TCREUR_Public/091021.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

          Wednesday, October 21, 2009, Vol. 10, No. 208

                            Headlines

A U S T R I A

ISM-TECHNIC GMBH: Claims Filing Deadline is November 3
MARION KRAMMER: Claims Filing Deadline is November 10
MARKUS NOVOTNI: Claims Filing Deadline is November 3
TIM TECHNISCHE: Claims Filing Deadline is November 5


B E L G I U M

CHEMTURA CORP: Gets Nod to Hire Loyens as Belgian & Dutch Counsel


E S T O N I A

PINDI KINNISVARA: Uue Veski Vara Files Bankruptcy Petition


F R A N C E

CMA CGM: Posts US$515 Mln Loss in First Half 2009, Les Echos Says
ESTATE PAN-EUROPE: Fitch Cuts Rating on Class D Notes to 'BB'


G E R M A N Y

ARCANDOR AG: Quelle Unit Faces Liquidation After Failed Sale
ESTATE PAN-EUROPE: Fitch Cuts Rating on Class D Notes to 'BB'
GENERAL MOTORS: State Aid to Back Opel Sale Not Only for Magna


G R E E C E

ALPHA BANK: Launches US$1.47 Bln Rights Issue to Repay State Aid


I R E L A N D

CEDO I: Moody's Withdraws Ratings on Seven Series of Notes
EPIC LIMITED: Fitch Cuts Ratings on Two Classes of Notes to 'B'
TBS INTERNATIONAL: Board Approves Redomiciliation in Ireland


K A Z A K H S T A N

ALCO TRADE: Creditors Must File Claims by October 28
BONDO LTD: Creditors Must File Claims by October 28
EMEX KAZAKHSTAN: Creditors Must File Claims by October 28
FARM MED: Creditors Must File Claims by October 28
GYS LLP: Creditors Must File Claims by October 28

MACRO CONSTRUCTION: Creditors Must File Claims by October 28
OIL TANKERS: Creditors Must File Claims by October 28
OPTIK LINE: Creditors Must File Claims by October 28
SBS ALMATY: Creditors Must File Claims by October 28
SERVICE HOLDING: Creditors Must File Claims by October 28


K Y R G Y Z S T A N

ALLIANCE INTERNATIONAL: Creditors Must File Claims by November 4
KULAK INSHAAT: Creditors Must File Claims by November 4


N E T H E R L A N D S

CHEMTURA CORP: Gets Nod to Hire Loyens as Belgian & Dutch Counsel
DSB BANK: Calls For Parliamentary Investigation on Bankruptcy
EUROSTAR II: Fitch Affirms Rating on Class C Notes at 'C'
EUROSTAR I: Fitch Cuts Rating on Class B Notes to 'C'
OCI EURO: Moody's Lowers Rating on Class E Notes to 'Caa3'


R U S S I A

AGRO-PROM OJSC: Creditors Must File Claims by October 28
AMURSKIY SHIPBUILDING: Creditors Must File Claims by October 28
BASHKIRSKAYA CONSTRUCTION: Creditors Must File Claims by Oct. 28
BOLGAR-STROY LLC: Creditors Must File Claims by October 28
GRANIT INSURANCE: Moscow Bankruptcy Hearing Set October 29

ITIL-PROM-STROY: Creditors Must File Claims by October 28
MTSENSKIY MECHANICAL: Creditors Must File Claims by October 28
PHARMACY CHAIN: 94% of Creditors Back Debt Restructuring
PRODIMPORT OOO: Declares Bankruptcy
STARITSKAYA GARMENT: Creditors Must File Claims by October 28

STROY-INVEST LLC: Creditors Must File Claims by October 28
YUGOKAMA LLC: Creditors Must File Claims by October 28


S P A I N

BANCAJA LEASING: Moody's Assigns (P)Caa1 Rating on Series C Notes
FTPYME ICO-TDA 4: Fitch Cuts Rating on Class B Notes to 'BB'


S W I T Z E R L A N D

BAUMANN CONTI: Claims Filing Deadline is October 23
BK EVENT: Claims Filing Deadline is October 23
CHEMTURA CORP: Gets Nod to Hire Walder Wyss as Swiss Counsel
DONAU PERSONAL: Claims Filing Deadline is October 23
GYGAX-TEGOFIL AG: Claims Filing Deadline is October 23

IMEX CANADA: Claims Filing Deadline is October 23
LAEGERN AG: Claims Filing Deadline is October 23
MAXILIFE CONTENT: Claims Filing Deadline is October 23
NATUR-BAU CDZ: Claims Filing Deadline is October 23
RADIO-TV TROESCH: Claims Filing Deadline is October 23

SANMINA INTERNATIONAL: Claims Filing Deadline is October 23


U K R A I N E

BANK DNISTER: Ukraine's Central Bank Extends Debt Moratorium
CONTRACT-92 LLC: Creditors Must File Claims by October 23
I.P.S.-TRADING LLC: Creditors Must File Claims by October 23
KIT INVEST: Creditors Must File Claims by October 23
MISTRAL LLC: Creditors Must File Claims by October 23

NIKATRADEBUILDING LLC: Creditors Must File Claims by October 23
NOMADS GROUPP: Creditors Must File Claims by October 23
OST TRADE: Creditors Must File Claims by October 23
RODOVID BANK: Ukraine's Central Bank Extends Debt Moratorium
TEMP LLC: Creditors Must File Claims by October 23

UKRTERMOBUD LLC: Creditors Must File Claims by October 23


U N I T E D   K I N G D O M

BAA: Appeals Commission Inquiry Into Forced Sale of Airports
CHESTER ASSET: Fitch Downgrades Ratings on Class C Notes to 'B'
KENSINGTON MORTGAGE: Fitch Junks Ratings on Three Classes of Notes
LDV GROUP: SAIC to Move Tooling to China After Eco Concept Sale
MANOR OAK: KPMG Appointed as Administrator

MULTIBUILD LTD: To Enter Into Company Voluntary Arrangement
NATIONAL EXPRESS: Gets GBP1.7 Bln Takeover Offer From Stagecoach
RESIDENTIAL MORTGAGE: Fitch Junks Rating on Class B2 Notes
WHITE TOWER: Six Halabi London Office Buildings In Administration
WIND SAVE: Owes Millions of Pounds to 100 Creditors

YELL GROUP: Extends Deadline for Lenders to Decide on Debt Plan

* UK: Pace of Administrations Slowing, Deloitte Says


X X X X X X X X

* S&P Puts Ratings on 24 European CDOs on CreditWatch Negative


                         *********



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


ISM-TECHNIC GMBH: Claims Filing Deadline is November 3
------------------------------------------------------
Creditors of ism-technic GmbH have until November 3, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 17, 2009 at 11:30 a.m.

For further information, contact the company's administrator:

         Dr. Romana Weber-Wilfert
         Bachgasse 10
         2340 Moedling
         Austria
         Tel: 02236/869 291
         Fax: 02236/869 580
         E-mail: wien@snwlaw.at


MARION KRAMMER: Claims Filing Deadline is November 10
-----------------------------------------------------
Creditors of Marion Krammer 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 9:40 a.m.

For further information, contact the company's administrator:

         Dr. Michael Troethandl
         Hauptplatz 9-13
         2500 Baden
         Austria
         Tel: 02252/86 580
         Fax: 02252/86 580-3
         E-mail: Troethandl@lexacta.com


MARKUS NOVOTNI: Claims Filing Deadline is November 3
----------------------------------------------------
Creditors of Markus Novotni GmbH have until November 3, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 17, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

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


TIM TECHNISCHE: Claims Filing Deadline is November 5
----------------------------------------------------
Creditors of Tim Technische Industrieanlagen Montage GmbH have
until November 5, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 19, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at


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


CHEMTURA CORP: Gets Nod to Hire Loyens as Belgian & Dutch Counsel
-----------------------------------------------------------------
Chemtura Corp. and its units sought and obtained the Court's
permission to employ Loyens & Loeff as their Belgian and Dutch
counsel nunc pro tunc to May 11, 2009.

In light of their bankruptcy cases, the Debtors deem it necessary
to hire foreign counsel to advise them regarding maintaining
statutory solvency under the laws of certain countries, certain
statutory audit consideration and related restructuring matters
with respect to their foreign non-debtor subsidiaries.

Stephen C. Forsyth, the Debtors' executive vice president and
chief financial officer, asserts that Loyens & Loeff has the
experience necessary to perform the scope of the proposed and
anticipated services related to advising the Debtors with respect
to, among other things, statutory accounting requirements for
their non-debtor European subsidiaries, specifically the Debtors'
Belgian and Dutch subsidiaries, and related restructuring
matters.  Loyens & Loeff is an international full-service law
firm with more than 750 attorneys in 18 offices.

Loyens & Loeff will provide these specific services to the
Debtors:

  (a) Advise the Debtors with respect to the powers and duties
      of their non-debtor Belgian and Dutch subsidiaries;

  (b) Advise and consult on the impact of the Debtors' Chapter
      11 proceedings on their Belgian and Dutch subsidiaries;

  (c) Take all necessary action to protect and preserve the
      Debtors' interest in their Belgian and Dutch subsidiaries
      and their value;

  (d) Advise the Debtors with respect to the implementation or
      impacts of any asset dispositions relating to the non-
      Debtor Belgian and Dutch subsidiaries; and

  (e) Consult with the Debtors in relation to any accounting,
      tax or other regulatory requirements regarding the non-
      Debtor Belgian and Dutch subsidiaries.

Mr. Forsyth relates that by retaining Loyens & Loeff to provide
advice related exclusively to the Debtors' non-Debtor Belgian and
Dutch entities, the firm will be able to better focus on its
respective competencies in the reorganization of the Debtors.  He
elaborates that Loyens & Loeff will not serve as restructuring
counsel to the domestic Debtors in their Chapter 11 cases.  While
certain aspects of Loyens & Loeff's representation will
necessarily involve both Loyens & Loeff and the Debtors'
restructuring counsel, the Debtors believe, and will require,
that the services provided by Loyens & Loeff will be
complementary rather than duplicative of the services to be
performed by such restructuring counsel.

The Debtors will pay for Loyens & Loeff's services on an hourly
basis in accordance with the firm's ordinary and customary hourly
rates in effect on the date services are rendered, and will
reimburse the firm's actual and necessary out-of-pocket expenses.


Loyens & Loeff's applicable hourly rates are:

      Partners                    EUR475 to EUR550
      Senior Associates           EUR320 to EUR395
      Associates                  EUR285 to EUR320
      Junior Associates           EUR165 to EUR245
      Paralegals/Pro Support      EUR105 to EUR190

Ilan Spinath, Esq., a partner at Loyens & Loef, assured the Court
that his firm is a "disinterested person" as the term is defined
under Section 101(14) of the Bankruptcy Code.

                       About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of US$3.5 billion, is
a global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.

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


=============
E S T O N I A
=============


PINDI KINNISVARA: Uue Veski Vara Files Bankruptcy Petition
----------------------------------------------------------
Marge Tubalkain-Trell at aripaev.ee, citing Eesti Paevaleht,
reports that OU Uue Veski Vara, the former owner of a bureau
building in Parnus, filed a bankruptcy application against Pindi
Kinnisvara in the beginning of July.

"Tenants or we didn't accept all the bills sent by landlord or
bankrupt OU Uue Veski Vara, since they weren't based.  Other more
active tenants at office building in Parnu, Aida 5 decided that
all bills and amounts can't be approved," the report quoted Peep
Sooman, member of Pindi Kinnisvara's management board, as saying.

According to the report, Mr. Sooman said the bankruptcy
application was filed since trustees in bankruptcies and others,
who claim debts, have become more active.


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


CMA CGM: Posts US$515 Mln Loss in First Half 2009, Les Echos Says
-----------------------------------------------------------------
David Whitehouse at Bloomberg News, citing French daily Les Echos,
reports that CMA CGM SA posted a loss of US$515 million in the
first half of 2009 as revenue fell about 30% to US$4.8 billion.

According to Bloomberg, Rodolphe Saade, son of CMA CGM's founder
Jacques Saade, as cited by Les Echos, said the company is keeping
the government informed over the progress of talks with banks on
its debt.

As reported in the Troubled Company Reporter-Europe on Oct. 1,
2009, the FT said CMA CGM had formed a committee of French,
European and international banks, including banks from Asia and
Korea, to restructure its debt.

On Oct. 6, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported CMA CGM was in breach of the terms
governing about US$3.9 billion of its loans.  Bloomberg disclosed
the company had asked the lenders to waive their claims.

Headquartered in Marseilles, France, CMA CGM S.A. --
http://www.cma-cgm.com/-- ships freight PDQ.  The marine
transportation company is one of the world's leading container
carriers.  Through subsidiaries it operates a fleet of about 370
vessels that serve more than 400 ports around the globe, and it
maintains a network of about 650 facilities in about 150
countries.  In addition to hauling containers by sea, CMA CGM
provides logistics services, arranging the transportation of
containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Chairman Jacques Saade founded the company in 1978.


ESTATE PAN-EUROPE: Fitch Cuts Rating on Class D Notes to 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Estate Pan-Europe 5's class A1+, A2 and
B commercial mortgage-backed floating rate notes, whilst
downgrading the class C and D notes,.

  -- EUR0.5 million class A1+ FRN (XS0337713399) affirmed at 'A-';
     Outlook Stable

  -- EUR70.2 million class A2 FRN (XS0337714017) affirmed at 'A-';
     Outlook Stable

  -- EUR74.5 million class B FRN (XS0337715170) affirmed at 'A-';
     Outlook Negative

  -- EUR74 million class C FRN (XS0337716574) downgraded to BBB
     from 'A-'; Outlook Negative

  -- EUR42.6 million class D FRN (XS0337718356) downgraded to 'BB'
     from 'BBB'; Outlook Negative

The downgrades of the class C and D notes reflect ongoing declines
in European commercial real estate values.  The pool has a
reported weighted-average loan-to-value ratio of 60% compared to
Fitch's LTV estimate of 76%, indicating a WA market value decline
of 21% since closing.  Fitch's criteria for European CMBS
surveillance and multifamily analysis were used to analyze the
quality of the underlying commercial loans.

