TCREUR_Public/091028.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, October 28, 2009, Vol. 10, No. 213

                            Headlines

A U S T R I A

BAU-CONNECTION GMBH: Claims Filing Deadline is November 11
CHEN XUBING: Claims Filing Deadline is December 1
COM-BRIDGE CUSTOMER: Claims Filing Deadline is November 11
WINDBACHER GMBH: Claims Filing Deadline is November 12


A Z E R B A I J A N

AZERBAIJAN MORTGAGE: Fitch Assigns 'BB' Long-Term Currency Ratings


G E R M A N Y

ALMATIS GMBH: Lender Stand-Off Threatens Debt Restructuring
GENERAL MOTORS: EU Expects to Rule on Magna-Opel Deal by Nov. 27
GENERAL MOTORS: Opel Workers Mulls Protest Over Magna Deal Delay
PETER DOEHLE: Seeks State Aid to Finance New Ship Orders


I R E L A N D

AVEBURY FINANCE: Moody's Cuts Rating on Class A-1A Notes to 'C'
EIRLES TWO: Moody's Downgrades Rating on Series 279 Nots to 'B3'
STRAWINSKY I: Moody's Lowers Rating on Class C Notes to 'Ca'


K A Z A K H S T A N

AKSAI CONSULTING: Creditors Must File Claims by November 5
ASIA MERIDIAN: Creditors Must File Claims by November 5
CAPITAL MANAGEMENT: Creditors Must File Claims by November 5
ESIL STROY: Creditors Must File Claims by November 5
EURO ASIA: Creditors Must File Claims by November 5

RUBIKON PLUS: Creditors Must File Claims by November 5
RUD REM: Creditors Must File Claims by November 5
SNUB STROY: Creditors Must File Claims by November 5
TRACTOR LLP: Creditors Must File Claims by November 5
TRANS TORG: Creditors Must File Claims by November 5


L U X E M B O U R G

BEVERAGE PACKAGING: S&P Puts 'B+' Rating on CreditWatch Negative


N E T H E R L A N D S

AVOCA II: Moody's Cuts Rating on EUR5MM Class D Notes to 'Caa3'
CADOGAN SQUARE: Moody's Cuts Rating on Class E Notes to 'Caa2'
GROSVENOR PLACE: Moody's Cuts Rating on Class D Notes to 'Caa1'
HALCYON STRUCTURED: Moody's Cuts Rating on Class E Notes to 'Caa3'
ING GROEP: To Sell Insurance and Investment Management Business

ING GROEP: S&P Upgrades Ratings on Hybrids to 'BB' From 'B'


P O R T U G A L

PELICAN MORTGAGES: Fitch Affirms Rating on Class C Notes at 'B'


R O M A N I A

BANCA COMERCIALA: Fitch Downgrades Individual Rating to 'D'


R U S S I A

EKO-TEKH-STROY: Tatarstan Bankruptcy Hearing Set November 3
EKSPRESS-STROY: Yaroslavskaya Bankruptcy Hearing Set November 3
NOVOLIPETSK STEEL: Moody's Gives Stable Outlook on 'Ba1' Rating
SIB-TEKSTIL-MASH: Novosibirskaya Bankruptcy Hearing Set Nov. 23
SISTEMA JSFC: Moody's Reviews 'B1' Corporate Family Rating

UC RUSAL: Lost US$6 Bln in 2008 Due to Global Economic Crisis
VENTRELT HOLDING: Fitch Affirms 'BB-' Issuer Default Rating

* RUSSIA: Moody's Says Telecoms Ratings Hit by Several Factors


S W I T Z E R L A N D

ABDERHALDEN GMBH: Claims Filing Deadline is November 17
GARAGE TAVERI: Claims Filing Deadline is November 30
LADEGO AG: Claims Filing Deadline is November 17
PS-SCHIFFFAHRTS: Claims Filing Deadline is December 21
SPIESS & CO.: Claims Filing Deadline is November 13


U K R A I N E

DNEPROVEST LLC: Creditors Must File Claims by November 1
GULEVTSY LLC: Creditors Must File Claims by November 1
KALINOVKA INTERFARM: Creditors Must File Claims by November 1
SHCHIT LLC: Creditors Must File Claims by November 1
SOTA PLUS: Creditors Must File Claims by November 1

SPMK-2 AGRICULTURAL: Creditors Must File Claims by November 1
YURKOVKA AGRICULTURAL: Creditors Must File Claims by November 1


U N I T E D   K I N G D O M

APD MARKETING: Court Appoints Provisional Liquidator
ARC CAPITAL: Placed Into Administration After FSA Probe
BRITAINS AQUATIC: Sold to Aquarline; 14 Jobs Saved
BRITISH AIRWAYS: 14,000 Cabin Crew to Vote on Industrial Action
KAUPTHING SINGER: E&Y Takes Control of Sports Direct Stakes

NORTHERN ROCK: U.K. To Secure EU Approval of Bank Split Today


                         *********


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


BAU-CONNECTION GMBH: Claims Filing Deadline is November 11
----------------------------------------------------------
Creditors of Bau-Connection GmbH have until November 11, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 25, 2009 at 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11, 587 31 12, 587 87 50
         Fax: 587 87 50 50
         E-mail: office@pitzal-partner.at


CHEN XUBING: Claims Filing Deadline is December 1
-------------------------------------------------
Creditors of Chen Xubing Restaurant have until December 1, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Mag. Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at


COM-BRIDGE CUSTOMER: Claims Filing Deadline is November 11
----------------------------------------------------------
Creditors of Com-Bridge Customer Relation Consulting GmbH have
until November 11, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 25, 2009 at 10:10 a.m.

For further information, contact the company's administrator

         Mag. Thomas Steiner
         Weihburggasse 18-20/50
         1010 Vienna
         Austria
         Tel: 513 53 63
         Fax: 513 53 63 17
         E-mail: steiner.steiner@aon.at


WINDBACHER GMBH: Claims Filing Deadline is November 12
------------------------------------------------------
Creditors of Windbacher GmbH have until November 12, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 26, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Dr. Ulrike Bauer
         Elisabethstrasse 26
         1010 Vienna
         Austria
         Tel: 587 78 20
         Fax: 587 78 20 9
         E-mail: office@bauerrebasso.at


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


AZERBAIJAN MORTGAGE: Fitch Assigns 'BB' Long-Term Currency Ratings
------------------------------------------------------------------
Fitch Ratings has assigned Azerbaijan Mortgage Fund under the
Central Bank of Azerbaijan Long-term foreign and local currency
ratings of 'BB' respectively.  The Outlooks on the ratings are
Stable.

AMF's ratings are notched down from Azerbaijan's Long-term local
currency rating ('BB+'/ Outlook Stable) to reflect its public-
sector status, sovereign control through the central bank, and the
important role that AMF fulfils in the national government's
housing finance policy.  The notching further captures Fitch's
view on the currently available support mechanisms for the entity.

Any change in Azerbaijan's sovereign rating, and/or AMF's legal
status and control would automatically be reflected through a
change in AMF's rating and/or rating Outlook.  AMF has no share
capital and its reserves primarily consist of retained earnings
from state budget allocations.

AMF's total own sources from state budget appropriated funds
reached AZN72.4 million as of August 2009.  The funds have been
on-lent by intermediary local banks as special mortgage loans,
with below market interest rates, to mainly low and middle income
Azerbaijani families who fulfill certain eligibility criteria.

Following its establishment in 2006, AMF's long-term residential
mortgage portfolio grew quickly to AZN59.6 million by end-2008,
and had risen to AZN81.4 million as of August 2009.  AMF started
to borrow from capital markets in 2009 and its financial debt,
through the issuance of covered bonds, is projected to reach AZN55
million at end- 2009.  The expected growth in AMF's business
indicates that its funding requirements may total AZN150 million
during 2009-2010.

AMF was established as a PSE in September 2005 by decree No: 299
of the President of the Republic of Azerbaijan.  Its charter was
approved by a separate presidential decree in December of the same
year.  AMF's main purpose is to create funding mechanisms which
provide home ownership to Azerbaijani citizens, through long term
financing, and to attract domestic and foreign investment into
mortgage financing.


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


ALMATIS GMBH: Lender Stand-Off Threatens Debt Restructuring
-----------------------------------------------------------
Almatis GmbH's lenders have been unable to agree a standstill
deal, leaving the company with little protection from creditors
seeking immediate repayment of their debts, Tom Freke and Zaida
Espana at Reuters report, citing three sources close to the
situation.

According to Reuters, DIC and a group of junior lenders --
including Alcentra, Babson Capital, North Western Mutual and
Permira -- tabled an offer that would see US$250 million of the
mezzanine debt turned into equity, while senior lenders, including
distressed debt investor Oaktree Capital, are pushing for a deeper
balance sheet restructuring.  Reuters says the rival offers need
to win over a wider group of senior lenders, with two-thirds of
them needed to agree any debt deal.

"There is a big game of bluff going on but if we can't agree a
deal in the next few weeks then a contested Chapter 11 process may
be inevitable," Reuters quoted one of the sources as saying.

Reuters relates Almatis, which has breaches terms of its loan
covenants, has been in restructuring talks for several months as
it seeks to cope with debts of almost US$1 billion.

Reuters notes two of the sources said without an agreement on the
restructuring, Almatis may face a disorderly work-out of the debt,
which could further harm the value of the company.

Headquartered in Frankfurt, Germany, Almatis GmbH --
http://www.almatis.com/-- manufactures alumina-based products
used to make abrasives and polishers, paper coatings, flame
retardants, plastics and polymers, and refractories.  Its
manufacturing plants are located in Asia, Europe, and the US.
Formerly known as Alcoa World Chemicals, Almatis was formed in
2004 when the aluminum giant sold its chemicals unit to private
investment firms Rhone Capital and Teachers' Private Capital.
Toward the end of 2007 another private equity group Dubai
International Capital, a unit of Dubai Holding, agreed to buy
Almatis.


GENERAL MOTORS: EU Expects to Rule on Magna-Opel Deal by Nov. 27
----------------------------------------------------------------
Ben Moshinsky and Javier Marquina at Bloomberg News report that
The European Commission, the European Union's executive arm, aims
to publish an antitrust decision on Magna International Inc.'s
proposed takeover of General Motors Co.'s Opel division by
Nov. 27.

According to Bloomberg, in addition to looking at market-dominance
issues, EU regulators are studying Germany's offer of as much as
EUR4.5 billion in state lending for the transaction and whether
conditions for the aid unduly pressured GM to choose Magna.

Bloomberg says the commission may extend the antitrust
investigation by 90 working days.

                               Spain

Separately, Bloomberg relates union negotiators Chema Fernando and
Pedro Bona said Monday in separate phone interviews that employees
at Opel's plant in Figueruelas, Spain, approved a preliminary
accord reached on Oct. 22 that would eliminate a maximum of 900
jobs, or 12% of the factory's workforce.

                        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).


GENERAL MOTORS: Opel Workers Mulls Protest Over Magna Deal Delay
----------------------------------------------------------------
Chris Reiter at Bloomberg News reports that workers at Adam Opel
GmbH will consider actions to protest General Motors Co.'s move to
delay a decision on the sale of a majority stake in the European
unit.

Bloomberg relates Klaus Franz, Opel's top labor leader, said in an
e-mailed response to questions union representatives will meet
Oct. 30 to discuss measures in reaction to GM's decision to
postpone an agreement on the sale.

On Oct. 27, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg, reported that GM delayed the signing of a final
agreement to sell its Opel to Magna International Inc. until next
month at the earliest so its board can respond to a European Union
review of the deal.  Bloomberg disclosed John Smith, GM's lead
negotiator on the sale, wrote Oct. 23 in a blog the U.S.
carmaker's board will use its Nov. 3 regular meeting to consider
changes to the proposal from Aurora, Ontario- based Magna Magna
and partner OAO Sberbank.

                               Spain

According to Bloomberg, union negotiator Chema Fernando said in an
interview Opel workers in Spain yesterday called off a four-day
strike after reaching an initial job agreement with Magna.
In a separate report, Bloomberg disclosed employees at Opel's
plant in Figueruelas, Spain, approved a preliminary accord reached
on Oct. 22 that would eliminate a maximum of 900 jobs, or 12% of
the factory's workforce.

                       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).


PETER DOEHLE: Seeks State Aid to Finance New Ship Orders
--------------------------------------------------------
Robert Wright at The Financial Times reports that Peter Doehle
Schiffahrts-KG said it is seeking state aid to overcome the
downturn.

The FT relates the company said it was applying for money from
Berlin's competitiveness fund for companies hit by the economic
crisis.

According to the FT, Peter Doehle said it intended to use the
funds to finance new ship orders.  KG funds' problems are making
it hard for owners to raise funds from KG investors, while many
shipping banks are now reluctant to lend, the FT states.

"As the supply of financing through the normal bank market is no
longer available in the normal way, it is necessary . . . for our
company, like many other companies with a long-term investment
program . . . to fall back on this competitiveness program," the
FT quoted Doehle as saying.

Peter Doehle Schiffahrts-KG is the world's fifth-largest
specialist container shipowner.


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


AVEBURY FINANCE: Moody's Cuts Rating on Class A-1A Notes to 'C'
---------------------------------------------------------------
oody's Investors Service has taken these rating actions on notes
issued by Avebury Finance CDO p.l.c.

  -- US$9.7M Class X Floating Rate Notes due 2012 Notes (currently
     US$ 5,024,600 outstanding), Downgraded to B1; previously on
     Dec. 19, 2008 Aaa Placed Under Review for Possible Downgrade

  -- US$879.5M Class A-1A Revolving Floating Rate Notes due 2051
     Notes (currently US$718,696,002 outstanding), Downgraded to
     C; previously on April 23, 2009 Downgraded to Ca

Avebury Finance CDO p.l.c. is a managed cash flow collateralized
debt obligation backed by a portfolio containing, among other
assets, 76% US RMBS assets and 12% ABS CDOs of the 2004, 2005,
2006, and 2007 vintages.

On the payment date occurring on 8 October 2009, all classes of
notes issued by Avebury Finance CDO p.l.c experienced missed
interest payments.  All cash proceeds from interest and principal
proceeds were used to make payments due to the synthetic security
counterparty.  A missed interest payment on the Class X, A-1A, A-2
or B notes can constitute an event of default.

During the occurrence and continuance of an event of default,
controlling creditors of the Issuer may be entitled to direct the
Trustee to take particular actions with respect to the collateral
securities and the notes.  The actions take into consideration the
risk that liquidation of the collateral securities may be selected
as the post-event of default remedy by the controlling creditors.
The severity of losses of tranches may be different depending on
the timing and outcome of a liquidation.

The rating downgrade actions also reflect deterioration in the
credit quality of the underlying portfolio.  Credit deterioration
of the collateral pool is observed through a decline in the
average credit rating (as measured by an increase in the weighted
average rating factor).  The trustee reports that WARF is 1712 as
compared to a WARF of 975 reported by the Trustee in February
2009.  All coverage tests are failing their trigger levels and
Class A/B principal coverage test has deteriorated from 62% in
February 2009 to 34% in October 2009.


EIRLES TWO: Moody's Downgrades Rating on Series 279 Nots to 'B3'
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Eirles Two Limited, a limited purpose vehicle
incorporate in Ireland, in the context of the Moorgate CLO 2
transaction:

Issuer: Eirles Two Limited Series 276/277/278/279 (Moorgate CLO 2)

  -- Series 276 EUR17,000,000 Portfolio Credit Linked Floating
     Rate Secured Notes due 2021, Downgraded to A3; previously on
     April 8, 2009 Downgraded to A2

  -- Series 278 EUR10,000,000 Portfolio Credit Linked Floating
     Rate Secured Notes due 2021, Downgraded to Ba2; previously on
     April 8, 2009 Downgraded to Ba1

  -- Series 279 EUR23,750,000 Portfolio Credit Linked Floating
     Rate Secured Notes due 2021, Downgraded to B3; previously on
     April 8, 2009 Downgraded to B2

This transaction is a Synthetic Collateralized Loan Obligation
referencing a portfolio of secured and unsecured loans issued
mostly by European borrowers (85%) and North American borrowers
(15%).  Deutsche Bank AG, London Branch acts as protection buyer
and portfolio selector.  Removals and replenishments in the
transaction are subject to the CDOROM™ test.  Sales of credit
impaired obligations are not bound by the CDOROM™ test, in the
limit of a maximum 50bps subordination loss.  The reinvestment
period ends in October 2011, following which only proceeds from
sale of credit impaired/improved obligations and unscheduled
principal proceeds can be reinvested.

Moody's explained that the rating actions taken are the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio has deteriorated from 2707 from the last rating action
to 2954, equivalent to an average rating of the current portfolio
of B3.  The portfolio has not experienced any credit events since
closing.  However, the subordination of the rated tranches has
been slightly reduced due to trading losses.  According to the
latest Investor Report, the subordination below the most junior
rated Notes (Series 279) was 13.6%.  The Media, Food and
Healthcare industry sectors are the most represented, weighting
26%, 13% and 12%, respectively, of the portfolio notional.
Approximately 11% of the current reference pool is rated Caa or
below.

In addition, the ad'hoc nature of the credit event definitions set
forth in the CDS confirmation (i.e. not ISDA standard) that have
translated into the application of default probability stresses
(5%) and recovery rate haircuts (from 5% to 10%) in the
quantitative analysis.

Moody's also notes that 56% of the reference pool consists of
European loan obligations whose credit quality has been assessed
through Moody's credit estimates.  As credit estimates do not
carry credit indicators such as ratings reviews and outlooks, a
stress of a quarter notch-equivalent assumed downgrade was applied
to each of these estimates.

Moody's monitors this transaction using primarily the methodology
and the supplements for Corporate Collateralized Synthetic
Obligations, Collateralized Loan Obligations and Loan Credit
Default Swap as described in Moody's Rating Methodology papers:

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

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (August 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.


STRAWINSKY I: Moody's Lowers Rating on Class C Notes to 'Ca'
------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Strawinsky I PLC.  Four classes of notes remain on
review for further possible downgrade.

  -- EUR58.63M Class A1-R Senior Secured Floating Rate Notes due
     2024, Downgraded to A1 and Placed Under Review for Possible
     Downgrade; previously on June 25, 2009 Downgraded to Aa2

  -- EUR105.5M Class A1-T Senior Secured Floating Rate Notes due
     2024, Downgraded to A1 and Placed Under Review for Possible
     Downgrade; previously on June 25, 2009 Downgraded to Aa2

  -- EUR43M Class A2 Senior Secured Floating Rate Notes due 2024,
     Downgraded to B2 and Remains On Review for Possible
     Downgrade; previously on June 25, 2009 Downgraded to Ba1 and
     Remained On Review for Possible Downgrade

  -- EUR23M Class B Senior Secured Floating Rate Notes due 2024,
     Downgraded to Caa1 and Remains On Review for Possible
     Downgrade; previously on June 25, 2009 Downgraded to Ba3 and
     Remained On Review for Possible Downgrade

  -- EUR19M Class C Senior Secured Deferrable Floating Rate Notes
     due 2024, Downgraded to Ca; previously on June 25, 2009
     Downgraded to Caa3 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as 13% mezzanine loan exposure.

According to Moody's, the rating actions taken on the notes are a
result of severe credit deterioration of the underlying portfolio
and a material Event of Default risk.  This is observed through a
decline in the average credit rating as measured through the
portfolio weighted average rating factor 'WARF' (currently 3219,
compared to a covenant at 2400 maximum), an increase in the amount
of defaulted securities (currently Eur 44 million), an increase in
the proportion of securities from issuers rated Caa1 and below
(currently 24% of the portfolio), and a failure of all par value
tests (including a deterioration of the Class A/B par value test
from 108.62% in May 2009 to 105.44% in September 2009).  These
measures were taken from the recent trustee report dated 10
September 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality combined with an increase of the amount of
defaulted securities.  Due to the impact of all the aforementioned
stresses, key model inputs used by Moody's in its analysis, such
as par, weighted average rating factor, and weighted average
recovery rate, may be different from trustee's reported numbers.

In addition, Moody's notes that, as the assets rated Caa1 and
below are carried at their market value for the purpose of
calculating the coverage numerator of the principal coverage
tests, a further deterioration of the credit quality of the
portfolio or a large fall in the market value of the Caa rated
assets could potentially trigger an Event of Default under the
notes due to the Class A/B par value ratio falling below 100 per
cent.  Given that this transaction is exposed to price volatility
should an Event of Default occur, leading to a liquidation of the
portfolio, Moody's left under review for possible downgrade the
classes of Notes that would be potentially affected by such
liquidation.

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

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

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


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


AKSAI CONSULTING: Creditors Must File Claims by November 5
----------------------------------------------------------
LLP Aksai Consulting Services Ltd. is currently undergoing
liquidation. Creditors have until November 5, 2009, to submit
proofs of claim to:

          Micro District 5, 39-26
          Aksai
          West Kazakhstan
          Kazakhstan


ASIA MERIDIAN: Creditors Must File Claims by November 5
-------------------------------------------------------
Creditors of LLP Company Asia Meridian have until November 5,
2009, to submit proofs of claim to:

         Tole bi Str. 295
         Almaty
         Kazakhstan

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

The Court is located at:

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


CAPITAL MANAGEMENT: Creditors Must File Claims by November 5
------------------------------------------------------------
LLP Capital Management Group Kazakhstan is currently undergoing
liquidation.  Creditors have until November 5, 2009, to submit
proofs of claim to:

          Doshanov Str. 157
          Kostanai
          Kazakhstan


ESIL STROY: Creditors Must File Claims by November 5
----------------------------------------------------
Creditors of LLP Esil Stroy Service have until November 5, 2009,
to submit proofs of claim to:

         Ualihanov Str. 19-149
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on August 6,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


EURO ASIA: Creditors Must File Claims by November 5
---------------------------------------------------
Creditors of LLP Euro Asia Atyrau have until November 5, 2009, to
submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 28, 2009, after
finding it insolvent.

The Court is located at:

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


RUBIKON PLUS: Creditors Must File Claims by November 5
------------------------------------------------------
Creditors of LLP Rubikon Plus have until November 5, 2009, to
submit proofs of claim to:

         Ualihanov Str. 19-149
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of North Kazakhstan
commenced bankruptcy proceedings against the company on August 10,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


RUD REM: Creditors Must File Claims by November 5
-------------------------------------------------
LLP Rud Rem Stroy is currently undergoing liquidation.  Creditors
have until November 5, 2009, to submit proofs of claim to:

          Mir Str. 70
          Rudny
          Kazakhstan


SNUB STROY: Creditors Must File Claims by November 5
----------------------------------------------------
Creditors of LLP Snub Stroy Montage have until November 5, 2009,
to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 29, 2009.


TRACTOR LLP: Creditors Must File Claims by November 5
-----------------------------------------------------
Creditors of LLP Tractor have until November 5, 2009, to submit
proofs of claim to:

         Tole bi Str. 295
         Almaty
         Kazakhstan

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

The Court is located at:

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


TRANS TORG: Creditors Must File Claims by November 5
----------------------------------------------------
Creditors of LLP Trans Torg Service M have until November 5, 2009,
to submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 28, 2009, after
finding it insolvent.

The Court is located at:

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


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


BEVERAGE PACKAGING: S&P Puts 'B+' Rating on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B+'
issue rating on the EUR480 million 8% senior notes due 2016 issued
by Beverage Packaging Holdings (Luxembourg) II S.A. (B+/Stable/--)
on CreditWatch with negative implications.  The recovery rating on
the notes is unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery in the event of a payment default.

The 'B-' issue-level rating and the recovery rating of '6' on
BPII's EUR420 million 9.5% subordinated notes due 2017 remain
unchanged.

BPII is a financial entity related to Switzerland-based aseptic-
carton packaging supplier SIG Combibloc Group AG (SIG).  This
rating action follows the announcement of the plan by SIG and
related entities to acquire two U.S.-based packaging companies--
Closure Systems International and Reynolds Consumer Products.

The CreditWatch placement reflects S&P's view that recovery
prospects for the notes will be weaker as a result of the
increased subordination caused by the issue of prior-ranking
senior secured debt that SIG and its targets plan to raise to fund
the announced acquisition.

S&P aims to resolve the CreditWatch placement following the
completion of the acquisitions.  If the acquisition and
refinancing transactions are concluded as proposed, S&P believes
that the recovery prospects for the senior notes will fall to less
than 10%, prompting us to lower the issue and recovery ratings.
Depending on the final financing structure and the completion of
S&P's analysis, the issue rating on this instrument could be
lowered by up to two notches.

S&P expects to publish a detailed recovery analysis and further
information on the proposed capital structure shortly.

                           Ratings List

                         Rating unchanged

         Beverage Packaging Holdings (Luxembourg) II S.A.

         Corporate Credit Rating             B+/Stable/--
          Subordinated EUR420 mil.  9.5%
          sr sub nts ser due 06/15/2017      B-
           Recovery Rating                   6

                    CreditWatch/Outlook Action

                                         To               From
                                         --               ----
      Senior Secured EUR480 mil. 8% nts
      ser due 12/15/2016                 B+/Watch Neg     B+
       Recovery Rating                   3                3


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


AVOCA II: Moody's Cuts Rating on EUR5MM Class D Notes to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Avoca II CLO B.V.:

  -- EUR256M Class A-1 Senior Secured Floating Rate Notes due
     2020, Downgraded to Aa1; previously on Dec. 1, 2004
     Definitive
     Rating Assigned Aaa

  -- EUR21M Class A-2 Senior Secured Floating Rate Notes due 2020,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR27M Class B Senior Secured Deferrable Floating Rate Notes
     due 2020, Downgraded to Ba1; previously on March 20, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR15.7M Class C-1 Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to B3; previously on March 13,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR7.5M Class C-2 Senior Secured Deferrable Fixed Rate Notes
     due 2020, Downgraded to B3; previously on March 13, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR5M Class D Senior Secured Deferrable Floating Rate Notes
     due 2020, Downgraded to Caa3; previously on March 13, 2009
     Downgraded to B3 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralised
loan obligation with exposure to predominantly European senior
secured loans (currently 96.2% of the portfolio), as well as some
mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2712 versus a trigger level of 2400) and an
increase in the proportion of securities from issuers rated Caa1
and below (currently 10.2% of the portfolio).  These measures were
taken from the recent trustee report dated 30 September 2009.
Moody's also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.

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


CADOGAN SQUARE: Moody's Cuts Rating on Class E Notes to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Cadogan Square CLO B.V.

  -- EUR185MM Class A-1 Senior Secured Floating Rate Notes due
     2022, Downgraded to Aa2; previously on December 15, 2005
     Assigned Aaa;

  -- EUR120.7MM Class A-2 Senior Secured Floating Rate Notes due
     2022, Downgraded to Aa2; previously on December 15, 2005
     Assigned Aaa;

  -- EUR33.2MM Class B Senior Secured Floating Rate Notes due
     2022, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- EUR31.2MM Class C Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Ba2; previously on March 19,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- EUR27.4MM Class D Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to B2; previously on March 19,
     2009 Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- EUR10.3MM Class E Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Caa2; previously on March 19,
     2009 Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- EUR23MM Class X Combination Notes due 2022 (current rated
     balance of EUR15,241,233), Downgraded to Ba1; previously on
     March 4, 2009 A2 Placed Under Review for Possible Downgrade.

  -- EUR4MM Class W Combination Notes due 2022 (current rated
     balance of EUR2,660,458), Confirmed at Ba2; previously on
     March 4, 2009 Ba2 Placed Under Review for Possible Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2864), and an increase in the proportion of
securities from issuers rated Caa1 and below (currently 13.42% of
the portfolio).  These measures were taken from the recent trustee
report dated 21 September 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
17.6 million, accounting for roughly 3.90% of the collateral
balance.  Moody's also performed a number of sensitivity analyses,
including consideration of a further decline in portfolio WARF
quality.  Due to the impact of all the aforementioned stresses,
key model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, and weighted average recovery
rate, may be different from trustee's reported numbers.

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


GROSVENOR PLACE: Moody's Cuts Rating on Class D Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Grosvenor Place CLO III B.V.  The Class A-1 and the
Class A-2 notes remain Aaa mainly due to the current over
collateralization.

  -- EUR62,000,000 Class A-3 Senior Floating Rate Notes due 2023,
     Downgraded to A1; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- EUR36,500,000 Class B Deferrable Interest Floating Rate Notes
     due 2023, Downgraded to Baa3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR20,000,000 Class C Deferrable Interest Floating Rate Notes
     due 2023, Downgraded to Ba3; previously on March 17, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- EUR28,500,000 Class D Deferrable Interest Floating Rate Notes
     due 2023, Downgraded to Caa1; previously on March 17, 2009
     Downgraded to B2 and Remained On Review for Possible
     Downgrade

  -- EUR14,000,000 Class E Deferrable Interest Floating Rate Notes
     due 2023, Confirmed at Caa3; previously on March 17, 2009
     Downgraded to Caa3 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralised
loan obligation with exposure to predominantly European senior
secured loans, as well as 13.12% exposure to mezzanine loans.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2698), an increase in the amount of defaulted
securities (currently 2.77% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 11.87% of the portfolio), and a failure of some par
value tests.  These measures were taken from the recent trustee
report dated 30 September 2009.  Moody's also performed a number
of sensitivity analyses, including consideration of a further
decline in portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


HALCYON STRUCTURED: Moody's Cuts Rating on Class E Notes to 'Caa3'
-----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Halcyon Structured Asset Management European CLO 2006-
II BV:

  -- EUR106,000,000 Class A-1 Senior Secured Floating Rate Notes
     due 2023-1, Downgraded to Aa2; previously on Feb. 14, 2007
     Definitive Rating Assigned Aaa

  -- EUR80,000,000 Class A-1D Senior Secured Floating Rate
     Delayed Funding Notes due 2023, Downgraded to Aa2; previously
     on Feb. 14, 2007 Definitive Rating Assigned Aaa

  -- EUR80,000,000 Class A-1R Senior Secured Revolving Floating
     Rate Notes due 2023, Downgraded to Aa2; previously on
     Feb. 14, 2007 Definitive Rating Assigned Aaa

  -- EUR34,300,000 Class B Senior Secured Floating Rate Notes
     due 2023, Downgraded to Baa3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR27,100,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2023, Downgraded to Ba3; previously on
     March 17, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade

  -- EUR21,800,000 Class D Senior Secured Deferrable Floating
     Rate Notes due 2023, Downgraded to Caa2; previously on
     March 17, 2009 Downgraded to B1 and Remained On Review for
     Possible Downgrade

  -- EUR12,500,000 Class E Senior Secured Deferrable Floating
     Rate Notes due 2023, Downgraded to Caa3; previously on
     March 17, 2009 Downgraded to Caa1 and Remained On Review for
     Possible Downgrade

  -- EUR5,000,000 Class P Combination Notes due 2023-1,
     Downgraded to Caa3; previously on March 4, 2009 Ba2 Placed
     Under Review for Possible Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2606), an increase in the amount of defaulted
securities (currently 8.2% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 9.7% of the portfolio), and a failure of par value
tests (the Class C, Class D and Class E tests).  These measures
were taken from the recent trustee report dated 25 Aug 2009.
Moody's also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.

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


ING GROEP: To Sell Insurance and Investment Management Business
---------------------------------------------------------------
Michael Steen at The Financial Times reports that ING Groep NV
will have to sell off its insurance and investment management
business under a radical restructuring plan forced on it by the
European Commission.

According to the FT, ING must offload its insurance business,
worth an estimated EUR12 billion-EUR15 billion, and focus solely
on banking to meet the commission's demands.  The break-up also
includes a requirement that ING sell ING Direct USA, its US
banking arm, the FT notes.

The restructuring is to be completed by 2013, the FT says.

Jon Menon at Bloomberg News reports ING on Monday agreed to EU
demands that it sell its insurance units to secure approval for
its bailout.

                           Rights Issue

The FT relates ING also announced plans to raise EUR7.5 billion in
equity to cover the early repayment of half the EUR10 billion
capital injection it received, plus premium, and to fund about
EUR1.3 billion in extra payments for state guarantees on risky
assets.

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


ING GROEP: S&P Upgrades Ratings on Hybrids to 'BB' From 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it took various
rating actions on ING Groep N.V. and subsidiaries, following
completion of the European Commission investigation into state
aid.  These rating actions are:

* The 'A/A-1' ratings on ING and 'A+/A-1' ratings on ING Bank N.V.
  were affirmed.  The outlook is stable.

* The ratings on insurance holding company ING Verzerkeringen N.V.
  were lowered by one notch to 'A-/A-2'.

* The outlook on ING Verzekeringen and ING Re (Netherlands) (N.V.)
  was revised to negative from stable.

* The ratings on ING Groep and ING Verzekeringen hybrids have been
  raised to 'BB' from 'B'.

"These rating actions follow the announcement by ING of its far-
reaching restructuring plan, and various associated actions," said
Standard & Poor's credit analyst Mark Button.  As part of the EC
investigation into state aid, ING was required to submit a
restructuring plan, which has now been agreed, and is pending
formal approval by the EC.  The restructuring plan primarily
involves disposing of its insurance operations within the next
five years.  These disposal plans have led to the designation of
all ING's insurance operations as "not strategically important"
(NSI) under S&P's group rating methodology.  The change in status
of the insurance operations resulted in the downgrade of various
insurance holding companies and the revision of the outlook on
various insurance entities to negative.

The downgrade of ING Verzekeringen follows the change in status of
the insurance operations to "NSI" from "core" under S&P's group
rating methodology.  As a result, S&P rate ING Verzekeringen two
notches below the 'A+' operating company rating, which is more in
line with standard holding company gapping for European insurers.

S&P has affirmed the ratings on ING and ING Bank.  The ratings on
ING Bank prior to the announcement by the group did not include
any uplift beyond its stand-alone credit profile for the benefits
of diversification within a larger group.  In line with S&P's
criteria for rating bank holding companies, S&P rates ING one
notch below its main operating subsidiaries -- which in its view
is ING Bank, following the announcement of restructuring plans.

S&P considers The Netherlands to be a government that is
supportive of its banking sector, and that it will likely provide
further support to ING Bank -- a highly systemically important
bank -- if necessary, although S&P does not currently anticipate
that further support will be required.  S&P now includes one notch
of support into the long-term counterparty credit rating on ING
Bank, reflecting S&P's view of the government's propensity to
support in case of need.

"The negative outlook on ING Verzekeringen and certain operating
insurance subsidiaries reflects S&P's view of the significant
execution risks associated with the divestment of ING's insurance
operations, and the potential for strategic and operational
disruption to the underlying businesses," said Mr.  Button.  S&P
may lower the ratings if S&P sees evidence that the performance of
ING's insurance business is being impaired by the uncertainty
surrounding its divestment.  S&P also anticipates that the capital
adequacy and capital quality of divested businesses will be
consistent with the current ratings.  If this assumption is proven
incorrect, this could also lead to a downgrade.

"The stable outlook on ING Bank and ING reflects S&P's view of the
bank's solid capital position, which S&P considers will likely be
strong enough to absorb near-term earnings pressures arising from
its real estate and residual Alt-A portfolios, and the ongoing
pressured economic environment, which is weakening asset quality,"
added Mr. Button.  ING Bank's strong domestic market position and
good funding position help support the ratings.  The ratings on
ING Bank could come under pressure if its stand-alone financial
profile were to weaken and if S&P considers that the government is
unlikely to provide support.  S&P believes an upgrade within the
rating horizon is unlikely.


===============
P O R T U G A L
===============


PELICAN MORTGAGES: Fitch Affirms Rating on Class C Notes at 'B'
---------------------------------------------------------------
Fitch Ratings has affirmed 18 tranches of five Portuguese
RMBS transactions from the Pelican Mortgages Plc series,
comprising loans originated by Caixa Economica Montepio Geral
('A-'/'F2'/Outlook Stable).  The Outlooks were revised on two
junior tranches of Pelican 3 and 4.  A full rating breakdown is
provided at the end of this comment.

The note redemption in the first two transactions of the series is
fully sequential, while the reserve funds in these two deals are
non-amortizing.  These features have led to the strong credit
enhancement growth of the notes issued in Pelican 1, which has
resulted in the affirmation of the deal, despite the high portion
of loans in arrears by more than three months.  The investor
report for September 2009 showed loans in arrears by more than
three months at 10.8% of the current portfolio (net of
provisions), but in volume terms the arrears have remained fairly
stable over the past few quarters, indicating that the increasing
rate of arrears is mainly driven by the de-leveraging of the pool
(currently at 18.5% of the balance at close).  Similarly, the
strong credit enhancement support available to the notes of
Pelican 2 led to the affirmation of the notes.  Unlike the more
seasoned Pelican 1 transaction, the deal contains more than 70% of
subsidized loans which to some extent explains the somewhat better
performance of the deal.

As Pelican 3 is still considered to be a fairly recent
transaction, rising arrears rates are to be expected at this stage
in the transaction's life.  The agency does, however, have concern
over the declining excess spread levels seen in the past few
quarters.  As further arrears are expected to occur, the deal is
likely to see higher volumes of deemed principal losses being
realized each period.  This is likely to put more pressure on the
available excess spread, and may eventually lead to reserve fund
draws.  Although Fitch expects these to be limited in size, as
seen in other Pelican deals to date, the combination of rising
arrears and limited excess revenue causes some concern for the
most junior tranche.  For this reason, the agency has revised the
Outlook on the junior tranche to Negative.

The more recent Pelican deals -- Pelican 4 and 5 -- contain loans
with negative amortization features.  At close the portions of
such loans were approximately 71% and 39% of Pelican 4 and 5
respectively.  Fitch expects this type of loan to see worse
performance and therefore these transactions have higher levels of
credit enhancement to receive the same rating as the earlier deals
in the series.  In the last two payment dates, both transactions
have seen reserve fund draws and in September 2009 their balances
were at 96.6% (Pelican 4) and 95.4% (Pelican 5) of their target
amount.

Fitch has particular concern with Pelican 4 and 5, as the gross
excess spread generated by the deals is not sufficient to meet
quarterly payments due.  In September 2009, Pelican 4 realized
first deemed principal losses, which was one of the factors that
caused the EUR0.3 million reserve fund draw, while the EUR0.5
million reserve fund draw of Pelican 5 was solely caused by the
insufficient revenue generated by the deal, mainly caused by the
swap payments made to the swap counterparty.  In June 2009 Fitch
identified the rapid decline in interest rates as the main cause
for the mismatch in payments received from the swap counterparty
(based on the three-month Euribor rates) and the payments made to
the counterparty (based on six- and three-month Euribor received
from the borrowers) in Pelican 4.  The agency believes that this
is still occurring in Pelican 4 and is also evident in Pelican 5.
The Negative Outlook on class E of Pelican 4 reflects Fitch's view
about future reserve fund draws the agency is expecting to see.
The agency expects further reserve fund draws to occur in Pelican
5 as well, and unless interest rates stabilize, or start rising,
the transaction will be put under further pressure once the first
provisions start coming through.  Despite Fitch's expectations,
the rating of class C of Pelican 5 was affirmed with a Stable
Outlook due to the presence of an unrated collateralized tranche,
which is providing credit support to the 'B' rated tranche.

Fitch has also received further data on deemed principal losses
which have also been factored in the rating actions.  The data
shows that a high portion of loans that have been provisioned
either fully or partially have either reverted to performing or
have prepaid out of the pool.  This was one of the factors that
led to the Stable Outlooks in the two more seasoned deals (Pelican
1 and 2).

The rating actions are:

Pelican Mortgages No. 1 plc:

  -- Class A (ISIN XS0159861078) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1' assigned

  -- Class B (ISIN XS0159861409) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1' assigned

  -- Class C (ISIN XS0159862472) affirmed at 'BBB+'; Outlook
     Stable; Loss Severity Rating 'LS-1' assigned

Pelican Mortgages No. 2 plc:

  -- Class A (ISIN XS0177081634) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1' assigned

  -- Class B (ISIN XS0177083259) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1' assigned

  -- Class C (ISIN XS0177083689) affirmed at 'A-'; Outlook Stable;
     Loss Severity Rating 'LS-1' assigned

Pelican Mortgages No. 3 plc:

  -- Class A (ISIN XS0293657416) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1' assigned

  -- Class B (ISIN XS0293657689) affirmed at 'AA-'; Outlook
     Stable; Loss Severity Rating 'LS-2' assigned

  -- Class C (ISIN XS0293657846) affirmed at 'A'; Outlook Stable;
     Loss Severity Rating 'LS-2' assigned

  -- Class D (ISIN XS0293657929) affirmed at 'BBB'; Outlook
     revised to Negative from Stable; Loss Severity Rating 'LS-2'
     assigned

Pelican Mortgages No. 4 plc:

  -- Class A (ISIN XS0365137990) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1' assigned

  -- Class B (ISIN XS0365138295) affirmed at 'AA'; Outlook Stable;
     Loss Severity Rating 'LS-2' assigned

  -- Class C (ISIN XS0365138964) affirmed at 'A-'; Outlook Stable;
     Loss Severity Rating 'LS-2' assigned

  -- Class D (ISIN XS0365139004) affirmed at 'BBB'; Outlook
     Stable; Loss Severity Rating 'LS-3' assigned

  -- Class E (ISIN XS0365139699) affirmed at 'BB'; Outlook revised
     to Negative from Stable; Loss Severity Rating 'LS-3' assigned

Pelican Mortgage No. 5:

  -- Class A (ISIN XS0419743033) affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating 'LS-1' assigned

  -- Class B (ISIN XS0419743389) affirmed at 'BBB-'; Outlook
     Stable; Loss Severity Rating 'LS-2' assigned

  -- Class C (ISIN XS0419743462) affirmed at 'B'; Outlook Stable;
     Loss Severity Rating 'LS-4' assigned


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


BANCA COMERCIALA: Fitch Downgrades Individual Rating to 'D'
-----------------------------------------------------------
Fitch Ratings has affirmed Romania-based Banca Comerciala Romana
S.A.'s ratings at Long-term foreign currency and local currency
Issuer Default 'BBB' with Negative Outlook.  At the same time,
Fitch has downgraded BCR's Individual rating to 'D' from 'C/D'.
The bank's other ratings are affirmed at Short-term foreign
currency IDR 'F3' and Support '2'.

BCR's IDRs and Support Rating are based on the high potential
support by its majority shareholder, Austria-based Erste Group
Bank AG ('A'/Stable), in case of need.  The IDRs are constrained
by Romania's Country Ceiling 'BBB' and the Outlook on BCR reflects
that of the sovereign.

Like its Romanian peers, BCR has been affected by the impact of
significantly increased credit impairment charges on its operating
profitability and capitalization, which is reflected in the
downgrade of the Individual rating.  BCR's regulatory capital
adequacy ratio according to Romanian Accounting Standards equaled
10.38% at end-H109 (12.7% under IFRS).  Capitalization has been
strengthened through a subordinated loan from Erste Bank.
However, Fitch believes that capitalization is still just adequate
and new capital injections could still be needed to maintain the
capital adequacy ratio above 10% and also to provide a buffer
against potential risks and pressures on profitability in a
deteriorating operating environment.  These factors are balanced
by BCR's strong domestic franchise, good efficiency and
comfortable liquidity.  Erste Bank's funding and capital
commitment in the context of Romania's IMF stand-by Agreement
provides additional comfort.

Loan growth slowed in 2008 and H109 due to lower loan demand in a
contracting economy.  The proportion of foreign currency loans
remained at 55% at end-H109, and although below the sector average
of 58%, they would nevertheless present an asset quality problem
should the Romanian leu see a sharp and sustained depreciation.
Asset quality markedly deteriorated in 2008 and H109, mainly due
to a contracting economy and rising unemployment.  BCR has a
strong retail deposit franchise and good access to funding from
international banks, international financial institutions and
Erste Bank; funding from Erste Bank represents a high 28% of non-
equity liabilities at end-H109.  Liquidity is comfortable owing to
stringent regulatory measures and the bank's liquidity management.

BCR is the largest bank in Romania by total assets with a market
share of 20.5% and had the third-largest domestic network of 652
branches at end-H109.  BCR provides a wide range of services in
banking and also in brokerage, leasing, financial consultancy,
asset management, pension funds and various other financial
services through its consolidated subsidiaries.  Historically a
corporate lender, BCR has increasingly focused on retail and SME
lending since Erste Bank's acquisition of a majority stake in
October 2006.  BCR underwent an integration and development
programme in order for it to become a customer-oriented bank in
line with Erste Bank standards.

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.


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


EKO-TEKH-STROY: Tatarstan Bankruptcy Hearing Set November 3
-----------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 9:00 a.m. on
November 3, 2009, to hear bankruptcy supervision procedure on LLC
Eko-Tekh-Stroy (TIN 1660081907, PSRN 1051641092348, RVC 166001001)
(Construction).  The case is docketed under Case No. ?65–
14271/2009-SG4–49.

The Temporary Insolvency Manager is:

         V. Lavrentyev
         Post User Box 802
         Postal Office 111
         420111 Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Eko-Tekh-Stroy
         N. Yershova Str. 35a
         Kazan
         420045 Tatasrtan
         Russia


EKSPRESS-STROY: Yaroslavskaya Bankruptcy Hearing Set November 3
---------------------------------------------------------------
The Arbitration Court of Yaroslavskaya will convene on Nov.3, 2009
to hear bankruptcy proceedings on LLC Ekspress-Stroy (TIN
7602051527, PSRN 1057600089931) (Construction).  The case is
docketed under Case No. ?82–9935/2008–72-B/59.

The Insolvency Manager is:

         A. Krotov
         Shchorsa Str. 95-421
         610014 Kirov
         Russia

The Debtor can be reached at:

         LLC Ekspress-Stroy
         Leningradskiy prospect 33
         Yaroslavl
         Russia


NOVOLIPETSK STEEL: Moody's Gives Stable Outlook on 'Ba1' Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook for NLMK's Ba1
corporate family rating and the outlook on NLMK's Aa1.ru national
scale rating to stable from negative.

This rating action reflects the fact that the company was able to
show resilient performance and credit metrics for 2008 and 1H
2009.  Although, the global operating environment for steel
producers continues to be challenging, the recent operating update
indicates that NLMK is able to demonstrate improving
profitability, sound liquidity profile, and conservative financial
metrics.  1H 2009 results indicate stable financial performance,
which might be attributed to certain price stabilization, partial
recovery in demand in export markets as well as revival in demand
in the domestic market especially in the flat steel segment.
Moody's note that the company is making all necessary steps to
adjust its operations to current market conditions including cost
reduction measures, scale down in capex expense and
rationalization of its operations..

The rating positioning and stable outlook reflects the solid
business profile of the company as well as the fact that the
company continues to have the lowest absolute level of debt and
leverage among peers.  The current rating level is premised on
NLMK being able: (i) to maintain on sustainable basis the ratio
gross debt/EBITDA at a level not exceeding the 2.0x, although, in
2009 it might temporary increase above the guidance and FCF/Debt
above 10% though possible one-year dip at 5%.

The last rating action was on October 24, 2008, when Moody's
Investors Service changed the outlook for NLMK's Ba1 corporate
family rating and the outlook on NLMK's Aa1.ru national scale
rating to negative from stable.  The rating action was prompted by
the lawsuit which DBO Holdings, Inc. brought against the company
concerning NLMK's proposed acquisition of the John Maneely
Company.  On March, 11, 2009, NLMK announced that the company and
DBO Holdings, Inc., have signed a settlement agreement with
respect to their dispute concerning NLMK's proposed acquisition of
John Maneely Company.  The agreement provides for the full mutual
release and discharge by NLMK and DBO from their claims arising
from the transaction.  Although, Moody's positively viewed this
development at the time, the negative outlook was then left
unchanged due to continued negative pressure on the steel markets
including significant drop in demand and falling steel prices.

NLMK is one of Russia's largest vertically integrated steel
companies both by volume and by assets size.  The company is
located in the central Russian city of Lipetsk nearby the Kursk
Magnetic Anomaly, the largest iron ore basin in Europe which
contains 2/3 of all Russia's iron ore reserves.  NLMK principal
assets include an integrated steel plant in the European part of
Russia, an iron ore mine, a coal deposit and a coke-chemical
production facility, as well as mini-mills in the Urals region of
Russia and in the USA and rolling facilities in Russia and in
Western Europe.

For the financial year 2008, NLMK produced 10.5 mln t of crude
steel and 5.9 mln of rolled steel.  In addition, through the JV
with Duferco, the company produced 2.2 mln t of crude steel.  In
2008 NLMK reported US$11.7 billion in revenue and US$4.5 billion
in EBITDA.  The company accounts for 15% of Russia's crude steel
output and controls 19% of domestic galvanized steel market.  In
1H 2009 the company reported US$2.6 billion in revenue (56%
decline vs.  1H 2008) and US$0.43 billion in EBITDA (81% decline).

The company is beneficially owned by Mr. Vladimir Lisin, Chairman
of the Board of Directors.  Following the recent IPO, Mr. Lisin
still controls 84% of the company.  NLMK shares are traded in
Russia on MICEX and RTS, and GDRs -- on the London Stock Exchange.


SIB-TEKSTIL-MASH: Novosibirskaya Bankruptcy Hearing Set Nov. 23
---------------------------------------------------------------
The Arbitration Court of Novosibirskaya will convene at 2:30 p.m.
on November 23, 2009, to hear bankruptcy supervision procedure on
CJSC Sib-Tekstil-Mash (TIN 5404209543, PSRN 10354001501695)
(Mining and Hydraulic Equipment.  The case is docketed under Case
No. ?45–11131/2009.

The Temporary Insolvency Manager is:

         Office 310
         Kamenskaya Str. 64a
         Novosibirsk
         Russia

The Debtor can be reached at:

         CJSC Sib-Tekstil-Mash
         Stantsionnaya Str. 60/1
         Novosibirsk
         Russia


SISTEMA JSFC: Moody's Reviews 'B1' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family and
B2 senior unsecured ratings of Sistema JSFC on review for upgrade.
The action was prompted by the significant improvement in the
company's liquidity profile over the past six months coupled with
the recent confirmation of the ratings of Sistema's key
telecommunications subsidiaries Mobile Telesystems OJSC (Ba2,
stable) and Comstar (Ba3, stable).

The review will primarily focus on the analysis of these
developments expected to be completed by the company in the coming
months: (i) finalization of the consolidation of the Bashkir
assets acquired by Sistema in the beginning of 2009, and
satisfactory auditors' opinion thereon; and (ii) further clarity
regarding how Sistema intends to integrate the Bashkir assets into
the broader group from a financial and strategic perspective
including progress with respect to the planned re-distribution of
debt obligations within the group in relation to the cash-
generating capability of subsidiaries and improving of the
financial flexibility at the Sistema holding level.

With respect to Sistema's liquidity profile, Moody's notes the
steps taken by Sistema in recent months in realigning and
refinancing its debt capital structure effectively removing
liquidity pressures for the coming 18 to 24 months which had been
key concerns leading to Moody's rating action earlier this year.
Moody's notes that the notching of Sistema's US$350 million 2011
bond introduced in April 2009 following the effective
subordination of these bonds to the newly incurred secured
acquisition debt is likely to be removed should the company
demonstrate advanced progress in the elimination of secured debt
from its balance sheet, the process being subject to the
completion of the Bashkir assets minorities' buyout, obtaining of
all respective regulatory approvals and the Bashkir subsidiaries'
demonstrated ability to raise the required financing.

Moody's previous rating action on Sistema was on the April 21,
2009 when the rating agency downgraded the corporate family rating
of Sistema to B1 from Ba3 and introduced notching on its senior
unsecured obligations.  The rating action concluded the review for
downgrade process initiated in October 2008.

Domiciled in Moscow, Russia, Sistema Joint Stock Financial
Corporation is a diversified company operating in
telecommunications, technology, banking, real estate, media,
retail and other businesses.  During fiscal year 2008, Sistema
reported revenue of US$16.7 billion and OIBDA of US$5.5 billion.
The founder of the company, Mr. Vladimir Evtushenkov, holds 64.2%
of Sistema's common shares, 16.8% is held by the management and
other shareholders, while 19% is in free float on the London Stock
Exchange.


UC RUSAL: Lost US$6 Bln in 2008 Due to Global Economic Crisis
-------------------------------------------------------------
The Daily Telegraph, citing Vedomosti daily, reports that United
Co. Rusal suffered a US$6 billion (GBP3.7 billion) loss in 2008
due the global economic crisis.

The report relates Vedomosti said Rusal announced the 2008 net
loss of GBP5.98 billion in a presentation to analysts from
investment banks who plan to take part in its planned share
listing in Hong Kong and Paris.  According to the report,
the daily said that the IPO would involve 10% of the company's
capital and the proceeds would be used exclusively to eradicate
its debts.

The report notes Vedomosti said revenues at Rusal had remained
robust, reaching US$15.68 billion in 2008, and that most of its
losses stemmed from write-downs on assets.

