TCREUR_Public/091019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, October 19, 2009, Vol. 10, No. 206

                            Headlines

A U S T R I A

GEBRAUCHTWAGENHANDEL SALES: Claims Filing Deadline is November 3
HYPO ALPE-ALDRIA: Offices Raided in BayernLB Acquisition Probe
ISCHLER ALM: Claims Filing Deadline is November 10


A Z E R B A I J A N

BANK STANDARD: Moody's Withdraws E Bank Financial Strength Rating


F R A N C E

EPIC PLC: Fitch Junks Ratings on Two Classes of Notes From 'BBB'
THOMSON SA: Credit-Default Swaps Drop in Value


G E R M A N Y

BAYERISCHE LANDESBANK: Offices Raided in Hypo Alpe-Aldria Probe
EPIC PLC: Fitch Junks Ratings on Two Classes of Notes From 'BBB'
FRANZ HANIEL: Moody's Assigns 'Ba1' Rating on Debt Issuance
HEIDELBERGCEMENT AG: To Double Amount of Junk Bonds Sale
HEIDELBERGCEMENT AG: S&P Raises Corporate Credit Rating to 'B+'

VAC HOLDING: S&P Raises Corporate Credit Rating to 'CC'


I C E L A N D

GLITNIR BANKI: Creditors to Receive 95% Stake of Islandsbanki


I R E L A N D

O'BRIENS SANDWICH: AIL Buys Brand From Liquidator


K A Z A K H S T A N

AKTOBE SPORT: Creditors Must File Claims by October 21
BSB ASTANA: Creditors Must File Claims by October 21
GLOBAL AUDIT: Creditors Must File Claims by October 21
KOSMO PHARMA: Creditors Must File Claims by October 21
LAB MAX: Creditors Must File Claims by October 21

MTS UG: Creditors Must File Claims by October 21
NIKO STROY: Creditors Must File Claims by October 21
SHYGYS TRAVEL: Creditors Must File Claims by October 21
SS ENGINEERING: Creditors Must File Claims by October 21
TEKELI BOLASHAK: Creditors Must File Claims by October 21


K Y R G Y Z S T A N

KE-SE LLC: Court Names A. Orokbaev as Insolvency Manager
TELECOMPANIYA NTV: Creditors Must File Claims by November 4


L U X E M B O U R G

BEVERAGE PACKAGING: Moody's Reviews 'B1' Corporate Family Rating


N E T H E R L A N D S

DSB BANK: Takeover Talks with U.S. Suitor Fail, ANP Says
LYONDELL CHEMICAL: Gets Maturity Extension of DIP Loans


R U S S I A

ARGOS LLC: Creditors Must File Claims by October 28
AVTOVAZ OAO: Russia Increases Pressure on Renault for Bailout
AZ-STROY LLC: Tatarstan Bankruptcy Hearing Set October 28
SEVERNAYA LLC: Kemerovskaya Bankruptcy Hearing Set October 26
STROITEL LLC: Primorskiy Bankruptcy Hearing Set October 28

STROY-VERSIYA LLC: Creditors Must File Claims by October 21
TULA TIMBER: Tulskaya Bankruptcy Hearing Set October 26


S L O V E N I A

ISTRABENZ D.D.: Petrol Mulls Settlement of EUR330 Mln Debt


S W I T Z E R L A N D

FAHRNI-WEINMANN: Claims Filing Deadline is October 28
FLUECK DUSSNANG: Claims Filing Deadline is October 21
JUS24: Claims Filing Deadline is October 21
MECHATRONIC BERN: Claims Filing Deadline is October 23
NUANCE GROUP: Claims Filing Deadline is October 26

PENSAL AG: Claims Filing Deadline is October 22
ROBAU IMMOBILIEN: Claims Filing Deadline is October 23
SAVOY CAPITAL: Claims Filing Deadline is October 22
TEBUE GMBH: Claims Filing Deadline is October 21
W. SCHMID: Claims Filing Deadline is October 26


T U R K E Y

HABAS SINAI: Fitch Affirms Issuer Default Rating at 'B+'


U K R A I N E

DT INTERMARKET: Creditors Must File Claims by October 21
KONOTOP BRICKYARD: Creditors Must File Claims by October 22
NOVAKHIM LLC: Creditors Must File Claims by October 22
VATUTINOYE COAL: Creditors Must File Claims by October 22


U N I T E D   K I N G D O M

DONINGTON HOLDINGS: Moody's Assigns 'B3' Corporate Family Rating
DONINGTON HOLDINGS: S&P Assigns 'CCC+' Corporate Credit Rating
JJB SPORTS: Soca Investigates Actions of Former Executives
LDV GROUP: Assets Sold to Eco Concept
LLOYDS BANKING: Mulls Sale of Bank of Scotland Unit to Rathbone

PUNCH TAVERNS: Posts GBP406 Mln Loss After Pub Estate Writedown
R E WILLIAMS: PwC Appointed as Administrators
ROADCHEF FINANCE: Fitch Cuts Rating on Class A-2 Notes to 'B+'
TIMAN OIL: Investors Seek Emergency Meeting to Avert Collapse
TOYS "R" US: Retires GBP54 Mil. Loan; Has New GBP112 Mil. Facility


X X X X X X X X

* BOND PRICING: For the Week October 12 to October 16, 2009


                         *********



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


GEBRAUCHTWAGENHANDEL SALES: Claims Filing Deadline is November 3
----------------------------------------------------------------
Creditors of Gebrauchtwagenhandel (GW) Sales have until
November 3, 2009, to file their proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Axel Reckenzaun
         Annenstrasse 10/I
         8020 Graz
         Austria
         Tel: 0316/713353
         Fax: 0316/713353-30
         E-mail: office@boehm-reckenzaun.at


HYPO ALPE-ALDRIA: Offices Raided in BayernLB Acquisition Probe
--------------------------------------------------------------
Oliver Suess and Karin Matussek at Bloomberg News report that
Munich prosecutors searched Bayerische Landesbank's offices and
those of its Hypo Alpe-Adria Bank International unit as part of an
investigation into the price paid for the Austrian lender two
years ago.

The prosecutors' office said in a statement the raids are part of
a probe into the role BayernLB's former chief executive officer
played in the purchase of Hypo Alpe-Adria.  According to
Bloomberg, the statement said prosecutors are investigating
allegations of breach of trust.

Bloomberg recalls Werner Schmidt was CEO of BayernLB in 2007, when
the bank acquired 50% plus one share in Klagenfurt, Austria-based
Hypo Alpe-Adria for about EUR1.6 billion (US$2.4 billion).
Mr. Schmidt resigned in February last year, after writedowns
related to U.S. subprime loans, and was replaced by Michael
Kemmer, Bloomberg recounts.

As reported in the Troubled Company Reporter-Europe on Aug. 27,
2009, Bloomberg News said the European Commission is conducting a
probe into the bank's bailout and EU competition regulators will
also examine aid given to Hypo Alpe-Adria.  The lender, as cited
by Bloomberg, said the result of the investigation is "still
expected this autumn".

Bloomberg disclosed as part of its bailout, the lender received
EUR10 billion in capital and a EUR4.8-billion risk shield for its
asset-backed securities from the State of Bavaria, which in return
raised its stake in the bank to about 94%.  BayernLB also got debt
guarantees of EUR15 billion from the German Soffin bank-rescue
fund, according to Bloomberg.

                     About Hypo Group Alpe Adria

Hypo Group Alpe Adria -- http://www.hypo-alpe-adria.com/-- is an
international financing group with more than 370 banking and
leasing locations in 12 countries (Austria, Italy, Slovenia,
Croatia, Bosnia-Herzegovina, Serbia, Montenegro, Germany, Hungary,
Bulgaria, Macedonia and the Ukraine), which can look back on a
history of more than 110 years.  The principal company of Hypo
Group Alpe Adria is Hypo Alpe-Adria-Bank International AG, which
has its head office in Klagenfurt (Austria).  The Hypo Group Alpe
Adria network currently has over 7,400 employees serving
approximately 1.2 million customers.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 11,
2009, Moody's Investors Service downgraded the bank financial
strength rating of Hypo Alpe-Adria-Bank International AG to E+
from D-.  The Baa1 long-term debt and deposit ratings and the Baa2
rating on the bank's subordinated liabilities were confirmed.  The
ratings carry a negative outlook.  At the same time, the Prime-2
short-term ratings and the Caa2 ratings on the hybrid securities
(Tier 1 instruments) issued by Hypo Alpe-Adria's subsidiaries,
Hypo Alpe Adria (Jersey) Ltd and Hypo Alpe Adria (Jersey) II Ltd,
were affirmed

Moody's said the downgrade of the BFSR reflects Moody's
expectation that Hypo Alpe-Adria will not be able to operate
profitably until 2011.  The historically low profitability of the
bank does not provide a sufficient buffer to absorb the effects of
the continuing downturn in the global economy and the persistent
economic turmoil in international capital markets that is likely
to have a worsening negative impact on the economies of Hypo Alpe
Adria's core markets in South-Eastern Europe.  Hence, Moody's
expects pressure on earnings, asset quality and capital ratios to
increase further and the likelihood that the bank would need
outside support to rise.  Moody's believes that the E+ BFSR better
captures the increased likelihood of Hypo Alpe-Adria needing
further outside support to cope with the challenging and unstable
economic environment, particularly given its historically low
profitability, aggressive expansion and weak risk management
practices.


ISCHLER ALM: Claims Filing Deadline is November 10
--------------------------------------------------
Creditors of Ischler Alm Restaurant have until November 10, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 24, 2009 at 9:20 a.m.

For further information, contact the company's administrator:

         Dr. Guenther Viehboeck
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49239
         E-mail: office@viehboeck.at


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


BANK STANDARD: Moody's Withdraws E Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Bank
Standard: bank financial strength rating of E, the long-term and
short-term local currency and foreign currency deposit ratings of
B3/Not Prime.  The long-term local and foreign currency deposit
ratings carry a negative outlook.

Moody's notes that, as of the date of the ratings withdrawal,
Standard had no outstanding debts rated by Moody's.

Moody's previous rating action on Standard was on July 28, 2009
when the rating agency downgraded the long-term foreign and local
currency deposit ratings of Standard to B3 from B1 and the bank
financial strength rating to E from E+.  As of the date of the
ratings withdrawal, long-term deposit ratings carried a negative
outlook while an outlook on BFSR was stable.

Headquartered in Baku, Azerbaijan, Bank Standard reported total
assets under local accounting standards of AZN519.5 million
(US$646.5 million) and total shareholders' equity of
AZN84.5 million (US$105.1 million) as at May 31, 2009.  (Audited
IFRS 2008 have not yet been made publicly available).


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


EPIC PLC: Fitch Junks Ratings on Two Classes of Notes From 'BBB'
----------------------------------------------------------------
Fitch Ratings has downgraded Epic (Brodie) plc's EUR307.9 million
commercial mortgage-backed floating-rate notes, due 2016:

  -- EUR183.4 million class A: affirmed at 'AAA'; Outlook Stable

  -- EUR33.6.4 million class B: downgraded to 'AA' from 'AAA';
     Outlook Stable

  -- EUR22.9 million class C: downgraded to 'A' from 'AA+';
     Outlook Stable

  -- EUR26.8 million class D: downgraded to 'BBB' from 'A+';
     Outlook Stable

  -- EUR22.7 million class E: downgraded to 'B' from 'BBB+';
     Outlook Negative

  -- EUR12.0 million class F: downgraded to 'CCC' from 'BBB';
     assigned a Recovery Rating of RR4

  -- EUR6.4 million class G: downgraded to 'CCC' from 'BBB';
     assigned RR6

The rating downgrades reflect deteriorating European property
market conditions which have had a negative impact on the
creditworthiness of the loans secured in this transaction.  This
is evidenced in the weighted average Fitch LTV of 99%, which
implies a market value decline of 25% when compared to the WA
reported LTV of 75.2%.  All assets currently comprising the pool
were revalued in April and/or September 2008.

Since closing, the prepayment of three loans together with
scheduled amortization and asset sales on the remaining two loans
has reduced the outstanding balance to EUR307.9 million from
EUR756.1 million at closing.  The remaining loans are secured by
retail and light industrial properties located in Germany and
France respectively with an aggregate reported market value of
EUR426.7 million.

The transaction has significant exposure to the Terry loan which
currently accounts for 80% of the pool.  The loan is secured by a
portfolio of 10 retail properties located in prime locations
within nine German cities.  Although loan income is generated from
108 tenants, 69% is attributable to the top 10 tenants; however,
this concentration is partially mitigated by the loan's WA
unexpired lease term of 6.5 years which compares favorably to a
remaining loan term of approximately 1.5 years.  The loan has an
exit debt yield of 6.64% on current passing rent, which suggests a
relatively high level of refinancing risk for the loan,
particularly given its reasonably short term to maturity.  Fitch
estimates the current LTV to be 105%, while the current reported
LTV is 80.5% as per valuations conducted in April 2008, implying
an MVD of 24%.

The Kenmore loan is secured by a portfolio of 28 light industrial
properties located in the greater Paris region.  At closing the
loan was secured by 57 assets, subsequent asset sales used to pay
down the loan have reduced the outstanding balance to EUR60.6
million from EUR114.

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


THOMSON SA: Credit-Default Swaps Drop in Value
----------------------------------------------
Abigail Moses at Bloomberg News reports the cost of protecting
Thomson SA bonds from default tumbled after a window for
triggering credit-default swaps linked to the debt closed.

Bloomberg, citing CMA DataVision prices, says Thomson swaps
dropped 9 percentage points to 11% upfront and 5% a year.

"That means it costs 1.1 million euros ($1.64 million) in advance
and 500,000 euros a year to protect 10 million euros of debt from
default for five years," Bloomberg says.

Bloomberg relates buyers of default insurance on as much as EUR2
billion of Thomson debt had until Tuesday, Oct. 13, to ask for
payment under a so-called restructuring credit event.  The default
swaps were able to be triggered because the owner of film
processor Technicolor Inc. deferred payments on US$72.5 million of
6.05% private notes due this year, Bloomberg discloses.

According to Bloomberg, the swaps dropped in value Wednesday
because outstanding contracts can't be triggered unless a separate
credit event occurs.

                          About Thomson SA

France-based Thomson SA -- http://www.thomson.net/-- provides
technology, services, and systems to Media & Entertainment (M&E)
clients, including content creators, content distributors and
broadcasters.  It has three principal operating divisions:
Services, Systems (previously Systems & Equipment) and Technology.
The remaining activities are regrouped in two additional segments:
Other and Corporate.  The Services Division offers end-to-end
management of video-related services for its customers in the M&E
industries.  Systems division plays a role in supplying hardware
and software technology for the M&E industries in the areas of
production, delivery, management, transmission, and access.
Technology division includes activities, such as corporate
research; Silicon Solutions: Integrated Circuit design and tuners,
and Software & Technology Solutions: video and audio security
solutions, and other technologies.  In December 2008, the Company
sold its digital film equipment product line.

                           *     *     *

On Aug. 3, 2009, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that its ratings on
French technology group Thomson S.A. (SD/--/SD) are not
immediately affected by the company's announcement on July 24,
2009, that it signed an agreement with a majority of its senior
lenders to restructure its balance sheet.  The agreement,
involving primarily a debt-for-equity swap, is conditional on a
number of requirements.  Upon implementation of a restructuring
agreement or the filing, if any, of legal proceedings -- whichever
occurs first -- S&P will revise all of S&P's ratings on Thomson to
'D' (default), in accordance with S&P's criteria.

As reported in the Troubled Company Reporter-Europe on
May 21, 2009, Moody's Investors Service changed to Ca/LD from Ca
the Probability of Default Rating for Thomson S.A. on the
company's failure to repay US$92.5 million private placements due
on May 18, 2009 which the rating agency view constitutes a payment
default.


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


BAYERISCHE LANDESBANK: Offices Raided in Hypo Alpe-Aldria Probe
---------------------------------------------------------------
Oliver Suess and Karin Matussek at Bloomberg News report that
Munich prosecutors searched Bayerische Landesbank's offices and
those of its Hypo Alpe-Adria Bank International unit as part of an
investigation into the price paid for the Austrian lender two
years ago.

The prosecutors' office said in a statement the raids are part of
a probe into the role BayernLB's former chief executive officer
played in the purchase of Hypo Alpe-Adria.  According to
Bloomberg, the statement said prosecutors are investigating
allegations of breach of trust.

Bloomberg recalls Werner Schmidt was CEO of BayernLB in 2007, when
the bank acquired 50% plus one share in Klagenfurt, Austria-based
Hypo Alpe-Adria for about EUR1.6 billion (US$2.4 billion).
Mr. Schmidt resigned in February last year, after writedowns
related to U.S. subprime loans, and was replaced by Michael
Kemmer, Bloomberg recounts.

As reported in the Troubled Company Reporter-Europe on Aug. 27,
2009, Bloomberg News said the European Commission is conducting a
probe into the bank's bailout and EU competition regulators will
also examine aid given to Hypo Alpe-Adria.  The lender, as cited
by Bloomberg, said the result of the investigation is "still
expected this autumn".

Bloomberg disclosed as part of its bailout, the lender received
EUR10 billion in capital and a EUR4.8-billion risk shield for its
asset-backed securities from the State of Bavaria, which in return
raised its stake in the bank to about 94%.  BayernLB also got debt
guarantees of EUR15 billion from the German Soffin bank-rescue
fund, according to Bloomberg.

Headquartered in Munich, Germany, Bayerische Landesbank (BayernLB)
-- http://www.bayernlb.de/-- acts as the principal bank to the
state of Bavaria and as the central clearing house for the 75
Bavarian sparkassen (savings banks).  Also serving corporations,
national and local governments, financial institutions, and real
estate firms, the bank offers a variety of services, including
financing, security underwriting and trading, and risk management.
It provides retail and private banking services for individuals
through its Internet bank, Deutsche Kreditbank, and through
banking subsidiaries in central and southeastern Europe.
BayernLB's Landesbank Saar subsidiary (75% owned) provides
financing to small and midsized businesses in the German state of
Saarland and in France.


EPIC PLC: Fitch Junks Ratings on Two Classes of Notes From 'BBB'
----------------------------------------------------------------
Fitch Ratings has downgraded Epic (Brodie) plc's EUR307.9 million
commercial mortgage-backed floating-rate notes, due 2016:

  -- EUR183.4 million class A: affirmed at 'AAA'; Outlook Stable

  -- EUR33.6.4 million class B: downgraded to 'AA' from 'AAA';
     Outlook Stable

  -- EUR22.9 million class C: downgraded to 'A' from 'AA+';
     Outlook Stable

  -- EUR26.8 million class D: downgraded to 'BBB' from 'A+';
     Outlook Stable

  -- EUR22.7 million class E: downgraded to 'B' from 'BBB+';
     Outlook Negative

  -- EUR12.0 million class F: downgraded to 'CCC' from 'BBB';
     assigned a Recovery Rating of RR4

  -- EUR6.4 million class G: downgraded to 'CCC' from 'BBB';
     assigned RR6

The rating downgrades reflect deteriorating European property
market conditions which have had a negative impact on the
creditworthiness of the loans secured in this transaction.  This
is evidenced in the weighted average Fitch LTV of 99%, which
implies a market value decline of 25% when compared to the WA
reported LTV of 75.2%.  All assets currently comprising the pool
were revalued in April and/or September 2008.

Since closing, the prepayment of three loans together with
scheduled amortization and asset sales on the remaining two loans
has reduced the outstanding balance to EUR307.9 million from
EUR756.1 million at closing.  The remaining loans are secured by
retail and light industrial properties located in Germany and
France respectively with an aggregate reported market value of
EUR426.7 million.

The transaction has significant exposure to the Terry loan which
currently accounts for 80% of the pool.  The loan is secured by a
portfolio of 10 retail properties located in prime locations
within nine German cities.  Although loan income is generated from
108 tenants, 69% is attributable to the top 10 tenants; however,
this concentration is partially mitigated by the loan's WA
unexpired lease term of 6.5 years which compares favorably to a
remaining loan term of approximately 1.5 years.  The loan has an
exit debt yield of 6.64% on current passing rent, which suggests a
relatively high level of refinancing risk for the loan,
particularly given its reasonably short term to maturity.  Fitch
estimates the current LTV to be 105%, while the current reported
LTV is 80.5% as per valuations conducted in April 2008, implying
an MVD of 24%.

The Kenmore loan is secured by a portfolio of 28 light industrial
properties located in the greater Paris region.  At closing the
loan was secured by 57 assets, subsequent asset sales used to pay
down the loan have reduced the outstanding balance to EUR60.6
million from EUR114.

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


FRANZ HANIEL: Moody's Assigns 'Ba1' Rating on Debt Issuance
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the
EUR2.0 billion Debt Issuance Programme of Franz Haniel & Cie. GmbH
and two guaranteed finance subsidiaries and a Ba1, LGD4 (59%)
rating to the new bonds of FHC to be issued under the program.  At
the same time Moody's has affirmed Haniel's corporate family
rating at Ba1 with a stable outlook.

The Ba1 rating for the bond and the EMTN program reflects the
application of Moody's Loss Given Default methodology.  The
approach takes into account (i) the bank and capital market debt
of FHC and its financing subsidiaries including about
EUR2.0 billion committed credit lines, commercial paper and
EUR300 million other bank debt, (ii) about EUR360 million
subordinated debt of FHC, (iii) the EUR800 million "non-recourse"
loan provided to Haniel Beteiligungsfinanzierungsgesellschaft, and
(iv) approximately EUR460 million bank debt of CWS-boco and ELG
Haniel.  The non recourse loans continue to be included, because
they are collateralized with shares of FHC`s portfolio, which the
lenders are allowed to sell if the over-collateralization level
falls below a certain threshold.  Moody's sees a strategic
interest of FHC in these shares and once in the past FHC has
allocated further shares for a very limited time period to avoid a
monetization.  However, since FHC paid down part of the non
recourse loans to the currently outstanding EUR800 million, the
required collateral amount was significantly reduced.  The
external debt of the 100%-owned subsidiaries was included because
of strategic interests in the subsidiaries underlined by P&L
transfer agreements between these and their parent company.

Moody's ranks first the "non-recourse" loan because it is secured
by tangible assets (Metro shares).  Debt of operating
subsidiaries, CWS-boco and ELG Haniel, ranked as second, lays
claim on operating cash flows in addition to the support expected
from the P&L transfer agreements.  Below the senior unsecured debt
of FHC and its two financing subsidiaries ranks around
EUR380 million subordinated debt including shareholders loans with
relatively short agreed maturities, fixed interest rates and a
subordination status pari-passu with other subordinated debt.  In
its analysis Moody's has assumed an interim use of proceeds for
reduction of short term senior debt and the repayment of the non-
recourse debt in installments at the first opportunity.

The rating affirmation of the Ba1 corporate family rating reflects
the still structurally high debt position of Haniel as compared to
the company's dependence on only a few major investments.  At the
same time Moody's has positively taken into account Haniel's
lenghtening of its debt maturity profile with the issuance of
these bonds which limit short term debt maturities to manageable
amounts and the recent increase in the market values of the
group's investments, leading to an improved market value gearing.

Issuer: Franz Haniel & Cie. GmbH

Assignments:

  -- Medium-Term Note Program, Assigned Ba1
  -- Senior Unsecured Regular Bond/Debenture, Assigned Ba1

Issuer: Haniel Finance BV

Assignments:

  -- Medium-Term Note Program, Assigned Ba1

Issuer: Haniel Finance Deutschland GmbH

Assignments:

  -- Multiple Seniority Medium-Term Note Program, Assigned Ba1

Moody's last rating action on Haniel on May 5, 2009 was to
downgrade the company's ratings to Ba1 and change the outlook to
stable.

Based in Duisburg, Germany, Franz Haniel & Cie. GmbH is a large
family-owned investment company, with diversified industrial
interests, which generated consolidated sales of EUR26.4 billion
in the year to December 2008.


HEIDELBERGCEMENT AG: To Double Amount of Junk Bonds Sale
--------------------------------------------------------
John Glover at Bloomberg News reports that HeidelbergCement AG
raised more than double the amount it initially sought in the
year's biggest sale of Euro junk bonds.

According to Bloomberg, the company sold EUR2.5 billion (US$3.7
billion) of five-, seven- and 10-year notes.  Bloomberg relates
the company said it would raise at least EUR1 billion from five-
and seven- year debt.

"The deal just shows you how strong the market is right now,"
Bloomberg quoted Tatjana Greil Castro, who manages the equivalent
of US$1 billion of European high-yield assets at Muzinich & Co.
Ltd. in London, as saying.  "The company is doing all the right
things from a bondholder's point of view, but the fact it can
issue 2.5 billion euros rather than just 1 billion shows the
strength of demand."

                      About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI) --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in in the provision of such products as ready-mixed
concrete, as well as concrete products and elements.  It divides
its activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Oct. 14,
2009, Moody's Investors Service assigned a provisional (P)B3
rating with LGD5 (81%) to HeidelbergCement's intended bond issue
of an unsecured high yield bond.  The rating assignment, which is
two notches below the B1 corporate family rating, reflects the
subordinated position of this bond vis-a-vis the secured bank
debt.  At the same time, the B1 corporate family rating with a
positive outlook remains unchanged.

As reported in the Troubled Company Reporter-Europe on Oct. 14,
2009, Fitch Ratings placed Germany-based HeidelbergCement AG's
Long-term Issuer Default rating of 'B' on Rating Watch Positive.
HC's and subsidiary Hanson Ltd's senior unsecured 'CCC' were also
placed on RWP.  This follows HC's announcement that it plans to
issue a minimum of EUR1 billion in bonds, divided into two equal
tranches with maturities of five and seven years.  Fitch also
assigned expected senior unsecured ratings of 'CCC' to the planned
issues and has placed the ratings on RWP.  The final ratings on
the bonds are contingent on Fitch's receipt of final documents
conforming to information already received.  In addition, HC's
Short-term IDR was affirmed at 'B'.  The Recovery Rating on the
senior unsecured debt is 'RR6'.


HEIDELBERGCEMENT AG: S&P Raises Corporate Credit Rating to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on German heavy building materials
manufacturer HeidelbergCement AG to 'B+' from 'B-' and removed the
rating from CreditWatch, where it was placed with positive
implications on Sept. 14, 2009.  At the same time, the 'B' short-
term rating on HeidelbergCement was affirmed.  The outlook is
positive.

In addition, S&P raised the issue ratings on the senior unsecured
bonds issued by group subsidiaries HeidelbergCement Finance B.V.,
Hanson Ltd., and Hanson Australia Funding Ltd. to 'B+' from 'CCC+'
and removed these ratings from CreditWatch.  S&P also raised the
recovery rating on these debt instruments to '3' from '5',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.  Furthermore, S&P assigned an
issue rating of 'B+', together with a recovery rating of '3', to
HeidelbergCement AG's proposed senior unsecured bonds for
EUR1.0 billion (five-year tenor), EUR1.0 billion (seven-year
tenor), and EUR0.5 billion (10-year tenor).

These actions follow the recent completion of a capital increase,
which has generated EUR2.2 billion of cash proceeds for
HeidelbergCement, as well as the recent issue of EUR2.5 billion of
new bonds aimed at refinancing part of the group's senior bank
facilities put in place in June 2009 and due in December 2011.

"We believe that the combined proceeds should substantially
improve HeidelbergCement's liquidity through the reduction of the
concentration of debt maturities in late 2011," said Standard &
Poor's credit analyst Xavier Buffon.  "In addition, the debt
reduction achieved through the capital increase should somewhat
improve the group's key credit metrics."

The capital increase also contributed to the rebalancing of the
shareholder structure of the group.  The free float now represents
up to 76% of the shares, and the previous controlling shareholder,
the Merckle family, owns the remainder.

S&P believes that these steps send positive signals to the capital
markets and, other things being equal, increase the chances of the
group successfully refinancing its heavy debt load that matures in
December 2011.  Moreover, the significant stake in
HeidelbergCement formerly held by the Merckle family is now
heavily diluted.  In S&P's view, this dilution removes an
important concern for the group's credit profile, given the
historically heavy debt load and recently reported financial
difficulties of the family, which had previously been the
controlling shareholder.

The ratings on HeidelbergCement reflect S&P's assessment of its
aggressive, albeit improving, debt leverage and the very weak end-
market conditions, which together translate into weak cash flow
metrics that now represent the main constraint to the ratings.

S&P anticipate somewhat positive discretionary annual cash flows
this year and next, and S&P sees a possibly more pronounced
recovery in 2011/2012.  In addition, S&P continue to consider
HeidelbergCement's business profile to be credit supportive.

"The positive outlook indicates S&P's view of further potential
rating upside in the next 12 months if the group's credit metrics
were to recover more rapidly than S&P currently assume, from a
trough that S&P considers will be reached this year," said Mr.
Buffon.

In addition, potential ratings upside could arise if S&P were to
perceive that the risks related to the refinancing of the
outstanding secured facilities had reduced further.

The combination of cost savings, stabilization in mature markets,
the beneficial impact of the U.S. infrastructure stimulus package,
and debt reduction should help increase the group's cash
generation next year.  However, at this stage S&P anticipate only
a modest recovery before a possible sharper rebound from 2011
onwards.

Conversely, S&P could revise the outlook to stable, should the
stabilization of the group's ultimate end markets and recovery
take longer than S&P currently anticipates.


VAC HOLDING: S&P Raises Corporate Credit Rating to 'CC'
-------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Germany-based magnetic-materials
manufacturer VAC Holding GmbH to 'CC' from 'SD' (selective
default).  The outlook is developing.

At the same time, S&P raised the issue rating on the
EUR135 million senior secured notes issued by VAC Finanzierung
GmbH due 2016 to 'CC' from 'D' (default).  The recovery rating
remains at '4', indicating S&P's expectation of modest (30%-50%)
recovery in the event of a payment default.

The 'CCC' issue ratings on the senior secured debt issued by VAC
KG are unchanged.  The recovery rating on this debt remains '1'.

"The upgrade reflects S&P's view on the completion of a distressed
debt exchange for VAC Finanzierung GmbH's outstanding notes due
2016 by VAC's equity sponsor One Equity Partner," said Standard &
Poor's credit analyst Anna Stegert.  "We understand OEP now holds
about EUR80 million of the outstanding EUR135 million notes."

Furthermore, S&P understands that VAC is still in negotiations
with its lenders following its announcement on Sept. 16, 2009,
that it is in default under its loan agreements with a consortium
of banks.  S&P understands that should the lenders accelerate
repayment as a result of declaring the event of default, the
entire VAC group could potentially be made insolvent.  The ongoing
uncertainty surrounding the outcome of these negotiations is
currently limiting the corporate credit rating at 'CC'.

However, S&P sees potential relief for VAC's capital structure
following the distressed debt exchange, should OEP be willing to
support the company through, for example, a conversion or
cancellation of the repurchased notes.  This could result in an
upgrade to the 'CCC' category.

S&P expects that some form of support from OEP will likely be
required to secure ongoing support from the group's bank
syndicate, in order to remove the threat of lenders accelerating
repayment.

The developing outlook reflects S&P's view of the high uncertainty
surrounding the ongoing negotiations with VAC's consortium of bank
lenders.  "If the negotiations are unsuccessful, S&P believes this
could potentially result in an insolvency of the group," said
Ms.  Stegert.  "Alternatively, S&P could raise the rating to 'CCC'
should S&P sees, in particular, that VAC's bank syndicate and
equity sponsor are willing to provide ongoing support to the
company, and that a long-term covenant framework with adequate
headroom and sufficient liquidity sources to fund ongoing
operations and near-term loan amortizations is in place."


=============
I C E L A N D
=============


GLITNIR BANKI: Creditors to Receive 95% Stake of Islandsbanki
-------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that creditors of
Glitnir Bank hf agreed to take 95% of the bank's state-controlled
offshoot Islandsbanki hf to cover their claims.

Bloomberg says the government will own a 5% stake in the bank and
provide one of five board members.  According to Bloomberg, the
government will also give Islandsbanki a ISK25 billion (US$202
million) subordinated loan to strengthen the bank's equity and
liquidity position, Bloomberg notes.  The agreement, which cuts
the government's refinancing obligation by ISK37 billion,
completes the settlement between Iceland and the creditors of
Glitnir, Bloomberg notes.

Bloomberg recalls the state took control of Glitnir Sept. 29 2008,
after the lender couldn’t secure adequate short-term funding to
finance its business.

As reported in the Troubled Company Reporter-Europe on Sept. 30,
2009, Bloomberg News, citing an evaluation report, said Arni
Tomasson, chairman of Glitnir's resolution committee, disclosed as
of June 30, the value of Glitnir's assets stood at EUR4 billion
(US$5.8 billion), while its liabilities were EUR13.7 billion.

                        About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Judge Stuart Bernstein of the U.S. Bankruptcy Court for the
Southern District Court of New York granted Glitnir banki hf
permission to enter Chapter 15 of the U.S. bankruptcy code on
Jan. 6, 2008.

Glitnir has been granted a moratorium pursuant to a ruling of the
Reykjavik District Court until Nov. 13, 2009.  On May 12,
2009, the court appointed a winding-up board for the bank, which
will handle, for instance, claims against the bank while
the moratorium is in effect and after winding-up proceedings
commence upon the conclusion of the moratorium.


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


O'BRIENS SANDWICH: AIL Buys Brand From Liquidator
-------------------------------------------------
The Irish Times reports that Abrakebabra Investments Limited has
bought the O'Briens Irish Sandwich Bar brand.

The Irish Times relates AIL said Thursday it had taken a master
franchise for the Republic of Ireland from the liquidator, Paul
McCann of Grant Thornton.  The company also controls Abrakebabra,
the Bagel Factory and Gourmet Burger Kitchen outlets in Ireland,
according to the Irish Times.

On Oct. 9, 2009, the Troubled Company Reporter-Europe, citing
Irish Examiner, reported O'Brien's Irish Sandwich Bars went into
liquidation after a proposed takeover by AIL collapsed.  Irish
Examiner disclosed the liquidator said he wants to sell the group,
which employs 800 people across Ireland, as a going concern.  It's
understood there is presently a deficiency of EUR4.1 million to
creditors and this will increase to EUR6.3 million if the company
is wound up, according to Irish Examiner.

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


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


AKTOBE SPORT: Creditors Must File Claims by October 21
------------------------------------------------------
Creditors of LLP Aktobe Sport have until October 21, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 9, 2009.


BSB ASTANA: Creditors Must File Claims by October 21
----------------------------------------------------
LLP Financial Industrial Corporation Bsb Astana is currently
undergoing liquidation.  Creditors have until October 21, 2009, to
submit proofs of claim to:

          Auezov Str. 42
          Saryarka District
          Astana
          Kazakhstan


GLOBAL AUDIT: Creditors Must File Claims by October 21
------------------------------------------------------
LLP Global Audit is currently undergoing liquidation.  Creditors
have until October 21, 2009, to submit proofs of claim to:

          Kabanbai Batyr Str. 30a
          Almaty District
          Astana
          Kazakhstan


KOSMO PHARMA: Creditors Must File Claims by October 21
------------------------------------------------------
Creditors of LLP Kosmo Pharma A 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 27, 2009.


LAB MAX: Creditors Must File Claims by October 21
-------------------------------------------------
LLP Lab Max Industry is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim
to:

          Bokeyhanov Str. 121
          Almaty
          Kazakhstan


MTS UG: Creditors Must File Claims by October 21
------------------------------------------------
Creditors of LLP MTS Ug Mash have until October 21, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
July 24, 2009.


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

          Nemirovich Danchenko Str. 18
          Almaty
          Kazakhstan


SHYGYS TRAVEL: Creditors Must File Claims by October 21
-------------------------------------------------------
Creditors of LLP Shygys Travel 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 31, 2009.


SS ENGINEERING: Creditors Must File Claims by October 21
--------------------------------------------------------
LLP Ss Engineering C is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim
to:

          Ibraimov Str. 15
          Almaty
          Kazakhstan


TEKELI BOLASHAK: Creditors Must File Claims by October 21
---------------------------------------------------------
Creditors of LLP Tekeli Bolashak have until October 21, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tauelsyzdyk Str. 53
         Taldykorgan
         Almaty
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 5, 2009.


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


KE-SE LLC: Court Names A. Orokbaev as Insolvency Manager
--------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
A. Orokbaev as Insolvency Manager for LLC Ke-Se on June 26, 2009.
He can be reached at:

         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 47-81-81

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under
Case No. ED-683/09???5.


TELECOMPANIYA NTV: Creditors Must File Claims by November 4
-----------------------------------------------------------
Central Asian Representation of OJSC Telecompaniya Ntv is
currently undergoing liquidation.  Creditors have until
November 4, 2009, to submit proofs of claim to:

         Baetov Str. 74-43
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 69-02-61


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


BEVERAGE PACKAGING: Moody's Reviews 'B1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service placed the B1 Corporate Family Rating of
Beverage Packaging (Lux) I S.A on review for possible downgrade.
The B2 rating on the existing EUR480 million senior notes and the
B3 rating on the EUR420 million senior subordinated notes as well
as the Ba1 rating on the group's existing senior secured credit
facilities were placed on review as well.

The rating review has been prompted by the announcement that
Beverage Packaging intends to acquire Closure Systems
International and Reynolds Consumer Packaging from its common
shareholder Rank Group.  The acquisition is planned to be funded
with a significant portion of debt which would result in an
increase of leverage ratios.  The agency also notes that the
acquisition appears fully priced.

The rating review will focus in particular on (i) the outcome of
the planned transaction which Moody's understands is financed on a
best efforts basis, (ii) the benefits of the acquisition on the
group's overall business profile and (iii) the combined group's
de-leveraging prospects.  While the review will most likely only
be concluded once the financing has been put in place, Moody's
cautions that there is a high risk of a one notch downgrade for
the group's Corporate Family Rating if the transaction is closed
as currently planned.

In terms of financing Beverage Packaging announced that the
combined group seeks to raise US$1,975 million US-Dollar
denominated senior secured indebtedness and EUR700 million Euro
denominated senior secured indebtedness.  Purpose of the proposed
senior secured debt (in total equivalent to EUR2,051 million)
together with EUR116 million of Beverage Packaging's cash balance
and an equity contribution of EUR 500 million is (i) to fund the
acquisition of Reynolds and CSI, (ii) to refinance Beverage
Packaging's existing senior secured terms loans of EUR 485 million
and (iii) to cover transaction expenses.  The total purchase price
for CSI and Reynolds of US$3,023 million values the acquired
business at 7.7x LTM adjusted pro forma EBITDA per June 2009.

Moody's acknowledges the resilient earnings performance of
Beverage Packaging so far in 2009 despite the generally weak
economic environment as well as the notable de-leverage achieved
since the buyout by Rank Group in 2007.  Moody's expects Beverage
Packaging's business profile to benefit from the proposed
acquisitions on the back of the enhanced diversification through
the planned acquisition of CSI and Reynolds in terms of geographic
reach as well as product offering.  Moreover, the combined group
should have the potential to benefit from joined marketing efforts
and sharing of best practices.