Estate Pan-Europe 5's notes became unsecured obligations of Hypo
Real Estate Bank AG (HRE, rated 'A-'/'F1+'/Stable) in July 2008
when the 'AAA'-rated Pfandbrief collateral pledged as support for
the notes was removed.  This resulted in the transaction's ratings
being capped at HRE's Issuer Default Rating (IDR).  As of 1
October 2009, the name of HRE has changed to Deutsche
Pfandbriefbank AG (rated 'A-'/'F1+'/Stable).

At closing in December 2007, the transaction comprised 25
commercial mortgage loans originated by HRE.  One loan prepayment
and scheduled amortization has reduced the pool balance to
EUR1,323 million from EUR1,361 million.  Overall, the transaction
benefits from the diversity provided by the granularity of the
loan pool.  Ten loans have subordinated B notes which do not form
part of the securitization.  One loan is scheduled to mature in
2010, accounting for only 2.5% of the reference portfolio, with
the remaining loans scheduled to mature between 2011 and 2014.
The legal maturity date of the notes falls in July 2018.

The loans are secured by a mixture of assets across France (57% by
market value), Germany (38%), and the Netherlands (5%) with
significant exposure to the Greater Paris office market (50%).
The portfolio currently comprises 130 properties with a total MV
of EUR2,203.1 million (compared to EUR2,255 million at closing).
Property type diversity has remained broadly stable since closing
with a 65% exposure (by MV) to the office sector, a 12%
concentration in multifamily housing and a 23% concentration in
the retail sector.  The weighted-average lease term to break is
3.7 years compared with a WA loan term of 3.2 years.  The
portfolio has a WA ICR of 2.9x and WA DSCR of 2.7x compared to
1.9x and 1.8x at closing.

Recent developments on the Windermere XII FCC transaction have
created uncertainty regarding the risks associated with the use of
non-FCT borrower special-purpose vehicles in France.  Fitch will
continue to monitor this situation in order to determine the
extent to which these risks may be relevant to Fitch's analysis of
any French CMBS involving such SPVs.


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


ARCANDOR AG: Quelle Unit Faces Liquidation After Failed Sale
------------------------------------------------------------
Nick Comfort at Bloomberg News reports that Arcandor AG's Quelle
Deutschland unit is to be liquidated after attempts to sell the
operations failed.

According to Bloomberg, the parties involved were unable to reach
an agreement on the financing of customer credit from Jan. 1.

"After intensive discussions with several investors, the
insolvency administrators and creditor committee now see no
alternative to the liquidation of Quelle Deutschland," Bloomberg
quoted Arcandor insolvency administrator Klaus Hubert Goerg as
saying in a statement.

Bloomberg relates the statement said Quelle's "healthy" non-German
operations and the HSE 24 home shopping TV channel will be sold
separately.

                         About Arcandor AG

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

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

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


ESTATE PAN-EUROPE: Fitch Cuts Rating on Class D Notes to 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Estate Pan-Europe 5's class A1+, A2 and
B commercial mortgage-backed floating rate notes, whilst
downgrading the class C and D notes,.

  -- EUR0.5 million class A1+ FRN (XS0337713399) affirmed at 'A-';
     Outlook Stable

  -- EUR70.2 million class A2 FRN (XS0337714017) affirmed at 'A-';
     Outlook Stable

  -- EUR74.5 million class B FRN (XS0337715170) affirmed at 'A-';
     Outlook Negative

  -- EUR74 million class C FRN (XS0337716574) downgraded to BBB
     from 'A-'; Outlook Negative

  -- EUR42.6 million class D FRN (XS0337718356) downgraded to 'BB'
     from 'BBB'; Outlook Negative

The downgrades of the class C and D notes reflect ongoing declines
in European commercial real estate values.  The pool has a
reported weighted-average loan-to-value ratio of 60% compared to
Fitch's LTV estimate of 76%, indicating a WA market value decline
of 21% since closing.  Fitch's criteria for European CMBS
surveillance and multifamily analysis were used to analyze the
quality of the underlying commercial loans.

Estate Pan-Europe 5's notes became unsecured obligations of Hypo
Real Estate Bank AG (HRE, rated 'A-'/'F1+'/Stable) in July 2008
when the 'AAA'-rated Pfandbrief collateral pledged as support for
the notes was removed.  This resulted in the transaction's ratings
being capped at HRE's Issuer Default Rating (IDR).  As of 1
October 2009, the name of HRE has changed to Deutsche
Pfandbriefbank AG (rated 'A-'/'F1+'/Stable).

At closing in December 2007, the transaction comprised 25
commercial mortgage loans originated by HRE.  One loan prepayment
and scheduled amortization has reduced the pool balance to
EUR1,323 million from EUR1,361 million.  Overall, the transaction
benefits from the diversity provided by the granularity of the
loan pool.  Ten loans have subordinated B notes which do not form
part of the securitization.  One loan is scheduled to mature in
2010, accounting for only 2.5% of the reference portfolio, with
the remaining loans scheduled to mature between 2011 and 2014.
The legal maturity date of the notes falls in July 2018.

The loans are secured by a mixture of assets across France (57% by
market value), Germany (38%), and the Netherlands (5%) with
significant exposure to the Greater Paris office market (50%).
The portfolio currently comprises 130 properties with a total MV
of EUR2,203.1 million (compared to EUR2,255 million at closing).
Property type diversity has remained broadly stable since closing
with a 65% exposure (by MV) to the office sector, a 12%
concentration in multifamily housing and a 23% concentration in
the retail sector.  The weighted-average lease term to break is
3.7 years compared with a WA loan term of 3.2 years.  The
portfolio has a WA ICR of 2.9x and WA DSCR of 2.7x compared to
1.9x and 1.8x at closing.

Recent developments on the Windermere XII FCC transaction have
created uncertainty regarding the risks associated with the use of
non-FCT borrower special-purpose vehicles in France.  Fitch will
continue to monitor this situation in order to determine the
extent to which these risks may be relevant to Fitch's analysis of
any French CMBS involving such SPVs.


GENERAL MOTORS: State Aid to Back Opel Sale Not Only for Magna
--------------------------------------------------------------
Andreas Cremer at Bloomberg News reports that Germany told General
Motors Co. that state aid to back a sale of the Opel unit wasn't
available only to Magna International Inc.

Citing Economy Ministry spokesman Felix Probst, Bloomberg relates
that in a letter dated Oct. 17 to GM and the trust set up to
facilitate Opel's disposal, Germany said that EUR3 billion (US$4.5
billion) of financial aid "remains available" for an investor
"exclusively chosen on the basis of economic criteria".

The letter addresses European Competition Commissioner Neelie
Kroes's concern that a preliminary EU inquiry showed "significant
indications" that Germany improperly favored Magna, Bloomberg
notes.

Tony Czuczka at Bloomberg News reports the EU said GM should be
allowed to reconsider all bids for Opel.  According to Bloomberg,
the EU said in a statement Oct. 17 Germany's offer of EUR4.5
billion (US$6.9 billion) in state loans and guarantees for Opel's
sale must be available to all suitors to meet antitrust rules.

Bloomberg recalls GM agreed in September to sell the unit to
Magna, turning down a bid from Brussels-based investment company
RHJ International SA.

GM could retreat from a decision to sell its Opel unit to a group
led after the EU said the German government may have improperly
favored the bid, Jeff Green and Chris Reiter at Bloomberg News
report citing a person familiar with the situation.  The source
told Bloomberg a decision hasn’t been made and GM may still pursue
the sale.

Bloomberg relates GM Chief Executive Officer Fritz Henderson told
the Financial Times in an interview that he's still "reasonably
confident" the Detroit-based company will sign an agreement with
Magna this week.

Chris Peterson at Bloomberg News, citing the Wall Street Journal,
reports GM is prepared to retain control of Opel and make deeper
restructuring cuts if EU concerns over the bidding process means
its sale to Magna doesn't complete.

                              Strikes

Separately, Javier Marquina and Paul Tobin at Bloomberg News
report that GM's Opel division unions in Spain called for four
days of strikes to protest against plans by buyer Magna to scale
back production and jobs.  According to Bloomberg, Chema Fernando,
a labor representative at Opel's factory in Figueruelas, Spain,
said walkouts are planned for Oct. 28 and 30 and Nov. 3 and 5.

                        About General Motors

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

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

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

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

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

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


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


ALPHA BANK: Launches US$1.47 Bln Rights Issue to Repay State Aid
----------------------------------------------------------------
Dimitris Kontogiannis and Patrick Jenkins at The Financial Times
report that Alpha Bank on Monday announced a EUR986 million
(US$1.47 billion) rights issue to repay state aid.

According to the FT, Marinos Yannopoulos, Alpha's finance
director, said that although no formal go-ahead was necessary from
Greece's newly elected socialist government, Alpha had sought, and
received, informal government support for its move.

The FT relates the board of Alpha Bank approved a fully
underwritten EUR986 million rights issue to redeem EUR940 million
of outstanding preference shares issued in May to the state.

Alpha Bank A.E. -- http://www.alpha.gr/mainen.asp-- is a Greek
banking and financial services group. It offers a range of
services, including retail, small and medium-sized enterprise and
corporate banking, credit cards, asset management, investment and
private banking, insurance, brokerage, leasing, factoring, venture
capital, real estate, and information and consultancy services. It
has introduced electronic services like Internet and telephone
banking. Its subsidiaries cover sectors, such as leasing services,
financial services, investment services, information services,
insurance, hotels and real estate. It has a network of 367
branches in Greece and is also active in the international banking
markets, mainly in Cyprus, Albania, Romania, Bulgaria, Serbia,
Montenegro, and Macedonia, as well as the United Kingdom and
United States. Its headquarters are in Athens, Greece. It has six
segments: Retail, Corporate Banking, Asset Management/Insurance,
Investment Banking/Treasury, South Eastern Europe and Other.


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


CEDO I: Moody's Withdraws Ratings on Seven Series of Notes
----------------------------------------------------------
Moody's Investors Service has withdrawn ratings on seven series of
notes issued by CEDO I PLC, CEDO PLC - Series 4 - CSAM and CEDO
PLC - Series 5.  These withdrawals result from the cancellation of
the notes, which have been repurchased in full by the swap
counterparty.

Moody's views these repurchases as a distressed exchange which had
the effect of allowing the SPV to avoid a payment default at
maturity.

Moody's monitors these transactions using primarily the
methodology as described in Moody's Rating Methodology papers:

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

  -- Moody's Approach to Evaluating Distressed Exchanges (24 March
     2009)

The ratings actions:

Issuer: CEDO I plc

  -- Series 1 Tranche B EUR16,500,000 Asset-Backed Deferrable
     Floating Rate Notes due 2011, Withdrawn; previously on
     Oct. 15, 2009 Downgraded to C

  -- Series 1 Tranche C EUR26,500,000 Asset-Backed Deferrable
     Floating Rate Notes due 2011, Withdrawn; previously on
     Oct. 15, 2009 Downgraded to C

  -- Series 1 Tranche E EUR2,500,000 Asset-Backed Deferrable
     Fixed Rate Notes due 2011, Withdrawn; previously on
     Oct. 15, 2009 Downgraded to C

  -- Series 1 Tranche F EUR2,000,000 Asset-Backed Deferrable
     Floating Rate Notes due 2011, Withdrawn; previously on
     Oct. 15, 2009 Downgraded to C

  -- Series 1 Tranche H EUR5,000,000 Asset-Backed Deferrable
     Floating Rate Notes due 2011, Withdrawn; previously on
     Oct. 15, 2009 Downgraded to C

Issuer: CEDO PLC -- Series 4 - CSAM

  -- Series 4 Tranche H US$10,000,000 Asset-Backed Deferrable
     Floating Rate Notes due 2012, Withdrawn; previously on
     Oct. 15, 2009 Downgraded to Ca

Issuer: CEDO PLC -- Series 5

  -- Series 5 Tranche B EUR10,000,000 Asset Backed Floating Rate
     Notes due 2013, Withdrawn; previously on Oct. 15, 2009
     Downgraded to Ca


EPIC LIMITED: Fitch Cuts Ratings on Two Classes of Notes to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded Epic (Drummond) Limited's classes A
to G CMBS notes.  All classes of notes have Negative Outlooks.
The rating actions are:

  -- EUR802.4 million class A due January 2022 (XS0303390453)
     downgraded to 'AA' from 'AAA'; Outlook Negative

  -- EUR50.4 million class B due January 2022 (XS0303391188)
     downgraded to 'AA' from 'AAA'; Outlook Negative

  -- EUR55.2 million class C due January 2022 (XS0303391428)
     downgraded to 'A' from 'AA+'; Outlook Negative

  -- EUR55.2 million class D due January 2022 (XS0303391857)
     downgraded to 'BBB' from 'A+'; Outlook Negative

  -- EUR57.1 million class E due January 2022 (XS0303392236)
     downgraded to 'BB' from 'BBB'; Outlook Negative

  -- EUR19.2 million class F due January 2022 (XS0303392400)
     downgraded to 'B' from 'BBB'; Outlook Negative

  -- EUR15.4 million class G due January 2022 (XS0303393986)
     downgraded to 'B' from 'BBB-'; Outlook Negative

The rating actions are driven by the effects of deteriorating
occupational and investment property markets on the credit quality
of the loans, particularly on those secured by secondary assets
lacking long contracted rental income.  The loan pool has a
relatively long weighted average lease term remaining of 6.4 years
and a low vacancy rate of 4.6%.  However, this obscures certain
less favorable aspects of individual loans.  The pool's current
reported WA loan-to-value ratio is 65.9% although apart from the
Beni Stabili loan and the Irus loans (whose collateral was
revalued in July 2009 and December 2008 respectively), none of the
properties have been revalued since closing.  Fitch estimates the
current WA LTV to be closer to 90%, implying a market value
decline of some 25% since closing.