As reported yesterday in the Troubled Company Reporter, Bloomberg
News said banks holding half of Rusal's foreign debt approved a
restructuring of the company's borrowings.

                           About Rusal

Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


VENTRELT HOLDING: Fitch Affirms 'BB-' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed Ventrelt Holding Ltd's Long-term
foreign and local currency Issuer Default Ratings at 'BB-'
respectively and its National Long-term Rating at 'A+(rus)'.
Fitch has also affirmed the bond rating of RVK Finans' RUB1.75
billion at 'BB-' senior unsecured instrument rating.

The bond issued by RVK Finans benefits from sureties provided on a
joint and several basis from RVK-Invest, Krasnodar Vodokanal,
Tyumen Vodokanal and Kaluga Vodokanal.  These surety providers are
subsidiaries of Ventrelt Holding, which is the intermediate parent
of a privately-owned water and waste water group, Rosvodokanal.

Ventrelt Holding's ratings reflect the existing regulatory
framework in the Russian Federation and the moderate leverage,
short-term funding structure and strong market position of the
Group.

To date, tariffs in Russian cities are negotiated annually between
the water utility and the city administration.  They take into
consideration operating expenditure budgets and envisaged capital
programmes, essentially representing a cost-plus mechanism.  The
aging infrastructure in the Russian Federation needs upgrading for
which some municipalities are increasingly relying on private
sector companies and their operating expertise, as well as
investment commitments.  However, the existing legal framework to
facilitate private-public partnerships is fairly underdeveloped.
Reforms of concession legislation and a common tariff methodology
targeted by the government are expected to increase earnings
visibility in the sector and improve the legal status/protection
of concessionaires.  Until legislation is enacted and the full
implications of reforms can be evaluated, however, Fitch's
assessment on the business risk remains based on the existing
regulatory framework.

The Group's net debt/EBITDA for FY08 ranged around 1.8x and is
expected to remain below 2x over the short to medium term.  EBITDA
includes connection fees and as a result Fitch does not only look
at net debt/EBITDA, but also at adjusted ratios stripping out the
capital expenditure element included in EBITDA.  In contrast,
interest cover has fallen to around 3.2x with the Group taking on
additional debt over time.  Fitch forecasts assume that
macroeconomic conditions do not allow for sizeable tariff
increases in the near future, and therefore capex will be
contained at levels that can be financed through available cash
flow, and to a limited extent through bank borrowings.

The Group entered into a 13-year RUB1.5 billion term loan with the
European Bank for Reconstruction and Development in 2008.  All
other funding is short-term in nature, including the RVK Finans
bond, subject to a yearly put option in July, and borrowings from
local financial institutions.  Such short term liquidity
represents up to two-thirds of financial obligations on a forecast
basis.  The limited availability of long-term funding is a general
problem in the Russian Federation and does not only apply just to
Rosvodokanal.  In line with other Fitch-rated entities, the
refinancing risk was judged to be acceptable due to the moderate
financial gearing of the Group, the long-term contractual
arrangements with municipalities to provide essential
infrastructure services and the implicit support from a number of
relationship banks, including in particular JSC Alfa-Bank, being
an affiliate, and state-controlled banks that can be expected to
participate in municipality related financings.

Rosvodokanal is the leading private operator in the Russian water
market.  The Group's management system provides for monthly
reporting of performance of the operating companies.  Dedicated
head office functions examine the progress of performance against
annual budgets and provide technical expertise.  This oversight
distinguishes Rosvodokanal from the majority of water utilities
which remain overstaffed, technically oriented entities with an
insufficient focus on efficiency, cost recovery and other related
commercial management practices.


* RUSSIA: Moody's Says Telecoms Ratings Hit by Several Factors
--------------------------------------------------------------
Although Russian telecommunications operators have demonstrated
low leverage and top-line growth of over 20% a year over the past
few years, their ratings, which range from B1 to Ba2, continue to
be impacted by event risk, shareholder considerations, and
political and macroeconomic factors in a fairly dynamic market,
said Moody's Investors Service in a new report, "Russian
Telecommunications Operators".

"Russian telecommunications companies, generally considered
relative 'safe havens' by international investors, have been
challenged recently on several fronts," explains Julia Pribytkova,
a Vice President-Analyst in Moody's Corporate Finance Group.
"Strong financials alone are not enough for companies to maintain
their ratings in such a dynamic market.  Moody's believes other
factors will continue to have an impact on companies' credit
profiles, and thus on their ratings, including economic
conditions, competitive landscape, growth opportunities,
government involvement and larger shareholder groups' interest".

In autumn 2008, a massive flight of investors from Russia affected
market capitalizations and bond spreads in all sectors, including
telecommunications.  Then, towards the end of 2008, specific
industry concerns began to appear over whether the oil price slump
and forecast budget deficit could affect what was largely assumed
to be a relatively resilient telecommunications market.  Moody's
also notes that Russian rouble depreciation in Q3 2008 - Q1 2009
posed a significant challenge for companies encumbered with
substantial foreign currency-denominated debt.

"Alongside companies' business profiles and financial metrics, the
most important factors affecting Moody's approach to assigning
ratings to telecoms companies in the region regard questions over
shareholder policies, and even disputes, as well as uncertainties
over how the government's own posture toward its holdings in the
sector would evolve," said David Staples, Team Managing Director
in Moody's Corporate Finance Group.  "Thus, Moody's assigned
ratings in the region have always factored in a degree of event
risk and concerns relating to the prospective impact of
shareholder policies and political and macroeconomic
considerations and will continue to do so going forward".

Moody's currently rates six telecommunications operators in
Russia.  The outlook for the sector is stable.


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


ABDERHALDEN GMBH: Claims Filing Deadline is November 17
-------------------------------------------------------
Creditors of ABDERHALDEN GmbH are requested to file their proofs
of claim by November 17, 2009, to:

         Jakob Abderhalden, liquidator
         Hauptstrasse 20
         9507 Stettfurt
         Switzerland

The company is currently undergoing liquidation in Stettfurt.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on April 27, 2009.


GARAGE TAVERI: Claims Filing Deadline is November 30
----------------------------------------------------
Creditors of Garage Taveri AG are requested to file their proofs
of claim by November 30, 2009, to:

         Universa Wirtschaftsberatung AG
         Alte Landstrasse 165
         8801 Thalwil
         Switzerland

The company is currently undergoing liquidation in Horgen.  The
decision about liquidation was accepted at a general meeting held
on August 19, 2009.


LADEGO AG: Claims Filing Deadline is November 17
------------------------------------------------
Creditors of Ladego AG are requested to file their proofs of claim
by November 17, 2009, to:

         Richard Steiner
         Kapuzinerstrasse 29
         3900 Brig-Glis
         Switzerland

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


PS-SCHIFFFAHRTS: Claims Filing Deadline is December 21
------------------------------------------------------
Creditors of PS-Schifffahrts AG are requested to file their proofs
of claim by December 21, 2009, to:

         Guenther Baumgartner
         Feldbergstrasse 2
         4057 Basel
         Switzerland

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


SPIESS & CO.: Claims Filing Deadline is November 13
---------------------------------------------------
Creditors of Spiess & Co. AG are requested to file their proofs of
claim by November 13, 2009, to:

         Eduard Spiess
         Liquidator
         Alpsteinstrasse 2
         9524 Zuzwi
         Switzerland

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


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


DNEPROVEST LLC: Creditors Must File Claims by November 1
--------------------------------------------------------
Creditors of LLC Dneprovest (code EDRPOU 31575929) have until
November 1, 2009 to submit proofs of claim to:

         N. Sedova
         Insolvency Manager
         Office 22
         40 years of Soviet Ukraine Str. 60-a
         69035 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on August 31, 2009.  The case is docketed
under Case No. 19/98/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Dneprovest
         Office 7
         Pravda Str. 41
         69000 Zaporozhye
         Ukraine


GULEVTSY LLC: Creditors Must File Claims by November 1
----------------------------------------------------
Creditors of Gulevtsy LLC (code EDRPOU 32119716) have until
November 1, 2009 to submit proofs of claim to:

         Koziatin united State Tax Inspection
         Insolvency Manager
         Orlik Str. 19
         Koziatin
         22100 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 10/117-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Gulevtsy LLC
         Lenin Str. 1
         Gulevtsy
         Kalinovsky
         22445 Vinnitsa
         Ukraine


KALINOVKA INTERFARM: Creditors Must File Claims by November 1
-------------------------------------------------------------
Creditors of LLC Kalinovka Interfarm Cannery (code EDRPOU
05413652) have until November 1, 2009, to submit proofs of claim
to:

         Koziatin United State Tax Inspection
         Insolvency Manager
         Orlik Str. 19
         Koziatin
         22100 Vinnits
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on August 4, 2009.  The case is docketed under
Case No. 10/118-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Kalinovka Interfarm Cannery
         Ostrovsky Str. 60
         Kalinovka
         22400 Vinnitsa
         Ukraine


SHCHIT LLC: Creditors Must File Claims by November 1
----------------------------------------------------
Creditors of LLC Security Service Shchit (code EDRPOU 33715527)
have until November 1, 2009, to submit proofs of claim to:

         V. Filatov
         Insolvency Manager
         Post Office Box 49
         03141 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 16, 2009.  The case is docketed
under Case No. B11/134-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Security Service Shchit
         Balukov str. 7
         Vishnevoye
         08132 Kiev
         Ukraine


SOTA PLUS: Creditors Must File Claims by November 1
---------------------------------------------------
Creditors of LLC Sota Plus (code EDRPOU 32606161) have until
November 1, 2009 to submit proofs of claim to:

         T. Fatula
         Insolvency Manager
         Galitskaya Str. 145/82
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company on September 17, 2009.  The case
is docketed under Case No. B-13/61.

The Court is located at:

         The Economic Court of Ivano-Frankovsk region
         Shevchenko Str. 16
         Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Sota Plus
         Dudayev Str. 29
         Ivano-Frankovsk
         Ukraine


SPMK-2 AGRICULTURAL: Creditors Must File Claims by November 1
-------------------------------------------------------------
Creditors of LLC SPMK-2 Agricultural Special Installation (code
EDRPOU 03585670) have until November 1, 2009, to submit proofs of
claim to:

         S. Kiprach
         Insolvency Manager
         Office 88
         Furmanov Str. 8A
         36021 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on September 3, 2008.  The case is docketed
under Case No. 7/82.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC SPMK-2 Agricultural Special Installation
         Seregin Str. 11
         36008 Poltava
         Ukraine


YURKOVKA AGRICULTURAL: Creditors Must File Claims by November 1
---------------------------------------------------------------
Creditors of Yurkovka Agricultural LLC (code EDRPOU 00414345) have
until November 1, 2009, to submit proofs of claim to:

         V. Glebov
         Insolvency Manager
         Hmelnitsky Highway Str. 23
         21000 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on September 17, 2009.  The case is docketed
under Case No. 5/138-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Yurkovka Agricultural LLC
         50 years of October Str. 57
         Yurkovka
         Tulchin
         Vinnitsa
         Ukraine


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


APD MARKETING: Court Appoints Provisional Liquidator
----------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented a petition in the High Court to wind up APD Marketing &
Leisure Ltd. in the public interest.

The company operated from premises located in Morecambe and sold
memberships in a holiday club, supplying clients with access to
surplus time share accommodation

The petition to wind up the company was presented following an
investigation carried out by Companies Investigation Branch under
section 447 of the Companies Act 1985.

The Official Receiver has been appointed provisional liquidator of
APD Marketing & Leisure Ltd.  The role of the provisional
liquidator is to protect assets in the possession or under the
control of the company pending the determination of the petition.
The provisional liquidator also has the power to investigate the
affairs of the company insofar as it is necessary to protect the
assets including any third party or trust monies, or assets in the
possession of or under the control of the company.

The case is now subject to High Court action and no further
information will be made available until the petition is heard in
the High Court on December 16, 2009.

APD Marketing & Leisure Ltd was incorporated on December 15, 2003
and has its current Registered Office at Unit 2, Energy House,
Roeacre Business Park, Heywood OL10 1NW, having changed on 11
September 2009 from Holmere Hall, Dykes Lane, Yealand Conyers,
Carnforth LA5 9SN.  The company traded from Holmere Hall and 4 10
Heysham Road Heysham.

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

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


ARC CAPITAL: Placed Into Administration After FSA Probe
-------------------------------------------------------
Matthew Vincent at The Financial Times reports that Arc Capital &
Income plc has gone into administration following a Financial
Services Authority investigation into the marketing of plans
backed by Lehman Brothers.

According to the FT, of the 10,000 private investors with ACI,
approximately 250 had a total of GBP5.75 million invested in the
group's three Lehman-backed products: Arc Fixed Income Plan 6, Arc
Stepped Kick Out Plan 5, and Arc Bull and Bear Enhanced Investment
Plan 3.  The FT says these investors may now claim compensation of
up to GBP48,000 each from the Financial Services Compensation
Scheme, after ACI was declared formally "in default" by the FSA.

On October 26, 2009, Melvyn Carter, John Alexander and Robin Davis
of Carter Backer Winter LLP were appointed as joint administrators
of ACI at the request of the directors.

Arc Capital & Income plc -- http://www.arccapital.co.uk/--
provides "capital guaranteed" structured products.


BRITAINS AQUATIC: Sold to Aquarline; 14 Jobs Saved
--------------------------------------------------
KPMG administrators on October 23 achieved a going concern sale of
the retail arm of Bolton based aquatic products supplier, Britains
Aquatic Superstore, saving 14 jobs.

Bradford based Aquarline has bought the business to help meet its
growth ambitions and develop opportunities in the North West.

Paul Flint, Joint Administrator and KPMG Restructuring Associate
Partner, said: "We are very pleased to be announcing a sale that
allows for the continuation of a long standing and well supported
local business despite marketing it during challenging economic
conditions."

The purchaser, Peter Hemmingway, of Aquarline said: "I am looking
forward to welcoming customers both old and new and providing new
investment into the business in due course to help achieve growth.
My plans include the introduction of a number of new product lines
which will include a new animal and reptile department."

The deal also secures the future of George and Mildred, 20 year
old Gouramis fish, who are the star attraction for those that
visit the store.

Britains Aquatic superstore entered administration on September 1,
2009 after trading for over 43 years.  It marketed itself as one
of the largest aquatic and reptile product wholesale distributors
in the UK.  Its 70,000 sq ft premises include 30,000 sq ft of
retail space, which is home to one of the largest angling centres
in the North West and more than 500 stock tanks with a wide range
of fish.


BRITISH AIRWAYS: 14,000 Cabin Crew to Vote on Industrial Action
---------------------------------------------------------------
The Daily Telegraph reports that the Unite union said 14,000 of
its cabin crew members at British Airways plc will vote on whether
to launch a campaign of action in protest over the imposition of
new employment contracts.

"BA management's determination to impose unacceptable contractual
changes on cabin crew leaves us no alternative," the Daily
Telegraph quoted Derek Simpson, Unite's joint general secretary,
as sayingin a statement Monday.  "We will strongly support our
members if they vote for industrial action, while of course
remaining ready to negotiate with the company.  Negotiation, not
imposition, is the only proper way to conduct industrial
relations."

According to the Daily Telegraph, the airline's cabin crew are
already holding an emergency meeting at Sandown Racecourse in
Surrey next Monday, Nov. 2, to decide whether to fight plans to
cut jobs, freeze pay and introduce worse wages and conditions for
new staff.

BBC News reports BA has said it is "disappointed" by the Unite
union's decision to ballot 14,000 cabin crew about whether to take
strike action.  BBC relates in a statement, BA denied it would be
cutting pay, and said: "Our current cabin crew remain the best
paid in the country by some way."

                       About British Airways

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

                           *     *     *

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


KAUPTHING SINGER: E&Y Takes Control of Sports Direct Stakes
-----------------------------------------------------------
Marcus Leroux and Peter Stiff at The Times report that Ernst &
Young, the administrator to Kaupthing Singer & Friedlander, has
taken control of Sports Direct's 29% stake in Blacks Leisure and
11% stake in JD Sports Fashion after a legal dispute.

According to the Times, Sports Direct, 71% owned by Mike Ashley,
had already written off the shares, conceding that it had lost
control of them for "accounting purposes".

KSF, the Times discloses, part-financed some of Mr. Ashley's
strategic stakes in rivals and held guarantees over them.  Its
collapse sparked a legal tussle over the ownership of the shares,
the Times says.

The Times relates a source close to Sports Direct said that the
company believed the dispute had not been settled and it maintains
it bought back the shares from the administrator.

Kaupthing Singer & Friedlander is the British subsidiary of
Icelandic bank Kaupthing bank hf.


NORTHERN ROCK: U.K. To Secure EU Approval of Bank Split Today
-------------------------------------------------------------
The U.K. government today will win approval from the European
Commission to divide Northern Rock Plc into two parts, Andrew
MacAskill and Reed V. Landberg at Bloomberg News report, citing a
person familiar with the decision.

According to Bloomberg, today's decision will allow U.K. Financial
Investments Ltd., the unit of the Treasury that controls Northern
Rock, to begin exploring the possible options for a future sale.

Bloomberg recalls Northern Rock, which is repaying a loan to the
Bank of England after a bailout when money markets froze two years
ago, asked the European Commission, the EU executive, to approve
the plan to divide into two in June.

As reported in the Troubled Company Reporter-Europe on Oct. 26,
2009, The Financial Times said the restructuring of Northern Rock
will ultimately lead to the bulk of its retail deposits and low-
risk mortgage loans being separated into a good bank and sold off.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 24,
2009, Standard & Poor's Ratings Services said that it lowered its
ratings on the GBP300 million 8.399% Reserve Capital Instruments
and GBP200 million 7.053% Tier One Notes issued by Northern Rock
PLC (A/Watch Neg/A-1) to 'C' from 'CC'.

                            *********

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 * * *