However, Moody's cautions that the recessionary environment could
still unfold a more severe impact on volumes and notes that the
performance in 2009 is also supported by a notable tailwind from
reduced raw material cost.  Moreover, Moody's cautions that CSI's
and Reynold's businesses are viewed somewhat weaker than Beverage
Packaging's existing activities, which is also reflected in
somewhat lower EBITDA-margins.  This view considers that there are
only two noteworthy players in the aseptic packaging segment and
that customers of Beverage Packaging's existing business can only
run their production equipment with Beverage Packaging's sleeves
resulting in high switching costs which are considered to be lower
at CSI and Reynolds.

Against this backdrop Moody's cautions that the expected weakening
in credit metrics as a result of the acquisition might position
the combined group more adequately in the B2 rating category and
that there is hence a high risk of a one notch downgrade for the
group's Corporate Family Rating should the transaction be closed
as planned.  Moreover, Moody's notes that the notching of Beverage
Packaging's existing EUR 480 million senior notes could increase,
given the higher portion of senior secured debt ranking ahead in
the new proposed capital structure.  On the other hand the rating
of the proposed senior secured indebtedness is expected to be one
notch higher than the Corporate Family Rating.

On Review for Possible Downgrade:

Issuer: Beverage Packaging Holdings (Lux) II S.A.

  -- Senior Subordinated Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B3, LGD5, 86%

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently B2, LGD4, 57%

Issuer: Beverage Packaging Holdings I S.A.

  -- Probability of Default Rating, Placed on Review for Possible
     Downgrade, currently B1

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B1

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba1, LGD2, 17%

Outlook Actions:

Issuer: Beverage Packaging Holdings (Lux) II S.A.

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Beverage Packaging Holdings I S.A.

  -- Outlook, Changed To Rating Under Review From Negative

The last rating action was implemented on March 6, 2009, when the
outlook on the B1 Corporate Family Rating was changed to negative
from stable.

CSI is a global supplier of plastic closures mainly for the
beverage, dairy and food segment.  The company also manufactures
aluminum closures and capping equipment.  Reynolds is a leading
manufacturer of consumer food storage products in North America.
The company manufactures household products such as aluminum foil,
wraps, bags and wax paper.

Beverage Packaging Holdings, through its operating companies under
SIG Combibloc Group AG, focuses on aseptic packaging products for
the food and beverage industries.  In fiscal year 2008, the
company generated revenues of approximately EUR1.25 billion with a
workforce of about 4,400 people.  In May 2007, SIG was acquired by
Rank Group Holdings of New Zealand for a total compensation of
EUR1.8 billion.

Pro forma for the acquisition the combined group generated
revenues and adjusted pro forma EBITDA of EUR2,915 million and
EUR603 million, respectively, for the LTM period ended June 2009.


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


DSB BANK: Takeover Talks with U.S. Suitor Fail, ANP Says
--------------------------------------------------------
Marcel van de Hoef at Bloomberg News, citing news agency ANP,
reports that takeover talks between DSB Bank NV and a possible
U.S.-based suitor failed.

Bloomberg relates DSB Chief Financial Officer Ronald Buwalda, as
cited by ANP, said the potential suitor, whose identity wasn't
revealed, didn't want to meet requirements set by the court.

According to Bloomberg, a Dutch court on Oct. 16 gave DSB until
today, Oct. 19, to find a buyer and avoid bankruptcy.

Bloomberg notes Chief Executive Officer Dirk Scheringa has said a
U.S. company with "billions of capital" may be interested in
buying DSB.

In a report on Oct. 17, Bloomberg, citing NRC Handelsbald,
disclosed DSB was in talks with Lone Star Funds about its future.
According to Bloomberg, NRC said Lone Star approached an
investment bank in Amsterdam about DSB last week.

As reported in the Troubled Company Reporter-Europe on Oct. 16,
2009, Bloomberg News said DSB failed to reach an agreement with a
group of banks including ING Groep NV and Fortis to avoid
bankruptcy.

On Oct. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported the Dutch central bank said DSB'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 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.


LYONDELL CHEMICAL: Gets Maturity Extension of DIP Loans
-------------------------------------------------------
According to Tiffany Kary at Bloomberg News, Lyondell Chemical Co.
changed the terms of its $8 billion bankruptcy financing to extend
a Dec. 15 maturity deadline to Feb. 3 and give it more time to win
court approval of a reorganization plan.  Creditors should vote on
the proposed change by Oct. 22, Lyondell said in court papers
requesting the amendment.  Lyondell also wants to extend a
deadline to win confirmation of a bankruptcy plan to Jan. 20.

Absent the amendments, Lyondell would have defaulted on the loan.
The original terms of the loan required approval of the
explanatory disclosure statement by October 15.  But a lawsuit by
unsecured creditors against lenders is delaying the case.

Noteholders led by the Bank of New York Mellon and Bank of New
York Mellon Trust Company, as indenture trustees, have asked the
Bankruptcy Court to compel Lyondell Chemical Co. to refinance the
secured lending package.

The Official Committee Creditors Committee formed in the case also
earlier pushed for an examiner, asserts that Lyondell needs an
independent examiner because Len Blavatnik, chairman of Access
Industries Holding LLC, and the lenders that financed the
leveraged buyout in 2007 are unfairly influencing the case.  The
examiner, according to the panel, should probe why the Company
wouldn't refinance its US$8 billion bankruptcy loan, and how
Mr. Blavatnik and lenders who worked with him in 2005 will also
fund a rights offering that includes a "forced settlement" of the
creditors' lawsuit against them.

The Creditors Committee has commenced a lawsuit against Citibank
N.A., Deutsche Bank, and other banks that funded the 2007
acquisition of Lyondell Chemical Company by Basell AF S.C.A.
Having accumulated heavy debt because of the merger,
LyondellBasell was in a full-blown liquidity crisis and was
running out of money to fund its operations only three months
following the merger.  The Creditors Committee asserted claims of,
among other things, fraudulent transfer, breach of fiduciary duty,
avoidance of unperfected senior liens.  The suit is in trial.

                       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
===========


ARGOS LLC: Creditors Must File Claims by October 28
---------------------------------------------------
Creditors of LLC Argos (TIN 1660049195, PSRN 1021603642334)
(Construction) have until October 28, 2009, to submit proofs of
claims to:

         S. Sergeev
         Insolvency Manager
         Post User Box 96
         420021 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?65–21102/2008-SG4–16.

The Debtor can be reached at:

         LLC Argos
         Gvardeyskaya Str. 35
         420073 Tatarstan
         Russia


AVTOVAZ OAO: Russia Increases Pressure on Renault for Bailout
-------------------------------------------------------------
Paul Abelsky at Bloomberg News reports that the Russian government
increased pressure on Renault SA to help OAO AvtoVAZ restructure
debt and stay in business.

Bloomberg relates the Industry and Trade Ministry said in a
statement that Renault, which owns 25% of AvtoVAZ, needs to help
the Russian carmaker develop a broader range of cars to remain
competitive.  According to Bloomberg, the ministry said plunging
sales will push AvtoVAZ's debt to creditors and component
suppliers to about RUR86 billion (US$2.9 billion) in the next
three months.

AvtoVAZ said in an e-mailed statement Thursday it will outline an
"anti-crisis" strategy Oct. 19, Bloomberg states.  Bloomberg notes
an Avtovaz official said the company dismisses news reports that
it faces bankruptcy.

Bloomberg discloses VEB, Russia's state development bank, said the
government will review AvtoVAZ funding options in December.
According to Bloomberg, the bank said a group that includes
Industry and Trade Minister Viktor Khristenko, Economy Minister
Elvira Nabiullina and representatives of state- run lenders will
submit a proposal to the Cabinet that may include VEB buying
bonds.

"We're still working with all partners to find the best solution
for AvtoVAZ, including the possibility of sharing our
technologies," Bloomberg qouted Renault spokeswoman Caroline De
Gezelle as saying.  Renault is "not aware of AvtoVAZ being on the
verge of bankruptcy."

RIA Novosti reports the Industy Ministry has concluded that the
government should not bail out AvtoVAZ.  According to RIA Novosti,
the ministry has prepared an expert report on the request of First
Deputy Prime Minister Igor Shuvalov on whether the government
should allocate up to RUR70 billion (around US$2 billion) to
rescue the ailing carmaker from closure.  RIA Novosti discloses
the conclusion says AvtoVaz is effectively bankrupt and it is
useless to pump money into it.

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.


AZ-STROY LLC: Tatarstan Bankruptcy Hearing Set October 28
---------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 10:00 a.m. on
October 28, 2009, to hear bankruptcy supervision procedure on LLC
Az-Stroy (Construction).  The case is docketed under Case No. ?65–
13279/2009-SG4–39.

The Temporary Insolvency Manager is:

         I. Sharafeev
         Post User Box 229
         Pushkina Str. 6
         Aznakaevo
         423330 Tatarstan
         Russia

The Debtor can be reached at:

         LLC Az-Stroy
         Ozernaya Str. 2a
         Aznakaevo
         423330 Tatarstan
         Russia


SEVERNAYA LLC: Kemerovskaya Bankruptcy Hearing Set October 26
-------------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene on October 26,
2009, to hear bankruptcy supervision procedure on LLC Severnaya
(TIN 4205032441, PSRN 1034205008793).  The case is docketed under
Case No. ?27–9206/2009.

The Temporary Insolvency Manager is:

         A. Protodyakonov
         Stroiteley Blvd. 28A
         650060 Kemerovo
         Russia

The Debtor can be reached at:

         LLC Severnaya
         Stroygorodok Str. 1
         650068 Kemerovo
         Russia


STROITEL LLC: Primorskiy Bankruptcy Hearing Set October 28
----------------------------------------------------------
The Arbitration Court of Primorskiy will convene at 3:15 p.m. on
October 28, 2009, to hear bankruptcy supervision procedure on
LLC Stroitel (TIN 2535004181, PSRN 1032500509238) (Construction).
The case is docketed under Case No. ?51- 2077/2009.

The Temporary Insolvency Manager is:

         Ye.Teslenko
         Post User Box 109
         Vladivostok
         690014 Primorskiy
         Russia

The Debtor can be reached at:

         LLC Stroitel
         Zhukovskogo Str. 19
         Arsenyev
         Primorskiy
         Russia


STROY-VERSIYA LLC: Creditors Must File Claims by October 21
-----------------------------------------------------------
Creditors of LLC Stroy-Versiya (TIN 2465075500, PSRN
1032402644537) (Construction) have until October 21, 2009, to
submit proofs of claims to:

         S. Rozhdestvenskiy
         Insolvency Manager
         Post User Box 502
         660022 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?33–2765/2009.

The Debtor can be reached at:

         LLC Stroy-Versiya
         Telmana Str. 30-305
         Krasnoyarsk
         Russia


TULA TIMBER: Tulskaya Bankruptcy Hearing Set October 26
-------------------------------------------------------
The Arbitration Court of Tulskaya will convene at 10:00 a.m. on
October 26, 2009, to hear bankruptcy supervision procedure on LLC
Tula Timber Group (TIN 7118038241, PSRN 1057102981320).  The case
is docketed under Case No. ?68–2033/09.

The Temporary Insolvency Manager is:

         O. Gracheva
         Arsenalnaya Str. 1D
         300002 Tula
         Russia

The Debtor can be reached at:

         LLC Tula Timber Group
         Zernovaya Str. 1a
         Arsenyevo
         Arsenyevskiy
         301501 Tulskaya
         Russia


===============
S L O V E N I A
===============


ISTRABENZ D.D.: Petrol Mulls Settlement of EUR330 Mln Debt
----------------------------------------------------------
Boris Cerni at Bloomberg News, citing Slovenian news agency STA,
reports that Petrol Group d.d., Slovenia's biggest energy company,
is considering paying 75% of Istrabenz d.d.'s outstanding debt, or
about EUR330 million (US$491 million).

Bloomberg relates STA, citing Boris Dolamic, the court-appointed
receiver for Istrabenz, said the company's total liabilities
amount to EUR436 million.

Petrol owns a third of Istrabenz, which declared insolvency March
2009.

Istrabenz dd -- http://www.istrabenz.si/-- is a Slovenia-based
holding responsible for the asset management and supervision of
the Istrabenz Group members.  The Company has developed
investments in the number of divisions: Energy, which covers the
gas business, production and distribution of energy, transshipment
and storage of oil derivatives; Tourism, which offers hotel,
catering, wellness and congress services; Investments, which deals
with advertising, financial services and technical consulting;
Food, which markets food products, and Information Technology that
provides information support to the companies of the Istrabenz
Group.  As of December 31, 2008 Istrabenz Group comprised 77
companies.  The Company operates a number of subsidiaries,
including wholly owned Istrabenz Turizem dd and Istrabenz Marina
Invest doo.


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


FAHRNI-WEINMANN: Claims Filing Deadline is October 28
-----------------------------------------------------
Creditors of Fahrni-Weinmann AG are requested to file their proofs
of claim by October 28, 2009, to:

         Arthur Schneider
         Finkenweg 17
         3110 Muensingen
         Switzerland

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


FLUECK DUSSNANG: Claims Filing Deadline is October 21
-----------------------------------------------------
Creditors of Flueck Dussnang are requested to file their proofs of
claim by October 21, 2009, to:

         Marco Ferigutti
         Gallusstrasse 17
         9500 Wil SG
         Switzerland

The company is currently undergoing liquidation in Fischingen.
The decision about liquidation was accepted at a general meeting
held on September 3, 2009.


JUS24: Claims Filing Deadline is October 21
-------------------------------------------
Creditors of Jus24 GmbH are requested to file their proofs of
claim by October 21, 2009, to:

         Jus24 GmbH
         Gruentalstr. 20b
         9300 Witttenbach
         Switzerland

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


MECHATRONIC BERN: Claims Filing Deadline is October 23
------------------------------------------------------
Creditors of Mechatronic Bern AG are requested to file their
proofs of claim by October 23, 2009, to:

         Sahli-Gangloff Suzanne or Jan Sahli
         Liquidator
         Wattenwylweg 24
         3006 Bern
         Switzerland

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


NUANCE GROUP: Claims Filing Deadline is October 26
--------------------------------------------------
Creditors of The Nuance Group F&B AG are requested to file their
proofs of claim by October 26, 2009, to:

         The Nuance Group F&B AG
         Unterrietstrasse 2a
         8152 Glattbrugg
         Switzerland

The company is currently undergoing liquidation in Opfikon.  The
decision about liquidation was accepted at a general meeting held
on July 10, 2009.


PENSAL AG: Claims Filing Deadline is October 22
-----------------------------------------------
Creditors of Pensal AG are requested to file their proofs of claim
by October 22, 2009, to:

         Alberto C. Lurati
         Grabenstr. 15
         Mail box: 132
         7002 Chur
         Switzerland

The company is currently undergoing liquidation in Chur. The
decision about liquidation was accepted at a general meeting held
on August 31, 2009.


ROBAU IMMOBILIEN: Claims Filing Deadline is October 23
------------------------------------------------------
Creditors of Robau Immobilien GmbH are requested to file their
proofs of claim by October 23, 2009, to:

         Thalmann Treuhand AG
         Marktplatz 3
         8570 Weinfelden
         Switzerland

The company is currently undergoing liquidation in Amriswil. The
decision about liquidation was accepted at a shareholder’s meeting
held on August 28, 2009.


SAVOY CAPITAL: Claims Filing Deadline is October 22
---------------------------------------------------
Creditors of Savoy Capital AG are requested to file their proofs
of claim by October 22, 2009, to:

         Savoy Capital AG
         Dufourstrasse 121
         9001 St.Gallen
         Switzerland

The company is currently undergoing liquidation in St.Gallen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 27, 2009.


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

         Stieger Treuhand AG
         Neuhofstrasse 5
         8645 Jona
         Switzerland

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


W. SCHMID: Claims Filing Deadline is October 26
-----------------------------------------------
Creditors of W. Schmid AG are requested to file their proofs of
claim by October 26, 2009, to:

         Rene Lisser
         Nordstrasse 11
         4542 Luterbach
         Switzerland

The company is currently undergoing liquidation in Grenchen.  The
decision about liquidation was accepted at a regular general
meeting held on April 21, 2005.


===========
T U R K E Y
===========


HABAS SINAI: Fitch Affirms Issuer Default Rating at 'B+'
--------------------------------------------------------
Fitch Ratings has affirmed Habas Sinai ve Tibbi Gazlar Istihsal
Endustrisi A.S.'s Long-term foreign currency Issuer Default Rating
at 'B+', its Long-term local currency IDR at 'B+' and its National
Long-term rating at 'A+(tur)'.  The Outlooks on all ratings are
Stable.

The ratings reflect Habas' conservative financial policy, which
have resulted in low leverage.  Over the cycle of 2009-2013, Fitch
expects Habas to maintain net leverage of 0.3x-0.5x compared with
the net leverage of 2.1x-2.3x of its international steel peers.
Habas's ratings also reflect its strong market positions in
domestic industrial gases and electricity markets.  The company
has an approximate 90% market share in the domestic industrial
gases market and is one of the five top private electricity
suppliers in Turkey.

Habas's ratings also reflect the diversification of company's
operations among industrial gases, power generation and iron and
steel production.  While the first two segments demonstrate higher
profit margins than the iron and steel division, Fitch notes that
the iron and steel division represents the larger part of overall
consolidated revenue.  Fitch also notes Habas's ability to supply
its steel facilities from the company's 300 megawatt power plant
providing additional flexibility to the company.

Ratings constraints include the low EBITDAR margin for the iron
and steel division.  There is a risk that a significant swing in
product prices or the cost of scrap could erode a significant
amount of EBITDAR.  This risk is partly mitigated by a procurement
strategy that foresees execution of scrap and steel sales
contracts in parallel, allowing prices set for steel sales to
reflect scrap price movements.

Another constraint includes the high exposure to cycles in the
iron and steel sector.  Although FY09 may see a consolidated
revenue decrease in a Fitch scenario where market conditions
remain weak, the agency's modelling assumptions predict that in
2010, the company's revenue may increase due to price appreciation
and introduction of new slab producing capacities of 1m tons.

Fitch also notes that the company's volume, revenue and EBITDAR
are relatively small in comparison to steel peers rated by Fitch,
which further limits Habas's operational and financial
flexibility.

As at FYE08, the company's cash reserves fully covered its short-
term debt, represented by import and export financing.  Medium and
long term debt consists of unsecured project finance facilities.
Habas has not used any medium and long term credits since 2003.
It has demonstrated positive cash flow from operations over the
last ten years and Fitch expects the company to continue to
generate stable CFO over the next three years.

The Stable Outlook on Habas' rating reflects Fitch's opinion that,
despite the current economic downturn, the company will continue
to follow its conservative financial policy and have a strong
operational profile, as well as a satisfactory liquidity position
and positive free cash flow in the next 12-24 months.


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


DT INTERMARKET: Creditors Must File Claims by October 21
--------------------------------------------------------
Creditors of LLC DT Intermarket Ltd. (code EDRPOU 35697754) have
until October 21, 2009, to submit proofs of claim to O. Sharmonov,
the company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on September 17, 2009.  The case is docketed
under Case No. 7/241-09-2999.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Ave. 29
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC DT Intermarket Ltd.
         Chapayev Str. 5A
         Odessa
         Ukraine


KONOTOP BRICKYARD: Creditors Must File Claims by October 22
-----------------------------------------------------------
Creditors of LLC Konotop Brickyard Rost (code EDRPOU 33683307)
have until October 22, 2009, to submit proofs of claim to:

         V. Kizlenko
         Office 51
         Mayakovsky Str. 1
         02225 Kiev
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on September 3, 2009.  The case is docketed
under Case No. 6/83-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Konotop Brickyard Rost
         General Tkhor Str. 152
         Konotop
         41600 Sumy
         Ukraine


NOVAKHIM LLC: Creditors Must File Claims by October 22
------------------------------------------------------
Creditors of LLC Novakhim (code EDRPOU 31776203) have until
October 17, 2009, to submit proofs of claim to:

         V. Filatov
         Insolvency Manager
         Office 141
         Marshal Konev Str. 9
         03191 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 9, 2009.  The case is docketed
under Case No. 49/371-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 Novakhim
         Viskoznaya Str. 32
         02166 Kiev
         Ukraine


VATUTINOYE COAL: Creditors Must File Claims by October 22
---------------------------------------------------------
Creditors of State Enterprise Vatutinoye Coal Restructurisation
(code EDRPOU 14196834) have until October 22, 2009, to submit
proofs of claim to:

         E. Kirichenko
         Insolvency Manager
         B. Hmelnitsky Str. 16
         49051 Dnepropetrovsk
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on September 17, 2009.  The case is docketed
under Case No. 01/1778.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Blvd. 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         State Enterprise Vatutinoye Coal Restructurisation
         Transportnaya Str. 19
         Vatutin
         20250 Cherkassy
         Ukraine


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


DONINGTON HOLDINGS: Moody's Assigns 'B3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a Corporate Family Rating
of B3 to Donington Holdings PLC and a provisional (P) B3 senior
secured rating to the proposed GBP135 million first priority
senior secured notes issuance.  The rating outlook is stable.
This is the first time Moody's has assigned a rating to DH.

DH's B3 ratings is contingent on the Group's success in raising
the financing required to fund its redevelopment program, which
include the offering of the notes and a concurrent issuance of
preference shares, as well as the entry into a Letter of Credit.
The initial deadline, as required by the extension provided on the
contracts with Formula One Administration Limited and APM Sport
(Ireland) Limited (collectively "the F1 Contracts"), to obtain the
Letter Credit was 9 October 2009 ("deadline"), however, Moody's
notes that as of October 15, the issuer has failed to meet the
deadline and prompted Formula One Management Limited to notify it
the breach of the contract signed with FOA, requiring to remedy to
the breach within 14 days of the date of the notice, falling which
the FOA will be entitled to terminate its contract.  Because it is
a condition of the closing of the GBP135 million notes offering,
that DH obtains this Letter of Credit on or before the closing
therefore, in the event that the offering closes on or before
26 October 2009, the breach will be cured.

DH's B3 CFR reflects the relatively small size of the Group,
together with the high assets and business concentration, that
will result in sustained cash flow volatility, and a relatively
high financial leverage, with metrics expected to remain at low
single-B level over the intermediate term.  These characteristics
are counterbalanced by the visibility provided by the F1 Contracts
and the relatively strong cash conversion rate expected as a
result of hosting the F1 event.  Moody's current rating also
assumes that management will be successful in delivering results
in line with the proposed business model and will build an
acceptable track record over the coming years.

Under the F1 Contracts, Moody's understands that the Group has the
exclusive right to host the British F1 Grand Prix, over the next
17 years.  Under the terms of the contract, DH will pay an annual
fee to the FOA in exchange for the rights on certain circuit
revenues during the British F1 GP (including general admission
fees and certain track hospitality).  Under the F1 Contracts, the
Group is required to procure the construction of a 900-metre track
extension, a new pit and paddock facility (including a Paddock
Club™, which is operated by Allsport Management S.A.  for the
Formula One British Grand Prix at Donington Park, and a race
control tower), a media centre and a medical centre.

Although these works are not complex in nature and all the
planning permissions and legal requirements have already been put
in place, the FOA Contract is subject to a specified timeframe
that foresees the completion of these works not later than 90 days
prior to the 2010 British F1 GP (which is scheduled for July 11,
2010) to allow for testing and inspection.  Moody's cautions that
this strict timeframe amplifies the construction risks associated
with this investment as any minor delay could jeopardize the
project, and highlights DH's reliance on this single project to
service its debt going forward.  In addition, although the market
has remained resilient so far and competition for this type of
event is limited, DH's top-line profit is exposed to consumer and
corporate discretionary spending, heightening the risk of cash
flow volatility.

Moody's currently views the issuer's liquidity profile as
adequate, despite the fact that the issuer does not benefit from
any revolving or bank facilities, as the planned notes issue and
the (approximately) GBP25 million concurrent issuance of
preference shares are expected to cover the funding required to
finance the redevelopment program and next year's interest
payments on the notes.  The provisional rating of (P)B3 on the
proposed notes reflects the fact that the notes will constitute
the majority of the debt capital structure of the Group.  In
addition, although the transaction is viewed as a bond-only deal,
the family recovery rate has been left unchanged at the standard
50%, assuming a relatively high recovery rate with the F1 Contract
remaining in place.

DH is issuing the notes together with warrants, each warrant
exercisable into one special cumulative non-voting preference
share of DH.  The notes and the warrants will be immediately
separated upon closing of the offering, and the notes.  and will
be issued with a 10% discount.  They will benefit from a first
lien claim (along with the Group's reimbursement obligations under
the Letter of Credit to be provided under the F1 Contracts) on
substantially all of the assets of the issuer and the subsidiary
guarantors, representing the majority of the assets and the
revenues, and a senior secured guarantee provided by the
subsidiary guarantors.  Moody's understands that the reimbursement
obligation under the Letter of Credit ranks pari passu in right of
payments with the notes.  However, Moody's notes that the Letter
of Credit benefits, as additional collateral, from the cash
generated from ticket and hospitality package sales, which is
excluded from the security package provided to note holders.  In
Moody's view, the better quality of the collateral securing the
Letter of Credit, compared to that of the notes, positions the
Letter of Credit ahead of the notes.  Given the expected modest
size of the Letter of Credit, however, this has only a marginal
impact on the notes loss given default (LGD) rate.  The notes will
be callable on or after the fourth year; will benefit from a
change of control clause; will pay a semi-annual coupon; and will
represent the majority of the issuer's debt structure.  The
indenture governing the notes will contain certain covenants
limiting, among other things, additional debt, dividends
distribution and other restricted payments.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavour to assign a
definitive rating to the notes.  A definitive rating may differ
from a provisional rating.

The stable outlook recognizes Moody's expectation that the Group
will successfully complete its redevelopment program and be able
to host the British F1 GP.  The outlook also incorporates Moody's
expectation that the Group will reduce financial leverage over
time, from the expected 2010 level of approximately 7x on a total
debt- (including financial leases) to-EBITDA basis.  Failure to
complete the redevelopment works within the specified timeframe
and to secure good attendance level at the 2010 British F1 GP, and
hence to reach the anticipated deleveraging could cause a rating
downgrade.  The rating could also be downgraded in case of loss of
the F1 Contract, lower-than-expected cash generation and concerns
about the issuer's liquidity profile.

Ratings assigned:

  -- Corporate Family Rating of B3;

  -- Probability of Default Rating of B3;

  -- Provisional Senior Secured rating on the proposed GBP135
     million notes issuance of (P) B3, LGD4 - 53%;

DH's ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as (i) the
business risk and competitive position of the issuer versus others
within its industry, (ii) the capital structure and financial risk
of the issuer, (iii) the projected performance of the issuer over
the near to intermediate term, and (iv) management's track record
and tolerance for risk.  These attributes were compared against
other issuers both within and outside of DH's core industry, and
the issuer's ratings are believed to be comparable to those of
other issuers of similar credit risk.

Donington Holdings plc is a newly incorporated company, and its
Group holds a 150-year lease on the land where Donington Park's
racing circuit, one of Britain's most popular circuits and home of
many events, is located.  DH has a 17-year contract with FOA to
host the British Formula One Grand Prix.  On an ongoing basis,
starting from 2010, the Group expects annual revenues in the
region of GBP55 million to GBP60 million.


DONINGTON HOLDINGS: S&P Assigns 'CCC+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'CCC+' long-term corporate credit rating to U.K.-based racetrack
operator Donington Holdings PLC.  The outlook is developing.

At the same time, S&P assigned its 'CCC+' issue-level rating to
Donington's proposed GBP135 million senior secured notes.  The
recovery rating on the notes is '4', indicating S&P's expectation
of average (30%-50%) recovery prospects for noteholders in the
event of a payment default.

"The ratings on Donington reflect S&P's view of the significant
construction and marketing risks relating to the upgrade of
Donington's racetrack and development of hospitality facilities,"
said Standard & Poor's credit analyst Silvia Ortolan.  "These
actions will enable it to host the Formula One British Grand Prix
in July 2010.

"We note that the operating company guaranteeing the notes is in
technical insolvency.  The issuer and issue ratings rely on
Donington's ability to cure the technical insolvency promptly on
the receipt of the issue proceeds.  Failure to either complete on
the funding or to cure the technical insolvency will result in
S&P's ratings being withdrawn."

Donington's business model is constrained by the company's
dependence on one sporting event for the majority of its revenues
and cash flows, the operating risks relating to the unfinished
construction works, the sensitivity of annual membership sales to
discretionary consumer and corporate spending, and economic
cyclicality.  These constraints are partially offset by
Donington's capability for holding large-scale international
sporting events, the track record of its established management
team in running such events to tight specifications, as well as
legally binding contracts for hosting the Formula One British
Grand Prix until 2026.

In S&P's view, there are uncertainties regarding Donington's
ability to complete the construction project on time and to
specification.  Furthermore, S&P think Donington's success in
selling the majority of premium hospitality subscriptions is key
to strengthening the company's credit quality over the short term.

S&P considers that there are two important milestones for the
company's credit quality, both occurring between March and May
2010.  First, the circuit upgrade project must be accepted by the
Formula One organization.  Second, the company's ability to meet
its operating costs for 2010, as well as cash interest payments
falling due in 2011, depends on a robust uptake of its hospitality
offering.  Failure to meet these objectives would in S&P's opinion
be detrimental to Donington's credit quality.


JJB SPORTS: Soca Investigates Actions of Former Executives
----------------------------------------------------------
Kiran Stacey at The Financial Times reports The Serious Organised
Crime Agency is looking at the actions of former executives at JJB
Sports plc.

Soca would not comment on the specific events under inquiry, FT
notes.

JJB has already said it is under investigation by the Office of
Fair Trading for price fixing, while the Serious Fraud Office is
looking at possible deception by former employees, the FT relates.

The prospectus for the company's GBP100 million placing and open
offer outlined some of the areas being looked at by the various
bodies for the first time, the FT discloses.  According to the FT,
they include: the transfer of shares to the administrators of
Icelandic bank Kaupthing by JJB Sports former chief executive
Chris Ronnie; suspected fraudulent expense claims, including
misuse of company credit cards by unnamed executives; possible
theft of company assets; and the company's disclosure of
information to the market prior to the release of its interim
results in September 2008.

                            Rights Issue

On Oct. 14, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported JJB will pursue its GBP100 million fundraising after
investors were persuaded that allegations surrounding the
financial dealings of its chairman were false.  The FT disclosed
JJB intends to issue a firm placing and a placing and open offer,
priced at 25p each, underwritten by Panmure Gordon and Numis
Securities.  The fundraising will be put to a shareholder vote on
October 29, the FT said.

As reported in the Troubled Company Reporter-Europe on Oct. 13,
2009, the FT said JJB was forced to delay the share placing on
Friday after shareholders asked for clarification on the repayment
of a loan received by Sir David Jones, its chairman, from Mike
Ashley, owner of Sports Direct.  In an Oct. 9 report, FT disclosed
analysts warned the company might face financial problems if it
did not complete the fundraising.  According to the FT, JJB needs
the cash to give it breathing space after its losses soared to
GBP42.9 million in the first six months of the year.

                         About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.


LDV GROUP: Assets Sold to Eco Concept
-------------------------------------
Following an extensive marketing program and a nine-week intensive
period of due diligence, the administrators of LDV Group Limited
on Thursday confirmed that they have exchanged contracts to sell
the assets of LDV to Eco Concept Limited.

Terms of the deal were not disclosed.

Formal completion of the transaction should occur within the next
four weeks, following which it is Eco Concept's intention to
relocate the assets from their current site in Washwood Heath,
Birmingham.

PricewaterhouseCoopers LLP's Rob Hunt, Mark Hopkins and Matthew
Hammond were appointed joint administrators of LDV Group Limited
and Birmingham Pressings Limited on June 8, 2009.


LLOYDS BANKING: Mulls Sale of Bank of Scotland Unit to Rathbone
---------------------------------------------------------------
Sharlene Goff at The Financial Times reports that Lloyds Banking
Group is in talks to sell parts of Bank of Scotland's wealth
management business to Rathbone Brothers.

"Discussions are ongoing but there is no certainty that a
transaction will proceed," the FT quoted Lloyds as saying.

Citing sources familiar with the companies, the FT discloses the
deal is likely to be worth less than GBP50 million (US$81 million.

According to the FT, the possible sale is part of Lloyds'
divestment of some of the non-core assets that it acquired when it
took over HBOS.

On August 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Lloyds posted a loss of GBP3.1 billion
(US$5.2 billion) in the first half of 2009 compared with a profit
of GBP1.95 billion in the year-earlier period.  Bloomberg
disclosed the bank set aside GBP13.4 billion in the period to
cover souring commercial and real estate loans.  According to
Bloomberg, Lloyds said HBOS accounted for about 80% of the
combined bank's bad loan provisions. Lloyds Chief Executive
Officer Eric Daniels, as cited by Bloomberg, said about GBP10
billion of the provisions will be covered by the government's
asset protection program.

As reported in the Troubled Company Reporter-Europe, Lloyds sought
a GBP17-billion bailout from taxpayers after it agreed to buy HBOS
in September in a government- brokered deal to prevent the
collapse of Britain's biggest mortgage lender.  The U.K. owns 43%
of Lloyds.

                   About Lloyds Banking Group PLC

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


PUNCH TAVERNS: Posts GBP406 Mln Loss After Pub Estate Writedown
---------------------------------------------------------------
Adam Jones at The Financial Times reports that Punch Taverns plc
posted a GBP406 million (US$648 million) loss for the year to
August 22 from a loss of GBP80 million in the previous year after
writing down the value of its recession-hit estate by 11%.

For the year to August 22, Punch said revenue had fallen 8% from
GBP1.56 billion to GBP1.44 billion, the FT says.

According to the FT, the writedown of its pub estate's value led
to a GBP663 million impairment charge, offset by a GBP246 million
gain from Punch buying back its debt at a discount.  The group
also raised GBP414 million by selling pubs and it aims to raise
about GBP200 million in the current financial year from further
disposals, the FT discloses.

Net debt fell GBP970 million to GBP3.884 billion in the period as
Punch used cash from disposals and a GBP375 million capital
raising to reduce debt, the FT notes.

Dominic Walsh at The Times reports the company could sell as many
as 2,000 of its poorest pubs over the next few years as it
continues to seek ways of cutting its debt mountain and improving
its weak performance.

The Times relates the group, which recently faced calls from
Schroders, one of its biggest shareholders, to sell all 7,600 of
its pubs, said Tuesday it had disposed of 800 pubs in the year to
August.

Punch Taverns plc -- http://www.punchtaverns.com/-- is a pub
company in the United Kingdom, with over 8,400 pubs across its
leased and managed portfolio.  The Company is engaged in the
trading activities in the operation of public houses either under
the leased model or as directly managed by the Company.  The
leased model involves the granting of leases to tenants who
operate the pub as their own business, paying rent to the Company,
purchasing beer and other drinks from it and entering into profit
sharing arrangements for income from leisure machines.  Pubs that
are directly managed involve the employment of a manager to
operate each managed pub and the Group receives all revenues
generated by the pub and is responsible for costs.  During the
fiscal year ended August 23, 2008, Punch Taverns plc acquired 20
pubs and 39 pubs were sold.


R E WILLIAMS: PwC Appointed as Administrators
---------------------------------------------
Tony Barrell and Rob Hunt of PricewaterhouseCoopers LLP were
appointed joint administrators of R E Williams and Sons
(Wholesale) Limited on October 15, 2009.

Based in Weobley, Herefordshire, R E Williams and Sons is a well
establish abattoir and butchery company running a slaughterhouse
and cutting business.  The Company had a turnover of GBP4 million
and employs approximately 25 staff.

Lower turnover has meant that the company has been loss making and
experiencing cash flow issues.  This has impacted its ability to
trade as suppliers have been concerned about the company’s
position.

Tony Barrell, director and joint administrator at
PricewaterhouseCoopers LLP said: "Cash flow issues have meant that
the company did not have the financial resources to continue to
trade the business.  Therefore, the company had no alternative
but, to enter administration.

"Unfortunately we have had to make the majority of the staff
redundant [Thurs]day, but, we have already received several
expressions of interest in the abattoir and are hopeful that the
business can be sold and we will be working towards this as a
priority."

Prospective buyers should contact Paul Edwards at
PricewaterhouseCoopers LLP by e-mail at Paul.a.edwards@uk.pwc.com


ROADCHEF FINANCE: Fitch Cuts Rating on Class A-2 Notes to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded RoadChef Finance Ltd's
GBP133.0 million class A2 fixed-rate notes due 2023 to 'B+' from
'BB-' and maintained them on Rating Watch Negative.  The agency
has also placed its GBP42.0 million class B notes due 2026 --
rated 'B-' -- on RWN.  RoadChef Finance Ltd is a securitization of
cash flow from UK motorway services areas operated by RoadChef.

Fitch used its UK whole business securitization criteria to review
the transaction structure, financial data and cash flow
projections as well as to carry out stress-testing for each of the
transaction's rated instruments.

Since Fitch's review in December 2008, RoadChef's financial
performance has deteriorated rather significantly, due to the
economic downturn.  For the 52 weeks ended in July 4, 2009, EBITDA
(excluding exceptional items) dropped 20.8% to GBP16.9 million
from GBP21.3 million and its margin to 6.6% from 7.4%.  On a year-
to-date basis, EBITDA (excluding exceptional items) fell less
deeply but still by 10.4% to GBP8.2 million from GBP9.2 million,
mainly due to a dip in sales both in fuel and non-fuel, although
this was partly offset by strong savings in site overheads.

Roadchef's management appeared less pessimistic going forward, as
they expect to benefit from both the roll-out of WH Smiths
completed in June 2009 and the tendency for Britons to spend their
summer holiday in the UK.  Also, in May 2009, management has
signed with BP 13 new 23-year rental agreements on 59% of the
securitized forecourts (which transfer all operational, capital
and environmental liabilities to BP).  Management believes that
this move would allow them to focus more on RoadChef's core retail
and catering businesses while bearing less operational and working
capital issues.

However, considering the strong volatility of RoadChef's
sales/EBITDA and working capital swings, Fitch has increased
concerns in its capacity to service its debt in the short- to
medium-term.  It has GBP18.4 million annual debt service without
taking into account overdraft/money market facilities costs.  The
agency believes that without any sales improvements (particularly
in catering and retail) or further financial support from the
sponsor, Delek, RoadChef could struggle to service its class A2
notes (GBP15.0 million) on 31 October 2010 without drawing on the
liquidity facility.  For the more immediate notes payment on 31
October 2009, management has confirmed to Fitch that 70% of the
required debt service has already been paid into a segregated
account as envisaged in the transaction documents.

With regard to financial covenant compliance (EBITDA to debt
service cover above 1.25x), RoadChef still benefits from
GBP5.0 million (sale proceeds of a MSA outside the securitized
group in Q408) for its Q309 EBITDA calculation.  However, Fitch
believes there is a risk that the financial covenant may be
breached during the remainder of 2009 without further equity
injection.

It should be noted that the transaction benefits from many credit
enhancements such as the cash trap mechanism, the deferability on
interests and principal of the back-ended class B notes, and the
presence of overdraft/money market facilities at the borrower
level.  However, following an in-depth reassessment of this
transaction, and akin to Welcome Break's prior securitization,
Fitch notes that due to a loophole in the documents, the short-
term liquidity facility could be cancelled in an administrative
receivership scenario at issuer level, which the agency views as a
structural weakness compared with recent whole business
securitization structures.

Fitch expects to resolve the RWN following the release of the
results of the critical summer period and after confirmation that
the Barclays GBP11.2 million overdraft/money market facilities
will be renewed (expiring on December 3, 2009).  Although
management is confident about Delek's commitment (having already
invested GBP6.5 million of new cash since acquisition in March
2007), Fitch will continue to look for signs of support,
especially for future financial covenant compliance or, more
crucially, for notes payments.

RoadChef is the third largest UK MSA operator with 19% market
share (with over 60 million visitors per annum).

Fitch will soon publish a detailed performance report explaining
the analysis underpinning the agency's rating actions.


TIMAN OIL: Investors Seek Emergency Meeting to Avert Collapse
-------------------------------------------------------------
Brian Lysaght at Bloomberg News, citing the Sunday Times, reports
that investors in Timan Oil & Gas Plc will call for an emergency
meeting this week to avert the company’s failure.

According to Bloomberg, the Times said shares in the company were
seized by OAO National Reserve Bank, owned by Russian billionaire
Alexander Lebedev.

Timan Oil & Gas Plc is an energy company engaged in the
exploration, development, acquisition and production of crude oil
and natural gas primarily in the Timan-Pechora region of northeast
European Russia, with limited exploration activities in the Middle
Caspian Sea Basin in southern Russia.  The Company's fields and
reserve holdings are in established crude oil and natural gas
basins.  Timan's principal assets are located in the Timan-Pechora
region of northeast European Russia and consist of the
Nizhnechutinskoye field (the NGPT Field), and the Khudoyelskoye
area.  The Company also holds an exploration license for an area
in close proximity to the NGPT Field, the Timanskiy-4 area.
Through its indirect interests in Geotermneftegaz OAO, Timan
controls licenses covering two shallow water blocks, Block No.2
Izberbashskiy and Block No. 4 Sulakskiy, which are located in the
Middle Caspian Sea Basin and extend 10 miles from the coastline of
the Russian Republic of Dagestan.


TOYS "R" US: Retires GBP54 Mil. Loan; Has New GBP112 Mil. Facility
------------------------------------------------------------------
Toys "R" Us, Inc. has replaced its European Revolving Credit
Facility, which was scheduled to expire in July 2010, with a new
International Asset Backed Loan Facility that will continue until
October 15, 2012.

Specifically, on October 15, 2009, Toys "R" Us' subsidiaries Toys
"R" Us Europe, LLC, and TRU Australia Holdings, LLC, and certain
of their subsidiaries -- including Toys "R" Us (UK) Limited and
other European and Australian affiliates -- entered into a
Syndicated Facility Agreement with Deutsche Bank AG New York
Branch, as Administrative Agent and Security Agent, Deutsche Bank
AG, London Branch, as Facility Agent, Deutsche Bank AG New York
Branch and Bank of America, N.A., as Co-Collateral Agents, and the
other lenders party thereto, including Goldman Sachs Bank (Europe)
PLC and Citibank, N.A.

In connection with entering into the Credit Facility, Toys Europe
repaid the entire outstanding balance of approximately
GBP54 million under its existing GBP95 million/EUR145 million
multi-currency revolving credit facilities, which were terminated.

The new Credit Facility provides for a three-year GBP112 million
senior secured asset-based revolving credit facility.  Borrowings
under the Credit Facility are subject, among other things, to the
terms of a borrowing base derived from the value of eligible
inventory and eligible accounts receivable of certain of Toys
Europe's and Toys Australia's subsidiaries.

The terms of the Credit Facility include a customary cash dominion
trigger requiring the cash of certain of Toys Europe's and Toys
Australia's subsidiaries to be applied to pay down outstanding
loans if availability falls below certain thresholds.  The Credit
Facility also contains a springing fixed charge coverage ratio of
1.10 to 1.00 based on the EBITDA and fixed charges of Toys Europe,
Toys Australia and their subsidiaries.

Loans under the Credit Facility shall bear interest at a rate
based on LIBOR/EURIBOR plus a margin of 4.00% for the first year
and thereafter 3.75%, 4.00% or 4.25% depending on availability.  A
commitment fee accrues on any unused portion of the commitments at
a rate per annum also based on usage.

Borrowings under the Credit Facility are guaranteed to the extent
legally possible and practicable by Toys Europe, Toys Australia
and certain of their material subsidiaries.  Borrowings are
secured by substantially all assets of Toys Europe, Toys Australia
and the UK and Australian Obligors, as well as by share pledges
over the shares of (and certain assets of) other material
subsidiaries.  The Credit Facility contains covenants that, among
other things, restrict the ability of Toys Europe and Toys
Australia and their subsidiaries to incur certain additional
indebtedness, create or permit liens on assets, repurchase or pay
dividends or make certain other restricted payments on capital
stock, make acquisitions and investments or engage in mergers or
consolidations.  If an event of default shall occur and be
continuing, the commitments under the Credit Facility may be
terminated and the principal amount outstanding thereunder,
together with all accrued unpaid interest and other amounts owed,
may be declared immediately due and payable.

"We are very pleased to have refinanced this borrowing facility,
providing the company with additional liquidity to fund its
international seasonal working capital needs," said Clay Creasey,
Chief Financial Officer, Toys "R" Us, Inc.  "This is our third
major refinancing this year, and it is yet another vote of
confidence from our bank group.  These funds, combined with the
existing strong liquidity position of the parent company, will
help ensure the continued growth of our international operations."

Deutsche Bank and Banc of America Securities LLC were joint lead
arrangers and joint bookrunning managers for the transaction.
Other major lending institutions participating in the agreement
were Citibank and Goldman Sachs.

Toys "R" Us (UK), LTD., Toys "R" Us Europe, LLC., and Toys "R" Us
(Australia) PTY LTD., are wholly-owned subsidiaries of Toys "R"
Us, Inc.  They operate the Toys "R" Us and Babies "R" Us stores in
the United Kingdom, Europe and Australia.

A full-text copy of the Credit Facility is available at no charge
at http://ResearchArchives.com/t/s?4714

                         About Toys "R" Us

Toys "R" Us, headquartered in Wayne, New Jersey, is the largest
specialty retailer of toys, with annual revenues of around
US$14 billion.  It operates stores both in the U.S. and
internationally, as well as the Babies "R" Us format.

As of August 1, 2009, the company had US$8.172 billion in total
assets; total current liabilities of US$2.085 billion, long-term
debt of US$5.496 billion, deferred tax liabilities of US$55
million, deferred rent liabilities of US$269 million, and other
non-current liabilities of US$372 million.  As of August 1, 2009,
the company had Toys "R" Us, Inc. stockholders' deficit of US$214
million and noncontrolling interest of US$109 million, and total
stockholders' deficit of US$105 million.

The Company carries a 'B2' probability of default rating from
Moody's, "B" issuer credit ratings from Standard & Poor's, and
"B-" long term issuer default rating from Fitch.


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


* BOND PRICING: For the Week October 12 to October 16, 2009
-----------------------------------------------------------

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


AUSTRIA
-------
KOMMUNALKREDIT           0.500    3/15/2019      CAD     64.01
OESTER VOLKSBK           5.450     8/2/2019      EUR     64.09
OESTER VOLKSBK           4.810    7/29/2025      EUR     43.50
OESTER VOLKSBK           5.270     2/8/2027      EUR     95.05
RAIFF ZENTRALBK          4.500    9/28/2035      EUR     88.50
SAPPI PAPIER             6.750    6/15/2012      USD     61.88
SAPPI PAPIER HOL         6.750    6/15/2012      USD     61.88
SAPPI PAPIER HOL         7.500    6/15/2032      USD     47.88
SAPPI PAPIER HOL         7.500    6/15/2032      USD     47.88

BELGIUM
-------
FORTIS BANK              8.750    12/7/2010      EUR     24.67

BULGARIA
--------
PETROL AD-SOFIA          8.375   10/26/2011      EUR     50.76

CYPRUS
------
INTERPIPE LTD            8.750     8/2/2010      USD     77.95

CZECH REPUBLIC
--------------
CZECH REPUBLIC           2.750    1/16/2036      JPY     65.36

FINLAND
-------
MUNI FINANCE PLC         1.000   11/21/2016      NZD     69.09
MUNI FINANCE PLC         1.000   10/30/2017      AUD     60.64
MUNI FINANCE PLC         1.000    2/27/2018      AUD     59.49
MUNI FINANCE PLC         0.500    9/24/2020      CAD     58.72
MUNI FINANCE PLC         0.500    3/17/2025      CAD     44.71
MUNI FINANCE PLC         0.250    6/28/2040      CAD     20.55

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015      EUR     15.54
ALCATEL SA               4.750     1/1/2011      EUR     16.46
ALCATEL-LUCENT           5.000     1/1/2015      EUR      4.01
CALYON                   6.000    6/18/2047      EUR     47.11
CAP GEMINI SA            2.500     1/1/2010      EUR     51.86
CAP GEMINI SOGET         1.000     1/1/2012      EUR     45.35
CAP GEMINI SOGET         3.500     1/1/2014      EUR     45.64
CLUB MEDITERRANE         4.375    11/1/2010      EUR     49.52
CMA CGM                  5.500    5/16/2012      EUR     52.04
EURAZEO                  6.250    6/10/2014      EUR     56.93
GROUPE VIAL              2.500     1/1/2014      EUR     24.18
MAUREL & PROM            3.500     1/1/2010      EUR     22.69
MAUREL ET PROM           7.125    7/31/2014      EUR     18.95
NEXANS SA                4.000     1/1/2016      EUR     64.94
PEUGEOT SA               4.450     1/1/2016      EUR     30.65
PUBLICIS GROUPE          3.125    7/30/2014      EUR     35.44
PUBLICIS GROUPE          1.000    1/18/2018      EUR     44.83
RHODIA SA                0.500     1/1/2014      EUR     40.18
SCOR SA                  4.125     1/1/2010      EUR      2.20
SOC AIR FRANCE           2.750     4/1/2020      EUR     20.88
SOITEC                   6.250     9/9/2014      EUR     12.40
THEOLIA                  2.000     1/1/2014      EUR     10.87
VALEO                    2.375     1/1/2011      EUR     46.16
WENDEL INVEST            4.375     8/9/2017      EUR     74.67
ZLOMREX INT FIN          8.500     2/1/2014      EUR     32.00
ZLOMREX INT FIN          8.500     2/1/2014      EUR     32.00

GERMANY
-------
DEPFA PFANDBRIEF         5.886    2/22/2019      EUR     65.81
DEUTSCHE BK LOND         3.250    5/18/2012      CHF     49.81
DEUTSCHE BK LOND         1.000    3/31/2027      USD     47.86
ESCADA AG                7.500     4/1/2012      EUR     34.79
HSH NORDBANK AG          4.375    2/14/2017      EUR     69.58
HVB REAL ESTATE          6.480    3/21/2022      EUR    104.44
HYPO REAL ESTATE         4.690   12/14/2026      EUR     74.67
IKB DEUT INDUSTR         4.500     7/9/2013      EUR     78.25
IWKA FINANCE             3.750    11/9/2011      EUR     73.90
KFW                      6.588    8/10/2030      EUR     79.61
L-BANK FOERDERBK         0.500    5/10/2027      CAD     43.03
LB BADEN-WUERTT          5.250   10/20/2015      EUR     35.35
LB BADEN-WUERTT          2.500    1/30/2034      EUR     57.75
RENTENBANK               1.000    3/29/2017      NZD     67.83
SOLON AG SOLAR           1.375    12/6/2012      EUR     40.94
VAC FINANZ               9.250    4/15/2016      EUR     42.63
VAC FINANZ               9.250    4/15/2016      EUR     42.63

GREECE
------
YIOULA GLASSWORK         9.000    12/1/2015      EUR     50.50
YIOULA GLASSWORK         9.000    12/1/2015      EUR     51.56

HUNGARY
-------
REP OF HUNGARY           2.110   10/26/2017      JPY     68.24
ZAGREBACKI HOLD          5.500    7/10/2017      EUR     82.12

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

IRELAND
-------
ALLIED IRISH BKS         5.250    3/10/2025      GBP     67.80
ALLIED IRISH BKS         5.625   11/29/2030      GBP     67.63
BANESTO FINANC           6.120    11/7/2037      EUR      6.12
BANK OF IRELAND          4.875    1/22/2018      GBP     71.34
DEPFA ACS BANK           0.500     3/3/2025      CAD     34.03
DEPFA ACS BANK           5.250    3/31/2025      CAD     72.57
DEPFA ACS BANK           4.900    8/24/2035      CAD     69.74
DEPFA ACS BANK           5.125    3/16/2037      USD     72.20
DEPFA ACS BANK           5.125    3/16/2037      USD     75.80
IRISH LIFE & PER         4.625     5/9/2017      EUR     70.30
IRISH NATIONWIDE         5.500    1/10/2018      GBP     42.40
ONO FINANCE II           8.000    5/16/2014      EUR     64.25
ONO FINANCE II           8.000    5/16/2014      EUR     64.93
UT2 FUNDING PLC          5.321    6/30/2016      EUR     63.32

ITALY
-----
COMUNE DI MILANO         4.019    6/29/2035      EUR     70.90
ROMULUS FINANCE          5.441    2/20/2023      GBP     66.52

LITHUANIA
---------
LITHUANIA GOVT           3.750    2/10/2016      LTL     69.86

LUXEMBOURG
----------
ARCELORMITTAL            7.250     4/1/2014      EUR     31.53
BREEZE                   4.524    4/19/2027      EUR     81.00
CRC BREEZE               5.290     5/8/2026      EUR     72.28
LIGHTHOUSE INTL          8.000    4/30/2014      EUR     66.83
LIGHTHOUSE INTL          8.000    4/30/2014      EUR     68.44
NELL AF SARL             8.375    8/15/2015      EUR     17.45
SAFILO CAP INTL          9.625    5/15/2013      EUR     64.20
SAFILO CAP INTL          9.625    5/15/2013      EUR     63.25
TECNOST INTL NV          3.550    5/14/2032      JPY     69.51

NETHERLANDS
-----------
ABN AMRO BANK NV         6.000    3/16/2035      EUR     67.52
AI FINANCE B.V.         10.875    7/15/2012      USD     31.25
AIR BERLIN FINAN         1.500    4/11/2027      EUR     65.24
ALB FINANCE BV           9.000   11/22/2010      USD     31.49
ARPENI PR INVEST         8.750     5/3/2013      USD     67.25
ARPENI PR INVEST         8.750     5/3/2013      USD     67.25
ASTANA FINANCE           7.875     6/8/2010      EUR     22.50
ASTANA FINANCE           9.000   11/16/2011      USD     22.47
BLT FINANCE BV           7.500    5/15/2014      USD     57.00
BLT FINANCE BV           7.500    5/15/2014      USD     56.88
BK NED GEMEENTEN         0.500    6/27/2018      CAD     69.28
BK NED GEMEENTEN         0.500    2/24/2025      CAD     45.81
BSP FINANCE BV          10.750    11/1/2011      USD     71.75
ELEC DE CAR FIN          8.500    4/10/2018      USD     71.53
EM.TV FINANCE BV         5.250     5/8/2013      EUR      3.71
FINANCE & CREDIT        10.375    1/25/2010      USD     70.99
IVG FINANCE BV           1.750    3/29/2017      EUR     71.35
KAZKOMMERTS FIN          8.625    7/27/2016      USD     68.92
KAZKOMMERTS FIN          8.500    6/13/2017      USD     66.00
KAZKOMMERTS INTL         7.500   11/29/2016      USD     74.88
KAZKOMMERTS INTL         7.500   11/29/2016      USD     74.38
KAZKOMMERTS INTL         6.875    2/13/2017      EUR     73.91
KBC IFIMA NV             6.004     2/7/2025      USD     69.63
LEASEPLAN CORP           4.500    11/8/2016      EUR     72.11
NATL INVESTER BK        25.983     5/7/2029      EUR     37.65
NED WATERSCHAPBK         0.500    3/11/2025      CAD     45.52
NIB CAPITAL BANK         4.790   12/17/2043      EUR     63.39
NXP BV/NXP FUNDI        10.000    7/15/2013      EUR     73.25
NXP BV/NXP FUNDI        10.000    7/15/2013      EUR     73.25
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     62.25
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     59.50
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     62.43
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     73.88
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     73.88
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     74.00
Q-CELLS INTERNAT         1.375    2/28/2012      EUR     71.62
TEMIR CAPITAL            9.000   11/24/2011      USD     29.00
TEMIR CAPITAL            9.500    5/21/2014      USD     28.24
TEMIR CAPITAL            9.500    5/21/2014      USD     29.13
TJIWI KIMIA FIN         13.250     8/1/2001      USD      0.01
TURANALEM FIN BV         7.125   12/21/2009      GBP     24.50
TURANALEM FIN BV         7.875     6/2/2010      USD     24.50
TURANALEM FIN BV         6.250    9/27/2011      EUR     24.48
TURANALEM FIN BV         7.750    4/25/2013      USD     24.29
TURANALEM FIN BV         8.000    3/24/2014      USD     24.00
TURANALEM FIN BV         8.500    2/10/2015      USD     24.54
TURANALEM FIN BV         8.250    1/22/2037      USD     24.46

NORWAY
------
EKSPORTFINANS            0.500     5/9/2030      CAD     34.41
NORSKE SKOGIND           7.000    6/26/2017      EUR     65.71

POLAND
------
POLAND-REGD-RSTA         2.810   11/16/2037      JPY     63.57
POLAND GOVT BOND         3.300    6/16/2038      JPY     69.15
REP OF POLAND            2.620   11/13/2026      JPY     71.99
REP OF POLAND            2.648    3/29/2034      JPY     61.87
REP OF POLAND            3.220     8/4/2034      JPY     70.31
REP OF POLAND            4.250    7/20/2055      EUR     65.43

RUSSIA
------
KMB BANK                15.000   11/30/2011      RUB      0.01
ROSSELKHOZBANK          13.350     2/9/2018      RUB      0.01
RUSSIAN STANDARD        14.750     9/9/2010      RUB      0.01
RUSSIAN STANDARD        15.000     2/9/2011      RUB     60.33
VOLGATELECOM             8.500   11/30/2010      RUB     98.63
VOLGATELECOM            13.000   11/30/2010      RUB     99.98

SPAIN
-----
MINICENTRALES            4.810   11/29/2034      EUR     60.42

SWEDEN
------
SWEDISH EXP CRED         0.500   12/17/2027      USD     45.79

SWITZERLAND
-----------
UBS AG JERSEY            9.000     3/9/2010      USD     60.56
UBS AG JERSEY            9.000    5/18/2010      USD     60.14
UBS AG JERSEY            9.000    6/11/2010      USD     58.74
UBS AG JERSEY            9.000     7/2/2010      USD     58.85
UBS AG JERSEY            9.000    7/19/2010      USD     59.10
UBS AG JERSEY            9.350    7/27/2010      USD     59.90
UBS AG JERSEY            9.000    8/13/2010      USD     63.85
UBS AG JERSEY            9.500    8/31/2010      USD     66.25
UBS AG JERSEY           10.000   10/25/2010      USD     66.80
UBS AG JERSEY           14.640    1/31/2011      USD     37.33
UBS AG JERSEY           16.170    1/31/2011      USD     14.04
UBS AG JERSEY           10.000    2/11/2011      USD     58.57
UBS AG JERSEY           15.250    2/11/2011      USD     12.68
UBS AG JERSEY            8.250    2/28/2011      USD     70.80
UBS AG JERSEY           11.330    3/18/2011      USD     18.15
UBS AG JERSEY           16.160    3/31/2011      USD     44.05
UBS AG JERSEY           10.820    4/21/2011      USD     21.79
UBS AG JERSEY           11.030    4/21/2011      USD     20.52
UBS AG JERSEY           10.650    4/29/2011      USD     16.18
UBS AG JERSEY           10.500    6/16/2011      USD     69.80
UBS AG JERSEY           13.000    6/16/2011      USD     48.38
UBS AG JERSEY           10.280    8/19/2011      USD     33.02
UBS AG JERSEY           10.360    8/19/2011      USD     52.80
UBS AG JERSEY           11.150    8/31/2011      USD     36.70
UBS AG JERSEY            9.350    9/21/2011      USD     66.10
UBS AG JERSEY            9.450    9/21/2011      USD     49.73
UBS AG JERSEY            3.220    7/31/2012      EUR     64.26
UBS AG LONDON            1.500    6/19/2018      JPY     45.02

UNITED KINGDOM
--------------
ALPHA CREDIT GRP         2.940     3/4/2035      JPY     72.21
AMDOCS LIMITED           0.500    3/15/2024      USD     70.00
ANGLIAN WAT FIN          2.400    4/20/2035      GBP     57.21
BANK OF SCOTLAND         2.928    6/10/2020      USD     57.40
BARCLAYS BK PLC          7.610    6/30/2011      USD     52.85
BARCLAYS BK PLC         10.600    7/21/2011      USD     39.04
BEAZLEY GROUP LT         7.250   10/17/2026      GBP     79.09
BRADFORD&BIN BLD         5.500    1/15/2018      GBP      6.99
BRADFORD&BIN BLD         5.750   12/12/2022      GBP      7.17
BRADFORD&BIN BLD         4.910     2/1/2047      EUR     72.86
BRIT INSURANCE           6.625    12/9/2030      GBP     67.34
BROADGATE FINANC         5.098     4/5/2033      GBP     69.80
CATTLES PLC              7.875    1/17/2014      GBP      9.63
CITY OF KIEV             8.000    11/6/2015      USD     71.00
CITY OF KYIV             8.250   11/26/2012      USD     79.18
CJSC FIRST UKRAI         9.750    2/16/2010      USD     74.98
CO-OPERATIVE BNK         5.750    12/2/2024      GBP     76.34
CO-OPERATIVE BNK         5.875    3/28/2033      GBP     72.59
DAILY MAIL & GEN         6.375    6/21/2027      GBP     73.28
EFG HELLAS PLC           2.760    5/11/2035      JPY     67.25
ENTERPRISE INNS          6.500    12/6/2018      GBP     79.88
ENTERPRISE INNS          6.875    2/15/2021      GBP     75.82
ENTERPRISE INNS          6.875     5/9/2025      GBP     74.41
ENTERPRISE INNS          6.375    9/26/2031      GBP     71.22
EXIM OF UKRAINE          8.400     2/9/2016      USD     76.52
F&C ASSET MNGMT          6.750   12/20/2026      GBP     67.29
GRAINGER PLC             3.625    5/17/2014      GBP     52.14
GREENE KING FIN          5.702   12/15/2034      GBP     65.37
HBOS PLC                 4.500    3/18/2030      EUR     67.77
HBOS PLC                 6.000    11/1/2033      USD     54.18
HBOS PLC                 6.000    11/1/2033      USD     54.18
INEOS GRP HLDG           7.875    2/15/2016      EUR     49.61
INEOS GRP HLDG           7.875    2/15/2016      EUR     49.23
INEOS GRP HLDG           8.500    2/15/2016      USD     48.51
INEOS GRP HLDG           8.500    2/15/2016      USD     47.75
INEOS VINYLS FIN         9.125    12/1/2011      EUR     67.83
INEOS VINYLS FIN         9.125    12/1/2011      EUR     68.75
LONGSTONE FINANC         4.896    4/19/2031      GBP     73.54
MARSTONS ISSUER          5.641    7/15/2035      GBP     70.07
MITCHELLS & BUTL         6.469    9/15/2030      GBP     73.69
NATL GRID GAS            1.754   10/17/2036      GBP     48.12
NATL GRID GAS            1.771    3/30/2037      GBP     46.69
NATL GRID GAS            1.893     5/1/2037      GBP      9.99
NATL GRID GAS            1.921     5/1/2037      GBP     10.14
NORTHERN ROCK            5.625    1/13/2015      GBP     39.75
NORTHERN ROCK           10.375    3/25/2018      GBP     43.63
NORTHERN ROCK            6.375    12/2/2019      GBP     74.28
NORTHERN ROCK            9.375   10/17/2021      GBP     43.86
ONO FINANCE PLC         10.500    5/15/2014      EUR     64.13
ONO FINANCE PLC         10.500    5/15/2014      EUR     67.96
PRIVATBANK               8.750     2/9/2016      USD     66.63
PUNCH TAVERNS            7.567    4/15/2026      GBP     70.85
PUNCH TAVERNS            6.468    4/15/2033      GBP     62.41
ROYAL BK SCOTLND         9.500     4/4/2025      USD     60.31
ROYAL BK SCOTLND         7.540    6/29/2030      EUR     58.93
SPIRIT ISSUER            5.472   12/28/2028      GBP     65.25
TXU EASTERN FNDG         6.450    5/15/2005      USD      0.01
UKRAINE GOVT             4.950   10/13/2015      EUR     74.25
UKRAINE GOVT             4.950   10/13/2015      EUR     74.21
UNIQUE PUB FIN           7.395    3/28/2024      GBP     72.73
UNIQUE PUB FIN           6.464    3/30/2032      GBP     60.23
VAB BANK                10.125    6/14/2010      USD     60.97
WESSEX WATER FIN         1.369    7/31/2057      GBP     19.10
WESSEX WATER FIN         1.499   11/29/2058      GBP      0.16


                            *********

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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *