TCREUR_Public/091102.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

           Monday, November 2, 2009, Vol. 10, No. 216

                            Headlines



A U S T R I A

BARESSO GMBH: Claims Filing Deadline is November 18
CONTAIN.AD CONTAINERWERBUNG: Claims Filing Deadline is November 18
EUROCONNECT ISSUER: Fitch Downgrades Ratings on Four 2007-1 Notes


F R A N C E

CMA CGM: Creditors Demand Management Changes


G E R M A N Y

BKN INTERNATIONAL: Mulls Sale of Spanish and UK Units
CONTINENTAL AG: Posts EUR1.04 Bln Net Loss in Third Quarter 2009
CONTINENTAL AG: Asks Three Banks to Manage Share Sale
PRIME 2006-1: Moody's Junks Ratings on Two Classes of Notes


I R E L A N D

BACCHUS 2008-1: S&P Lowers Rating on Class B Notes to 'BB+'
EGRET FUNDING: Moody's Cuts Rating on Class E Notes to 'Ca'
TWEEDY GROUP: Goes Into Examinership; 160 Jobs at Risk


K A Z A K H S T A N

AB NUR: Creditors Must File Claims by November 11
ALLIANCE SERVICE: Creditors Must File Claims by November 11
BERIK AGRO: Creditors Must File Claims by November 11
CENTRAL ASIA: Creditors Must File Claims by November 11
KANDI A: Creditors Must File Claims by November 11

KUNGEY STROY: Creditors Must File Claims by November 11
P MEDIA: Creditors Must File Claims by November 11
RTC GROUP: Creditors Must File Claims by November 5
SK AVIA: Creditors Must File Claims by November 11
THOR SYSTEMS: Creditors Must File Claims by November 11


K Y R G Y Z S T A N

AZAT OVERSEAS: Creditors Must File Claims by November 25
LEE CORPORATION: Creditors Must File Claims by November 25


L U X E M B O U R G

HARVEST CLO: Moody's Cuts Ratings on Three Classes of Notes to Ca
N E T H E R L A N D S
BAAN COMPANY: Plan Offers Final Distribution of EUR2.85 Per Share
DSB BANK: ABN Amro CEO Gerrit Zalm Included in Bankruptcy Probe


P O R T U G A L

BANCO COMERCIAL: Moody's Changes Outlook on Securities to Negative
BANCO INTERNACIONAL: Moody's Changes Outlook on Securities to Neg.


R U S S I A

DAL-ZAVOD: Court Names A.Sazhnov as Insolvency Manager
ENER-PROM: Creditors Must File Claims by November 9
GENERAL RESERVE: Creditors Must File Claims by November 9
MORSHANSK-KHIM: Creditors Must File Claims by November 9
NKNK FINANCE: Moody's Assigns 'B1' Rating on US$101 Mil. Notes

RUNK-LTD: Creditors Must File Claims by November 9
STROY-PROGRESS: Creditors Must File Claims by November 9
STROY-TORG: Creditors Must File Claims by November 9


S P A I N

SANTANDER EMPRESAS: Fitch Cuts Ratings on 2 Classes of Notes to C


S W I T Z E R L A N D

ALUFLEX SYSTEM: Claims Filing Deadline is November 6
BAJKOR GMBH: Claims Filing Deadline is November 6
PROTEC BERATUNG: Claims Filing Deadline is November 4
RUEDI SOMMER: Claims Filing Deadline is November 6
SICHERSAUBER GMBH: Claims Filing Deadline is November 6

SIGHT GMBH: Claims Filing Deadline is November 4
SIGRIST MULTIMEDIA: Claims Filing Deadline is November 6
TMS TRAVEL: Claims Filing Deadline is November 6
ZINGGELER AG: Claims Filing Deadline is November 6


U K R A I N E

ATMA ESTATE: Creditors Must File Claims by November 4
EDITIVE LLC: Creditors Must File Claims by November 4
ENERGY STEEL: Creditors Must File Claims by November 4
FK UNIVERSALNAYA: Creditors Must File Claims by November 4
INDUSTRIAL BUILDING: Creditors Must File Claims by November 4

INTERARM LLC: Creditors Must File Claims by November 4
LUGANSK SUPPLY LLC: Creditors Must File Claims by November 4
LUK-NAFTA LLC: Creditors Must File Claims by November 4
MEGA TRADE: Court Starts Bankruptcy Supervision Procedure
NAFTOGAZ OF UKRAINE: Creditors Agree to Debt Restructuring Terms

NARVIK SOUTH : Creditors Must File Claims by November 4
PETROLEUM PRODUCT: Creditors Must File Claims by November 4
PLANET BUILDING: Creditors Must File Claims by November 4
PROGRESS 2006: Creditors Must File Claims by November 4
SUMY HEAT: Court Starts Bankruptcy Supervision Procedure

TECHNO-SPORT-SERVICE LLC: Creditors Must File Claims by November 4
TRADER LLC: Creditors Must File Claims by November 4
VIKSEN LLC: Creditors Must File Claims by November 4
ZHELEZNODOROZHNIK BREAD: Court Starts Bankruptcy Procedure


U N I T E D   K I N G D O M

AROSA FUNDING: S&P Withdraws 'BB+' Rating on EUR100 Mil. Notes
BLACKS LEISURE: In Talks with Lloyds Over Debt Restructuring Plan
CATTLES PLC: RBS Claims Priority Over Bondholders
DONINGTON HOLDINGS: Moody's Withdraws 'B3' Corporate Family Rating
DONINGTON HOLDINGS: S&P Downgrades Corp. Credit Rating to 'CCC-'

FIRST QUENCH: Goes Into Administration; 6,500 Jobs at Risk
GLOBE PUB: In Administrative Receivership; Heineken Buys Assets
GLOBE PUB: S&P Downgrades Rating on Class B1 Notes to 'D'
INCA TECHNOLOGY: Administrators Complete Sale of Certain Assets
LLOYDS BANKING: Begins Investor Consultations on Rights Issue


* BOND PRICING: For the Week October 26 to October 30, 2009




                         *********


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


BARESSO GMBH: Claims Filing Deadline is November 18
---------------------------------------------------
Creditors of Baresso GmbH have until November 18, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 2, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna
         Tel: 533 19 39 Serie
         Fax: DW 39
         E-mail: kanzlei@lp-law.at


CONTAIN.AD CONTAINERWERBUNG: Claims Filing Deadline is November 18
------------------------------------------------------------------
Creditors of Contain.Ad Containerwerbung GmbH have until
November 18, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 2, 2009 at 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Bernhard Eder
         BrucknerstraŠe 4
         1040 Vienna
         Tel: 505 78 61
         Fax: DW 9
         E-mail: eder@rechtsanwaelte.co.at


EUROCONNECT ISSUER: Fitch Downgrades Ratings on Four 2007-1 Notes
-----------------------------------------------------------------
Fitch Ratings has downgraded the ratings of four classes of notes
of EuroConnect Issuer LC 2007-1 Ltd., removed them from Rating
Watch Negative and assigned Outlooks and Loss Severity Ratings:

  -- EUR310.4 million Class A secured notes (ISIN: XS0311810898):
     Downgraded to 'A' from 'AAA', removed from RWN, assigned
     Stable Outlook and 'LS-3'

  -- EUR93.1 million Class B secured notes (ISIN: XS0311811862):
     Downgraded to 'BBB' from 'A+', removed from RWN, assigned
     Negative Outlook and 'LS-4'

  -- EUR62.1 million Class C secured notes (ISIN: XS0311813306):
     Downgraded to 'BB' from 'BBB', removed from RWN, assigned
     Negative Outlook and 'LS-5'

  -- EUR68.3 million Class D secured notes (ISIN: XS0311814536):
     Downgraded to 'B-' from 'BB', removed from RWN, assigned
     Negative Outlook and 'LS-5'

The transaction is a partially-funded synthetic collateralized
debt obligation referencing a predominantly European portfolio of
senior unsecured obligations of medium-sized and large corporate
entities originated and credit-assessed by Bayerische Hypo- und
Vereinsbank AG, UniCredit Bank Austria AG (formerly Bank Austria
Creditanstalt AG, BA-CA) and UniCredit Corporate Banking (formerly
UniCredit Banca d'Impresa, UBI).

The notes were initially placed on RWN on September 11, 2009 to
reflect the potential for downgrades as a result of Fitch's
updated Global Rating Criteria for Corporate CDOs.  Additionally,
at that time the arranger had informed Fitch of upcoming changes
to the transaction within the following few months.  Recently, the
arranger notified the agency that no restructuring measures would
be taken.  The rating actions are primarily the result of the
updated rating criteria -- which were used to determine rating
loss rates for the notes -- but they also reflect some negative
credit migration in the portfolio since closing in August 2007,
and the agency's expectation that the portfolio will experience
increasing defaults and delinquencies.  These negative performance
factors have outweighed the increase in the credit enhancement
level of each rated tranche following the portfolio amortization
after the transaction became static in July 2008.

Based on the latest pool cut as of July 2009, the proportion of
loans with sub-investment grade ratings based on the initial
mapping of the banks' internal ratings to Fitch's IDR scale has
more than doubled to 31.9% from 12.5% at closing, excluding
defaulted assets.  Cumulative defaults and the delinquency rate
(loans overdue by more than 30 days) were low at 0.8% and 0.14%,
respectively.

The exposure to the largest obligor and top 10 borrowers has
increased to 3.6% and 24.1% of the portfolio notional,
respectively, compared to 1.8% and 12.7%, respectively, at
closing.  The portfolio is concentrated in Austria (38%), Italy
(20%) and Germany (15%).

As of July 2009, the portfolio consisted of 630 loans to 390
obligor groups and the balance has decreased by 47% since closing
to EUR3,290 million, excluding defaulted assets.  The originating
banks, also the servicers, use their internal credit rating
systems to assess the loans.  Fitch has reviewed the banks'
internal rating systems and mapped the internal rating categories
to Fitch's IDR scale at closing of the transaction.

The note issuance proceeds remain as cash deposits at Bayerische
Hypo- und Vereinsbank AG ('A+'/'F1+'/Stable), Unicredit Bank
Austria AG ('A'/'F1'/Stable) and UniCredit S.P.A.  (formerly
UniCredito Italiano S.P.A., rated 'A'/'F1'/Negative).


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


CMA CGM: Creditors Demand Management Changes
--------------------------------------------
CMA CGM SA creditors have told the company to replace founding
Chief Executive Officer Jacques Saade before they restructure its
US$5.6 billion debt, Laurence Frost at Bloomberg News reports,
citing three people with knowledge of the matter.

According to Bloomberg, the people, who asked not to be named
because the discussions are confidential, said the company is
considering demands from lenders including BNP Paribas SA that it
appoint a new CEO and revamp the board.

Bloomberg says CMA would default on payments if the banks invoked
its breach of covenants on US$4 billion of the debt.

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


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


BKN INTERNATIONAL: Mulls Sale of Spanish and UK Units
-----------------------------------------------------
Heinrich C. Friedhoff, the insolvency administrator of BKN
International AG, has mandated the M&A division of Commerzbank AG
to seek investors for BKN's subsidiaries.

Commerzbank will evaluate the possibility of selling BKN's
subsidiaries in Spain and Britain as well as its assets,
especially the portfolio of film rights, in total or in parts.
Preparations of the M&A process are currently underway.  The
approach of investors is expected to start in mid November 2009.

Interested investors may directly contact Joerg Leussink, Senior
Director, and Harald Lohr, Senior Executive, at:

         Commerzbank AG
         Corporate Finance/ Mergers & Acquisitions
         Theodor-Heuss-Allee 44-46
         60486 Frankfurt am Main
         Tel +49 69 713-19611.
         E-mail: ProjectToni@Commerzbank.com


CONTINENTAL AG: Posts EUR1.04 Bln Net Loss in Third Quarter 2009
----------------------------------------------------------------
Chris Reiter at Bloomberg News reports that Continental AG posted
a net loss of EUR1.04 billion (US$1.5 billion) in the third
quarter of 2009, compared with net income of EUR2.4 million a year
earlier.

The company's third-quarter sales fell 9.4% to EUR5.34 billion,
Bloomberg says.

Bloomberg relates the company took a charge of EUR876 million at
its three automotive divisions to "clean up financial risks."

According to Bloomberg, the company's net debt was EUR9.46 billion
at the end of September, or EUR1.34 billion lower than a year ago.

                       About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles.  Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.

                           *     *     *

On Aug. 20, 2009, the Troubled Company Reporter-Europe reported
Fitch Ratings downgraded Continental AG's Long-term Issuer
Default Rating and senior unsecured ratings to 'B+' from 'BB',
respectively.  Fitch simultaneously maintained the IDR and
senior unsecured ratings on Rating Watch Negative.  The agency
affirmed Continental's Short-term IDR at 'B'.  Fitch said the
rating action reflects the considerable refinancing risk faced by
Continental for its EUR3.5 billion tranche, related to its Siemens
VDO acquisition facility, maturing in August 2010, and the
increased risk of a breach in covenants.  Fitch is concerned about
tightened financial covenant headroom due to Continental's
weakened operating performance amid the severe global auto
downturn.  While Continental has stated that it will be able to
comply with financial covenants as of end-H109, Fitch believes
that ongoing compliance will remain challenging if no agreement is
reached with its banks.

As reported in the Troubled Company Reporter-Europe on Aug. 18,
2009, Moody's Investors Service downgraded Continental AG's
Corporate Family Rating to B1 from Ba3.  Moody's said the rating
outlook remains negative.


CONTINENTAL AG: Asks Three Banks to Manage Share Sale
-----------------------------------------------------
Cornelius Rahn at Bloomberg News, citing Handelsblatt, reports
that Continental AG asked Deutsche Bank AG and JPMorgan Chase &
Co. to manage its planned share sale.

According to Bloomberg, the newspaper said the share sale of up to
EUR1.5 billion (US$2.2 billion), which is expected in the first
quarter of 2010, has the backing of Schaeffler Group, which holds
a 90% stake in the auto-parts supplier.

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2009, Bloomberg News said Continental is considering selling bonds
to refinance debt.  Bloomberg disclosed two people familiar with
the situation said a bond sale would be in addition to the planned
stock offering to help the company prepare for the repayment of
EUR3.5 billion (US$5.2 billion) of debt due August next year.

                       About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles.  Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.

                           *     *     *

On Aug. 20, 2009, the Troubled Company Reporter-Europe reported
Fitch Ratings downgraded Continental AG's Long-term Issuer
Default Rating and senior unsecured ratings to 'B+' from 'BB',
respectively.  Fitch simultaneously maintained the IDR and
senior unsecured ratings on Rating Watch Negative.  The agency
affirmed Continental's Short-term IDR at 'B'.  Fitch said the
rating action reflects the considerable refinancing risk faced by
Continental for its EUR3.5 billion tranche, related to its Siemens
VDO acquisition facility, maturing in August 2010, and the
increased risk of a breach in covenants.  Fitch is concerned about
tightened financial covenant headroom due to Continental's
weakened operating performance amid the severe global auto
downturn.  While Continental has stated that it will be able to
comply with financial covenants as of end-H109, Fitch believes
that ongoing compliance will remain challenging if no agreement is
reached with its banks.

As reported in the Troubled Company Reporter-Europe on Aug. 18,
2009, Moody's Investors Service downgraded Continental AG's
Corporate Family Rating to B1 from Ba3.  Moody's said the rating
outlook remains negative.


PRIME 2006-1: Moody's Junks Ratings on Two Classes of Notes
-----------------------------------------------------------
Moody's Investors Service took these rating actions on five
classes of notes issued by Prime 2006-1 Funding Limited
Partnership and EUR9,000,000 PRIME 2006-1 Funding Linked Notes due
2013/15 issued by Landesbank Baden-WĀrttemberg:

  -- EUR119.6M A, Downgraded to A1 and Remains On Review for
     Possible Downgrade; previously on March 13, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- EUR15M B, Downgraded to Ba1 and Remains On Review for
     Possible Downgrade; previously on March 13, 2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- EUR20M C, Downgraded to B2 and Remains On Review for Possible
     Downgrade; previously on March 13, 2009 A3 Placed Under
     Review for Possible Downgrade

  -- EUR13.9M D, Downgraded to Caa2 and Remains On Review for
     Possible Downgrade; previously on March 13, 2009 Baa3 Placed
     Under Review for Possible Downgrade

  -- EUR13M E, Downgraded to Caa3 and Remains On Review for
     Possible Downgrade; previously on March 13, 2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- EUR9,000,000 PRIME 2006-1 Funding Linked Notes due 2013/15,
     Downgraded to B3 and Remains On Review for Possible
     Downgrade; previously on Sept. 24, 2009 A2 Placed Under
     Review for Possible Downgrade

  -- EUR9,000,000 Prime 2006-1 Funding Linked Notes is a cash-
     flow CDO combination note issued by LBBW under a term note
     program.  It is a repackaging of Classes A and E of SME CDO
     notes issued by Prime 2006-1 Funding Limited Partnership.

The cash flows of the two classes are passed through to the
combination note.  The rating incorporates the additional expected
loss deriving from LBBW (Aa2/P-1/C-) as the issuer of the
transaction.

The rating of the PRIME 2006-1 Funding Linked Notes due 2013/15
addresses the expected loss to investors as a proportion of the
rated balance of EUR 9 million, minus the aggregate of all
payments made to the rated notes either by principal or interest.
Such rated balance has been reduced by its pro rata share of all
payments made to classes A and E down to approximately
EUR6.8 million.  The Class A notes have partially amortized by
approximately EUR 13 million due to a reduction of the Principal
Deficiency Ledger balance.

Moody's retains the ratings all of the above-mentioned notes under
review for possible downgrade while it is reviewing the impact in
the current environment of loss participation features embedded in
the underlying assets, as further detailed below.

This transaction is a cash flow CDO backed by profit
participations ("Genussrechte") issued by German small and medium-
sized corporates.  The obligations in the portfolio have certain
features of equity including subordination and linkage of payments
to financial performance of the obligor such as interest deferral
and contingent coupon.  Some of the obligations can be written
down depending on financial performance of the obligor and may
extend redemption up to the legal final maturity of the
transaction which is 2 years after its scheduled maturity date.
Obligations which have not redeemed at par plus accrued interest
by the legal maturity of the transaction will expire and lead to a
loss for Prime 2006-1 and the related combo note.

According to Moody's, the rating actions taken on the notes are
primarily the result of credit deterioration in the underlying
portfolio.  This is observed through a decline in the average
credit rating as measured through a portfolio weighted average
rating of Ba2 compared to Ba1 at closing, after mapping the bank
internal ratings to Moody's ratings and removing two assets
totalling EUR25 million which post-mapping would be rated Ca as
well as EUR8.5 million of early terminations at par and one
insolvency of 2.5 million.  Since inception of the transaction
EUR21 million (approximately 10.7% of the initial par balance of
the portfolio) of Principal Deficiency Events have been reported,
including EUR 8.5 million of early terminations at par.  The
current outstanding balance of the Principal Deficiency Ledger is
approximately EUR8 million.  In addition, a significant portion of
the portfolio is currently on the portfolio advisor's watchlist.
The watchlisting is considered indicative of possible further
credit migration in the portfolio.

These rating actions also reflect the revision of certain key
assumptions with respect to default probability and correlation
that the agency uses to rate and monitor SME CDOs.  The revised
default probability assumptions have been applied to all assets in
the underlying portfolio by notching the ratings to levels
consistent with the revised assumptions.  Correlation levels
between the assets have been increased to reflect Moody's revised
correlation assumptions.  These revised assumptions incorporate
Moody's expectation that European corporate default rates are
likely to greatly exceed their historical long-term averages and
reflect the heightened interdependence of credit markets in the
current economic contraction.  The revised assumptions are
described in greater detail in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Specifically, the changes announced include: (1) a 30% increase in
the assumed likelihood of default for corporate credits in CDOs
and (2) an increase in the default correlation applied to
corporate portfolios as generated through a combination of higher
default rates and increased asset correlations.  Moody's notes
that the European SME loan sector currently has a negative outlook
and has shown signs of increasing weakness in terms of credit
performance.  The sector is further stressed by the anticipated
limited refinancing opportunities for EMEA non-financial corporate
issuers rated Baa and below over the next six to twelve months.
Moody's has tested the impact of the forward looking information
incorporated by the portfolio advisor's watchlist and comments in
the investor report in its analysis by means of alternative stress
runs to the ratings of the affected obligors.  Additional stress
scenarios were also run in order to capture the risk related to
the non-granularity of the portfolio.  These stress scenarios
include notching the ratings of a portion of the largest exposures
in the portfolio.  Moody's also notes that the collateral pool
consists entirely of debt obligations issued by obligors whose
credit quality has been assessed through LBBW's and HSH's internal
ratings.  These ratings were mapped to Moody's rating scale via
mapping tables.

Moody's has previously used a rating-migration-based model to
capture the specific features of the assets in the portfolio.  The
rating agency has migrated its model from a rating-migration-based
framework to a framework based on simulation of impairments
(covering defaults, deferrals and write downs affecting the
assets), in order to capture the additional risk associated with
these hybrid instruments more adequately.  While Moody's reviews
its assumptions regarding deferrals and write downs, it will
retain the classes under review for possible downgrade, as the
revision of such assumptions may adversely affect the ratings.  As
at closing, Moody's has used a recovery assumption of zero, due to
the subordination of the assets.

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


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I R E L A N D
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BACCHUS 2008-1: S&P Lowers Rating on Class B Notes to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered, removed from
CreditWatch negative, and then withdrew its ratings on the class A
and B notes issued by BACCHUS 2008-1 PLC.

The downgrades reflect:

* The application of S&P's new corporate collateralized debt
  obligation criteria published on Sept. 17; and

* S&P's assessment of a slight deterioration in the credit quality
  of the collateral supporting the CDO tranches due to exposure to
  obligors that have experienced negative rating migrations.

While there has been some negative rating migration in the
portfolio, S&P notes that none of the collateral assets has
experienced a payment default to date.

After downgrading the notes, S&P withdrew its ratings at the
issuer's request.

                           Ratings List

                        BACCHUS 2008-1 PLC
         EUR626 Million Senior Secured Floating-Rate Notes

Ratings Lowered, Removed From CreditWatch Negative, And Withdrawn

                                   Rating
                                   ------
          Class               To            From
          -----               --            ----
          A                   BBB-          A/Watch Neg
                              NR            BBB-

                                   Rating
                                   ------
          Class               To            From
          -----               --            ----
          B                   BB+           BBB/Watch Neg
                              NR            BB+

                         NR -- Not rated.


EGRET FUNDING: Moody's Cuts Rating on Class E Notes to 'Ca'
-----------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Egret Funding CLO I PLC.

  -- EUR288.75M Class A Senior Floating Rate Notes due 2022-1,
     Downgraded to Aa2; previously on Dec. 22, 2006 Definitive
     Rating Assigned Aaa

  -- EUR30.2M Class B Senior Floating Rate Notes due 2022,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR24.6M Class C Deferrable Floating Rate Notes due 2022,
     Downgraded to B1; previously on March 19, 2009 Downgraded to
     Baa3 and Remained On Review for Possible Downgrade

  -- EUR23.1M Class D Deferrable Floating Rate Notes due 2022,
     Downgraded to Caa2; previously on March 19, 2009 Downgraded
     to B1 and Remained On Review for Possible Downgrade

  -- EUR10.85M Class E Deferrable Floating Rate Notes due 2022,
     Downgraded to Ca; previously on July 13, 2009 Upgraded to
     Caa1 and Placed Under Review for Possible Downgrade

  -- EUR7M Class P Combination Notes due 2022, Downgraded to B1;
     previously on March 4, 2009 A2 Placed Under Review for
     Possible Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as approximately 20% Second Lien and/or
Mezzanine Loan obligations.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2511), an increase in the amount of defaulted
securities (currently 2.35% of the portfolio) and an increase in
the proportion of securities from issuers rated Caa1 and below
(currently 6.39% of the portfolio).  These measures were taken
from the recent trustee report dated September 30, 2009.  Moody's
also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


TWEEDY GROUP: Goes Into Examinership; 160 Jobs at Risk
------------------------------------------------------
RTE Business reports that The Tweedy Group has gone into
examinership, putting around 160 jobs at risk.

The application for examinership was granted in the High Court on
Oct. 29, the report discloses.  According to the report, all the
bars and night-clubs are to remain open during the examinership
process.

The report relates Bob Tweedy, Tweedy's owner, said the economic
downturn was a major factor, as was the lack of credit from banks
to finance projects, for the group going into examinership.

The group's total debt is believed to be more than EUR10 million,
the report notes.

The Tweedy Group is a bar and entertainment group.  It includes
Muldoon's, Ruby's & Oxygen night-clubs, the Woodman bar and Masons
in Waterford city and Oscar's bar and restaurant on the Dunmore
Road, Waterford.


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


AB NUR: Creditors Must File Claims by November 11
-------------------------------------------------
LLP Ab Nur Universal is currently undergoing liquidation.
Creditors have until November 11, 2009, to submit proofs of claim
to:

          Alimjanov Str. 61-19
          Almaty
          Kazakhstan


ALLIANCE SERVICE: Creditors Must File Claims by November 11
-----------------------------------------------------------
Creditors of LLP Alliance Service Group have until November 11,
2009, to submit proofs of claim to:

         Tole bi Str. 295
         Almaty
         Kazakhstan
         Tel: 8 777 293 23-15

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 24, 2009, after
finding it insolvent.

The Court is located at:

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


BERIK AGRO: Creditors Must File Claims by November 11
-----------------------------------------------------
Creditors of LLP Berik Agro have until November 11, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 17, 2009.


CENTRAL ASIA: Creditors Must File Claims by November 11
-------------------------------------------------------
LLP Central Asia Metalls Limited is currently undergoing
liquidation.  Creditors have until November 11, 2009, to submit
proofs of claim to:

          Kazybek bi Str. 65
          Almaty
          Kazakhstan


KANDI A: Creditors Must File Claims by November 11
--------------------------------------------------
Creditors of LLP Kandi A have until November 11, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 25, 2009.


KUNGEY STROY: Creditors Must File Claims by November 11
-------------------------------------------------------
LLP Kungey Stroy is currently undergoing liquidation.  Creditors
have until November 11, 2009, to submit proofs of claim to:

          Mukanov Str. 239
          Almaty
          Kazakhstan


P MEDIA: Creditors Must File Claims by November 11
--------------------------------------------------
Creditors of LLP P Media have until November 11, 2009, to submit
proofs of claim to:

         Tole bi Str. 295
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 24, 2009, after
finding it insolvent.

The Court is located at:

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


RTC GROUP: Creditors Must File Claims by November 5
---------------------------------------------------
Creditors of LLP Rtc Group have until November 11, 2009, to submit
proofs of claim to:

         Gagarin Ave. 143-21
         Almaty
         Kazakhstan
         Tel: 8 777 803 44-33

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 7, 2009,
after finding it insolvent.

The Court is located at:

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


SK AVIA: Creditors Must File Claims by November 11
--------------------------------------------------
Creditors of LLP Sk Avia have until November 11, 2009, to submit
proofs of claim to:

         Tole bi Str. 295
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 24, 2009, after
finding it insolvent.

The Court is located at:

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


THOR SYSTEMS: Creditors Must File Claims by November 11
-------------------------------------------------------
LLP Thor Systems Company is currently undergoing liquidation.
Creditors have until November 11, 2009, to submit proofs of claim
to:

          Shevchenko Str. 167-65
          Almaty
          Kazakhstan


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


AZAT OVERSEAS: Creditors Must File Claims by November 25
--------------------------------------------------------
LLC Azat Overseas Trading is currently undergoing liquidation.
Creditors have until November 25, 2009, to submit proofs of claim
to:

         Auezov Str. 1/2-411
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 63-71-37


LEE CORPORATION: Creditors Must File Claims by November 25
----------------------------------------------------------
LLC Lee Corporation Engineering is currently undergoing
liquidation.  Creditors have until November 25, 2009, to submit
proofs of claim to:

         Narynsky Side Str. 9a
         Bishkek
         Kyrgyzstan
         Tel: (0-543) 83-40-78


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


HARVEST CLO: Moody's Cuts Ratings on Three Classes of Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Harvest CLO I S.A.

  -- EUR339.3M Class A-1 Senior Floating Rate Notes due 2017
     (currently EUR312.75M), Downgraded to Aa1; previously on
     April 30, 2004 Definitive Rating Assigned Aaa

  -- EUR4M Class A-2 Senior Fixed Rate Notes due 2017 (currently
     -- EUR3.68M), Downgraded to Aa1; previously on April 30, 2004
     Assigned Aaa

  -- EUR13.6M Class B-1 Senior Fixed Rate Notes due 2017,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR31.4M Class B-2 Senior Floating Rate Notes due 2017,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR32.5M Class C Senior Subordinated Deferrable Floating Rate
     Notes due 2017, Downgraded to B2; previously on March 20,
     2009 Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- EUR22.5M Class D Senior Subordinated Deferrable Floating Rate
     Notes due 2017, Downgraded to Caa3; previously on March 20,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR11.5M Class E Senior Subordinated Deferrable Floating Rate
     Notes due 2017, Downgraded to Ca; previously on March 20,
     2009 Downgraded to Caa3 and Remained On Review for Possible
     Downgrade

  -- EUR6M Class Q Combination Notes due 2017 (currently
     EUR4.64M), Downgraded to Ca; previously on April 30, 2004
     Assigned Ba2

  -- EUR5M Class R Combination Notes due 2017, Withdrawn;
     previously on April 30, 2004 Assigned Ba3

  -- EUR20M Class S Combination Notes due 2017 (currently
     EUR12.46M), Downgraded to A2; previously on April 30, 2004
     Assigned Aa2

  -- EUR4M Class U Combination Notes due 2017 (currently
     EUR1.61M), Downgraded to Ca; previously on April 30, 2004
     Assigned Ba3

This transaction is a managed cash CLO with exposure to
predominantly European senior secured loans, as well as some
mezzanine loan exposure (14.06%).  The reinvestment period ended
in April 2009 and the transaction is currently amortizing.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2848), an increase in the amount of defaulted
securities (currently 8.55% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 15.12% of the aggregate collateral balance), and a
failure of all par value tests (including a deterioration of the
Class A/B par value test from 127.68% in September 2008 to 117.32%
in September 2009 after the payment date).  These measures were
taken from the recent trustee report dated September 21, 2009.
Moody's also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.

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


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


BAAN COMPANY: Plan Offers Final Distribution of EUR2.85 Per Share
-----------------------------------------------------------------
The report of the liquidator, the liquidation accounts (rekening
en verantwoording) and the plan of distribution (plan van
verdeling) regarding the liquidation of Baan Company N.V. have
been made available with the Chamber of Commerce of East
Netherlands (office location Enschede) for inspection.

Following completion of the statutory two-month creditor objection
period the Company will be able to make the liquidation
distribution in the amount of EUR2.85 per share as set forth in
the plan of distribution.  The Company will make a further
announcement as to settlement of the liquidation distribution.

According to the Plan, the Company's assets as per the date of
completion of the liquidation will amount to EUR761,913,351 (fixed
and current assets).  The Company has 267,338,018 outstanding
shares.  The amount of EUR761,913,351 therefore allows for a
distribution of EUR2.85 per share.

As there are no liabilities, the full amount of assets --
Liquidation Surplus -- will be available for distribution.  The
Liquidation Surplus will be distributed to the persons entitled
thereto under the articles of association being the ordinary
shareholders of the Company, who shall receive an amount of
EUR2.85 per share as final liquidation distribution.

Currently Invensys Pic (indirectly) owns approximately 93% of the
shares in the Company.  About 5.21% of the shares in the Company
are held by ING and 1.73% ofthe shares in the Company are held by
other shareholders.

                      Eight-Year Liquidation

The Company, which was sent to liquidation in 2001, said that the
completion of the liquidation has been delayed due to various
litigation matters in the Netherlands and the United States of
America.

Shareholder lawsuits were filed alleging that the Company violated
U.S. securities laws by making purportedly false and misleading
statements about the Company's operations during the period from
around the end of January 1997 through mid-October 1998.  The
another complaint asserted purported claims for breach of
contract, violation of U.S. securities laws, violation of the
Georgia Securities Act, and intentional and negligent
misrepresentation all in connection with the Company's acquisition
in September 1998 of CAPS Logistics Inc.

Pursuant to an asset purchase agreement dated July 26, 2000,
Invensys Holdings Limited, a unit of Invensys Plc, agreed to
purchase the entire assets and liabilities of Baan.  Principal
responsibility for the litigation matters were transferred on
August 31, 2000 to Invensys as part of the transaction.
Subsequently, on July 19, 2003, Invensys transferred the risk and
benefit of a number of legal proceedings to the third party
purchaser of most of the former subsidiaries of the Company as
part of the relevant sale and purchase agreement.

                        About Baan Company

Baan Company N.V. -- http://www.baan.com-- is a provider of open
systems, client/server based Enterprise Resource Planning (ERP)
software for manufacturing software for 1 billion revenue
companies.

Baan Company was put in liquidation following a decision of the
annual general meeting of shareholders of November 27,2001.

Invensys Administratie B.V. -- http://www.invensys.com/baan
-- has been appointed as liquidator.


DSB BANK: ABN Amro CEO Gerrit Zalm Included in Bankruptcy Probe
---------------------------------------------------------------
Jurjen van de Pol at Bloomberg News reports that the Dutch central
bank will review the reliability and expertise of executives in
the financial sector who have worked at DSB Bank NV, including ABN
Amro Holding NV Chief Executive Officer Gerrit Zalm.

Bloomberg recalls Dutch Finance Minister Wouter Bos has ordered an
independent investigation into the events that led to the lender's
bankruptcy.  According to Bloomberg, this will also include an
investigation of the role of DSB's board members, which was
previously assigned to financial markets regulator AFM and the
Dutch central bank.

Bloomberg relates Mr. Bos said the investigation, which will take
at least three months, will be led by Professor Michiel Scheltema.

On Oct. 21, 2009, the Troubled Company Reporter-Europe, citing Dow
Jones Newswire, reported DSB Chief Executive Dirk Scheringa called
for a parliamentary investigation into the role played in its
collapse by the Dutch finance ministry and Dutch central bank.
Dow Jones disclosed Mr. Scheringa claimed that the finance
ministry and central bank disregarded a new business model DSB
Bank wanted to launch, funded by a one-time government loan of
EUR100 million, and hadn't seriously considered the option of a
takeover by an interested U.S. party.

As reported in the Troubled Company Reporter-Europe on Oct. 20,
2009, Bloomberg News said the Amsterdam court on Oct. 19 declared
DSB Bank bankrupt after its owner failed to find a buyer.  Citing
the Oct. 19 ruling posted on the court's Web site, Bloomberg
disclosed talks with a possible U.S.-based suitor, Dallas-based
buyout firm Lone Star Funds, failed.  Bloomberg said the Dutch
central bank took control of DSB on Oct. 12 as an outflow of
capital threatened the company's existence.

DSB Bank -- http://www.dsbbank.com/-- is a fully licensed bank in
the Netherlands, providing mortgages, consumer loans, savings and
insurance products to retail clients.  The bank has a leading
market share in the Dutch market for consumer loans.  DSB Bank
also has operations in Belgium and Germany.  DSB Bank, established
in 1975, is privately owned by Dirk Scheringa, currently CEO of
DSB Bank, Chairman of the Executive Management Board.
Mr. Scheringa is also 100% owner of AZ Alkmaar football club,
which plays in the Dutch Premier League and president of the
Scheringa Museum for Magic Realism, an international collection of
more than 500 works of art.


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


BANCO COMERCIAL: Moody's Changes Outlook on Securities to Negative
------------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the backed-Aa2 rated long-term senior unsecured debt
securities of these four Portuguese financial institutions: Banif-
Banco Internacional do Funchal, S.A., Banco Comercial Portugues,
S.A., Banco Espirito Santo, S.A. and Caixa Geral de Depositos,
S.A.  This change in outlook follows the change in outlook to
negative from stable on the ratings of Portugal.

The backed-Aa2 ratings assigned to the four banks are based on the
unconditional and irrevocable guarantee from the Republic of
Portugal, and the government's publicly stated objective of
improving the medium-term financing of the country's banking
system.  The guarantee covers senior debt issuance and borrowings
with a maturity from three months to three years.

The debt issues affected by Moody's outlook action are:

-- EUR500 million due in May 2012 (ISIN PTBAFPOE0003), issued by
    Banif - Banco Internacional do Funchal, S.A. -- issuer
    currently rated Baa1/Prime-2/D-

-- EUR1.500 billion, due in January 2012 (ISIN PTBCP9OM0051),
    issued by Banco Comercial Portugues, S.A. -- issuer currently
    rated A1/Prime-1/D+

-- EUR1.500 billion due in January 2012 (ISIN PTBEMPOE0018),
    issued by Banco Espirito Santo, S.A., -- issuer currently
    rated A1/Prime-1/C-

-- EUR1.250 billion due in December 2011 (ISIN PTCG1HOM0003),
    issued by Caixa Geral de Depositos, S.A., -- issuer currently
    rated Aa2/Prime-1/C-

               Last Rating Actions and Methodologies

Moody's last rating action on Banif S.A. was on September 16,
2009, when the bank's BFSR was downgraded with a negative outlook,
and the debt and deposit ratings were confirmed and the outlook
changed to negative.

Moody's last rating action on Banco Comercial Portugues was on
September 16, 2009, when the bank's ratings were downgraded with a
negative outlook.

Moody's last rating action on Banco Espirito Santo was on
September 16, 2009, when the bank's ratings were downgraded with a
stable outlook.

Moody's last rating action on Caixa Geral de Depositos was on
September 16, 2009, when the bank's ratings were downgraded with a
negative outlook.

Headquartered in Funchal, Banif SA had (unaudited) total assets of
EUR11.1 billion at the end of June 2009.

Headquartered in Oporto, Banco Comercial Portugues had total
assets of EUR93.8 billion at the end of June 2009.

Headquartered in Lisbon, Banco Espirito Santo had total assets of
EUR81.4 billion at the end of June 2009.

Headquartered in Lisbon, Caixa Geral de Depositos had (unaudited)
total assets of EUR118.2 billion at the end of June 2009.


BANCO INTERNACIONAL: Moody's Changes Outlook on Securities to Neg.
------------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the backed-Aa2 rated long-term senior unsecured debt
securities of these four Portuguese financial institutions: Banif-
Banco Internacional do Funchal, S.A., Banco Comercial Portugues,
S.A., Banco Espirito Santo, S.A. and Caixa Geral de Depositos,
S.A.  This change in outlook follows the change in outlook to
negative from stable on the ratings of Portugal.

The backed-Aa2 ratings assigned to the four banks are based on the
unconditional and irrevocable guarantee from the Republic of
Portugal, and the government's publicly stated objective of
improving the medium-term financing of the country's banking
system.  The guarantee covers senior debt issuance and borrowings
with a maturity from three months to three years.

The debt issues affected by Moody's outlook action are:

-- EUR500 million due in May 2012 (ISIN PTBAFPOE0003), issued by
    Banif - Banco Internacional do Funchal, S.A. -- issuer
    currently rated Baa1/Prime-2/D-

-- EUR1.500 billion, due in January 2012 (ISIN PTBCP9OM0051),
    issued by Banco Comercial Portugues, S.A. -- issuer currently
    rated A1/Prime-1/D+

-- EUR1.500 billion due in January 2012 (ISIN PTBEMPOE0018),
    issued by Banco Espirito Santo, S.A., -- issuer currently
    rated A1/Prime-1/C-

-- EUR1.250 billion due in December 2011 (ISIN PTCG1HOM0003),
    issued by Caixa Geral de Depositos, S.A., -- issuer currently
    rated Aa2/Prime-1/C-

               Last Rating Actions and Methodologies

Moody's last rating action on Banif S.A. was on September 16,
2009, when the bank's BFSR was downgraded with a negative outlook,
and the debt and deposit ratings were confirmed and the outlook
changed to negative.

Moody's last rating action on Banco Comercial Portugues was on
September 16, 2009, when the bank's ratings were downgraded with a
negative outlook.

Moody's last rating action on Banco Espirito Santo was on
September 16, 2009, when the bank's ratings were downgraded with a
stable outlook.

Moody's last rating action on Caixa Geral de Depositos was on
September 16, 2009, when the bank's ratings were downgraded with a
negative outlook.

Headquartered in Funchal, Banif SA had (unaudited) total assets of
EUR11.1 billion at the end of June 2009.

Headquartered in Oporto, Banco Comercial Portugues had total
assets of EUR93.8 billion at the end of June 2009.

Headquartered in Lisbon, Banco Espirito Santo had total assets of
EUR81.4 billion at the end of June 2009.

Headquartered in Lisbon, Caixa Geral de Depositos had (unaudited)
total assets of EUR118.2 billion at the end of June 2009.


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


DAL-ZAVOD: Court Names A.Sazhnov as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Primorskiy appointed A.Sazhnov as
Insolvency Manager for OJSC Dal-Zavod (Shipbuilding and Repair).
The case is docketed under Case No. A51-9519/2001 9-112.  He can
be reached at:

         Office 427
         Revolyutsionnaya Str. 96/4
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Dal-Zavod
         Dalzavodskaya Str. 2
         Vladivostok
         Russia


ENER-PROM: Creditors Must File Claims by November 9
---------------------------------------------------
Creditors of CJSC Ener-Prom (TIN 3808070815) (Hydraulic Equipment
Manufacturing) have until November 9, 2009, to submit proofs of
claims to:

         O. Lukina
         Temporary Insolvency Manager
         Post User Box 165
         664047 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene on February 26,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A19-12936/09-49.

The Debtor can be reached at:

         CJSC Ener-Prom
         Starokuzminskaya Str. 28
         664033 Irkutsk
         Russia


GENERAL RESERVE: Creditors Must File Claims by November 9
---------------------------------------------------------
Creditors of LLC General Reserve (TIN 7707243434, PSRN
1027739213479) (Construction) have until November 9, 2009, to
submit proofs of claims to:

         M. Roshchin
         Temporary Insolvency Manager
         Post User Box 39
         123242 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:30 a.m. on
January 28, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. A40-73699/09-44-381B.

The Debtor can be reached at:

         LLC General Reserve
         Kosygina Str. 5
         117334 Moscow
         Russia


MORSHANSK-KHIM: Creditors Must File Claims by November 9
--------------------------------------------------------
Creditors of LLC Morshansk-Khim-Mash (TIN 6826031892, PSRN
1066809016482) (Package Printing) have until November 9, 2009, to
submit proofs of claims to:

         R.Akhmetov
         Temporary Insolvency Manager
         Office 205
         KikvidzeStr. 37A
         392014 Tambov
         Russia

The Arbitration Court of Tambovskaya will convene on January 21,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A64-3668/09.

The Debtor can be reached at:

         LLC Morshansk-Khim-Mash
         Zelenaya Str. 4
         Morshansk
         Tambovskaya
         Russia


NKNK FINANCE: Moody's Assigns 'B1' Rating on US$101 Mil. Notes
--------------------------------------------------------------
Moody's has assigned a (P)B1 rating to the proposed US$101 million
12 per cent Loan Participation Notes to be issued by NKNK Finance
Plc., a finance vehicle created for the sole purpose of financing
a loan to OAO Nizhnekamskneftekhim.  In the absence of a guarantee
from the beneficiary of the Notes proceeds, credit recourse is
provided by the underlying loan agreement with NKNK.  The outlook
is stable.

The Notes are issued to form part of the consideration in respect
of an exchange offer by the Issuer for up to US$200 million of its
8.5 per cent loan participation notes due 2015, originally issued
to finance a loan to NKNK.  As a consequence, no new funds will be
received by the company.

The notes will rank pari passu with all other unsecured
obligations of the company, and will be subject to various
covenants embedded in the Loan agreement between the Issuer and
NKNK, including limitations on additional indebtedness and the
creation of new liens.

Redemption of the principal will be effected by equal installments
semiannually starting from April 20, 2011, with the final
installment due on April 20, 2012.  Noteholders are entitled to a
put option in the event of Change of Control.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's,
and assume that these agreements are legally valid, binding, and
enforceable.

The previous rating action on NKNK was on February 26, 2008 when
Moody's upgraded its Baseline Credit Assessment and affirmed
ratings at B1.

Based in Nizhnekamsk in the Russian Republic of Tatarstan (Ba1,
negative), Nizhnekamskneftekhim is one of the country's key
producers of rubbers, plastics monomers and other petrochemicals.
Its ten core production units are located on one site.  In 2008,
the company reported sales of RUB76.3 billion (around
US$3 billion) and adjusted EBITDA of RUB9.26 billion
(US$373 million).  Around half the company's revenue was derived
from export activities.


RUNK-LTD: Creditors Must File Claims by November 9
--------------------------------------------------
Creditors of CJSC Runk-Ltd (TIN 6501102815, PSRN 10265005404170)
(Forestry) have until November 9, 2009, to submit proofs of claims
to:

         A. Masterkov
         Temporary Insolvency Manager
         Post User Box 40
         693023 Yuzhno-Sakhalinsk
         Russia

The Arbitration Court of Sakhalinskaya will convene at 10:40 a.m.
on February 8, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A59-3553/2009.

The Debtor can be reached at:

         CJSC Runk-Ltd
         Apt. 3
         Komsomolskaya Str. 152
         Yuzhno-Sakhalinsk
         693010 Sakhalinskaya
         Russia


STROY-PROGRESS: Creditors Must File Claims by November 9
--------------------------------------------------------
Creditors of LLC Stroy-Progress-T (Construction) have until
November 9, 2009, to submit proofs of claims to:

         V. Komarov
         Insolvency Manager
         Sovetskaya Str. 32
         Koptevo
         Rasskazovskiy
         393276 Tambovskaya
         Russia

The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A64-2700/09.

The Debtor can be reached at:

         LLC Stroy-Progress-T
         Office 2
         Building 8
         Industrial zone
         Stroitel
         Tambovskiy
         Tambovskaya
         Russia


STROY-TORG: Creditors Must File Claims by November 9
----------------------------------------------------
Creditors of OJSC Stroy-Torg-Servis (TIN 4109000817, PSRN
102101218371) (Construction) have until November 9, 2009, to
submit proofs of claims to:

         D. Badmazhapova
         Temporary Insolvency Manager
         Office 500
         Leningradskaya Str. 33A
         683003 Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatskiy Kray will convene at 5:30
p.m. on December 22, 2009, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. A24-2794/2009.

The Debtor can be reached at:

         OJSC Stroy-Torg-Servis
         Gorkogo Str. 23
         Ust-Kamchatsk
         Kamchatskiy
         Russia


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


SANTANDER EMPRESAS: Fitch Cuts Ratings on 2 Classes of Notes to C
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on four small- and
medium-sized enterprise collateralized debt obligations: Fondo de
Titulizacion de Activos Santander Empresas 1, 2, 3 and 4.  The
rating actions resolve the Rating Watch Negative status assigned
in August 2009 after Fitch revised its rating criteria for
European granular corporate balance-sheet securitizations on
July 23, 2009.  The rating actions are:

Fondo de Titulizacion de Activos Santander Empresas 1:

  -- EUR424,996,856 class A2 notes (ISIN ES0382041012): affirmed
     at 'AAA'; Outlook Stable; assigned a Loss Severity rating of
     LS-2

  -- EUR80,600,000 class B notes (ISIN ES0382041020): affirmed at
     'AA+'; Outlook Stable; assigned LS-3

  -- EUR90,100,000 class C notes (ISIN ES0382041038): affirmed at
     'A+'; Outlook Stable; assigned LS-3

  -- EUR170,500,000 class D notes (ISIN ES0382041046): downgraded
     to 'CCC' from 'BBB'; removed from RWN

Fondo de Titulizacion de Activos Santander Empresas 2:

  -- EUR828,829,229 class A2 (ISIN ES0338058011): downgraded to
     'AA' from 'AAA'; removed from RWN; assigned Outlook Stable;
     assigned LS-3

  -- EUR84,100,000 class B (ISIN ES0338058029): downgraded to 'A'
     from 'AA'; removed from RWN; assigned Outlook Stable;
     assigned LS-     5

  -- EUR62,300,000 class C (ISIN ES0338058037): downgraded to
     'BBB' from 'A'; removed from RWN; assigned Outlook Stable;
     assigned LS-5

  -- EUR59,500,000 class D (ISIN ES0338058045): downgraded to 'BB'
     from 'BBB+'; removed from RWN; assigned Outlook Stable;
     assigned LS-5

  -- EUR29,000,000 class E (ISIN ES0338058052): downgraded to 'B'
     from 'BB+'; removed from RWN; assigned Outlook Negative;
     assigned LS-5

  -- EUR53,700,000 class F (ISIN ES0338058060): downgraded to 'C'
     from 'CCC'; removed from RWN

Fondo de Titulizacion de Activos Santander Empresas 3:

  -- EUR982,311,660 class A2 (ISIN ES0337710018): downgraded to
     'A+' from 'AAA'; removed from RWN; assigned Outlook Stable;
     assigned LS-3

  -- EUR418,927,848 class A3 (ISIN ES0337710026): downgraded to
     'A+' from 'AAA'; removed from RWN; assigned Outlook Stable;
     assigned LS-3

  -- EUR39,700,000 class B (ISIN ES0337710034): downgraded to 'A'
     from 'AA'; removed from RWN; assigned Outlook Stable;
     assigned LS-5

  -- EUR117,300,000 class C (ISIN ES0337710042): downgraded to
     'BBB' from 'A'; removed from RWN; assigned Outlook Stable;
     assigned LS-5

  -- EUR70,000,000 class D (ISIN ES0337710059): affirmed at 'BB';
     removed from RWN; assigned Outlook Negative; assigned LS-5

  -- EUR45,500,000 class E (ISIN ES0337710067): downgraded to
     'CCC' from 'B'; removed from RWN;

  -- EUR45,500,000 class F (ISIN ES0337710075): affirmed at 'C'

Fondo de Titulizacion de Activos Santander Empresas 4:

  -- EUR58,552,594 class A1 (ISIN ES0337944005): downgraded to 'A'
     from 'AAA'; removed from RWN Outlook Stable; assigned LS-5;

  -- EUR1,220,049,662 class A2 (ISIN ES0337944013): downgraded to
     'A' from 'AAA'; removed from RWN Outlook Stable; assigned LS-
     2

  -- EUR430,504,028 class A3 (ISIN ES0337944021): downgraded to
     'A' from 'AAA'; removed from RWN; Outlook Stable; assigned
     LS-3

  -- EUR90,200,000 class B (ISIN ES0337944039): downgraded to
     'BBB' from 'A'; removed from RWN; Outlook Stable; assigned
     LS-4

  -- EUR97,400,000 class C (ISIN ES0337944047): downgraded to 'BB'
     from 'BBB'; removed from RWN; Outlook Stable; assigned LS-4

  -- EUR79,700,000 class D (ISIN ES0337944054): downgraded to
     'CCC' from 'B'; removed from RWN

  -- EUR56,600,000 class E (ISIN ES0337944062): downgraded to 'CC'
     from 'CCC'; removed from RWN

  -- EUR46,000,000 class F (ISIN ES0337944070): affirmed at 'C'

The downgrades principally reflect the implementation of Fitch's
revised SME CDO rating criteria.  The rating actions also reflect
increasing portfolio concentration risk, difficult macro-economic
conditions and reducing credit enhancement as the reserve funds
are released in accordance with the transaction documents.  All
four transactions have benefited from portfolio seasoning and
structural de-leveraging, with more de-leveraging seen in the
older vintage transactions due to the increased passage of time.
Therefore, the magnitude of the downgrades is not as significant
for older vintages because they have an increased ability to
withstand Fitch's revised stress tests.

Fitch also tested the CE for the junior tranches to see how it
would perform following the default and stressed recovery of the
largest obligors in the portfolio, in particular, to attain a 'B'
rating the note should be able to withstand the default of at
least the two largest assets.  The junior tranche downgrades are
primarily related to these obligor default assessments.  The
delinquency performance of three of the four transactions is in
line with Fitch's expectations.  Fondo de Titulizacion de Activos
Santander Empresas 4 was the only transaction where the agency's
rating action is linked to the arrears in the portfolio.

Fitch was not provided with updated loan by loan data to conduct
these reviews.  As such, the agency performed its analysis based
on synthetic portfolios that incorporate the characteristics of
the current collateral portfolios as reported by the gestora and
worst case assumptions regarding the largest obligors' recovery
expectations and delinquency status.

The downgrade of Fondo de Titulizacion de Activos Santander
Empresas 1's junior tranche mainly reflects a low level of CE
compared to the portfolio obligor concentration.  More
specifically, the two largest obligors account for approximately
7% of the portfolio, which when compared to the 3.7% CE for the
class D notes indicates that these notes could not withstand the
default of these two obligors with stressed recovery rates.  The
agency considers this level of coverage is only sufficient to
warrant a 'CCC' rating.  The senior and mezzanine tranches benefit
from CE provided by the class D notes, which is considered to
provide sufficient protection, commensurate with their current
ratings.

The downgrade of all the tranches in Fondo de Titulizacion de
Activos Santander Empresas 2 reflects Fitch's revised view on
default probability, recovery and correlation assumptions as
detailed in the SME CDO rating criteria.  The agency also
considered the performance of the transaction and composition of
the portfolio, such as the amortization of the notes (which has
resulted in increased CE for all the rated tranches), the
relatively low level of secured assets in the portfolio and high
obligor concentration.  Only 29% of the assets are secured with a
high average LTV of 74%, and the top 20 obligors account for 30%
of the portfolio.  The junior notes were downgraded due to their
sensitivity to default of the largest obligors, with, for example,
the largest two obligors accounting for 6.1% of the portfolio,
compared with the class E CE of 4.7%.

Fondo de Titulizacion de Activos Santander Empresas 3's senior
tranches were downgraded based on Fitch's revised view on default
probability, recovery and correlation assumptions as detailed in
the SME CDO rating criteria.  As with the two previous
transactions, this structure has also benefited from note
amortization and therefore increased CE.  However, due to the
transaction closing at least a year later, the amortization
affects were smaller than in the other structures, which resulted
in a more substantial downgrade.  More specifically, the class A2
and A3 notes have increased their CE to 18.7% respectively, which
compares to 26.7% or 48% for the class A notes in Fondo de
Titulizacion de Activos Santander Empresas 1 and 2.  Fitch
considers that the current CE level is commensurate with an 'A+'
rating.  Using a similar rationale, the mezzanine, class B and C
notes were downgraded by one rating category.  The class E notes
were downgraded due to their inability to withstand the default
and stressed recovery of the two largest obligors.  The class E
notes have CE of 2.4%, whereas the two largest obligors account
for 3.8% of the portfolio.

Fondo de Titulizacion de Activos Santander Empresas 4 was also
downgraded due to Fitch's revised view on default probability,
recovery and correlation.  Like Fondo de Titulizacion de Activos
Santander Empresas 3, this transaction has only benefited from a
limited period of note amortization and therefore the senior and
mezzanine notes have not built up sufficient cushions to withstand
the higher stresses applied in the new rating criteria.  The
downgrade of the junior tranches is principally driven by the
limited CE and sensitivity to obligor defaults.  Additionally, due
to relatively high delinquency rates in the portfolio the
structure has started to draw heavily on its reserve fund, using
EUR18.5 million in the period ending July 2009, further reducing
the CE available to all notes, but particularly affecting the
junior notes which are reliant on the structural support provided
by the reserve fund.


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


ALUFLEX SYSTEM: Claims Filing Deadline is November 6
----------------------------------------------------
Creditors of Aluflex System AG are requested to file their proofs
of claim by November 6, 2009, to:

         Elsbeth Luethy-Roest
         Dersbachstrasse 21
         6333 Huenenberg See
         Switzerland

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


BAJKOR GMBH: Claims Filing Deadline is November 6
-------------------------------------------------
Creditors of Bajkor GmbH are requested to file their proofs of
claim by November 6, 2009, to:

         Marie-Louise Kratzer
         Lettenstrasse 7
         6343 Rotkreuz
         Switzerland

The company is currently undergoing liquidation in Risch.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 17, 2009.


PROTEC BERATUNG: Claims Filing Deadline is November 4
-----------------------------------------------------
Creditors of Protec Beratung GmbH are requested to file their
proofs of claim by November 4, 2009, to:

         Innoplus GmbH
         Rundbuckstrasse 6
         8212 Neuhausen am Rheinfall
         Switzerland

The company is currently undergoing liquidation in Neuhausen am
Rheinfall.  The decision about liquidation was accepted at an
extraordinary shareholder's meeting held on August 20, 2009.


RUEDI SOMMER: Claims Filing Deadline is November 6
--------------------------------------------------
Creditors of Ruedi Sommer AG are requested to file their proofs of
claim by November 6, 2009, to:

         Bodan Treuhand AG
         Liquidator
         Eisenbahnstrasse 41
         9400 Rorschach
         Switzerland

The company is currently undergoing liquidation in Rorschach.  The
decision about liquidation was accepted at a general meeting held
on June 23, 2009.


SICHERSAUBER GMBH: Claims Filing Deadline is November 6
-------------------------------------------------------
Creditors of Sichersauber GmbH are requested to file their proofs
of claim by November 6, 2009, to:

         Suzanne Luginbuehl
         Liquidator
         Kloesterlistrasse 38b
         6010 Kriens
         Switzerland

The company is currently undergoing liquidation in Kriens.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 17, 2009.


SIGHT GMBH: Claims Filing Deadline is November 4
------------------------------------------------
Creditors of Sight GmbH are requested to file their proofs of
claim by November 4, 2009, to:

         Sven Nueesch, liquidator
         Schifflaendestrasse 33
         8272 Ermatingen
         Switzerland

The company is currently undergoing liquidation in Ermatingen. The
decision about liquidation was accepted at an extraordinary
shareholder's meeting held on September 2, 2009.


SIGRIST MULTIMEDIA: Claims Filing Deadline is November 6
--------------------------------------------------------
Creditors of Sigrist Multimedia GmbH are requested to file their
proofs of claim by November 6, 2009, to:

         Markus Sigrist
         Liquidator
         Bruenigstrasse 10
         6055 Alpnach Dorf
         Switzerland

The company is currently undergoing liquidation in Hergiswil NW.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 17, 2009.


TMS TRAVEL: Claims Filing Deadline is November 6
------------------------------------------------
Creditors of TMS Travel Management Services & Consulting GmbH are
requested to file their proofs of claim by November 6, 2009, to:

         TMS Travel Management Services & Consulting GmbH
         Spalenring 28
         4009 Basel
         Switzerland

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


ZINGGELER AG: Claims Filing Deadline is November 6
--------------------------------------------------
Creditors of Zinggeler AG are requested to file their proofs of
claim by November 6, 2009, to:

         Alltax Ag Zurich
         Kirchgasse 50
         8706 Meilen
         Switzerland

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


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


ATMA ESTATE: Creditors Must File Claims by November 4
-----------------------------------------------------
Creditors of LLC Atma Estate (code EDRPOU 33718295) have until
November 4, 2009, to submit proofs of claim to:

         N. Pliuschova
         Insolvency Manager
         Office 132
         Darnitskaya Str. 4
         49083 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on September 21, 2009.  The case
is docketed under Case No. B29/180-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Atma Estate
         Heroes of Stalingrad Str. 16
         49061 Dnepropetrovsk
         Ukraine


EDITIVE LLC: Creditors Must File Claims by November 4
-----------------------------------------------------
Creditors of LLC Editive (code EDRPOU 35757418) have until
November 4, 2009, to submit proofs of claim to:

         O. Slavnaya
         Insolvency Manager
         Post Office Box 35
         01019 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 24, 2009.  The case is docketed
under Case No. B6/201-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Editive
         Vokzalnaya Str. 2
         Glevakha
         Vasilkov
         08631 Kiev
         Ukraine


ENERGY STEEL: Creditors Must File Claims by November 4
------------------------------------------------------
Creditors of LLC Energy Steel (code EDRPOU 33638739) have until
November 4, 2009, to submit proofs of claim to:

         O. Slavnaya
         Insolvency Manager
         Post Office Box 35
         01019 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 24, 2009.  The case is docketed
under Case No. B18/155-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Energy Steel
         Kiev Str. 132
         Obukhov
         08702 Kiev
         Ukraine


FK UNIVERSALNAYA: Creditors Must File Claims by November 4
----------------------------------------------------------
Creditors of LLC FK Universalnaya (code EDRPOU 35945900) have
until November 4, 2009, to submit proofs of claim to:

         I. Tsimbal
         Insolvency Manager
         Office 124
         General Naumov Str. 41
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 17, 2009.  The case is docketed
under Case No. 44/439-b.

The Court is located at:

          The Economic Court of Kiev
          B. Hmelnitskiy Str. 44-b
          01030 Kiev
          Ukraine

The Debtor can be reached at:

         LLC FK Universalnaya
         Yaroslavov Val Str. 34
         01034 Kiev
         Ukraine


INDUSTRIAL BUILDING: Creditors Must File Claims by November 4
-------------------------------------------------------------
Creditors of LLC Industrial Building Installation Investment (code
EDRPOU 35246739) have until November 4, 2009, to submit proofs of
claim to:

         D. Luchenko
         Insolvency Manager
         Office 23
         Pobeda Ave. 57-b
         61174 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on September 23, 2009.  The case is docketed
under Case No. B-48/105-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Industrial Building Installation Investment
         Grekovskaya Str. 79
         61030 Kharkov
         Ukraine


INTERARM LLC: Creditors Must File Claims by November 4
------------------------------------------------------
Creditors of LLC Trading House Interarm (code EDRPOU 32828571)
have until November 4, 2009, to submit proofs of claim to:

         A. Borisov
         Insolvency Manager
         Office 32
         Franko Str. 2
         Borispol
         08300 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 6, 2009.  The case is docketed under
Case No. 50/120.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Str. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Trading House Interarm
         Verkhny Val Str. 42-v
         Kiev
         Ukraine


LUGANSK SUPPLY LLC: Creditors Must File Claims by November 4
------------------------------------------------------------
Creditors of LLC Lugansk Supply (code EDRPOU 30516580) have until
November 4, 2009 to submit proofs of claim to M. Skachkov, the
company's insolvency manager.

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on August 31, 2009.  The case is docketed
under Case No 12/69b.

The Court is located at:

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

The Debtor can be reached at:

          LLC Lugansk Supply
          Zveynek Str. 145b
          91033 Lugansk
          Ukraine


LUK-NAFTA LLC: Creditors Must File Claims by November 4
-------------------------------------------------------
Creditors of LLC Luk-Nafta (code EDRPOU 32756937) have until
November 4, 2009, to submit proofs of claim to A. Chilimova, the
company's insolvency manager.

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on September 22, 2009.  The case is docketed
under Case No. 24/94B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Luk-Nafta
         Yugoslavskaya Str. 1a
         Donetsk
         Ukraine


MEGA TRADE: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Mega Trade (code EDRPOU 32293744).

The Insolvency Manager is:

         N. Chesnova
         Post Office Box 2047
         49033 Dnepropetrovsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Mega Trade
         Office 1
         Ulianov Str. 6
         49000 Dnepropetrovsk
         Ukraine


NAFTOGAZ OF UKRAINE: Creditors Agree to Debt Restructuring Terms
----------------------------------------------------------------
Natalya Zinets at Reuters, citing Ukraine's Acting Finance
Minister Ihor Umansky, reports that NJSC Naftogaz of Ukraine has
concluded talks with creditors on restructuring its foreign debt.

According to Reuters, Mr. Umansky said all creditors have agreed
on the terms of a debt restructuring.

Naftogaz, Reuters discloses, has wanted to restructure all of its
foreign debt including a US$500 million Eurobond by swapping it
with a US$1.65 billion new bond, settlement for which had been due
on Thursday, Oct. 29.  Reuters says Eurobond holders had already
agreed to the new terms and Naftogaz had been in talks with
bilateral lenders for the rest of the debt worth more than
US$1 billion.

                  About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- is a vertically integrated oil and gas
company engaged in full cycle of operations in gas and oil field
exploration and development, production and exploratory drilling,
gas and oil transport and storage, supply of natural gas and LPG
to consumers.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on June 2,
2009, Moody's Investors Service downgraded to Caa1 from B2, the
foreign currency corporate family rating, and probability of
default and debt ratings of NJSC Naftogaz of Ukraine.  Moody's
said the outlook on the ratings was changed to negative.


NARVIK SOUTH : Creditors Must File Claims by November 4
-------------------------------------------------------
Creditors of LLC Narvik South (code EDRPOU 36099730) have until
November 4, 2009, to submit proofs of claim to:

         V. Cherepenko
         Insolvency Manager
         Moscow Str. 54-a
         54017 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. 18/98/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Narvik South
         Office 48
         Heroes of Stalingrad Ave. 13
         54025 Nikolayev
         Ukraine


PETROLEUM PRODUCT: Creditors Must File Claims by November 4
-----------------------------------------------------------
Creditors of LLC Petroleum Product (code EDRPOU 32196790) have
until November 4, 2009, to submit proofs of claim to:

         I. Ternova
         Insolvency Manager
         Gagarin Ave. 169/4/43
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on September 26, 2009.  The case
is docketed under Case No. B24/26-09.

The Court is located at:

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

The Debtor can be reached at:

          LLC Petroleum Product
          Kolkhoznaya Str. 56
          Yubileynoye
          Dnepropetrovsk
          Ukraine


PLANET BUILDING: Creditors Must File Claims by November 4
---------------------------------------------------------
Creditors of LLC Planet Building Plus (code EDRPOU 34513425) have
until November 4, 2009, to submit proofs of claim to:

         A. Malevany
         SKD Str. 24/2
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. 6/15-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Planet Building Plus
         50 years of Stakhanov Movement Street
         Podlesnovka
         Sumy
         Ukraine


PROGRESS 2006: Creditors Must File Claims by November 4
-------------------------------------------------------
Creditors of LLC Progress 2006 (code EDRPOU 33259730) have until
November 4, 2009 to submit proofs of claim to:

         V. Volyk
         Insolvency Manager
         Lukash Str. 5
         Lvov
         Ukraine

The Economic Court of Chernovtsy commenced bankruptcy proceedings
against the company on September 17, 2009.  The case is docketed
under Case No. 10/115/b.

The Court is located at:

         The Economic Court of Chernovtsy
         O. Kobilianskaya Str. 14
         58000 Chernovtsy
         Ukraine

The Debtor can be reached at:

         LLC Progress 2006
         Zheleznodorozhnaya Str. 8
         Romankovtsy
         Sokiriansky
         60226 Chernovtsy
         Ukraine


SUMY HEAT: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Economic Court of Sumy commenced bankruptcy supervision
procedure on State Communal Enterprise Sumy Heat Communal Energy
(code EDRPOU 21117344).

The Insolvency Manager is:

         A. Sysoyev
         Office 49A
         Petropavlovskaya Str. 74
         Sumy
         Ukraine

The Court is located at:

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


The Debtor can be reached at:

         State Communal Enterprise Sumy Heat Communal Energy
         Lebedinskaya Str. 7
         40000 Sumy
         Ukraine


TECHNO-SPORT-SERVICE LLC: Creditors Must File Claims by November 4
------------------------------------------------------------------
Creditors of LLC Techno-Sport-Service (code EDRPOU 32910093) have
until November 4, 2009, to submit proofs of claim to:

         O. Slavnaya
         Insolvency Manager
         Post Office Box 35
         01019 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 24, 2009.  The case is docketed
under Case No. B18/158-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Techno-Sport-Service
         Sosnovy lane 2
         Boyarka
         08150 Kiev
         Ukraine


TRADER LLC: Creditors Must File Claims by November 4
----------------------------------------------------
Creditors of LLC Trader (code EDRPOU 30508563) have until
November 4, 2009 to submit proofs of claim to:

         I. Ternova
         Insolvency Manager
         Gagarin Ave. 169/4/43
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on September 24, 2009.  The case
is docketed under Case No. B24/27-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trader
         Kolkhoznaya Str. 56
         Yubileynoye
         Dnepropetrovsk
         Ukraine


VIKSEN LLC: Creditors Must File Claims by November 4
----------------------------------------------------
Creditors of LLC Viksen (code EDRPOU 33120256) have until
November 4, 2009, to submit proofs of claim to:

         O. Kuznetsova
         Insolvency Manager
         Chernishevskaya Str. 26
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on September 24, 2009.  The case is docketed
under Case No. B-39/124-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Viksen
         Heroes of Stalingrad Ave. 10
         Kharkov
         Ukraine


ZHELEZNODOROZHNIK BREAD: Court Starts Bankruptcy Procedure
----------------------------------------------------------
The Economic Court of Sumy commenced bankruptcy supervision
procedure on OJSC Zheleznodorozhnik Bread Plant (code EDRPOU
23050348).

The Insolvency Manager is:

         A. Sysoyev
         Office 49A
         Petropavlovskaya Str. 74
         Sumy
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zheleznodorozhnik Bread Plant
         Gayevsky Lane 2-b
         Trostianets
         Sumy
         Ukraine


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


AROSA FUNDING: S&P Withdraws 'BB+' Rating on EUR100 Mil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its BB+/Watch Neg
credit rating on the EUR100 million secured floating-rate credit-
linked series 2006-4 notes issued by Arosa Funding Ltd.

The withdrawal follows the early redemption of the notes, which
took place at the end of September 2009.


BLACKS LEISURE: In Talks with Lloyds Over Debt Restructuring Plan
-----------------------------------------------------------------
Esther Bintliff at The Financial Times reports that Blacks Leisure
Group plc is in talks with its lender, Lloyds Banking Group plc,
after the company presented a restructuring plan to the bank.

The FT recalls Lloyds agreed on a freeze of Black's banking
covenants in September, on the proviso the company delivered a
restructuring plan to address the future viability of the group by
October 30.

According to the FT, the company's pre-tax losses widened to
GBP18.1 million, from GBP6.7 million in the first half of 2008 due
to a further decline in sales and exceptional costs of placing its
boardwear subsidiary, Sandcity, into administration.  The
company's first-half sales fell to GBP125 million, down 6.1% on
the same period in 2008, the FT discloses.

                          Stake Ownership

Jonathan Browning at Bloomberg News reports Ernst & Young LLP,
Kaupthing Singer & Friedlander Ltd.'s administrators, will go to
court to determine who controls Mike Ashley's Sports Direct
International Plc's stakes in Blacks and JD Sports Fashion Plc.

Bloomberg relates Sports Direct on Oct. 27 said in an e-mailed
statement it "continues to resist" efforts to appropriate the
stakes and is "taking an action" against the administrators and
KSF.

KSF, which was put into administration by the U.K. government in
October 2008, holds 28.5% of the voting rights in Blacks and
11.9% JD Sports.

                       About Blacks Leisure

Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk/-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment.  The Company comprises two
segments: Outdoor and Boardwear.  Outdoor trades under the fascias
Blacks and Millets.  The trade is from retail stores in the
British  Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike.  Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers.  The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.


CATTLES PLC: RBS Claims Priority Over Bondholders
-------------------------------------------------
Jane Croft at The Financial Times reports that Royal Bank of
Scotland has argued in the High Court that it should have priority
over bondholders if Cattles plc went into administration.

According to the FT, RBS, which is the biggest bank lender to
Cattles, told the High Court that its claim ranks ahead of
bondholders because of a guarantee given to the banks by Welcome,
a Cattles subsidiary.

As reported in the Troubled Company Reporter-Europe on Oct. 29,
2009, the FT said the court will be asked to decide, in the event
of an administration, whether the construction of this guarantee
will mean Cattles' banks and private placement noteholders will
receive most of the cash the company gets back from its customers,
which bondholders dispute.

The hearing on the case between Cattles and Welcome concluded and
a judgment is expected, the FT notes.

The FT says a standstill arrangement with creditors is set to be
signed off in the coming days despite the ongoing dispute.

Cattles plc -- http://www.cattles.co.uk/-- is a financial
services company specializing in providing consumer credit to non-
standard customers in United Kingdom.  The Company also provides
debt recovery services to external clients and its consumer credit
business, and working capital finance for small- and medium-sized
businesses.  It also has a car retail operation, which is an
introducer of hire purchase customers to its consumer credit
business.  Its business divisions include Welcome Financial
Services, The Lewis Group and Cattles Invoice Finance.  Welcome
Financial Services consists of three businesses: Welcome Finance,
Shopacheck and Welcome Car Finance.  Shopacheck provides short-
term home collected loans to some 260,000 customers through 52
branches.  The Lewis Group provides debt recovery and
investigation services, serving both external clients and Welcome
Financial Services.  In September 2007, it announced the
acquisition of a debt portfolio of United Kingdom credit card,
loan and overdraft receivables.


DONINGTON HOLDINGS: Moody's Withdraws 'B3' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn Donington Holdings PLC's
ratings for business reasons.  The decision follows the company
failure to issue the planned GBP135 million notes, which was one
of the basic assumptions supporting the ratings.

These ratings are withdrawn:

* Corporate Family Rating of B3

* Probability of Default Rating of B3

* The provisional senior secured rating on the proposed
  GBP135 million notes of (P)B3

The last rating action on Donington was on October 15, 2009 when
Moody's assigned to the issuer the above mentioned ratings.  That
was the first time Moody's assigned a rating to Donington.

Donington's ratings were assigned by evaluating factors Moody's
believe are relevant to the credit profile of the issuer, such as
(i) the business risk and competitive position of the issuer
versus others within its industry, (ii) the capital structure and
financial risk of the issuer, (iii) the projected performance of
the issuer over the near to intermediate term, and (iv)
management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Donington's core industry, and the issuer's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Donington Holdings plc is a newly incorporated company, and its
Group holds a 150-year lease on the land where Donington Park's
racing circuit, one of Britain's most popular circuits and home of
many events, is located.  Donington is attempting to secure enough
financing to modernize its facility in order to host the British
Formula One Grand Prix starting from 2010.


DONINGTON HOLDINGS: S&P Downgrades Corp. Credit Rating to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on U.K.-based racetrack operator
Donington Holdings PLC to 'CCC-' from 'CCC+' and placed the rating
on CreditWatch with negative implications.  At the same time, S&P
lowered the issue-level rating on Donington's GBP135 million
senior secured notes to 'CCC-' from 'CCC+' and placed the rating
on CreditWatch with negative implications.  The recovery rating on
the notes is unchanged at '4', indicating S&P's expectation of
average (30%-50%) recovery prospects for noteholders in the event
of a payment default.

"The rating action reflects S&P's understanding that the funding
plans for Donington's upgrade program have not materially
progressed," said Standard & Poor's credit analyst Silvia Ortolan.

Donington proposed to raise a senior secured bond of
GBP135 million and GBP25 million of equity.  S&P understand that
this amount would be used to finance about GBP90 million of
construction costs, repay about GBP15 million of existing debt,
prefund interest due in 2010 of about GBP15 million, and finance
working capital of about GBP13 million and a GBP4 million lease
payment due.  The remaining GBP10 million would be used for
general expenses and fees.

S&P assesses Donington's business profile as vulnerable, which is
in keeping with S&P's views on single-property leisure operators
globally.  Donington's competitive position is, in its view,
weighed down by the wide availability of alternative entertainment
and sports events in the U.K.  However, its position is somewhat
supported by the unique nature of the facilities suitable for
international motor races.

"We aim to resolve the CreditWatch once there is clarity over the
funding plans, or in any event, within the next three months,"
said Ms. Ortolan.


FIRST QUENCH: Goes Into Administration; 6,500 Jobs at Risk
----------------------------------------------------------
Marcus Leroux and Dominic Walsh at The Times report that First
Quench Retailing has been placed into administration, putting
6,500 jobs at risk.

The Times relates First Quench brought in the accountants KPMG as
administrators Thursday night.

KPMG is seeking to sell the company as a going concern, the Times
says.

As reported in the Troubled Company Reporter-Europe on Oct. 29,
2009, the Financial Times disclosed earlier this year, First
Quench warned over its ability to continue as a going concern
after it was hit by a downturn in demand and the withdrawal of
credit insurance.

First Quench Group -- http://www.threshergroup.com/-- is a
specialist drinks retailer.  It operates Threshers, The Local,
Wine Rack and Haddows shops in England, Scotland and Wales.


GLOBE PUB: In Administrative Receivership; Heineken Buys Assets
---------------------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that Globe Pub Company
has been placed into an administrative receivership.

Zolfo Cooper has been named as receiver.

According to the FT, Dutch brewer Heineken has acquired Globe's
estate of 421 leased and tenanted pubs via a new vehicle called
EBP Pub Company from receivers for GBP180 million (US$298
million).  The FT says Robert Tchenguiz, the pub operator's owner,
will have controlling stake of just over 50% per cent in the new
company through one of his investment vehicles.

Heineken is expecting to acquire full ownership of the estate in
the third quarter next year under a "conditional share purchase
agreement" with Mr. Tchenguiz, the FT states.  Proceeds from the
asset sale will be used to repay Globe's debts, the FT notes.

As reported in the Troubled Company Reporter-Europe on Oct. 29,
2009, the FT said Globe has been hit by the smoking ban in pubs,
the recession, soaring beer duty and cheap drinks in supermarkets.
The FT disclosed the pub group on a GBP257 million asset-backed
loan in April.

Globe Pub Company -- http://www.globepubcompany.co.uk/-- was
established in 2004 by R20, an investment company of Robert
Tchenguiz.


GLOBE PUB: S&P Downgrades Rating on Class B1 Notes to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A1 and B1 notes issued by Globe Pub Issuer PLC to 'CC' and
'D', respectively.  This follows the note trustee's notice of an
issuer event of default, as well as S&P's own assessment that
there will not likely be sufficient funds to repay the noteholders
in full.

Following borrower event of default in March 2009, the trustee
appointed Zolfo Cooper LLC as the administrative receiver.  Zolfo
Cooper also agreed to sell the security for the notes, a portfolio
of U.K. pubs, for GBP180 million to EBP Pub Co., a joint venture
between Heineken and R20.  They reportedly did the sale under a
so-called "pre-pack" procedure.

In S&P's view, based on current estimates, the class A noteholders
may well achieve significant recoveries, but are likely to fall
short of the full interest and principal payments required under
the terms of the notes.  Under S&P's analysis, the class B
noteholders are not likely to recover any monies.  When S&P has
sufficient information regarding monies available for repayment of
the notes, there may be further rating action.

In addition to the GBP180 million reportedly realized on the sale
of the note security, S&P understands that there was approximately
GBP19.2 million of cash in the business as of Aug. 31, 2009.  S&P
understand that not all of this latter amount is eligible to repay
noteholders.

By S&P's analysis, Globe had been the weakest-performing U.K. pub
securitization under the current difficult trading conditions.
The debt service coverage ratio was 1.07x at the last reporting
date on Aug. 31, 2009, which is below the 1.1x covenant laid out
in the transaction documents.  S&P notes that at the time the
trustee appointed the administrative receiver, no payment default
had occurred on the notes.

                           Ratings List

                       Globe Pub Issuer PLC
    GBP257 Million Fixed- And Floating-Rate Asset-Backed Notes

                         Ratings Lowered

                                  Rating
                                  ------
                Class      To                 From
                -----      --                 ----
                A1         CC                 BB
                B1         D                  B


INCA TECHNOLOGY: Administrators Complete Sale of Certain Assets
---------------------------------------------------------------
Avisen plc reports that on October 26, 2009, it received notice
that the administrators to its subsidiary, Inca Technology
International Limited, have completed the sale of certain of the
assets of Inca to an unconnected third party.

N A Bennett and M C Healy at Leonard Curtis of One Great
Cumberland Place, Marble Arch London W1H 7LW, were appointed as
administrators to Inca Technology on October 8, 2009, under the
Insolvency Act 1986.

Avisen has said the sale of certain assets of Inca Technology does
not affect any other company within the Avisen group.

Louis Peacock, a director of Avisen, is also a director of Inca
Technology.

The Assets sold include goodwill, chattel assets, intellectual
property rights, customer information, software products and
software product sales literature.

The terms of the agreement entered into by the administrators and
the vendor prohibit the Company from disclosing the name of the
purchaser and the level of proceeds from the sale.  In the event
that the administrator is able to make a distribution to
creditors, of which the Company is the largest, a further
announcement will be made at that time.

Inca Technology International Limited is a subsidiary of Avisen, a
business and technology consultancy specializing in performance
management with a focus on strategy creation, development and
implementation.


LLOYDS BANKING: Begins Investor Consultations on Rights Issue
-------------------------------------------------------------
Patrick Jenkins and Kate Burgess at The Financial Times report
that Lloyds Banking Group plc has begun detailed consultations
with investors about a GBP21 billion capital raising.

The FT relates Eric Daniels, chief executive, and advisers met
leading shareholders to discuss issuing GBP7.5 billion of
convertible bonds and a rights issue of GBP13 billion.  Citing
people involved in the discussions, the FT discloses the fund
raising would be launched by Wednesday, Nov. 4 at the latest.

The FT notes Alistair Darling, the chancellor, gave Lloyds the
go-ahead to test the market on plans to raise capital from
shareholders as an alternative to the government's toxic asset
insurance scheme, which would cost the bank GBP15.6 billion over
five years.  According to the FT, the government has said that it
would support the rights issue and take up its full allocation of
new shares to maintain its 43.5% stake, adding about GBP6 billion
to the GBP17 billion it has injected into the bank since January.

                   About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.


* BOND PRICING: For the Week October 26 to October 30, 2009
-----------------------------------------------------------

Issuer                  Coupon     Maturity   Currency   Price
------                  ------     --------   --------   -----


AUSTRIA
-------
KOMMUNALKREDIT           0.500    3/15/2019      CAD     64.01
OESTER VOLKSBK           5.450     8/2/2019      EUR     64.09
OESTER VOLKSBK           4.810    7/29/2025      EUR     43.50
OESTER VOLKSBK           5.270     2/8/2027      EUR     95.05
RAIFF ZENTRALBK          4.500    9/28/2035      EUR     88.50
SAPPI PAPIER             6.750    6/15/2012      USD     61.88
SAPPI PAPIER HOL         6.750    6/15/2012      USD     61.88
SAPPI PAPIER HOL         7.500    6/15/2032      USD     47.88
SAPPI PAPIER HOL         7.500    6/15/2032      USD     47.88

BELGIUM
-------
FORTIS BANK              8.750    12/7/2010      EUR     24.67

BULGARIA
--------
PETROL AD-SOFIA          8.375   10/26/2011      EUR     50.76

CYPRUS
------
INTERPIPE LTD            8.750     8/2/2010      USD     77.95

CZECH REPUBLIC
--------------
CZECH REPUBLIC           2.750    1/16/2036      JPY     65.36

FINLAND
-------
MUNI FINANCE PLC         1.000   11/21/2016      NZD     69.09
MUNI FINANCE PLC         1.000   10/30/2017      AUD     60.64
MUNI FINANCE PLC         1.000    2/27/2018      AUD     59.49
MUNI FINANCE PLC         0.500    9/24/2020      CAD     58.72
MUNI FINANCE PLC         0.500    3/17/2025      CAD     44.71
MUNI FINANCE PLC         0.250    6/28/2040      CAD     20.55

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015      EUR     15.54
ALCATEL SA               4.750     1/1/2011      EUR     16.46
ALCATEL-LUCENT           5.000     1/1/2015      EUR      4.01
CALYON                   6.000    6/18/2047      EUR     47.11
CAP GEMINI SA            2.500     1/1/2010      EUR     51.86
CAP GEMINI SOGET         1.000     1/1/2012      EUR     45.35
CAP GEMINI SOGET         3.500     1/1/2014      EUR     45.64
CLUB MEDITERRANE         4.375    11/1/2010      EUR     49.52
CMA CGM                  5.500    5/16/2012      EUR     52.04
EURAZEO                  6.250    6/10/2014      EUR     56.93
GROUPE VIAL              2.500     1/1/2014      EUR     24.18
MAUREL & PROM            3.500     1/1/2010      EUR     22.69
MAUREL ET PROM           7.125    7/31/2014      EUR     18.95
NEXANS SA                4.000     1/1/2016      EUR     64.94
PEUGEOT SA               4.450     1/1/2016      EUR     30.65
PUBLICIS GROUPE          3.125    7/30/2014      EUR     35.44
PUBLICIS GROUPE          1.000    1/18/2018      EUR     44.83
RHODIA SA                0.500     1/1/2014      EUR     40.18
SCOR SA                  4.125     1/1/2010      EUR      2.20
SOC AIR FRANCE           2.750     4/1/2020      EUR     20.88
SOITEC                   6.250     9/9/2014      EUR     12.40
THEOLIA                  2.000     1/1/2014      EUR     10.87
VALEO                    2.375     1/1/2011      EUR     46.16
WENDEL INVEST            4.375     8/9/2017      EUR     74.67
ZLOMREX INT FIN          8.500     2/1/2014      EUR     32.00
ZLOMREX INT FIN          8.500     2/1/2014      EUR     32.00

GERMANY
-------
DEPFA PFANDBRIEF         5.886    2/22/2019      EUR     65.81
DEUTSCHE BK LOND         3.250    5/18/2012      CHF     49.81
DEUTSCHE BK LOND         1.000    3/31/2027      USD     47.86
ESCADA AG                7.500     4/1/2012      EUR     34.79
HSH NORDBANK AG          4.375    2/14/2017      EUR     69.58
HVB REAL ESTATE          6.480    3/21/2022      EUR    104.44
HYPO REAL ESTATE         4.690   12/14/2026      EUR     74.67
IKB DEUT INDUSTR         4.500     7/9/2013      EUR     78.25
IWKA FINANCE             3.750    11/9/2011      EUR     73.90
KFW                      6.588    8/10/2030      EUR     79.61
L-BANK FOERDERBK         0.500    5/10/2027      CAD     43.03
LB BADEN-WUERTT          5.250   10/20/2015      EUR     35.35
LB BADEN-WUERTT          2.500    1/30/2034      EUR     57.75
RENTENBANK               1.000    3/29/2017      NZD     67.83
SOLON AG SOLAR           1.375    12/6/2012      EUR     40.94
VAC FINANZ               9.250    4/15/2016      EUR     42.63
VAC FINANZ               9.250    4/15/2016      EUR     42.63

GREECE
------
YIOULA GLASSWORK         9.000    12/1/2015      EUR     50.50
YIOULA GLASSWORK         9.000    12/1/2015      EUR     51.56

HUNGARY
-------
REP OF HUNGARY           2.110   10/26/2017      JPY     68.24
ZAGREBACKI HOLD          5.500    7/10/2017      EUR     82.12

ICELAND
-------
GLITNIR BANKI HF         6.693    6/15/2016      USD      6.98

IRELAND
-------
ALLIED IRISH BKS         5.250    3/10/2025      GBP     67.80
ALLIED IRISH BKS         5.625   11/29/2030      GBP     67.63
BANESTO FINANC           6.120    11/7/2037      EUR      6.12
BANK OF IRELAND          4.875    1/22/2018      GBP     71.34
DEPFA ACS BANK           0.500     3/3/2025      CAD     34.03
DEPFA ACS BANK           5.250    3/31/2025      CAD     72.57
DEPFA ACS BANK           4.900    8/24/2035      CAD     69.74
DEPFA ACS BANK           5.125    3/16/2037      USD     72.20
DEPFA ACS BANK           5.125    3/16/2037      USD     75.80
IRISH LIFE & PER         4.625     5/9/2017      EUR     70.30
IRISH NATIONWIDE         5.500    1/10/2018      GBP     42.40
ONO FINANCE II           8.000    5/16/2014      EUR     64.25
ONO FINANCE II           8.000    5/16/2014      EUR     64.93
UT2 FUNDING PLC          5.321    6/30/2016      EUR     63.32

ITALY
-----
COMUNE DI MILANO         4.019    6/29/2035      EUR     70.90
ROMULUS FINANCE          5.441    2/20/2023      GBP     66.52

LITHUANIA
---------
LITHUANIA GOVT           3.750    2/10/2016      LTL     69.86

LUXEMBOURG
----------
ARCELORMITTAL            7.250     4/1/2014      EUR     31.53
BREEZE                   4.524    4/19/2027      EUR     81.00
CRC BREEZE               5.290     5/8/2026      EUR     72.28
LIGHTHOUSE INTL          8.000    4/30/2014      EUR     66.83
LIGHTHOUSE INTL          8.000    4/30/2014      EUR     68.44
NELL AF SARL             8.375    8/15/2015      EUR     17.45
SAFILO CAP INTL          9.625    5/15/2013      EUR     64.20
SAFILO CAP INTL          9.625    5/15/2013      EUR     63.25
TECNOST INTL NV          3.550    5/14/2032      JPY     69.51

NETHERLANDS
-----------
ABN AMRO BANK NV         6.000    3/16/2035      EUR     67.52
AI FINANCE B.V.         10.875    7/15/2012      USD     31.25
AIR BERLIN FINAN         1.500    4/11/2027      EUR     65.24
ALB FINANCE BV           9.000   11/22/2010      USD     31.49
ARPENI PR INVEST         8.750     5/3/2013      USD     67.25
ARPENI PR INVEST         8.750     5/3/2013      USD     67.25
ASTANA FINANCE           7.875     6/8/2010      EUR     22.50
ASTANA FINANCE           9.000   11/16/2011      USD     22.47
BLT FINANCE BV           7.500    5/15/2014      USD     57.00
BLT FINANCE BV           7.500    5/15/2014      USD     56.88
BK NED GEMEENTEN         0.500    6/27/2018      CAD     69.28
BK NED GEMEENTEN         0.500    2/24/2025      CAD     45.81
BSP FINANCE BV          10.750    11/1/2011      USD     71.75
ELEC DE CAR FIN          8.500    4/10/2018      USD     71.53
EM.TV FINANCE BV         5.250     5/8/2013      EUR      3.71
FINANCE & CREDIT        10.375    1/25/2010      USD     70.99
IVG FINANCE BV           1.750    3/29/2017      EUR     71.35
KAZKOMMERTS FIN          8.625    7/27/2016      USD     68.92
KAZKOMMERTS FIN          8.500    6/13/2017      USD     66.00
KAZKOMMERTS INTL         7.500   11/29/2016      USD     74.88
KAZKOMMERTS INTL         7.500   11/29/2016      USD     74.38
KAZKOMMERTS INTL         6.875    2/13/2017      EUR     73.91
KBC IFIMA NV             6.004     2/7/2025      USD     69.63
LEASEPLAN CORP           4.500    11/8/2016      EUR     72.11
NATL INVESTER BK        25.983     5/7/2029      EUR     37.65
NED WATERSCHAPBK         0.500    3/11/2025      CAD     45.52
NIB CAPITAL BANK         4.790   12/17/2043      EUR     63.39
NXP BV/NXP FUNDI        10.000    7/15/2013      EUR     73.25
NXP BV/NXP FUNDI        10.000    7/15/2013      EUR     73.25
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     62.25
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     59.50
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     62.43
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     73.88
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     73.88
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     74.00
Q-CELLS INTERNAT         1.375    2/28/2012      EUR     71.62
TEMIR CAPITAL            9.000   11/24/2011      USD     29.00
TEMIR CAPITAL            9.500    5/21/2014      USD     28.24
TEMIR CAPITAL            9.500    5/21/2014      USD     29.13
TJIWI KIMIA FIN         13.250     8/1/2001      USD      0.01
TURANALEM FIN BV         7.125   12/21/2009      GBP     24.50
TURANALEM FIN BV         7.875     6/2/2010      USD     24.50
TURANALEM FIN BV         6.250    9/27/2011      EUR     24.48
TURANALEM FIN BV         7.750    4/25/2013      USD     24.29
TURANALEM FIN BV         8.000    3/24/2014      USD     24.00
TURANALEM FIN BV         8.500    2/10/2015      USD     24.54
TURANALEM FIN BV         8.250    1/22/2037      USD     24.46

NORWAY
------
EKSPORTFINANS            0.500     5/9/2030      CAD     34.41
NORSKE SKOGIND           7.000    6/26/2017      EUR     65.71

POLAND
------
POLAND-REGD-RSTA         2.810   11/16/2037      JPY     63.57
POLAND GOVT BOND         3.300    6/16/2038      JPY     69.15
REP OF POLAND            2.620   11/13/2026      JPY     71.99
REP OF POLAND            2.648    3/29/2034      JPY     61.87
REP OF POLAND            3.220     8/4/2034      JPY     70.31
REP OF POLAND            4.250    7/20/2055      EUR     65.43

RUSSIA
------
KMB BANK                15.000   11/30/2011      RUB      0.01
ROSSELKHOZBANK          13.350     2/9/2018      RUB      0.01
RUSSIAN STANDARD        14.750     9/9/2010      RUB      0.01
RUSSIAN STANDARD        15.000     2/9/2011      RUB     60.33
VOLGATELECOM             8.500   11/30/2010      RUB     98.63
VOLGATELECOM            13.000   11/30/2010      RUB     99.98

SPAIN
-----
MINICENTRALES            4.810   11/29/2034      EUR     60.42

SWEDEN
------
SWEDISH EXP CRED         0.500   12/17/2027      USD     45.79

SWITZERLAND
-----------
UBS AG JERSEY            9.000     3/9/2010      USD     60.56
UBS AG JERSEY            9.000    5/18/2010      USD     60.14
UBS AG JERSEY            9.000    6/11/2010      USD     58.74
UBS AG JERSEY            9.000     7/2/2010      USD     58.85
UBS AG JERSEY            9.000    7/19/2010      USD     59.10
UBS AG JERSEY            9.350    7/27/2010      USD     59.90
UBS AG JERSEY            9.000    8/13/2010      USD     63.85
UBS AG JERSEY            9.500    8/31/2010      USD     66.25
UBS AG JERSEY           10.000   10/25/2010      USD     66.80
UBS AG JERSEY           14.640    1/31/2011      USD     37.33
UBS AG JERSEY           16.170    1/31/2011      USD     14.04
UBS AG JERSEY           10.000    2/11/2011      USD     58.57
UBS AG JERSEY           15.250    2/11/2011      USD     12.68
UBS AG JERSEY            8.250    2/28/2011      USD     70.80
UBS AG JERSEY           11.330    3/18/2011      USD     18.15
UBS AG JERSEY           16.160    3/31/2011      USD     44.05
UBS AG JERSEY           10.820    4/21/2011      USD     21.79
UBS AG JERSEY           11.030    4/21/2011      USD     20.52
UBS AG JERSEY           10.650    4/29/2011      USD     16.18
UBS AG JERSEY           10.500    6/16/2011      USD     69.80
UBS AG JERSEY           13.000    6/16/2011      USD     48.38
UBS AG JERSEY           10.280    8/19/2011      USD     33.02
UBS AG JERSEY           10.360    8/19/2011      USD     52.80
UBS AG JERSEY           11.150    8/31/2011      USD     36.70
UBS AG JERSEY            9.350    9/21/2011      USD     66.10
UBS AG JERSEY            9.450    9/21/2011      USD     49.73
UBS AG JERSEY            3.220    7/31/2012      EUR     64.26
UBS AG LONDON            1.500    6/19/2018      JPY     45.02

UNITED KINGDOM
--------------
ALPHA CREDIT GRP         2.940     3/4/2035      JPY     72.21
AMDOCS LIMITED           0.500    3/15/2024      USD     70.00
ANGLIAN WAT FIN          2.400    4/20/2035      GBP     57.21
BANK OF SCOTLAND         2.928    6/10/2020      USD     57.40
BARCLAYS BK PLC          7.610    6/30/2011      USD     52.85
BARCLAYS BK PLC         10.600    7/21/2011      USD     39.04
BEAZLEY GROUP LT         7.250   10/17/2026      GBP     79.09
BRADFORD&BIN BLD         5.500    1/15/2018      GBP      6.99
BRADFORD&BIN BLD         5.750   12/12/2022      GBP      7.17
BRADFORD&BIN BLD         4.910     2/1/2047      EUR     72.86
BRIT INSURANCE           6.625    12/9/2030      GBP     67.34
BROADGATE FINANC         5.098     4/5/2033      GBP     69.80
CATTLES PLC              7.875    1/17/2014      GBP      9.63
CITY OF KIEV             8.000    11/6/2015      USD     71.00
CITY OF KYIV             8.250   11/26/2012      USD     79.18
CJSC FIRST UKRAI         9.750    2/16/2010      USD     74.98
CO-OPERATIVE BNK         5.750    12/2/2024      GBP     76.34
CO-OPERATIVE BNK         5.875    3/28/2033      GBP     72.59
DAILY MAIL & GEN         6.375    6/21/2027      GBP     73.28
EFG HELLAS PLC           2.760    5/11/2035      JPY     67.25
ENTERPRISE INNS          6.500    12/6/2018      GBP     79.88
ENTERPRISE INNS          6.875    2/15/2021      GBP     75.82
ENTERPRISE INNS          6.875     5/9/2025      GBP     74.41
ENTERPRISE INNS          6.375    9/26/2031      GBP     71.22
EXIM OF UKRAINE          8.400     2/9/2016      USD     76.52
F&C ASSET MNGMT          6.750   12/20/2026      GBP     67.29
GRAINGER PLC             3.625    5/17/2014      GBP     52.14
GREENE KING FIN          5.702   12/15/2034      GBP     65.37
HBOS PLC                 4.500    3/18/2030      EUR     67.77
HBOS PLC                 6.000    11/1/2033      USD     54.18
HBOS PLC                 6.000    11/1/2033      USD     54.18
INEOS GRP HLDG           7.875    2/15/2016      EUR     49.61
INEOS GRP HLDG           7.875    2/15/2016      EUR     49.23
INEOS GRP HLDG           8.500    2/15/2016      USD     48.51
INEOS GRP HLDG           8.500    2/15/2016      USD     47.75
INEOS VINYLS FIN         9.125    12/1/2011      EUR     67.83
INEOS VINYLS FIN         9.125    12/1/2011      EUR     68.75
LONGSTONE FINANC         4.896    4/19/2031      GBP     73.54
MARSTONS ISSUER          5.641    7/15/2035      GBP     70.07
MITCHELLS & BUTL         6.469    9/15/2030      GBP     73.69
NATL GRID GAS            1.754   10/17/2036      GBP     48.12
NATL GRID GAS            1.771    3/30/2037      GBP     46.69
NATL GRID GAS            1.893     5/1/2037      GBP      9.99
NATL GRID GAS            1.921     5/1/2037      GBP     10.14
NORTHERN ROCK            5.625    1/13/2015      GBP     39.75
NORTHERN ROCK           10.375    3/25/2018      GBP     43.63
NORTHERN ROCK            6.375    12/2/2019      GBP     74.28
NORTHERN ROCK            9.375   10/17/2021      GBP     43.86
ONO FINANCE PLC         10.500    5/15/2014      EUR     64.13
ONO FINANCE PLC         10.500    5/15/2014      EUR     67.96
PRIVATBANK               8.750     2/9/2016      USD     66.63
PUNCH TAVERNS            7.567    4/15/2026      GBP     70.85
PUNCH TAVERNS            6.468    4/15/2033      GBP     62.41
ROYAL BK SCOTLND         9.500     4/4/2025      USD     60.31
ROYAL BK SCOTLND         7.540    6/29/2030      EUR     58.93
SPIRIT ISSUER            5.472   12/28/2028      GBP     65.25
TXU EASTERN FNDG         6.450    5/15/2005      USD      0.01
UKRAINE GOVT             4.950   10/13/2015      EUR     74.25
UKRAINE GOVT             4.950   10/13/2015      EUR     74.21
UNIQUE PUB FIN           7.395    3/28/2024      GBP     72.73
UNIQUE PUB FIN           6.464    3/30/2032      GBP     60.23
VAB BANK                10.125    6/14/2010      USD     60.97
WESSEX WATER FIN         1.369    7/31/2057      GBP     19.10
WESSEX WATER FIN         1.499   11/29/2058      GBP      0.16


                            *********

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

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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *