the Disbursement
Agreement when it purchased a portion of the Property, which is
not impacted by contamination and is not subject to remediation.

Pursuant to the Environmental Agreement, Millennium submitted a
Corrective Action Plan for remediation of the Property to the
Georgia Department of Natural Resources, Environmental Protection
Division.  Millennium estimated the cost to implement the CAP at
US$466,225, with Millennium's share of this cost estimated at
US$340,344.  The CAP was conditionally approved in August 2008.
After the Petition Date, Millennium communicated to the parties
to the Environmental Agreement and Disbursement Agreement that it
would not continue to undertake or participate in implementation
of the CAP or other remediation of the Property.

To resolve all of Millennium's future financial obligations to
Gainesville-Oakwood related to the Property, the parties executed
the Agreement under which they agreed that:

* Millennium and Gainesville-Oakwood will be released from any
  and all obligations under the Environmental Agreement with
  respect to the Property; and

* Millennium and Gainesville-Oakwood jointly instructed U.S.
  Bank to (i) draw US$400,000 on a JP Morgan letter of credit
  established by Millennium pursuant to the Environmental
  Agreement; and (ii) deposit those funds into one or more
  interest bearing accounts at U.S. Bank to fund Millennium's
  share of implementing the CAP.  Upon termination of the
  Environmental Agreement, any funds remaining from the JP
  Morgan draw proceeds will be delivered to Millennium.

The Debtors assert that by entering into the Agreement,
Millennium will avoid the time and expense of complying with its
obligations under the Environmental Agreement, including
implementation of the CAP and remediation of the Property.

                     About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


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


AVTOVAZ OAO: On the Verge of Bankruptcy Despite State Aid
---------------------------------------------------------
Maria Plis at Reuters reports that Sergei Stepashin, the head of
State Audit Chamber, said AvtoVAZ is on the brink of bankruptcy
despite the allocation of huge funds.

"Now the question is not in a review, it is in the fate. . .Its
fate needs to be decided," Reuters quoted Stepashin, whose chamber
reviews all companies which are recipients of state aid, as
saying.

As reported in the Troubled Company Reporter-Europe on Oct. 14,
2009, Bloomberg News said AvtoVAZ's net loss widened to RUR19.5
billion (US$659 million) from RUR2.15 billion in the first half of
2009 from RUR2.15 billion a year earlier.  Bloomberg disclosed the
carmaker's sales declined 46% to RUR53.1 billion.

"The crisis in the financial sector of the Russian economy has
negatively affected the automotive market," Bloomberg quoted
AvtoVAZ as saying.  Without continuing state aid this year and
next, market conditions "create a material uncertainty that gives
rise to significant doubt about the group's ability to continue as
a going concern."

According to Bloomberg, AvtoVAZis relying on the Russian
government to help restructure RUR58.2 billion of short-term debt
as of June 30.  The state has already spent RUR25 billion to
support AvtoVAZ, Bloomberg said.

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


DIOGANAL-STROY LLC: Creditors Must File Claims by October 25
------------------------------------------------------------
Creditors of LLC Dioganal-Stroy (TIN 5902820804, PSRN
1045900080280) (Construction)have until October 25, 2009, to
submit proofs of claims to:

         A. Kotelnikov
         Temporary Insolvency Manager
         Mira Str. 45a/305
         614095 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:20 a.m. on
January 29, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?50–14433/2009.

The Debtor can be reached at:

         LLC Dioganal-Stroy
         Krupskoy Str. 67
         614077 Perm
         Russia


ELEKTRIK LLC: Creditors Must File Claims by October 25
------------------------------------------------------
Creditors of LLC Elektrik (Electrical Plant) (TIN 7802354487, PSRN
5067847010446) have until October 25, 2009, to submit proofs of
claims to:

         V. Pristupa
         Temporary Insolvency Manager
         Litovskaya Str. 10
         194100 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will convene at 10:20
a.m. on March 4, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?56–50943/2009.

The Court is located at:

         The Arbitration Court of Saint-Petersburg
         Courtroom 121
         Suvorovskiy prospect 50/52
         Saint-Petersburg
         Russia

The Debtor can be reached at:

         LLC Elektrik
         Litovskaya Str. 10
         194100 Saint-Petersburg
         Russia


EVRAZ GROUP: S&P Assigns 'B+' Senior Unsecured Debt Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
local currency, senior unsecured debt rating to a proposed Russian
ruble (RUR) 20 billion (approximately US$700 million) domestic
bond to be issued by LLC Sibmetinvest, a subsidiary of Russia-
based steel producer Evraz Group S.A.  (B+/Watch Neg/--), which
guarantees the bond.  At the same time, the debt rating was placed
on CreditWatch with negative implications.  The recovery rating on
this issue is '4', indicating S&P's expectation of average (30%-
50%) recovery for bondholders in the event of a payment default.

The purpose of the issuance is to provide additional liquidity to
support refinancing by Evraz.  Sibmetinvest is an unrated wholly
owned subsidiary of Evraz and is a Russian-incorporated finance
holding company, with no operating activities of its own.
Bondholders will be reliant on the guarantor to service and repay
the debt.

In S&P's view, bondholders will be in a structurally weaker
position relative to debt issued by Evraz group operating
subsidiaries and by the parent company.  Nevertheless, S&P rate
the bond at the same level as the corporate credit rating on Evraz
and have assigned the same debt and recovery ratings as those on
other rated debt within the group.  In a default scenario, S&P
believes the bond would rank pari passu with other unsecured and
unsubordinated obligations of the guarantor, on the basis that the
guarantee is effective.

The bond will have a tenor of 10 years, with a put option after
five years.  The coupon payable will depend on market conditions
at the time of issuance.  There are no financial covenants.


MOBILE TELESYSTEMS: Moody's Confirms 'Ba2' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has confirmed the Ba2 corporate family
and senior unsecured ratings of Mobile Telesystems OJSC and the
Ba3 corporate family rating of Comstar United Telesystems
following the completion of the sale by their respective parent
Sistema JFSC (B1, outlook negative) of Sistema's 50.91 percent
stake in Comstar to MTS for a consideration of US$1.32 billion.
The transaction is being financed by MTS through a 4 year loan
facility from Sberbank.  The outlook on the ratings is stable.

The confirmation of the ratings follows Moody's assessment that
notwithstanding the debt-financed nature of the transaction and
the fact that Moody's does not expect Comstar to be distributing
cash to MTS over the near to medium term, MTS liquidity and
financial profile will be sufficiently strong on a stand-alone
basis to accommodate the additional debt incurred to finance the
transaction.  While Moody's acknowledges that MTS' standalone
proforma leverage on a Gross Debt to EBITDA basis (as adjusted by
Moody's) will initially exceed the guideline set for the current
rating category of 2.0x, Moody's anticipates that free cash flow
and availability liquidity post acquisition will enable the
company to very quickly reduce leverage into a range comfortably
within the guidance.  With respect to Comstar, the decision to
confirm the ratings reflects the expectation that there will be
few changes to Comstar's stand-alone profile and financial
policies as a result of the transfer of ownership from Sistema to
MTS.  Nevertheless, while noting that the companies are likely to
remain separate legal entities in the near to medium term limiting
to a large extent the cost synergies that might otherwise have
been generated from a full merger, Moody's does recognize that
benefits should accrue to the companies from joint marketing
initiatives, particularly on the broadband front.

The last rating action on MTS and Comstar was on 6 August 2009
when Moody's placed MTS' and Comstar's ratings on review for
possible downgrade following the announcement of an agreement by
Sistema JFSC (B1, negative), the parent company of both issuers,
to the acquisition by MTS of Sistema's 50.91 percent stake in
Comstar for an estimated consideration of US$1.272 billion.  The
review was to focus on the implications of the debt funded
acquisition on the two companies' stand-alone financial profiles
as well as the implications from a debt capital structure and
liquidity perspective of the funding to be arranged by MTS to
finance the transaction.

Open Joint Stock Company Mobile TeleSystems is the largest
wireless telecommunication operator in Russia with US$10.2 billion
in revenues and US$5.1 billion in reported EBITDA as at 31
December 2008.  77% of total revenue is derived from the core
Russian operations, 16% from the Ukraine, 4% from Uzbekistan, 1%
from Turkmenistan, and 2% from Armenia (consolidated from Q3
2007).

Open Joint Stock Company Comstar - United TeleSystems is one of
the largest providers of fixed-line communications to operators
and corporate and residential customers in the Moscow metropolitan
area and other regions of Russia, Ukraine and Armenia.  Comstar
reported US$1.65 billion in revenues and US$689.5 million in OIBDA
in 2008, representing 10% growth year-on-year and a 41.8% OIBDA
margin.  The company reported Q1 2009 revenue of US$334 million
and OIBDA of US$126 million.


RESHOTINSKYA CHEMICAL: Creditors Must File Claims by October 25
---------------------------------------------------------------
Creditors of LLC Reshotinskaya Chemical Company (TIN 2428003970,
PSRN 1052415000758) have until October 25, 2009, to submit proofs
of claims to:

         A. Nesterov
         Temporary Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy will convene at 9:00 a.m.
on December 8, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?33–3937/2009.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Reshotinskaya Chemical Company
         Sovetskaya Str. 1
         Kanifolnyy
         Nizhneingashskiy
         663845 Krasnoyarskiy
         Russia


SAFONOVSKIY ELECTRO: Creditors Must File Claims by October 25
-------------------------------------------------------------
Creditors of OJSC Safonovskiy Electro-Mechanical Plant (TIN
6726001750, PSRN 1026700945105) have until October 25, 2009, to
submit proofs of claims to:

         A. Povolotskiy
         Temporary Insolvency Manager
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Arbitration Court of Smolenskaya will convene at 11:00 a.m. on
February 18, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?62–5097/2009.

The Debtor can be reached at:

         OJSC Safonovskiy Electro-Mechanical Plant
         Stroiteley Str. 25
         Safonovo
         215500 Smolenskaya
         Russia


SERPUKHOVSKIY MECHANICAL: Creditors Must File Claims by October 25
------------------------------------------------------------------
Creditors of LLC Serpukhovskiy Mechanical and Experimental Plant
(TIN 5043024414, RVC 504301001, PSRN 1045008752601) have until
October 25, 2009, to submit proofs of claims to:

         N. Gorbunov
         Temporary Insolvency Manager
         Post User Box 101
         119313 Moscow
         Russia

The Arbitration Court of Moskovskaya will convene at 10:45 a.m. on
January 25, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?41–24017/09.

The Debtor can be reached at:

         LLC Serpukhovskiy Mechanical and Experimental Plant
         Ivanovskiy Dvoriki 2
         Serpukhov
         142200 Moskovskaya
         Russia


SITI-STROY LLC: Creditors Must File Claims by October 25
--------------------------------------------------------
Creditors of LLC Siti-Stroy (TIN 5407029517, PSRN 1075407010403)
(Construction) have until October 25, 2009, to submit proofs of
claims to:

         V. Chayka
         Insolvency Manager
         Post User Box 4196
         634061 Tomsk
         Russia

The Arbitration Court of Tomskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?67–1682/09.

The Debtor can be reached at:

         LLC Siti-Stroy
         Prospect Lenina 190
         Tomsk
         Russia


SOUTH STEEL: Creditors Must File Claims by October 25
-----------------------------------------------------
Creditors of CJSC South Steel Company (TIN 6154092274) have until
October 25, 2009, to submit proofs of claims to:

         N. Lemaev
         Temporary Insolvency Manager
         Office 504
         Oborony Str. 24
         344082 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 10:30 a.m. on
February 2, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?53–17002/09.

The Debtor can be reached at:

         CJSC South Steel Company
         Aleksandrovskaya Str. 71/15
         Taganrog
         347900 Rostovskaya
         Russia


TRUBOSTAL OJSC: Creditors Must File Claims by October 25
--------------------------------------------------------
Creditors of OJSC Trubostal(Pipe Plant) (TIN 7811038294, PSRN
1027806063020) have until October 25, 2009, to submit proofs of
claims to:

         A.Kostyunin
         Insolvency Manager
         Post User Box 36
         127434 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?56–59587/2009.

The Debtor can be reached at:

         OJSC Trubostal
         Zheleznodorozhnyy Str. 16
         193171 Saint-Petersburg
         Russia


VIMPEL-COMMUNICATION: Moody's Changes Outlook on 'Ba2' Rating
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on the Ba2
corporate family and debt ratings of Open Joint Stock Company
Vimpel-Communication to stable from negative.  The stabilization
of the outlook reflects primarily Vimpelcom's strengthened
liquidity profile relative to Moody's earlier concerns (stemming
from the company's foreign currency debt obligation exposure to
rouble devaluation) supported further by generally stable year-to-
date operating performance relative to Moody's earlier
expectations.  Moody's note in particular VimpelCom's successful
efforts at refinancing and rebalancing its debt portfolio in
favour of local currency-denominated debt instruments over the
past 6 months reducing in the process its exposure to rouble
currency volatility as well as the steps taken to improve free
cash flow through the re-scaling of its capex program and the
restraint shown on the shareholder distribution and investment
front in the first 9 months of 2009.

Moody's also note that the relatively benign macroeconomic
environment, including the apparent reversal of the previous trend
of rouble depreciation, has been favorable for the company's
financial metrics, in particular leverage measured as adjusted
debt/Ebitda and cash flow coverage in the first six months of
2009.  Moreover, the recently announced settlement of the long-
standing dispute between its shareholders Alfa and Telenor (A3,
stable) effectively remove the questions that had existed over how
a resolution might impact the company paving the way for more
constructive shareholder interaction over strategic issues in the
future.

Moody's previous rating action on VimpelCom was on April 2, 2009
when the rating agency changed the outlook to negative from
positive reflecting Moody's concerns over VimpelCom's weaker
financial profile which had developed over the course of 2008 as a
result of a significant increase in leverage following the
acquisition of Golden Telecom and then aggravated by the
subsequent rouble devaluation resulting in foreign exchange losses
and increased foreign currency debt service costs given the high
proportion of foreign currency denominated debt that existed at
the time in the company's capital structure.

In rating this issuer, Moody's has applied its rating methodology
for the global telecoms industry, which sets out how it analyzes
the credit risk of telecoms companies and derives their ratings.

VimpelCom is the second-largest Russian provider of mobile
telecommunications services, under the "Beeline" brand.  For the
six months ended June 30, 2009, the company generated
US$4.1 billion in revenue with reported operating income before
depreciation and amortization margin reaching 50.6% in the second
quarter of 2009.


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


ATIMON AG: Claims Filing Deadline is October 21
-----------------------------------------------
Creditors of Atimon AG are requested to file their proofs of claim
by October 21, 2009, to:

         Klara Brenner
         Huebweg 7
         5426 Lengnau
         Switzerland

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


AVIVA-NET: Claims Filing Deadline is October 19
-----------------------------------------------
Creditors of aviva-net GMBH are requested to file their proofs of
claim by October 19, 2009, to:

         BB Berweger Buchhaltungen
         Schlossrain 10
         8335 Hittnau
         Switzerland

The company is currently undergoing liquidation in Hittnau.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 23, 2009.


BRUNO A. MOCK: Claims Filing Deadline is October 19
---------------------------------------------------
Creditors of Bruno A. Mock AG are requested to file their proofs
of claim by October 19, 2009, to:

         Bruno A. Mock, liquidator
         Achereggstrasse 7
         6362 Stansstad
         Switzerland

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


CONFLOR AG: Claims Filing Deadline is October 21
------------------------------------------------
Creditors of Conflor AG are requested to file their proofs of
claim by October 21, 2009, to:

         Treyer Treuhand AG
         Lautengartenstr. 14
         4052 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 25, 2009.


COMLUX GMBH: Claims Filing Deadline is October 21
-------------------------------------------------
Creditors of Comlux GmbH are requested to file their proofs of
claim by October 21, 2009, to:

         Bruno Armando Steiner
         Hegarstrasse 16
         8032 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 13, 2009.


CORE BUSINESS: Claims Filing Deadline is October 21
---------------------------------------------------
Creditors of Core Business Services AG are requested to file their
proofs of claim by October 21, 2009, to:

         Robert Cotton
         Liquidator
         Rotackerstrasse 18
         8304 Wallisellen
         Switzerland

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


DOOFO HOLDING: Claims Filing Deadline is October 21
---------------------------------------------------
Creditors of Doofo Holding AG are requested to file their proofs
of claim by October 21, 2009, to:

         B&P tax and legal AG
         Liquidator
         Talstrasse 82
         8022 Zurich
         Switzerland

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


EASYDIALOG GMBH: Claims Filing Deadline is October 21
-----------------------------------------------------
Creditors of easydialog GmbH are requested to file their proofs of
claim by October 21, 2009, to:

         Imsand Christoph
         Gliserallee 1
         3902 Brig-Glis
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 24, 2009.


MED-ART GMBH: Claims Filing Deadline is October 21
--------------------------------------------------
Creditors of Med-art GmbH are requested to file their proofs of
claim by October 21, 2009, to:

         Boschung Martin
         Liquidator
         Aarestrasse 22
         3052 Zollikofen
         Switzerland

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


NIWITA TREUHAND: Claims Filing Deadline is October 19
-----------------------------------------------------
Creditors of Niwita Treuhand AG are requested to file their proofs
of claim by October 19, 2009, to:

         Stefan Knuesel, liquidator
         Sonnhaldenstrasse 13
         6052 Hergiswil
         Switzerland

The company is currently undergoing liquidation in Hergiswil.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 4, 2009.


PROMOTECH INTERLAKEN: Claims Filing Deadline is October 21
----------------------------------------------------------
Creditors of Promotech GmbH Interlaken are requested to file their
proofs of claim by October 21, 2009, to:

         Inter-Treuhand AG
         Postgasse 12
         3800 Interlaken
         Switzerland

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


REAL BETEILIGUNGS: Claims Filing Deadline is October 21
----------------------------------------------------------
Creditors of Real Beteiligungs AG are requested to file their
proofs of claim by October 21, 2009, to:

         lic.iur. H. Schroeder
         Wengistrasse 7
         8026 Zurich
         Switzerland

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 1, 2009.


SNACK BECK: Claims Filing Deadline is October 19
------------------------------------------------
Creditors of Snack Beck GmbH are requested to file their proofs of
claim by October 19, 2009, to:

         Edwin Schelbert
         Obertor 9A
         8402 Winterthur
         Switzerland

The company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at a shareholders'
meeting held on June 26, 2009.


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


BUDIMPEKSSERVICE LLC: Creditors Must File Claims by October 21
--------------------------------------------------------------
Creditors of LLC Building Company Budimpeksservice (code EDRPOU
34937574) have until October 21, 2009, to submit proofs of claim
to:

         LLC Boat-Building Company Dal
         Insolvency Manager
         Trekhsviatitelskaya Str. 4-b
         01001 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 7, 2009.  The case is docketed
under Case No. 44/523-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 Building Company Budimpeksservice
         Office 43
         M. Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


ECONIKBUILD SOUTH: Creditors Must File Claims by October 21
-----------------------------------------------------------
Creditors of LLC Econikbuild South (code EDRPOU 35988771) have
until October 21, 2009, to submit proofs of claim to:

         V. Cherepenko
         Insolvency Manager
         Moscow Str. 54-a
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on September 8, 2009.  The case is docketed
under Case No. 18/93/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Econikbuild South
         Office 33
         Lenin Ave. 189
         54008 Nikolayev
         Ukraine


INVESTCITY-LTD LLC: Creditors Must File Claims by October 21
------------------------------------------------------------
Creditors of LLC Investcity-Ltd (code EDRPOU 35057621) have until
October 21, 2009, to submit proofs of claim to:

         LLC Profitinvest
         Insolvency Manager
         Melnikov Str. 12
         04050 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 27, 2009.  The case is docketed
under Case No. 28/314-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 Investcity-Ltd
         Citadelnaya Str. 6/8
         01015 Kiev
         Ukraine


KMP LLC: Creditors Must File Claims by October 21
----------------------------------------------------
Creditors of LLC KMP (code EDRPOU 30803272) have until October 21,
2009, to submit proofs of claim to:

         V. Sovetov
         Insolvency Manager
         Office 11
         K. Marks Str. 59
         Ilyintsy
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa region commenced bankruptcy
proceedings against the company on August 31, 2009.  The case is
docketed under Case No. 10/134-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC KMP
         B. Hmelnitsky Str. 10
         Ilyintsy
         22700 Vinnitsa
         Ukraine


MINERAL-AGRO LLC: Creditors Must File Claims by October 21
----------------------------------------------------------
Creditors of LLC Mineral-Agro (code EDRPOU 35429701) have until
October 21, 2009, to submit proofs of claim to:

         LLC Profitinvest
         Insolvency Manager
         Melnikov Str. 12
         04050 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 7, 2009.  The case is docketed
under Case No. 44/522-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 Mineral-Agro
         Citadelnaya Str. 6/8
         01015 Kiev
         Ukraine


NAFALAN AND CO: Creditors Must File Claims by October 21
--------------------------------------------------------
Creditors of LLC Nafalan and Co (code EDRPOU 36099704) have until
October 21, 2009, to submit proofs of claim to:

         V. Cherepenko
         Insolvency Manager
         Moscow Str. 54-a
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on September 8, 2009.  The case is docketed
under Case No. 18/94/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Nafalan and Co
         Office 48
         Heroes of Stalingrad Ave. 13
         54025 Nikolayev
         Ukraine


OPTIMAKS UKRAINE: Creditors Must File Claims by October 21
----------------------------------------------------------
Creditors of LLC Optimaks Ukraine (code EDRPOU 36143119) have
until October 21, 2009, to submit proofs of claim to:

         V. Cherepenko
         Insolvency Manager
         Moscow Str. 54-a
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on September 8, 2009.  The case is docketed
under Case No. 18/95/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Optimaks Ukraine
         Office 48
         Heroes of Stalingrad Ave. 33
         54025 Nikolayev
         Ukraine


VIKMON LLC: Creditors Must File Claims by October 21
----------------------------------------------------
Creditors of LLC Building Company Vikmon (code EDRPOU 35922600)
have until October 21, 2009, to submit proofs of claim to:

         LLC Boat-Building Company Dal
         Insolvency Manager
         Trekhsviatitelskaya Str. 4-b
         01001 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 27, 2009.  The case is docketed
under Case No. 28/315-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building Company Vikmon
         Citadelnaya Str. 6/8
         01015 Kiev
         Ukraine


VO METALRESOURCE: Creditors Must File Claims by October 21
----------------------------------------------------------
Creditors of LLC VO Metalresource (code EDRPOU 31161290) have
until October 21, 2009, to submit proofs of claim to:

         N. Nikitenko
         Insolvency Manager
         Post Office Box 411
         69037 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 20, 2009.  The case is docketed
under Case No. 19/301/08-26/105/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC VO Metalresource
         Pivnichne Highway 69-B
         69006 Zaporozhye
         Ukraine


* UKRAINE: Fitch Affirms Issuer Default Ratings at 'B'
------------------------------------------------------
Fitch Ratings has affirmed Ukraine's Long-term foreign and local
currency Issuer Default Ratings at 'B' with Negative Outlooks.
The Short-term foreign currency IDR and Country Ceiling rating are
affirmed at 'B'.

"Ukraine's IMF program is at serious risk of going off-track at
the next review in November, mainly because policy discipline has
eroded even further, risking a delay in disbursement of the next
IMF loan tranche," said Andrew Colquhoun, Director in Fitch's
Sovereigns Group.  "Interruption to the program risks undermining
fragile confidence in the currency and the banking system, which
in turn could add to pressure for a rating downgrade."

Ukraine's government has effectively abandoned policy commitments
made at the time of the second IMF review in July 2009, including
a hike of retail gas tariffs intended to trim the budget deficit
to 6% of GDP in 2009, or 8.6% including the deficit of state
energy company Naftogaz NJSC (rated 'Restricted Default' / Rating
Watch Evolving).  Fitch projects the deficit at 8.5%, or 11.1%
after consolidating Naftogaz.  Corrective action is unlikely ahead
of presidential elections in 2010 in which the current Prime
Minister, Yulia Tymoshenko, will be a main contender.  Ukraine
could find it difficult to finance a deficit on this scale if the
IMF and other IFI funds are not forthcoming, without resorting
more heavily to monetary financing.  Effectively printing money
would in turn increase the risks to the stability of the exchange
rate and broader economy.

Ukraine's macroeconomic policy framework is inconsistent as the
authorities are aiming to defend the exchange rate while avoiding
necessary fiscal tightening.  Ukraine's gross official reserves of
US$28.1bn as of end-September 2009 were down 11% from the end-2008
figure of US$31.5 billion, despite US$6.1 billion over the year in
disbursements under the IMF program.  The central bank has spent
US$9.5 billion in currency interventions over January-September
2009.  Fitch is concerned that a delay to the next IMF loan
tranche could undermine fragile confidence in the currency, the
hryvnia, and spark another bout of financial instability.

A further sharp depreciation in the hryvnia would intensify
pressure on Ukraine's crisis-hit banking system.  The non-
performing loan ratio hit 30% at end-June 2009 according to the
IMF, significantly affected by an 18% contraction in Q209 GDP
(year-on-year) and by the hryvnia's 60% depreciation since the
onset of the crisis in September 2008 (impacting the 54% of loans
denominated in foreign currency).  Signs of renewed stress in the
financial system, such as a sharp drop in the hryvnia and/or
deposit flight, would add to pressure for a downgrade.

Despite this challenging backdrop, Ukraine repaid maturing
sovereign eurobonds worth US$1.2bn in August and September 2009,
demonstrating a willingness to service its debts.  Ukraine now has
a gap in eurobond maturities until a yen-denominated bond for
about US$0.4 billion falls due in December 2010.  The global and
regional macroeconomic outlooks are showing some signs of
improvement, supporting the prospects for Ukraine's export
industries.  Rollover rates on private-sector external debt have
been relatively high at about 89% for banks and 80% for
corporates.  Ukraine's ratings remain supported by low general
government gross debt; the ratio to GDP is projected to rise to
23% by end-2009 from 14% at end-2008, but this would remain below
the projected 2009 'B' rating median of 29%.  The country's
ratings are also supported by still relatively average high
incomes for the 'B' range, projected at US$2,400 for 2009 against
the 'B' median of US$1,800, although World Bank business-climate
indicators are below peer medians.


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


BAA: Group Wide Traffic Down 2.6% in September 2009
---------------------------------------------------
BAA reported traffic statistics figures for September 2009.

Heathrow Airport's passenger traffic remained stable in the month,
showing a marginal decrease of 0.3% on September 2008.  A 5% drop
in aircraft movements and significantly improved capacity
utilization led to a sharp increase in load factor from 73.9% in
September 2008 to 78.2% this September.

BAA's seven UK airports handled a total of 13.0 million passengers
in September, 2.6% down on last year and a similar year on year
result to that achieved in July and August.  In March this year,
traffic across the UK airports was down 11.3%, so recent figures
suggest that while underlying market conditions remain soft, there
are some signs of a recovery.

Gatwick Airport's passenger numbers were encouraging.  While
overall numbers were down by 0.5% in September -- the best year on
year result since May 2008 -- the airport recorded strong growth
in important domestic and European scheduled markets (+5.8% and
+8.7% respectively).  Excluding North American traffic, which
continues to be affected by the Open Skies agreement leading US
airlines to relocate to Heathrow, passenger numbers grew 1.5% and
the year on year effect of Open Skies will moderate significantly
from October.

An 11% reduction in seat capacity flown at Stansted was matched by
an almost identical decrease in passengers of 11.6%.  Edinburgh
Airport’s numbers grew for the sixth successive month (+3.8%),
largely down to new low-cost scheduled European services.  Glasgow
Airport declined 8.9% and Aberdeen by 5.3%, both showing slower
rates of decline.  Southampton recorded a 4.6% drop.

Colin Matthews, BAA's chief executive, said: "Conditions remain
challenging for the industry.  Heathrow continues to perform well
in its market, delivering strong long-haul performance on routes
to India and the Middle East.

"At Gatwick there are encouraging signs of growth, particularly in
the European scheduled business and the overall numbers around the
group appear to be improving."

For the Group as a whole in September all major market areas
recorded decreases with the exception of long-haul markets such as
India (+15.7%), the Middle East (+18%) and South America (+33%).

The number of air transport movements at BAA's airports fell by
6.1% in September and cargo tonnage (-6.3%) dropped by a similar
amount.  Although still weak, the cargo result was the best
recorded since November 2008.

                  "Special Administration" Regime

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

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


BRITISH AIRWAYS: September 2009 Traffic Down 0.8%
-------------------------------------------------
British Airways plc reported traffic and capacity statistics for
September 2009.

In September 2009, passenger capacity, measured in Available-Seat-
Kilometers, was 3.7% below September 2008.  Traffic, measured in
Revenue-Passenger-Kilometers, fell by 0.8%.  This resulted in a
passenger load factor increase of 2.4 points versus last year, to
81.3%.  Traffic comprised a 7.9% decrease in premium traffic and a
0.7% increase in non-premium traffic.  Premium traffic comparisons
are starting to be against a weaker base, with the bankruptcy of
Lehman Brothers occurring mid-way through September 2008.

Cargo, measured in Cargo-Ton-Kilometers, fell by 2.6%.

                         Market Conditions

Market conditions remain unchanged with yields under pressure from
the year on year impact of lower fuel surcharges, exchange
movements and mix.

                       Strategic Developments

British Airways launched the first ever longhaul flight from
London City airport, an exclusive, all-business service to New
York on a 32-seater Airbus A318.  Customers on the new service
will be the first to be able to send emails, texts and use the
internet on transatlantic flights via an in-flight mobile
communications service.  London City airport also saw the
introduction of the first aircraft of BA CityFlyer's new fleet of
Embraer efficiency jets.

More than 50% of flights departed early as the airline recorded
its best ever September punctuality performance.  The month was
also the most punctual since January 1994 with more than 87% of
flights departing early or on time.

British Airways scooped three top accolades at the Business
Traveller Awards 2009 winning Best Airline, Best Shorthaul Carrier
and Best Frequent Flyer Programme.  This month it was also named
Best Business Class airline by readers of Conde Nast Traveller
magazine.

                       About British Airways

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

                           *     *     *

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


DEFINED RETURNS: Enters Administration on Lehman-Related Claims
---------------------------------------------------------------
Caroline Binham at Bloomberg News reports that the Financial
Services Authority said NDF Administration Ltd. and Defined
Returns Ltd., both based in St. Albans, England, entered
administration on Wednesday.

According to Bloomberg, the regulator said the decision came after
an investigation into whether firms improperly sold structured
products to customers.

Bloomberg relates the FSA said the two firms' 3,700 customers with
Lehman-backed products must apply to the Financial Services
compensation Scheme, Britain's deposit-guarantee program, for a
maximum of 48,000 pounds reimbursement.

"The decision to put the company into administration follows the
recognition of large potential contingent liabilities within the
companies," Bloomberg quoted Grant Thornton U.K., the company's
administrator, as saying in a statement.  "The insolvency of
Lehman Brothers has left NDFA and DRL open to potential claims
from customers."


FREEDOM SIPP: Court Orders Liquidation Over Non-Payment of Taxes
----------------------------------------------------------------
Caroline Binham at Bloomberg News reports that the Financial
Services Authority said in a statement the Freedom SIPP Ltd.,
which operated a pension plan of the same name, was put under
court-ordered liquidation sought by the U.K. Treasury’s tax
department, known as HMRC.

"The FSA will continue to liaise with HMRC and the liquidator,"
Bloomberg quoted the FSA as saying in a statement.  "Members will
still be able to request a transfer of their investments to
another SIPP scheme."


JOOST TECHNOLOGIES: U.K. Arm Put Into Liquidation
-------------------------------------------------
Maija Palmer at The Financial Times reports the U.K. arm of Joost
Technologies B.V. was put into liquidation this month after
failing to find a buyer.

According to the FT, the company failed to strike crucial deals
with large media companies.

Rod Reekin at David Ruben & Partners, the liquidators, said Joost
retained a skeleton staff in London, the FT discloses.

The FT recalls on October 2, the directors called for the U.K.
operations to be wound up.

Joost Technologies B.V. -- http://www.joost.com/-- focuses on
providing online video platforms for media companies, targeting
cable and satellite providers, broadcasters, and video
aggregators.  Formerly a Web site for consumers to access nearly
60,000 television shows, movies, and music videos, in 2009 Joost
restructured after losing its licensing agreement with Sony
Pictures.  It continues to operate Joost.com as a video site.
Joost has offices in London and New York.  The company was founded
in 2006 by Skype co-founders Niklas Zennstrom and Janus Friis, who
are also investors in Joost.


NATIONAL EXPRESS: Consortium Set to Withdraw Takeover Offer
-----------------------------------------------------------
Lina Saigol and Gill Plimmer at The Financial Times report that
the Spanish-led consortium bidding for National Express Group plc
is set to withdraw its GBP765 million takeover offer for the
company.

The FT relates CVC, the private equity firm, and the Cosmen
family, which owns an 18.5% stake, had been due to finish due
diligence by 5:00 p.m. today, Oct. 16, before making a formal
offer for National Express.  According to the FT,
the consortium is understood to have had concerns over the terms
of the refinancing of National Express’s borrowings, including a
GBP490 million loan maturing in September next year.

National Express is now expected to press ahead with a GBP350
million rights issue which several shareholders are willing to
support, the FT says.

As reported in the Troubled Company Reporter-Europe on Sept. 15,
2009, the consortium raised its indicative cash offer for National
Express to 500p a share from the 450p offer the group's board had
rejected.

                           Going Concern

On Aug. 4, 2009, the Troubled Company Reporter-Europe, citing
Telegraph.co.uk, said National Express made a pre-tax loss of
GBP48.1 million in the first six months of 2009, down from a
profit of GBP52.4 million last year, after taking a GBP54.7
million hit from its forced exit from the East Coast mainline
franchise, which is being taken back into government hands.
According Telegraph.co.uk, the accounts declared that while the
directors are confident of renegotiating covenant obligations with
lenders, "covenant compliance remains dependent on actions which
are yet to be delivered".  In light of this the accounts warned
that "underlying implementation risks represent a material
uncertainty that may cast significant doubt upon the group's
ability to continue as a going concern".

National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies.  Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas.  The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions.  Its
subsidiaries include Tayside Public Transport Co. Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU.  In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways.


NDF ADMINISTRATION: Enters Administration on Lehman-Related Claims
------------------------------------------------------------------
Caroline Binham at Bloomberg News reports that the Financial
Services Authority said NDF Administration Ltd. and Defined
Returns Ltd., both based in St. Albans, England, entered
administration on Wednesday.

According to Bloomberg, the regulator said the decision came after
an investigation into whether firms improperly sold structured
products to customers.

Bloomberg relates the FSA said the two firms' 3,700 customers with
Lehman-backed products must apply to the Financial Services
compensation Scheme, Britain's deposit-guarantee program, for a
maximum of 48,000 pounds reimbursement.

"The decision to put the company into administration follows the
recognition of large potential contingent liabilities within the
companies," Bloomberg quoted Grant Thornton U.K., the company's
administrator, as saying in a statement.  "The insolvency of
Lehman Brothers has left NDFA and DRL open to potential claims
from customers."


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


* BOOK REVIEW: Corporate Financial Distress and Bankruptcy -
              Predict and Avoid Bankruptcy, Analyze and Invest in
              Distressed Debt, Third Edition
------------------------------------------------------------------
Authors: Edward I. Altman and Edith Hotchkiss
Publisher: John Wiley & Sons, Inc.
Hardcover: 368 pages
List Price: US$95.00
Review by Henry Berry

In the two previous editions, published in 1983 and 1993, Mr.
Altman (joined by coauthor Ms. Hotchkiss for this third edition)
noted that "the number of professionals dealing with the
uniqueness of corporate death in this country was increasing so
much that it could have perhaps been called a 'bankrupt
industry'."

By the 2005 date of this third edition, the number of
professionals had grown so large that there was no longer any
reason to question the author's remark that "the bankruptcy
business is big business."  One indication is the large number of
varied professionals involved with bankruptcies -- estimated to be
40,000, most of whom are located in the United States, although
the number outside this country is increasing rapidly.  Among the
professionals in this industry are turnaround managers, bankruptcy
and restructuring lawyers, bankers, financial advisers, distressed
debt investors, and researchers.

In recent years, the field has attracted even more interest
because of a number of high-profile bankruptcies involving great
amounts of money.  In the period 2001-2003, 100 U.S. companies
with liabilities greater than $1 billion filed for protection
under Chapter 11.  These bankruptcies received much attention in
the business media, and many were given much coverage in the
mainstream media, as well.

The book contains material of interest to professionals on both
sides of bankruptcies.  Financial officers and other corporate
employees will be particularly interested in the tools used to
determine the relative financial strength, vulnerabilities, or
failures of a business. One such tool is the "Expected Default
Frequency (EDF) Model."  This model is exemplified by the
"Moody's/KMV EDF Model" chart.  The authors discuss the EDF Model
and demonstrate its application in the section entitled "The Enron
Example: Models Versus Ratings."  The authors similarly address
other technical issues of corporate financial distress, offering
commentary, visual references such as charts and graphs, and real-
life examples. The charts and graphs are especially helpful to
financial analysts, turnaround consultants, and others who have a
need to get a preliminary reading of corporate financial health.

As for the other side of corporate bankruptcies, Mr. Altman and
Ms. Hotchkiss offer expert analysis on investing in "distressed
securities," restructuring of distressed firms for turnarounds,
and underlying costs of bankruptcy.

In sum, this book covers financial distress from early warning
signs through improved financial performance, including the
possibility of restructuring, to selling off surviving assets as a
last-ditch effort to retrieve cash.  The scope and depth of this
book make it an exemplary resource for bankruptcy professionals.

The Max L. Heine Professor of Finance at the Stern School of
Business at New York University, Edward I. Altman is former
director of research in fixed income and credit markets at the
University's Salomon Center and former chair of its MBA program.
Edith Hotchkiss is an associate professor in finance at Boston
College and author of many articles in professional financial and
business journals.

                            *********

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.


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