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

Epic (Drummond) Limited is a fully-funded synthetic securitization
of 13 commercial mortgage loans originated across Europe by Royal
Bank of Scotland plc (RBS, rated 'AA-'/'F1+'/Outlook Negative),
which closed in June 2007.  At closing, RBS entered into 13
separate credit default swaps with the issuer covering each of the
collateral loans, through which the issuer provides credit
protection to RBS in exchange for a quarterly premium, which
reflects interest earned on the underlying collateral loans.

Fitch will continue to monitor the performance of the transaction.


TBS INTERNATIONAL: Board Approves Redomiciliation in Ireland
------------------------------------------------------------
TBS International Limited on October 19 said that its Board of
Directors has unanimously approved a transaction that will change
the place of incorporation of the company whose shares TBS
shareholders own to Ireland from Bermuda.  TBS shareholders will
be asked to vote in favor of the proposed move at a special
meeting of shareholders expected to be held within the next two to
three months.

If the conditions to the proposed transaction are satisfied,
including approval by TBS's shareholders and the Supreme Court of
Bermuda, TBS International plc, an Irish company, will become
TBS's parent company.  Current shareholders of TBS will become
shareholders of TBS-Ireland.  TBS-Ireland will be registered with
the U.S. Securities and Exchange Commission and be subject to the
same SEC reporting requirements as TBS is today. TBS-Ireland's
shares will trade on the Nasdaq Global Select Market under the
ticker symbol "TBSI", the same symbol under which TBS shares are
currently traded.  TBS expects the move to take effect shortly
after shareholder approval.

Joseph E. Royce, Chairman, Chief Executive Officer and President
stated, "After a careful review, our Board of Directors has
determined that changing our place of incorporation to Ireland is
in the best interest of the company and our shareholders.  We
believe that incorporating in Ireland will provide us with
economic benefits and help ensure our continued global
competitiveness.

"As a member of the European Union, Ireland offers a stable
political and economic environment and sophisticated, well-
developed corporate, legal and regulatory environment.  It also
has a long history of international investment and long-
established commercial relationships, trade agreements and tax
treaties with European Union member states, the US and other
countries around the world where TBS does business.  In addition,
Ireland has the financial and legal infrastructure to meet TBS's
current and future needs."

TBS does not expect any material change in its operations,
financial results or tax treatment as a result of the change in
its place of incorporation.

                 About TBS International Limited

TBS International Limited -- http://www.tbsship.com/-- is a
fully-integrated transportation service company that offers
customers the TBS Five Star Service consisting of: ocean
transportation, operations, logistics, port services, and
strategic planning.  TBS offers liner, parcel, bulk, and
chartering services, supported by a fleet of multipurpose
tweendeckers and handysize and handymax bulk carriers, including
specialized heavy-lift vessels.  TBS has developed its business
around key trade routes between Latin America and China, Japan and
South Korea, as well as select ports in North America, Africa, the
Caribbean, and the Middle East.

As reported by the Troubled Company Reporter on Aug. 14, 2009, TBS
said that its lenders agreed to waive original financial covenants
through January 1, 2010, which will be reinstated effective
January 1, 2010.  Based on current internal projections the
Company anticipated that it will not meet the reinstated financial
covenant requirements in 2010.  At that time the Company will need
to obtain additional waivers or modify the terms of the existing
credit facilities or refinance its debt.


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


ALCO TRADE: Creditors Must File Claims by October 28
----------------------------------------------------
Creditors of LLP Alco Trade have until October 28, 2009, to submit
proofs of claim to:

         Micro District 27, 39-35
         Aktau
         Kazakhstan

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

The Court is located at:

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


BONDO LTD: Creditors Must File Claims by October 28
---------------------------------------------------
Creditors of LLP Bondo Ltd. have until October 28, 2009, to submit
proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 21, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan


EMEX KAZAKHSTAN: Creditors Must File Claims by October 28
---------------------------------------------------------
LLP Emex Kazakhstan is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

          Tulebaev Str. 38/61
          Almaty
          Kazakhstan


FARM MED: Creditors Must File Claims by October 28
---------------------------------------------------
Creditors of LLP Farm Med Snub have until October 28, 2009, to
submit proofs of claim to:

         Abai Str. 97
         Semey
         East Kazakhstan
         Kazakhstan

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

The Court is located at:

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


GYS LLP: Creditors Must File Claims by October 28
-------------------------------------------------
Creditors of LLP Centre of Consulting Services Gys have until
October 28, 2009, to submit proofs of claim to:

         Micro District 27, 39-35
         Aktau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktau commenced
bankruptcy proceedings against the company on July 27, 2009, after
finding it insolvent.

The Court is located at:

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


MACRO CONSTRUCTION: Creditors Must File Claims by October 28
------------------------------------------------------------
Creditors of LLP Macro Construction Company have until October 28,
2009, to submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 21, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Satpaev Str. 3
         Atyrau
         Kazakhstan


OIL TANKERS: Creditors Must File Claims by October 28
-----------------------------------------------------
Creditors of LLP Oil Tankers have until October 28, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 14, 2009.


OPTIK LINE: Creditors Must File Claims by October 28
----------------------------------------------------
Creditors of LLP Optik Line have until October 28, 2009, to submit
proofs of claim to:

         Abai Str. 97
         Semey
         East Kazakhstan
         Kazakhstan

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

The Court is located at:

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


SBS ALMATY: Creditors Must File Claims by October 28
----------------------------------------------------
Creditors of LLP Sbs Almaty Ltd. have until October 28, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 14, 2009.


SERVICE HOLDING: Creditors Must File Claims by October 28
---------------------------------------------------------
LLP Service Holding is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

          Internatsionalnaya Str. 33-119
          Semey
          East Kazakhstan
          Kazakhstan


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


ALLIANCE INTERNATIONAL: Creditors Must File Claims by November 4
----------------------------------------------------------------
LLC Alliance International is currently undergoing liquidation.
Creditors have until November 4, 2009, to submit proofs of claim
to:

         Tel: (0-555) 29-90-07


KULAK INSHAAT: Creditors Must File Claims by November 4
-------------------------------------------------------
Branch of JSC Kulak Inshaat Tidjaret Ve Sanayi Anonim Shirketi is
currently undergoing liquidation.  Creditors have until November
4, 2009, to submit proofs of claim to:

         Manas Str. 40
         Bishkek
         Kyrgyzstan


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


CHEMTURA CORP: Gets Nod to Hire Loyens as Belgian & Dutch Counsel
-----------------------------------------------------------------
Chemtura Corp. and its units sought and obtained the Court's
permission to employ Loyens & Loeff as their Belgian and Dutch
counsel nunc pro tunc to May 11, 2009.

In light of their bankruptcy cases, the Debtors deem it necessary
to hire foreign counsel to advise them regarding maintaining
statutory solvency under the laws of certain countries, certain
statutory audit consideration and related restructuring matters
with respect to their foreign non-debtor subsidiaries.

Stephen C. Forsyth, the Debtors' executive vice president and
chief financial officer, asserts that Loyens & Loeff has the
experience necessary to perform the scope of the proposed and
anticipated services related to advising the Debtors with respect
to, among other things, statutory accounting requirements for
their non-debtor European subsidiaries, specifically the Debtors'
Belgian and Dutch subsidiaries, and related restructuring
matters.  Loyens & Loeff is an international full-service law
firm with more than 750 attorneys in 18 offices.

Loyens & Loeff will provide these specific services to the
Debtors:

  (a) Advise the Debtors with respect to the powers and duties
      of their non-debtor Belgian and Dutch subsidiaries;

  (b) Advise and consult on the impact of the Debtors' Chapter
      11 proceedings on their Belgian and Dutch subsidiaries;

  (c) Take all necessary action to protect and preserve the
      Debtors' interest in their Belgian and Dutch subsidiaries
      and their value;

  (d) Advise the Debtors with respect to the implementation or
      impacts of any asset dispositions relating to the non-
      Debtor Belgian and Dutch subsidiaries; and

  (e) Consult with the Debtors in relation to any accounting,
      tax or other regulatory requirements regarding the non-
      Debtor Belgian and Dutch subsidiaries.

Mr. Forsyth relates that by retaining Loyens & Loeff to provide
advice related exclusively to the Debtors' non-Debtor Belgian and
Dutch entities, the firm will be able to better focus on its
respective competencies in the reorganization of the Debtors.  He
elaborates that Loyens & Loeff will not serve as restructuring
counsel to the domestic Debtors in their Chapter 11 cases.  While
certain aspects of Loyens & Loeff's representation will
necessarily involve both Loyens & Loeff and the Debtors'
restructuring counsel, the Debtors believe, and will require,
that the services provided by Loyens & Loeff will be
complementary rather than duplicative of the services to be
performed by such restructuring counsel.

The Debtors will pay for Loyens & Loeff's services on an hourly
basis in accordance with the firm's ordinary and customary hourly
rates in effect on the date services are rendered, and will
reimburse the firm's actual and necessary out-of-pocket expenses.


Loyens & Loeff's applicable hourly rates are:

      Partners                    EUR475 to EUR550
      Senior Associates           EUR320 to EUR395
      Associates                  EUR285 to EUR320
      Junior Associates           EUR165 to EUR245
      Paralegals/Pro Support      EUR105 to EUR190

Ilan Spinath, Esq., a partner at Loyens & Loef, assured the Court
that his firm is a "disinterested person" as the term is defined
under Section 101(14) of the Bankruptcy Code.

                       About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of US$3.5 billion, is
a global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.

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


DSB BANK: Calls For Parliamentary Investigation on Bankruptcy
-------------------------------------------------------------
Bart Koster at Dow Jones Newswires reports that DSB Bank NV's
Chief Executive Dirk Scheringa on Monday called for a
parliamentary investigation into the role played in its collapse
by the Dutch finance ministry and Dutch central bank.

According to Dow Jones, Mr. Scheringa said he may appeal the
Amsterdam court's decision to declare DSB Bank bankrupt following
a run on deposits.  Dow Jones relates Mr. Scheringa claimed that
the finance ministry and central bank disregarded a new business
model DSB Bank wanted to launch, funded by a one-time government
loan of EUR100 million, and hadn't seriously considered the option
of a takeover by an interested U.S. party.

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2009, Bloomberg News said the Amsterdam court on Oct. 19 declared
DSB Bank bankrupt after its owner failed to find a buyer.  Citing
the Oct. 19 ruling posted on the court's Web site, Bloomberg
disclosed talks with a possible U.S.-based suitor, Dallas-based
buyout firm Lone Star Funds, failed.

Bloomberg said the Dutch central bank took control of DSB on Oct.
12 as an outflow of capital threatened the company's existence.
The court on Oct. 16 gave DSB Bank's owner, Dirk Scheringa, until
9:00 a.m. local time on Oct. 19 to find a buyer, according to
Bloomberg.

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.


EUROSTAR II: Fitch Affirms Rating on Class C Notes at 'C'
---------------------------------------------------------
Fitch Ratings has upgraded EuroStar II CDO's class A-3, revised
class B notes and affirmed the class C and subordinated notes:

  -- EUR10,602,451 class A-3 notes (DE0006104722) due March 2013:
     upgraded to 'AAA' from 'AA'; Outlook Stable; assigned a Loss
     Severity (LS) rating of LS-3

  -- EUR48,000,000 class B notes (DE0006104730) due March 2013:
     revised to 'CCC' from 'CCC+' * ; RR1

  -- EUR9,000,000 class C notes (DE0006104748) due March 2013:
     affirmed at 'C'; RR4

  -- EUR51,000,000 subordinated notes (DE0006104755) due March
     2013: affirmed at 'C; RR6

Since the last review performed in July 2008, the class A-1 and A-
2 notes have paid in full.

Following the trustee report on September 2, 2009, the remaining
performing portfolio contains 22 bonds from 22 obligors with a par
amount of EUR71,197,500.  The largest exposure is 7.44% of the
outstanding portfolio amount and the three largest exposures
account for 20.08% of the outstanding portfolio amount.  The
weighted average portfolio quality is 'BB-' with two obligors
rated 'CCC+' or below, accounting for 8.43% of the outstanding
portfolio amount.  The transaction continues to de-leverage with
the class A-3 notes now at approximately 21% of the original
issued amount.

The upgrade of the class A-3 notes reflects the increase in
overcollateralisation to 182% from 156% as of the last review
performed in July 2008, as well as the continued de-leveraging of
the transaction.

The class B Recovery Rating of RR1 reflects the outstanding
recovery prospects given a default.  Assuming a 'B' stress and
rising interest rate scenario, the present value of future
interest and principal proceeds are EUR6.8 million and EUR37.6
million respectively compared to a current outstanding class B
notional of EUR48 million.  The class C Recovery Rating of RR4
reflects average recovery prospects given a default.  The class C
present value of future interest and principal proceeds are EUR1.6
million and EUR1.8 million respectively compared to a current
outstanding class C notional of EUR9 million.  The subordinated
note Recovery Rating of RR6 reflects poor recovery prospects given
a default.  The subordinated notes are not expected to receive any
future interest or principal proceeds regardless of stress
scenario.

In February 2001, EuroStar II CDO, a limited liability company
organised under Dutch law, issued EUR417 million of various
classes of fixed- and floating-rate notes and invested the
proceeds in a portfolio of corporate investment grade and sub-
investment grade debt securities.


EUROSTAR I: Fitch Cuts Rating on Class B Notes to 'C'
-----------------------------------------------------
Fitch Ratings has affirmed EuroStar I CDO's class A-3 and C notes
and downgraded class B:

  -- EUR7,371,632 class A-3 notes (XS0111598859) due June 2012:
     affirmed at 'A'; Outlook Stable; assigned a Loss Severity
     rating of LS-2

  -- EUR32,000,000 class B notes (XS0111599154) due June 2012:
     downgraded to 'C' from 'CC'; RR5

  -- EUR14,000,000 class C notes (XS0111599238) due June 2012:
     affirmed at 'C'; RR6

Following the trustee report on 2 August 2009, the remaining
performing portfolio contains 10 bonds from 10 obligors with a par
amount of EUR17,500,000.  The largest exposure is 22.86% of the
outstanding portfolio amount and the three largest exposures
account for 54.29% of the outstanding portfolio amount.  The
weighted average portfolio quality is 'BB-' with no obligors rated
'CCC+' or below.  The transaction continues to de-leverage with
the class A-3 notes now at approximately 9% of the original issued
amount.

The affirmation of the class A-3 notes reflects the continued de-
leveraging of the transaction and performance of the current
portfolio in line with expectations.  The downgrade of the class B
notes reflects the inevitable default of this tranche, given the
size of the current portfolio.  Neither the class B or C coverage
tests are expected to cure and interest on both notes continues to
be deferred.

The class B Recovery Rating of RR5 indicates below average
recovery prospects given a default.  Assuming a 'B' stress and
rising interest rate scenario, the present value of future
interest and principal proceeds are EUR6.8 million and EUR0
respectively compared to a current outstanding class B notional of
EUR32 million (excluding deferred interest).  The class C Recovery
Rating of RR6 reflects poor recovery prospects given a default.
The class C notes are not expected to receive any future interest
or principal proceeds regardless of the stress scenario.

In June 2000, EuroStar I CDO, a limited liability company
organised under Dutch law, issued EUR319.5 million of various
classes of fixed- and floating-rate notes and invested the
proceeds in a portfolio of corporate investment grade and sub-
investment grade debt securities.


OCI EURO: Moody's Lowers Rating on Class E Notes to 'Caa3'
----------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by OCI EURo Fund I B.V.  The Class A1 and A2 remain Aaa
mainly due to the current over collateralization.

  -- EUR49.5M Class A3 Senior Secured Floating Rate Notes due
     2024, Downgraded to Aa3; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- EUR21M Class B Senior Secured Deferrable Floating Rate Notes
     due 2024, Downgraded to Baa1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR21M Class C Senior Secured Deferrable Floating Rate Notes
     due 2024, Downgraded to Ba2; previously on March 18, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR19M Class D Senior Secured Deferrable Floating Rate Notes
     due 2024, Downgraded to B2; previously on March 18, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR22M Class E Senior Secured Deferrable Floating Rate Notes
     due 2024, Downgraded to Caa3; previously on March 18, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan CLO with
exposure to predominantly EURopean senior secured loans.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2545), an increase in the amount of defaulted
securities (currently 4% of the portfolio), and an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 7% of the portfolio).  These measures were taken from
the recent trustee report dated September 1, 2009.  Moody's also
performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


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


AGRO-PROM OJSC: Creditors Must File Claims by October 28
--------------------------------------------------------
Creditors of OJSC Agro-Prom-Stroy (TIN 4629031120) (Construction)
have until October 28, 2009, to submit proofs of claims to:

         V. Saenko
         Insolvency Manager
         K. libknekhta Str. 31
         305001 Kursk
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?35–6401/2009.

The Debtor can be reached at:

         OJSC Agro-Prom-Stroy
         K. Marksa Str. 62
         Kursk
         Russia


AMURSKIY SHIPBUILDING: Creditors Must File Claims by October 28
---------------------------------------------------------------
Creditors of LLC Amurskiy Shipbuilding Plant-Service (TIN
2703005285, PSRN 1022700517003) have until October 28, 2009, to
submit proofs of claims to:

         V. Shvedko
         Insolvency Manager
         Office 104
         Krasnorechenskaya Str. 118
         680045 Khabarovsk
         Russia

The Arbitration Court of Khaborovskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?73–2370/2009.

The Debtor can be reached at:

         LLC Amurskiy Shipbuilding Plant-Service
         Alleya Truda 6
         Komsomolsk-on-Amur
         681000 Khabarovskiy
         Russia


BASHKIRSKAYA CONSTRUCTION: Creditors Must File Claims by Oct. 28
----------------------------------------------------------------
Creditors of LLC Bashkirskaya Construction Company have until
October 28, 2009, to submit proofs of claims to:

         V.Iskandarov
         Temporary Insolvency Manager
         Akhmetova Str. 318\1-93
         Ufa
         450017 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on February 2,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?07–16074/2009.

The Debtor can be reached at:

         LLC Bashkirskaya Construction Company
         S. Perovskoy Str. 11/2
         Ufa
         Bashkortostan
         Russia


BOLGAR-STROY LLC: Creditors Must File Claims by October 28
----------------------------------------------------------
Creditors of LLC Bolgar-Stroy (TIN 1655114427, PSRN 1061655061270)
(Construction) have until October 28, 2009, to submit proofs of
claims to:

         A. Mikhaylov
         Temporary Insolvency Manager
         Post User Box 50
         420030 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 1:45 p.m. on
December 17, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?65–20665/2009-SG4–40 .

The Court is located at:

         The Arbitration Court of Tatarstan
         Courtroom 29
         Building 1
         Kremlin
         Kazan
         Tatasrtan
         Russia

The Debtor can be reached at:

         LLC Bolgar-Stroy
         Levo-Bulochnaya Str. 56/24
         420021 Kazan
         Tatarstan
         Russia


GRANIT INSURANCE: Moscow Bankruptcy Hearing Set October 29
----------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:30 a.m. on
October 29, 2009, to hear bankruptcy supervision procedure on OJSC
Granit Insurance Company (TIN 7702005845, PSRN 1027700236300).
The case is docketed under Case No. ?40–28785/09–103–87B.

The Temporary Insolvency Manager is:

         D. Agapov
         Building 3
         Bakuninskaya Str. 73
         105082 Moscow
         Russia

The Debtor can be reached at:

         OJSC Granit
         Building 1
         Baumanskaya Str. 33/2
        105005 Moscow
         Russia


ITIL-PROM-STROY: Creditors Must File Claims by October 28
---------------------------------------------------------
Creditors of OJSC Itil-Prom-Stroy (Construction) (TIN 1655089650,
PSRN 1051622003025) have until October 28, 2009, to submit proofs
of claims to:

         A .Zakirzyanov
         Temporary Insolvency Manager
         Post User Box 222
         Gvardeyskaya Str. 42
         Kazan
         420073 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 1:30 p.m. on
December 24, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?65–14319/2009-SG-4–16.

The Court is located at:

         The Arbitration Court of Tatarstan
         Courtroom 16
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Itil-Prom-Stroy
         Bolshaya Str. 2
         Kazan
         420030 Tatarstan
         Russia


MTSENSKIY MECHANICAL: Creditors Must File Claims by October 28
--------------------------------------------------------------
Creditors of LLC Mtsenskiy Mechanical Plant (TIN 5703011710, PSRN
1075744000672) have until October 28, 2009, to submit proofs of
claims to:

         I. Vasilenko
         Temporary Insolvency Manager
         Office 31
         Gorkogo Str. 45
         302040 Orel
         Russia

The Arbitration Court of Orlovskaya will convene at 4:40 p.m. on
January 13, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?48–3774/2009.

The Debtor can be reached at:

         LLC Mtsenskiy Mechanical Plant
         Avtomagistral
         Mtsensk
         Orlovskaya
         Russia


PHARMACY CHAIN: 94% of Creditors Back Debt Restructuring
--------------------------------------------------------
Denis Maternovsky at Bloomberg News reports that 94% of the
creditors of OAO Pharmacy Chain 36.6 have agreed on restructuring
RUR1.8 billion (US$61.3 million) of bonds.

Bloomberg relates the company said in e-mailed statement Oct. 19
the bonds will be exchanged for new notes with a coupon of 18%
that will be repaid in six quarterly payments starting in March of
2011.

As reported in the Troubled Company Reporter-Europe on Aug. 3,
2009, Bloomberg News said 36.6 had debt of RUR4.84 billion
(US$153.5 million) at the end of the first quarter, more than
triple its current market value.  Bloomberg disclosed the retailer
had trouble servicing its debt after the credit crunch spread to
Russia, and lost money in 2007 as a new distribution system led to
shortages in Moscow.

Aptechnaya Set' 36.6 OAO (Pharmacy Chain 36.6) --
http://www.pharmacychain366.com/-- is a Russia-based company,
involved in the manufacture of drugs and products for medical
purposes, retail of health and care goods, as well as distribution
of medicaments.  The Company holds the rights to the 36.6 brand
and operates through the network of 1084 pharmacies in 29 regions
in Russia.  The Company's manufacturing business consists of the
production of modern generic pharmaceuticals, oncology products,
vitamins and medicinal plasters.  Its operational structure is
divided into retail (Aptechnaya Set' 36.6), pharmaceuticals
production (Veropharm) and children goods (ELC).  The Company's
Veropharm has three production facilities in Russia and Ukraine.
Aptechnaya set' 36.6 is a member of such organizations as National
Retail Federation and National Association of chain Drug Stores.
It has 53 subsidiaries, out of which 44 are wholly owned.


PRODIMPORT OOO: Declares Bankruptcy
-----------------------------------
Evegen Vorotnikov at Pig Progress reports that OOO Prodimport,
part of St. Petersburg Rubezh Group, has officially declared
bankruptcy.

According to the report, many of the Russian meat importers are on
the brink of collapse due to the devaluation of the local
currency.

OOO Prodimport is one of the largest Russian meat importers.  It
controls more than 4% of the Russian meat imports market.


STARITSKAYA GARMENT: Creditors Must File Claims by October 28
-------------------------------------------------------------
Creditors of OJSC Staritskaya Garment Factory (TIN 6942000158,
PSRN 1026901857740) have until October 28, 2009, to submit proofs
of claims to:

         V. Babkov
         Temporary Insolvency Manager
         Post User Box 381
         Postal Office
         170100 Tver
         Russia

The Arbitration Court of Tverskaya will convene at 10:00 a.m. on
January 28, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?66–6930/2009.

The Debtor can be reached at:

         OJSC Staritskaya Garment Factory
         Zakharova Str. 11
         Staritsa
         Tverskaya
         Russia


STROY-INVEST LLC: Creditors Must File Claims by October 28
----------------------------------------------------------
Creditors of LLC Stroy-Invest (TIN 6155053246, PSRN 1046155001881)
(Construction) have until October 28, 2009, to submit proofs of
claims to:

         V. Melikhova
         Insolvency Manager
         Office 35
         Budenovskiy prospect 19A
         344002 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at noon on
February 2, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?53–1788/2009.

The Debtor can be reached at:

          LLC Stroy-Invest
          Yuny Spartak Str. 122a
          Shakhty
          346513 Rostovskaya
          Russia


YUGOKAMA LLC: Creditors Must File Claims by October 28
------------------------------------------------------
Creditors of LLC Yugokama (TIN 5948025686, PSRN 1045902108460)
(Valve Plant) have until October 28, 2009, to submit proofs of
claims to:

         S. Volkov
         Insolvency Manager
         Post User Box 6952
         614068 Perm
         Russia

The Arbitration Court of Permskaya will convene at 12:30 p.m. on
February 22, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?50–2060/2009.

The Debtor can be reached at:

          LLC Yugokama
          Kirova Str. 1
          Yugo-Kamskiy
          614526 Permskiy
          Russia


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


BANCAJA LEASING: Moody's Assigns (P)Caa1 Rating on Series C Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to the Notes to be issued by BANCAJA LEASING 1, Fondo de
Titulizacion de Activos:

  -- (P)Aaa to the EUR576.0 million Series A notes
  -- (P)B2 to the EUR96.0 million Series B notes
  -- (P)Caa1 to the EUR128.0 million Series C notes

BANCAJA LEASING 1, Fondo de Titulizacion de Activos, is a
securitisation of credit rights (interest and principal, excluding
the purchase option) derived from financial lease contracts
granted by Bancaja (A3/P-2) to Spanish enterprises.  The portfolio
will be also serviced by Bancaja.

As of September 2009, the provisional pool of underlying assets
comprised credit rights derived from 5,737 lease contracts
granted to 3,698 Spanish enterprises, for a total amount of
EUR869 million.  However, the definitive pool is expected to
comprise EUR800 million of assets, which will be equal to the
notes issued.  The contracts were originated between 2001 and June
2009, with a weighted average seasoning of 2.9 years and a
weighted average remaining life of 10.3 years.  The interest rate
is floating for almost 100% of the pool.  The weighted average
interest rate is 3.5%.  In terms of underlying assets, 57.6% of
the outstanding of the portfolio finance real estate properties,
with a weighted average loan-to-value equal to 80%; the remaining
42.4% corresponds to equipment.  Geographically, the pool is
concentrated in Valencia (51.9%), Madrid (13.5%) and Castilla-La
Mancha (9.1%), and is around 30% and 24% concentrated in the
"Utilities -- electric" and "Construction and building" sectors
respectively, according to Moody's industry classification.  At
closing, there will be no loans more than 30 days in arrears.

According to Moody's, this deal benefits from several credit
strengths, such as a relatively high concentration in the
Utilities - Electric sector (traditionally less pro-cyclical than
other sectors), coupled by relatively good granularity (effective
number of obligors above 500 in the provisional pool) and good
seasoning of almost three years, which Moody's took into
consideration in its portfolio analysis.  However, Moody's notes
that the transaction features a number of credit weaknesses,
including high regional concentration in Valencia, a long weighted
average life of 5.5 years and an important exposure to the
Construction and Building sector.  These portfolio features and
the structural weakness of having no swap in place to protect
against interest rate risk were reflected in Moody's analysis and
provisional ratings, where several simulations tested the
available credit enhancement and 15.5% reserve fund to cover
potential shortfalls in interest or principal envisioned in the
transaction structure.

Moody's initially analyzed and will monitor this transaction using
the rating methodology for EMEA SME ABS transactions as described
in the Rating Methodology reports "Refining the ABS SME Approach:
Moody's Probability of Default assumptions in the rating analysis
of granular Small and Mid-sized Enterprise portfolios in EMEA",
March 2009 and "Moody's Approach to Rating Granular SME
Transactions in Europe, Middle East and Africa", June 2007.
Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the pool spread, the cash reserve and the
subordination of the notes; and (iv) the legal and structural
integrity of the transaction.  Moody's also took into
consideration the legal uncertainty associated with recoveries on
leased assets following potential bankruptcy of the originator, by
running simulations where it further stressed the recoveries on
defaults.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (June 2034).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A, B and C at par on or
before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

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

-- Date of previous rating action: no previous rating action
    since initial rating assignment.


FTPYME ICO-TDA 4: Fitch Cuts Rating on Class B Notes to 'BB'
------------------------------------------------------------
Fitch Ratings has taken various rating actions on three small- and
medium-sized enterprise collateralized debt obligations, FTPYME
ICO-TDA 4, Fondo de Titulizacion de Activos, FTPYME TDA 5 Fondo de
Titulizacion de Activos  and FTPYME TDA 6, Fondo de Titulizacion
de Activos.  The rating actions resolve the Rating Watch Negative
status assigned in August 2009 following the release of Fitch's
revised criteria for rating European granular pools of small
corporate loans on 23 July 2009.  The rating actions taken are:

TDA-4:

  -- EUR8,341,440 class 1SA notes (ISIN ES0339752000): affirmed at
     'AAA'; Outlook Stable, assigned a Loss Severity (LS) rating
     of LS-3

  -- EUR20,767,214 class 2CA notes (ISIN ES0339752018): affirmed
     at 'AAA'; Outlook Stable

  -- EUR5,191,804 class 2SA notes (ISIN ES0339752026): downgraded
     to 'AA' from 'AAA'; removed from RWN; assigned Outlook
     Stable, assigned LS-3

  -- EUR4,900,000 class B notes (ISIN ES0339752034): downgraded to
     'BB' from 'BBB'; removed from RWN; assigned Outlook Negative;
     assigned LS-3

TDA-5:

  -- EUR27,008,686 Series 2CA (ES0339741011) affirmed at 'AAA';
     Outlook Stable

  -- EUR6,939,732 Series 2SA (ES0339741029) affirmed at 'AA';
     Outlook Stable; assigned LS-3

  -- EUR6,400,000 Series 3SA (ES0339741037) affirmed at 'BBB';
     removed from RWN; assigned Outlook Negative; assigned LS-3

TDA-6:

  -- EUR12,750,566 class 1SA (ISIN ES0339742001) affirmed at
     'AAA'; Outlook Stable; assigned LS-3

  -- EUR30,000,000 class 2CA (ISIN ES0339742019) affirmed at
     'AAA'; Outlook Stable

  -- EUR7,500,000 class 2SA (ISIN ES0339742027) downgraded to 'A'
     from 'AA'; removed from RWN; assigned Outlook Negative;
     assigned LS-3

  -- EUR4,500,000 class 3SA (ISIN ES0339742035) downgraded to 'B'
     from 'BBB'; removed from RWN; assigned Outlook Negative;
     assigned LS-4

The downgrades of TDA-4 and TDA-6's junior tranches reflect the
Fitch's revised view on default probability, recovery and
correlation assumptions as detailed in the SME CDO rating
criteria.  The actions also consider increasing portfolio
concentration risk, growing arrears levels, difficult macro-
economic conditions, and a reduction of credit enhancement (CE) as
the reserve funds are released in accordance with the
transactions' documentation.  All three transactions have
benefited from significant portfolio seasoning and structural de-
leveraging.  As a result, the senior tranches are able to
withstand Fitch's revised stresses and have been affirmed with
Stable Outlooks.  The second priority tranches, while two were
subject to downgrades, all have sufficient credit support to
maintain investment-grade ratings.  However, the more subordinate
tranches only retain a limited margin of protection which compares
unfavorably to single obligor exposures.

In terms of portfolio performance, TDA-6 is showing the poorest
performance of the three deals originated by Banco Guipuzcoano.
The trustee report, of 30 September 2009, shows that defaults
(loans in arrears for more than 12 months) and delinquencies (90
days in arrears) have risen to their highest level since close
with 1.0% and 2.2% of the current pool respectively.  The obligor
concentration has increased as the portfolio has amortized, with
the largest obligor and the largest 10 obligors making up 2.6% and
16.3% of the outstanding portfolio respectively compared to 1.7%
and 11.3% at closing.  The portfolio is concentrated in the real
estate sector at 26.0%.  While the portfolio has amortized to
36.5% of the initial balance to EUR54.8 million, the minimum
reserve fund balance has also stepped down to EUR 2,066,709
(providing 3.8% of CE to the notes) compared with EUR3.75 million
at close.  The portfolio consisted of 416 performing loans in
September 2009 compared to 837 loans totalling EUR150 million at
close.  The release of the reserve fund has reduced the absolute
amount of CE protecting the rated notes and in particular leaves
the class 3SA note exposed to the risk of one of the larger single
obligors defaulting.  The increased risk is partially mitigated,
however, by the portfolio seasoning and robust levels of
underlying loan security: a total of 82.8% of the pool is secured
by real estate collateral with a weighted average LTV ratio of
43.1% as per September 2009 report.

TDA-5 is performing somewhat better than TDA-6.  It has more CE
available to its junior notes provided by the reserve fund.  For
TDA-5, 90 day delinquencies stand at 1.4% and defaulted loans
represent 0.5% of the portfolio balance as of September 30, 2009.
The portfolio has de-leveraged significantly to 19.2% of the
initial transaction balance and class 1SA has been paid-in-full.
As a result of portfolio amortizations, obligor concentration has
increased as the portfolio has amortized with the largest obligor
exposure and top 10 obligor exposures at 2.9% and 18.1%
respectively.  However, the reserve fund provides a relatively
strong CE of 8.7% (EUR 3,528,170) to the junior notes, somewhat
limiting the vulnerability of this tranche to large obligor
defaults.  In addition, the high proportion of secured loans with
low LTVs supports the current ratings of the transaction.  The
Negative Outlook assigned to the class 3SA notes reflects the risk
that the reserve fund could step-down, given low delinquency
levels reducing the available CE.

With respect to TDA-4, the downgrades of the class 2SA and class B
notes reflect Fitch's revised view of concentration risk.  TDA-4's
performance, while showing minor deterioration, has been
relatively stable compared to TDA-5 and 6.  While the percentage
of delinquent loans (90 days and 180 days in arrears) has
increased to 1.2% and 0.3% in September 2009 respectively, there
have been no new defaults since June 2007 and the outstanding
defaulted loan balance represents only 0.6% of the current pool
balance.  The reserve fund has been released and currently stands
at EUR2,618,087 providing 6.7% of CE to the junior notes.  At the
same time, obligor concentration has increased with the largest
obligor exposure and top 10 obligor exposure rising to 3.5% and
24.6% respectively.  The portfolio is also concentrated in the
real estate sector at 34.9% compared to 21.0% at closing.  These
concentrations are the highest of the three Guipuzcoano
transactions and stem from the amortization of the portfolio,
which has de-leveraged to 15% of its initial balance.  A total
84.9% of the pool is collateralized by real estate collateral with
a weighted average LTV ratio at 27.3% per September 2009 report.

In its analysis, Fitch assumed the probability of default of the
unrated SME loans to be commensurate with the 'B' rating category
according to Fitch's 'Rating Criteria for European Granular
Corporate Balance-Sheet Securitizations '.  Based on observed
delinquencies and the individual origination process of respective
Spanish banks, the benchmark probability of default is adjusted
upward or downward.  Recoveries for loans secured by first-ranking
real estate is adjusted for property indexation and market value
stress based on the criteria, but second-ranking mortgages are
treated as senior unsecured loans.

Classes 2CA of TDA-4, 5 and 6 are guaranteed by the Kingdom of
Spain ('AAA'/'F1+'/Outlook Stable).  As a result, the notes are
credit-linked to Spain's rating, which is why these notes have not
been assigned Loss Severity ratings.


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


BAUMANN CONTI: Claims Filing Deadline is October 23
---------------------------------------------------
Creditors of Baumann Conti GmbH are requested to file their proofs
of claim by October 23, 2009, to:

         Raphael Baumann
         Liquidator
         Junkerngasse 17
         3011 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 28, 2009.


BK EVENT: Claims Filing Deadline is October 23
----------------------------------------------
Creditors of BK Event GmbH are requested to file their proofs of
claim by October 23, 2009, to:

         Hans Rudolf Kehl
         Liquidator
         Steinweide
         3713 Reichenbach i.K.
         Switzerland

The company is currently undergoing liquidation in Reichenbach im
Kandertal.  The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on January 29, 2009.


CHEMTURA CORP: Gets Nod to Hire Walder Wyss as Swiss Counsel
------------------------------------------------------------
Chemtura Corp. and its units sought and obtained permission from
the Court to hire Walder Wyss & Partners Ltd. as their Swiss
counsel nunc pro tunc to April 28, 2009.

The Debtors believe that Walder Wyss is particularly well suited
to serve as their Swiss counsel because the firm is an
international full-service law firm with more than 80 attorneys
in two offices and has extensive experience in cross-border
insolvencies.

As the Debtors' Swiss counsel, Walder Wyss will:

  (a) advise the Debtors with respect to the powers and duties
      of their non-Debtor Swiss subsidiaries;

  (b) advise and consult on the impact of the Debtors' Chapter
      11 proceedings on their Swiss subsidiaries;

  (c) take the necessary action to protect and preserve the
      Debtors' interest in their Swiss subsidiaries and the
      value of those interests;

  (d) advise the Debtors with respect to the implementation or
      impacts of asset dispositions relating to the non-debtor
      Swiss subsidiaries; and

  (e) consult with the Debtors in relation to relevant
      accounting, tax or other regulatory requirements regarding
      the non-Debtor Swiss subsidiaries.

The Debtors note that Walder Wyss will not serve as restructuring
counsel in their Chapter 11 cases.

The Debtors will pay for Walder Wyss' services based on the
firm's applicable hourly rates in addition to reimbursement of
necessary out-of-pocket expenses:

      Partners                     CHF600 to CHF650
      Senior Associates            CHF450 to CHF550
      Junior Associates            CHF350 to CHF400
      Paralegals/Pro Support       CHF250 to CHF300

Christoph Staubli, Esq., a partner at Walder Wyss, assures the
Court that his firm is a "disinterested person" as the term is
defined under Section 101(14) of the Bankruptcy Code.

                       About Chemtura Corp.

Based in Middlebury, Connecticut, Chemtura Corporation (CEM) --
http://www.chemtura.com/-- with 2008 sales of US$3.5 billion, is
a global manufacturer and marketer of specialty chemicals, crop
protection products, and pool, spa and home care products.

Chemtura Corporation and 26 of its U.S. affiliates filed voluntary
petitions for relief under Chapter 11 on March 18, 2009 (Bankr.
S.D.N.Y. Case No. 09-11233).  M. Natasha Labovitz, Esq., at
Kirkland & Ellis LLP, in New York, serves as bankruptcy counsel.
Wolfblock LLP serves as the Debtors' special counsel.  The
Debtors' auditors and accountant are KPMG LLP; their investment
bankers are Lazard Freres & Co.; their strategic communications
advisors are Joele Frank, Wilkinson Brimmer Katcher; their
business advisors are Alvarez & Marsal LLC and Ray Dombrowski
serves as their chief restructuring officer; and their claims and
noticing agent is Kurtzman Carson Consultants LLC.

As of December 31, 2008, the Debtors had total assets of
US$3.06 billion and total debts of US$1.02 billion.

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


DONAU PERSONAL: Claims Filing Deadline is October 23
----------------------------------------------------
Creditors of Donau Personal GmbH are requested to file their
proofs of claim by October 23, 2009, to:

         Albert Bisculm
         Via Sogn Pieder 4
         7013 Domat/Ems
         Switzerland

The company is currently undergoing liquidation in Domat/Ems.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 25, 2009.


GYGAX-TEGOFIL AG: Claims Filing Deadline is October 23
------------------------------------------------------
Creditors of Gygax-Tegofil AG are requested to file their proofs
of claim by October 23, 2009, to:

         Rene P. Gygax
         Liquidator
         Oberdorfweg 4
         6260 Reiden
         Switzerland

The company is currently undergoing liquidation in Oftringen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 3, 2009.


IMEX CANADA: Claims Filing Deadline is October 23
-------------------------------------------------
Creditors of Imex Canada AG are requested to file their proofs of
claim by October 23, 2009, to:

         Imex Canada AG
         route de Fribourg 15
         1723 Marly
         Switzerland

The company is currently undergoing liquidation in Marly.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 18, 2009.


LAEGERN AG: Claims Filing Deadline is October 23
------------------------------------------------
Creditors of Laegern AG are requested to file their proofs of
claim by October 23, 2009, to:

         Peter Rufllin
         Liquidator
         Im Haberacher 7
         5406 Baden-Rütihof
         Switzerland

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


MAXILIFE CONTENT: Claims Filing Deadline is October 23
------------------------------------------------------
Creditors of Maxilife Content GmbH are requested to file their
proofs of claim by October 23, 2009, to:

         Heiko Schroeder
         Liquidator
         Wengistrasse 7
         Mail box: 2221
         8026 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 11, 2009.


NATUR-BAU CDZ: Claims Filing Deadline is October 23
---------------------------------------------------
Creditors of Natur-Bau CDZ AG are requested to file their proofs
of claim by October 23, 2009, to:

         Walter Christen
         Liquidator
         Zieglerstrasse 9
         3007 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 14, 2009.


RADIO-TV TROESCH: Claims Filing Deadline is October 23
------------------------------------------------------
Creditors of Radio-Tv Troesch Buetzberg AG are requested to file
their proofs of claim by October 23, 2009, to:

         Albert Fritz Troesch
         Lengmattstrasse 2
         4922 Buetzberg
         Switzerland

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


SANMINA INTERNATIONAL: Claims Filing Deadline is October 23
-----------------------------------------------------------
Creditors of Sanmina International AG are requested to file their
proofs of claim by October 23, 2009, to:

         Sanmina International AG
         Pestalozzistrasse 2
         8200 Schaffhausen
         Switzerland

The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at a general meeting
held on September 9, 2009.


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


BANK DNISTER: Ukraine's Central Bank Extends Debt Moratorium
------------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that Ukraine's
central bank extended a moratorium on payments to creditors by VAT
Selyanskyi Komertsiynyi Bank Dnister for six months.

As reported in the Troubled Company Reporter-Europe on Sept. 7,
2009, the central bank appointed Ihor Yaremchyshyn as Bank
Dnister's new temporary administrator, replacing Maria
Mazurkevych.


CONTRACT-92 LLC: Creditors Must File Claims by October 23
---------------------------------------------------------
Creditors of LLC Judicial Company Contract-92 (code EDRPOU
19473847) have until October 23, 2009 to submit proofs of claim to
J. Yampolsky, the company's insolvency manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. B-19/41-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Judicial Company Contract-92
         Krasnoarmeyskaya Str. 11
         61052 Kharkov
         Ukraine


I.P.S.-TRADING LLC: Creditors Must File Claims by October 23
------------------------------------------------------------
Creditors of LLC I.P.S.-Trading (code EDRPOU 23730787) have until
October 23, 2009, to submit proofs of claim to:

         V. Letskan
         Insolvency Manager
         Office 42
         Dovzhenko Str. 16-v
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. 44/438-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 I.P.S.-Trading
         Yaroslavov Val Str. 28
         01034 Kiev
         Ukraine


KIT INVEST: Creditors Must File Claims by October 23
----------------------------------------------------
Creditors of LLC Kit Invest (code EDRPOU 32149761) have until
October 23, 2009, to submit proofs of claim to:

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

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on September 14, 2009.  The case is docketed
under Case No. 16/194/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kit Invest
         Pobeda Str. 63
         69035 Zaporozhye
         Ukraine


MISTRAL LLC: Creditors Must File Claims by October 23
-----------------------------------------------------
Creditors of LLC Mistral (code EDRPOU 22953031) have until
October 23, 2009, to submit proofs of claim to:

         I. Golovachev
         Insolvency Manager
         Office 12
         40 years of October Ave. 106/2
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. 44/437-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 Mistral
         Melnikov Str. 12
         04050 Kiev
         Ukraine


NIKATRADEBUILDING LLC: Creditors Must File Claims by October 23
---------------------------------------------------------------
Creditors of LLC Nikatradebuilding (code EDRPOU 33643707) have
until October 23, 2009, to submit proofs of claim to:

         A. Chabak
         Insolvency Manager
         Kuybishev str. 20A
         Borzna
         16400 Chernigov
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 7, 2009.  The case is docketed
under Case No. 44/195-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 Nikatradebuilding
         Office 51A
         B. Hmelnitsky/M. Kotsiubinsky Str. 66/2
         01030 Kiev
         Ukraine


NOMADS GROUPP: Creditors Must File Claims by October 23
-------------------------------------------------------
Creditors of LLC Nomads Groupp (code EDRPOU 31796324) have until
October 23, 2009, to submit proofs of claim to:

         O. Tischenko
         Insolvency Manager
         Office 33
         Mironositskaya Str. 65
         61002 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on September 9, 2009.  The case is docketed
under Case No. B-50/126-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Nomads Groupp
         Office 3
         Gogol Str. 13, b. 3
         61057 Kharkov
         Ukraine


OST TRADE: Creditors Must File Claims by October 23
---------------------------------------------------
Creditors of LLC Ost Trade Ltd. (code EDRPOU 35090103) have until
October 23, 2009, to submit proofs of claim to:

         R. Kravchenko
         Insolvency Manager
         Office 263
         Trostianetskaya Str. 12
         02091 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 7, 2009.  The case is docketed
under Case No. B13/167-09.

The Court is located at:

        The Economic Court of Kiev
        Komintern Str. 16
        01032 Kiev
        Ukraine

The Debtor can be reached at:

         LLC Ost Trade Ltd.
         Office 1
         B. Hmelnitsky Str. 2
         Vishgorod
         Kiev
         Ukraine


RODOVID BANK: Ukraine's Central Bank Extends Debt Moratorium
------------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that Ukraine's
central bank extended for the second time a moratorium on payments
to creditors by PAT Rodovid Bank.

Citing a statement posted Oct. 19 on the Web site of Natsionalnyi
Bank Ukrainy, Bloomberg discloses the company, which was bailed
out by the government in July, has until Dec. 15 to repay
depositors.

Rodovid Bank VAT -- http://www.rodovidbank.com/-- is a Ukrainian
financial institution that provides bank services for Ukrainian
and foreign legal entities and individuals.  Through the network
of offices and cash machines it provides loan, deposit, cash card,
stock, currency exchange, travelers' check, current account and
safe deposit services in the whole of Ukraine.  The Bank's main
customers include individual and corporate clients as well as
banks.  Rodovid Bank VAT is headquartered in Kiev, Ukraine.


TEMP LLC: Creditors Must File Claims by October 23
--------------------------------------------------
Creditors of LLC Temp (code EDRPOU 32640375) have until
October 23, 2009 to submit proofs of claim to:

         A. Guskov
         Insolvency Manager
         Chkalov str. 15A/14
         Rubezhnoye
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on September 7, 2009.  The case is docketed
under Case No. 12/64b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Temp
         Zavodskaya Str. 18
         Rubezhnoye
         93000 Lugansk
         Ukraine


UKRTERMOBUD LLC: Creditors Must File Claims by October 23
---------------------------------------------------------
Creditors of LLC Ukrainian and German Company Ukrtermobud (code
EDRPOU 23399424) have until October 23, 2009, to submit proofs of
claim to:

         A. Spiridonov
         Insolvency Manager
         Post Office Box 83
         54015 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 14/46/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian and German Company Ukrtermobud
         General Sviridov Str. 40
         54034 Nikolayev
         Ukraine


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


BAA: Appeals Commission Inquiry Into Forced Sale of Airports
------------------------------------------------------------
Pilita Clark at The Financial Times reports that BAA on Monday
said that a Competition Commission inquiry forcing the sale of
three of its airports suffered from an "intolerable conflict of
interest".

According to the FT, BAA lawyers argued at the Competition Appeal
Tribunal that the conflict arose because one member of the panel
had links to a potential buyer.

BAA is appealing against a March Competition Commission ruling to
sell three of its UK airports: Gatwick, Stansted and either
Edinburgh or Glasgow, the FT relates.  In a report on Oct. 18, the
FT said the company decided to appeal on grounds that the
commission failed to take account of the severity of the recession
when it ordered it to sell three airports in two years.

BAA, the FT discloses, is in talks with Global Infrastructure
Partners, the dominant shareholder of London City airport, over
the sale of Gatwick airport.

"We remain in discussion with a number of bidders and no
transaction has been agreed," the FT quoted BAA, a subsidiary of
Spain's Ferrovial infrastructure group, as saying.

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

                   "Special Administration" Regime

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

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


CHESTER ASSET: Fitch Downgrades Ratings on Class C Notes to 'B'
---------------------------------------------------------------
Fitch Ratings has downgraded all UK credit card receivables class
B notes issued under the Chester Asset Receivables Dealings and
Chester Asset Receivables Dealings II master trusts to 'A' from
'A+'.  At the same time, all the class C notes issued under CARDS
I and CARDS II have been downgraded to 'B' from 'BB'.  All the
rated notes issued out of CARDS I and CARDS II trusts have been
placed on Rating Watch Negative.  All rating actions are detailed
below.

The transactions are securitizations of UK credit card receivables
originated by MBNA Europe Bank Ltd. ('A+'/'F1+'/Stable).
The downgrade reflects the recent sharp increases in charge-off
levels.  During September 2009, charge-off rates reached 15.2% and
16.8% for the CARDS I and CARDS II trusts respectively, compared
to Fitch's assumption of a 'AAA' charge-off stress rate of 22.5%
for both trusts.

Since May 2009, delinquency levels have moderated for both trusts,
with CARDS I falling to 5.8% from 6.5% and CARDS II to 6.4% from
7.2%.  The fall in delinquency levels may be a positive indication
of future charge-off performance; however, as previously
highlighted by Fitch, the debt management programmes operated by
the originator impact the reported delinquencies and charge-offs.

Although Fitch had anticipated further performance weakness since
its last negative rating action of June 2009 (see 'Fitch
Downgrades CARDS Class C Notes to 'BB'; Changes Class B Outlook to
Negative' and 'Fitch Downgrades CARDS II Class C Notes to 'BB';
Changes Outlook on Class B to Negative' on www.fitchratings.com),
the pace of performance deterioration has exceeded the agency's
expectations, and the short- term outlook for the trusts'
performance is currently unclear.

Monthly payment rates continue to perform negatively relative to
base case assumptions, albeit to a lesser extent than charge-offs.
Yield, however, continues to perform positively relative to base
case expectations which has helped to offset some of the pressure
from increasing charge-offs.

Given the continued sharp increase in charge-off performance,
Fitch will review its assumptions with regards to future charge-
off performance.  The RWN will be resolved once Fitch has
finalized its revised default expectations.

CARDS I - Series 11

  -- Class A EUR730 million notes 'AAA'; placed on RWN

  -- Class B GBP20 million notes downgraded to 'A' from 'A+';
     placed on RWN

  -- Class C GBP40 million notes downgraded to 'B' from 'BB';
     placed on RWN

CARDS I - Series 12

  -- Class A GBP264 million notes 'AAA'; placed on RWN

  -- Class B GBP12 million notes downgraded to 'A' from 'A+';
     placed on RWN

  -- Class C GBP24 million notes downgraded to 'B' from 'BB';
     placed on RWN

CARDS II Series 2001-B

  -- Class A GBP220 million notes 'AAA'; placed on RWN

  -- Class B GBP12.5 million notes downgraded to 'A' from 'A+';
     placed on RWN

  -- Class C GBP17.5 million notes downgraded to 'B' from 'BB';
     placed on RWN

CARDS II Series 2003-B

  -- Class A GBP220 million notes 'AAA'; placed on RWN

  -- Class B GBP12.5 million notes downgraded to 'A' from 'A+';
     placed on RWN

  -- Class C GBP17.5 million notes downgraded to 'B' from 'BB';
     placed on RWN

CARDS II Series 2003-C

  -- Class A GBP439.5 million notes 'AAA'; placed on RWN

  -- Class B GBP25.1 million notes downgraded to 'A' from 'A+';
     placed on RWN

  -- Class C GBP35 million notes downgraded to 'B' from 'BB';
     placed on RWN

CARDS II Series 2004-1

  -- Class A GBP440 million notes 'AAA'; placed on RWN

  -- Class B GBP25 million notes downgraded to 'A' from 'A+';
     placed on RWN

  -- Class C GBP35 million notes downgraded to 'B' from 'BB';
     placed on RWN

CARDS II De-linked Series

  -- 2004-A1 GBP300 million notes 'AAA'; placed on RWN

  -- 2004-B1 EUR125 million notes downgraded to 'A' from 'A+';
     placed on RWN

  -- 2004-C1 EUR175 million notes downgraded to 'B' from 'BB';
     placed on RWN

  -- 2004-A2 GBP250 million notes 'AAA'; placed on RWN

  -- 2006-A1 GBP250 million notes 'AAA'; placed on RWN

  -- 2006-B1 GBP50 million notes downgraded to 'A' from 'A+';
     placed on RWN

  -- 2006-C1 GBP70 million notes downgraded to 'B' from 'BB';
     placed on RWN

  -- 2008-A1 EUR350 million notes 'AAA'; placed on RWN

  -- 2008-A2 GBP300 million notes 'AAA'; placed on RWN


KENSINGTON MORTGAGE: Fitch Junks Ratings on Three Classes of Notes
------------------------------------------------------------------
Fitch Ratings downgraded nine tranches from Kensington Mortgage
Securities Plc - Series 2007-1.  KMS is a securitization of
residential mortgage loans originated by Kensington Group Plc.

The downgrades reflect deterioration in the underlying collateral
portfolio.  The lack of seasoning in the transaction (in
comparison to earlier vintage UK transactions) means that the
portfolio has not benefited from any house price appreciation, and
has also not experienced any period of high prepayment to allow
credit enhancement to build.  The transaction has therefore has
less protection from the high loss severity and worse collateral
performance being seen across the non-conforming sector.  Fitch
expects further house price declines in the UK, and therefore the
high volume of current repossessions in the pool are expected to
continue to see high loss severity levels as properties are sold.
In addition, growing unemployment levels are expected to result in
more borrowers, particularly those already in arrears, being
unable to meet their mortgage payments and leading to an increase
in repossession levels.

In August 2009, along with an increase in loans in arrears for
more than three months (26.91% of the current pool), there was a
substantial increase in current repossessions to 3.54% from 2.60%
in July 2009, amounting to GBP18.5 million.  This transaction also
had approximately 7% of its loans classified as second-charge
loans.  Of the current second-charge loans, 34.3% are in arrears
for more than three months with 18.44% in the nine months plus
bucket.  Given the loss severities being reported for these loans
(around 130%), Fitch has assumed that no recovery is made on any
loans that are more than three months in arrears.

Overall, given the increased size of the book of current
repossessions and less seasoning of this transaction, Fitch
expects to see loss severities continue to rise.  As of the latest
report in August 2009 the weighted average period loss severity
was 37.84%.  This is placing a significant stress on available
excess revenue and has required the transactions to utilize its
reserve fund since March 2009.  The reserve fund is currently at
67% of its target amount, and Fitch expects significant further
draws over the next year, with the reserve fund ultimately being
fully depleted.

It should also be noted that the transaction has breached its pro
rata amortization trigger, where the arrears performance trigger
was set at 22.5% of current outstanding collateral balance.  Fitch
does not expect that this trigger will be cured and therefore the
notes will repay sequentially.  This is a positive for the
transaction, in particular the senior notes.  Because of the
sequential pay down the class A2 notes have been affirmed as they
will receive principal first, and continue to pass a 'AAA'
scenario due to the timing of their repayment.  The lower class A3
notes will, however, take longer to repay and therefore remain
exposed to losses for longer and have therefore been downgraded.

Fitch used its EMEA RMBS surveillance criteria, employing its
credit cover multiple methodology, to assess the level of credit
support available to each class of notes.

Ratings are:

Kensington Mortgage Securities plc - series 2007-1:

  -- Class A2 (ISIN XS0292638334): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A2 DAC (XS0292642369): affirmed at 'AAA'; Outlook
     Stable

  -- Class A3a (ISIN XS0292638920): downgraded to 'AA' from 'AAA';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3a DAC (XS0292644142): affirmed at 'AAA'; Outlook
     Stable

  -- Class A3b (ISIN XS0292652756): downgraded to 'AA' from 'AAA';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3b DAC (XS0292651949): affirmed at 'AAA'; Outlook
     Stable

  -- Class A3c (ISIN XS0292640660): downgraded to 'AA' from 'AAA';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3c DAC (XS0292653051): affirmed at 'AAA'; Outlook
     Stable

  -- Class M1a (ISIN XS0292639225): downgraded to 'BBB' from 'AA';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class M1b (ISIN XS0292651196): downgraded to 'BBB' from 'AA';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class M2b (ISIN XS0292639654): downgraded to 'B' from 'A';
     Outlook Negative; assigned a Loss Severity Rating of 'LS-3'

  -- Class B1a (ISIN XS0292639902): downgraded to 'CCC' from 'BBB-
     ';assigned a Recovery Rating of 'RR4'

  -- Class B1b (ISIN XS0292651436): downgraded to 'CCC' from 'BBB-
     ';assigned a Recovery Rating of 'RR4'

  -- Class B2 (ISIN XS0292640157): downgraded to 'CC' from 'B';
     assigned a Recovery Rating of 'RR6'


LDV GROUP: SAIC to Move Tooling to China After Eco Concept Sale
---------------------------------------------------------------
Bloomberg News reports that SAIC Motor Corp., China's largest
domestic automaker, will move some of LDV Group Ltd.'s tooling to
China following the sale of the U.K. vanmaker's assets to Eco
Concept Ltd.

Bloomberg relates Zhu Xiangjun, a SAIC spokeswoman, said Oct. 16
SAIC will buy "excess" LDV equipment, which it will use to make
parts for Eco Concept.

As reported in the Troubled Company Reporter-Europe on Oct. 19,
2009, following an extensive marketing program and a nine-week
intensive period of due diligence, the administrators of LDV on
Oct. 15 confirmed that they have exchanged contracts to sell the
assets of the group to Eco Concept.

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.


MANOR OAK: KPMG Appointed as Administrator
------------------------------------------
Blair Nimmo and Gary Fraser of KPMG Restructuring were appointed
as Joint Administrators of Manor Oak (PMG) Ltd, on Thursday,
October 15, 2009.

Manor Oak (PMG) was formed in 2007 to trade the Peugeot
dealerships in Aberdeen and Dundee after purchase from
Glenvarigill Company Ltd as part of a Group restructure and
turnaround process.

The business incurred continuing losses putting severe pressure on
the cash flow of the company.  Over the last nine months, in
conjunction with the manufacturer, Manor Oak (PMG) has been
seeking a buyer to take over the business as a going concern.
Despite these efforts no buyers were forthcoming, resulting in the
administration.

In these circumstances the administrators have unfortunately had
no option but to cease the company's trading activity with the
regrettable consequence of making 48 members of staff redundant.

The business employed 60 staff across the two dealerships.  Both
the Aberdeen and Dundee branches have retained 6 members of staff
each.

Peugeot customers concerned about any new vehicle orders should
contact their nearest Peugeot dealership in Peterhead, Perth or
Blairgowrie.

Blair Nimmo, joint administrator and head of restructuring for
KPMG in Scotland said: "It is with regret that we have had to make
48 redundancies across Manor Oak (PMG) Ltd's operations and we are
working with government agencies to ensure employees' issues are
dealt with as best as possible."

The Manor Oak (PMG)'s sister company Manor Oak (HMG) Ltd, which
operates two Honda dealerships continues to trade successfully, as
normal.


MULTIBUILD LTD: To Enter Into Company Voluntary Arrangement
-----------------------------------------------------------
Mark Lewis at cnplus.co.uk reports that Multibuild Ltd. has
proposed a Company Voluntary Arrangement to its creditors.

The report relates the company’s parent, Multibuild Group said a
CVA would achieve the best return for the companies and
individuals owed money.

According to the report, Multibuild Group said, “The operating
company has been experiencing problems due to a combination of the
recent economic conditions and a number of bad debts."

The company, the report discloses, also said it will be forced to
make redundancies.

Multibuild -- http://www.multibuild.co.uk/-- is a construction
firm based in Stockport.


NATIONAL EXPRESS: Gets GBP1.7 Bln Takeover Offer From Stagecoach
----------------------------------------------------------------
Beth Mellor and Ben Martin at Bloomberg News report that National
Express Group Plc said it received a "highly preliminary" proposal
from Stagecoach Group Plc for a GBP1.7-billion (US$2.8 billion)
all-share transaction in which its shareholders would hold no more
than 40% of the enlarged U.K. bus and rail company.

Bloomberg relates National Express said in a statement it will
consider the proposal while continuing to move toward raising
capital by selling additional shares.

"The board will carefully consider the Stagecoach proposal while
continuing to progress its equity funding plans in order to assess
whether the Stagecoach proposal offers greater value and certainty
to National Express shareholders," Bloomberg quoted National
Express as saying.

Bloomberg recalls National Express said Oct. 16 it was planning to
sell shares to pay down debt after CVC Capital Partners Ltd. and
Spain's Cosmen family, the largest shareholder, dropped a GBP765-
million bid.  The Cosmen's takeover proposal valued National
Express at 500 pence a share, Bloomberg notes.  According to
Bloomberg, the Cosmens, who have an 18% stake, said they would
support an equity fundraising within "certain parameters" that
they've communicated to the board.

Helen Power and Miles Costello at The Times report that National
Express has asked Stagecoach for further financial details of its
merger proposal.   The Times relates after an Oct. 19 board
meeting, the company, which is advised by Morgan Stanley and Bank
of America Merrill Lynch, has asked its rival for more detail on
how its offer is valued, including clarification of what National
Express share price an all-share merger would be based on.

The Times says key shareholders have told the company not to sell
itself to Stagecoach on the cheap and are urging it to concentrate
on a GBP350 million rescue rights issue.

                           Going Concern

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

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


RESIDENTIAL MORTGAGE: Fitch Junks Rating on Class B2 Notes
----------------------------------------------------------
Fitch Ratings has upgraded three, downgraded 12 and affirmed 45
tranches of the outstanding Residential Mortgage Securities Plc
series' transactions.  Each series contains UK residential
mortgage loans originated by Kensington Group Plc.  A full rating
breakdown is provided at the end of this comment.

The downgrades affect tranches of the more recently issued RMS
transactions (RMS20, RMS21, and RMS22), and were principally due
to the deterioration in the collateral portfolios underlying the
issued notes, in particular the large volume of outstanding
repossessions and the level of loss severity realized on sold
repossessions.

RMS20, RMS21, and RMS22 have not benefitted from the strong credit
enhancement growth and house price appreciation to the same extent
as the older vintage transactions, and are thus more exposed to
the current recessionary environment.  Fitch expects further house
price declines in the UK, and therefore the high volume of current
repossessions within these pools are expected to continue to see
high loss severity levels as properties are sold.  In addition,
growing unemployment levels are expected to result in more
borrowers, particularly those already in arrears, being unable to
meet their mortgage payments and lead to an increase in
repossession levels in all the transactions.

As of August 2009, loans in arrears for more than three months
stand at 33.91%, 37.63%, 37.66%, 35.82% and 31.25%, respectively
for RMS18 through RMS22, while current repossessions have reached
4.74%, 4.08%, 5.48%, 4.46% and 3.54% of the same transactions
respective current outstanding collateral balances.

Although all the transactions have yet to draw on their cash
reserve fund, Fitch anticipates that this will occur for RMS21 and
RMS22 in the near future.  The level of excess spread available in
these two transactions, after covering for period losses, has been
limited and Fitch expects this to turn negative as the large
repossession book is sold.  However, the timing of the realisation
of these losses is important, and Fitch has assumed that the
current repossessions are sold over the next 18 months.  A slower
sale process may mean the transactions are able to cover more loss
using excess spread, however, this would also expose the
transactions to any potential negative house price movement, and
therefore potentially higher losses.

The upgrades and affirmations in the older vintage transactions
within the series, RMS 18 and 19, were a consequence of de-
leveraging within the collateral portfolios due to high seasoning
and strong credit support for the rated notes.  Currently, these
transactions are down to just 10.09% and 13.24% of their
collateral balance at close.  Three month plus arrears levels
(inclusive of repossessions) for these transactions were 33.91%
and 37.63%, respectively in August 2009.  However, the potential
risk of this large non-performing portfolio is adequately covered
by the level of cash reserve and excess spread generated by the
transactions.  The underlying collateral portfolios of these two
transactions are expected to continue to generate enough excess
spread to cover future possible losses that might be realised from
sale of current repossessions.  A total 4.74% and 4.08% of their
respective loans currently outstanding are under repossession.  In
addition, the expiry of the detachable coupons will further
improve the availability of excess revenue

Fitch used its EMEA RMBS surveillance criteria, employing its
credit cover multiple methodology, in reviewing the transaction to
assess the level of credit support available to each class of
notes.

The rating actions are:

Residential Mortgage Securities 18 plc:

  -- Class A2a (ISIN XS0195867071): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating (LS) of LS-1

  -- Class A2a DAC 2009 (ISIN XS0195867584): affirmed at 'AAA';
     Outlook Stable

  -- Class A2b (ISIN XS0195868046): affirmed at 'AAA'; Outlook
     Stable; assigned LS-1

  -- Class A2b DAC 2009 (ISIN XS0195868806): affirmed at 'AAA';
     Outlook Stable

  -- Class A2c (ISIN XS0195869283): affirmed at 'AAA'; Outlook
     Stable; assigned LS-1

  -- Class A2c DAC 2009 (ISIN XS0195870026): affirmed at 'AAA';
     Outlook Stable

  -- Class M1a (ISIN XS0195870455): affirmed at 'AAA'; Outlook
     Stable; assigned LS-3

  -- Class M1c (ISIN XS0195875413): affirmed at 'AAA'; Outlook
     Stable; assigned LS-3

  -- Class M2c (ISIN XS0195876064): upgraded to 'AAA' from 'AA';
     Outlook Stable; assigned LS-3

  -- Class B1a (ISIN XS0195876817): upgraded to 'AA-' from 'A';
     Outlook Stable; assigned LS-4

  -- Class B1c (ISIN XS0195877039): upgraded to 'AA-' from 'A';
     Outlook Stable; assigned LS-4

  -- MERCs (ISIN XS0195910343): affirmed at 'AAA'; Outlook Stable

Residential Mortgage Securities 19 plc:

  -- Class A2a (ISIN XS0203538052): affirmed at 'AAA'; Outlook
     Stable; assigned LS-2

  -- Class A2a DAC 2009 (ISIN XS0203543722): affirmed at 'AAA';
     Outlook Stable

  -- Class A2c (ISIN XS0203542088): affirmed at 'AAA'; Outlook
     Stable; assigned LS-2

  -- Class A2c DAC 2009 (ISIN XS0203540389): affirmed at 'AAA';
     Outlook Stable

  -- Class M1a (ISIN XS0203538300): affirmed at 'AAA'; Outlook
     Stable; assigned LS-3

  -- Class M1c (ISIN XS0203542245): affirmed at 'AAA'; Outlook
     Stable; assigned LS-3

  -- Class M2a (ISIN XS0203538482): affirmed at 'A+'; Outlook
     revised to Stable from Positive; assigned LS-3

  -- Class M2c (ISIN XS0203542591): affirmed at 'A+'; Outlook
     revised to Stable from Positive; assigned LS-3

  -- Class B1a (ISIN XS0203538649): affirmed at 'BBB'; Outlook
     revised to Stable from Positive; assigned LS-3

  -- Class B1c (ISIN XS0203542674): affirmed at 'BBB'; Outlook
     revised to Stable from Positive; assigned LS-3

  -- MERCs (ISIN XS0203547558): affirmed at 'AAA'; Outlook Stable

Residential Mortgage Securities 20 plc:

  -- Class A2a (ISIN XS0213175788): affirmed at 'AAA'; Outlook
     Stable; assigned LS-2

  -- Class A2a DAC 2010 (ISIN XS0213206336): affirmed at 'AAA';
     Outlook Stable

  -- Class A2c (ISIN XS0213176596): affirmed at 'AAA'; Outlook
     Stable; assigned LS-2

  -- Class A2c DAC 2010 (ISIN XS0213207490): affirmed at 'AAA';
     Outlook Stable

  -- Class M1a (ISIN XS0213177214): affirmed at 'AA'; Outlook
     Stable; assigned LS-4

  -- Class M1c (ISIN XS0213178022): affirmed at 'AA'; Outlook
     Stable; assigned LS-4

  -- Class M2a (ISIN XS0213178709): affirmed at 'A'; Outlook
     revised to Negative from Stable; assigned LS-4

  -- Class M2c (ISIN XS0213179343): affirmed at 'A'; Outlook
     revised to Negative from Stable; assigned LS-4

  -- Class B1a (ISIN XS0213180432): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned LS-4

  -- Class B1c (ISIN XS0213180945): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned LS-4

  -- MERCs (ISIN XS0213406696): affirmed at 'AAA'; Outlook Stable

Residential Mortgage Securities 21 Plc:

  -- Class A3a (ISIN US76112VBD73): affirmed at 'AAA'; Outlook
     Stable; assigned LS-2

  -- Class A3a-2010 DAC (ISIN US76112VBK17): affirmed at 'AAA';
     Outlook Stable

  -- Class A3c (ISIN US76112VBF22): affirmed at 'AAA'; Outlook
     Stable; assigned LS-2

  -- Class A3c-2010 DAC (ISIN US76112VBM72): affirmed at 'AAA';
     Outlook Stable

  -- Class M1a (ISIN US76112VAG14): affirmed at 'AA'; Outlook
     Stable; assigned LS-4

  -- Class M1c (ISIN US76112VAH96): affirmed at 'AA'; Outlook
     Stable; assigned LS-4

  -- Class M2a (ISIN US76112VAJ52): affirmed at 'A'; Outlook
     revised to Negative from Stable; assigned LS-4

  -- Class M2c (ISIN US76112VAK26): affirmed at 'A'; Outlook
     revised to Negative from Stable; assigned LS-4

  -- Class B1a (ISIN US76112VAL09): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned LS-5

  -- Class B1c (ISIN US76112VAM81): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned LS-5

  -- Class B2a (ISIN US76112VAN64): downgraded to 'B' from 'BB-';
     Outlook Negative; assigned LS-5

  -- MERCs (ISIN US76112VAW63) affirmed at 'AAA'; Outlook Stable

Residential Mortgage Securities 22 plc:

  -- Class A3a (ISIN XS0259417565): affirmed at 'AAA'; Outlook
     Stable; assigned LS-1

  -- Class A3a-2009 DAC (ISIN XS0259425071): affirmed at 'AAA';
     Outlook Stable

  -- Class A3a-2011 DAC (ISIN XS0259430154): affirmed at 'AAA';
     Outlook Stable

  -- Class A3c (ISIN XS0259418290): affirmed at 'AAA'; Outlook
     Stable; assigned LS-1

  -- Class A3c-2009 DAC (ISIN XS0259427010): affirmed at 'AAA';
     Outlook Stable

  -- Class A3c-2011 DAC (ISIN XS0259431392): affirmed at 'AAA';
     Outlook Stable

  -- Class M1a (ISIN XS0259418456): downgraded to 'AA-' from 'AA';
     Outlook Negative; assigned LS-3

  -- Class M1c (ISIN XS0259418530): downgraded to 'AA-' from 'AA';
     Outlook Negative; assigned LS-3

  -- Class M2a (ISIN XS0259418704): downgraded to 'BBB' from 'A';
     Outlook Negative; assigned LS-3

  -- Class M2c (ISIN XS0259418969): downgraded to 'BBB' from 'A';
     Outlook Negative; assigned LS-3

  -- Class B1a (ISIN XS0259419264): downgraded to 'BB-' from
     'BBB-'; Outlook Negative; assigned LS-3

  -- Class B1c (ISIN XS0259419421): downgraded to 'BB-' from
     'BBB-'; Outlook Negative; assigned LS-3

  -- Class B2 (ISIN XS0259419777): downgraded to 'CCC' from 'B';
     assigned a Recovery Rating (RR) of RR4

  -- MERCs (ISIN XS0259420353): affirmed at 'AAA'; Outlook Stable


WHITE TOWER: Six Halabi London Office Buildings In Administration
-----------------------------------------------------------------
Chris Bourke at Bloomberg News reports that six of investor Simon
Halabi's office buildings in London were put into administration.

Bloomberg discloses a court in London on Oct. 19 granted an Oct. 9
request to protect the seven holding companies responsible for the
properties from creditors.

Bloomberg relates CB Richard Ellis Group Inc., manager of GBP1.15
billion (US$1.9 billion) of defaulted bonds tied to the offices,
appointed Ernst & Young LLP as administrator.  The bonds, issued
by White Tower 2006-3 Plc, became the largest commercial mortgage-
backed securities deal tied to a single borrower to default in
Britain, according to Bloomberg.


WIND SAVE: Owes Millions of Pounds to 100 Creditors
---------------------------------------------------
Simon Bain at Herald Scotland reports that Wind Save Ltd. owed
"several million pounds" to around 100 creditors when it went into
liquidation a month ago.

According to Herald Scotland, Graeme Tough of accountants Martin
Aitken, which was appointed liquidator at an Oct. 16 creditors'
meeting in Glasgow, revealed the figures but was unable to give
any more details.

"The next stage of the process will be an examination of the
company's records, and an investigation of the directors'
activities," Herland Scotland quoted Mr. Tough as saying.

Herald Scotland relates Mr. Tough said the debts had been "fairly
well spread" among 100 or so creditors, including former employees
who say they went unpaid from January until the company's wind-up
was forced by HM Revenue & Customs on September 4.

Wind Save Ltd. is a Glasgow-based roof turbine company created by
entrepreneur David Gordon.


YELL GROUP: Extends Deadline for Lenders to Decide on Debt Plan
---------------------------------------------------------------
Salamander Davoudi at The Financial Times reports that Yell Group
plc has extended the deadline for lenders to agree plans to
restructure its GBP3.8 billion debt.

According to the FT, the deadline, which expired on Friday,
Oct. 16, has been extended by just over a week to next Monday,
Oct. 26, in order to allow the remaining lenders more time to
process their requests through their credit committees.

Yell's debt restructuring plan, which require the backing of 95%
of lenders, involves an increase in interest from 3% above the
interbank lending rate to between 3.5 and 4% above, plus a one-off
payment of GBP41 million, in return for an extension of the debt
maturities until 2014, the FT discloses.  The company also intends
to pay off at least GBP500 million of its debt with an equity
raising, the FT notes.

                          About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the twelve
months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 29,
2009, Standard and Poor's Ratings Services said that it affirmed
its 'B' long-term corporate credit rating on United Kingdom-based
classified directories publisher Yell Group PLC.  S&P said the
outlook is negative.


* UK: Pace of Administrations Slowing, Deloitte Says
----------------------------------------------------
The total number of companies falling into administration
increased by 10% during the first nine months of 2009 compared to
the same period in 2008, according to analysis by Deloitte, the
business advisory firm.  While the total number of administrations
for Q3 is down on the same quarter for last year, albeit a
marginal drop of 6%, recovery is still not being felt across the
board.

Lee Manning, reorganization services partner at Deloitte,
commented: "In spite of talk of economic recovery, it is evident
that the situation is far from rosy.  These administration figures
highlight what businesses are experiencing right here and now.
The number of companies falling into administration is still
rising: although, if we are to look at our analysis of the first
half of the year, which saw administrations increase by 18%, the
pace appears to be decelerating as we move further into 2009.

"The property and construction sector is holding fast.
Administrations in the sector have risen just 7% in the first
three quarters of the year compared with the same period in 2008,
and are down 14% in Q309 compared with Q308.  Property was one of
the first industry groups to be hit 18 months ago.  We have since
seen a weeding out process with the stronger and better managed
businesses coming through.  These businesses have restructured and
refinanced through various measures including debt for equity
swaps and rights issues, thereby buying themselves a life line.
It is not surprising then that these figures are slowing down, and
even dropping.

"We are seeing a similar situation being played out in the retail
sector.  Administrations in Q309 are down 32% compared to Q308,
and have held steady in the first three quarters of the year with
a slight rise of 8% compared to the same period the previous year.
The increasing trend towards using CVAs as a rescue mechanism
rather than the more straightforward prepack administrations, has
also had an impact.

"The shrinkage in the retail sector has, however, compounded the
effects being felt in the wholesale sector.  Administrations in
the wholesale and distribution sector have seen an increase of 38%
in the first nine months of 2009 compared to the same period in
2008, and an increase of 34% in Q309 compared with Q308.  As the
effects of the weak pound are being felt across the economy,
wholesale prices are undoubtedly being impacted.  The
repercussions of this, including reduced demand from retailers,
means that wholesalers may be finding themselves without a
guarantee of future trading and are suffering as a result."

Key highlights:

    * First nine months of 2009 saw 2320 companies fall into
      administration, compared with 2109 companies in 2008;

    * Q309 saw 666 companies go into administration, down 6%
      compared with Q308, which saw 707 companies fall into
      administration;

    * Comparing the first three quarters of 2009 with 2008, the
      recruitment and business services sector has seen
      administrations increase 11% from 339 in the first nine
      months of 2008 to 375 in 2009;

    * There were 199 retail administrations in the first three
      quarters of 2008, which rose 8% to 215 in 2009.

Deloitte LLP -- http://www.deloitte.co.uk/-- is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein,
whose member firms are legally separate and independent entities.


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


* S&P Puts Ratings on 24 European CDOs on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its credit ratings on 24
European corporate collateralized debt obligation tranches on
CreditWatch with negative implications.

S&P took these CreditWatch actions following the update to the
criteria and assumptions S&P use to rate corporate CDO
transactions.

Due to an administrative error, S&P did not include these tranches
in S&P's Sept. 17, 2009 ratings action media release.  The rating
actions reflect S&P's discovery of the error.

S&P expects the criteria update to result in downgrades of many
rated CDOs that are backed by, or reference, corporate debt.  The
CreditWatch placements affect nearly all of S&P's ratings on
European corporate CDO transactions, including collateralized loan
obligations, collateralized bond obligations, CDOs of corporate
CDOs, synthetic corporate CDOs, CDOs backed by trust preferred
assets, and other CDO transactions collateralized by or
referencing corporate credits.

  Review of Synthetic CDO Transactions Through S&P's SROC Process

For synthetic CDO transactions, S&P will focus on the revised SROC
ratios incorporating the updated criteria.  A rating committee
will determine the final rating decisions.

Once S&P has completed its review of synthetic CDO transactions,
S&P will publish a consolidated media release for the affected
transactions.  S&P expects to complete its reviews within 90 days
of the publication of the updated criteria.  Until that time, S&P
will not include corporate CDO transactions in S&P's monthly SROC
report, although S&P does intend to continue publishing the SROC
report for other (noncorporate) synthetic CDO transactions,
including synthetic CDOs of asset-backed securities.

S&P's reviews of the affected synthetic CDOs will consider both
the updated criteria and also any credit deterioration the
transactions have experienced since their last review.  After S&P
complete S&P's reviews, S&P expects to resume publishing the
monthly Global SROC Report, which will include SROC ratios for
synthetic corporate CDO transactions under the updated criteria.

                           Ratings List

              Ratings Placed on Creditwatch Negative

                        Global Liberte III
          US$151 Million Unfunded CDS Between BNP Paribas
                      and Protection Seller

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 1            BBBsrp/Watch Neg          BBBsrp
        CDS 2            BBB-srp/Watch Neg         BBB-srp
        CDS 3            BB+srp/Watch Neg          BB+srp
        CDS 4            BBsrp/Watch Neg           BBsrp
        CDS 5            BB-srp/Watch Neg          BB-srp

                        Global Liberte III
             US$5.61 Billion CDS Between BNP Paribas
                 and Merrill Lynch International

                           Rating
                           ------
                  To                        From
                  --                        ----
                  AAAsrp/Watch Neg          AAAsrp

                        Global Liberte IV
          US$191.7 Million Unfunded Credit Default Swap

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 1            BBBsrp/Watch Neg          BBBsrp
        CDS 2            BBB-srp/Watch Neg         BBB-srp
        CDS 3            BB+srp/Watch Neg          BB+srp
        CDS 4            BBsrp/Watch Neg           BBsrp
        CDS 5            BB-srp/Watch Neg          BB-srp

                         Global Liberte V
           US$266.4 Million Unfunded Credit Default Swap

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 1            BBBsrp/Watch Neg          BBBsrp
        CDS 2            BBB-srp/Watch Neg         BBB-srp
        CDS 3            BB+srp/Watch Neg          BB+srp
        CDS 4            BBsrp/Watch Neg           BBsrp
        CDS 5            BB-srp/Watch Neg          BB-srp

                  Omega Capital Investments PLC
        US$16.5 Million Unfunded Credit Default Swap CDS 1
                        (Global Liberte II)

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 1            Asrp/Watch Neg            Asrp

                   Omega Capital Investments PLC
         US$56.1 Million Unfunded Credit Default Swap CDS 2
                        (Global Liberte II)

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 2            BBBsrp/Watch Neg          BBBsrp

                  Omega Capital Investments PLC
       US$29.4 Million Unfunded Credit Default Swap CDS 3
                       (Global Liberte II)

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 3            BBB-srp/Watch Neg         BBB-srp

                  Omega Capital Investments PLC
        US$39.6 Million Unfunded Credit Default Swap CDS 4
                       (Global Liberte II)

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 4            BB+srp/Watch Neg          BB+srp

                   Omega Capital Investments PLC
        US$19.8 Million Unfunded Credit Default Swap CDS 5
                       (Global Liberte II)

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 5            BBsrp/Watch Neg           BBsrp

                  Omega Capital Investments PLC
         US$13.2 Million Unfunded Credit Default Swap CDS 6
                        (Global Liberte II)

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        CDS 6            BB-srp/Watch Neg          BB-srp

                        Ashwell Rated S.A.
     EUR15 Million Floating-Rate Credit-Linked Notes Series 16
               (Constellations Synthetic CDO 2007-4)

                                   Rating
                                   ------
        Class            To                        From
        -----            --                        ----
        16-A-EUR1         CCC/Watch Neg            CCC


IXIS Corporate & Investment Bank and BNP Paribas (London branch)
            EUR25 Million Unfunded Credit Default Swap

                           Rating
                           ------
                  To                        From
                  --                        ----
                  AA-srp/Watch Neg         AA-srp

                            *********

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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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