TCREUR_Public/091023.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, October 23, 2009, Vol. 10, No. 210

                            Headlines

A L B A N I A

PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'


A U S T R I A

GMB-TEX GMBH: Claims Filing Deadline is November 2
JAEGER KEG: Claims Filing Deadline is November 9
ZOU YONGZHU: Claims Filing Deadline is November 10


F R A N C E

PEUGEOT CITROEN: Revenue Down 7.7% to EUR11.8 Bln in 3Q2009


G E R M A N Y

HEIDELBERGCEMENT AG: Fitch Upgrades Issuer Default Rating to 'BB-'
PORTFOLIO GREEN: Moody's Reviews Ratings on Various Notes
PROCREDIT HOLDING: Fitch Affirms Individual Rating at 'D'
SCHMACK BIOGAS: Seeks to Commence Insolvency Proceedings


I R E L A N D

EIRLES TWO: Moody's Downgrades Rating on Series 311 Notes to 'C'
TRINITY CAPITAL: Goodwill and Stock to Be Sold as Going Concern

* IRELAND: Nama Not Expected to Liquidate Developers in 2010


I T A L Y

CASSA DI RISPARMIO: Moody's Downgrades Bank Strength Rating to 'D'
SAFILO SPA: Fitch Downgrades Issuer Default Rating to 'C'


K Y R G Y Z S T A N

DOSALKO LLC: Court Names T. Sarygulov as Insolvency Manager
RAMEN RESEARCH: Court Names J. Ashyrahmanov as Insolvency Manager
TAI I CO: Court Names A. Jeyenbekov as Insolvency Manager


M A C E D O N I A

PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'


N E T H E R L A N D S

CASSIOPEIA QEX: Moody's Junks Ratings on Two Classes of Notes


R O M A N I A

K TECH: Faces Bankruptcy in December, Administrator Says


R U S S I A

KOMPROMIS CJSC: Creditors Must File Claims by December 16
LES-PROM LLC: Under External Mngt Bankruptcy Procedure
STROY-INVEST CJSC: Creditors Must File Claims by November 16
STROY-KAPITAL LLC: Creditors Must File Claims by December 16
TMK OAO: Mulls Sale of Shares, Bonds to Refinance Debt

TUMENSKIY STROITEL: Creditors Must File Claims by November 16


S P A I N

GENERAL MOTORS: Magna Has Initial Deal with Opel's Spanish Unions
IM GRUPO: Moody's Cuts Rating on Series D Notes to 'Caa1'


S W E D E N

GENERAL MOTORS: Saab Secures EUR400 Million Loan from EIB
SAAB AUTOMOBILE: Secures EUR400 Million Loan from EIB


S W I T Z E R L A N D

ALLEGRA REISEN: Claims Filing Deadline is November 2
AMGIL GMBH: Claims Filing Deadline is October 30
ATLANTA OFFICE: Claims Filing Deadline is November 2
BIPROMASZ BIPRON: Claims Filing Deadline is November 2
BOWE AG: Claims Filing Deadline is November 2

CONTRACTA AG: Claims Filing Deadline is October 28
E + R PARADIES-BETRIEBE: Claims Filing Deadline is October 28
ELEKTRO - MOSER: Claims Filing Deadline is October 28
ENCYSIVE GMBH: Claims Filing Deadline is November 2
FRIEDEN IMMOBILIEN: Claims Filing Deadline is November 2

HB SERVICE: Claims Filing Deadline is October 30
HOLUWAG AG: Claims Filing Deadline is October 28
LOMEX INTERACTIVE: Claims Filing Deadline is October 29
MSF TRADING: Claims Filing Deadline is October 28
PERCEPTION SEMINARE: Claims Filing Deadline is October 29

POWER MANAGEMENT: Claims Filing Deadline is October 30
SWISSTEC MASCHINEN: Claims Filing Deadline is October 30
MUTIARA HOLDING: Claims Filing Deadline is October 28
SECURENET SYSTEMS: Claims Filing Deadline is October 28
ULRICH HOEHENER: Claims Filing Deadline is October 28


U K R A I N E

ARIAN LLC: Creditors Must File Claims by October 25
EAST-WEST LLC: Creditors Must File Claims by October 25
ENERGETICAL SYSTEMS: Creditors Must File Claims by October 28
HEAT AND ENERGETIC : Creditors Must File Claims by October 28
INTERBUILDINGMEASURE-INVEST: Creditors Must File Claims by Oct. 28

IZIASLAV MOTORCAR: Creditors Must File Claims by October 28
LOGOS-TOR LLC: Creditors Must File Claims by October 28
NAFTOGAZ OJSC: Fitch Changes Watch on 'RD' Rating to Positive
OSNOVA PLUS LLC: Creditors Must File Claims by October 25


U N I T E D   K I N G D O M

BOREALIS NO 3: Moody's Withdraws 'Ca' Rating on Class A Notes
DUNFERMLINE BUILDING: FSA Denies Any Blame for Collapse
GALA CORAL: Shareholders Back Debt Restructuring Proposal
HEYWOOD WILLIAMS: Forced Into Pre-Pack Administration
NATIONAL EXPRESS: Cosmen Family Backs Stagecoah Merger Proposal

REGENT INNS: Placed Into Administration; Nine Bars Closed

* UK: Manufacturing Administrations Up 33%, Deloitte Says
* UK: CFOs More Optimistic on Financial Prospects, Deloitte Survey
* UK: Companies Discussing Liquidity in Annual Reports Up in 2009


X X X X X X X X

* BOOK REVIEW: Calling a Halt to Mindless Change - A Plea for


                         *********



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A L B A N I A
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PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of the ProCredit Banks in
Albania and Macedonia:

ProCredit Bank Albania:

  -- Long-term Foreign Currency Issuer Default Rating 'B+';
     Outlook Stable

  -- Short-term Foreign and Local Currency IDR 'B',

  -- Long-term Local Currency IDR 'BB-'; Outlook Stable

  -- Individual rating 'D/E

  -- Support rating '4'.

ProCredit Bank Macedonia:

  -- Long- term Foreign and Local Currency IDR 'BB+'; Outlook
     Stable

  -- Short-term Foreign and Local Currency IDR 'B',

  -- Individual rating 'D/E'

  -- Support rating '3'

The IDRs and Support Ratings for both banks reflect Fitch's view
of the potential support available from the banks' owners, in
particular ProCredit Holding AG ('BBB-'/Outlook Stable).  PCH is
the largest shareholder in both banks (PCBA: 80% and PCM: 87.5%).

However, the potential support for PCBA and, hence, the ratings of
PCBA are constrained by the 'B+' Country Ceiling of Albania.  Any
movement in the Country Ceiling for Albania would have
implications for PCBA's IDRs and Support ratings.  PCM's ratings
are not constrained by the Country Ceiling for Macedonia ('BBB')
and the Stable Outlook reflects that of its majority shareholder,
PCH.  PCH's IDRs and Support Ratings in turn reflect Fitch's view
of the high potential support available from its owners, and in
particular from a group of international financial institutions
which are key voting shareholders.

The Individual ratings reflect the credit and operational risks
associated with the operating environment, the banks' business
model and small size in absolute terms.  They also reflect
pressure on profitability due to increased loan impairment
charges, lower margins and tight capital ratios.  Asset quality is
moderate (PCBA reports loans in arrears more than 30 days of 2.4%
at end-H109; PCM: 2.1%) which is under pressure from the difficult
operating environment.  Asset quality has to date been stronger
than at other domestic banks.  The Individual ratings also
consider the banks' diversified domestic deposit base,
satisfactory liquidity and the centralized control and risk
management by PCH.  Fitch expects financial performance and asset
quality to remain under pressure given the tough operating
environment and in particular moderate growth outlook for PCM.

Frankfurt-based PCH was set up as an equity investment company in
1998 to invest in the global network of ProCredit banks (PCH
Group).  These banks were established by private and public
investors to provide financing for micro and SME customers.  As of
end-H109, the group had total assets of EUR4.7 billion and
consisted of 22 subsidiaries, primarily banks, in central and
eastern Europe (11), Latin America (seven) and Africa (four)


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A U S T R I A
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GMB-TEX GMBH: Claims Filing Deadline is November 2
--------------------------------------------------
Creditors of Gmb-Tex GmbH have until November 2, 2009, to file
their proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Gerhard Mueller
         Maria-Theresien-Strasse 8
         6890 Lustenau
         Austria
         Tel: 05577/88644
         Fax: 05577/88644-3
         E-mail: kanzlei@grabherr-mueller.jet2web.at


JAEGER KEG: Claims Filing Deadline is November 9
------------------------------------------------
Creditors of Jaeger KEG have until November 9, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 19, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Gernot Klocker
         Mozartstrasse 18
         6850 Dornbirn
         Austria
         Tel: 05572/386869
         Fax: 05572/386869-3
         E-mail: office@kgk.co.at


ZOU YONGZHU: Claims Filing Deadline is November 10
--------------------------------------------------
Creditors of Zou Yongzhu Gastronomie GmbH have until November 10,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 26, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Wolfgang Reinisch
         Hauptplatz 28
         8430 Leibnitz
         Austria
         Tel: 03452/83296
         Fax: 03452/83296-20
         E-mail: leibnitz@reinisch-wisiak.at


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F R A N C E
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PEUGEOT CITROEN: Revenue Down 7.7% to EUR11.8 Bln in 3Q2009
-----------------------------------------------------------
Laurence Frost at Bloomberg News reports that PSA Peugeot Citroen
said revenue fell 7.7% in the third quarter of 2009 on lower
prices and a slump in overseas sales.

Bloomberg relates the company said Wednesday in a statement
revenue declined to EUR11.8 billion (US$17.7 billion) from
EUR12.8 billion a year earlier.  According to Bloomberg, while
global volume sales rose 10% to 788,000 vehicles, led by Europe
and China, sales fell 13% in Latin America and dropped by half in
Russia.

The "disappointing third-quarter numbers may undermine confidence
in mass-carmaker cash flows in the second half and 2010,"
Bloomberg quoted Stuart Pearson, a London-based analyst at Credit
Suisse, as saying.

PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/--
is a France-based manufacturer of passenger cars and light
commercial vehicles.  It produces vehicles under the Peugeot and
Citroen brands.  In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing and
related services to car buyers; Faurecia, an automotive equipment
manufacturer focused on four component families: seats, vehicle
interior, front end and exhaust systems; Gefco, which offers
logistics services covering the entire supply chain, including
overland, sea and air transport, industrial logistics, container
management, vehicle preparation and distribution, and customs and
value added tax (VAT) representation, and Peugeot Motocycles,
which manufactures scooters and motorcycles.  In 2008, PSA Peugeot
Citroen S.A. sold over 3.2 million vehicles in 150 countries
worldwide.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 10,
2009, Standard & Poor's Ratings Services lowered its long- and
short-term corporate credit ratings on Peugeot to 'BB+/B' from
'BBB-/A-3'.  S&P said the outlook is negative.  The ratings were
removed from CreditWatch, where they had been placed with negative
implications on June 25, 2009.  "The downgrade reflects S&P's
expectations that Peugeot's profitability and financial profile
will deteriorate significantly owing to the prolonged weakness in
European auto demand, which S&P now anticipate will persist in
2010 in contrast to S&P's previous assumption of a market recovery
that was a factor in S&P's previous ratings," said Standard &
Poor's credit analyst Barbara Castellano.


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G E R M A N Y
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HEIDELBERGCEMENT AG: Fitch Upgrades Issuer Default Rating to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded Germany-based HeidelbergCement AG's
Long-term Issuer Default and senior unsecured ratings to 'BB-'
from 'B' and 'CCC', respectively.  They have been removed from
Rating Watch Positive where they were placed on 12 October 2009.
The Outlook on the Long-term IDR is Positive.  HC's Short-term IDR
has been affirmed at 'B'.

Fitch has also assigned final senior unsecured ratings of 'BB-' to
HC's EUR1 billion 7.5% notes due in 2014, EUR1bn 8% notes due in
2017 and EUR500 million 8.5% notes due in 2019.  This follows the
review of final documents conforming to information already
received.

The upgrade reflects material reduction in the refinancing risk of
HC's December 2011 secured syndicated facility, following the
successful issuance of the total EUR2.5 billion notes and EUR2.25
billion new equity in September 2009.  The drawn amount under the
term loans of the syndicated secured facility has been reduced to
just over EUR2.3 billion from about EUR6.5 billion.  The agency
also believes that the successful bond issuance, which is
considerably above the amount originally expected, would aid the
company in its future refinancing efforts of the remaining portion
of the secured facility, allowing for a smooth reduction of the
refinancing risk.

The Positive Outlook reflects Fitch's expectations that HC would
progressively improve its credit metrics, including net leverage,
over the next 24 months.  This would be driven by moderate free
cash flow generation, as a result of continued cost reduction
measures and containment of capex.

Fitch's latest forecasts for HC include a mid-teen percentage
point decline in revenue in 2009 and a flat performance in 2010,
as well as deteriorating EBITDA margins in 2009 before a slight
recovery in 2010.  Under this scenario, expected lower cash flow
from operations is likely to result in only slightly positive free
cash flow compared to a five-year average of 4% free cash
flow/revenue.  Net leverage is forecast to be below 3.8x by FYE11.
In its forecast, the agency has not factored in any inflows from
potential disposals.

The obligations under the EUR2.5bn notes constitute unsubordinated
and unsecured obligations of HC and rank equally among themselves
and with all other unsecured and unsubordinated obligations of HC.
The notes have an unconditional and irrevocable guarantee by
Hanson Limited, which will expire upon the date of payment in full
of all obligations of Hanson Limited under its US$750 million
notes due 2010 and US$750 million due in 2016, and of Hanson
Australia Funding Limited under its US$750 million notes due 2013.
The notes have a change of control clause, a limitation on
additional indebtedness subject to the incurrence of a certain
gross interest coverage ratio (2:1 as defined in the notes
prospectus) and a negative pledge in relation to capital market
indebtedness.


PORTFOLIO GREEN: Moody's Reviews Ratings on Various Notes
---------------------------------------------------------
Moody's Investors Service has placed on review for upgrade these
classes of notes issued by Portfolio GREEN German CMBS GmbH
(amounts reflecting initial outstandings):

  -- EUR40M Class C Secured Floating Rate Notes due 2050, A2
     Placed Under Review for Possible Upgrade; previously on
     April 9, 2009 Downgraded to A2

  -- EUR35M Class D Secured Floating Rate Notes due 2050, Baa3
     Placed Under Review for Possible Upgrade; previously on
     April 9, 2009 Downgraded to Baa3

  -- EUR20M Class E Secured Floating Rate Notes due 2050, Caa1
     Placed Under Review for Possible Upgrade; previously on
     April 9, 2009 Downgraded to Caa1

  -- EUR12M Class F Secured Floating Rate Notes due 2050, Caa2
     Placed Under Review for Possible Upgrade; previously on
     April 9, 2009 Downgraded to Caa2

  -- EUR4M Class G Secured Floating Rate Notes due 2050, Caa3
     Placed Under Review for Possible Upgrade; previously on
     April 9, 2009 Downgraded to Caa3

Moody's did not assign ratings to the Class H Notes.

1) Transaction Overview and Current Performance

In this transaction, Lehman Brothers Bankhaus AG ("Seller") sold
its economic interest in claims for interest and principal under a
portfolio of mortgage loans granted to individual and corporate
borrowers in Germany to the Issuer.  The mortgage loans are
secured by commercial properties, including office, retail,
residential, mixed-use, hotel and nursing homes located in
Germany.  Since closing of the transaction, the number of loans
decreased from 416 to 281, while the outstanding balance decreased
from EUR585 million to EUR327 million as per last reporting date
in October 2009.  The expectations of the Sponsor at closing
included a quick amortization of the Portfolio by prepayments at
the respective loan interest rate reset dates.

In April 2009, Moody's downgraded the Class B, C, D, E, and F
Notes.  The downgrade was triggered by the insolvency of Lehman
Brothers Special Financing Inc and Lehman Brothers Holding Inc.,
which acted as interest rate swap counterparty and guarantor in
the transaction.  The swap was swapping fixed rate income received
by the Issuer into floating rate 3-month EURIBOR.  In addition,
Lehman Brothers Bankhaus AG is the sponsor of the transaction.
Moody's considered the missing interest swap as a structural
weakness of the transaction and hence took into account
potentially rising interest rates that would lead to additional
losses at the Issuer level.

The October 2009 bondholder report shows arrears on two loans with
an aggregate amount of EUR7.1 million (2.1% of the current
balance).  Moody's also notes that a rising proportion of loans is
regularly prolongated on a 3 to 6 months basis, which might
indicate difficulties for the respective borrowers to refinance
their loans.  This balance amounted to EUR20 million per July 2009
IPD.  Moreover, Moody's will investigate the aspects of a
potential loss of EUR 1.1 million with respect to an outstanding
court ruling concerning the validity of the loan receivable
transfer to the Issuer.

2) Rating Rationale

The review action has been prompted by the novation of the
interest rate swap from Lehman Brothers to Goldman Sachs Mitsui
Marine Derivative Products, L.P. (Aa1 counterparty rating).
Following the swap novation, the Issuer is no longer exposed to
rising interest rates.  During the review process, Moody's will
take into account (i) the interest rate protection derived from
the swap novation, (ii) potential cost associated with the
novation of the swap, and Liquidity Facility drawings of the
Issuer to date (iii) the current performance of the transaction,
(iv) any implications of the challenged validity of the above
mentioned loan claim and (v) a further review of the continuing
short-term prolongation of certain loans in the pool.

The Aa1 rating of the Class B Notes is not placed on review for
upgrade since an upgrade to Aaa is unlikely given the subordinated
nature of the Class B Notes to the Class A Notes.


PROCREDIT HOLDING: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------------
Fitch Ratings has affirmed ProCredit Holding AG's ratings at Long-
term Issuer Default 'BBB-', Short-term IDR 'F3', Individual 'D'
and Support '2'.  The Outlook is Stable.  At the same time, Fitch
has affirmed PCH's issue of tier 1, perpetual, non-cumulative,
non-voting trust preferred securities at Long-term 'BB-'.

The IDRs and Support rating of PCH reflect Fitch's view of the
strong potential support available from its owners, and in
particular from a group of international financial institutions
which are key voting shareholders.  This is based on PCH's
important developmental role in providing financing and other bank
services to very small, small and medium-sized enterprise
customers in developing countries and economies in transition.

The Individual rating reflects a challenging operating environment
in several of PCH's local markets; pressure on financial
performance in H109 from a slight decline in the loan book and
high impairment charges; deterioration in the historically good
asset quality; and operational risks linked to the group's
business model.  The Individual rating also considers good risk
management, low market risk, funding from local customer deposits
and IFIs, and improving capital ratios.  Asset quality has to date
also typically been stronger than at other banks in PCH's local
markets.

Asset quality ratios have deteriorated (at end-H109; loans in
arrears over 30 days were 3.1% and over 90 days were 1.9% of gross
loans), albeit from a low base (at end-2008: 1.6% and 1%
respectively).  Impairment coverage remained solid and write-offs
low at end-H109.  The group has increased its use of restructured
loans (4.5% at end-H109); although it reports that 90% of these
loans perform normally after restructuring.  Fitch expects asset
quality to remain under pressure in the uncertain operating
environment, and given the unseasoned nature of the group's
restructured loan book.

Liquidity has been managed cautiously, and the group benefits from
regular cash flow from repayments on its book of annuity loans.
However, Fitch notes that PCH itself, at the holding company
level, has a limited pool of liquidity to support its
subsidiaries.  The group's reported tier 1 and total Basel II
capital ratios have increased in H109 (to 10% and 14%
respectively), and Fitch understands PCH intends to maintain these
levels over the medium-term.

Frankfurt-based PCH was set up as an equity investment company in
1998 to invest in the global network of ProCredit banks (PCH
Group).  These banks were established by private and public
investors to provide financing for micro and SME customers.  As of
end-H109, the group had total assets of EUR4.7 billion and
consisted of 22 subsidiaries, primarily banks, in central and
eastern Europe (11), Latin America (seven) and Africa (four).

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


SCHMACK BIOGAS: Seeks to Commence Insolvency Proceedings
--------------------------------------------------------
Mariajose Vera at Bloomberg News reports that Schmack Biogas AG
filed an application for the opening of insolvency proceedings due
to the company's "imminent failure of pay."

Schmack Biogas AG -- http://www.schmack-biogas.com/-- is a
Germany-based service provider in the biogas sector.  The Company
operates through three business segments: Planning and
Construction, providing project development, biogas plant
construction services, integration of the plant into existing
infrastructure and initial sourcing of raw materials, among
others; Service, delivering biological process management
services, laboratory analysis and monitoring, technical services
and plant management, and Own Operations, generating biogas in own
plants and marketing of electricity and heat or purified biogas.
Schmack Biogas AG offers various plant systems, including EUCO
Titan, COCCUS Titan, AIO Cogeneration unit and PASCO feeding
system.  Its target groups are agricultural clients, energy
utilities and capital investors.  As of December 31, 2008, Schmack
Biogas AG had 14 domestic and two international subsidiaries.


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EIRLES TWO: Moody's Downgrades Rating on Series 311 Notes to 'C'
----------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by Eirles Two Limited, a collateralized debt obligation
transaction synthetically referencing a managed portfolio of
corporate entities.  Moody's will withdraw its rating for business
reasons following a request from the arranger.

Issuer: Eirles Two Limited

  -- Series 311 US$15,000,000 Floating Rate Credit Linked Notes
     due 2014 Notes, Downgraded to C; previously on March 2, 2009
     Downgraded to Ca

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The reference portfolio includes an exposure to Ambac
Financial Group, Inc., CIT Group Inc., and iStar Financial Inc.
which have experienced substantial credit migration in the past
few months, and are now rated Ca.

Since the last rating action on the transaction, the subordination
of the rated tranche has been further reduced due to credit events
on BTA Bank, Chemtura Corporation, Idearc, Inc. and Syncora
Guarantee Inc. The aggregate loss amount has already exceeded the
subordination and impacted approximately 51% of the tranche's
original amount.  The portfolio has the highest industry
concentrations in Insurance (17%), Banking (16%), Finance (12%)
and Sovereign (7%).

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.


TRINITY CAPITAL: Goodwill and Stock to Be Sold as Going Concern
---------------------------------------------------------------
Drinks Industry Ireland reports that Jim Stafford, the liquidator
for the Trinity Capital Hotel, Break for the Border, The Grafton
Capital Hotel and the Dragon Bar, has agreed to sell the goodwill
and stock of the four businesses to companies controlled by the
O'Dwyer brothers Liam and Des as a going concern.

According to the report, the goodwill and stock (not previously on
lease) from the Trinity Plaza Hotel, trading under the Trinity
Capital Hotels banner, was sold for around EUR65,000 while that of
Mundania Ltd, trading as The Dragon, was sold for EUR24,000 and
that of Lyng Ltd, trading as the Grafton Capital Hotel and Break
for the Border, was sold for EUR73,000.

Mr. Stafford is to apply to the High Court for approval for the
sale, the report notes.


* IRELAND: Nama Not Expected to Liquidate Developers in 2010
------------------------------------------------------------
Richard Curran at The Sunday Business Post Online reports that the
National Asset Management Agency has not allocated any money to
cover the liquidation of developers next year in its business
plan.

The agency expects to spend EUR160 million a year on liquidation
expenses once it gets up and running, the report discloses.
However, its 35-page business plan does not include any
liquidation expenses for 2010, which suggests that it does not
expect to close down any developers next year, the report notes.


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CASSA DI RISPARMIO: Moody's Downgrades Bank Strength Rating to 'D'
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt and
deposit ratings of Cassa di Risparmio di Ferrara (Cariferrara) to
Baa3 from Baa2, its short-term bank deposit rating to Prime-3 from
Prime-2 and its bank financial strength rating to D from D+.  The
BFSR now maps to a baseline credit assessment of Ba2 (previously
Ba1).  At the same time, the bank's subordinated debt rating was
downgraded to Ba1 from Baa3.  The outlook on the BFSR remains
negative, while the outlook on the long-term debt and deposit
ratings is now stable.

In view of the challenges confronting Cariferrara, Moody's lowered
the bank's BCA in August 2009 by three notches to Ba1 (from Baa1),
translating into a BFSR of D+ (from C- previously), which was one
the most significant adjustments amongst all Italian banks.
Moody's said that a further downgrade is justified given the
emergence -- in recent weeks -- of a number of challenges, which
position the risk profile of the bank beyond the parameters
associated with the rating agency's anticipated scenario for the
bank, which triggered the August 2009 rating action.  Moody's
added that these challenges include credit losses, that may exceed
the level factored into the expected scenario (the EUR20.7 million
loss for the first half of 2009 reflects a more-rapid-than-
expected deterioration), as well as the bank's decision to refocus
on core activities in its home territory, after a significant
expansion outside its region in recent years.  Moody's added that
while such a refocus could, in the longer term, be beneficial for
the group's risk profile, it is not yet clear whether its
successful completion is achievable in the shorter term,
particularly in current market conditions, and whether any
potential losses or charges may arise from this.

The EUR20.7 million loss recorded by Cariferrara for the first
half of 2009 was primarily the result of a sharp increase in loan
loss provisions, combined with lower revenues and pre-provision
earnings.  The bank reported a Tier 1 ratio of 6.11% at June 2009,
compared to a pro-forma ratio of 6.54% following the EUR84 million
capital increase between December 2008 and March 2009.

Moody's is concerned that Cariferrara's current modest capital
adequacy -- at a relatively early stage of the current economic
downturn, and with higher-than-anticipated loan loss charges
emerging -- reveal a degree of vulnerability that is better
reflected in a BFSR at the D level, and a BCA of Ba2.  The rating
agency added that it does, however, recognize Cariferrara's strong
franchise in its home territory, which is also reflected in its
good local retail funding profile.

Cariferrara's D BFSR therefore incorporates Moody's expectation of
a further increase in problem loans given the continued weak
economic environment.  The rating also factors in a return to
profitability during 2010, and a continued adequate liquidity
profile.

The negative outlook on the BFSR reflects Moody's view that
Cariferrara will face further pressure if loss assumptions
increase significantly from Moody's current expectations, eroding
further the bank's risk absorption capacity, as well as
uncertainties about liquidity.  In addition, concerns remain
regarding the timing and feasibility of the refocusing plan.
Further downward pressure could be exerted on the BFSR and the BCA
if this plan is not successfully completed.

The downgrade of Cariferrara's long- and short-term deposit
ratings reflects not only the bank's lower BFSR but also the fact
that despite its strong presence in its local market, the bank's
franchise could be affected as competitors may take advantage of
the current difficulties faced by the bank in expanding its
presence.  The fact that the bank's shareholders may not be
capable of providing additional support also weighs on the rating.
However Moody's expectation of a high likelihood of systemic
support for Carriferrara results in a two-notch uplift from its
BCA of Ba2 to its Baa3 long-term deposit rating, and leads to a
stable outlook for the long-term debt and deposit ratings.

These ratings were downgraded:

Cassa di Risparmio di Ferrara:

-- BFSR to D (mapping to a BCA of Ba2) from D+
-- Long-term deposit rating to Baa3 from Baa2
-- Senior unsecured debt to Baa3 from Baa2
-- Subordinated debt to Ba1 from Baa3
-- Short-term deposits to Prime-3 from Prime-2

Moody's previous rating action on Cariferrara was on August 13,
2009, when all the bank's ratings were downgraded.

Cassa di Risparmio di Ferrara is headquartered in Ferrara, Italy.
At June 30, 2009, it had total assets of EUR8.5 billion.


SAFILO SPA: Fitch Downgrades Issuer Default Rating to 'C'
---------------------------------------------------------
Fitch has downgraded Italy-based eyewear designer and manufacturer
Safilo S.p.A.'s Long-term Issuer Default Rating to 'C' from 'CC'.
Fitch has simultaneously revised the Recovery Rating on Safilo's
senior credit facilities at to 'RR1' from RR2'.  The senior
secured facilities -- rated 'B-' -- and Safilo's IDR remain on
Rating Watch Negative.  Safilo Capital International S.A.'s EUR195
million senior notes due 2013 are affirmed at 'C'.  The Recovery
Rating for these notes remains 'RR6'.

The rating actions follow Safilo's announcement of a
recapitalization plan and tender offer by current 2.1% shareholder
HAL Holding NV for the 2013 senior notes.  In Fitch's view, the
tender offer constitutes a coercive debt exchange, and will be
regarded as a restricted default if it proceeds.  This drives the
downgrade of Safilo's Long term IDR to 'C'.

The tender offer will be open until November 19, 2009 with
settlement on November 24, 2009.  If the tender offer is
successful, Fitch will downgrade the IDR of Safilo to 'RD'
(Restricted Default) upon conclusion and settlement of the offer,
reflecting default.  Subsequently, Fitch would re-assess Safilo's
IDR upon the conclusion of the proposed equity injections and
senior debt extension (anticipated by Q110), and in the light of
its financial situation and strategy.  However, if the tender
offer is not successful and the equity injections do not proceed,
Safilo is unlikely to be able to meet interest and principal
payments due before year-end, unless other alternatives were
forthcoming.  This would be reflected in the 'C' IDR.

Provided that the tender offer is successful and at least 60% of
the senior notes are tendered, HAL will then subscribe to a
capital increase in Safilo for EUR13 million, and an underwritten
rights issue for approximately EUR250 million will be launched.
In conjunction with this equity recapitalization, Safilo's senior
secured bank debt will be reduced to EUR300 million (from
currently EUR327 million committed), of which approximately EUR140
million-150 million has been drawn, and extended to June 30, 2015.

While the above recapitalization and extension of the senior debt
facilities should be positive for Safilo in the medium term, Fitch
views the tender offer for the senior notes as a CDE.  While not a
standard CDE in that the senior notes will remain as a debt
liability for Safilo at the full face value, the tender offer
appears to meet Fitch's two requirements for classification as a
CDE nonetheless.  Firstly, it constitutes a loss for investors, by
virtue of the offer price being 60% of the face value of the
senior notes.  Secondly, it is de facto coercive, as the company
needs a recapitalization if it is to avoid a payment default at
year-end, but has stated that the proposed equity injections and
senior bank debt extension will not go ahead unless the tender
offer is successful in respect of at least 60% of the senior
notes.  By the time the tender closes, there would be extremely
limited time to find a different solution before cash interest and
principal payments fall due; furthermore, if the tender is
unsuccessful, either scenario would indicate an IDR of 'C'.
Effectively, senior notes investors are being asked to take a loss
in order that the equity recapitalization can take place.
Although this debt instrument's outstanding amount is not reduced,
equity and cash would be much improved and would place the company
in a stronger position to survive the after-effects of the global
recession.

The senior bank debt of Safilo is affirmed at 'B-', and the
Recovery Rating is revised to 'RR1', reflecting the fact that the
senior bank debt is not expected to suffer a capital loss
throughout this process.  There has previously been a 'soft cap'
on recoveries for this instrument at 'RR2' based on the Italian
jurisdiction, but (in line with Fitch's "Country-Specific
Treatment of Recovery Ratings - Revised" dated 21 August 2006),
soft caps for issuers entering distress or default can be
'relaxed' where there is evidence that recoveries given default on
instruments under observable distress may be higher than those
implicit under the cap.  The senior notes are affirmed at 'C' with
'RR6', despite the offer of 60% of par value, reflecting the
medium-term prospects for recoveries given that the notes remain
in place.


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


DOSALKO LLC: Court Names T. Sarygulov as Insolvency Manager
-----------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
T. Sarygulov as Insolvency Manager for LLC Dosalko on August 12,
2009.  He can be reached at:

         Gosadministratsiya
         Jayilsky District
         Kara-Balta
         Chui
         Kyrgyzstan
         Tel: (0-777) 32-17-12

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.


RAMEN RESEARCH: Court Names J. Ashyrahmanov as Insolvency Manager
-----------------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
J. Ashyrahmanov as Insolvency Manager for LLC Ramen Research on
August 20, 2009.  He can be reached at:

         Chui Ave. 120
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 30-05-36

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
ED-849/09mbs9.


TAI I CO: Court Names A. Jeyenbekov as Insolvency Manager
-------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
A. Jeyenbekov as Insolvency Manager for LLC Tai I Co on June 23,
2009.  He can be reached at:

         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan
         Tel: (0-552) 27-27-69

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
ED-561/09mbs8.


=================
M A C E D O N I A
=================


PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of the ProCredit Banks in
Albania and Macedonia:

ProCredit Bank Albania:

  -- Long-term Foreign Currency Issuer Default Rating 'B+';
     Outlook Stable

  -- Short-term Foreign and Local Currency IDR 'B',

  -- Long-term Local Currency IDR 'BB-'; Outlook Stable

  -- Individual rating 'D/E

  -- Support rating '4'.

ProCredit Bank Macedonia:

  -- Long- term Foreign and Local Currency IDR 'BB+'; Outlook
     Stable

  -- Short-term Foreign and Local Currency IDR 'B',

  -- Individual rating 'D/E'

  -- Support rating '3'

The IDRs and Support Ratings for both banks reflect Fitch's view
of the potential support available from the banks' owners, in
particular ProCredit Holding AG ('BBB-'/Outlook Stable).  PCH is
the largest shareholder in both banks (PCBA: 80% and PCM: 87.5%).

However, the potential support for PCBA and, hence, the ratings of
PCBA are constrained by the 'B+' Country Ceiling of Albania.  Any
movement in the Country Ceiling for Albania would have
implications for PCBA's IDRs and Support ratings.  PCM's ratings
are not constrained by the Country Ceiling for Macedonia ('BBB')
and the Stable Outlook reflects that of its majority shareholder,
PCH.  PCH's IDRs and Support Ratings in turn reflect Fitch's view
of the high potential support available from its owners, and in
particular from a group of international financial institutions
which are key voting shareholders.

The Individual ratings reflect the credit and operational risks
associated with the operating environment, the banks' business
model and small size in absolute terms.  They also reflect
pressure on profitability due to increased loan impairment
charges, lower margins and tight capital ratios.  Asset quality is
moderate (PCBA reports loans in arrears more than 30 days of 2.4%
at end-H109; PCM: 2.1%) which is under pressure from the difficult
operating environment.  Asset quality has to date been stronger
than at other domestic banks.  The Individual ratings also
consider the banks' diversified domestic deposit base,
satisfactory liquidity and the centralized control and risk
management by PCH.  Fitch expects financial performance and asset
quality to remain under pressure given the tough operating
environment and in particular moderate growth outlook for PCM.

Frankfurt-based PCH was set up as an equity investment company in
1998 to invest in the global network of ProCredit banks (PCH
Group).  These banks were established by private and public
investors to provide financing for micro and SME customers.  As of
end-H109, the group had total assets of EUR4.7 billion and
consisted of 22 subsidiaries, primarily banks, in central and
eastern Europe (11), Latin America (seven) and Africa (four)


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


CASSIOPEIA QEX: Moody's Junks Ratings on Two Classes of Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded these classes of
residential mortgage-backed notes issued by Cassiopeia QEX B.V.:

-- The EUR69.2 million Class B notes due 2048, Downgraded to B3
    from Aa2, previously on 17 July 2009 placed on review for
    possible downgrade;

-- The EUR21.4 million Class C notes due 2048, Downgraded to C
    from Baa2; previously on 17 July 2009 placed on review for
    possible downgrade;

-- The EUR14.6 million Class D notes due 2048, Downgraded to C
    from Ba3; previously on 17 July 2009 placed on review for
    possible downgrade.

All notes had been placed on review for possible downgrade in
July 2009 following rapid performance deterioration.  The rating
action concludes the review and takes into account Moody's
increased default and loss expectation for this portfolio.

This transaction closed in July 2008, and the current pool factor
is 96%.  As of July 2009, loans more than 90 days in arrears
totalled EUR148.5 million (32.7% of the original portfolio
balance), including EUR48.1 million already in legal foreclosure
process.  Moody's does not expect the arrears trend to stabilize
in the medium term given the current negative outlook for the
Spanish economy.  According to the last investors report, there
were no significant recoveries as of July 2009.

Moody's has also been informed that Banesto (the originator and
servicer) is accelerating the process of classifying loans as
defaulted in cases where borrowers are more than 90 days in
arrears and no collections are expected in the future.  According
to the transaction documents, a loan is classified as defaulted if
it is more than 510 days in arrears or if it has otherwise
reasonably been classified as such by the servicer and referred to
the servicer's non-performing loans division.  Moody's notes that
so far there have been no cases of loans becoming performing once
again after being more than 90 days in arrears.  Loans in
foreclosure process represented 11.0% of the initial portfolio as
of July 2009, versus 3.3% in January 2009 and cumulative defaults
have increased from 17% to 32.7% in the same period.

As of closing, the main source of credit enhancement on the junior
notes was an over-collateralization equal to 6.6% of the initial
portfolio.  The sudden increase in defaults has created an unpaid
principal deficiency ledger of EUR122 million (or 26.9% of the
initial portfolio) as of July 2009.  Currently, there is no credit
support on Classes B, C and D and the repayment of these notes
will depend on the level of future recoveries.  The cash reserve
in the deal (5.1% of the initial portfolio) can be used to cover
any interest shortfall on Series A, and it could be used to cover
PDL only at maturity and prioritizing any PDL on Series A.  Since
July 2009, the Class B, C and D notes are no longer receiving any
interest payment as the interest deferral triggers were hit.
These triggers are based on unpaid PDL (20%, 12% and 6%
respectively for Classes B, C and D) and Moody's does not expect
these breaches to be cured in the near future.

Moody's notes that updated valuations carried out for properties
backing loans in legal foreclosure process are on average 30%
lower than the original valuations.  In its analysis, Moody's has
considered that, for the vast majority of the defaulted loans, the
properties will need to be sold through an auction process, which
is likely to reduce even further the sale proceeds below the
updated property values.  During its review, Moody's analyzed
different scenarios on recoveries in order to determine the
likelihood and the size of principal losses for the Class B, C,
and D notes.  Moody's notes that Class B will start to suffer
principal losses in the event that the recoveries from the
currently defaulted assets are lower than 45%.  Classes C and D
would suffer principal losses in the event the recoveries are
lower than 57% and 70% respectively.  Moody's expects recoveries
to be in the range of 42% to 60% of the defaulted amounts,
compared to the initial assumption of 60%.  Assuming a 50%
recovery rate, the deal would suffer future losses of
EUR74 million (16% of the initial portfolio), solely from loans
that have already defaulted, compared to the initial assumed
expected losses of 6.5% of the initial portfolio.

Cassiopeia QEX B.V. closed in July 2008.  In this transaction, the
seller (UBS AG London Branch) assigned to the issuer (Cassiopeia
QEX B.V.) the economic interest ("Participaciones Hipotecarias"
and "Certificados de Transmisión Hipotecaria") on a portfolio of
Spanish mortgage loans originated by Banesto and purchased by UBS
AG London Branch in 2007.  At closing, the securitized portfolio
comprised 2,597 first-ranking mortgage loans secured on
residential properties located in Spain, for an overall amount of
EUR454 million.  All the mortgage loans in this transaction were
originated through the brokers' channel, and the vast majority of
them had a loan-to-value ratio over 80%.  These high-LTV loans
represented 87.5% of the outstanding pool balance at closing
(86.7% of the non defaulted loans as of July 2009).  Additionally,
the purchase agreement between UBS and Banesto prioritized loans
in arrears or previously in arrears as eligibility criteria in the
portfolio selection process.

Finally, the high volatility of interest rates in the past 12
months has created a significant mismatch between the unpaid
interest amounts on delinquent loans which is due to the swap
counterparty and the interest received from the swap counterparty.
According to the swap agreement, the SPV has to pay all scheduled
interest due on the non-defaulted loans, while the swap
counterparty pays the 3-month EURIBOR on the notes plus 0.50% on a
notional equal to the total portfolio excluding defaults.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes (April 2048).  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.


=============
R O M A N I A
=============


K TECH: Faces Bankruptcy in December, Administrator Says
--------------------------------------------------------
Romanian IT&C retailer K Tech Ultra Pro will be declared bankrupt
in December, Ziarul Financiar reports citing representatives of
BDO Business Restructuring, the company's administrator.

According to the report, BDO said the collapse of the company,
which will leave behind debt currently put at EUR28 million, has
been triggered by several factors, including the management's
inability to change strategy amid a decline in demand, exposure to
the exchange rate risk, and dependence on external funding.


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


KOMPROMIS CJSC: Creditors Must File Claims by December 16
---------------------------------------------------------
Creditors of CJSC Kompromis (TIN 7704072082, PSRN 1027739001498)
(Demolition Works) have until December 16, 2009, to submit proofs
of claims to:

         A. Lyutyy
         Insolvency Manager
         Post User Box 103
         119415 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–93862/09–38-313B.

The Debtor can be reached at:

         CJSC Kompromis
         Building 2
         Smolenskaya Sq. 6/13/14
         121099 Moscow
         Russia


LES-PROM LLC: Under External Mngt Bankruptcy Procedure
------------------------------------------------------
The Arbitration Court of Kaluzhskaya has commenced external
management bankruptcy procedure on LLC Les-Prom (Forestry) (TIN
4004401120, PSRN 1054000521915).  The Case is docketed under No.
?23–738/09?-7–48.

The External Insolvency Manager is:

         A.R odin
         Post User Box 7
         124683 Moscow
         Russia

The Debtor can be reached at:

         LLC Les-Prom
         Tyavkina Str. 50
         Sukhinichi
         249270 Kaluzhskaya
         Russia


STROY-INVEST CJSC: Creditors Must File Claims by November 16
------------------------------------------------------------
Creditors of CJSC Stroy-Invest (TIN 7708235316, PSRN
1057708058022) (Construction) have until November 16, 2009, to
submit proofs of claims to:

         S. Krasnov
         Temporary Insolvency Manager
         Keramicheskiy proezd 71-1-463
         127591 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?40–92680/09–78-
415B.

The Debtor can be reached at:

         CJSC Stroy-Invest
         Building 3
         Slavyanskaya Sq. 2/5/4
         109074 Moscow
         Russia


STROY-KAPITAL LLC: Creditors Must File Claims by December 16
------------------------------------------------------------
Creditors of LLC Stroy-Kapital (TIN /7714647340, PSRN
1067746575050) (Construction) have until December 16, 2009, to
submit proofs of claims to:

         L. Mirabyan
         Insolvency Manager
         Post User Box 126
         117303 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
March 25, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?40–37610/09–124-43B.

The Debtor can be reached at:

          LLC Stroy-Kapital
          Building 5
          Butyrskaya Str. 75/74
          125015 Moscow
          Russia


TMK OAO: Mulls Sale of Shares, Bonds to Refinance Debt
------------------------------------------------------
Ilya Khrennikov at Bloomberg News reports that OAO TMK may sell
bonds and shares to refinance US$3.6 billion of debt.

Bloomberg relates Vladimir Shmatovich, senior vice president for
strategy, said in an interview the company may sell existing or
new shares abroad.

"We see both Russian and U.S. market improving in the fourth
quarter," Bloomberg quoted Vladimir Shmatovich as saying.  "We may
consider the possibility to sell bonds to refinance debt, but
there are no specific plans at the moment."

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2009, Bloomberg News reported that OAO TMK's auditors Ernst &
Young expressed doubts about TMK's ability to "continue as a going
concern" after the company posted a net loss in the first half and
current liabilities exceeded assets by almost US$1 billion.
Bloomberg disclosed the company lost US$203.8 million in the first
half of the year, compared with net income of US$158.2 million a
year earlier.

"Based on the current economic environment and the management's
outlook, when the group's consolidated financial statements for
the year ending Dec. 31, 2009, are published, the group may not be
in compliance with financial covenants under certain of its debt
instruments, which, if not resolved, could also constitute a cross
default under its other debt instruments," Bloomberg quoted Ernst
& Young as saying.

TMK OAO (Trubnaya Metallurgicheskaya Kompaniya OAO or Pipe
Metallurgical Company) -- http://www.tmk-group.com/-- is a
Russia-based engaged in the production of steel pipes.  Its
product portfolio covers seamless threaded pipes for oil and gas
fields, seamless line pipes for infield pipelines, seamless pipes
for industrial use, large-diameter welded pipes, energy tubulars,
welded pipes.  The Company manages production plants in Russia
(TMK-CPW, Volzhsky Pipe Plant, Seversky Tube Works, Sinarsky Pipe
Plant, Taganrog Metallurgical Works and Orsky Machine Building
Plant), Romania (TMK-Artrom and TMK-Resita), Kazakhstan (TMK-
Kaztrubprom) and the United States (TMK-Ipsco).  TMK OAO has five
branches in Russia.  It operates also through 17 subsidiaries in
Russia, Kazakhstan, Germany, Switzerland and the United States.


TUMENSKIY STROITEL: Creditors Must File Claims by November 16
-------------------------------------------------------------
Creditors of CJSC Tumenskiy Stoitel (TIN 7204083463, PSRN
1047200589105) (Construction) have until November 16, 2009, to
submit proofs of claims to:

         A. Bergman
         Temporary Insolvency Manager
         Apt. 254
         Energetikov Str. 51
         625013 Tumen
         Russia

The Arbitration Court of Tumen will convene at 9:40 a.m. on
December 24, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?-70–4733/2009.

The Debtor can be reached at:

         CJSC Tumenskiy Stoitel
         Lunacharskogo Str. 10
         625001 Tumen
         Russia


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


GENERAL MOTORS: Magna Has Initial Deal with Opel's Spanish Unions
-----------------------------------------------------------------
Javier Marquina and Paul Tobin at Bloomberg News report that
Magna International Inc., the Canadian car-parts maker buying
General Motors Co.'s Opel division, reached a preliminary job
agreement with the unit's unions in Spain.

Bloomberg relates the CCOO union said in an e-mailed statement
Wednesday the accord includes maintaining the status quo of the
Spanish plant through the summer of 2011 and the elimination of a
maximum of 900 jobs.

As reported in the Troubled Company Reporter-Europe on Oct. 21,
2009, GM's Opel division unions in Spain called for four days of
strikes to protest against plans by Magna to scale back production
and jobs.  Bloomberg disclosed Chema Fernando, a labor
representative at Opel's factory in Figueruelas, Spain, said
walkouts are planned for Oct. 28 and 30 and Nov. 3 and 5.

                       About General Motors

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

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

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

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

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

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


IM GRUPO: Moody's Cuts Rating on Series D Notes to 'Caa1'
---------------------------------------------------------
Moody's Investors Service has taken these actions on the long-term
credit ratings of these notes issued by IM Grupo Banco Popular
Empresas 1, FTA:

-- EUR633.9 million series A2 notes due 2033, confirmed at Aaa,
    previously placed under review for downgrade on 23 March 2009.

-- EUR28.8 million series B notes due 2033, confirmed at Aa3,
    previously placed under review for downgrade on 23 March 2009.

-- EUR27 million series C notes due 2033, downgraded to Baa3,
    previously A3 and placed under review for downgrade on 23
    March 2009.

-- EUR54.9 million series D notes due 2033, downgraded to Caa1,
    previously Baa3 and placed under review for downgrade on 23
    March 2009

Moody's initially assigned definitive ratings in September 2006.

The rating action concludes the rating review resulting from
Moody's revision of its methodology for granular SME portfolios in
Europe, the Middle East, and Africa.  This revised methodology was
introduced on March 17, 2009 and the affected transactions had
been subsequently placed on review for possible downgrade on
March 23, 2009.

As a result of its revised methodology, Moody's has reviewed its
assumptions for IM GBP Empresas 1's collateral portfolio, taking
into account anticipation of performance deterioration in the
current down cycle, and the exposure of the transaction to the
real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
Moody's negative sector outlook on the Spanish SME securitization
transactions ("EMEA ABS, CMBS & RMBS Asset Performance Outlooks",
published by the rating agency in July 2009).  To date, this
transaction has been performing in line with the Spanish SME
index.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector, and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal 4.7 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for this transaction to 14.4%
of the current portfolio balance (which is equivalent to a mean
default of 6.0% on original portfolio balance).  Moody's original
mean default assumption was 2.5% (as a percentage of original
balance), with a coefficient of variation of 58%.  Given the
relatively low effective number of borrowers in the portfolio
(434), the rating agency used a Monte-Carlo simulation to
determine the probability function of the defaults, with a
resulting coefficient of variation of 43%.  The recovery rate
assumption is now 65%, while values in the 40% to 60% range were
tested at closing.  The increase in the recovery assumption is
mainly driven by the low weighted average LTV (42% vs.  50% at
closing) and the high proportion of the loans with a mortgage
guarantee (92% vs. 84% at closing).  The revised constant
prepayment rate assumption is now 10%, while the CPR assumption
was 18% at closing.

In summary, Moody's concluded that the negative effects of the
revised default and recovery assumptions were not fully offset by
the increased credit support available for the outstanding series
C and D notes, and the limited reduction in the remaining life of
the portfolio and notes.

IM GBP Empresas 1 is a securitization fund, which purchased a pool
of loans granted to Spanish SMEs by Banco Popular Espanol, Banco
de Andalucia, Banco de Credito Balear, Banco de Castilla, Banco de
Vasconia, and Banco de Galicia.  At closing, in September 2006,
the portfolio consisted of 10,929 loans.  The loans were
originated between 1993 and 2006, with a weighted average
seasoning of 2.0 years and a weighted average remaining term of
9.0 years.  Geographically, the pool was concentrated in Andalucia
(21%), Madrid (18%) and Castilla-Leon (9%).  At closing, the
concentration in the real estate sector was 41% of the original
pool balance.

As of August 2009, the number of loans in the portfolio amounted
to 5,086 and the weighted average remaining term was 8.8 years.
The concentration levels per industry and region are similar to
the levels at closing with around a 33% exposure in the building
and real estate sector, which is in line with the sector-average
concentration in the SME ABS portfolios.  The pool factor was 38%.

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

Moody's is closely monitoring the transaction.


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


GENERAL MOTORS: Saab Secures EUR400 Million Loan from EIB
---------------------------------------------------------
Andrew Ward and John Reed at The Financial Times report that Saab
Automobile on Wednesday secured a EUR400 million (US$600 million)
loan from the European Investment Bank.

According to the FT, the funds were a key condition of a
provisional deal for General Motors Co. to sell its loss-making
Swedish brand to Koenigsegg Automotive, the maker of high-
performance sportscars.

The FT relates EIB cautioned that the funds were subject to a
guarantee from the Swedish government and approval from EU
competition authorities, neither of which have been secured.

                        Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

                       About Saab Automobile

Saab Automobile AB -- http://www.saab.com/-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.

                       About General Motors

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

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

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

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

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

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


SAAB AUTOMOBILE: Secures EUR400 Million Loan from EIB
-----------------------------------------------------
Andrew Ward and John Reed at The Financial Times report that Saab
Automobile on Wednesday secured a EUR400 million (US$600 million)
loan from the European Investment Bank.

According to the FT, the funds were a key condition of a
provisional deal for General Motors Co. to sell its loss-making
Swedish brand to Koenigsegg Automotive, the maker of high-
performance sportscars.

The FT relates EIB cautioned that the funds were subject to a
guarantee from the Swedish government and approval from EU
competition authorities, neither of which have been secured.

                        Creditor Protection

The Troubled Company Reporter Europe, citing Bloomberg News,
reported on Feb. 23, 2009, Saab filed for protection from
creditors after parent GM said it will cut ties with the Swedish
carmaker following two decades of losses.  The Trollhaettan,
Sweden-based company filed for reorganization with a Swedish
district court to separate itself from GM and bring resources back
to Sweden.

On June 25, 2009, Troubled Company Reporter, citing The Wall
Street Journal, reported creditors of Saab approved the
automakers' proposal for settling its debts by paying a quarter of
what it originally owed.  Saab proposed to settle its debts by
paying 25% of about US$1.34 billion it owed to more than 600
creditors, including auto suppliers and the Swedish government.
The vast majority of the debt, almost SEK10 billion, was owed to
GM.

Saab Automobile AB -- http://www.saab.com/-- is a wholly owned
subsidiary of General Motors.  With an annual production of up to
126,000 cars, Saab's current models include the 9-3 (available as
a convertible or sport sedan), the luxury 9-5 sedan (also
available in a sport wagon), and the seven-passenger 9-7X SUV.


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


ALLEGRA REISEN: Claims Filing Deadline is November 2
----------------------------------------------------
Creditors of Allegra Reisen GmbH are requested to file their
proofs of claim by November 2, 2009, to:

         Allegra Reisen GmbH
         Voa principala
         7078 Lenzerheide
         Switzerland

The company is currently undergoing liquidation in Vaz/Obervaz.
The decision about liquidation was accepted at a shareholders'
meeting held on March 11, 2009.


AMGIL GMBH: Claims Filing Deadline is October 30
------------------------------------------------
Creditors of Amgil GmbH are requested to file their proofs of
claim by October 30, 2009, to:

         Franz Gilli
         Meierhoeflirain 8
         6210 Sursee
         Switzerland

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


ATLANTA OFFICE: Claims Filing Deadline is November 2
----------------------------------------------------
Creditors of Atlanta Office Products AG are requested to file
their proofs of claim by November 2, 2009, to:

         Dr. Peter Lutz
         Forchstr. 2
         Mail box: 1467
         8032 Zurich
         Switzerland

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


BIPROMASZ BIPRON: Claims Filing Deadline is November 2
------------------------------------------------------
Creditors of Bipromasz Bipron Trading AG are requested to file
their proofs of claim by November 2, 2009, to:

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

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


BOWE AG: Claims Filing Deadline is November 2
---------------------------------------------
Creditors of Bowe AG are requested to file their proofs of claim
by November 2, 2009, to:

         Dr. Kurt Etter
         Liquidator
         Sankt Gallerstr. 30
         Appartment 116
         8500 Frauenfeld
         Switzerland

The company is currently undergoing liquidation in Frauenfeld.
The decision about liquidation was accepted at an extraordinary
general meeting held on September 16, 2009.


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

         Rene Kuenzli
         Liquidator
         Baumgartenweg 1
         5036 Oberentfelden
         Switzerland

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


E + R PARADIES-BETRIEBE: Claims Filing Deadline is October 28
-------------------------------------------------------------
Creditors of E + R Paradies-Betriebe GmbH are requested to file
their proofs of claim by October 28, 2009, to:

         Braem & Schuler AG
         Winkelriedstrasse 4
         5430 Wettingen
         Switzerland

The company is currently undergoing liquidation in Obersiggenthal.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 6, 2009.


ELEKTRO - MOSER: Claims Filing Deadline is October 28
-----------------------------------------------------
Creditors of Elektro - Moser AG are requested to file their proofs
of claim by October 28, 2009, to:

         Apollonia Gisi-Hagenbuch
         Liquidator
         im Girbel 5
         5624 Buenzen
         Switzerland

The company is currently undergoing liquidation in Muri AG.  The
decision about liquidation was accepted at a general meeting held
on August 26, 2009.


ENCYSIVE GMBH: Claims Filing Deadline is November 2
---------------------------------------------------
Creditors of Encysive (Switzerland) GmbH are requested to file
their proofs of claim by November 2, 2009, to:

         Dr. Bernhard Christen
         Liquidator
         Hirschgaesslein 11
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a shareholders' meeting
held on September 11, 2009.


FRIEDEN IMMOBILIEN: Claims Filing Deadline is November 2
--------------------------------------------------------
Creditors of Frieden Immobilien AG are requested to file their
proofs of claim by November 2, 2009, to:

         Christian Neuenschwander
         Neuengasse 25
         3011 Bern
         Switzerland

The company is currently undergoing liquidation in
Grosshoechstetten.  The decision about liquidation was accepted at
an extraordinary general meeting held on September 10, 2009.


HB SERVICE: Claims Filing Deadline is October 30
------------------------------------------------
Creditors of hb Service GmbH are requested to file their proofs of
claim by October 30, 2009, to:

         Andreas Byland
         Bundesgasse 26
         3001 Bern
         Switzerland

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


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

         Heinz P. Wider, liquidator
         obere Bahnhofstrasse 32c
         8640 Rapperswil
         Switzerland

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


LOMEX INTERACTIVE: Claims Filing Deadline is October 29
-------------------------------------------------------
Creditors of Lomex Interactive Solutions GmbH are requested to
file their proofs of claim by October 29, 2009, to:

         Lomex Interactive Solutions GmbH
         Poststrasse 14
         6301 Zug
         Switzerland

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


MSF TRADING: Claims Filing Deadline is October 28
-------------------------------------------------
Creditors of msf TRADING GmbH are requested to file their proofs
of claim by October 28, 2009, to:

         Stefan Kaufmann
         Liquidator
         alte Schulhausstrasse 5, Mehlsecken
         6260 Reiden
         Switzerland

The company is currently undergoing liquidation in Reiden.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 22, 2009.


PERCEPTION SEMINARE: Claims Filing Deadline is October 29
---------------------------------------------------------
Creditors of Perception Seminare GmbH are requested to file their
proofs of claim by October 29, 2009, to:

         Hans Rudolf Metzger
         Alte Landstrasse 75
         8803 Rueschlikon
         Switzerland

The company is currently undergoing liquidation in Rueschlikon.
The decision about liquidation was accepted at a shareholders'
meeting held on April 3, 2009.


POWER MANAGEMENT: Claims Filing Deadline is October 30
------------------------------------------------------
Creditors of Power Management GmbH are requested to file their
proofs of claim by October 30, 2009, to:

         Anton Kubalek
         Leisackerstrasse 142
         4634 Wisen
         Switzerland

The company is currently undergoing liquidation in Olten.  The
decision about liquidation was accepted at a shareholders' meeting
held on September 15, 2009.


SWISSTEC MASCHINEN: Claims Filing Deadline is October 30
--------------------------------------------------------
Creditors of Swisstec Maschinen AG are requested to file their
proofs of claim by October 30, 2009, to:

         Juerg Reimmann
         Liquidator
         Erbstrasse 20
         8700 Kuesnacht
         Switzerland

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


MUTIARA HOLDING: Claims Filing Deadline is October 28
-----------------------------------------------------
Creditors of Mutiara Holding AG are requested to file their proofs
of claim by October 28, 2009, to:

         Krattinger Lorenz and Sarta Marcel
         Liquidators
         Wiesenstrasse 77
         3014 Bern
         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.


SECURENET SYSTEMS: Claims Filing Deadline is October 28
-------------------------------------------------------
Creditors of SecureNet Systems AG are requested to file their
proofs of claim by October 28, 2009, to:

         Breves Treuhand AG
         Liquidator
         Baarerstrasse 79
         6300 Zug
         Switzerland

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


ULRICH HOEHENER: Claims Filing Deadline is October 28
-----------------------------------------------------
Creditors of Ulrich Hoehener AG are requested to file their proofs
of claim by October 28, 2009, to:

         Hee-Hoehener Ruth
         Liquidator
         Hintere Poststrasse 12
         9001 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
general meeting held on September 3, 2009.


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


ARIAN LLC: Creditors Must File Claims by October 25
---------------------------------------------------
Creditors of LLC Arian (code EDRPOU 32897954) have until
October 25, 2009, to submit proofs of claim to:

         State property fund of Ukraine in AR Krym and Sevastopol
         Insolvency Manager
         Office 19-20
         Vosstavshikh Square 6
         Sevastopol
         99008 AR Krym
         Ukraine

The Economic Court of Sevastopol commenced bankruptcy proceedings
against the company on August 26, 2009.

The Court is located at:

         The Economic Court of Sevastopol
         Pavlichenko Str. 5
         99011 Sevastopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Arian
         Office 56
         Gen. Ostriakov Ave. 144
         Sevastopol
         99805 AR Krym
         Ukraine


EAST-WEST LLC: Creditors Must File Claims by October 25
-------------------------------------------------------
Creditors of LLC Commercial and Logistics company East-West (code
EDRPOU 35408063) have until October 25, 2009, to submit proofs of
claim to:

         V. Mamaliga
         Insolvency Manager
         Office 347
         Astronomicheskaya Str. 37
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on September 7, 2009.  The case is docketed
under Case No. B-48/123-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Commercial and Logistics company East-West
         Promyshlennaya Str. 1
         Vasischevo
         62495 Kharkov
         Ukraine


ENERGETICAL SYSTEMS: Creditors Must File Claims by October 28
-------------------------------------------------------------
Creditors of LLC Energetical Systems of Ukraine (code EDRPOU
32120260) have until October 28, 2009, to submit proofs of claim
to:

         L. Pustovalova
         Insolvency Manager
         Office 15
         Lenin Str. 44-a
         Vilino
         98433 Bakhchisaray District
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on September 8, 2009.  The case is docketed
under Case No. 2-19/4412-2009.

The Court is located at:

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

The Debtor can be reached at:

         LLC Energetical Systems of Ukraine
         K. Liebkneht Str. 30
         95006 Simferopol
         AR Krym
         Ukraine


HEAT AND ENERGETIC : Creditors Must File Claims by October 28
-------------------------------------------------------------
Creditors of LLC Heat and Energetic Systems (code EDRPOU 34730088)
have until October 28, 2009, to submit proofs of claim to:

         A. Malevanny
         Sumy and Kiev divisions Str. 242
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on September 21, 2009.  The case is docketed
under Case No. 7/148.

The Court is located at:

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

The Debtor can be reached at:

         LLC Heat and Energetic Systems
         Sumy and Kiev Divisions Str. 24
         Sumy
         Ukraine


INTERBUILDINGMEASURE-INVEST: Creditors Must File Claims by Oct. 28
------------------------------------------------------------------
Creditors of LLC Interbuildingmeasure-Invest (code EDRPOU
35775313) have until October 28, 2009, to submit proofs of claim
to:

         Y. Onushkanich
         Insolvency Manager
         Office 3
         Striy Str. 71b
         79031 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company on September 22, 2009.  The case is docketed
under Case No. 8/89.

The Court is located at:

         The Economic Court of Lvov
         Lichakovskaya Str. 128
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Interbuildingmeasure-Invest
         Svoboda Ave. 35/2b
         79000 Lvov
         Ukraine


IZIASLAV MOTORCAR: Creditors Must File Claims by October 28
-----------------------------------------------------------
Creditors of OJSC Iziaslav Motorcar Enterprise 16840 (code EDRPOU
03119339) have until October 28, 2009, to submit proofs of claim
to:

         Y. Kunashenko
         Insolvency Manager
         Office 30
         Sheshukov Str. 10
         Shepetovka
         30400 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitsky commenced bankruptcy proceedings
against the company on September 11, 2009.  The case is docketed
under Case No. 4/378-b.

The Court is located at:

         The Economic Court of Hmelnitsky
         Independency Square 1
         29000 Hmelnitsky
         Ukraine

The Debtor can be reached at:

         OJSC Iziaslav Motorcar Enterprise 16840
         Onischuk Str. 11
         Iziaslav
         30300 Hmelnitsky
         Ukraine


LOGOS-TOR LLC: Creditors Must File Claims by October 28
-------------------------------------------------------
Creditors of LLC Logos-Tor (code EDRPOU 34239469) have until
October 28, 2009, to submit proofs of claim to:

         A. Malevanny
         Sumy and Kiev Divisions Str. 242
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on September 21, 2009.  The case is docketed
under Case No. 6/149.

The Court is located at:

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

The Debtor can be reached at:

         LLC Logos-Tor
         Voyevodin Str. 27
         Sumy
         Ukraine


NAFTOGAZ OJSC: Fitch Changes Watch on 'RD' Rating to Positive
-------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Ukraine-based OJSC
Naftogaz's Long-term foreign and local currency Issuer Default
ratings of 'RD' (Restricted Default) to Positive from Rating Watch
Evolving.  Fitch has also placed Naftogaz's senior unsecured
rating of 'C' on RWP.  The Recovery Rating on the senior unsecured
debt is RR4.  The RWP follows confirmation from Naftogaz that
bondholders voted in favor of the company's restructuring proposal
at a meeting on October 19, 2009.

The key terms of the restructuring proposal are an exchange of the
existing notes (loan participation notes) for new notes (direct
obligations of the issuer) with a five-year extension in maturity,
a 9.5% coupon, sovereign guarantee, cross-default with Naftogaz
and Ukrainian sovereign debt over US$25,000, equal ranking with
unsecured debt of both Naftogaz and the government, and events of
default that include an attempt by the government to contest the
validity of the sovereign guarantee.  The terms and conditions of
the new notes also contemplate additional issuance under the
series, and Naftogaz's management board has passed a resolution
stating an intention to issue US$1,650 million of notes in total.
This amount would be sufficient to refinance the US$500 million
Eurobond and Naftogaz's US$-denominated bank loans (approximately
US$1.1 billion).  The expected rating of the new notes is likely
to be aligned with that of the guarantor, assuming that the terms
of guarantee are unchanged.  Ukraine is currently rated
'B'/Negative.  Upon rating the new notes, the existing bond rating
will be withdrawn by Fitch.

Any prospective rating action by the agency is contingent upon
execution of the restructuring proposal, which itself is
contingent upon several acceptance conditions, such as execution
of the deed of guarantee by the guarantor (the Cabinet of Ukraine,
represented by the minister of finance).  Also, "third party loan
facilities", including foreign bank loans, must be rescheduled.
Although Naftogaz can waive this acceptance condition, Fitch's
view is that, following a successful bond restructuring vote, it
is likely that foreign bilateral creditors will agree to a
restructuring proposal that includes a sovereign guarantee.  Upon
execution of the restructuring proposal, Fitch is likely to take a
rating action to resolve the RWP, although this will not likely
result in Naftogaz's IDR being upgraded above the 'CCC' rating
level.


OSNOVA PLUS LLC: Creditors Must File Claims by October 25
---------------------------------------------------------
Creditors of LLC Osnova Plus (code EDRPOU 34552548) have until
October 25, 2009 to submit proofs of claim to V. Kurochka, the
company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on August 26, 2009.  The case is docketed
under Case No. 1/43-09-3613.

The Court is located at:

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

The Debtor can be reached at:

         LLC Osnova Plus
         Primorskaya Str. 49
         Odessa
         Ukraine


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


BOREALIS NO 3: Moody's Withdraws 'Ca' Rating on Class A Notes
-------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Borealis No.3 Limited, a collateralized debt obligation
transaction referencing a portfolio of corporate entities.

Moody's has withdrawn this rating for business reasons.

The rating action is:

Issuer: Borealis No.3 Limited

  -- Class A US$125,000,000 Floating Rate Credit-Linked Notes due
     2014, Withdrawn; previously on Mar 10, 2009 Downgraded to Ca


DUNFERMLINE BUILDING: FSA Denies Any Blame for Collapse
-------------------------------------------------------
Erikka Askeland at The Daily Telegraph reports that the Financial
Services Authority on Tuesday rejected the conclusions of a report
by MPs on the Scottish affairs committee that it had failed in its
supervision of the Dunfermline Building Society.

The FT relates the FSA also denied allegations by the committee
that it had failed to issue specific warnings to the lender about
its higher-risk activities which led to the collapse of Scotland's
largest building society in March.

According to the Daily Telegraph, the FSA said it had given
"numerous specific warnings" in a series of "Dear CEO" letters
between March 2003 and May 2008 to the building society sector and
had delivered speeches.

Dunfermline Building Society -- http://www.dunfermline-bs.co.uk/
-- offers a range of financial products and services including
mortgages, savings accounts, business and personal loans, credit
cards, personal insurance, financial planning, investment
products, and share brokering.  Founded in 1869, the mutually-
owned Dunfermline is one of the oldest and largest building
societies in Scotland.  It operates through more than 30 branches
and 40 agencies.  The building society has engineered two social
housing deals with the Royal Bank of Scotland and Lloyds TSB worth
a combined 40 million.

                           *     *     *

On April 1, 2009, Moody's Investors Service downgraded Dunfermline
Building Society's bank financial strength ratings from D+ to E.
The E BFSR maps into a baseline credit assessment of Caa3.
Moody's then withdrew the E BFSR.


GALA CORAL: Shareholders Back Debt Restructuring Proposal
---------------------------------------------------------
Anousha Sakoui at The Financial Times reports that Gala Coral's
shareholders have agreed to cede overall control of the gambling
group under a debt restructuring proposal put forward by the
company's two mezzanine debt holders, ICG and Park Square.

According to the FT, under the plan, Gala shares will be equally
split between the mezzanine lenders and existing shareholders but
the board would fall under the control of the lenders if Gala
underperforms significantly.

The proposal requires consent from three quarters of the mezzanine
creditors and two thirds of the senior creditors, the FT notes.

The FT says without the restructuring, Gala is likely to breach
its banking covenants in the new year.  The company plans to
present a three-year business plan to senior lenders on
November 12, the FT discloses.

Gala Coral Group Ltd. -- http://www.galacoral.co.uk/-- is one of
the leading gaming companies in the U.K., with operations
encompassing bingo, casinos, and sports betting.  It runs more
than 150 bingo halls throughout the country, as well as some 30
casinos.  The company is also a leading bookmarker with nearly
1,600 betting shops and online betting sites.  Gala Coral Group
was formed in 2005 when Gala Group acquired Coral Eurobet.  The
company is jointly owned by private equity firms Cinven Group,
Candover Investments, and Permira.


HEYWOOD WILLIAMS: Forced Into Pre-Pack Administration
-----------------------------------------------------
Ed Hammond at The Financial Times reports that Heywood Williams
was forced into a pre-packaged administration Wednesday after it
failed to win support for its restructuring plan from one of its
biggest shareholders.

The FT relates Paul Bell, who holds a 27% stake in Heywood
Williams, voted down proposals by the company to offer lenders the
lion's share of its equity in exchange for GBP21 million of bank
debt.  The company needed holders of 75% of its shares to support
a restructuring, the FT notes.

According to the FT, under the terms of the pre-pack, 80% of the
new company will be owned by the banks -- which will write off 40%
of their debt claims and provide GBP6 million in fresh funding --
10% by the directors and 10% by the company's 1,000 employees.

Heywood Williams Group PLC -- http://www.heywoodwilliams.com/--
is a United Kingdom-based holding company.  The Company and its
subsidiaries are focused on the design, development, marketing and
distribution of branded building products.  It operates in two
Divisions: Hardware and Lasalle Bristol.  The Hardware division is
a distributor of architectural hardware and door panels to the
United Kingdom and certain other European markets.  Lasalle
Bristol is the distributor of branded building products to the
North American manufactured housing, recreational vehicle and
modular housing markets.


NATIONAL EXPRESS: Cosmen Family Backs Stagecoah Merger Proposal
---------------------------------------------------------------
Gill Plimmer at The Financial Times reports that the Cosmen
family, the largest shareholder of National Express Group plc, is
backing a merger proposal from Stagecoach Group plc.

The FT relates in a meeting with the National Express board on
Monday, Jorge Cosmen, the company’s deputy chairman, and its
largest shareholder, said he would support an approach from
Stagecoach, the Perth-based company.

As reported in the Troubled Company Reporter-Europe on Oct. 21,
2009, Bloomberg News said National Express received a "highly
preliminary" proposal from Stagecoach for a GBP1.7-billion (US$2.8
billion) all-share transaction in which its shareholders would
hold no more than 40% of the enlarged U.K. bus and rail company.
Bloomberg disclosed Bloomberg relates National Express said in a
statement it will consider the proposal while continuing to move
toward raising capital by selling additional shares.  According to
Bloomberg, the Cosmens, who have an 18% stake, said they would
support an equity fundraising within "certain parameters" that
they've communicated to the board.

                           Going Concern

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

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


REGENT INNS: Placed Into Administration; Nine Bars Closed
---------------------------------------------------------
Jonathan Browning at Bloomberg News reports that Regent Inns Plc
was placed into administration, resulting in the closure of nine
bars and clubs and the loss of 186 jobs.

Bloomberg relates BDO LLP said it was appointed administrator of
the company and sold 60 pubs and restaurants and clubs to
iNTERTAIN Ltd., a company controlled by former Chief Executive
Officer John Leslie.

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2009, The Sunday Times said management buy-out talks at Regent
Inns collapsed Oct. 16.  The Sunday Times disclosed Regent's chief
executive John Leslie and former Pitcher & Piano boss Mike Dowell
were close to completing a management buy-out, but the pair failed
to secure financing at the 11th hour.

Regent Inns plc -- http://www.regentinns.co.uk/-- is engaged in
the business of creating and managing licensed bars, restaurants
and entertainment venues within the United Kingdom.  The Company
operates in two segments: Entertainment bars and restaurants.  Its
entertainment bars comprises three brands: Walkabout, Jongleurs
and Bar Risa.  Walkabouts are large scale, Australian-themed
venues focused on late-night entertainment and sport.  All
Jongleurs venues operate in conjunction with Bar Risa's or
Walkabout venues under common management and administrative
control.  Its restaurants include Old Orleans and Asha's The
Company's wholly owned subsidiaries include Regent Inns Walkabout
Limited, Regent Inns Bar Risa Limited, Old Orleans Limited, Regent
Inns Property Limited and Regent Inns Finance Limited.  In March
2009, the Company completed the disposal of Brandasia Limited.
The business being disposed of comprises an Indian restaurant
based in Birmingham.


* UK: Manufacturing Administrations Up 33%, Deloitte Says
---------------------------------------------------------
Administrations in the manufacturing sector have increased by 33%
in the first nine months of 2009 compared with the same period
last year according to analysis by business advisory firm
Deloitte.

The manufacturing sector saw the largest increase in
administrations (35%) in Q3 2009 compared with the same quarter
last year, followed by the wholesale and distribution and
financial services sectors which increased by 34% and 17%
respectively.

Ross James, manufacturing partner at Deloitte, commented: "The
fact that there has been an increase in manufacturing
administrations year-on-year is not surprising given the economic
climate, however, the rate at which they have increased
illustrates the fact that the sector is really suffering at the
moment.  Particularly badly affected sectors include metals and
plastics manufacturers, tooling businesses and automotive parts
suppliers.  These industries have been under pressure for years,
but the recession and the resulting drop in demand and output has
escalated the situation.

"The key issue is that demand is not yet returning.  Currently we
are in a position where customers seem to be playing it safe and
not placing big orders.  While destocking has taken place across
the board there has not yet been the surge in restocking orders
which industry needs to regain momentum.  Further, at a time when
the weak pound is benefiting some exporters, manufacturers who are
reliant on imports are struggling as the cost of their raw
materials increases."

Lee Manning, reorganization services partner at Deloitte,
commented: "The manufacturing sector is now seeing the ripple
effects and repercussions of what has happened in other sectors.
The combined effect of less demand for goods -- compounded by
consumers reining in spending, businesses cutting back on orders
as a result, the weak pound, and an increasingly competitive
global market means that while there may be elements of reprieve
across some sectors, this isn't yet the case for the economy as a
whole."

Ross James added: "While there are some positive signs elsewhere
in the economy, the timing around a manufacturing recovery remains
very uncertain.  Industry needs confidence to return, and
businesses to start investing again, so that a recovery in demand
feeds into new orders and enables manufacturers to kick-start
production."

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


* UK: CFOs More Optimistic on Financial Prospects, Deloitte Survey
------------------------------------------------------------------
UK CFOs have become markedly more optimistic about the financial
prospects for their own companies, but there is no expectation
that we are on the verge of a strong recovery, according to the
findings of the latest quarterly Deloitte CFO Survey.

Despite optimism among CFOs rising to the highest level since the
CFO Survey began in September 2007, the mood is hardly euphoric.
Instead, debt reduction and financial caution are in favor and it
is clear that CFOs think these trends are here to stay.  CFOs
believe that the credit crunch marks a move to a new era of lower
debt, less reliance on bank borrowing and a greater focus on
liquidity.

73% of CFOs expect growth in their own markets to remain sluggish
next year and 12% expect an outright contraction.  Just 14% expect
a return to normal or trend growth rates in their markets in 2010.

CFOs believe that the recession and credit crunch will bring
lasting change to the way in which corporates structure their
balance sheets.  70% of CFOs believe that the downturn will
permanently change balance sheets, with companies running higher
levels of cash or liquid reserves and relying more on equity and
corporate bond finance and less on bank borrowing.

Margaret Ewing, Deloitte partner and vice chairman, commented:
"While the economic outlook has improved, CFOs remain cautious.
79% think now is not a good time to take risk onto their balance
sheet and debt remains out of favor.  Many more CFOs plan to
reduce debt over the next year than raise it.

"In future, companies are likely to be more financially
conservative, running lower levels of corporate gearing and higher
levels of liquid reserves.  These changes are already making
themselves felt, with bank borrowing going from being the most
attractive to least attractive form of finance in the space of
just two years.  It is a measure of the shirt of preferences that
18% of CFOs say they have used capital markets to raise finance to
repay bank borrowing this year and a further 19% say they are
likely to do so."

Ian Stewart, Deloitte chief economist, added: "While credit cost
and availability have improved over the last year, most corporates
continue to rate credit as costly and hard to obtain.  It is clear
that disruption in the financial system has fundamentally changed
CFOs' preferences for financing their businesses.  Bank borrowing
is still out of favor, while corporate bond and equity issuance
are increasingly in favor.  CFOs are expecting a lasting shift
away from bank borrowing as a source of capital.

"The caution about the outlook is captured in CFOs' plans for
their own companies for the rest of this year.  Few companies are
expanding or likely to increase hiring before the end of the year.

"However, given the weakness in M&A activity over the last year
one striking finding of this quarter's survey is that 39% of CFOs
say that their companies are making, or likely to make, corporate
acquisitions before the end of this year.  Attractive valuations,
a better economic backdrop and improved access to capital may all
be at work here.  Optimism about M&A and private equity activity
has reached the highest level since our survey began two years
ago.

"CFOs' views on valuations have changed markedly in the last two
years with UK equities having gone from being seen as the most
undervalued to an overvalued asset class.  Commercial real estate
has gone from most overvalued to least overvalued status.
Government bonds are seen as the most overvalued asset class."

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


* UK: Companies Discussing Liquidity in Annual Reports Up in 2009
-----------------------------------------------------------------
Deloitte, the business advisory firm, on October 15 published the
findings of its study examining the narrative reporting provided
by listed companies in their annual reports.

Entitled, "A telling performance," the publication examines the
narrative sections, or information outside the audited financial
statements, contained within the annual reports of 130 listed
companies, including 30 investment trusts, which currently make up
40% of listed companies.

Isobel Sharp, audit partner at Deloitte, commented: "The big story
for 2009 has been explaining the impact of the economic
environment on company performance and position.  For those who
have adopted the FRC recent updates on going concern, the
commentary is now an average 250 words, compared with 50.
Furthermore the number of companies discussing capital structure,
financing and liquidity in their narrative reports has doubled
from 2008 to 2009.  The FRC Guidance, issued October 15, 2009,
will ensure further disclosures in these areas."

The main findings for companies other than investment trusts
included:

    * Nine companies had received modified audit reports, seven
     (2008:4) of which related to going concern;

    * Three areas saw dramatic increases compared with 2008: 83%
     (2008:47%) discussed their capital structure and financing;
      68% (2008:48%) discussed treasury policies and 47%
     (2008:22%) discussed their current and prospective liquidity;

    * 96% of companies (2008:89%) clearly described their
      principal risks and uncertainties.  Companies disclosed
      eight risks in average, with one FTSE 350 company
      identifying 30.  The state of the economy was the most
      commonly noted risk;

    * 84% of companies (2008:77%) identified clearly their key
      performance indicators;

    * 35% (2008:30%) of companies complied fully with the
      provisions of the Combined Code on corporate governance, the
      remainder using the facility to explain the areas in which
      they had not complied.  The results demonstrated the
      relative burden of the Code on smaller listed companies,
      with only 18% complying in full; and

    * Only four companies (2008:5) claimed that they had complied
      with the ASB's Reporting Statement on operating and
      financial reviews;

    * The length of the annual report has increased by another 3%
      compared with 2008, and by 41% compared with 2005.

Isobel Sharp, audit partner at Deloitte, added: "Companies have
performed better in 2009 than in 2008 in meeting the disclosure
demands which are diverse, disjointed, different and
dysfunctional.  Businesses would be helped if there was a single
authoritative document which brought together the requirements in
a complete, logical and orderly manner."

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


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


* BOOK REVIEW: Calling a Halt to Mindless Change - A Plea for
              Commonsense Management
-------------------------------------------------------------
Author: John MacDonald
Publisher: Beard Books
Softcover: 255 pages
List Price: $34.95
Review by Henry Berry

MacDonald is not against change.  He is not a reactionary or an
ideologue.  Nor is he dogmatic.  He does not have ideas he is
trying to persuade business leaders to adopt and follow.  He does
have a sense of urgency, however, in arguing that change for the
sake of change because it is in vogue or because a group of much-
publicized business "gurus" advocates it is wrong-headed.
According to MacDonald, such thoughtless change prompted by
external sources is disruptive and usually unproductive for the
large majority of American businesses.

This is the "mindless change" MacDonald criticizes.  But he does
more than just criticize it.  He introduces principles and advice
on how to be aware of change and respond to it continually,
substantively, and productively.  Such a response should be never-
ending.  It should be a way of life, the modus operandi for a
business concerned about its survival.  Appropriate change is
necessary for a business to keep up with the market for its
products or services, satisfy and thus keep its customers, and
provide security for its employees.  Just as with individuals or
cultures, businesses that don't change inevitably wither and die
away.

In urging sensible change -- as opposed to change because it is
fashionable, for example -- this author goes out of the "box" of
typical business guide books.  At the front of each chapter are
three or four quotes on time in general or its parts of past,
present, and future.  These quotes are from mostly literary
sources, including the Bible, poets, and British essayists.

Calling a Halt to Mindless Change, first published in 1998, is
still relevant and useful to businesses in their daily operations,
their relationships with both customers and employees, their long-
term strategies, and their visions.  Although organization -- i.
e., structure -- does have a part in nurturing a business's grasp
of time, such a grasp is not based on organization.  Its primary
basis is a business's relationship with its employees.  While
change has always been a part of the business world, this
relationship with employees is particularly important where more
highly educated and highly skilled people "demand a share in
determining or at least influencing their own destiny."
Enlightened companies "are already demonstrating that open
communications, empowerment, and education and training of their
people are decisive factors in their success."

MacDonald points to Toyota and Proctor & Gamble as two companies
that have been successful over a long period without engaging in
the "reengineering" and other trendy "revolutionary changes"
called for by the faddish business "gurus."  The author cites both
Toyota and Proctor & Gamble as examples of companies that are
leaders in their industries because they continually change
naturally and productively in response to consumer markets, the
latest generation of employees, and the normal, ceaseless, ups and
downs of both domestic and international economic events.  In
Calling a Halt to Mindless Change, MacDonald teaches how such
companies remain successful without undergoing wrenching periods
of change.

Author of many books, John MacDonald has an international
reputation in the area of business management.


                            *********

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 * * *