TCREUR_Public/091030.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, October 30, 2009, Vol. 10, No. 215

                            Headlines

A U S T R I A

ENDER GMBH: Claims Filing Deadline is November 9
RAVIOLI GASTRONOMIEBETRIEB: Claims Filing Deadline is November 17
RETEZNIC GMBH: Claims Filing Deadline is November 17
RTM GMBH: Claims Filing Deadline is November 17
SAPIA TWO: Claims Filing Deadline is November 17


C Z E C H   R E P U B L I C

ROOF CEE: Moody's Junks Rating on EUR12.6 Mln D Certificate


F R A N C E

GROUPE PARTOUCHE: To Sell Some Assets Under Debt Deal with Banks


G E R M A N Y

BLUEBONNET FINANCE: S&P Cuts Ratings on Two Classes of Notes to BB
KRONOS INTERNATIONAL: Moody's Raises Corp. Family Rating to 'Caa1'
WILHELM KARMANN: Volkswagen to Decide on Takeover Within 2 Weeks


I T A L Y

GIANNI VERSACE: To Cut 26% of Workforce, Expects Loss in 2009


K A Z A K H S T A N

AGASH TAS: Creditors Must File Claims by November 5
ASIA COMMERCE+: Creditors Must File Claims by November 5
ATYRAU TV: Creditors Must File Claims by November 5
HIM SNUB: Creditors Must File Claims by November 5
KAZAKHTELECOM JSC: S&P Assigns 'BB' Rating on Senior Unsec. Debt

KRAFT ENGINEERING: Creditors Must File Claims by November 5
NAMYS SECURITY: Creditors Must File Claims by November 5
NIMEX LLP: Creditors Must File Claims by November 5
SATPAY SU: Creditors Must File Claims by November 5
SCOTT HOLLAND: Creditors Must File Claims by November 5

STROY LUX: Creditors Must File Claims by November 5


K Y R G Y Z S T A N

FAMILY PARK: Creditors Must File Claims by November 25
KBG LLC: Creditors Must File Claims by November 25
VIP COMPANY: Creditors Must File Claims by November 25


L U X E M B O U R G

CEB CAPITAL: Moody's Puts 'Ba3' Rating on Loan Participation Notes


P O L A N D

ROOF CEE: Moody's Junks Rating on EUR12.6 Mln D Certificate


R U S S I A

AVTOVAZ OAO: Russian Gov't Clears Job Cut Plan
CONSTRUCTION MANAGEMENT: Creditors Must File Claims by November 9
DIKSIS LLC: Creditors Must File Claims by November 9
KUB-STROY: Creditors Must File Claims by November 9
NEFTE-BAZ: Creditors Must File Claims by November 9

OMSK-AGRO: Creditors Must File Claims by November 9
REM-STROY-TRANS: Creditors Must File Claims by November 9
SARATOVSKAYA POLYMERIC: Creditors Must File Claims by November 9
UNIVER-STROY: Creditors Must File Claims by November 9
VLADIMIRSKIY TRACTOR: Creditors Must File Claims by November 9


S E R B I A   &   M O N T E N E G R O

* SERBIA REPUBLIC: Fitch Affirms Issuer Default Ratings at 'BB-'


S W E D E N

FORD MOTOR: Chooses Geely as Preferred Bidder for Volvo
VOLVO CAR: Ford Chooses Geely as Preferred Bidder


S W I T Z E R L A N D

ALL4WEB INTERNET: Claims Filing Deadline is November 4
CAMELA GMBH: Claims Filing Deadline is November 2
FIVE STARS: Claims Filing Deadline is November 2
IBEXENERGY AG: Claims Filing Deadline is November 2
MAP GROUP: Claims Filing Deadline is November 4

NEW10 GMBH: Claims Filing Deadline is November 2
NEW VENTURE: Claims Filing Deadline is November 4
ORION ENG: Claims Filing Deadline is November 2
RE AG: Claims Filing Deadline is November 2
REALENERGY AG: Claims Filing Deadline is November 2

SAICA CONSULTING + SPORT: Claims Filing Deadline is November 4
TEXAS BILLY: Claims Filing Deadline is November 2
TONALITO AG: Claims Filing Deadline is November 2


T U R K E Y

ANADOLU EFES: Fitch Puts BB LT For. Cur. IDR on Rating Watch Pos.
COCA-COLA ICECEK: Fitch Puts BB LT Foreign Currency IDR on PWP
COMMERZBANK INTERNATIONAL: Fitch Assigns 'BB' Rating on 2014 Loan
TURKCELL ILETISIM: Fitch Puts BB LT Foreign Currency IDR on RWP
TURKIYE PETROL: Fitch Puts BB LT Foreign Currency IDR on RWP


U K R A I N E

ZAPORIZHSTAL VAT: Moody's Withdraws 'Caa1' Corporate Family Rating


U N I T E D   K I N G D O M

DAVID BARLOW: Goes Into Administration; Begbies Traynor Appointed
J&G COUGHTRIE: In Administration; 11 Jobs Affected
JDF LOGISTICS: In Administration; PwC Appointed
NATIONAL EXPRESS: Rejects Stagecoach's Bid; Share Sale to Go Ahead
NORTHERN ROCK: EU Commission Approves Restructuring Plan

SANDCITY LIMITED: Six O'Neill Stores Closed; 67 Jobs Affected
YELL GROUP: May Seek Court-Approved Scheme of Arrangement

* UK: Companies to Report Larger Pension Liabilities at Year End
* UK: Inflated Insolvency Levels Likely to Continue, Tenon Says


X X X X X X X X

* S&P Downgrades Ratings on Seven European Tranches to 'CC'

* BOOK REVIEW: Inside Investment Banking, Second Edition


                         *********



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


ENDER GMBH: Claims Filing Deadline is November 9
------------------------------------------------
Creditors of Ender GmbH have until November 9, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 19, 2009 at 9:40 a.m.

For further information, contact the company's administrator:

         Dr. Hannes Rauch
         Austrasse 44
         6832 Sulz
         Austria
         Tel: 05522/21505
         Fax: 05522/21505-4
         E-mail: dr.rauch@a1.net


RAVIOLI GASTRONOMIEBETRIEB: Claims Filing Deadline is November 17
-----------------------------------------------------------------
Creditors of Ravioli Gastronomiebetrieb KG have until November 17,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 1, 2009 at 12:15 p.m.

For further information, contact the company's administrator:

         Dipl.Ing.Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 44
         E-mail: wien@snwlaw.at


RETEZNIC GMBH: Claims Filing Deadline is November 17
----------------------------------------------------
Creditors of Reteznic GmbH have until November 17, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 1, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Mag. Wolfgang Herzer
         Schuettelstrasse 55, Carre Rotunde
         1020 Vienna
         Austria
         Tel: 72 577
         Fax: 72 577 577
         E-mail: wolfgang.herzer@blw-legal.com


RTM GMBH: Claims Filing Deadline is November 17
-----------------------------------------------
Creditors of RTM GmbH have until November 17, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 1, 2009 at 12:45 p.m.

For further information, contact the company's administrator:

         Mag. Nikolaus Vogt
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01 33
         Fax: 402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at


SAPIA TWO: Claims Filing Deadline is November 17
------------------------------------------------
Creditors of Sapia Two Friseur GmbH have until November 17, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 1, 2009 at 1:30 p.m.

For further information, contact the company's administrator:

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


===========================
C Z E C H   R E P U B L I C
===========================


ROOF CEE: Moody's Junks Rating on EUR12.6 Mln D Certificate
-----------------------------------------------------------
Moody's Investors Service has taken action on the long-term credit
ratings of these notes issued by Roof CEE 2006-1:

Issuer: ROOF CEE 2006-1

  -- EUR377.55M Sr CDS Certificate, Confirmed at Aaa; previously
     on March 23, 2009 Aaa Placed Under Review for Possible
     Downgrade

  -- EUR27M A Certificate, Downgraded to A3; previously on
     March 23, 2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR7.65M B Certificate, Downgraded to Baa3; previously on
     March 23, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR12.6M C Certificate, Downgraded to B3; previously on
     March 23, 2009 A2 Placed Under Review for Possible Downgrade

  -- EUR12.6M D Certificate, Downgraded to Caa3; previously on
     March 23, 2009 Ba2 Placed Under Review for Possible Downgrade

The rating action concludes the rating review resulting from
Moody's revision of its methodology for granular SME portfolios in
EMEA.  This revised methodology was announced on March 17, 2009
and the affected transactions were placed on review on March 23,
2009.

Roof CEE SME transfers the credit risk associated with the
reference portfolio, consisting of reference claims from loans
granted to Czech and Polish SME borrowers by entering into two
bank swaps with KfW.  Under these swaps, KfW will be required to
compensate each of the originators individually for any losses
realised in the reference sub-portfolios.  KfW will in turn hedge
its exposure to the combined reference pool through a series of
credit default swaps.

As a result of its revised methodology, Moody's has reviewed its
assumptions for Roof CEE SME's collateral portfolio taking into
account the anticipated deterioration of performance of the pool
in the current down cycle.  As of September 2009, the cumulative
90+ delinquencies (i.e. delinquencies equal or greater than 90
days) were equal to 2.0% of the original portfolio balance,
compared to 1.34% as of June 2009, and continue to rise.  Gross
Losses on the portfolio amount to 1.73% thus remaining below the
Gross Loss trigger level of 2.7%.

Moody's changed the default probability assumption for the pool of
SME debtors to an equivalent B1 rating proxy.  Following the
refined approach for determining default probabilities for
granular SME portfolios in EMEA, the overall default probability
of the pool is derived, together with other data, via a top down
approach where individual loan default probabilities are
determined to reflect their specific risk.  Adjustments to the
country base rating proxy were made for underwriting/origination
quality, the prevailing macro cycle, the borrower size, the
borrower's industry sector, balloon loans and loan payment
frequency.  In particular Moody's has given benefit for the good
performance of the portfolio.  The B1 rating assumption is in line
with Moody's Global Banking approach to estimating bank's credit
losses in the region.

The weighted average life for replenished portfolios has been
assumed to equal 1.5 years (as per the replenishment criteria).
As a consequence, the revised assumptions for the pool translate
into a cumulative mean default assumption of 6.8%.  Moody's
original mean default assumption was 2.3% which is equivalent to a
Ba1 rating over 2 years (1.1% for the Czech pool and 3.1% for the
Polish pool).  Moody's originally assumed a coefficient of
variation of 62% for the lognormal distributions.  The CoV implied
by new distribution, determined via aMonte Carlo simulation, is
approximately 40%.

The recovery rate assumption was revised downwards to a fixed 30%
from 44% at close.  Moody's has limited information with respect
to the type and value of collateral securing the loans.  No tight
eligibility criteria are in place to ensure that particular
collateral types, which Moody's attributes more value to, are
maintained during the transaction life.  As of September 2009 the
portfolio had a collateralisation level of 204%.

For this rating review, Moody's has revised the probability
distribution from a lognormal assumption at closing to a Monte
Carlo simulation generated distribution in line with Moody's
methodology.  Moody's used CDOROM v2.5 but did not apply the
embedded 30% default probability stress as the above approach
already includes a cycle adjustment to set the default probability
assumption for the pool.  The recoveries were modelled with a
fixed recovery rate similar to what was assumed at closing.

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

Moody's is closely monitoring the transaction.


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


GROUPE PARTOUCHE: To Sell Some Assets Under Debt Deal with Banks
----------------------------------------------------------------
David Whitehouse at Bloomberg News, citing French daily La
Tribune, reports that Groupe Partouche SA has reached an agreement
with its bank lending syndicate over its debt.

According to Bloomberg, the newspaper said the company has agreed
to sell some assets as part of the agreement.

Groupe Partouche SA -- http://www.partouche.com/-- is France-
based company that operates casinos throughout Europe and Tunisia.
The Company's casinos offer a range of table games, including
boule, roulette, blackjack, baccarat and craps.  They also offer
fruit machines, video games and slot machines.  In addition to
gaming activities, the Company is involved in the provision of
hotel and restaurant services.  Groupe Partouche SA comprises six
core subsidiaries: Groupe Partouche International (99.9%-owned),
which is based in Brussels; Partouche Interactive (84%-owned),
which is based in Paris; Groupe de Divonne (100%-owned), which is
based in Divonne-les-bains; Forges Thermal (58.8%-owned), which is
based in Casino Forges-les-Eaux; Sathel (99.9%-owned), which is
based in Casino La Tour de Salvagny, and Compagnie Europeenne de
Casinos (100%-owned), which is based in Paris.  In 2008 Partouche
Interactive SA acquired Atlas Sports & Games, which has been
renamed Partouche Betting and has a license to operate in Malta.


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


BLUEBONNET FINANCE: S&P Cuts Ratings on Two Classes of Notes to BB
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all the notes issued by
Bluebonnet Finance PLC, a German commercial mortgage-backed
securities transaction, due to S&P's view on the lack of a
liquidity facility.

The liquidity facility for this transaction lapsed in December
2008 and, as S&P understands, there has been no replacement.  On
June 2, 2009, S&P placed on CreditWatch negative its ratings on
all classes of notes in this transaction.  On June 4, Bluebonnet
Finance informed us that it is considering implementing a cash
reserve to address the liquidity risks in the transaction.

Nevertheless, S&P has not seen Bluebonnet Finance taking any
remedial action to date.  S&P has therefore analyzed the
transaction based on the assumption that the liquidity facility
will not be adequately replaced, and the rating actions reflect
this.  In the absence of a liquidity facility, S&P see a risk of a
short-term unavailability of cash in this transaction.

Bluebonnet Finance is the first CMBS deal S&P has rated to
include nonperforming loans secured by real estate across
Germany.  The outstanding principal balance of the transaction
is EUR577.9 million.

                           Ratings List

       Ratings Lowered And Removed From Creditwatch Negative

                      Bluebonnet Finance PLC
  EUR1.34 Billion Commercial Mortgage-Backed Floating-Rate Notes

                              Rating
                              ------
           Class       To                 From
           -----       --                 ----
           A           AA                 AAA/Watch Neg
           B           A                  AA/Watch Neg
           C           BBB                A/Watch Neg
           D           BB                 BBB-/Watch Neg
           E           BB                 BBB-/Watch Neg


KRONOS INTERNATIONAL: Moody's Raises Corp. Family Rating to 'Caa1'
------------------------------------------------------------------
Moody's Investors Service raised Kronos International, Inc.'s
Corporate Family Rating to Caa1 from Caa3 and the rating on the
EUR400 million senior secured notes due 2013 to Caa2 from Ca.  The
upgrade reflects KII's improved liquidity profile and a modest
recovery in titanium dioxide (TiO2) market conditions.  The rating
outlook was moved to stable.

The improved liquidity results from an amendment to KII's
revolving credit facility that significantly lowers the immediate
potential for a covenant violation and allows it to borrow up to
EUR51 million under its EUR80 million revolving credit facility.
(KII had lost access to its revolver after a shortfall in first
quarter 2009 EBITDA resulted in non-compliance with the revolver's
financial covenants.)  The amendment waives the compliance
requirement for the original leverage covenant (Net Secured Debt
to EBITDA not greater than 70%) until the borrowers can meet the
original requirement.  Additional financial covenants are imposed
by the revolver amendment (minimum EBITDA levels, minimum net
working capital to net financial debt) until the company meets the
original leverage covenant.

The waivers of covenant compliance received during 2009 and
amendment resulted in KII not being in default under the
revolver's financial covenants, but under the terms of the
amendment the company cannot borrow more than a total of
EUR51 million under the EUR80 million agreement until files its
first quarter 2010 compliance certificates demonstrating
compliance with the minimum EBITDA, net working capital to net
financial debt and net financial debt to equity covenants.
Moody's does expect the company to be able to comply with these
financial covenants, but expects that the company's EBITDA will
not recover sufficiently to meet the original leverage test until
the second half of 2010, at the earliest.  Capacity under the
amended revolver and cash balances are expected to provide
sufficient liquidity over the next twelve months.  KII's cash
balances have improved steadily in 2009 as it sharply reduced its
working capital, generating US$93 million in cash flow from
working capital reductions during the first half of the year.
Inventories had ballooned in the fourth quarter of 2008 when the
company failed to curtail production as the TiO2 market demand
plummeted.

This summarizes the ratings changes:

Ratings upgraded:

Kronos International Inc.

* Corporate family rating -- Caa1 from Caa3

* Probability of default rating -- Caa1 from Caa3

* EUR400 million 6.5% Sr Sec Notes due 2013 -- Caa2 (LGD5, 72%)
  from Ca (LGD5%, 72%)

* Outlook: Stable

Moody's expects marked improvement in KII's performance in the
second half 2009 as demand for TiO2 rebounds somewhat from very
low levels earlier in the year, KII's capacity utilization rates
increase, high cost inventory has been sold and announced price
increases are at least partially realized.  As a result of de-
stocking of the supply chain abating, end demand increasing and
certain industry capacity being shutdown, the TiO2 industry supply
demand fundamentals have become more favorable.  However, the Caa1
CFR reflects the overall depressed TiO2 market demand as a result
of a slow economic recovery in KII's main European markets,
uncertainty over pace of the future recovery in end market demand,
the need to renegotiate its revolving credit facility well before
the facility's May 2011 maturity and the potential for negative
free cash flow until KII's sales volumes and profitability further
improve.

The stable ratings outlook primarily reflects the improvement in
liquidity that is expected to adequately support KII's liquidity
needs over the next twelve months and the modest recovery in the
TiO2 market.  The ratings however could come under negative
pressure if liquidity were to decline significantly (e.g., if KII
generated negative free cash flow on an ongoing basis, or if it
were not able to continue to have access to its committed
revolving credit facility).

Moody's most recent announcement concerning the ratings for KII
was on May 8, 2009, when KII's CFR was lowered to Caa3 from Caa1
reflecting the inability to meet the revolver financial covenants
and KII's delay in getting an amendment.  At that time, a negative
outlook was assigned.

Kronos International, Inc., produces and markets TiO2 pigments in
Europe, and is a wholly owned subsidiary of Kronos Worldwide,
Inc., headquartered in Dallas, Texas.  For the LTM ended June 30,
2009, the company reported sales of US$790 million.


WILHELM KARMANN: Volkswagen to Decide on Takeover Within 2 Weeks
----------------------------------------------------------------
Arno Schuetze at Reuters reports that Volkswagen Chief Executive
Martin Winterkorn on Tuesday said the auto maker will decide
within the next two weeks on whether it will buy Wilhelm Karmann
GmbH.

Reuters relates Mr. Winterkorn, who declined to discuss details of
a possible deal, said it could take another one or two weeks until
any decisions could be made public.

According to Reuters, without fresh funds, Karmann, which filed
for insolvency in April, will have to shut down in early November.

Headquartered in Osnabrueck, Wilhelm Karmann GmbH --
http://www.karmann.com/-- is the largest independent motor
vehicle manufacturing company in Germany.


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


GIANNI VERSACE: To Cut 26% of Workforce, Expects Loss in 2009
-------------------------------------------------------------
Armorel Kenna at Bloomberg News reports that Gianni Versace SpA
said it will cut 26% of its workforce as its seeks to return to
profitability in 2011.

According to Bloomberg, the company will eliminate about 350
positions worldwide from a total of 1,360.

Versace, as cited by Bloomberg, said it will streamline factories,
review its store network and cut capital investment and overhead.

Bloomberg, citing Ansa news agency, discloses Versace expects to
post an operating loss of EUR30 million (US$44 million) this year.
Bloomberg relates the company said in a statement it has a "flat"
outlook for 2010.

Gianni Versace S.p.A. -- http://www.versace.com/-- is an Italian-
based international fashion house.  The company produces
accessories, fragrances, makeup and home furnishings as well as
clothes.


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


AGASH TAS: Creditors Must File Claims by November 5
---------------------------------------------------
Creditors of LLP Agash Tas Asfalt have until November 5, 2009, to
submit proofs of claim to:

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

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


ASIA COMMERCE+: Creditors Must File Claims by November 5
--------------------------------------------------------
LLP Asia Commerce+ is currently undergoing liquidation.  Creditors
have until July 28, 2009, to submit proofs of claim to:

          Tole bi Str. 295
          Almaty
          Kazakhstan
          Tel: 8 701 772 00-03, 8 777 562 62-33


ATYRAU TV: Creditors Must File Claims by November 5
---------------------------------------------------
Creditors of LLP Atyrau TV Sputnik 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


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

         Nurmahanov Str. 31
         Micro district Taugul-3
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 29, 2009, after
finding it insolvent.

The Court is located at:

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


KAZAKHTELECOM JSC: S&P Assigns 'BB' Rating on Senior Unsec. Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' local currency senior unsecured debt rating to the proposed
Kazakhstani tenge (KZT) 45.5 billion (about US$300 million) bond
to be issued by Kazakhtelecom (JSC) (BB/Negative/--; Kazakhstan
national scale 'kzA').  S&P is assigning a national scale rating
to Kazakhtelecom and S&P has also assigned the same 'kzA'
Kazakhstan national scale rating to the proposed issue.

At the same time, a recovery rating of '3' was assigned to this
debt, indicating Standard & Poor's expectation of meaningful (50%-
70%) recovery for creditors in the event of a payment default and
incorporating the Kazakh jurisdiction-related recovery rating cap.

"The company expects to issue the bond for 10 years with a
floating coupon of 900 basis points over LIBOR," said Standard &
Poor's recovery analyst Carlo Castelli.  "The amount of the issue
could change over time, because it is linked to the fluctuation of
the U.S. dollar/KZT exchange rate."

Kazakhtelecom does not plan to hedge its foreign exchange risk
exposure at this stage.  The bond is to be repaid in equal
semiannual tranches after the two-year grace period.  The bond
contains certain covenants, including financial limitations and
change-of-control provisions.

The proceeds from the bond will be used to refinance
Kazakhtelecom's syndicated loan facility of US$350 million,
maturing in midyear 2010.  S&P understand that issuing the bond
will lead to a temporary breach of covenants under the above-
mentioned loan.  However, Kazakhtelecom expects to fully repay the
loan by the end of 2009.

The bond is rated at the same level as the 'BB' long-term
corporate credit rating on Kazakhtelecom.

At the same time, the bond will be ranked behind the secured debt
at the level of the parent company and the level of subsidiaries,
which amounts to not more than KZT15 billion in total.

The rating is based on preliminary information and is subject to
S&P's satisfactory review of final documentation.  In the event of
any changes to the amount or terms of the bond, the recovery and
issue ratings might be subject to further review.

The ratings on Kazakhtelecom reflect its strong link to the
government and important role in Kazakhstan's economy, as the
largest provider of telecommunications services in the country.
S&P assess the company's stand-alone creditworthiness at 'BB-'.
Kazakhtelecom's stand-alone credit profile is constrained by the
weakening macroeconomic conditions in Kazakhstan, declining
profitability, and increasing leverage, resulting mainly from a
decrease in EBITDA.

These risks are mitigated by the company's dominant market
position in its key revenue segments, which include local and
long-distance telephony, data transmission, Internet, and other
value-added services.  S&P also account for Kazakhtelecom's
participation in the national mobile market with its 49% stake in
GSM Kazakhstan, which pays sizable and regular dividends.

                        Recovery Analysis

S&P has valued the business as a going concern, as S&P believes
that Kazakhtelecom's business model would remain viable after
default due to its leading market position, valuable nationwide
backbone network and customer base.  S&P believes that a
hypothetical default would most likely be driven by significant
leverage (as a result of assumed significant currency
depreciation) combined with operational underperformance, driven
by a deterioration of the general economic conditions in
Kazakhstan.

The issue-level and recovery ratings on the unsecured debt take
into account the nature of Kazakhtelecom's assets, the probability
of a restructuring or going-concern sale, and the likelihood of
insolvency proceedings being adversely influenced by Kazakhtelecom
being domiciled in Kazakhstan.

S&P's analysis is based on the current capital structure.
However, S&P believes that additional debt could be raised in a
path to default, which could have a negative impact on the
recovery outcome.

S&P's full recovery analysis on Kazakhtelecom will be published
shortly on RatingsDirect.


KRAFT ENGINEERING: Creditors Must File Claims by November 5
-----------------------------------------------------------
LLP Kraft Engineering is currently undergoing liquidation.
Creditors have until July 28, 2009, to submit proofs of claim to:

          Kabanabai batyr Str. 15
          Almaty
          Kazakhstan


NAMYS SECURITY: Creditors Must File Claims by November 5
--------------------------------------------------------
Creditors of LLP Namys Security have until November 5, 2009, to
submit proofs of claim to:

         Nurmahanov Str. 31
         Micro district Taugul-3
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 29, 2009, after
finding it insolvent.

The Court is located at:

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


NIMEX LLP: Creditors Must File Claims by November 5
---------------------------------------------------
Creditors of LLP Corporation Nimex 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
August 21, 2009.


SATPAY SU: Creditors Must File Claims by November 5
---------------------------------------------------
Creditors of LLP Satpay Su have until November 5, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Alalykin Str. 9
         Karaganda
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 18, 2009.


SCOTT HOLLAND: Creditors Must File Claims by November 5
-------------------------------------------------------
LLP Scott Holland Publishing is currently undergoing liquidation.
Creditors have until July 28, 2009, to submit proofs of claim to:

          Dostyk Ave. 105
          Almaty
          Kazakhstan


STROY LUX: Creditors Must File Claims by November 5
---------------------------------------------------
LLP Stroy Lux Aktobe is currently undergoing liquidation.
Creditors have until July 28, 2009, to submit proofs of claim to:

          Sankibai batyr Ave. 209a
          Aktobe
          Kazakhstan


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


FAMILY PARK: Creditors Must File Claims by November 25
------------------------------------------------------
Representation of LLC Family Park is currently undergoing
liquidation.  Creditors have until November 25, 2009, to submit
proofs of claim to:

         Budenny Str. 87a-17
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 77-67-67


KBG LLC: Creditors Must File Claims by November 25
--------------------------------------------------
LLC Consulting Group Kbg is currently undergoing liquidation.
Creditors have until November 25, 2009, to submit proofs of claim
to:

         Sydykov Str. 250-15
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-73-03


VIP COMPANY: Creditors Must File Claims by November 25
------------------------------------------------------
Representation of LLC Vip Company is currently undergoing
liquidation.  Creditors have until November 25, 2009, to submit
proofs of claim:

Inquires can be addressed to (0-778) 27-48-81


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


CEB CAPITAL: Moody's Puts 'Ba3' Rating on Loan Participation Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term foreign
currency debt rating to the Loan Participation Notes issued on a
limited-recourse basis by CEB Capital S.A., a special purpose
vehicle incorporated under the laws of Luxembourg, for the purpose
of financing a senior unsecured loan to Credit Europe Bank Ltd.,
Russia.  The notes in the amount of US$150 million are denominated
in US dollars, carry 9% coupon rate, and have a maturity of three
years.  The Ba3 rating is on review for the possible downgrade, in
line with the review for possible downgrade of CEB Ltd's long-term
foreign currency deposit rating.

Moody's notes that the rating for the LPNs is based on the
fundamental credit quality of CEB Ltd, the ultimate obligor under
the transaction.  The loan to the bank, which is the only source
of repayment for the notes, will rank at least pari passu with
other unsecured debt of CEB Ltd.

Moody's notes that the assigned debt rating is on review for
possible downgrade, in line with the review for CEB Ltd's long-
term foreign currency deposit rating.  The debt and deposit
ratings of CEB Ltd remain on review for possible further downgrade
because the ratings of the Russian bank could be negatively
affected by a possible downgrade of the rating of its parent,
Credit Europe Bank N.V. (D/Ba2/on review for downgrade).
Additionally, further weakening of the Russian bank's stand-alone
financial profile may negatively affect its deposit and debt
ratings.

Moody's also notes that the underlying loan agreement contains a
standard set of covenants such as negative pledge; limitations on
mergers, disposals, transactions with affiliates; full compliance
with prudential supervision ratios; as well as maintenance of
capital adequacy and level of single-name credit risk
concentration.  The rating agency stated that the likelihood of
any of the above-mentioned covenants being triggered is relatively
low; however, if such events were to occur, it could potentially
have adverse liquidity implications for the bank and might exert
downward pressure on its ratings.

Moody's previous rating action on CEB Ltd was on March 27, 2009
when CEB Ltd's long-term debt and deposit ratings were both
downgraded to Ba3 and placed on review for possible further
downgrade while its Bank Financial Strength Rating (BFSR) was
downgraded to E+ with a stable outlook.  CEB Ltd's Non-Prime
short-term ratings were affirmed.

Headquartered in Moscow, Russia, Credit Europe Bank Ltd reported
total assets of RUB60.5 billion (US$2.0 billion) and shareholders'
equity of RUB11.5 billion (US$368 million) -- based on IFRS
accounts reviewed by auditors for the first six months of 2009.


===========
P O L A N D
===========


ROOF CEE: Moody's Junks Rating on EUR12.6 Mln D Certificate
-----------------------------------------------------------
Moody's Investors Service has taken action on the long-term credit
ratings of these notes issued by Roof CEE 2006-1:

Issuer: ROOF CEE 2006-1

  -- EUR377.55M Sr CDS Certificate, Confirmed at Aaa; previously
     on March 23, 2009 Aaa Placed Under Review for Possible
     Downgrade

  -- EUR27M A Certificate, Downgraded to A3; previously on
     March 23, 2009 Aaa Placed Under Review for Possible Downgrade

  -- EUR7.65M B Certificate, Downgraded to Baa3; previously on
     March 23, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR12.6M C Certificate, Downgraded to B3; previously on
     March 23, 2009 A2 Placed Under Review for Possible Downgrade

  -- EUR12.6M D Certificate, Downgraded to Caa3; previously on
     March 23, 2009 Ba2 Placed Under Review for Possible Downgrade

The rating action concludes the rating review resulting from
Moody's revision of its methodology for granular SME portfolios in
EMEA.  This revised methodology was announced on March 17, 2009
and the affected transactions were placed on review on March 23,
2009.

Roof CEE SME transfers the credit risk associated with the
reference portfolio, consisting of reference claims from loans
granted to Czech and Polish SME borrowers by entering into two
bank swaps with KfW.  Under these swaps, KfW will be required to
compensate each of the originators individually for any losses
realised in the reference sub-portfolios.  KfW will in turn hedge
its exposure to the combined reference pool through a series of
credit default swaps.

As a result of its revised methodology, Moody's has reviewed its
assumptions for Roof CEE SME's collateral portfolio taking into
account the anticipated deterioration of performance of the pool
in the current down cycle.  As of September 2009, the cumulative
90+ delinquencies (i.e. delinquencies equal or greater than 90
days) were equal to 2.0% of the original portfolio balance,
compared to 1.34% as of June 2009, and continue to rise.  Gross
Losses on the portfolio amount to 1.73% thus remaining below the
Gross Loss trigger level of 2.7%.

Moody's changed the default probability assumption for the pool of
SME debtors to an equivalent B1 rating proxy.  Following the
refined approach for determining default probabilities for
granular SME portfolios in EMEA, the overall default probability
of the pool is derived, together with other data, via a top down
approach where individual loan default probabilities are
determined to reflect their specific risk.  Adjustments to the
country base rating proxy were made for underwriting/origination
quality, the prevailing macro cycle, the borrower size, the
borrower's industry sector, balloon loans and loan payment
frequency.  In particular Moody's has given benefit for the good
performance of the portfolio.  The B1 rating assumption is in line
with Moody's Global Banking approach to estimating bank's credit
losses in the region.

The weighted average life for replenished portfolios has been
assumed to equal 1.5 years (as per the replenishment criteria).
As a consequence, the revised assumptions for the pool translate
into a cumulative mean default assumption of 6.8%.  Moody's
original mean default assumption was 2.3% which is equivalent to a
Ba1 rating over 2 years (1.1% for the Czech pool and 3.1% for the
Polish pool).  Moody's originally assumed a coefficient of
variation of 62% for the lognormal distributions.  The CoV implied
by new distribution, determined via aMonte Carlo simulation, is
approximately 40%.

The recovery rate assumption was revised downwards to a fixed 30%
from 44% at close.  Moody's has limited information with respect
to the type and value of collateral securing the loans.  No tight
eligibility criteria are in place to ensure that particular
collateral types, which Moody's attributes more value to, are
maintained during the transaction life.  As of September 2009 the
portfolio had a collateralisation level of 204%.

For this rating review, Moody's has revised the probability
distribution from a lognormal assumption at closing to a Monte
Carlo simulation generated distribution in line with Moody's
methodology.  Moody's used CDOROM v2.5 but did not apply the
embedded 30% default probability stress as the above approach
already includes a cycle adjustment to set the default probability
assumption for the pool.  The recoveries were modelled with a
fixed recovery rate similar to what was assumed at closing.

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

Moody's is closely monitoring the transaction.


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


AVTOVAZ OAO: Russian Gov't Clears Job Cut Plan
----------------------------------------------
John Bowker and Dmitry Zhdannikov at Reuters, citing business
daily Vedomosti, report that Russia's government has cleared a
plan by AvtoVAZ OAO to cut its work force by a quarter.

Reuters relates the newspaper quoted unnamed sources as saying a
government commission of First Deputy Prime Minister Igor Shuvalov
had agreed that the maker of the Lada car needed to cut 21,000
jobs to become more efficient.

According to Reuters, Vedomosti said the government was
considering setting up a special structure for the redundant
workers that would give them funds until it found them new jobs.

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2009, Bloomberg News said AvtoVAZ admitted seeking protection from
creditors is one of the options that the company is considering.
Bloomberg disclosed Igor Burenkov, a spokesman for AvtoVAZ, said
as it seeks to avoid bankruptcy, the Russian carmaker plans to
sell RUR50 billion of convertible bonds to state banks.

On Oct. 14, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported AvtoVAZ's net loss widened to
RUR19.5 billion (US$659 million) from RUR2.15 billion in the first
half of 2009 from RUR2.15 billion a year earlier.  Bloomberg
disclosed the carmaker's sales declined 46% to RUR53.1 billion.

"The crisis in the financial sector of the Russian economy has
negatively affected the automotive market," Bloomberg quoted
AvtoVAZ as saying.  Without continuing state aid this year and
next, market conditions "create a material uncertainty that gives
rise to significant doubt about the group's ability to continue as
a going concern."

According to Bloomberg, AvtoVAZ is relying on the Russian
government to help restructure RUR58.2 billion of short-term debt
as of June 30.  The state has already spent RUR25 billion to
support AvtoVAZ, Bloomberg said.

Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars.  The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others.  The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers.  The Company is also active in a variety of other
sectors, such as power supply, transportation, utilities,
construction, insurance, banking and finance.  AVTOVAZ OAO sells
its products on the domestic market, as well as exports them to
Kazakhstan, Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece,
Belarus, Uruguay, Cyprus, Germany and others.  It operates through
one representative office located in Moscow, several subsidiaries
and affiliated companies.


CONSTRUCTION MANAGEMENT: Creditors Must File Claims by November 9
-----------------------------------------------------------------
Creditors of OJSC Construction Management 801 (TIN 5029006773,
PSRN 1035005506040) have until November 9, 2009, to submit proofs
of claims to:

         A. Rychkov
         Temporary Insolvency Manager
         3-ya ParkovayaStr. 23
         141011 Moskovskaya
         Russia

The Arbitration Court of Moskovskaya will convene at 2:00 p.m. on
December 29, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?41–28119/09.

The Court is located at:

        The Arbitration Court of Moskovskaya
        Courtroom 440
        SakarovaProspect 18
        Moscow
        Russia

The Debtor can be reached at:

         OJSC Construction Management 801
         3-ya Parkovaya Str. 23
         141011 Moskovskaya
         Russia


DIKSIS LLC: Creditors Must File Claims by November 9
----------------------------------------------------
Creditors of LLC Diksis (Mobile Shop) (TIN 7701266315, RVC
770101001, PSRN 1027739868793) have until November 9, 2009, to
submit proofs of claims to:

         V. Kasyanik
         Temporary Insolvency Manager
         Office 302
         Building 1
         Tsvetnoy Blvd. 30
         127051 Moscow
         Russia

The Arbitration Court of Moscow will convene on March 22, 2010, to
hear bankruptcy supervision procedure . The case is docketed under
Case No. ?40–93346/09–78-422B.

The Debtor can be reached at:

         LLC Diksis
         Building 1
         Spartakovskaya Square 14
         105082 Moscow
         Russia


KUB-STROY: Creditors Must File Claims by November 9
---------------------------------------------------
Creditors of LLC Kub-Stroy (TIN 5028019709) (Construction) have
until November 9, 2009, to submit proofs of claims to:

         M. Gorbonos
         Insolvency Manager
         Apt. 54
         Building 1
         Tsyurypy Str.18
         117418 Moscow
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?41–26342/08.

The Debtor can be reached at:

         LLC Kub-Stroy
         Primorskaya Str. 65
         Myshkino
         Mozhayskiy
         143200 Moskovskaya
         Russia


NEFTE-BAZ: Creditors Must File Claims by November 9
---------------------------------------------------
Creditors of LLC Nefte-Baz-Stroy (TIN 3810013412, PSRN
1033801429683) (Construction) have until November 9, 2009, to
submit proofs of claims to:

         V. Kaverzin
         Insolvency Manager
         Apt. 1
         40 let Pobedy Str. 3
         Chunskiy
         665513 Irkutskaya
         Russia

The Arbitration Court of Irkutskaya will convene at 10:00 a.m. on
January 25, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?19–8745/09–71.

The Debtor can be reached at:

          LLC Nefte-Baz-Stroy
          Polyarnaya Str. 199A
          Irkutsk
          Russia


OMSK-AGRO: Creditors Must File Claims by November 9
---------------------------------------------------
Creditors of LLC Omsk-Agro-Prom-Stroy-3 (TIN 5503018821)
(Construction) have until November 9, 2009, to submit proofs of
claims to:

         N. Utochenko
         Temporary Insolvency Manager
         Apt. 136
         Prospect Mira 106 A
         Omsk 89
         Russia

The Arbitration Court of Omskaya will convene at 9:00 a.m. on
January 12, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?46–11796/2009.

The Debtor can be reached at:

         LLC Omsk-Agro-Prom-Stroy-3
         KrasnoflotskayaStr. 24
         Omsk
         Russia


REM-STROY-TRANS: Creditors Must File Claims by November 9
---------------------------------------------------------
Creditors of LLC Rem-Stroy-Trans (TIN 5105090593) (Construction)
have until November 9, 2009, to submit proofs of claims to:

         A. Mikhnovets
         Temporary Insolvency Manager
         Z. Kosmodemyanskoy Str. 29
         Murmansk
         Russia

The Arbitration Court of Murmanskaya will convene on December 22,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?42–6484/2009.


SARATOVSKAYA POLYMERIC: Creditors Must File Claims by November 9
----------------------------------------------------------------
Creditors of OJSC Saratovskaya Polymeric Items Factory (TIN
6453076256, PSRN 1046405305462) have until November 9, 2009, to
submit proofs of claims to:

         D. Baskakov
         Temporary Insolvency Manager
         Apt. 46
         SevernayaStr. 8
         410031 Saratov
         Russia

The Arbitration Court of Saratovskaya will convene at 2:30 p.m. on
February 18, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?-57–18144/2009.

The Debtor can be reached at:

         OJSC Saratovskaya Polymeric Items Factory
         Trofimovskiy-2
         Saratov
         410041 Saratovskaya
         Russia


UNIVER-STROY: Creditors Must File Claims by November 9
------------------------------------------------------
Creditors of LLC Univer-Stroy (TIN 6230053576, PSRN 1066230042812)
(Construction) have until November 9, 2009, to submit proofs of
claims to:

         N. Komkov
         Temporary Insolvency Manager
         Lenina Str. 30B
         Kasimov
         Russia

The Arbitration Court of commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?54–4514/2009 S15.

The Debtor can be reached at:

         LLC Univer-Stroy
         Staroobryadcheskiy proezd 1
         Ryazan
         Russia


VLADIMIRSKIY TRACTOR: Creditors Must File Claims by November 9
--------------------------------------------------------------
Creditors of OJSC Vladimirskiy Tractor Plant (TIN 3328428931; PSRN
1033302022940) have until November 9, 2009, to submit proofs of
claims to:

         A. Alimov
         Temporary Insolvency Manager
         Post User Box 18
         Russia

The Arbitration Court of Vladimirskaya will convene at 1:30 p.m.
on February 18, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?11–4225/09.

The Debtor can be reached at:

         OJSC Vladimirskiy Tractor Plant
         Traktornaya Str.43
         600000 Vladimir
         Russia


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* SERBIA REPUBLIC: Fitch Affirms Issuer Default Ratings at 'BB-'
----------------------------------------------------------------
Fitch Ratings has affirmed the Republic of Serbia's Long-term
foreign and local currency Issuer Default Ratings at 'BB-', with
Negative Outlooks.  At the same time, the agency affirmed the
Short-term foreign currency IDR at 'B' and the Country Ceiling at
'BB-'.

"The stabilization of external economic and financial conditions
and a EUR3 billion IMF program have helped buttress confidence in
Serbia following a period of severe stress in Q4 2008," said David
Heslam, Director in Fitch's Sovereign team.  "However, the extent
of the recession, sizeable external financing requirements,
currency-linked credit risks in the heavily euroised banking
sector, deteriorating public finances and uncertainty over the
government's ability to consistently tighten fiscal policy to
remain on track with its IMF program mean that risks remain on the
downside."

Serbia's substantial current account deficit (CAD) of 17.4% of GDP
in 2008 left it particularly vulnerable to the global financial
crisis.  The reduced availability of private external capital
flows to fund a deficit on this scale triggered a sharp economic
adjustment.  Fitch forecasts real GDP to contract 4.5% in 2009 and
a further 1% in 2010.  Reflecting weaker domestic demand, Serbia's
CAD is forecast to narrow to 7.9% of GDP this year and 7.2% in
2010, which remains high compared with a forecast median CAD of
about 3% for sovereigns rated in the 'BB' range.  Serbia's gross
external financing requirement (GXFR, CAD plus maturing medium-
and long-term external debt) will also remain large compared with
rated peers.  This principally reflects increased private sector
amortization following a sharp rise in private external debt in
recent years (US$22.5 billion in at end-2008 compared with US$3.2
billion at end-2003), driven predominately by the non-bank private
sector.  Fitch forecasts Serbia's GXFR at 71% of official reserves
in 2009, before falling to 57% in 2010.  This compares with a
median GXFR for sovereigns rated in the 'BB' range of about 45%.

Encouragingly, rollover rates on Serbia's maturing external debt
have held up well, aided by a commitment by parents of Serbia's
largely foreign-owned banking system (three-quarters of system
assets) to maintain exposure to the country and support their
subsidiaries.  Fitch also considers the IMF program to be an
important anchor to investor confidence, underpinning willingness
to roll over the non-bank private sector's external obligations
and domestic depositor confidence in the banking system and
currency.  In Fitch's opinion, a failure to remain on-track with
the IMF could undermine this confidence, with the potential to
intensify economic and financial instability in Serbia and place
renewed pressure on the currency and foreign exchange reserves,
which would be negative for creditworthiness.

Fitch forecasts the general government deficit at 4.5% in 2009, in
line with a widened deficit target agreed with the IMF.
Negotiations with the IMF over the 2010 general government deficit
target have, however, proved more problematic, with the Fund
delaying its second review in September 2009 to give the
government time to identify further savings.  Fitch forecasts a
general government deficit of 4% in 2010, while noting downside
risks to meeting this target in light of the weak economic
backdrop and narrowing tax base.  While the government has
successfully lined up additional sources of bilateral and
multilateral financing, the limited domestic financing base is a
relative weakness compared with some 'BB' range credits.  Fitch is
also concerned that non-compliance with IMF fiscal targets could
put at risk some budget financing from other multilateral
institutions.

Serbia's high income level and strong institutional and
development indicators relative to 'BB' range peers are underlying
supports to creditworthiness.  In contrast with the private
sector, the sovereign's external debt service burden is moderate
and government debt levels are in line with peers.  While the
economic backdrop has led to an increase in non-performing loans
(to 9.7% in June 2009, from 5.3% at end-2008), strong prudential
policies mean the banking system has strong capital ratios (21.2%
in June 2009) and the sovereign has not been forced to provide
direct financial support.  The risk of a destabilizing political
shock has receded following the passing of Kosovo's declaration of
independence and the 2008 election of a pro-EU government.  Legal
and economic integration with the EU is progressing, although full
EU membership remains a distant prospect.


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


FORD MOTOR: Chooses Geely as Preferred Bidder for Volvo
-------------------------------------------------------
John Reed and Andrew Ward at The Financial Times report that Ford
Motor Co. on Wednesday named a consortium headed by Zhejiang Geely
Holding Group Co as the preferred bidder for its Volvo Swedish
brand.

According to the FT, two people familiar with the matter said the
privately held group offered just under US$2 billion for Volvo,
although Ford gave no price for Geely's bid.  The FT relates one
of the people said US and Chinese companies are also discussing a
deal to see Geely take control from Ford of Volvo's captive
finance operations, worth another US$5 billion to US$6 billion.

Ford, the FT discloses, set no timetable for concluding the sale,
but said that it planned to sell Volvo in its entirety.

The FT notes Sweden's government warned Geely that it wanted to
keep the carmaker's main production in Sweden.

                       Intellectual Property

Niklas Magnusson and Ola Kinnander at Bloomberg News report Volvo
may lose contracts with some suppliers unless Geely promises to
protect their patents and not plagiarize products in China.

"Big, tech-heavy suppliers are definitely concerned about China's
record when it comes to copyrights and Volvo would be in real
trouble if it ends up not being a preferred customer among
suppliers," Bloomberg quoted Svenaake Berglie, who heads FKG, a
group that represents 300 automotive suppliers, as saying.  "Just
as carmakers choose suppliers, suppliers choose carmakers."

According to Bloomberg, a person familiar with Volvo talks said
Ford hasn't yet resolved concerns about protecting intellectual
property.

                         About Volvo Cars

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

                         About Ford Motor

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

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


VOLVO CAR: Ford Chooses Geely as Preferred Bidder
-------------------------------------------------
John Reed and Andrew Ward at The Financial Times report that Ford
Motor Co. on Wednesday named a consortium headed by Zhejiang Geely
Holding Group Co. as the preferred bidder for its Volvo Swedish
brand.

According to the FT, two people familiar with the matter said the
privately held group offered just under US$2 billion for Volvo,
although Ford gave no price for Geely's bid.  The FT relates one
of the people said US and Chinese companies are also discussing a
deal to see Geely take control from Ford of Volvo's captive
finance operations, worth another US$5 billion to US$6 billion.

Ford, the FT discloses, set no timetable for concluding the sale,
but said that it planned to sell Volvo in its entirety.

The FT notes Sweden's government warned Geely that it wanted to
keep the carmaker's main production in Sweden.

                       Intellectual Property

Niklas Magnusson and Ola Kinnander at Bloomberg News report Volvo
may lose contracts with some suppliers unless Geely promises to
protect their patents and not plagiarize products in China.

"Big, tech-heavy suppliers are definitely concerned about China's
record when it comes to copyrights and Volvo would be in real
trouble if it ends up not being a preferred customer among
suppliers," Bloomberg quoted Svenaake Berglie, who heads FKG, a
group that represents 300 automotive suppliers, as saying.  "Just
as carmakers choose suppliers, suppliers choose carmakers."

According to Bloomberg, a person familiar with Volvo talks said
Ford hasn't yet resolved concerns about protecting intellectual
property.

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

                         About Ford Motor

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

                          About Volvo Cars

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


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


ALL4WEB INTERNET: Claims Filing Deadline is November 4
------------------------------------------------------
Creditors of all4web Internet Solutions GmbH are requested to file
their proofs of claim by November 4, 2009, to:

         Heinz Krienbuehl
         Liquidator
         Rigistrasse 36
         6340 Baar
         Switzerland

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


CAMELA GMBH: Claims Filing Deadline is November 2
-------------------------------------------------
Creditors of Camela GmbH are requested to file their proofs of
claim by November 2, 2009, to:

         Libor Stojan
         Liquidator
         Moevenweg 15
         8597 Landschlacht
         Switzerland

The company is currently undergoing liquidation in Muensterlingen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 18, 2004.


FIVE STARS: Claims Filing Deadline is November 2
------------------------------------------------
Creditors of Five Stars-Visions Mediaproductions AG are requested
to file their proofs of claim by November 2, 2009, to:

         Herzog International Consulting AG
         Bahnhofstrasse 23
         Mail box: 1289
         8620 Wetzikon
         Switzerland

The company is currently undergoing liquidation in Sarnen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 28, 2009.


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

         Dr. Marco Bundi, LL.M.
         Liquidator
         Bahnhofstrasse 8
         7250 Klosters
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 7, 2009.


MAP GROUP: Claims Filing Deadline is November 4
-----------------------------------------------
Creditors of Map Group AG are requested to file their proofs of
claim by November 4, 2009, to:

         Ulrich Linder
         Baarerstrasse 147
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 12, 2009.


NEW10 GMBH: Claims Filing Deadline is November 2
------------------------------------------------
Creditors of new10 GmbH are requested to file their proofs of
claim by November 2, 2009, to:

         Orion Eng GmbH
         Zugerstrasse 77
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Flims.  The
decision about liquidation was accepted at a shareholders' meeting
held on April 6, 2009.


NEW VENTURE: Claims Filing Deadline is November 4
-------------------------------------------------
Creditors of New Venture Zone AG are requested to file their
proofs of claim by November 4, 2009, to:

         Ulrich Linder
         Baarerstrasse 147
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 12, 2009.


ORION ENG: Claims Filing Deadline is November 2
-----------------------------------------------
Creditors of Orion Eng GmbH are requested to file their proofs of
claim by November 2, 2009, to:

         Orion Eng GmbH
         Zugerstrasse 77
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at a general meeting held
on July 15, 2009.


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

         Dr. Marco Bundi, LL.M.
         Liquidator
         Bahnhofstrasse 8
         7250 Klosters
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 7, 2009.


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

         Dr. Marco Bundi, LL.M.
         Liquidator
         Bahnhofstrasse 8
         7250 Klosters
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 7, 2009.


SAICA CONSULTING + SPORT: Claims Filing Deadline is November 4
--------------------------------------------------------------
Creditors of Saica consulting + sport GmbH are requested to file
their proofs of claim by November 4, 2009, to:

         Andre Hofer
         Liquidator
         Dorfmattweg 26a
         3110 Muensingen
         Switzerland

The company is currently undergoing liquidation in Sierre.  The
decision about liquidation was accepted by liquidator Andre Hofer
on September 1, 2009.


TEXAS BILLY: Claims Filing Deadline is November 2
-------------------------------------------------
Creditors of Texas Billy Investment AG are requested to file their
proofs of claim by November 2, 2009, to:

         Herzog International Consulting AG
         Bahnhofstrasse 23
         Mail box: 1289
         8620 Wetzikon
         Switzerland

The company is currently undergoing liquidation in Sarnen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 28, 2009.


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

         Katja Mikkonen
         Sihlporte 3, Talstrasse
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 12, 2009.


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


ANADOLU EFES: Fitch Puts BB LT For. Cur. IDR on Rating Watch Pos.
-----------------------------------------------------------------
Fitch Ratings has placed four Turkish industrial and commercial
companies' foreign currency ratings on Rating Watch Positive.
This follows the placement of Republic of Turkey's Long-term
foreign currency Issuer Default Rating of 'BB-', its Long-term
local currency IDR of 'BB' and Country Ceiling 'BB' on RWP.

The Long-term foreign currency IDRs of the four Turkish
corporates, which are constrained by the sovereign Country
Ceiling, have been placed on RWP to reflect the same action on the
Country Ceiling.

Fitch will complete a review of the sovereign ratings by the end
of the year, which it believes has a strong likelihood of leading
to an upgrade.  Such an upgrade would also be reflected on the
sovereign Country Ceiling and Long-term foreign currency IDRs of
the four Turkish companies.

The corporate ratings are:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

* Long-term foreign currency IDR of 'BB' placed on RWP.

* Long-term local currency IDR of 'BB+' affirmed; Outlook Negative

* National Long-term rating of 'AA+ (tur)' affirmed; Outlook
  Negative.

Coca-Cola Icecek

* Long-term foreign currency IDR of 'BB' placed on RWP.

* Long-term local currency IDR of 'BBB' affirmed; Outlook
  Negative.

Turkcell Iletisim Hizmetleri A.S.

* Long-term foreign currency IDR of 'BB' placed on RWP.
* Long-term local currency IDR of 'BBB-' affirmed; Outlook Stable

Turkiye Petrol Rafinerileri A.S

* Long-term foreign currency IDR of 'BB' placed on RWP.
* Long-term local currency IDR of 'BBB-' affirmed; Outlook Stable
* National Long-term rating of 'AAA(tur)' affirmed; Outlook Stable


COCA-COLA ICECEK: Fitch Puts BB LT Foreign Currency IDR on PWP
--------------------------------------------------------------
Fitch Ratings has placed four Turkish industrial and commercial
companies' foreign currency ratings on Rating Watch Positive.
This follows the placement of Republic of Turkey's Long-term
foreign currency Issuer Default Rating of 'BB-', its Long-term
local currency IDR of 'BB' and Country Ceiling 'BB' on RWP.

The Long-term foreign currency IDRs of the four Turkish
corporates, which are constrained by the sovereign Country
Ceiling, have been placed on RWP to reflect the same action on the
Country Ceiling.

Fitch will complete a review of the sovereign ratings by the end
of the year, which it believes has a strong likelihood of leading
to an upgrade.  Such an upgrade would also be reflected on the
sovereign Country Ceiling and Long-term foreign currency IDRs of
the four Turkish companies.

The corporate ratings are:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

* Long-term foreign currency IDR of 'BB' placed on RWP.

* Long-term local currency IDR of 'BB+' affirmed; Outlook Negative

* National Long-term rating of 'AA+ (tur)' affirmed; Outlook
  Negative.

Coca-Cola Icecek

* Long-term foreign currency IDR of 'BB' placed on RWP.

* Long-term local currency IDR of 'BBB' affirmed; Outlook
  Negative.

Turkcell Iletisim Hizmetleri A.S.

* Long-term foreign currency IDR of 'BB' placed on RWP.
* Long-term local currency IDR of 'BBB-' affirmed; Outlook Stable

Turkiye Petrol Rafinerileri A.S

* Long-term foreign currency IDR of 'BB' placed on RWP.
* Long-term local currency IDR of 'BBB-' affirmed; Outlook Stable
* National Long-term rating of 'AAA(tur)' affirmed; Outlook Stable


COMMERZBANK INTERNATIONAL: Fitch Assigns 'BB' Rating on 2014 Loan
-----------------------------------------------------------------
Fitch Ratings has assigned Commerzbank International S.A.'s issue
of limited recourse US$150 million 7% loan participation notes,
due 2014, a Long-term rating of 'BB'.  The note proceeds will be
used to finance a senior advance to BankPozitif Kredi ve Kalkinma
Bankasi A.S. (rated 'BB'/Stable Outlook).

The notes have been issued under BankPozitif's US$1 billion loan
participation notes program which has a Long-term rating of 'BB'.

The issuer -- Commerzbank International S.A. -- will pay
noteholders any principal and interest received from BankPozitif
under the terms of the loan agreement.

Turkey-based Bankpozitif is 69.83% owned by Bank Hapoalim, while
the remainder of its shares are held by C Faktoring.


TURKCELL ILETISIM: Fitch Puts BB LT Foreign Currency IDR on RWP
---------------------------------------------------------------
Fitch Ratings has placed four Turkish industrial and commercial
companies' foreign currency ratings on Rating Watch Positive.
This follows the placement of Republic of Turkey's Long-term
foreign currency Issuer Default Rating of 'BB-', its Long-term
local currency IDR of 'BB' and Country Ceiling 'BB' on RWP.

The Long-term foreign currency IDRs of the four Turkish
corporates, which are constrained by the sovereign Country
Ceiling, have been placed on RWP to reflect the same action on the
Country Ceiling.

Fitch will complete a review of the sovereign ratings by the end
of the year, which it believes has a strong likelihood of leading
to an upgrade.  Such an upgrade would also be reflected on the
sovereign Country Ceiling and Long-term foreign currency IDRs of
the four Turkish companies.

The corporate ratings are:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

* Long-term foreign currency IDR of 'BB' placed on RWP.

* Long-term local currency IDR of 'BB+' affirmed; Outlook Negative

* National Long-term rating of 'AA+ (tur)' affirmed; Outlook
  Negative.

Coca-Cola Icecek

* Long-term foreign currency IDR of 'BB' placed on RWP.

* Long-term local currency IDR of 'BBB' affirmed; Outlook
  Negative.

Turkcell Iletisim Hizmetleri A.S.

* Long-term foreign currency IDR of 'BB' placed on RWP.
* Long-term local currency IDR of 'BBB-' affirmed; Outlook Stable

Turkiye Petrol Rafinerileri A.S

* Long-term foreign currency IDR of 'BB' placed on RWP.
* Long-term local currency IDR of 'BBB-' affirmed; Outlook Stable
* National Long-term rating of 'AAA(tur)' affirmed; Outlook Stable


TURKIYE PETROL: Fitch Puts BB LT Foreign Currency IDR on RWP
------------------------------------------------------------
Fitch Ratings has placed four Turkish industrial and commercial
companies' foreign currency ratings on Rating Watch Positive.
This follows the placement of Republic of Turkey's Long-term
foreign currency Issuer Default Rating of 'BB-', its Long-term
local currency IDR of 'BB' and Country Ceiling 'BB' on RWP.

The Long-term foreign currency IDRs of the four Turkish
corporates, which are constrained by the sovereign Country
Ceiling, have been placed on RWP to reflect the same action on the
Country Ceiling.

Fitch will complete a review of the sovereign ratings by the end
of the year, which it believes has a strong likelihood of leading
to an upgrade.  Such an upgrade would also be reflected on the
sovereign Country Ceiling and Long-term foreign currency IDRs of
the four Turkish companies.

The corporate ratings are:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

* Long-term foreign currency IDR of 'BB' placed on RWP.

* Long-term local currency IDR of 'BB+' affirmed; Outlook Negative

* National Long-term rating of 'AA+ (tur)' affirmed; Outlook
  Negative.

Coca-Cola Icecek

* Long-term foreign currency IDR of 'BB' placed on RWP.

* Long-term local currency IDR of 'BBB' affirmed; Outlook
  Negative.

Turkcell Iletisim Hizmetleri A.S.

* Long-term foreign currency IDR of 'BB' placed on RWP.
* Long-term local currency IDR of 'BBB-' affirmed; Outlook Stable

Turkiye Petrol Rafinerileri A.S

* Long-term foreign currency IDR of 'BB' placed on RWP.
* Long-term local currency IDR of 'BBB-' affirmed; Outlook Stable
* National Long-term rating of 'AAA(tur)' affirmed; Outlook Stable


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


ZAPORIZHSTAL VAT: Moody's Withdraws 'Caa1' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating of VAT Zaporizhstal for business reasons.

Last rating action was taken on October 20, 2008 when Moody's
Investors Service downgraded the B3 corporate family rating of VAT
Zaporizhstal to Caa1, reflecting Moody's expectation that the weak
financial performance will not materially improve over the
intermediate term in particular as the market environment has
become more challenging for the steel industry since the end of
2008.  The outlook for the rating was left unchanged at stable.

Located in the Zaporizhya region in Eastern Ukraine, VAT
Zaporizhstal is the country's fourth-largest integrated steel
producer with an annual production capacity of 4.57 million tons.
In 2007, the company reported sales of UAH9,635 billion (app.
US$1.9 billion) and EBITDA of UAH884.3 billion (app.
US$177 million).  Zaporizhstal is controlled by two main
shareholders: Zaporizhye Group (44.98%) and Midland Group
(44.75%), with 10.27% free-floating shares.


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


DAVID BARLOW: Goes Into Administration; Begbies Traynor Appointed
-----------------------------------------------------------------
Andrew Haslam and Simon Lundy at Begbies Traynor were appointed
Joint Administrators to David Barlow Homes Limited and David
Barlow Property Limited on October 9, 2009.

Based in leasehold premises at Airport Industrial Estate,
Newcastle upon Tyne, the group was established in 2004.  It was
developing three sites in the North East located in Seaham,
Cheston Bank and North Alnwick and also had a land bank of
undeveloped sites in the region and further afield.

Ten of the 16 staff members have been made redundant following the
administration.

Mr. Haslam said, "Following our appointment, we are actively
working with the management team in order to understand the
viability of the business and take steps to either sell the part
developed sites to alternative developers or undertake the
completion of the developments and sell the completed properties
piecemeal.

"At this time, it is too early to say whether we will be
successful in selling the group as a going concern, however,
interest has been shown in the group.  This will obviously have an
impact on staffing levels as the groups operations are
rationalized."

Mr. Haslam added, "The well publicized dip in the property market
has led to the groups sales falling behind projected levels and
the impact on cash flow has meant additional support being sought
from funders, however, there is a limit to how far this support
can be stretched.  With no likelihood of sales in the near future
a decision has been made to appoint Administrators to protect the
asset position and manage the ongoing trade."


J&G COUGHTRIE: In Administration; 11 Jobs Affected
--------------------------------------------------
BBC News reports that J&G Coughtrie Limited has gone into
administration, resulting in the loss of 11 jobs.

According to the report, the company, which has an annual turnover
of GBP3 million and employs 45 staff 45 people, ran into cash-flow
difficulties.

Blair Nimmo and Tony Friar of KPMG Restructuring have been
appointed joint administrators of the company, report relates.

"It is with regret that we have had to make certain redundancies
across J & G Coughtrie's operations, however, this has been
necessary to allow the business to continue to trade," Mr. Nimmo,
head of restructuring for KPMG in Scotland, as saying.  "We are
currently marketing the business in an attempt to secure a going
concern sale.

J&G Coughtrie Limited is a lighting firm based in Hillington.


JDF LOGISTICS: In Administration; PwC Appointed
-----------------------------------------------
RoadTransport.com reports that JDF (Transport & Ware-housing),
trading as JDF Logistics, has gone into administration after
experiencing cash flow difficulties.

The report relates Nick Reed and Steve Ellis, partners at
PricewaterhouseCoopers, have been appointed as joint
administrators of both JDF (Transport & Warehousing) and parent
company JDF Holdings.

The administrators will continue to trade JDF as they explore sale
options, the report says.

According to the report, JDF's most recent accounts, for the
period ending April 30, 2008, show a pre-tax loss of GBP680,860
and warn over its ability to continue trading, while the parent
company's account a net loss of GBP747,157 during the year ended
April 30, 2008 and, at that date, group current liabilities
exceeded current assets by GBP1,027,810.

JDF (Transport & Ware-housing) is a Barnsley-based haulier.


NATIONAL EXPRESS: Rejects Stagecoach's Bid; Share Sale to Go Ahead
------------------------------------------------------------------
Beth Mellor and Ben Martin at Bloomberg News report that National
Express Group Plc rejected a Stagecoach Group Plc's GBP1.6-billion
(US$2.6 billion) merger proposal and will sell shares instead to
cut debt.

Bloomberg relates National Express said Wednesday night that talks
had been called off because a deal with Stagecoach would take too
long, leading to higher interest payments.  The all-share deal
would have given National Express investors 40% of the combined
company, Bloomberg notes.

According to Bloomberg, National Express said in a statement an
equity fundraising will be undertaken “as soon as possible” to
stave off an increase in interest payments that banks can
implement in January if the company fails to cut borrowings.

As reported in the Troubled Company Reporter Europe on Oct. 26,
2009, Bloomberg News National Express has won agreement from
lenders to reschedule debt repayments.  Bloomberg disclosed the
company said it will sell shares in the next two months.

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


NORTHERN ROCK: EU Commission Approves Restructuring Plan
--------------------------------------------------------
Alistair MacDonald, Stephen Fidler and Carolyn Henson at The Wall
Street Journal report that the European Commission Wednesday
approved a restructuring plan of Northern Rock plc.

According to the WSJ, the restructuring plan for Northern Rock
calls for the lender, which the U.K. government nationalized in
February 2008, to be split into a "good bank" and a "bad bank.
The good bank would take over the bank's deposits, good loans and
ongoing mortgage business, and would be sold, while the bad bank
would hold mostly soured loans and be wound down over time, the
WSJ discloses.

The WSJ relates EU Commissioner Neelie Kroes said the
restructuring "will allow the bank to become viable in the long
term and limit distortions of competition."

                        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'.


SANDCITY LIMITED: Six O'Neill Stores Closed; 67 Jobs Affected
-------------------------------------------------------------
The joint administrators of Sandcity Limited, the boardwear
subsidiary of Blacks Leisure Group plc, on October 28 announced
the transfer of four of the leasehold store premises to O'Neill
(UK) Limited.

The stores in Leeds, Sheffield, Bristol and Brighton will transfer
with immediate effect to O'Neill, the manufacturer of boardwear
clothing, sports equipment and accessories, saving a total of 35
jobs.  Additionally, the leasehold store premises in York will
transfer to Paperchase Products Limited, saving a further nine
jobs.

The remaining six O'Neill stores in Birmingham, Glasgow, Milton
Keynes, Bluewater, Manchester Trafford Centre and Manchester
Triangle have closed, with the loss of 67 jobs.

Richard Fleming, UK Head of Restructuring at KPMG, commented: "We
are delighted to have concluded a deal which will see four of the
stores continuing to trade under the original O'Neill brand, with
a fifth transferring to Paperchase.  However, these remain
incredibly tough times for businesses operating in the leisure
market, and it is with regret that we have had to close the
remaining six stores."

Richard Fleming and David Costley-Wood were appointed joint
administrators to Sandcity Ltd on September 22, 2009.

Sandcity is a retailer of predominantly boardwear clothing and
accessories, operating out of 11 stores branded 'O'Neill' across
the UK and employing 90 people.


YELL GROUP: May Seek Court-Approved Scheme of Arrangement
---------------------------------------------------------
Andrew Reierson and Jonathan Browning at Bloomberg News report
that Yell Group Plc extended the deadline for lenders to respond
to its GBP3.8 billion (US$6.2 billion) debt restructuring proposal
for the third time.

Bloomberg relates Yell said in a statement the company gave
lenders until 5:00 p.m. London time yesterday, Oct. 29, to back
the plan after receiving support from creditors holding about 90%
of its debt, short of the 95% acceptance threshold.  The company,
as cited by Bloomberg, said about 3% of debt holders haven't
accepted the plan, mainly due to restrictions in their fund rules.

According to Bloomberg, Yell may seek a court-approved scheme of
arrangement, which requires 75% lender support, unless a deal can
be reached.

"We are prepared to provide one further short extension; but we
are now very near the point where the board may have to draw a
line under the current process and move to a scheme of
arrangement," Bloomberg quoted Chief Financial Officer John Davis,
as saying in the statement.

Bloomberg notes Alan Howard, an analyst at Canaccord Adams, said
the scheme of arrangement will delay the company's planned rights
issue by six to eight weeks and will probably make it a post-
Christmas equity raise.

                         About Yell Group

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

                           *     *     *

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


* UK: Companies to Report Larger Pension Liabilities at Year End
----------------------------------------------------------------
Growing pension liabilities reported in UK plc's company accounts
at year end could shock shareholders as the impact of falling bond
yields is felt, according to PricewaterhouseCoopers LLP.

During the recent financial turmoil, higher yields on AA corporate
bonds (used to calculate pension liabilities on an accounting
basis and subsequently published in annual reports) resulted in
reportedly improved pension scheme funding positions.  However,
over the last six months, bond yields have fallen as the economy
begins to stabilize -- resulting in reported pensions liabilities
growing by about 25% despite assets rising by about 20% in the
same period.  PwC estimates that, on an IFRS accounting basis, the
FTSE 100 total UK pension liabilities will have gone from zero
deficit at the end of 2008 to around GBP75 billion by September
2009.

Pension deficits for the FTSE100 on a scheme-funding basis are
around GBP100 billion despite improvements in the equity market
over the past six months.

Brian Peters, partner, PricewaterhouseCoopers LLP, commented:
"Many companies may be expecting that their pension deficits would
have reduced in the last few months due to favorable investment
performance.  Some will be shocked to find their accounting
deficits have increased because liabilities have increased faster
than assets as a result of falling bond yields.

"As the investor community makes its decisions based on the
accounting numbers, we could see their shock reflected in share
prices as these figures grow as a result of falling bond yields.
Companies need to anticipate this and consider the extent to which
their investors will have factored these issues into their
valuation.

"Pension figures reported in next year's accounts could show a
more realistic reflection of UK plc's pension problem allowing
investors and businesses to make better informed decisions and
comparisons between companies."

                   About PricewaterhouseCoopers

PricewaterhouseCoopers http://www.pwc.com/-- provides industry-
focused assurance, tax and advisory services.


* UK: Inflated Insolvency Levels Likely to Continue, Tenon Says
---------------------------------------------------------------
Business failures this year have already exceeded those for the
whole of 2008 by 19.1% with two and a half months still to go.
And this is set to continue for up to three years as increases to
low interest rates, inflation levels and VAT will hamper
businesses as they try to step out of the recession, according to
Tenon Recovery.

Tenon Recovery estimates a further 5,800 businesses will fail by
the end of 2009, meaning a 57% rise in insolvencies compared to
2008 levels.

Tenon has identified the types of businesses that have been most
affected and predicts that these sectors will continue to feel the
brunt of the financial downturn over the course of the next twelve
months.

Top five industries that have been negatively affected:

Leisure and Hospitality consumers have been forced to limit the
amount they spend on discretionary goods and services,
particularly in light of rising unemployment levels.  More than
1,200 businesses have collapsed in the leisure and hospitality
sector this year alone

Property around 120 businesses per month have failed since the
start of 2009 in the property sector.  The expense involved in
moving home, combined with continuing limited job opportunities
and difficulties over securing mortgages, has left many people
unwilling or unable to buy property

Printing and publishing this year has seen one printing business
collapse each day.  Businesses have struggled to generate the
revenue to support the repayments on high value capital equipment.
The industry has also been adversely affected by the withdrawal of
credit insured limits

Construction over 2,500 businesses has collapsed this year in the
construction sector.  Firms have seen a significant reduction in
demand for their services whilst continuing to face difficulties
in securing funding to undertake or complete existing projects
Business services 15 business services firms a day have failed in
the last year alone as a result of limited demand as owner-
managers are forced to prioritize their needs in order to control
costs and manage cashflow levels.

Carl Jackson, National Head of Tenon Recovery, said: "Business
failures will continue to grow over the course of the next
eighteen months and we are unlikely to see a significant reduction
for another three years.  Many distressed businesses have had a
temporary reprieve from collapse because of the combination of low
interest rates, a temporary reduction in VAT and low inflation
levels, combined with the deferral of PAYE and Corporation Tax.
Inevitably these will change, placing an increased strain on
businesses, and those that have not planned wisely will fail.

"It is crucial that owner-managers take the opportunity to address
key business issues while these circumstances remain.  Regular
forecasting and analysis of business performance, combined with
expert advice and know-how, are vital in ensuring that
entrepreneurs weather-proof their businesses in preparation for
the cold winter months."

                       About Tenon Recovery

Tenon Recovery -- http://www.tenondebtsolutions.co.uk/--
specializes in turnaround, recovery, restructuring and insolvency
in both the corporate and personal sectors, Tenon Recovery is led
by 43 directors supported by 350 staff operating from a network of
30 offices across the UK.


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


* S&P Downgrades Ratings on Seven European Tranches to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC-' and
withdrew its credit ratings on seven tranches of European
synthetic collateralized debt obligations.

The downgrades follow losses due to credit events in the
underlying reference portfolio.  In S&P's opinion, those losses
have breached the threshold amounts of all the tranches issues by
Chrome Funding Ltd.

S&P withdrew the ratings assigned to these seven tranches due to
early termination.


* BOOK REVIEW: Inside Investment Banking, Second Edition
--------------------------------------------------------
Author:  Ernest Bloch
Publisher: BeardBooks,
Softcover: 430 pages
List Price: US$34.95
Review by Henry Berry

Even though Bloch states that "no last word may ever be written
about the investment banking industry," he nonetheless has written
a timely, definitive book on the subject.

Bloch wrote Inside Investment Banking book after discovering that
no textbook on the subject was available when he began teaching a
course on investment banking.  Bloch's book is like a textbook,
though one not meant to be restricted to classroom use.  It's a
complete, knowledgeable study of the structure and operations of
the field of investment banking.  With a long career in the field,
including work at the Federal Reserve Bank of New York, Bloch has
the background for writing the book.  He sought the input of many
of his friends and contacts in investment banking for material as
well as for critical guidance to put together a text that would
stand the test of time.

While giving a nod to today's heightened interest in the
innovative securities that receive the most attention in the
popular media, Inside Investment Banking concentrates for the most
part on the unchanging elements of the field.  The book takes a
subject that can appear mystifying to the average person and makes
it understandable by concentrating on its central processes,
institutional forms, and permanent aims.  The author shows how all
aspects of the complex and ever-changing field of investment
banking, including its most misunderstood topic of innovative
securities, leads to a "financial ecology" which benefits business
organizations, individual investors in general, and the economy as
a whole.  "[T]he marketplace for innovative securities becomes,
because of its imitators, a systematic mechanism for spreading
risk and improving efficiency for market makers and investors,"
says Bloch.

For example, Bloch takes the reader through investment banking's
"market making" which continually adapts to changing economic
circumstances to attract the interest of investors.  In doing so,
he covers the technical subject of arbitrage, the role of the
venture capitalist, and the purpose of initial public offerings,
among other matters.  In addition to describing and explaining the
abiding basics of the field, Bloch also takes up issues regarding
policy (for example, full disclosure and government regulation)
that have arisen from the changes in the field and its enhanced
visibility with the public.  In dealing with these issues, which
are to a large degree social issues, and similar topics which
inherently have no final resolution, Bloch deals indirectly with
criticisms the field has come under in recent years.

Bloch cites the familiar refrain "the more things change, the more
they remain the same" and then shows how this applies to
investment banking.  With deregulation in the banking industry,
globalization, mergers among leading investment firms, and the
growing number of individuals researching and trading stocks on
their own, there is the appearance of sweeping change in
investment banking.  However, as Inside Investment Banking shows,
underlying these surface changes is the efficiency of the market.

Anyone looking for an authoritative work covering in depth the
fundamentals of the field while reflecting both the interest and
concerns about this central field in the contemporary economy
should look to Bloch's Inside Investment Banking.

After time as an economist with the Federal Reserve Bank of New
York, Ernest Bloch was a Professor of Finance at the Stern School
of Business at New York University.


                            *********

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 * * *