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        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

          Thursday, October 22, 2009, Vol. 10, No. 209

                            Headlines

A U S T R I A

HAIRSTYLING LIEBETEGGER: Claims Filing Deadline is November 5
PC ONLINE: Claims Filing Deadline is November 5


G E R M A N Y

CORNERSTONE TITAN: Fitch Junks Ratings on Three Classes of Notes
EDSCHA NORTH AMERICA: Files for Chapter 11 Reorganization
TALISMAN 4: Fitch Junks Ratings on Three Classes of Notes
TITAN EUROPE: Fitch Junks Ratings on Two Classes of Notes


G R E E C E

NAVIOS MARITIME: Moody's Assigns 'Ba3' Rating on US$375 Mil. Notes
NAVIOS MARITIME: S&P Assigns 'BB-' Rating on US$375 Mil. Debt
YIOULA GLASSWORKS: Moody's Junks Corporate Family Rating From 'B3'


H U N G A R Y

DAM 2004: Liquidator In Talks with Potential Buyer
MAGYAR TELECOM: Moody's Changes Default Rating to 'Caa3/LD'

* HUNGARY: Corporate Liquidations Reach 11,525 in October 2009


I R E L A N D

CLEAR PLC: Moody's Junks Rating on Series 29 Notes From 'B3'
IRIS SPV: Moody's Downgrades Rating on EUR75 Mil. Notes to 'Caa3'
MASTERCHEFS: To Appoint Liquidator; 600 Jobs at Risk


I T A L Y

SAFILO SPA: Netherland's Hal Holding Draws Up Rescue Plan
SEAT PAGINE: Main Investors Deny Talks to Sell Stake
TAURUS CMBS: Fitch Cuts Ratings on Two Classes of Notes to 'BB'


K A Z A K H S T A N

ALMAZ MOTORS: Creditors Must File Claims by October 28
ALPIN HIM: Creditors Must File Claims by October 28
ASTANA FINANCE: To Cede 58.9% of Shares to International Creditors
BYT TECHNIKA: Creditors Must File Claims by October 28
ELTOM RA: Creditors Must File Claims by October 28

FORT BATYS: Creditors Must File Claims by October 28
GOR SVET: Creditors Must File Claims by October 28
NUR AIM: Creditors Must File Claims by October 28
SABIT KS: Creditors Must File Claims by October 28
STROY ENERGO: Creditors Must File Claims by October 28

TRISTAN OIL: Fitch Downgrades Issuer Default Rating to 'C'
TURGYN UI: Creditors Must File Claims by October 28


K Y R G Y Z S T A N

CENTRAL ASIAN: Creditors Must File Claims by November 4
NERRON TRADING: Creditors Must File Claims by November 4


L U X E M B O U R G

EUROPROP SA: Fitch Junks Ratings on Two Classes of Notes


N E T H E R L A N D S

CELF LOAN: Moody's Junks Ratings on Two Classes of Notes
LEO MESDAG: Fitch Corrects October 13 Press Release on Ratings
MORGAN STANLEY: Moody's Cuts Rating on Class E Notes to 'Caa3'
ZOO ABS: Moody's Cuts Ratings on Two Classes of Notes to 'Caa3'


R U S S I A

BAIKAL PAPER: Board to Discuss Plant Restart This Week


S L O V E N I A

ABANKA VIPA: Moody's Affirms 'D+' Bank Financial Strength Rating
NOVA KREDITNA: Moody's Cuts Bank Financial Strength Rating to 'D+'


S P A I N

CAMPOFRIO FOOD: Moody's Assigns 'B1' Corporate Family Rating
CAMPOFRIO FOOD: S&P Assigns 'B' Long-Term Corporate Credit Rating


S W E D E N

FORD MOTOR: Intellectual Property Hampers Geely, Volvo Talks
VOLVO CAR: Intellectual Property Hampers Geely Sale Talks


S W I T Z E R L A N D

ACTIV HAIR: Claims Filing Deadline is October 26
ADFAM AG: Claims Filing Deadline is October 28
ARCHETHA AG: Claims Filing Deadline is October 26
BAUMANN WOHNSTUDIO: Claims Filing Deadline is October 28
FABI GASTRO: Claims Filing Deadline is October 26

HANSELMANN TREUHAND: Claims Filing Deadline is October 28
HWS AG: Claims Filing Deadline is October 26
JOOS UMWELTTECHNIK: Claims Filing Deadline is October 26
MENZPLAN AG: Claims Filing Deadline is October 26
POINT OF LEADERS: Claims Filing Deadline is October 28


T U R K E Y

DOGAN YAYIN: Breaches Foreign Ownership Rules, RTUK Says


U K R A I N E

BUILDING PLUMBING: Creditors Must File Claims by October 24
GRADIS LTD: Creditors Must File Claims by October 24
MOTORCAR ENTERPRISE-2561: Creditors Must File Claims by October 24
PARTARIAL BS: Creditors Must File Claims by October 24
ZAPOROZHYE BUILDING: Creditors Must File Claims by October 24


U N I T E D   K I N G D O M

BAA: Has Deal to Sell Gatwick Airport to GIP
CHILLFEST LTD: Enters Into Liquidation
IN THE BOX: Placed Into Liquidation by the High Court
JJB SPORTS: Crystal Amber Cuts Stake to 5.4%
LEHMAN BROTHERS: Administrators Provide Progress Report

* UK: Some Pensions Schemes on Brink of Bankruptcy, Study Shows
* UK: Expert Says 5,800 Firms to Go Bust by Yearend
* UK: Business Insolvency Rate Stable in September, Experian Says


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         *********


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A U S T R I A
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HAIRSTYLING LIEBETEGGER: Claims Filing Deadline is November 5
-------------------------------------------------------------
Creditors Hairstyling Liebetegger KEG have until November 5, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 23, 2009 at 9:40 a.m.

For further information, contact the company's administrator:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


PC ONLINE: Claims Filing Deadline is November 5
-----------------------------------------------
Creditors Pc online 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 10:30 a.m.

For further information, contact the company's administrator:

         Mag. Barbara Ofner
         Hauptplatz 9-13
         2500 Baden
         Austria
         Tel: 02252/209899
         Fax: 02252/209899-99
         E-mail: barbara.ofner@bpv-huegel.com


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G E R M A N Y
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CORNERSTONE TITAN: Fitch Junks Ratings on Three Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded seven classes of notes from
Cornerstone Titan 2007-1 plc, a commercial mortgage-backed
securitization.  The Outlooks on the class B to D notes are
Negative.  The agency has simultaneously assigned Recovery Ratings
to the class E, F, and G notes.

The rating actions are:

  -- EUR543.8 million class A1 (XS0288055436) affirmed at 'AAA';
     Outlook Stable

  -- EUR5,000 class X (XS0288123028) affirmed at 'AAA'; Outlook
     Stable

  -- EUR316.4 million class A2 (XS0288055600) downgraded to 'A'
     from 'AAA'; Outlook Stable

  -- EUR71.4 million class B (XS0262561946) downgraded to 'BBB'
     from 'AA+'; Outlook Negative

  -- EUR42.0 million class C (XS0288057218) downgraded to 'BBB-'
     from 'AA'; Outlook Negative

  -- EUR92.3 million class D (XS0288057648) downgraded to 'B' from
     'A'; Outlook Negative

  -- EUR56.6 million class E (XS0288058885) downgraded to 'CCC'
     from \ 'BBB'; assigned RR4

  -- EUR31.6 million class F (XS0288059420) downgraded to 'CCC'
     from 'BBB-'; assigned RR6

  -- EUR17.5 million class G (XS0288060196) downgraded to 'CCC'
     from 'BB'; assigned RR6

Most of the underlying loans in the transaction, which are secured
by collateral located in Germany (79% by market value, MV), France
(17%), Switzerland (2%), Poland (1%) and the Netherlands (1%),
have been affected by the ongoing downturn in the continental
European commercial real estate markets.  The loan pool had a
reported weighted-average loan-to-value ratio of 75% at the July
2009 interest payment date.  This compares to a WA Fitch LTV of
109%, reflecting an overall market value decline of approximately
29% since closing in March 2007.  The downgrades were also driven
by balloon risk: 27% of the portfolio is scheduled to mature in
the next two years.

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

Of the twenty-eight remaining loans, the Loews loan, 8.4% by
portfolio loan balance, is currently in special servicing and four
other loans, accounting for 39.4% by portfolio loan balance, are
on the servicer's watchlist.

The Loews loan was transferred to special servicing in October
2008 after the borrower, part of the Level One Group, filed for
insolvency in September 2008.  The insolvency administrator,
together with the special servicer (Capita Asset Services), has
mandated CBRE to start pre-marketing the portfolio in order to
obtain all the relevant information prior to determining a clear
sale strategy.  During the latest reporting period, Capita
received an updated valuation of the multi-family portfolio that
indicates a 39% market value decline since closing.  This
translates into a senior LTV of 95.6% and a whole loan LTV of
117%.

Of the four watchlisted loans, the largest is the Xanadu loan,
representing 23.8% of the portfolio balance.  The facility is
secured by seven large office buildings in Germany, all let to
Deutsche Telekom ('BBB+'/'F2'/Stable) on leases expiring in 2019.
Although the downgrade of the sole tenant triggered a cash trap
mechanism, Fitch believes that the credit strength of Deutsche
Telekom, combined with the length of the leases, still mitigates
current negative real estate market conditions.

Fitch is also closely following the currency risk present in the
transaction, although this only relates to loans accounting for
2.8% of the loan balance.  In the case of the Phillips and Klimson
loans, the loans are denominated in Swiss francs.  Despite the
presence of issuer-level hedging, should a loss be suffered on
these loans, noteholders' exposure could be compounded by an
appreciation of the Swiss franc relative to the euro.  The Zara
Centrum loan is a euro-denominated facility secured by a single
property in Poland.  As the Zloty-denominated rental payments are
re-set quarterly with reference to the euro, an appreciation of
the euro could result in tenants struggling to keep up with
payments and, ultimately, defaulting on their rental obligations.

Fitch will continue to monitor the performance of the transaction.


EDSCHA NORTH AMERICA: Files for Chapter 11 Reorganization
---------------------------------------------------------
Don Jeffrey at Bloomberg News reports that Edscha North America
Inc., has filed for Chapter 11 reorganization (Bankr. N.D. Ill.
Case No. 09-39055), eight months after its German parent filed for
insolvency.  The company listed assets of US$6.44 million and
liabilities of US$672.4 million in its voluntary Chapter 11
petition.

Edscha AG, the German auto parts company and parent of Edscha
North America, filed for insolvency for its European operations on
Feb. 2, 2009.  At the time, it cited "massive declining trends" in
the auto industry and difficulty in obtaining financing.

The debts incurred by the company's leveraged buyout through
Carlyle in late 2002 "was not responsible" for the insolvency
filing, but the massive slump in car sales.  The insolvency of
Edscha followed a 50% drop in some of the company's businesses
during the fourth quarter of 2008.

Germany-based Edscha AG manufactures door hinges, convertible
roofs and driver controls for major carmakers.  It was previously
owned by buyout firm Carlyle Group.


TALISMAN 4: Fitch Junks Ratings on Three Classes of Notes
---------------------------------------------------------
Fitch Ratings has downgraded Talisman 4 Plc's A to G note classes,
excluding the class X notes which were affirmed.  The Outlooks on
the A to D notes, excluding class X which has a Stable Outlook,
are Negative.  The rating actions are:

  -- EUR320.1 million class A (XS0263096389) downgraded to 'AA'
     from 'AAA'; Outlook Negative

  -- EUR0.04 million class X (XS0263097783) affirmed at 'AAA';
     Outlook Stable

  -- EUR39.4 million class B (XS0263098161) downgraded to 'BBB'
     from 'AA'; Outlook Negative

  -- EUR39.4 million class C (XS0263098914) downgraded to 'BB'
     from 'A'; Outlook Negative

  -- EUR25.6 million class D (XS0263099722) downgraded to 'B' from
     'BBB'; Outlook Negative

  -- EUR17.7 million class E (XS0263100835) downgraded to 'CCC'
     from 'BBB-'; assigned a Recovery Rating (RR) of RR6

  -- EUR13.9 million class F (XS0263101304) downgraded to 'CCC'
     from 'BB'; assigned RR6


  -- EUR2.0 million class G (XS0263101569) downgraded to 'CC' from
     'B'; assigned RR6

The downgrades have been driven by the deterioration of the German
commercial real estate market since the transaction closed in
September 2006.  Fitch believes that two loans in particular, the
DIV Dandelion and D12 loans, are likely to have experienced a
marked upward shift in yields, despite their stable performance to
date.  The Negative Outlooks reflect Fitch's continued negative
view of real estate values.

The two largest loans in the pool, D12 and Barthonia, account for
over half the transaction's loan balance.  The largest loan, D12
(38% of the pool balance), is secured by a portfolio of 12 offices
fully let to Deutsche Telekom ('BBB+'/Outlook Stable).  The assets
all share the characteristic of being located in out-of-town
secondary locations, but benefit from a weighted-average lease
length of 7.8 years.  The second largest loan, the Barthonia loan
(22.5% of the pool balance), is secured by a mixed use site
located in the Ehrenfeld district of Cologne which comprises
office, retail and multifamily housing space.  As the loan's
interest coverage ratio of 1.37x is currently below the cash trap
trigger of 1.4x, surplus cash is being trapped and the loan
remains on the servicer's watchlist.

The transaction originally comprised eight loans.  The prepayment
of the Monti and Wood loans, combined with scheduled amortization,
has had the effect of reducing the total securitized balance to
EUR458.2 million from EUR738.9 million.  The portfolio has not
been re-valued since closing.  Based on the valuations in place
the reported WA current and exit loan-to-value ratios stand at
77.7% and 75.8%, respectively.  This compares to a WA Fitch
current and exit LTVs of 92.1% and 89.7%, respectively, implying a
WA market value decline of 15.6%.  The loan maturity dates are
concentrated: the DIV loan matures first in April 2011, whilst the
other loans all mature in 2013.  Final legal maturity is in July
2015.

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

Fitch will continue to monitor the performance of the transaction.


TITAN EUROPE: Fitch Junks Ratings on Two Classes of Notes
---------------------------------------------------------
Fitch Ratings has affirmed Titan Europe 2006-3 Plc's class A and X
CMBS notes.  At the same time, Fitch has downgraded the class B,
C, D, E, and F notes as detailed below.  All note tranches have
been removed from Rating Watch Negative, except for class X which
remains on Outlook Stable.  The rating Outlook on class A is
Stable, while the Outlooks on classes B, C, and D are Negative.  A
Recovery Rating of RR5 has been assigned to class E, indicating
expected recoveries of between 10% and 30% of the current
principal balance.  On class F the expected recoveries total less
than 10% of the PBO and, therefore, RR6 has been assigned.

  -- EUR393.3 million class A (XS0257767631) affirmed at 'AAA';
     off RWN; assigned Outlook Stable

  -- EUR5,000 class X (XS0257768100) affirmed at 'AAA'; Outlook
     Stable

  -- EUR237.5 million class B (XS0257768522) downgraded to 'BBB'
     from 'AA'; off RWN; assigned Outlook Negative

  -- EUR50.2 million class C (XS0257769090) downgraded to 'BB'
     from 'AA'; off RWN; assigned Outlook Negative

  -- EUR54.8 million class D (XS0257769769) downgraded to 'B' from
     'A-'; off RWN; assigned Outlook Negative

  -- EUR36.7 million class E (XS0257770007) downgraded to 'CCC'
     from 'BB'; off RWN; assigned RR5

  -- EUR29.1 million class F (XS0257770775) downgraded to 'CCC'
     from 'B'; off RWN; assigned RR6

Deteriorating European property market conditions have weakened
the creditworthiness of the loans securitized in this transaction.
In addition, three loans jointly accounting for approximately 32%
of the current balance are presently in special servicing, one of
which did not make any debt service payments at the most recent
interest payment date in July 2009.  Fitch's criteria for European
CMBS surveillance was used to analyze the quality of the
underlying commercial loans.

In July 2009, following the insolvency of the sole tenant, Quelle
AG, in June 2009, the borrower of the EUR103.1 million Quelle
Nurnberg loan, of which EUR93.7 million is securitized, failed to
pay a contractual 'agreed prepayment amount' with respect to a new
lease being signed and, as a result, the loan entered special
servicing in September 2009.  Fitch understands that the tenant
expects to operate in the facility until the end of 2009, but it
remains uncertain if, after operational restructuring, the tenant
will remain in occupancy and in a position to pay rent again after
then.  Fitch has assumed in its analysis that Quelle AG defaults
and leaves the premises immediately, and that the property is re-
let after a void period.  The collateral primarily comprises a
warehouse, with additional office and retail space, located in
Nurnberg, Germany.  Its value going forward will depend on its re-
letting prospects if, indeed, vacated by Quelle AG.  The loan is
scheduled to mature in January 2013, three years prior to final
legal maturity of the notes.

A payment default occurred under the EUR108.1 million SQY Ouest
loan in July 2009 after the borrower had, in May 2009, announced
its inability to meet its debt service payments, resulting in its
immediate transfer to special servicing.  The debt service
coverage ratio had been below 1x since July 2008, when the
scheduled amortization of the loan commenced.  However, this did
not constitute an event of default as long as debt service
continued to be serviced with the support of the loan sponsor.
Although the vacancy rate remains 11%, in July 2009 the servicer
reported rental arrears of EUR5.3 million (mostly older than six
months) after the write-off of EUR0.5 million of arrears which had
been deemed irrecoverable.  A revaluation of the asset in October
2009 resulted in a loan-to-value ratio of 147%, compared to the
reported LTV of 74% three months previously.  The scheduled
maturity, for SQY Ouest is July 2012, compared to a weighted
average unexpired lease term is 6.4 years.

The EUR68.3 million Monnet loan entered special servicing in
September 2009 as the result of an ongoing, uncured, breach of the
DSCR covenant of 1x.  The loan is secured by six Belgian and two
German office properties.  The covenant breach was mainly caused
by the expiry of a rental guarantee over the Belgian assets in
conjunction with a current vacancy rate of 23% across these six
assets.  The German properties also display relatively high
vacancy rates of around 16%, but continue to benefit from a rental
guarantee until January 2011.  The loan will mature in April 2012
and has a WA unexpired lease term of 1.9 years.

The remaining eleven loans are performing in line with
expectations but, according to Fitch's assessment of market value,
have typically experienced value declines of between 15% and 30%,
depending on property type, location and date of the last
valuation.  The assets are located in France, Germany, the
Netherlands, Belgium and Luxembourg.


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G R E E C E
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NAVIOS MARITIME: Moody's Assigns 'Ba3' Rating on US$375 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Ba3
rating to the proposed issuance by Navios Maritime Holdings Inc.
of new US$375 million of secured notes with maturity date October
2017.  At the same time, Moody's has affirmed Navios's B1
corporate family rating and B3 senior unsecured rating.  The
outlook on Navios's ratings is negative.

The (P) Ba3 rating on the notes reflects their relative ranking
within the company's capital structure.  The notes will be jointly
and severally guaranteed by the Issuer and by each of Navios's
existing and subsequently acquired or organized domestic and
international subsidiaries ("Guarantors"), other than Unrestricted
Subsidiaries under the existing unsecured notes.  The new notes
will be senior secured obligations of the Issuer and Guarantors
and will rank equal in right of payments to all existing and
future senior indebtedness and effectively senior as to the
collateral securing the notes.  The collateral securing of the
notes will be provided by a First ship Mortgage on 15 Dry Bulk
vessels, whose market value at the end of September 2009 was
around US$0.5 bln.  The net proceeds from the proposed offering
will be applied towards the re-financing of existing indebtedness.

Moody's expects to remove the provisional status and affirm the
rating upon satisfactory review of final documentation and
completion of the issuance.

The B1 corporate family rating is broadly in line with the
indication provided by Moody's methodology (Ba3) and factors in:
(i) Navios's consolidated leading position in the dry-bulk
industry as a result of growth by acquisition and a significant
fleet-development program; (ii) Navios's good operating
performance; (iii) Navios's conservative charter policy and
associated credit insurance; (iv) Navios's operating efficiency
thanks to the low average age of the fleet.

However, the B1 CFR also takes into consideration: (i) a
relatively highly leveraged capital structure due to the high
investment required to build up the current fleet; (ii) its
activities in both the spot market, which increase the company's
risk profile; (iii) some implementation risk related to the
capital investment program currently underway.

Moody's previous rating action on Navios was implemented on 27
November 2008, when the rating agency changed the outlook on its
ratings from stable to negative.

Navios is a vertically integrated global seaborne shipping
company, specializing in the worldwide carriage, trade, storage
and other related logistics of international dry-bulk cargo
transportation.  The company controls a fleet of 60 vessels (39
currently operating, comprising 22 wholly-owned vessels and 17
long-term charters), with an aggregate carrying capacity of
6.4 million deadweight tonnes and an average age of 4.8 years.  In
the financial year ended December 31, 2008 (FY2008), the company's
revenues totalled US$1,246 million.


NAVIOS MARITIME: S&P Assigns 'BB-' Rating on US$375 Mil. Debt
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term senior secured debt rating to US$375 million in
proposed first priority ship mortgage notes due 2017 to be issued
by Greece-based Navios Maritime Holdings Inc. (Navios,
BB-/Stable/--) and Navios Maritime Finance (US) Inc.  The issue
rating is equalized with the long-term corporate credit rating on
Navios, reflecting the secured nature of the issue.

The proposed notes are to be secured by first priority ship
mortgages on 15 dry-bulk vessels owned by certain subsidiary
guarantors.  They will effectively rank senior to all of Navios'
unsecured liabilities to the extent of the value of the collateral
securing the notes.  The current charter-adjusted value of the
vessels, as assessed by the company and its consultants, is about
US$668 million.

Of the proceeds, US$105 million is earmarked for the financing of
two new dry-bulk vessels to be delivered in late 2009 and early
2010.  This amount will be held in escrow until delivery of the
vessels.

The corporate credit rating on Navios reflects the dry-bulk
shipping sector's below-average industry characteristics and
currently tough market conditions.  In addition, Navios' financial
profile is likely to prove aggressive over the cycle and the
company has some exposure to short-term speculative derivatives
trading.  These risks are balanced by Navios' high level of
medium-term contract coverage (which is largely protected by
government-backed counterparty credit insurance), solid reputation
as a quality operator, and modern, high-quality vessel fleet.


YIOULA GLASSWORKS: Moody's Junks Corporate Family Rating From 'B3'
------------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Yioula Glassworks S.A. to Caa1 from B3.  The rating on Yioula's
EUR140 million senior unsecured notes was downgraded to Caa2.  The
outlook on the ratings is stable.

Rainer Neidnig, lead analyst for Yioula said: "The rating action
reflects the weakening of leverage ratios in 2009 to levels below
what is required for the B3 rating category, and the agency's
opinion that the recovery to metrics more in line with the rating
category will take materially longer than previously expected.  At
the same time the rating remains supported by the company's
relatively resilient operating profitability despite lower volumes
caused by the recessionary environment and the expectation that
Yioula will be able to achieve break even Free Cash Flow in 2009
on the back of significantly reduced capex spending and continued
tight working capital management".

In light of the recessionary environment Yioula's revenues
declined by 22% in H1 2009 as customers have significantly scaled
back their investments into new bottles.  Subsequently, reported
EBITDA reduced from EUR36 million to EUR26 million in H1.
Moreover, FX translation of Euro denominated loans to Romanian and
Ukrainian subsidiaries resulted in a loss from currency
translation of close to EUR17 million over the past twelve months.
As a result leverage as measured by Debt/EBITDA increased 5.9x
(excluding FX translation losses) and to 8.6x (including FX
translation losses) over the LTM period per June 2009.

The rating remains supported by the company's position as a
dominant player in its core market of south-eastern Europe, its
long-term customer and supplier relationships in that region as
well as the concentration of operations in low-cost countries and
the installation of a more efficient asset base over recent years.
However, Moody's continue to caution that the economic environment
remains very challenging in a number of countries where the
company is operating and that Yioula's liquidity profile is weak
which could result in material financial stress in the case of any
unexpected deterioration of the operating environment or the
company's operating performance.  Moreover, potential volatility
in input costs, mainly natural gas and soda ash, remains a
challenge to be managed.

Downgrades:

Issuer: Yioula Glassworks S.A.

  -- Probability of Default Rating, Downgraded to Caa1 from B3

  -- Corporate Family Rating, Downgraded to Caa1 from B3

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2,
     LGD5, 73% from Caa1, LGD4, 63%

The last rating action was implemented on December 10, 2008, when
Moody's downgraded Yioula's Corporate Family Rating to B3 from B2
with a stable outlook.

Yioula Glassworks S.A., based in Athens (Greece), produces a wide
variety of glass containers for the food and beverage industries
throughout south-eastern Europe as well as glass tableware for the
Greek, Bulgarian, Romanian and Ukrainian markets.  Yioula
generated revenues of EUR236 million in 2008.


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H U N G A R Y
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DAM 2004: Liquidator In Talks with Potential Buyer
--------------------------------------------------
MTI-Econews reports that DAM 2004 Kft's liquidator has started
talks with a potential buyer of the company's assets.

The result of the negotiations is expected to be announced on
October 26, MTI says.

As reported in the Troubled Company Reporter-Europe on July 15,
2009, Bloomberg News, citing MTI, said the company suspended
production in December 2008.

Based in Diosgyor, Hungary, DAM 2004 Kft is a steelmaker currently
owned by Swiss-Ukrainian consortium Donbass.


MAGYAR TELECOM: Moody's Changes Default Rating to 'Caa3/LD'
-----------------------------------------------------------
Moody's Investors Service has changed the Probability of Default
Rating of Magyar Telecom B.V. to Caa3/LD from Caa3.  Magyar
Telecom's B3 Corporate Family Rating and ratings of the company's
EUR142 million 10.75% notes due 2012 and EUR200 million floating-
rate notes due 2013 remain unchanged at Caa1.  The review has been
changed to direction uncertain as Moody's continue to assess the
new owners' strategic and financial plans and the impact of the
revised capital structure on the rated debt instruments.

The change of the company's PDR reflects the announcement that
approximately EUR10.7 million of 2012 notes and EUR74.3 million of
2013 notes have been tendered at EUR930 and EUR840 per EUR1,000,
respectively.  The offer was conditional upon, among other things,
the acceptance by at least 50% of the holders of the
EUR178.2 million PIK notes outstanding to tender them at a price
of EUR550 per EUR1,000.  EUR154.5 million in aggregate principal
amount of the PIK was tendered, representing 86.73% of the notes
currently outstanding.

The ratings remain under review as Moody's continues its
assessment of: (i) the company's future prospects in light of its
reduced leverage and improved liquidity profile; (ii) the
amendments to the terms and covenants of the existing bank debt;
(iii) the agreement from other banks to secure additional
financing under the senior facility; and (iv) the capital
structure resulting from the distressed exchange.

The last rating action was implemented on October 1, 2009, when
the company's PDR was downgraded to Caa3 from B3, reflecting the
fact that the series of transactions being contemplated by the
company at the proposed terms would be classified as a default by
Moody's.

Headquartered in Budaors, Hungary, Magyar Telecom is the second-
largest fixed-line telecommunications provider in Hungary.


* HUNGARY: Corporate Liquidations Reach 11,525 in October 2009
--------------------------------------------------------------
Edith Balazs at Bloomberg News reports that Hungarian corporate
liquidations as of mid-October exceeded the annual total for 2008.

Bloomberg relates Budapest-based corporate data researcher Opten
Informatikai Kft said company liquidations reached 11,525 as of
Oct. 16, compared with 11,504 liquidations for all of 2008.
According to Bloomberg, Opten said the total number of companies
liquidated may surpass 15,000 by year-end.


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


CLEAR PLC: Moody's Junks Rating on Series 29 Notes From 'B3'
------------------------------------------------------------
Moody's Investors Service has taken this rating action on notes
issued by C.L.E.A.R plc a collateralized debt obligation
transaction referencing a managed portfolio of corporate entities.

Issuer: Clear PLC

  -- Series 29: US$38,000,000 Limited Recourse Secured Floating
     Rate Credit-Linked Notes due 2017, Downgraded to Ca;
     previously on March 10, 2009 Downgraded to B3

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 373 from the last rating action to 607,
equivalent to an average rating of the current portfolio of Baa3.
The reference pool includes an exposure to CIT Group Inc., Ambac
Assurance Corporation and MBIA Insurance Corporation, which have
experienced substantial credit migration in the past few months,
and are now rated Ca, Caa2 and B3, respectively.  The portfolio is
currently exposed to a 3.9% Ca/C bucket compared to 0% the
previous rating action and have since suffered one credit event,
namely Syncora Guarantee Inc.  The subordination at the end of
August stood at 2.38% compared to 5.12% since the last rating
action.  The Banking, Finance and Insurance industry sectors are
the most represented, weighting 17.8%, 14.9% and 9.5%,
respectively, of the portfolio initial notional.

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

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

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


IRIS SPV: Moody's Downgrades Rating on EUR75 Mil. Notes to 'Caa3'
-----------------------------------------------------------------
Moody's Investors Service has taken this rating action on notes
issued by IRIS SPV plc Series 32/2007, a collateralized debt
obligation transaction referencing a managed portfolio of mostly
financial entities.

  -- EUR75,000,000 Diamond Floating Rate Credit Linked Notes due
     2012, Downgraded to Caa3; previously on March 10, 2009
     Downgraded to Caa1

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 733 from the last rating action to 864
equivalent to an average credit quality of the portfolio of Ba1.
The reference portfolio includes Ambac Financial Group which has
experienced substantial credit migration in the past few months,
and is now rated Ca; as well as Financial Guaranty Insurance
Company and MBIA Insurance Corporation.  Since inception, the
transaction has been restructured twice.  For more information,
please see moodys.com where one can find these PR's which contain
the required information:

1. Moody's: No negative rating impact IRIS SPV's notes following
   amendment - 07 May 2009

2. Moody's downgrades series 32/2007 Notes issued by IRIS SPV Plc
   - 17 Oct 2008

The subordination of the rated tranche, since closing, has been
reduced due to credit events on Federal Home Loan Mortgage
Corporation, Landesbanki, Glitnir Bank, Kaupthing Bank, Federal
National Mortgage Association and Syncora Guarantee Inc.  The
Banking, Insurance, Finance and Sovereign sectors are the most
represented, weighting 42.22%, 20.00%, 8.9% and 8.9% respectively,
of the portfolio initial notional.

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

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

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


MASTERCHEFS: To Appoint Liquidator; 600 Jobs at Risk
----------------------------------------------------
Laura Noonan at Independent.ie reports that Masterchefs will hold
a creditors' meeting on October 29 in Dublin's Harcourt Hotel for
the purpose of appointing a liquidator.

Independent.ie relates the development comes just seven months
after Masterchefs emerged from the examinership process with fresh
investment and restructured debt.

According to Independent.ie, the catering firm has just lost
another key contract, this time for Punchestown Racecourse.

Independent.ie recalls a report from examiner Kieran Wallace of
KPMG shows Masterchefs would have had a deficit of more than
EUR1.8 million had it been wound up last February.

Masterchefs provides corporate catering at high-profile sports and
other events.  The company has been trading for more than 20
years.  It employs up to 600 catering staff at bigger events.


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


SAFILO SPA: Netherland's Hal Holding Draws Up Rescue Plan
---------------------------------------------------------
Armorel Kenna and Elisa Martinuzzi at Bloomberg News report that
Dutch investment company Hal Holding NV has drawn up a rescue plan
for Safilo Group SpA.

According to Bloomberg, Safilo said in a statement Monday Hal will
buy between 37% and 49.99% of Safilo through a recapitalization
plan, making it the eyewear maker's biggest shareholder.
Bloomberg relates Hal has agreed to buy the stake subject to a
tender offer for EUR300 million of Safilo's bonds for which
acceptances of at least 60% must be received.  Hal will then buy
Safilo stock for EUR13 million, which will be followed by a
EUR250-million rights offering guaranteed by Hal, Banca Intesa and
UniCredit SpA, Bloomberg discloses.  Safilo will reorganize its
loans and will also sell EUR20 million worth of shops to Hal,
Bloomberg notes.

Italy's Tabacchi family, which controls Safilo through holding
company Only 3T SpA, will reduce its stake under the proposal,
Bloomberg says.

Safilo Group SpA -- http://www.safilo.com/-- is an Italy-based
company operating in the eyewear sector.  It designs, produces and
distributes such products as frames for reading glasses,
sunglasses, glasses for sport, ski masks, goggles and visors.  Its
products are primarily manufactured in four plants in Italy, one
in Slovenia and China and are marketed in 130 countries worldwide
through 39 direct commercial subsidiaries and more than 130,000
retail distributors.  The Group has 38 principal brands of which
10 directly owned and 28 licensed.  Brands include Safilo, Oxydo,
Carrera, Smith, Alexander McQueen, A/X Armani Exchange, Banana
Republic, BOSS - Hugo Boss, Bottega Veneta, Diesel, Valentino,
Dior, Emporio Armani and others.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 9,
2009, Moody's Investors Service downgraded Safilo S.p.A.'s
Probability of Default Rating to Ca/LD (Limited Default) from Caa3
and the Corporate Family Rating to Caa3 from Caa2.  The senior
unsecured rating on the EUR195 million notes due 2013 issued by
Safilo Capital International SA was downgraded to C (LGD5, 78%)
from Ca.  Moody's said the outlook on the ratings is stable.

On July 7, 2009, Troubled Company Reporter-Europe reported that
Standard & Poor's Ratings Services said that it lowered to 'SD'
(Selective Default) from 'CC' its long-term corporate credit
rating on Italy-based eyewear manufacturer Safilo SpA.  At the
same time, S&P affirmed s'C' issue rating on the EUR195 million
9.625% second-lien notes due 2013 issued by Safilo Capital
International S.A.


SEAT PAGINE: Main Investors Deny Talks to Sell Stake
----------------------------------------------------
Jerrold Colten and Chiara Remondini at Bloomberg News report that
Seat Pagine Gialle SpA's main investors reiterated that they are
not in contact of any kind with any other parties concerning the
sale of a stake in the company.

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2009, Bloomberg News said the company denied a newspaper report
that its main investors are discussing the sale of their stakes in
the company to a group led by businessmen Virgilio Degiovanni and
Fabio Arpe.

                       About Seat Pagine Gialle

Seat Pagine Gialle SpA -- http://www.seat.it/-- is an Italy-based
company that operates multimedia platform for assisting in the
development of business contacts between users and advertisers.
It is active in the sector of multimedia profiled advertising,
offering print-voice-online directories, products for the Internet
and for satellite and ortophotometric navigation, and
communication services such as one-to-one marketing.  Its products
include EuroPages, PgineBianche, Tuttocitta and EuroCompass, among
others.  Its activity is divided into four divisions: Directories
Italia, operating through, Seat Pagine Gialle; Directories UK,
through TDL Infomedia Ltd. and its subsidiary Thomson Directories
Ltd.; Directory Assistance, through Telegate AG, Telegate Italia
Srl, 11881 Nueva Informacion Telefonica SAU, Telegate 118 000
Sarl, Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.

                           *     *     *

As reported in the TCR-Europe on May 14, 2009, Standard & Poor's
Ratings Services said that it affirmed  its 'BB-' long-term
corporate credit ratings on Italy-based classified directories
publisher SEAT PagineGialle SpA.  S&P said the outlook is
negative.


TAURUS CMBS: Fitch Cuts Ratings on Two Classes of Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed Taurus CMBS No.2 S.r.l.'s Class A, B
and C commercial mortgage-backed floating rate notes and Class X
detachable coupon.  At the same time, Fitch downgraded Classes D,
E, F, and G as shown below:

  -- EUR38 million Class A (IT0003957005) affirmed at 'AAA';
     Stable Outlook

  -- Class X DC affirmed at 'AAA'; Stable Outlook

  -- EUR26.0 million Class B (IT0003957013) affirmed at 'AAA';
     Stable Outlook

  -- EUR14.2 million Class C (IT0003957021) affirmed at 'AA';
     Stable Outlook

  -- EUR16.6 million Class D (IT0003957039) downgraded to 'A' from
    'A+'; Stable Outlook

  -- EUR14.2 million Class E (IT0003957047) downgraded to 'BBB'
     from 'A-'; Stable Outlook

  -- EUR9.5 million Class F (IT0003957054) downgraded to 'BB' from
     'BBB'; Stable Outlook

  -- EUR14.1 million Class G (IT0003957062) downgraded to 'BB'
     from 'BBB-'; Stable Outlook

The issuer has one asset, a one-third syndicated portion of the
Berenice loan, which is secured on an Italian portfolio of mainly
office buildings.  This equals EUR132.5 million of this borrower's
debt, including EUR10.7 million of undrawn commitment.  The
Berenice borrower has a business plan based on property sales.
Originally, the collateral comprised 54 commercial properties,
with concentrations in the Milan and Rome regions.  Since closing,
nine properties have been sold, with EUR30.8 million prepaid.
Only modest de-leveraging has taken place on this loan, as a
release premium (of 10%) has applied only in respect of four
smaller properties, sold in 2009.

Fitch's criteria for European CMBS surveillance and multifamily
analysis were used to analyze the quality of the underlying
commercial loans.  The borrower is required to provide only very
limited information in its semi-annual disclosure to the servicer.
For its analysis, Fitch used the original rent roll from closing,
updated information from the servicer report, together with
property and cost information published on Atlantic2-Berenice's
homepage.  The loan had a reported gross rental income of EUR39.3
million in July 2009.  The occupancy rate (by area) had been
relatively stable between closing and July 2008 at around 88%,
although since then lease expiries have increased the vacancy rate
to a level that currently stands at 17%.  Fitch estimates a cost
ratio of around 20%.  Using the reported value (which relates to a
valuation conducted in June 2007) implies a running yield of below
5%.  Although the estimated net debt yield is above 8%, and offers
some comfort to bondholders, its margin above market yields has
declined significantly.  Related to this, Fitch estimates a loan
to value ratio well in excess of the reported 50.7% (55.6% if
fully drawn).  The resulting increase in effective advance rates
is the main driver of the downgrades of the classes D through G.

Out of four loans that were originally securitized in this
transaction, three have repaid.  Much of the principal collected
was applied sequentially, and the resultant de-levering has
supported the ratings of the classes A through C.  There has,
however, been an increase in the weighted average margin of the
notes, causing an interest shortfall on the Class G notes.  An
"available funds cap" limits interest due to the class G note in
the event of loan prepayments to what is available from the
remaining ones.  No such limitation applies to the class F note,
whose margin is also in excess of the loan's.  Fitch notes that if
the borrower manages to sell a large number of assets prior to
loan maturity, outperforming its business plan, an irrecoverable
interest shortfall may occur on the class F.  This risk also
contributes to the rating action on this class.


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


ALMAZ MOTORS: Creditors Must File Claims by October 28
------------------------------------------------------
Creditors of LLP Almaz Motors 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 4, 2009.


ALPIN HIM: Creditors Must File Claims by October 28
---------------------------------------------------
LLP Alpin Him Stroy is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

          Zimnyaya Str. 36
          Almaty
          Kazakhstan


ASTANA FINANCE: To Cede 58.9% of Shares to International Creditors
------------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that AO Astana
Finance plans to cede 58.9% of its shares to international
creditors as it restructures US$2.2 billion of debt.

According to Bloomberg, Astana said in a statement Tuesday that
holders of the company's Eurobonds will also receive US$350
million of new 7-year bonds, equivalent to 35% of outstanding
principal and interest.

Bloomberg recalls Astana defaulted in May on US$175 million of 9%
bonds maturing in 2011 as Kazakhstan slipped into its first
recession in a decade.

JSC Astana Finance a.k.a Astana Finans AO (KAS:ASFI) --
http://www.af.kz/-- is a Kazakhstan-based non-banking financial
institution.  It provides leasing services of such goods as
agricultural machines and equipment, trucks and road construction
machines, utilities and special machines, aircraft and aeronautic
equipment, and rolling-stock.  It also offers microcredits and
loans, mortgages, business credits, mutual funds, insurance,
hedging, and others.  The Company has branch offices located in
Astana, Almaty and Atyrau, Kazakhstan.  As of January 01, 2009, it
operated through nine wholly owned subsidiaries, one 99.97%-owned
company and one affiliated company.  Astana Finans AO's activities
comprise the territories of Kazakhstan and the Russian Federation.


BYT TECHNIKA: Creditors Must File Claims by October 28
------------------------------------------------------
Creditors of LLP Byt Technika have until October 28, 2009, to
submit proofs of claim to:

         Chasnikov Str. 55
         Micro District 23
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 23,
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


ELTOM RA: Creditors Must File Claims by October 28
--------------------------------------------------
Creditors of LLP Eltom Ra have until October 28, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 4, 2009.


FORT BATYS: Creditors Must File Claims by October 28
----------------------------------------------------
Creditors of LLP Security Agency Fort Batys have until October 28,
2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 21, 2009.


GOR SVET: Creditors Must File Claims by October 28
--------------------------------------------------
Creditors of LLP Gor Svet have until October 28, 2009, to submit
proofs of claim to:

         Chasnikov Str. 55
         Micro District 23
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on June 23,
2009, after finding it insolvent.

The Court is located at:

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


NUR AIM: Creditors Must File Claims by October 28
-------------------------------------------------
Creditors of LLP Nur Aim 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 6, 2009.


SABIT KS: Creditors Must File Claims by October 28
--------------------------------------------------
Creditors of LLP Sabit Ks have until October 28, 2009, to submit
proofs of claim to:

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

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


STROY ENERGO: Creditors Must File Claims by October 28
------------------------------------------------------
LLP Stroy Energo Postavka is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

          1 May Str. 280-88
          140008 Pavlodar
          Kazakhstan


TRISTAN OIL: Fitch Downgrades Issuer Default Rating to 'C'
----------------------------------------------------------
Fitch Ratings has downgraded Tristan Oil Ltd.'s Long-term foreign
currency Issuer Default Rating to 'C' from 'CC' and affirmed its
senior unsecured rating at 'C' with a Recovery Rating of RR6.  The
agency has simultaneously maintained the Rating Watch Negative
(RWN) on the Long-term foreign currency IDR.

The downgrade reflects a potential call on a subordinated
guarantee provided by two operating companies -- Kazpolmunay and
Tolkynneftegaz -- for a US$60 million short-term loan raised by a
third party (Laren Holdings Ltd) and Fitch's expectation of their
inability to satisfy their obligations under this guarantee.  The
loan is to be repaid in three monthly installments commencing in
October 2009, and was provided to Laren by a group of creditors
with a view that it will be repaid with proceeds from the sale of
the operating companies currently under negotiation.  However, as
the sale has not materialized yet, and given that Laren is a
special purpose entity with no other demonstrable source of
income, Fitch believes that Laren is unlikely to be able to make
the first payment of principal in the amount of US$15 million due
in October under this credit facility.  This could result in the
creditors calling on the guarantee provided by KPM and TNG, unless
the creditors agree to the restructuring of the loan, which,
according to Tristan, is being negotiated at present.  Fitch
believes that if the creditors call the guarantee, the guarantors
(KPM and TNG) are also unlikely to be in a position to make a due
payment, as Tristan's cash position amounted to US$2.1 million at
end-H109 and its free cash flow was negative in H109.

This short-term credit facility was obtained by Laren at a high
interest rate to be used, in part, for the purchase of Eurobonds
issued by Tristan (in addition to existing US$420 million
Eurobonds) at a significant discount (nominal value of US$111.11
million; purchased for US$30 million) as part of an unusual debt
issuance structure.  The US$60 million loan was secured on,
amongst other assets, the equity of the holding companies which
own two operating companies (KPM and TNG).  The latter two also
guarantee Tristan's Eurobonds.

The RWN on Tristan's Long-term foreign currency IDR reflects the
heightened liquidity and refinancing risk facing the company.  The
RWN has also been maintained pending the resolution of the Kazakh
authorities' actions related to a potential exercise or waiver of
the state's pre-emptive rights in relation to a potential transfer
of ownership of TNG, and pending alleged criminal investigation
against KPM.


TURGYN UI: Creditors Must File Claims by October 28
---------------------------------------------------
Creditors of LLP Turgyn Ui have until October 28, 2009, to submit
proofs of claim to:

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

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


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


CENTRAL ASIAN: Creditors Must File Claims by November 4
-------------------------------------------------------
Branch of LLC Central Asian Treasures is currently undergoing
liquidation.  Creditors have until November 4, 2009, to submit
proofs of claim to:

         Aitiyev Str. 17a/15
         Osh
         Kyrgyzstan


NERRON TRADING: Creditors Must File Claims by November 4
--------------------------------------------------------
LLC Nerron Trading is currently undergoing liquidation.  Creditors
have until November 4, 2009, to submit proofs of claim to:

Inquiries can be addressed to (0-555) 24-14-29.


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


EUROPROP SA: Fitch Junks Ratings on Two Classes of Notes
--------------------------------------------------------
Fitch Ratings has downgraded EuroProp S.A. (Compartment 1)
commercial mortgage-backed floating-rate notes due 2013:

  -- EUR303 million class A: downgraded to 'A' from 'AAA'; Outlook
     Negative

  -- EUR41 million class B: downgraded to 'BB' from 'AA+'; Outlook
     Negative

  -- EUR28.1 million class C: downgraded to 'B' from 'A+'; Outlook
     Negative

  -- EUR30.5 million class D: downgraded to 'CCC' from 'BBB';
     assigned Recovery Rating 'RR5'

  -- EUR15.8 million class E: downgraded to 'CCC' from 'BBB-';
     assigned Recovery Rating 'RR6'

This transaction is a securitization of eight commercial mortgage
loans originated by The Citibank, N.A., London Branch
('A+'/Outlook Stable/'F1+') and Citibank International PLC
('A+'/Outlook Stable/'F1+'), which closed on July 31, 2006.  Since
closing, the prepayment of three loans, together with scheduled
amortization, has reduced the outstanding balance to EUR418.2
million from EUR648.5 million at closing.

The rating downgrades reflect deteriorating European property
market conditions which have had a negative impact on the
creditworthiness of the loans secured in this transaction.  This
is evidenced in the weighted average Fitch loan-to-value ratio of
99%, which implies a market value decline of 31% when compared to
the WA reported LTV of 67.9%.  Of the five remaining loans, the
Sunrise loan is the main driver of the rating downgrades.  Fitch's
criteria for European CMBS surveillance were used to analyze the
quality of the underlying commercial loans.

The Sunrise loan is the largest exposure in the portfolio,
comprising 63% of the aggregate outstanding balance, and is
scheduled to mature in January 2011.  The loan is secured by a
portfolio of predominantly secondary quality shopping centers and
retail warehouses located across Germany.  In Fitch's opinion, the
loan is exposed to significant refinance risk due to its size, its
relatively short remaining term to maturity, the secondary quality
of its collateral and the considerable vacancy levels (11.7% by
estimated rental value versus 4.4% at closing).  The senior loan
LTV reported as of July 2009 stood at 81.1%.  This compares to an
estimated WA Fitch LTV of 112.3%, reflecting an overall MVD of
30%.

The Selaht loan, making up 14% of the portfolio, is secured by a
portfolio of seven mixed-use properties located in the greater
Paris area and other regional French towns.  All seven assets are
predominantly occupied by Thales (rated 'A-'/Outlook Stable),
which account for 98.2% of the loan's current passing rent.  The
risk associated with this single tenant exposure is somewhat
mitigated by the credit strength of the tenant, and the unexpired
lease term to break of 5.2 years on all Thales leases -- four
years after loan maturity in November 2010.  Fitch estimates a
current LTV of 92% compared to a reported LTV of 59.8% at the
closing date, implying an MVD of 35% since closing.

Recent developments on the Windermere XII FCC transaction have
created uncertainty regarding the risks associated with the use of
non-FCT (Fonds Commun de Titrisation) 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 its analysis of any French CMBS involving such SPVs.


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


CELF LOAN: Moody's Junks Ratings on Two Classes of Notes
--------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by CELF Loan Partners B.V.

  -- EUR283.5M Class A Senior Secured Floating Rate Notes,
     Downgraded to Aa2; previously on April 20, 2005 Definitive
     Rating Assigned Aaa

  -- EUR54M Class B Senior Secured Floating Rate Notes, Downgraded
     to Baa2; previously on March 4, 2009 Aa1 Placed Under Review
     for Possible Downgrade

  -- EUR30.5M Class C-1 Senior Secured Deferrable Floating Rate
     Notes, Downgraded to B1; previously on March 19, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR10M Class C-2 Senior Secured Deferrable Fixed Rate Notes,
     Downgraded to B1; previously on March 19, 2009 Downgraded to
     Baa3 and Remained On Review for Possible Downgrade

  -- EUR16M Class D Senior Secured Deferrable Floating Rate Notes,
     Downgraded to Caa2; previously on March 19, 2009 Downgraded
     to Ba3 and Remained On Review for Possible Downgrade

  -- EUR12.5M Class Y Combination Notes, Downgraded to Caa2;
     previously on March 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade

  -- EUR15M Class Z Combination Notes, Downgraded to B1;
     previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

This transaction is a managed high yield collateralized loan
obligation with exposure to predominantly European senior secured
loans, as well as approximately 21% mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2889), an increase in the amount of defaulted
securities (currently approximately 5% of the portfolio), an
increase in the proportion of securities from issuers rated Caa1
and below (currently 16.82% of the portfolio), and a failure of
some par value tests.  These measures were taken from the recent
trustee report dated September 8, 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF 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.


LEO MESDAG: Fitch Corrects October 13 Press Release on Ratings
--------------------------------------------------------------
Fitch has amended its release published on October 13, 2009, to
reflect additional information in paragraphs four and five
regarding the sale of Hema.  The additional information has no
rating impact.

Fitch Ratings has downgraded Leo Mesdag CMBS notes:

  -- EUR642.5 million class A (XS0266637171) downgraded to 'A'
     from 'AAA'; Outlook Stable

  -- EUR40,000 class X (XS0266644896) affirmed at 'AAA'; Outlook
     Stable

  -- EUR20.5 million class B (XS0266638146) downgraded to 'A' from
     'AAA'; Outlook Stable

  -- EUR112.5 million class C (XS0266642171) downgraded to 'BB'
     from 'AA'; Outlook Stable

  -- EUR142.5 million class D (XS0266642767) downgraded to 'B'
     from 'A'; Outlook Stable

  -- EUR82 million class E (XS0266644383) downgraded to 'B' from
     'BBB'; Outlook Stable

The downgrades are driven by the steep fall in European commercial
property values, rather than any deterioration in transaction
performance, since September 2006.  Based on prevailing market
conditions, Fitch estimates a current loan-to-value ratio of 100%,
compared to the reported LTV of 71%.

Fitch's criteria for European CMBS surveillance were used to
analyze the quality of the underlying commercial loans.  While at
closing the collateral was occupied by a single tenant operating
under three distinct brands, the sale of the Hema Brand to Lion
Capital in June 2007 resulted in the transaction having two
separate tenants.  However, Fitch views the tenant risk to be
comparable to that at closing, given that both non-rated tenants
operate similar businesses in the same industry.  Consequently,
Fitch has analyzed the transaction by assuming an immediate
default of the two tenants.  The ratings are based on the agency's
expected recoveries on the portfolio following a default of the
tenants, net of all costs that might be incurred in such a
situation (including the repayment of liquidity drawings).  Key
assumptions in Fitch's analysis include the length of time to
achieve a re-letting on some or all of the space, costs associated
with a re-letting (including letting fees and capital
expenditure), rents per square metre that can be achieved on the
space in a period of stress, and rent-free periods that might be
required to attract new tenants.

Leo Mesdag is a single-borrower securitization backed by a
portfolio of 70 department stores and three car parks located
throughout the Netherlands.  The properties are occupied by three
brands -- Bijenkork (21.4% of rent), V&D (35.0%) and Hema (43.6%)
-- of which the first two belong to Maxeda, while Hema is owned by
Lion Capital.  The assets on aggregate have a weighted-average
lease term of over 17 years.  The interest-only loan is scheduled
to mature in December 2014, with the bonds' final legal maturity
date in December 2019.

The transaction collateral's performance has been trending upward,
as evidenced by the inflationary rental uplifts that have
increased net operating income by 7.2% to EUR67.8 million since
closing in September 2006.  According to the estimated rental
value determined at the time of the original valuation (in May
2006), the leases are still 8% reversionary.  While the portfolio
has been re-valued twice since closing, this has only resulted in
a modest uplift of 2% to EUR1.4 billion.

Fitch will continue to monitor the performance of the transaction.


MORGAN STANLEY: Moody's Cuts Rating on Class E Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Morgan Stanley Investment Management Mezzano B.V.

  -- EUR254,500,000 Class A Senior Floating Rate Notes due 2024,
     Downgraded to A1; previously on Oct. 30, 2007 Assigned Aaa

  -- EUR10,500,000 Class B Deferrable Interest Floating Rate Notes
     due 2024, Downgraded to Ba1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR19,250,000 Class C Deferrable Interest Floating Rate Notes
     due 2024, Downgraded to Ba3; previously on March 18, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR10,000,000 Class D Deferrable Interest Floating Rate Notes
     due 2024, Downgraded to B3; previously on March 18, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR16,750,000 Class E Deferrable Interest 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, collateralized
loan obligation with exposure to predominantly European senior
secured loans as well as about 19% mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2942), an increase in the amount of defaulted
securities (currently 3.4% of the portfolio or EUR11 million), an
increase in the proportion of securities from issuers rated Caa1
and below (currently 17.69% of the portfolio is classified as CCC
Obligations), a failure of all par value tests for Class C to E
notes, and Class E notes began deferring interest in last payment
period.  These measures were taken from the recent trustee report
dated September 30, 2009.  Due to the impact of all aforementioned
stresses, key model inputs used by Moody's in its analysis, such
as par, weighted average rating factor, diversity score, and
weighted average recovery rate, may be different from the
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.


ZOO ABS: Moody's Cuts Ratings on Two Classes of Notes to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by ZOO ABS II B.V.

  -- EUR167M Class A-1 Senior Secured Floating Rate Notes due 2096
     (Currently EUR165,487,282 outstanding), Downgraded to A1;
     previously on Mar 11, 2009 Confirmed at Aa2

  -- EUR21M Class A-1D Delayed Draw Senior Secured Floating Rate
     Notes due 2096(Currently EUR20,809,778 outstanding),
     Downgraded to A1; previously on Mar 11, 2009 Confirmed at Aa2

  -- EUR18.75M Class A-2 Senior Secured Floating Rate Notes due
     2096, Downgraded to Baa3; previously on Mar 11, 2009
     Downgraded to Baa2

  -- EUR9.25M Class C Deferrable Interest Secured Floating Rate
     Notes due 2096, Downgraded to Caa1; previously on Mar 11,
     2009 Downgraded to B3

  -- EUR9M Class D Deferrable Interest Secured Floating Rate Notes
     due 2096, Downgraded to Caa3; previously on Mar 11, 2009
     Downgraded to Caa2

  -- EUR4.25M Class E Deferrable Interest Secured Floating Rate
     Notes due 2096, Downgraded to Caa3; previously on Mar 11,
     2009 Downgraded to Caa2

  -- EUR6M Class Q Combination Notes due 2096, Downgraded to Ba3;
     previously on Mar 11, 2009 Downgraded to Ba2

The transaction is a managed cashflow CDO backed mainly by
mezzanine tranches of European ABS, RMBS, CMBS, CLO and other
CDOs.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  This
is observed through a decline in the average credit rating as
measured by the portfolio weighted average rating factor 'WARF'.
In the latest trustee report of September 2009, the WARF is 862 as
compared to a WARF of 596 reported in March 2009.  Moody's notes
that the proportion of securities from issuers rated Caa1 and
below including Ca assets has increased to 8.66% from 0.72% since
Moody's last review of the transaction in March 2009.  Two
defaulted assets have been sold since Moody's last review and
proceeds of the sales have been used to pay down Class A-1 and
Class A-1D.  This portfolio also has a 12% concentration in
European CLOs, 68% of which are currently under review for further
downgrade, with average rating of B3.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality.

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.
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
===========


BAIKAL PAPER: Board to Discuss Plant Restart This Week
------------------------------------------------------
Itar-Tass reports that Andrei Dementyev, chairman of the Baikal
Paper and Pulp Plant's Board of Directors, said the board will
convene this week to discuss the possible restart of the plant.

According to Itar-Tass, Mr. Dementyev, who suggested drafting the
plant's liquidation program, said "If the program is technically
and economically feasible, we will approve it.  Once that is done,
we will start working on the plant liquidation."

Itar-Tass relates Mr. Dementyev said it is impossible to restart
the plant without bankruptcy procedure.

"There is a very simple reason: the plant has a large credit
indebtedness and these debts cannot be repaid now," Itar-Tass
quoted Mr. Dementyev as saying.  "Until we enter into the
bankruptcy phase, which means financial recovery by Russian laws,
there will be no legal way to restart the plant, in my opinion."

The Irkutsk Arbitration Court is hearing the Baikal plant's
bankruptcy, Itar-Tass notes.  Itar-Tass says the plant's credit
indebtedness exceeds RUR1.3 billion.

Itar-Tass recalls the plant ceased working in early October 2008
with the Federal Environmental Service demand of the closed water
cycle for protecting the Lake Baikal and local flora and fauna.


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


ABANKA VIPA: Moody's Affirms 'D+' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has concluded its review for possible
downgrade of two Slovenian banks and of the Zurich-based
subsidiary of one of these banks.  The ratings of a third
Slovenian bank were affirmed.

Moody's downgraded: (i) the long-term deposit rating and bank
financial strength rating of Nova Ljubljanska Banka to A1 and C-,
from Aa3 and C, respectively; (ii) the issuer rating of NLB
InterFinanz (NLB's Zurich-based subsidiary) to Baa2, from A3; and
(iii) the long term deposit ratings and BFSR of Nova Kreditna
Banka Maribor to A2 and D+, from A1 and C-, respectively.  All the
three aforementioned ratings carry a stable outlook.  In Addition,
the rating agency affirmed the deposit ratings and BFSR of Abanka
Vipa at A3/Prime-2 and D+, respectively, with a negative outlook.
The rating actions conclude the review initiated on 28 April 2009
when the ratings of three of the four financial institutions were
placed on review for possible downgrade.

The full list of rating actions and their specific rationale can
be found below under the name of each reviewed bank.

Moody's review examined the vulnerability of Slovenian banks'
capital position to increased loan defaults, and also assessed
their financial flexibility more broadly, within the context of a
recession in Slovenia and of an uncertain recovery.  Moody's
concluded that all rated Slovenian banks maintain adequate loss
absorption capacity -- composed of capital, existing provisions
and ongoing earning capacity -- to cope with the expected further
deterioration in asset quality over the next few months.  Moody's
expectations incorporate the possibility that the current pace of
non-performing loan growth could continue into 2010, and the
rating agency's expectations were elaborated in the Special
Comment entitled "Moody's Approach to Estimating Slovenian Banks'
Credit Losses", published in October 2009.

As part of the ratings review, Moody's has also considered
Slovenian banks' reduced financial flexibility -- reflected in
depressed profitability and deteriorating asset quality -- as well
as the rating agency's expectations of continued challenges to
Slovenian banks' franchise growth, earning capacity and ability to
replenish capital.  These challenges are based on (i) modest
ongoing profitability of Slovenian banks, (ii) considerable
reliance, in recent years, on more volatile international funding,
and (iii) elevated credit risk in Slovenia and neighboring
markets.

In Moody's opinion, these considerations are better captured in
BFSRs of C- for NLB of D+ for NKBM.  Moody's said that these
concerns apply equally to Abanka, adding that the decision to
affirm the bank's ratings reflects the lower pre-existing rating
level, which already captures these factors.  Banks with similar
franchises in neighboring countries that currently have higher
BFSRs typically exhibit stronger recurring profitability and more
comfortable funding metrics.

Moody's further notes the supportive attitude of the Slovenian
government to the banking sector, reflected in direct and indirect
liquidity support.  This includes government guarantees for the
issue of medium-term debt in international markets that was
successfully accessed by both NLB (EUR1.5 billion in July 2009)
and Abanka (EUR500 million in September 2009).  Moody's believes
that such support will continue to be made available for as long
as necessary, and could extend to capital support, if required.
Moody's assesses the likelihood of systemic support as high --
reflected in Slovenian banks' deposit ratings that incorporate
four notches of uplift in the case of NLB and NKBM, and three
notches of uplift for Abanka.

                     Rating Actions In Detail

Moody's has taken these rating actions:

                      Nova Ljubljanska Banka

NLB's BFSR was downgraded to C- from C mapping onto a Baseline
Credit Assessment of Baa2.  The rating action was driven by the
bank's reduced financial flexibility -- reflected in depressed
profitability, rapidly deteriorating asset quality and reducing
(albeit still strong) provision levels.

Although Moody's stress-testing exercise shows that the bank is
adequately capitalized to cope with further deterioration in asset
quality (under Moody's anticipated scenario), the rating agency
gave considerable weight to (i) NLB's modest ongoing earning
capacity and how this relates to higher levels of credit risk,
within the context of an uncertain recovery, and (ii) possible
franchise pressures arising from the bank's considerable
dependence on international funding in recent years and the
reduced availability of such funding at low prices.

The stable outlook on the rating signals that anticipated further
weakening in NLB's financial strength over the coming months is
adequately captured by the C- BFSR.

Moody's explains that the downgrade of the deposit rating to A1
from Aa3 is driven by the downgrade in the bank's stand-alone
financial strength, expressed by the C- BFSR.  Moody's reiterates
its view on the very high likelihood of systemic support for NLB
that results in the incorporation of four notches of uplift for
the A1 deposit rating (from the Baa2 BCA).

This debt of NLB was also downgraded to A2 from A1:

  -- EUR190.0 million subordinated loan
  -- EUR100.0 million perpetual subordinated floating rate notes

                          NLB InterFinanz

Moody's downgraded the issuer rating of NLB InterFinanz to Baa2
from A3.  The company's issuer rating is based on an assessment of
the company's stand-alone financial strength, but also
incorporates some notches of uplift due to parental support, from
NLB.

During the review Moody's assessed both the resilience of the
company's intrinsic financial strength to the weak economic
environment, and the changes to the level of parental support.
Moody's concluded that although the asset quality of NLB
InterFinanz has deteriorated, the company maintains sufficient
capital and provisions to absorb a possible further increase in
non-performing loans.  However, the BFSR downgrade of the parent
bank to C- (equivalent to a BCA of Baa2) also represents the
parent bank's reduced capacity to provide support, thereby
constraining the rating uplift for NLB InterFinanz.

                    Nova Kreditna Banka Maribor

Moody's downgraded NKBM's BFSR to D+ (mapping onto a BCA of Baa3)
from C- to reflect the bank's reduced financial strength --
manifested in depressed profitability, rapidly deteriorating asset
quality and diminishing (albeit still strong) provision levels.

Although Moody's stress-testing exercise shows that the bank
currently maintains enough capital and provisions to cope with
further deterioration in asset quality (under Moody's anticipated
scenario), the rating agency gave considerable weight to NKBM's
modest ongoing earning capacity within an environment of higher
levels of credit risk.  Moreover, although the bank's funding
position is more comfortable than that of its rated Slovenian
peers, Moody's nonetheless considers that NKBM's franchise growth
is challenged by the economic recession and uncertain recovery in
Slovenia.

The stable outlook on the rating signals that anticipated further
weakening in NKBM's financial strength over the coming months is
adequately captured by the D+ BFSR.

The downgrade of the deposit rating to A2 from A1 is driven by the
downgrade in the bank's stand-alone financial strength, expressed
by the D+ BFSR.  Moody's reiterates its view on the very high
likelihood of systemic support for NKBM that results in the
incorporation of four notches of uplift for the A2 deposit rating
(from the Baa3 BCA).

This debt of NKBM was also downgraded to A3:

  -- EUR50.0 million subordinated floating rate notes
  -- EUR100.0 million 7.02% subordinated loan participation notes
  -- EUR50.0 million subordinated floating rate Eurobonds

                           Abanka Vipa

Moody's affirmed Abanka's A3/Prime-2 deposit ratings and D+ BFSR
with a negative outlook.  At their current levels, the ratings
adequately capture the impact of further asset quality
deterioration on capital and of reduced financial flexibility.

By maintaining a negative outlook on the Abanka's ratings, Moody's
signals that the bank's position within the D+ BFSR category is
more vulnerable to worse-than-anticipated economic developments in
Slovenia.

This debt of Abanka was also affirmed at Baa3 with a negative
outlook:

  -- EUR120.0 million preferred stock loan participation notes

            Previous Rating Actions And Methodologies

Moody's previous rating action on Nova Ljubljanska Banka was on
April 28, 2009, when all ratings were placed on review for
possible downgrade.

Moody's previous rating action on NLB Interfinanz was on April 28,
2009, when the A3 issuer rating was placed on review for possible
downgrade.

Moody's previous rating action on Nova Kreditna Banka Maribor was
on April 28, 2009, when all ratings were placed on review for
possible downgrade.

Moody's previous rating action on Abanka Vipa was on April 28,
2009, when the outlook to all ratings was changed to negative.

Headquartered in Ljubljana, Slovenia, Nova Ljubljanska Banka
reported total consolidated assets of EUR18.64 billion as of
June 30, 2009.

Headquartered in Zurich, Switzerland, NLB Interfinanz reported
total consolidated assets of CHF816.44 million (EUR535.5 million)
as of June 30, 2009.

Headquartered in Maribor, Slovenia, Nova Kreditna Banka Maribor
reported total consolidated assets of EUR5.84 billion as of
June 30, 2009.

Headquartered in Ljubljana, Slovenia, Abanka Vipa reported total
consolidated assets of EUR4.07 billion as of June 30, 2009.

The rating for the subordinated debt and hybrid securities of
these banks was assigned in line with Moody's existing methodology
entitled "Guidelines for Rating Bank Junior Securities", dated
April 2007.  On June 16, 2009, Moody's released a Request for
Comment, in which the rating agency has requested market feedback
on potential changes to its rating methodology for bank
subordinated capital.  If the revised methodology is implemented
as proposed, the rating on some of the above-mentioned hybrid
securities may be negatively affected.  Please refer to Moody's
Request for Comment, entitled "Moody's Proposed Changes to Bank
Subordinated Capital Ratings," for further details regarding the
implications of the proposed methodology changes on Moody's
ratings.


NOVA KREDITNA: Moody's Cuts Bank Financial Strength Rating to 'D+'
------------------------------------------------------------------
Moody's Investors Service has concluded its review for possible
downgrade of two Slovenian banks and of the Zurich-based
subsidiary of one of these banks.  The ratings of a third
Slovenian bank were affirmed.

Moody's downgraded: (i) the long-term deposit rating and bank
financial strength rating of Nova Ljubljanska Banka to A1 and C-,
from Aa3 and C, respectively; (ii) the issuer rating of NLB
InterFinanz (NLB's Zurich-based subsidiary) to Baa2, from A3; and
(iii) the long term deposit ratings and BFSR of Nova Kreditna
Banka Maribor to A2 and D+, from A1 and C-, respectively.  All the
three aforementioned ratings carry a stable outlook.  In Addition,
the rating agency affirmed the deposit ratings and BFSR of Abanka
Vipa at A3/Prime-2 and D+, respectively, with a negative outlook.
The rating actions conclude the review initiated on 28 April 2009
when the ratings of three of the four financial institutions were
placed on review for possible downgrade.

The full list of rating actions and their specific rationale can
be found below under the name of each reviewed bank.

Moody's review examined the vulnerability of Slovenian banks'
capital position to increased loan defaults, and also assessed
their financial flexibility more broadly, within the context of a
recession in Slovenia and of an uncertain recovery.  Moody's
concluded that all rated Slovenian banks maintain adequate loss
absorption capacity -- composed of capital, existing provisions
and ongoing earning capacity -- to cope with the expected further
deterioration in asset quality over the next few months.  Moody's
expectations incorporate the possibility that the current pace of
non-performing loan growth could continue into 2010, and the
rating agency's expectations were elaborated in the Special
Comment entitled "Moody's Approach to Estimating Slovenian Banks'
Credit Losses", published in October 2009.

As part of the ratings review, Moody's has also considered
Slovenian banks' reduced financial flexibility -- reflected in
depressed profitability and deteriorating asset quality -- as well
as the rating agency's expectations of continued challenges to
Slovenian banks' franchise growth, earning capacity and ability to
replenish capital.  These challenges are based on (i) modest
ongoing profitability of Slovenian banks, (ii) considerable
reliance, in recent years, on more volatile international funding,
and (iii) elevated credit risk in Slovenia and neighboring
markets.

In Moody's opinion, these considerations are better captured in
BFSRs of C- for NLB of D+ for NKBM.  Moody's said that these
concerns apply equally to Abanka, adding that the decision to
affirm the bank's ratings reflects the lower pre-existing rating
level, which already captures these factors.  Banks with similar
franchises in neighboring countries that currently have higher
BFSRs typically exhibit stronger recurring profitability and more
comfortable funding metrics.

Moody's further notes the supportive attitude of the Slovenian
government to the banking sector, reflected in direct and indirect
liquidity support.  This includes government guarantees for the
issue of medium-term debt in international markets that was
successfully accessed by both NLB (EUR1.5 billion in July 2009)
and Abanka (EUR500 million in September 2009).  Moody's believes
that such support will continue to be made available for as long
as necessary, and could extend to capital support, if required.
Moody's assesses the likelihood of systemic support as high --
reflected in Slovenian banks' deposit ratings that incorporate
four notches of uplift in the case of NLB and NKBM, and three
notches of uplift for Abanka.

                     Rating Actions In Detail

Moody's has taken these rating actions:

                      Nova Ljubljanska Banka

NLB's BFSR was downgraded to C- from C mapping onto a Baseline
Credit Assessment of Baa2.  The rating action was driven by the
bank's reduced financial flexibility -- reflected in depressed
profitability, rapidly deteriorating asset quality and reducing
(albeit still strong) provision levels.

Although Moody's stress-testing exercise shows that the bank is
adequately capitalized to cope with further deterioration in asset
quality (under Moody's anticipated scenario), the rating agency
gave considerable weight to (i) NLB's modest ongoing earning
capacity and how this relates to higher levels of credit risk,
within the context of an uncertain recovery, and (ii) possible
franchise pressures arising from the bank's considerable
dependence on international funding in recent years and the
reduced availability of such funding at low prices.

The stable outlook on the rating signals that anticipated further
weakening in NLB's financial strength over the coming months is
adequately captured by the C- BFSR.

Moody's explains that the downgrade of the deposit rating to A1
from Aa3 is driven by the downgrade in the bank's stand-alone
financial strength, expressed by the C- BFSR.  Moody's reiterates
its view on the very high likelihood of systemic support for NLB
that results in the incorporation of four notches of uplift for
the A1 deposit rating (from the Baa2 BCA).

This debt of NLB was also downgraded to A2 from A1:

  -- EUR190.0 million subordinated loan
  -- EUR100.0 million perpetual subordinated floating rate notes

                          NLB InterFinanz

Moody's downgraded the issuer rating of NLB InterFinanz to Baa2
from A3.  The company's issuer rating is based on an assessment of
the company's stand-alone financial strength, but also
incorporates some notches of uplift due to parental support, from
NLB.

During the review Moody's assessed both the resilience of the
company's intrinsic financial strength to the weak economic
environment, and the changes to the level of parental support.
Moody's concluded that although the asset quality of NLB
InterFinanz has deteriorated, the company maintains sufficient
capital and provisions to absorb a possible further increase in
non-performing loans.  However, the BFSR downgrade of the parent
bank to C- (equivalent to a BCA of Baa2) also represents the
parent bank's reduced capacity to provide support, thereby
constraining the rating uplift for NLB InterFinanz.

                    Nova Kreditna Banka Maribor

Moody's downgraded NKBM's BFSR to D+ (mapping onto a BCA of Baa3)
from C- to reflect the bank's reduced financial strength --
manifested in depressed profitability, rapidly deteriorating asset
quality and diminishing (albeit still strong) provision levels.

Although Moody's stress-testing exercise shows that the bank
currently maintains enough capital and provisions to cope with
further deterioration in asset quality (under Moody's anticipated
scenario), the rating agency gave considerable weight to NKBM's
modest ongoing earning capacity within an environment of higher
levels of credit risk.  Moreover, although the bank's funding
position is more comfortable than that of its rated Slovenian
peers, Moody's nonetheless considers that NKBM's franchise growth
is challenged by the economic recession and uncertain recovery in
Slovenia.

The stable outlook on the rating signals that anticipated further
weakening in NKBM's financial strength over the coming months is
adequately captured by the D+ BFSR.

The downgrade of the deposit rating to A2 from A1 is driven by the
downgrade in the bank's stand-alone financial strength, expressed
by the D+ BFSR.  Moody's reiterates its view on the very high
likelihood of systemic support for NKBM that results in the
incorporation of four notches of uplift for the A2 deposit rating
(from the Baa3 BCA).

This debt of NKBM was also downgraded to A3:

  -- EUR50.0 million subordinated floating rate notes
  -- EUR100.0 million 7.02% subordinated loan participation notes
  -- EUR50.0 million subordinated floating rate Eurobonds

                           Abanka Vipa

Moody's affirmed Abanka's A3/Prime-2 deposit ratings and D+ BFSR
with a negative outlook.  At their current levels, the ratings
adequately capture the impact of further asset quality
deterioration on capital and of reduced financial flexibility.

By maintaining a negative outlook on the Abanka's ratings, Moody's
signals that the bank's position within the D+ BFSR category is
more vulnerable to worse-than-anticipated economic developments in
Slovenia.

This debt of Abanka was also affirmed at Baa3 with a negative
outlook:

  -- EUR120.0 million preferred stock loan participation notes

            Previous Rating Actions And Methodologies

Moody's previous rating action on Nova Ljubljanska Banka was on
April 28, 2009, when all ratings were placed on review for
possible downgrade.

Moody's previous rating action on NLB Interfinanz was on April 28,
2009, when the A3 issuer rating was placed on review for possible
downgrade.

Moody's previous rating action on Nova Kreditna Banka Maribor was
on April 28, 2009, when all ratings were placed on review for
possible downgrade.

Moody's previous rating action on Abanka Vipa was on April 28,
2009, when the outlook to all ratings was changed to negative.

Headquartered in Ljubljana, Slovenia, Nova Ljubljanska Banka
reported total consolidated assets of EUR18.64 billion as of
June 30, 2009.

Headquartered in Zurich, Switzerland, NLB Interfinanz reported
total consolidated assets of CHF816.44 million (EUR535.5 million)
as of June 30, 2009.

Headquartered in Maribor, Slovenia, Nova Kreditna Banka Maribor
reported total consolidated assets of EUR5.84 billion as of
June 30, 2009.

Headquartered in Ljubljana, Slovenia, Abanka Vipa reported total
consolidated assets of EUR4.07 billion as of June 30, 2009.

The rating for the subordinated debt and hybrid securities of
these banks was assigned in line with Moody's existing methodology
entitled "Guidelines for Rating Bank Junior Securities", dated
April 2007.  On June 16, 2009, Moody's released a Request for
Comment, in which the rating agency has requested market feedback
on potential changes to its rating methodology for bank
subordinated capital.  If the revised methodology is implemented
as proposed, the rating on some of the above-mentioned hybrid
securities may be negatively affected.  Please refer to Moody's
Request for Comment, entitled "Moody's Proposed Changes to Bank
Subordinated Capital Ratings," for further details regarding the
implications of the proposed methodology changes on Moody's
ratings.


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


CAMPOFRIO FOOD: Moody's Assigns 'B1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating and probability of default rating to Campofrio Food Group
S.A. Concurrently, Moody's assigned a provisional (P)B1 senior
unsecured rating to the EUR500 million notes due 2016 to be issued
by Campofrio.  The outlook is stable.

"The B1 CFR assigned to Campofrio reflects its leading position in
the European processed meat market and the strong appeal of its
brands in key markets," explains Stefano del Zompo, lead analyst
for Campofrio at Moody's.  "The rating also incorporates the
company's reliance on two markets- France and Spain- for
approximately 70% of its revenues, the potential for acquisitions
and cash distributions to shareholders albeit restricted by the
bond documentation and a small degree of integration risk given
the limited track record of the two companies operating as a
single group".

Campofrio's credit metrics are expected to strengthen in the
intermediate term, as general economic conditions improve and the
benefits of the restructuring initiatives implemented by the
company begin to be revealed, reflected in improved margins and
cash flows.  Moody's in particular expects the company's gross
Debt/EBITDA ratio for 2009 to remain below 5.0x on a fully
adjusted basis (adjusted in line with Moody's practice for
pensions, operating leases, financial guarantees and outstandings
under a securitized receivables program), with EBITA margins at
around 5% and EBITA/Interest close to 2.0x.

The (P)B1 rating assigned to the EUR500 million senior unsecured
notes reflects their ranking pari passu with Campofrio's current
and future unsecured liabilities.  The rating also takes into
account the guarantee of the company's material subsidiaries,
which represent a combined 75% of its EBITDA and total assets.
Moody's also understands that debt at the non-guarantor level and
secured debt -- defined as priority debt- will be capped at
EUR110 million, thus limiting the potential for subordination
going forward.  At closing, such priority debt should be minimal
although there will be nonetheless the possibility to incur
secured debt as allowed under the definition of permitted liens.
The notes and bank debt will benefit from the same guarantees and
will be effectively subordinated to liabilities at the operating
subsidiaries not included in the guarantor group.  Additional
indebtedness will be subject to a general incurrence test of a
minimum coverage ratio of 2.25:1.00.

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

The rating outlook is stable, reflecting the expectation that
efficiency improvements and synergies will offset pressure on the
company's top line and margins.  The stable outlook also reflects
Moody's expectation that Campofrio will maintain a conservative
financial policy until profitability is restored at least in line
with historical levels.

"Moody's believes the ratings could be upgraded if there is an
improvement in the company's profitability leading to EBITA
margins close to 7% and an EBITA/interest coverage ratio above
2.0x, or if Campofrio improves cash retention leading to RCF/Net
debt in the mid-teens leading to gross Debt/EBITDA close to 4.0x,"
says Mr. del Zompo.

Campofrio is the largest meat producer in Europe, with a turnover
close to EUR2 billion.  The company is the result of the merger of
Campofrio Alimentacion with GroupeSmithfield completed in December
2008 in an all-share transaction.  The company is based in Madrid,
Spain.


CAMPOFRIO FOOD: S&P Assigns 'B' Long-Term Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B' long-term corporate credit rating to Spain-based Campofrio
Food Group S.A., a leader in the European processed-meat market.
At the same time, the rating was placed on CreditWatch with
positive implications.

In a related action, S&P has assigned its preliminary 'B+' long-
term debt rating to both CFG's pending EUR500 million unsecured
bond issue maturing in October 2016 and its EUR55 million
unsecured two-year revolving credit facility.  S&P has assigned a
recovery rating of '4' to both instruments, indicating its
expectation of average (30%-50%) recovery for bondholders and RCF
lenders in the event of a payment default.  S&P understands that
the bond is not underwritten by the arrangers.  The preliminary
ratings on the pending bond issue and the RCF are subject to the
successful issuance of the bonds and S&P's review of final
documentation.  Any change in the amount, terms, or conditions of
the bond issue would have to be reviewed by Standard & Poor's and
could affect the current bond and RCF ratings.

The corporate credit rating's positive CreditWatch implications
indicate the likelihood that S&P will raise this rating to 'B+' if
the bond issuance is successfully completed under the preliminary
terms and conditions that S&P has reviewed.

"The corporate credit rating is constrained by CFG's financial
leverage, which S&P view as high," said Standard & Poor's credit
analyst Florence Devevey.  "In addition, the company's limited
operating track record as a merged entity exacerbates, in S&P's
opinion, the fundamental risks of the mature and highly
competitive European meat processing industry."

CFG results from the merger in December 2008 of Groupe Smithfield
and Campofrio Alimentación S.A. CFG's key business risks stem, in
S&P's view, from its constrained pricing power given the highly
concentrated retail distribution channel in Western Europe, while
the company's cost base is dominated by historically volatile
agricultural commodities.  S&P believes that CFG's revenue base is
likely to grow only incrementally, because its product base offers
limited opportunities to tap some of the faster growing product
lines, such as health and wellness-related food.

The corporate credit rating is supported by CFG's large-scale
operations and its portfolio of strong local brands, which enable
it to defend its market share.  Unlike its main shareholder,
Smithfield Foods Inc. (B-/Negative/--), CFG is not vertically
integrated since it is not engaged in farming, although it owns a
slaughterhouse to mitigate some of its exposure to meat vendors.
On the financial side, credit quality is supported by CFG's
ability to generate positive free cash flow of about EUR25 million
annually from operations.

Although Smithfield Food Inc. has a lower rating than CFG, S&P
believes that CFG pursues independent strategic, operating, and
financial policies, given the representation on the board of other
significant voting interests.  In addition, covenants in the bond
documentation limit dividend distribution to CFG's shareholders.

"The positive CreditWatch placement reflects S&P's view that the
pending refinancing, if successful, is likely to improve CFG's
debt maturity profile and liquidity position, leading us to raise
the corporate credit rating to 'B+'," said Ms. Devevey.

Any potential upgrade is also predicated on the company's ability
to close out an offsetting currency swap contract shortly after
successful completion of the bond issue.  This contract will
crystallize the mark-to-market liability of CFG's existing -– and
currently out of the money -- euro/dollar swap related to its U.S.
private placements, which it will refinance with the pending bond
issue.

S&P expects to resolve the CreditWatch placement upon completion
of the pending bond issue or, if the issue is delayed, over the
next three months.


===========
S W E D E N
===========


FORD MOTOR: Intellectual Property Hampers Geely, Volvo Talks
------------------------------------------------------------
Keith Naughton and Cathy Chan at Bloomberg News report that talks
over the sale of Ford Motor Co.'s Volvo unit to Geely Holding
Group Co. could collapse without an agreement on intellectual
property.

According to Bloomberg, two people familiar with the talks said
Geely and Ford officials are meeting in London this week to try to
resolve the U.S. automaker’s concerns about sharing technology and
future product plans.

Bloomberg relates the people said without an accord, Ford may opt
to keep the Swedish unit, where losses are narrowing and sales are
improving.

                          About Volvo Cars

Based in Gothenburg, Sweden, Volvo Car Corporation --
http://www.volvocars.com/-- since 1999, has been 100% owned by
Ford Motor Company.  The 'Volvo' name is the property of Volvo
Trademark Holding AB, which is owned jointly by Volvo Car
Corporation and the company's former owner, AB Volvo.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.  The Company
has operations in Japan in the Asia Pacific region.  In Europe,
the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

As reported in the Troubled Company Reporter on Sept. 7, 2009,
Moody's upgraded the Corporate Family Rating of Ford Motor Company
to Caa1 from Caa3, and also raised the company's Speculative Grade
Liquidity rating to SGL-3 from SGL-4.  The rating outlook was
changed to Stable from Negative.  Ford's Probability of Default
Rating remains at Caa3.  In a related action, Moody's placed the
Caa1 senior unsecured rating of Ford Motor Credit Company LLC on
review for possible upgrade.


VOLVO CAR: Intellectual Property Hampers Geely Sale Talks
---------------------------------------------------------
Keith Naughton and Cathy Chan at Bloomberg News report that talks
over the sale of Ford Motor Co.'s Volvo unit to Geely Holding
Group Co. could collapse without an agreement on intellectual
property.

According to Bloomberg, two people familiar with the talks said
Geely and Ford officials are meeting in London this week to try to
resolve the U.S. automaker’s concerns about sharing technology and
future product plans.

Bloomberg relates the people said without an accord, Ford may opt
to keep the Swedish unit, where losses are narrowing and sales are
improving.

On Feb. 12, 2009, the Troubled Company Reporter-Europe, citing Dow
Jones Newswires, reported Volvo AB said it wouldn't take loans
from the French government for its Renault Trucks unit as it
considers further job cuts.  Dow Jones disclosed Volvo had laid
off 16,255 employees around the world since September and already
cut the work force at Renault Trucks in France by not renewing the
temporary contracts of about 2,000 workers.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.  The Company
has operations in Japan in the Asia Pacific region.  In Europe,
the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          About Volvo Cars

Based in Gothenburg, Sweden, Volvo Car Corporation --
http://www.volvocars.com/-- since 1999, has been 100% owned by
Ford Motor Company.  The 'Volvo' name is the property of Volvo
Trademark Holding AB, which is owned jointly by Volvo Car
Corporation and the company's former owner, AB Volvo.


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


ACTIV HAIR: Claims Filing Deadline is October 26
------------------------------------------------
Creditors of activ hair GMBH are requested to file their proofs of
claim by October 26, 2009, to:

         activ hair GMBH
         Neuweidstrasse 5
         8802 Kilchberg ZH
         Switzerland

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


ADFAM AG: Claims Filing Deadline is October 28
----------------------------------------------
Creditors of Adfam AG are requested to file their proofs of claim
by October 28, 2009, to:

         Ramisberger Franz
         Hasenrank
         6125 Menzberg
         Switzerland

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


ARCHETHA AG: Claims Filing Deadline is October 26
-------------------------------------------------
Creditors of Archetha AG are requested to file their proofs of
claim by October 26, 2009, to:

         Kurt Meile, liquidator
         Rotachstrasse 15
         8003 Zurich
         Switzerland

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


BAUMANN WOHNSTUDIO: Claims Filing Deadline is October 28
--------------------------------------------------------
Creditors of Baumann Wohnstudio AG are requested to file their
proofs of claim by October 28, 2009, to:

         Baumann Wohnstudio AG
         Langgasse 58
         9000 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
general meeting held on June 22, 2009.


FABI GASTRO: Claims Filing Deadline is October 26
-------------------------------------------------
Creditors of Fabi Gastro GmbH are requested to file their proofs
of claim by October 26, 2009, to:

         Ramisberger Franz
         Hasenrank
         6125 Menzberg
         Switzerland

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


HANSELMANN TREUHAND: Claims Filing Deadline is October 28
---------------------------------------------------------
Creditors of Hanselmann Treuhand AG are requested to file their
proofs of claim by October 28, 2009, to:

         Hanselmann Eduard
         Liquidator
         Rue des Bugnons 8
         1217 Meyrin
         Switzerland

The company is currently undergoing liquidation in Staefa.  The
decision about liquidation was accepted at a general meeting held
on June 5, 2009.


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

         HWS AG
         Sonnhaldenstrasse 25
         6331 Huenenberg
         Switzerland

The company is currently undergoing liquidation in Huenenberg.
The decision about liquidation was accepted at an extraordinary
general meeting held on July 29, 2009.


JOOS UMWELTTECHNIK: Claims Filing Deadline is October 26
--------------------------------------------------------
Creditors of Joos Umwelttechnik (Switzerland) AG are requested to
file their proofs of claim by October 26, 2009, to:

         Maier & Hagger
         Reitergasse 1
         Mail box: 2667
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Therwil.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 8, 2009.


MENZPLAN AG: Claims Filing Deadline is October 26
-------------------------------------------------
Creditors of Menzplan AG are requested to file their proofs of
claim by October 26, 2009, to:

         Ramisberger Franz
         Hasenrank
         6125 Menzberg
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on June 18, 2009.


POINT OF LEADERS: Claims Filing Deadline is October 28
------------------------------------------------------
Creditors of Point of Leaders GmbH are requested to file their
proofs of claim by October 28, 2009, to:

         Daniel Kuenzli
         Liquidator
         Nansenstrasse 5
         8050 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 8, 2009.


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


DOGAN YAYIN: Breaches Foreign Ownership Rules, RTUK Says
--------------------------------------------------------
Delphine Strauss at The Financial Times reports that the Radio and
Television Supreme Council of Turkey on Tuesday gave Dogan Yayin
Holding AS three months to comply with rules limiting foreign
ownership of media companies.

The FT relats RTUK said on Tuesday that the Dogan group had
breached rules limiting foreign ownership of a private broadcaster
to 25%.

Dogan Yayin said it has received no details from RTUK and could
not comment, according to the FT.

                             Tax Fine

The FT relates Dogan Yayin Holding, which controls more than half
of Turkey's print and broadcast media, is already taking legal
action to fight a record US$3.3 billion tax fine.  The FT says the
finance ministry is not satisfied that the assets provided as
collateral add up to the US$3.3 billion (TRY4.8 billion) it has
demanded, equal to the fine and late payment penalties, and has
placed a "cautionary attachment" on shares and bank accounts of
certain subsidiaries.

As reported in the Troubled Company Reporter-Europe on Sept. 14,
2009, the FT said the tax fine is equivalent to more than
four-fifths of the combined market value of Dogan Holding and
Dogan Yayin.  The FT disclosed one banker expressed incredulity at
the size of the fine, given it related largely to share
transactions between relatively small subsidiaries of Dogan Yayin,
and said it was big enough to threaten the group's survival.

Dogan Yayin Holding AS -- http://www.dyh.com.tr/-- is a Dogan
Group holding company based in Istanbul, Turkey, established as a
media-entertainment conglomerate, active in the newspaper,
magazine and book publishing, television and radio broadcasting,
printing and news media sectors through its subsidiaries.  Its
publishing and broadcasting products include magazines, daily
newspapers, national and international television stations,
thematic and interactive television channels and radio stations.
DYH also runs a television production and a record label company,
as well as two printing companies.  It operates websites designed
for various purposes, and offers a digital television platform, in
addition to other online and digital services.  DYH is active in
the retail sector through D&R and Yaysat, which distribute the
Holding’s products.  It also provides foreign trade, factoring and
mortgage services.  DYH holds international partnerships with such
companies as AOL-Time Warner, the Universal Music Group and Burda
GmbH.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 14,
2009, Fitch Ratings downgraded Turkey-based Dogan Yayin Holding's
Long-term foreign and local currency Issuer Default ratings to 'B'
from 'B+' respectively.  Both ratings remain on Rating Watch
Negative.


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


BUILDING PLUMBING: Creditors Must File Claims by October 24
-----------------------------------------------------------
Creditors of LLC Building Plumbing Installation have until
October 24, 2009, to submit proofs of claim to:

         A. Shramko
         Insolvency Manager
         Ordzhonikidze Str. 3/3
         Krivoy Rog
         50051 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on June 30, 2009.  The case is
docketed under Case No. B29/272-08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building Plumbing Installation
         Ordzhonikidze Str. 3/3
         Krivoy Rog
         50051 Dnepropetrovsk
         Ukraine


GRADIS LTD: Creditors Must File Claims by October 24
----------------------------------------------------
Creditors of LLC Gradis Ltd. (code EDRPOU 34503915) have until
October 24, 2009, to submit proofs of claim to:

         A. Yuditsky
         Insolvency Manager
         Office 9
         Khimikov Ave. 60
         18018 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on September 1, 2009.  The case is docketed
under Case No. 14/2019.

The Court is located at:

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

The Debtor can be reached at:

         LLC Gradis Ltd.
         B. Hmelnitsky Str. 29
         Smila
         20700 Cherkassy
         Ukraine


MOTORCAR ENTERPRISE-2561: Creditors Must File Claims by October 24
------------------------------------------------------------------
Creditors of OJSC Motorcar Enterprise-2561 (code EDRPOU 03150328)
have until October 24, 2009, to submit proofs of claim to G.
Semerich, the company's insolvency manager.

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company on September 15, 2009.  The case is docketed
under Case No. 16/95b.

The Court is located at:

         The Economic Court of Chernigov
         Mir Ave. 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         OJSC Motorcar Enterprise-2561
         Tsiolkovsky Str. 22
         14001 Chernigov
         Ukraine


PARTARIAL BS: Creditors Must File Claims by October 24
------------------------------------------------------
Creditors of LLC Partarial BS (code EDRPOU 35678569) have until
October 24, 2009, to submit proofs of claim to:

         LLC Profitinvest
         Insolvency Manager
         Melnikov Str. 12
         04050 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 8, 2009.  The case is docketed
under Case No. 44/546-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 Partarial BS
         Office 1
         BVladimirskaya str. 7
         01025 Kiev
         Ukraine


ZAPOROZHYE BUILDING: Creditors Must File Claims by October 24
-------------------------------------------------------------
Creditors of OJSC Zaporozhye Building Detail (code EDRPOU
32149761) have until October 24, 2009, to submit proofs of claim
to:

         O. Liaskovets
         Insolvency Manager
         Post Office Box 3398
         69006 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on September 17, 2009.  The case is docketed
under Case No. 19/68-16/111/08.

The Court is located at:

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

The Debtor can be reached at:

        OJSC Zaporozhye Building Detail
        Yuzhnoye Highway 4
        69006 Zaporozhye
        Ukraine


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


BAA: Has Deal to Sell Gatwick Airport to GIP
--------------------------------------------
Pilita Clark at The Financial Times reports BAA reached an
agreement to sell Gatwick to Global Infrastructure Partners, the
owners of London City Airport, for GBP1.5 billion.

Citing people familiar with the situation, the FT says the
Competition Commission approved the details of the sale late on
Tuesday.  The FT notes one person cautioned that the deal could
still fall through.

As reported in the Troubled Company Reporter-Europe on Oct. 22,
2009, the FT said BAA is appealing against a March Competition
Commission ruling to sell three of its UK airports: Gatwick,
Stansted and either Edinburgh or Glasgow.  In a report on Oct. 18,
the FT disclosed 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.

                      Special Administration

The government ditched controversial proposals to impose a
"special administration regime" on Britain's major airports that
threatened to wreck the finances of operator BAA, Telegraph said
in a report dated Oct. 13.

Telegraph recalled the Department for Transport proposed a
regulatory change in March that would have given ministers "step-
in" rights if the company failed.  The proposal raised serious
concerns, however, notably among the lenders to BAA, which has
GBP13.1 billion of debts and only last year completed a complex
refinancing, Telegraph said.  Telegraph disclosed holders of
GBP4.85 billion of BAA bonds warned that such rights -- overriding
their ability to appoint an administrator -- would constitute an
event of default, enabling them to demand their money back.

According to Telegraph, the government "decided not to proceed
with" the proposals after concluding that "the implementation
costs of introducing special administration would outweigh the
benefits and could significantly restrict operators' ability to
commit to ongoing investment".  Telegraph noted instead of a
special administration regime, the Government said it was
examining "the possible introduction of a license condition
requiring airport operators to produce and maintain a
continuity of service plan".

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.


CHILLFEST LTD: Enters Into Liquidation
--------------------------------------
Chillfest Limited, the London-based organizer of festivals,
entered into voluntary liquidation on October 15, 2009.  Ian
Sykes, Client Partner from Vantis Business Recovery Services
(BRS), a division of Vantis, the UK accounting, tax and business
advisory group, is the appointed Liquidator.

The company, which operated its first festival in August 2003, has
ceased to trade and is being wound up.  Rights to hold future
festivals had been sold to Festival Republic prior to the
liquidation and the Liquidator is now working to maximize
realisations from the remaining assets for the benefit of the
companys creditors.

Ian Sykes commented: The company sold insufficient tickets to
cover the cost of the 2009 Big Chill festival and the parent
company was unable to provide any further financial support.


IN THE BOX: Placed Into Liquidation by the High Court
-----------------------------------------------------
In The Box Ltd, which offered kitchen supply and fit services to
householders, has been placed into liquidation by the High Court
in Manchester following the investigation by Companies
Investigation Branch (CIB), part of the Insolvency Service.

The investigation found that the company took large deposits from
customers but, in many cases, failed to supply the kitchens or to
return monies.  Among the worst examples were :

    * A family paid a deposit of 2,400 in February 2009 and,
      although numerous delivery dates were arranged, all were
      cancelled, including one which was cancelled by text message
      late on the evening before the expected delivery.  This
      family were eventually told that the company could not
      complete the contract and that the deposit would be
      returned, but it was not returned.

    * A grandmother paid a 2000 deposit in March 2009 and did not
      receive her kitchen.

    * Another customer had still not taken delivery of a kitchen
      11 months after placing the order

The local Trading Standards office had received 33 complaints
about In the Box and its director, Philip Nigel Hill, in seven
months up to March this year.  However, the investigation found
that customers wanting to complain directly to the company, or
recover their deposits, were unable to do so, with phone calls
going unanswered and letters returned due to incorrect address
information appearing on the company's documentation.

The investigation also found that the company appeared to be
trading while insolvent, and was using customer deposits to
finance its ongoing business operations.  The director was a
qualified accountant, but his record-keeping was extremely poor,
and his own personal money intermingled with company revenues to
such an extent that it was impossible to account properly for
company receipts and expenditure.

Head of Investigations and Enforcement at the Insolvency Service,
Robert Burns, said: "The company did not offer customers any
cooling off period or cancellation rights, which is in
contravention of consumer protection law.  The director had
previously been required to give Enterprise Act undertakings to
West Yorkshire Trading Standards in respect of similar misconduct
to that uncovered by the CIB investigation.

"The Insolvency Service will investigate reports of behavior such
as this, and will seek to wind up companies and take further
action when necessary."

In The Box Ltd was incorporated on October 30, 2002 and has its
current Registered Office at 37-38 Market Street, Ferry Hill,
County Durham.  The company traded from Coe House, Albion Mill,
Coe Street, Bolton, which is also a former Registered Office.

All public enquiries concerning the affairs of the companies
should be made to:

         The Official Receiver
         Public Interest Unit
         3 Piccadilly Place
         London Road
         Manchester
         M1 3BN
         Tel: 0161 234 8531
         E-mail: piu.north@insolvency.gsi.gov.uk


JJB SPORTS: Crystal Amber Cuts Stake to 5.4%
--------------------------------------------
Marcus Leroux at Times Online reports that activist investment
fund Crystal Amber has sold down its stake in JJB Sports plc from
14% to 5.4% ahead of a fundraising.

"We have been actively involved with recent developments at JJB
and welcome the proposed fundraising," Times Online quoted
William Collins, chairman of Crystal Amber, as saying.  "We intend
to continue to play a full role in helping JJB with its recovery
program.  Following the placing, JJB will remain the largest
holding of Crystal Amber and we retain a significant shareholding
in JJB's much enlarged capital base."

                            Rights Issue

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

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

                         About JJB Sports

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


LEHMAN BROTHERS: Administrators Provide Progress Report
-------------------------------------------------------
The joint administrators of Lehman Brothers International (Europe)
(LBIE) have updated the creditor community with the issue of their
progress report for the first year of the administration.

The administrators are pursuing the objective of achieving a
better result for LBIEs creditors as a whole than would be likely
if LBIE was immediately wound up.  To that end the report provides
details of the work undertaken and progress made towards achieving
that aim.

Steven Pearson, joint administrator and partner at
PricewaterhouseCoopers LLP said: "I am pleased to report that very
significant progress has been made in the 12 months of this case
we have dealt with over US$40 billion of assets already and are
now focusing effort on agreeing claims.  Our actions have yielded
significant recoveries which in due course will be paid to
creditors.  There are still some major challenges to address,
which we will put before the UK court."

Key achievements to date:

    * The administrators have gained control of approx. US$40
      billion of securities and cash.

    * Over US$11 billion was held as cash at September 14 2009.

    * US$13.3 billion had been returned to clients and cash or
      securities.

    * Over 840,000 pending and failed trades that existed on 15
      September 2008 have been fully valued and reconciled.

    * Gross claims filed or in the process of being filed by LBIE
      against over 20 affiliate Lehman entities total over US$200
      billion.
    * A framework for the return of Client Assets has been
      developed by way of a scheme of arrangement.  A core
      principle of the scheme is subject to an appeal in the UK
      High Court which is scheduled to be heard later this month.
      An alternative plan has been outlined if the appeal fails.

    * Over 440 Lehman staff and contractors continue to support
      the LBIE administration.  These staff are central to our
      management and recovery efforts.

    * An ongoing cost initiative has been implemented to reduce
      infrastructure spend by US$120 million per year.

    * Administrators costs totalled US$238 million in the 12
      months some 0.6% of total assets managed, realized and
      returned.

                       About Lehman Brothers

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

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

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

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

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

               International Operations Collapse

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

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

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


* UK: Some Pensions Schemes on Brink of Bankruptcy, Study Shows
---------------------------------------------------------------
Norma Cohen at The Financial Times, citing a study conducted by
Hewitt Associates, reports that a small number of UK pension
schemes are so underfunded, and their sponsors so close to
bankruptcy, that either trustees must adopt a go-for-broke high-
risk investment strategy or the employer will need to seek
protection through insolvency.

According to the FT, the study concluded that the percentage of
such schemes is probably small, no more than 1% of total defined
benefit company pension plans.


* UK: Expert Says 5,800 Firms to Go Bust by Yearend
---------------------------------------------------
A further 5,800 businesses are likely to collapse before the end
of the year, bringing the estimated total number of corporate
failures since the start of the banking crisis to almost 32,000,
according to Tenon Recovery, the turnaround, restructuring,
recovery and insolvency specialist.

The number of business failures this year to date has already
exceeded those during the whole of 2008 by 19.1% -- and there are
still three months of 2009 left.  Print, leisure, haulage and
property development sectors have felt the brunt of the downturn
with the highest proportion of business failures.

Tenon Recovery predicts that as many as 6,300 businesses could
collapse in the first quarter of 2010 a 23% rise on the first
quarter of this year.  The first quarter is usually the toughest
for businesses as they are forced to deal with a combination of
reduced income, increased expenditure and continuing restrictions
on their ability to access sources of credit.

Research from Tenon has found that entrepreneurs have continued to
struggle to find new sources of funding, with one quarter (25%) of
those who had attempted to do so admitting that they had been
unsuccessful.

Carl Jackson, National Head of Tenon Recovery, said:
"Corporate insolvency levels are already at record highs and we
are unlikely to see any improvement for the next eighteen months.
Business owners need to take action now to protect themselves
against what will be another hard winter, planning and forecasting
to ensure they have the necessary resources to cope in the first
few months of the New Year which traditionally see inflated levels
of business failures."


* UK: Business Insolvency Rate Stable in September, Experian Says
-----------------------------------------------------------------
The latest Insolvency Index from Experian(R), the global
information services company, on October 19 revealed that the
average business insolvency rate during September (0.09%) remained
constant on August levels -- the lowest since September 2008.

The monthly index also revealed that the business population saw a
year-on-year improvement in its financial solidity (from 80.20 in
September 2008 to 80.79 in September 2009) as measured by its
average financial strength score.

In contrast to the national trend, small businesses with 11 to 25
employees saw a marked increase in insolvencies during September.
The rate of insolvencies among these businesses rose from 0.21% in
September 2008 to 0.26% in September 2009.  This was the biggest
year-on-year increase seen by any business type.  It was also the
biggest month-on-month increase (from 0.21 in August).

The total number of insolvencies within businesses of this size
increased year-on-year by 19% (43 more business failures than in
September 2008) and month-on-month by 20 per cent (four more
business failures than in August 2009).

Rolf Hickman, Managing Director of pH, an Experian company, said:
"A flat insolvency rate in September coupled with a small
improvement in the overall financial solidity of the business
population is positive.  August can be a slow month for
insolvencies, which may have explained the low insolvency rate,
but the fact that the low rate has continued into September is a
good sign.

"Businesses with one to two employees alongside those with 501
employees or more, had the lowest insolvency rates.  However, for
some of those businesses in between, the rate of failure is
markedly higher.  In fact, over the past year businesses with 11
to 25 employees have particularly struggled, having seen among the
highest insolvency rates.

"Micro businesses are often more flexible and able to access
capital from friends and family to enable them to ride out an
economic storm, while large corporate businesses have achieved
economies of scale and have greater access to funds from capital
markets.

"All businesses should continue to exercise caution with regard to
their risk exposure by monitoring the financial health of their
customers and suppliers."

Other key findings were:

    * Historically, the North East has seen the highest and most
      erratic insolvency rate (since the beginning of 2007, but
      during September it was the region to see the biggest
      improvement from August this year.  The insolvency rate fell
      From 0.20% to 0.12% in the North East.

    * Yorkshire's financial strength score saw the biggest
      improvement -- from 80.01 to 80.78.

    * Although Greater London saw an improvement in its level of
      financial solidity (from a financial strength score of 78.77
      to 79.60), it is still the region with the lowest score
      compared to other regions.

    * Large businesses (with 501 employees or more) saw the
      biggest deterioration of their financial strength score
     (from 84.94 to 84.37).  However, these businesses remain the
      most resilient types overall, having consistently held the
      highest score each month, compared to smaller businesses.

    * During September, businesses with three to five employees
      were the second most resilient business types and saw a
      slight improvement (from 81.87 in September last year to
      81.88 in September this year).

    * Of the five biggest industries in Great Britain (Business
      Services, Property, Building and Construction, IT and Non-
      food retailing), the IT industry saw the greatest fall in
      insolvency numbers (down 23%), while Building and
      Construction saw insolvencies increase by 1%.

    * Although the Printing, Paper and Packaging sector had the
      highest insolvency rate during September, it was among the
      sectors to see the greatest improvement since last year.
      Its insolvency rate dropped from 0.61% September 2008 to
      0.30% in September 2009.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *