TCREUR_Public/091104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, November 4, 2009, Vol. 10, No. 218

                            Headlines

A U S T R I A

ECONSTRUCT DRILLING: Claims Filing Deadline is November 23
O.T.T.M.: Claims Filing Deadline is November 25


C Z E C H   R E P U B L I C

* CZECH REPUBLIC: Bankruptcy Filings Soar as Export Orders Drop


G E R M A N Y

ARCANDOR AG: Metro's Interest in Karstadt Stores Wanes
ESCADA AG: Munich Court Opens Insolvency Proceedings
GENERAL MOTORS: Cancels Opel Sale to Magna; to Restructure Unit
SCHMACK BIOGAS: Expects Swift Opening of Insolvency Proceedings
WHITEBLUE NO.1: S&P Withdraws 'CCC-' Ratings on 2 Clases of Notes

WILHELM KARMANN: Volkswagen to Compete with Other Potential Buyers


I R E L A N D

CLOVERIE PLC: Fitch Cuts Ratings on Two Classes of Notes to 'D'
EIRLES TWO: S&P Withdraws 'CCC+' Rating on Series 88 Notes
FLEMING GROUP: ACC Bank Opposes Proposed Rescue Plan
REDROCK ENGINEERING: Goes Into Administration


I T A L Y

RISANAMENTO SPA: Court Decision on Bankruptcy Expected This Week
WINDERMERE XIV: Moody's Downgrades Rating on Class B Notes to 'B1'


K A Z A K H S T A N

ASTANA FINANCE: Samruk-Kazyna Won't Offer Aid to Creditors
BERKUT STROY: Creditors Must File Claims by November 18
CENTRASIA MINING: Creditors Must File Claims by November 18
EASY WORLD: Creditors Must File Claims by November 18
ENERGIYA I K: Creditors Must File Claims by November 18

EURO ASIA: Creditors Must File Claims by November 18
GELIO AKTOBE: Creditors Must File Claims by November 18
KAZ MAKTA: Creditors Must File Claims by November 18
MEGA STARS LTD: Creditors Must File Claims by November 18
RUDNENSKY HLEBO: Creditors Must File Claims by November 18

TECHNO PARK: Creditors Must File Claims by November 18


K Y R G Y Z S T A N

ROBEN STROY: Creditors Must File Claims by November 27
SINERGOS LLC: Creditors Must File Claims by November 27


L U X E M B O U R G

DEXIA FUNDING: S&P Cuts Rating on EUR500MM Hybrid Capital to 'C'


M A L T A

BANK OF VALLETTA: Moody's Withdraws 'D+' Bank Strength Rating


P O L A N D

CIECH SA: Creditors Extend Loan Agreements to Dec. 15
MONDI SWIECIE: Won't Pay Dividend; Completes Refinancing


R U S S I A

ALFASTRAKHOVANIE PLC: Fitch Affirms 'BB-' Insurer Strength Rating
CENTRAL TELECOMMUNICATIONS: S&P Lifts Corp. Credit Rating to 'BB-'
CONSTRUCTION MANAGEMENT: Creditors Must File Claims by November 11
SKOPINSKIY GLASS: Creditors Must File Claims by November 11
SOUTHERN TELECOMMUNICATIONS: S&P Affirms 'B' Corp. Credit Rating

STROY-EVRO: Creditors Must File Claims by November 11
VLAD-STROY: Creditors Must File Claims by November 11
VOLGATELECOM OAO: S&P Affirms 'BB-' Corporate Credit Rating

* BALASHIKHA CITY: S&P Affirms 'B-' Issuer Rating Credit Rating


S P A I N

TELECONNECT INC: Posts US$504,418 Net Loss in Q3 2009


S W I T Z E R L A N D

AREGGER GASTRO: Claims Filing Deadline is November 13
ARGUS HOLDING: Claims Filing Deadline is November 13
GODENA ZWEIRAD: Claims Filing Deadline is November 13
ISC INTERNET: Claims Filing Deadline is November 13
MABANAFT SCHWEIZ: Claims Filing Deadline is November 16

TAO HOLDING: Claims Filing Deadline is November 13
VALOTA AG: Claims Filing Deadline is November 13
VAN ROZEN & ZN.: Claims Filing Deadline is November 16
VANTHEN AG: Claims Filing Deadline is November 13


U K R A I N E

BMP-GROUP LLC: Creditors Must File Claims by November 6
CROCUS GROUP-XXI: Creditors Must File Claims by November 6
IBK AMB: Creditors Must File Claims by November 6
FRUNZE KRASNORECHENSK: Creditors Must File Claims by November 6
PROMINVESTBANK: Moody's Lifts Financial Strength Rating to 'E+'

UKRBUD 1 LLC: Creditors Must File Claims by November 6


U N I T E D   K I N G D O M

ASG MEDIA: In Administration; Antony Batty Appointed
BILTON WARD: Enters Into Company Voluntary Arrangement
CARDTRONICS INC: Sept. 30 Balance Sheet Upside-Down by US$8.3MM
JONATHAN HOTEL: Administrators Seek Buyer
LLOYDS BANKING: To Raise GBP13.5BB in Rights Offering

READER'S DIGEST: Names New Heads for Europe, Asia & Canada
ROYAL BANK: To Sell Assets In Exchange for GBP25.5 Bln State Aid
SIGMA FINANCE: UK High Court Plugs Up Creditor Waterfall Clauses
TITAN EUROPE: Moody's Reviews Ratings on Various 2007-3 Notes
YELL GROUP: Has Deal to Restructure GBP3.8 Bln Debt

YOUR SPACE: Seeks Compromise of GBP5.5-Mil. Unsecured Claims


                         *********


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


ECONSTRUCT DRILLING: Claims Filing Deadline is November 23
----------------------------------------------------------
Creditors of Econstruct drilling GmbH have until November 23,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 30, 2009 at 9:00 a.m.

For further information, contact the company's administrator:

         Mag. Martin Mutz
         Gabelsbergerstrasse 5
         9020 Klagenfurt
         Austria
         Tel: 0463/591 638
         Fax: 0463/591 638-20
         E-mail: martin.mutz@wmwp.at


O.T.T.M.: Claims Filing Deadline is November 25
-----------------------------------------------
Creditors of O.T.T.M. GmbH have until November 25, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 9, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Dr. Peter Sommerer
         Nottendorfer Gasse 11
         1030 Vienna
         Austria
         Tel: 503 17 90
         Fax: 503 17 90-444
         E-mail: peter.sommerer@at.pwcglobal.com


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


* CZECH REPUBLIC: Bankruptcy Filings Soar as Export Orders Drop
---------------------------------------------------------------
Jana Mlcochova at Reuters, citing a research by debt collection
and research firm Creditreform, reports that the number of
Czech bankruptcy filings rose 71% year on year following a drop in
export orders as a result of the economic crisis.

According to Reuters, Creditreform said a total of 7,458
bankruptcy filings were lodged during Jan-Oct. 31, of which 4,290
were companies and the rest were individuals.

Reuters relates Creditreform said it expected the total number of
bankruptcies for the whole 2009 would rise 70% to 9,000. The
research showed company bankruptcies will reach 5,000, Reuters
discloses.


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


ARCANDOR AG: Metro's Interest in Karstadt Stores Wanes
------------------------------------------------------
Reuters, citing Frankfurter Allgemeine Sonntagszeitung, reports
that Metro AG is increasingly losing interest in acquiring the
stores of Arcandor AG's department store unit Karstadt.

Reuters relates Metro had said before it was interested in taking
over 60 Karstadt stores.

Citing an interview for weekly magazine Focus, Reuters says the
administrator of Karstadt is still confident that an investor will
buy the department store chain as a whole.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On June
8, 2009, the government rejected two applications for help by the
company, which employs 43,000 people.  The retailer sought loan
guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


ESCADA AG: Munich Court Opens Insolvency Proceedings
----------------------------------------------------
According to Mike Gavin at Bloomberg News, Escada AG said that
insolvency proceedings opened in Munich Monday, Nov. 2.

As reported in the Troubled Company Reporter-Europe, Escada filed
an insolvency petition in Munich, Germany, on August 13, 2009.
The competent Municipal Court of Munich appointed Dr. jur.
Christian Gerloff as preliminary insolvency administrator.

                              Offers

Holger Elfes at Bloomberg News, citing Financial Times
Deutschland, reports that Escada has as many as five potential
buyers.  According to Bloomberg, the newspaper said the insolvency
administrator has rejected a EUR70-million bid from Sven Ley, son
of Escada founder Wolfgang Ley, and prefers two offers from
outside Germany, including one from Indian investor Megha Mittal.

                             Primera

Claudia Rach at Bloomberg News reports that Escada will sell its
Primera unit to Endurance Capital AG instead of the buyout firm
Mutares AG.

"The contract wasn't executed because of a better offer by
Endurance Capital and its better concept, which brings better
solutions for Primera as well as Escada," Bloomberg quoted Escada
spokesman Frank Elsner as saying.

Escada's sale of its Primera unit in May was part of its effort to
avert insolvency, according to Bloomberg.

                         About ESCADA AG

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  O'Melveny &
Myers LLP has been tapped as bankruptcy counsel.  Kurtzman Carson
Consultants serves as claims and notice agent.  Judge Stuart M.
Bernstein handles the case.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Cancels Opel Sale to Magna; to Restructure Unit
---------------------------------------------------------------
Given an improving business environment for General Motors Company
over the past few months, and the importance of Opel//Vauxhall to
GM's global strategy, the GM Board of Directors has decided to
retain Opel and will initiate a restructuring of its European
operations in earnest.

"GM will soon present its restructuring plan to Germany and other
governments and hopes for its favorable consideration," said Fritz
Henderson, president and CEO.  "We understand the complexity and
length of this issue has been draining for all involved.  However,
from the outset, our goal has been to secure the best long term
solution for our customers, employee, suppliers, and dealers,
which is reflected in the decision reached [yester]day.  This was
deemed to be the most stable and least costly approach for
securing Opel/Vauxhall's long-term future."

The Wall Street Journal's John D. Stoll and Sharon Terlep write
that GM's change of heart reflects the car maker's increasing
confidence about its outlook as well as the direction of its
aggressive new chairman, Edward E. Whitacre Jr.  According to the
Journal, Mr. Whitacre, a former AT&T Corp. chief, who was picked
by the U.S. government to steer GM, has told GM executives to
concentrate on growing its market, not shrinking it.

On a preliminary basis, the GM plan entails total restructuring
expenses of about EUR3 billion, significantly lower than all bids
submitted as part of the investor solicitation.  GM will work with
all European labor unions to develop a plan for meaningful
contributions to Opel's restructuring.  While Opel continues to
outperform against its viability plan assumptions and immediate
liquidity is stable, time is of the essence.

GM is facing a November 30 expiration on EUR1.5 billion in bridge
loans from Germany.  According to the Journal, GM hadn't received
word from the German government Tuesday evening on whether it will
continue extending the loans or request they be repaid, said a
person familiar with the matter.

The Journal relates that officials in Berlin, where the news
arrived late Tuesday evening, were caught off guard by the
decision.  According to the Journal, it was unclear whether German
Chancellor Angela Merkel, who met with President Barack Obama and
U.S. lawmakers in Washington on Tuesday, was aware that GM was
considering keeping Opel.  The Journal, however, relates that
Ms. Merkel's conservative ally Roland Koch, state premier of Hesse
where Opel is based, condemned GM's decision, saying he was "angry
that months of effort to find a good solution for Opel Europe have
failed because of GM."

"While strained, the business environment in Europe has improved."
Mr. Henderson said in a news statement.  "At the same time, GM's
overall financial health and stability have improved significantly
over the past few months, giving us confidence that the European
business can be successfully restructured.  We are grateful for
the hard work of the German and other EU governments in navigating
this difficult economic period.  We're also appreciative of the
effort put forward by Magna and its partners in Russia in trying
to reach an equitable agreement."

Mr. Henderson added that GM also hopes to build on its already
significant business in Russia and to resume work directly with
GAZ to contribute to both the modernization of its operations and
the joint development of the Russian vehicle market on a mutually
attractive basis.  More details on the next steps in the
restructuring will be provided as the plans and developments
warrant.

The Journal notes that Mr. Henderson's management team had worked
out a deal last Summer to sell 55% of Opel to the partnership of
Canadian autoparts maker Magna, Russian car maker OAO GAZ and
Russian state-controlled OAO Sberbank.  The German government
committed to finance the plan and help fund Opel with EUR4.5
billion in aid.  Under the deal, the German government would kick
in billions of dollars in financing to close the sale and initiate
a restructuring.  Magna had committed to spend US$500 million.

General Motors -- -- http://www.gm.com/-- one of the world's
largest automakers, traces its roots back to 1908.  With its
global headquarters in Detroit, GM employs 209,000 people in every
major region of the world and does business in some 140 countries.
GM and its strategic partners produce cars and trucks in 34
countries, and sell and service these vehicles through the
following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo,
Holden, Opel, Vauxhall and Wuling.  GM's largest national market
is the United States, followed by China, Brazil, the United
Kingdom, Canada, Russia and Germany.  GM's OnStar subsidiary is
the industry leader in vehicle safety, security and information
services.  General Motors acquired operations from General Motors
Corporation on July 10, 2009.


SCHMACK BIOGAS: Expects Swift Opening of Insolvency Proceedings
---------------------------------------------------------------
Approximately two weeks after filing an application for the
opening of insolvency proceedings for Schmack Biogas AG and three
of its subsidiaries, reputable investors interested in the
restructuring of the Group have been in contact.  Due to the
nature of project business, interim insolvency administrator Dr.
Hubert Ampferl is pursuing a swift opening of insolvency
proceedings.

Aside from a planned insolvency process under German law pursued
by the Management Board, other restructuring alternatives are
being assessed by the interim insolvency administrator.  They
include in particular an asset deal in which the existing assets
of the group are transferred in full or in part into a new
company.

Schmack Biogas AG is a German supplier of biogas plants.
Established in 1995, the company provides its services through two
divisions, namely Design and Construction and Service, and is one
of the few full-service providers in the industry.  In addition to
full-service repair and maintenance contracts, the company also
provides comprehensive microbiological support and integrated
plant management services.


WHITEBLUE NO.1: S&P Withdraws 'CCC-' Ratings on 2 Clases of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
eight collateralized debt obligation tranches.  At the same time,
S&P lowered and removed from CreditWatch negative S&P's ratings on
three of these tranches.

The rating actions reflect S&P's view that S&P lacks adequate
information to continue to provide opinions on the
creditworthiness of these eight tranches.  This follows S&P's
withdrawal of the credit rating on the dependent party in the
related transactions.  Before the withdrawals, S&P reviewed three
of the transactions (Eirles Two Ltd.'s series 87 and series 88,
and Magnolia Finance I PLC's series 2005-14) and adjusted the
ratings based on current portfolio information and S&P's updated
CDO criteria.

                          Ratings List

                       Ratings Withdrawn

                        CID Finance B.V.
  EUR138.4 Million Variable-Rate Secured Limited-Recourse Notes
                            Series 5

                             Rating
                             ------
                   To                     From
                   --                     ----
                   NR                     AAA

                         CID Finance B.V.
EUR23.7 Million Variable-Rate Secured Recourse Notes Due 2011
                            Series 15

                             Rating
                             ------
                   To                     From
                   --                     ----
                   NR                     AAA

                         CID Finance B.V.
  EUR7.2 Million Variable-Rate Secured Limited-Recourse Notes
                            Series 24

                             Rating
                             ------
                   To                     From
                   --                     ----
                   NR                     AAA

                      WhiteBlue No. 1 GmbH
                EUR200 Million Floating-Rate Notes

                                    Rating
                                    ------
         Class              To                     From
         -----              --                     ----
         A                  NR                     CCC-
         B                  NR                     CCC-

Ratings Lowered, Removed From Creditwatch Negative, and Withdrawn

                          Eirles Two Ltd.
EUR20 Million Floating-Rate Credit Portfolio Credit-Linked Notes
                            Series 87

                             Rating
                             ------
                   To                     From
                   --                     ----
                   B-                     BBB-/Watch Neg
                   NR                     B-

                          Eirles Two Ltd.
     EUR40 Million Floating-Rate Portfolio Credit-Linked Notes

                            Series 88

                             Rating
                             ------
                   To                     From
                   --                     ----
                   CCC+                   BB+/Watch Neg
                   NR                     CCC+

                     Magnolia Finance I PLC
A$100 Million High-Yield CDO Portfolio Credit-Linked Notes Series
                             2005-1
                                 Rating
                                 ------
       Class              To                     From
       -----              --                     ----
       A-1U7              B-                     BB-/Watch Neg
                          NR                     B-
                          NR -- Not rated.


WILHELM KARMANN: Volkswagen to Compete with Other Potential Buyers
------------------------------------------------------------------
Cornelius Rahn at Bloomberg News, citing Frankfurter Allgemeine
Zeitung, reports that Volkswagen AG faces competition from other
parties if it decides to buy parts of Wilhelm Karmann GmbH.

According to Bloomberg, the newspaper said managers of the Karmann
are considering the purchase of the development division and other
assets.  Bloomberg relates FAZ said other potential buyers have
approached the insolvency administrator.

As reported in the Troubled Company Reporter-Europe on Nov. 3,
2009, Bloomberg said Volkswagen is considering buying assets of
Karmann instead of a complete takeover of the insolvent car
manufacturer.  Bloomberg disclosed people familiar with the
situation said Volkswagen's supervisory board plans to discuss
possible steps regarding Karmann at a special meeting on Nov. 11.
Karmann filed for bankruptcy protection in April as the worst
slump in automotive markets for decades left the manufacturer
unable to pay workers.

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


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


CLOVERIE PLC: Fitch Cuts Ratings on Two Classes of Notes to 'D'
---------------------------------------------------------------
Fitch Ratings has downgraded Cloverie Plc's Brera collateralized
debt obligation I Series 2004 - 64 (Class A) and Series 2004 - 65
(Class B) secured floating-rate portfolio credit-linked notes due
in December 2030:

  -- US$37,500,000 Series 64 Class A (ISIN: XS0206862277):
     downgraded to 'D' from 'C'/ Recovery Rating 'RR6'

  -- US$50,000,000 Series 65 Class B (ISIN: XS0206861899):
     downgraded to 'D' from 'C'/ Recovery Rating 'RR6'

As per the latest trustee report dated October 2009, total losses
have reached approximately US$95 million.  These losses have
completely eroded both the US$37.5 million credit enhancement and
the US$50 million balance of Class B and resulted in a loss of
US$7.4 million on Class A.  As per Fitch's definition of default,
both classes have suffered an irreversible write-down resulting in
a loss to the investor.  It should be further noted that given the
large proportion of assets rated 'C' and below, it is very likely
that the Class A will also suffer total loss.

Cloverie Plc is a special purpose vehicle incorporated under the
laws of Ireland.  This transaction is a partially funded synthetic
CDO referencing a substitutable portfolio of asset-backed
securities obligations with a maximum notional amount of US$1.25
billion.  At close, proceeds from the issuance of the notes were
used to collateralize mezzanine credit default swaps between the
issuer and Citigroup Global Markets Limited, the CDS counterparty
(guaranteed by Citigroup Global Markets Holdings Inc., rated
'A+'/'F1+'/Outlook Stable).


EIRLES TWO: S&P Withdraws 'CCC+' Rating on Series 88 Notes
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
eight collateralized debt obligation tranches.  At the same time,
S&P lowered and removed from CreditWatch negative S&P's ratings on
three of these tranches.

The rating actions reflect S&P's view that S&P lacks adequate
information to continue to provide opinions on the
creditworthiness of these eight tranches.  This follows S&P's
withdrawal of the credit rating on the dependent party in the
related transactions.  Before the withdrawals, S&P reviewed three
of the transactions (Eirles Two Ltd.'s series 87 and series 88,
and Magnolia Finance I PLC's series 2005-14) and adjusted the
ratings based on current portfolio information and S&P's updated
CDO criteria.

                          Ratings List

                       Ratings Withdrawn

                        CID Finance B.V.
  EUR138.4 Million Variable-Rate Secured Limited-Recourse Notes
                            Series 5

                             Rating
                             ------
                   To                     From
                   --                     ----
                   NR                     AAA

                         CID Finance B.V.
EUR23.7 Million Variable-Rate Secured Recourse Notes Due 2011
                            Series 15

                             Rating
                             ------
                   To                     From
                   --                     ----
                   NR                     AAA

                         CID Finance B.V.
  EUR7.2 Million Variable-Rate Secured Limited-Recourse Notes
                            Series 24

                             Rating
                             ------
                   To                     From
                   --                     ----
                   NR                     AAA

                      WhiteBlue No. 1 GmbH
                EUR200 Million Floating-Rate Notes

                                    Rating
                                    ------
         Class              To                     From
         -----              --                     ----
         A                  NR                     CCC-
         B                  NR                     CCC-

Ratings Lowered, Removed From Creditwatch Negative, and Withdrawn

                          Eirles Two Ltd.
EUR20 Million Floating-Rate Credit Portfolio Credit-Linked Notes
                            Series 87

                             Rating
                             ------
                   To                     From
                   --                     ----
                   B-                     BBB-/Watch Neg
                   NR                     B-

                          Eirles Two Ltd.
     EUR40 Million Floating-Rate Portfolio Credit-Linked Notes

                            Series 88

                             Rating
                             ------
                   To                     From
                   --                     ----
                   CCC+                   BB+/Watch Neg
                   NR                     CCC+

                     Magnolia Finance I PLC
A$100 Million High-Yield CDO Portfolio Credit-Linked Notes Series
                             2005-1
                                 Rating
                                 ------
       Class              To                     From
       -----              --                     ----
       A-1U7              B-                     BB-/Watch Neg
                          NR                     B-
                          NR -- Not rated.


FLEMING GROUP: ACC Bank Opposes Proposed Rescue Plan
----------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that ACC Bank
has commissioned a number of expert reports designed to cast doubt
on a proposed rescue plan for the Fleming Group, the Cork building
and development group in examinership with debts of EUR1 billion.

According to the Post.ie, the reports will be lodged with the High
Court this week, along with a number of economic assessments of
the Irish property market.  The reports, one of which has been
prepared by one of the "big four" accountancy firms, raise a
series of questions about a scheme of arrangement prepared by the
construction company's examiner, accountant George Maloney,
including issues about its future funding and its ability to repay
its debts in the long term, the Post.ie states.

In the rescue plan, ACC is referred to as a contingent creditor,
but the bank is seeking to use cross-guarantees between group
companies to have its status altered, the Post.ie notes.

The Fleming Group is a construction firm.  It employs 650 people
and comprises 31 companies.


REDROCK ENGINEERING: Goes Into Administration
---------------------------------------------
Gary McDonald at The Irish News reports that Co Armagh-based farm
machinery maker Redrock Engineering Ltd. has gone into
administration following a slump in sales and orders.

According to the report, the company, which employs 80 people,
said it would continue to trade in the interim, although
manufacturing had been temporarily suspended.

The report relates administrator Sean Cavanagh of Cavanagh Kelly
Chartered Accountants confirmed that a review of the company's
operations was being conducted with a view to assessing the
options open to the business.

"This may include selling the company as a going concern," the
report quoted Mr. Cavanagh as saying.

Redrock Engineering Ltd. -- http://www.redrock-engineering.com/--
manufactures and supplies everything from slurry handling
solutions, silage and grain trailers, blockcutters, diet feeders
and specialist trailers, to the rugged Redrock dump trailers, low
loaders and flat trailers.


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


RISANAMENTO SPA: Court Decision on Bankruptcy Expected This Week
----------------------------------------------------------------
Danilo Masoni at Reuters reports that a court is expected to
decide as soon as this week whether to declare Risanamento SpA
bankrupt or clear the way for a EUR500 million restructuring plan
the group had agreed with five creditor banks led by Intesa
Sanpaolo SpA and UniCredit SpA.

Reuters says a decision by the Milan court, initially expected on
Oct. 15, was delayed to an unspecified date.

Reuters relates Risanamento on Saturday said it had drawn up a
list of candidates for a new board which will lead its
restructuring -- providing the court rejects a prosecutor call for
bankruptcy -- in a sign of confidence over its future.

According to Reuters, real estate experts said if the company
escapes bankruptcy, Risanamento will have to draw up more
realistic plans for Santa Giulia, along with selling assets.

As reported in the Troubled Company Reporter-Europe on Sept. 10,
2009, Bloomberg News, citing daily Il Sole 24 Ore, said
Risanamento's restructuring plan, backed by 60% of the real estate
company's creditors, includes a EUR150-million (US$218 million)
capital increase, the conversion of EUR350 million of debt and the
sale of assets, excluding property in New York and Paris.
Risanamento was ordered to come up with the plan in response to a
prosecutor's statement in July that the real-estate company had
failed, according to Bloomberg.

                       About Risanamento SpA

Headquartered in Milan, Italy, Risanamento SpA --
http://www.risanamentospa.it/-- is a company engaged in the
real estate sector.  It is part of the Zunino Group.  Its main
activities are real estate investments, real estate promotion and
development.  The Company provides its services through numerous
subsidiaries and associated companies, such as Milano Santa Giulia
SpA, Etoile ST. Florentin Sarl, Risanamento Europe Sarl and RI
Investimenti Srl. Risanamento operates in the real estate
promotion and development, and real estate investments sectors.
The Company's main projects are the creation of the new Milano
Santa Giulia district, and the redevelopment of the former Falck
area in Sesto San Giovanni.


WINDERMERE XIV: Moody's Downgrades Rating on Class B Notes to 'B1'
------------------------------------------------------------------
Moody's Investors Service has downgraded the Class A and Class B
Notes issued by Windermere XIV CMBS Limited (amounts reflect
initial outstandings):

  -- EUR836.43M Class A Commercial Mortgage-Backed Notes due 2018,
     Downgraded to Baa1; previously on Sep 15, 2008 Aaa Placed
     Under Review for Possible Downgrade

  -- EUR97.1M Class B Commercial Mortgage-Backed Notes due 2018,
     Downgraded to B1; previously on Sep 15, 2008 Aa3 Placed Under
     Review for Possible Downgrade

Moody's does not rate the Class C, Class D, Class E, Class F, and
Class X Notes issued by Windermere XIV CMBS Limited.  The rating
action concludes the review for possible downgrade that was
initiated on September 15, 2008 and takes Moody's updated central
scenarios into account, as described in Moody's Special Report
"Moody's Updates on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Windermere XIV CMBS Limited closed in November 2007 and represents
the true-sale securitization of 8 mortgage loans originated by
Lehman Brothers Commercial Paper Inc. United Kingdom Branch,
Lehman Brothers Bankhaus AG London Branch and Lehman Brothers
Bankhaus AG Milan Branch.  The loans are secured directly and
indirectly by first-ranking legal mortgages over 596 commercial
properties (currently 383) located in France (30.9% of initial
underwriter's value), Finland (30.2%), and Italy (25.1%).  The
properties use is mainly office (75.5%) and retail (14.5%), the
rest being warehouse (5%), mixed use (4.5%) and other (1.4%).

Since closing, approximately 17.6% of the initial pool repaid,
through partial prepayments and scheduled amortization.  None of
the loans have fully repaid or prepaid.  The three largest loans
in the pool are the Haussmann Loan, the Fortezza II Loan and the
Sisu Loan, which contribute 28.4%, 27.5% and 24.6% of the total
securitized balance, respectively.  The smallest loan is the
Harbour Loan, which contributes 1.3% of the total current
securitized loan balance.  The current loan Herfindahl index is
4.44, compared to 4.30 at closing.

Since closing, the Sisu Loan and Queen Mary Loan have partially
prepaid following the disposal of properties.  The Fortezza II
Loan balance has also decreased due to the repayment of a VAT
loan.  All the loans provide scheduled amortization except for the
GSI Loan.  Scheduled amortization is applied sequentially to the
Notes whereas balloon repayments and disposal proceeds are applied
50% pro-rata / 50% sequential to the Notes.  As a consequence the
credit enhancement levels have only slightly improved since
closing.  The Class A currently exhibits a credit enhancement of
27.3% (24.8% at closing) and the Class B 17.7% (16.0% at closing).

As of the last interest payment date, the Fortezza II and Harbour
Loans were on the Servicer watchlist, the first one because of a
cash sweep trigger and the second one due to the 2010 loan
maturity date.  However, all the loans were current and no loan
was in special servicing.

2) Rating Rationale

The downgrade of the Class A and Class B Notes follows a detailed
re-assessment of the loan and property portfolio's credit risk.
Hereby, Moody's main focus was on property value declines, term
default risk, refinancing risk and the anticipated work-out timing
for potentially defaulting loans in the future.  In its review,
Moody's especially concentrated on the three largest loans in the
portfolio accounting for on aggregate 80.5% of the current
portfolio i.e. the Haussmann Loan, the Fortezza II Loan and the
Sisu Loan.

As outlined in more detail below, the rating action is mainly
driven by:

  (i) The recent performance of the European commercial property
      markets; and

(ii) Moody's opinion about future property value performance.

Driven by, in most cases, a higher default risk assessment at the
loan maturity dates, Moody's now anticipates that a large portion
of the portfolio will default over the course of the transaction
term.  Coupled with the negative impact of reduced property
values, Moody's expects a substantial amount of losses on the
securitized portfolio.  Those expected losses will, given the
anticipated work-out strategy for defaulted loans, crystallize
mostly towards the end of the transaction term.

The current subordination levels for the Class A Notes of 27.3%
and Class B Notes of 17.7% provide protection against those
expected losses.  However, the likelihood of higher than expected
losses on the portfolio has increased substantially, which results
in the rating action.

3) Moody's Portfolio Analysis

Property Values.  Property values across the Continental European
markets have declined, in some markets significantly, until mid
2009 and are expected to continue to decline at least until 2011.
Moody's estimates that compared to the underwriter's ("U/W")
values at closing, the values of the properties securing this
transaction have declined on a like for like basis on average by
approximately 29% to date (ranging from a 45% decrease for the
property securing the Harbour Loan to a 19% increase for the
portfolio securing the Sisu Loan).  Looking ahead, Moody's
anticipates further declines until 2010 and 2011, resulting in, on
average, a 38% value decline from the closing U/W value to Moody's
trough value (ranging from a 49% decline for the property securing
the Harbour Loan to a 23% increase for the property securing the
GSI Loan).  Moody's has taken this property value assessment,
including the moderate recovery from 2011/2012 onwards, into
account when assessing the loans' refinancing risk and potential
loss given default.

Based on the above property value assessment, Moody's estimates
that the transaction's mid-2009 weighted average securitized loan-
to-value ratio was 94.8% compared to the current U/W LTV of 67.1%.
Due to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 108.4% in 2011 and will only gradually recover
thereafter.  Based on Moody's anticipated trough values, the LTVs
for the securitized loans range between 91% (GSI Loan) and 124%
(Fortezza II Loan).  As three loans still have additional debt in
the form of B-loans, based on estimated trough values, the overall
whole loan leverage is on average 114.5%.

Refinancing Risk.  With only the Harbour loan (currently 1.3% of
the pool) due for repayment in January 2010, the transaction's
exposure to loans maturing in the short term (2009 and 2010) is
low.  60% of the pool is due for repayment in 2014 (Haussmann,
Fortezza II and GSI Loans) while 29% is due in 2012 (Sisu and
Queen Mary Loans).  The remaining 9% are due to repay in 2011 and
2013.  As Moody's expects property values in the Continental
European markets to only slowly recover from 2011 onwards, all
loans will be still highly leveraged at their respective maturity
dates.  Consequently, in Moody's view, for all of the loans, the
default risk at maturity has increased considerably compared to
the closing analysis.

Term Default Risk.  The occupational markets in Continental Europe
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates.  In
particular, loans secured by Properties which are subject to
significant lease rollover over the next few years (for example,
the Haussmann Loan, where 100% of the leases expire before loan
maturity) could be, in Moody's view, exposed to weakening
occupational markets.  As a consequence, Moody's has incorporated
into its analysis an allowance for deterioration in coverage
ratios and weakening tenant quality, in turn increasing the term
default risk assumption for most of the loans.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a large portion of the portfolio will default
over the course of the transaction term.  The default risk of the
loans is predominantly driven by refinancing risk.  In Moody's
view, the GSI Loan (4.05% of current portfolio balance) has
currently the lowest default risk, while the Queen Mary Loan
(4.80% of the current portfolio) has the highest risk of
defaulting.

Concentration Risk.  The portfolio securitized in this transaction
exhibits an average concentration in terms of property types and
property location.

Work-Out Strategy.  In scenarios where a loan defaults, Moody's
current expectation is that the Servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions.  Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and ultimate
work-out of the loan will occur at a later point in time.  Due to
legal specificities, the work out process in the three
jurisdictions where the properties are located can be lengthy and
costly.  As for the closing analysis, Moody's has incorporated
into its analysis higher recovery costs and longer recovery timing
than for other pan-European CMBS transactions.

Increased Portfolio Loss Exposure.  Taking into account the
increased default risk of the loans, the most recent performance
of the commercial property markets in Continental Europe, Moody's
opinion about future property value performance and the most
likely work-out strategies for defaulted loans, Moody's
anticipates a substantial amount of losses on the securitized
portfolio, which will, given the anticipated work-out strategy for
defaulted loans, crystallize only towards the end of the
transaction term.

4) Lehman Brothers Insolvency and Subsequent Events

In its rating review, Moody's also analyzed and concluded on the
credit impact of the Chapter 11 filing of Lehman Brothers Holding
Inc. on the transaction.  Lehman Brothers entities were acting as
counterparty in these capacities: Swap Provider, Swap Guarantor,
Security Agent, Loan Facility Agent, Capex Provider and VAT Loan
Lender.

The original Swap and Swap Guarantee hedging agreements allowed
the Issuer to exchange the cashflows it receives from the loans
into 3 month Euribor cashflows to match the Notes interest rate.
On July 10, 2009, Moody's received confirmation that new swaps had
been entered into with HSBC Bank plc (Aa2, P-1), effectively
replicating the economic and legal characteristics of the original
Lehman Brothers swaps.

The HSBC Bank swaps became effective from April 15, 2009, and the
Issuer did not have to bear any replacement costs.  Furthermore,
the replacement swaps are substantially in line with Moody's
published criteria entitled "Framework for De-Linking Hedge
Counterparty Risks from Global Structured Finance Cashflow
Transactions Moody's Methodology", May 10, 2007.  As a result,
Moody's views the replacement of the swaps as being credit neutral
to the Issuer, all else being equal.

The transaction is also exposed to Lehman Brothers as Loan
Security Agent and Loan Facility Agent.  Regarding these roles,
Moody's learned on July 27, 2009 that replacements are currently
underway.  The cost of replacing the Agents will be a senior
ranking waterfall cost, however Moody's understands it will not
impact the classes of Notes which it rates.

Lehman Brothers entities also act as Capex Provider and VAT Loan
Lender.  Moody's based its analysis on the assumption that the
capex amounts will no longer be available, and the VAT Loan for
the Fortezza II Loan has been repaid.


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


ASTANA FINANCE: Samruk-Kazyna Won't Offer Aid to Creditors
----------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that Kazakh sovereign
wealth fund Samruk-Kazyna said it won't offer financial help to
creditors of AO Astana Finance.

Bloomberg recalls a group of Astana Finance creditors led by
Nomura International Plc last month said it would seek state aid
in restructuring the lender's debt.

As reported in the Troubled Company Reporter-Europe on Oct. 22,
2009, Astana Finance plans to cede 58.9% of its shares to
international creditors as it restructures US$2.2 billion of debt.
The company defaulted in May on US$175 million of 9% bonds
maturing in 2011 as Kazakhstan slipped into its first recession in
a decade.

JSC Astana Finance a.k.a Astana Finans AO (KAS:ASFI) --
http://www.af.kz/-- is a Kazakhstan-based non-banking financial
institution.  It provides leasing services of such goods as
agricultural machines and equipment, trucks and road construction
machines, utilities and special machines, aircraft and aeronautic
equipment, and rolling-stock.  It also offers microcredits and
loans, mortgages, business credits, mutual funds, insurance,
hedging, and others.  The Company has branch offices located in
Astana, Almaty and Atyrau, Kazakhstan.  As of January 1, 2009, it
operated through nine wholly owned subsidiaries, one 99.97%-owned
company and one affiliated company.  Astana Finans AO's activities
comprise the territories of Kazakhstan and the Russian Federation.


BERKUT STROY: Creditors Must File Claims by November 18
-------------------------------------------------------
LLP Berkut Stroy is currently undergoing liquidation.  Creditors
have until November 18, 2009, to submit proofs of claim to:

          Isayev Str. 29-9
          Almaty
          Kazakhstan


CENTRASIA MINING: Creditors Must File Claims by November 18
-----------------------------------------------------------
LLP Centrasia Mining Kazakhstan is currently undergoing
liquidation.  Creditors have until November 18, 2009, to submit
proofs of claim to:

          Micro District Samal-2, 77-32
          Almaty
          Kazakhstan


EASY WORLD: Creditors Must File Claims by November 18
-----------------------------------------------------
Creditors of LLP Easy World Mg have until November 18, 2009, to
submit proofs of claim to:

         Toraigyrov Str. 25
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 11, 2009,
after finding it insolvent.

The Court is located at:

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


ENERGIYA I K: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of LLP Enegriya I K have until November 18, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 11, 2009.


EURO ASIA: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Euro Asia Tech Snub have until November 18, 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 21, 2009.


GELIO AKTOBE: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of LLP Gelio Aktobe have until November 18, 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 24, 2009.


KAZ MAKTA: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Kaz Makta have until November 18, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 24, 2009.


MEGA STARS LTD: Creditors Must File Claims by November 18
---------------------------------------------------------
LLP Mega Stars Ltd. is currently undergoing liquidation.
Creditors have until November 18, 2009, to submit proofs of claim
to:

          Al-Farabi Ave. 124a
          Kostanai
          Kazakhstan


RUDNENSKY HLEBO: Creditors Must File Claims by November 18
----------------------------------------------------------
LLP Rudnensky Hlebo Zavod is currently undergoing liquidation.
Creditors have until November 18, 2009, to submit proofs of claim
to:
          Gornyakov Str. 70
          Rudny
          Kazakhstan


TECHNO PARK: Creditors Must File Claims by November 18
------------------------------------------------------
Creditors of LLP Regional Innovation Centre Techno Park Ug have
until November 18, 2009, to submit proofs of claim to:

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

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


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


ROBEN STROY: Creditors Must File Claims by November 27
------------------------------------------------------
LLC Roben Stroy is currently undergoing liquidation.  Creditors
have until November 27, 2009, to submit proofs of claim to:

         Jukeyev-Pudovkin Str. 48-1
         Bishkek
         Kyrgyzstan
         Tel: (0-543) 80-01-81


SINERGOS LLC: Creditors Must File Claims by November 27
-------------------------------------------------------
LLC Tourist-Translation Company Sinergos is currently undergoing
liquidation.  Creditors have until November 27, 2009, to submit
proofs of claim:

         Manas Ave. 7-54
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 47-47-51


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


DEXIA FUNDING: S&P Cuts Rating on EUR500MM Hybrid Capital to 'C'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered to 'C' from
'CC' the issue rating on the EUR500 million in hybrid capital
issued by Dexia Funding Luxembourg S.A., a subsidiary of Franco-
Belgian banking group Dexia.  At the same time, S&P removed the
rating from CreditWatch with negative implications, where it had
been placed on Oct. 13, 2009.

This rating action does not affect the counterparty credit ratings
on Dexia group's core operating entities.

"Our downgrade of DFL's hybrid security follows Dexia's nonpayment
of the coupon due Nov. 2," said Standard & Poor's credit analyst
Taos Fudji.

Dexia had already announced on Oct. 9, 2009, that it would not pay
the next coupon due Nov. 2.  Dexia had also indicated that payment
on the coupon is discretionary.

On Oct. 13, 2009, S&P believes P downgraded the hybrid issue to
'CC' from 'B' and stated that S&P expected to lower the rating to
'C' when coupon payment was actually missed.

Dexia's decision to suspend coupon payment follows the European
Commission's communication on Oct. 8, 2009, that banks under EC
investigation should refrain from making payments that could
reduce their capitalization, which includes coupons on hybrid
instruments.


=========
M A L T A
=========


BANK OF VALLETTA: Moody's Withdraws 'D+' Bank Strength Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Bank of
Valletta for business reasons.  This action was taken with the
consent of both parties and does not reflect a change in the
bank's creditworthiness.

These ratings were withdrawn:

  -- Bank financial strength rating: D+ (stable outlook)

  -- Long-term and short-term local and foreign currency deposit
     ratings: Baa1/Prime-2 (stable outlook)

  -- Long-term senior unsecured debt rating: Baa1 (stable outlook)

Moody's previous rating action on BOV was on November 5, 2008,
when it lowered the bank's long-term and short-term local and
foreign currency deposit ratings to Baa1/Prime-2 from A3/Prime-1.
In the same rating action, the rating agency also lowered the
bank's senior unsecured debt rating to Baa1 from A3 and affirmed
the BFSR at D+.

BOV is based in Valletta (Malta) and had consolidated total assets
of EUR6.216 billion as at the end of September 2009.


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


CIECH SA: Creditors Extend Loan Agreements to Dec. 15
-----------------------------------------------------
Maciej Martewicz at Bloomberg News reports that 12 bank creditors
of Ciech SA agreed to extend existing loan agreements with the
company to Dec. 15 from Oct. 30 to give it more time to
restructure its debt.

Ciech SA -- http://www.ciech.com-- is a Poland-based company
active in the chemical sector. The Company produces, trades and
distributes chemicals and pharmaceutics. Its is structured into
four main divisions: the Soda division, producing mainly soda ash,
which is the Company’s flag product; the Organic division,
manufacturing epoxy and polyester resins, toluene diisocyanate
(TDI) and plant protection chemicals, among others; the Agro
division, producing a range of fertilizers, and Silicates and
Glass Division, engaged in the production of chemicals, which are
used in glass, furniture, and construction industries. Ciech SA is
active both on national and international markets. The Company's
trading network covers various countries, such as Germany, France,
Italy and Spain. As of December 31, 2008, the Ciech SA group was
composed of 40 entities, based both in Poland and abroad.


MONDI SWIECIE: Won't Pay Dividend; Completes Refinancing
--------------------------------------------------------
Maciej Martewicz at Bloomberg News reports that Mondi Group said
Mondi Swiecie SA, its Polish unit, agreed with creditors not pay
dividend from this year's profit.

                           Refinancing

Mondi Group on November 2 disclosed that Mondi Swiecie has
completed a refinancing of its business.  This includes
renegotiation of the terms of a nine-year Syndicated EIB Guarantee
Facility for PLN521,782,800 and the consolidation of its other
financing sources through a Syndicated Revolving Credit Facility
Agreement for PLN225,000,000 and a Mondi Group inter company loan
facility of PLN200,000,000.

Both the Syndicated EIB Guarantee Facility and the Syndicated
Revolving Credit Facility have been guaranteed by Mondi Group.

                            About Mondi

Mondi Swiecie SA is a 66%-owned subsidiary of Mondi Group --
http://www.mondigroup.com/-- an international paper and packaging
group.  Its key operations and interests are in Western Europe,
emerging Europe, Russia and South Africa.  The Group is
principally involved in the manufacture of packaging paper and
converted packaging products; uncoated fine paper; and speciality
products and processes, including coatings and consumer flexibles.
Mondi is fully integrated across the paper and packaging process,
the growing of wood and manufacture of pulp (including recycled
materials) and paper to the converting of packaging papers into
corrugated packaging and industrial bags.  Mondi has production
operations across 35 countries and had an average of 33,400
employees in 2008.


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


ALFASTRAKHOVANIE PLC: Fitch Affirms 'BB-' Insurer Strength Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed AlfaStrakhovanie PLC's Insurer
Financial Strength rating at 'BB-' and National IFS rating at 'A+
(rus)'.  The Outlooks on both ratings are Negative.

The ratings reflect the restructuring of the insurer's portfolio
towards more profitable commercial lines, continuing capital
support from its parent, the Alfa group, albeit in smaller
volumes, and the relatively high credit quality of its investment
portfolio.

The Negative Outlook reflects Fitch's view of the declined
AlfaStrakhovanie's capital strength, remaining material exposure
to motor lines and the deteriorating operating environment for the
Russian insurance sector overall.  Fitch notes that the operating
environment for the Russian insurance sector has worsened and is
likely to impact AlfaStrakhovanie's underwriting profitability
particularly through the insurer's continuing high dependence on
motor lines (42% of gross premiums written in 2008).

Fitch considers AlfaStrakhovanie thinly capitalized for its
rating.  Based on the agency's internal assessment, its capital
adequacy weakened in 2008, due to the 76% growth of net premiums
written, and was not fully restored by the RUB1.1 billion
shareholders' capital injection in 2008.  Interim results ease
Fitch concerns that the capital position might weaken further at
end-2009.  However, the current level of the capital adequacy
remains a key rating constraint, particularly in light of
AlfaStrakhovanie's limited earnings generation and reliance on its
parent.

AlfaStrakhovanie has revised its medium-term strategy and shifted
its focus to strengthening its position in the commercial property
segment rather than retail motor lines.  As a result, volumes of
property and casualty risks grew to 41% of GPW in 2008 from 35% in
2007, which was particularly notable given the 82% growth of GPW
in 2008.  Fitch believes this was a positive development for the
company, provided that it maintains strong underwriting and
reserving discipline and purchases adequate reinsurance
protection.

The ratings continue to reflect net losses reported by the insurer
over the last four years, driven by non-life underwriting results.
However, an improvement of the combined ratio to 99.5% in 2008
from 103.8% in 2007, mainly driven by the portfolio restructuring,
and significant positive input from investment income, have
contributed to the gradual improvement in profitability.  The
insurer's conservative investment policy has, to date, shielded it
from investment losses during the financial crisis.

AlfaStrakhovanie is the core operating company of a similarly-
named insurance group, which is among the ten largest insurance
groups in Russia by written premiums.


CENTRAL TELECOMMUNICATIONS: S&P Lifts Corp. Credit Rating to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Russian regional
telecommunications operator Central Telecommunications Co. (OJSC)
to 'BB-' from 'B+'.  The outlook is stable.  At the same time, the
national scale rating on Central Telecom was raised to 'ruAA-'
from 'ruA+'.

"The upgrade reflects the strengthening of Central Telecom's
financial profile, especially the liquidity position," said
Standard & Poor's credit analyst Alexander Griaznov.

In August 2009 Central Telecom repaid its Russian ruble
5.6 billion (US$190 million) bond -- its largest debt maturity --
using proceeds from a new RUR4.3 billion long-term credit facility
from Sberbank and cash balances.  Central Telecom continues to
generate strong free operating cash flow (RUR7.7 billion in the 12
months ended June 30, 2009), most of which is available for debt
repayment.  The company also maintains a meaningful portion of
committed credit lines undrawn, which further enhances its
financial flexibility.

S&P consequently believe that the company will be able to fully
cover its 2010 maturities out of free operating cash flow.  As a
result S&P believes that the company's gross adjusted debt-to-
EBITDA ratio could decline further by year-end 2010, from 1.6x on
June 30, 2009.  This would further support S&P's assessment of
Central Telecom's financial risk profile.  The actual deleveraging
pace will depend, however, on the company's strategy, in
particular the aggressiveness of the investment policy, and
refinancing or repayment decisions.

The ratings on Central Telecom remain constrained by the company's
exposure to Russia's immature financial markets, limited revenue
diversification, and increasing competition in the most lucrative
areas, such as Moscow Oblast.

The ratings are supported by Central Telecom's resilient market
position, shown by its fixed-line market share or more than 70%,
its vast network in European Russia's central region, and its
ownership of last-mile access to 6.7 million customers.

The stable outlook reflects S&P's expectation that Central Telecom
will continue to generate strong operating cash flow, which will
allow it to finance its capital expenditures and service its debt
obligations.

"Ratings upside would depend on the company meaningfully
strengthening its business profile, although S&P consider it
unlikely in the near term, given the maturity of fixed-line
telecoms services.  Ratings downside could result if the company's
operating performance deteriorates or in case of a more aggressive
investment policy leading to weaker liquidity or increased debt
leverage," said Mr. Griaznov.


CONSTRUCTION MANAGEMENT: Creditors Must File Claims by November 11
------------------------------------------------------------------
Creditors of LLC Construction Management No. 4 (TIN 0277094175,
PSRN 1080277005192) have until November 11, 2009, to submit proofs
of claims to:

         F. Yenikeev
         Insolvency Manager
         Office 511
         RyazanskayaStr.
         450056 Ufa
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?07–4597/2009.

The Debtor can be reached at:

         LLC Construction Management No. 4
         Ulyanovykh Str. 60
         Ufa
         Bashkortostan
         Russia


SKOPINSKIY GLASS: Creditors Must File Claims by November 11
-----------------------------------------------------------
Creditors of OJSC Skopinskiy Glass-Manufacturing Plant (TIN
6233004908, PSRN 1026200779076) have until November 11, 2009, to
submit proofs of claims to:

         G. Tazin
         Insolvency Manager
         Mayakovskogo Str. 1a/O
         390046 Ryazan
         Russia

The Arbitration Court of Ryazaskaya will convene at 12:30 p.m. on
January 26, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?54–4913/2009-S15.

The Debtor can be reached at:

          OJSC Skopinskiy Glass-Manufacturing Plant
          Pirogova Str. 38
          Skopin
          391801 Ryazanskaya
          Russia


SOUTHERN TELECOMMUNICATIONS: S&P Affirms 'B' Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the Russian regional telecommunications operator
Southern Telecommunications Co. (OJSC) to stable from negative.
At the same time, the 'B' long-term term corporate credit and
'ruA-' Russia national scale ratings were affirmed.

"The outlook revision and affirmation reflect the strengthening of
Southern Telecom's liquidity position after the company refinanced
most of its short-term debt maturities," said Standard & Poor's
credit analyst Alexander Griaznov.

In the last two months, Southern Telecom issued nearly
RUR10 billion (US$350 million) of new debt, which helped the
company refinance its short-term maturities.  The company issued
RUR3 billion in bonds and obtained a number of bilateral loans
from its key lending banks.  All new debt is medium term, which
boosts the company's previously very weak liquidity profile.
Consequently, S&P believes that Southern Telecom's exposure to
refinancing risk has meaningfully decreased and the company should
be able to repay its 2010 maturities of about RUR4 billion with
minimal additional refinancing required.

The company's free cash flow generation, although weaker compared
with that of peers, is an important consideration in the analysis
of Southern Telecom's financial profile.  In the first half of
2009, the company generated free operating cash flow of
RUR2.1 billion, which helped the company repay some portion of its
debt in 2009.  S&P expects the company to continue routing its
generated cash for debt reduction, which should allow a gradual
deleveraging from the current 2.7x, possibly to 2.0x within two or
three years.

In addition to a historically weak liquidity position, the ratings
are also constrained by Southern Telecom's need to further improve
efficiency.  The possible risks associated with ongoing industry
and regulatory reform and the only moderate economic
characteristics of the service area also hold down the ratings.

The ratings are supported by the company's status as a regional
incumbent telecoms operator, its dominant position in traditional
voice services, and growth in revenues from newer services, such
as broadband Internet.

The stable outlook reflects S&P's expectation that Southern
Telecom will maintain a dominant market position in its franchise
area and will continue to generate resilient cash flow.  S&P also
expect proactive liquidity management and a conservative approach
to investments.

Ratings downside could build if the company's liquidity position
weakened or financial leverage increased above 3.5x.  S&P could
also lower the ratings in the case of any major deviation from the
company's announced strategy, in particular resulting in a more
aggressive investment policy.

"An upgrade would depend on the company's ability to maintain
strong financial discipline, prudent liquidity management, and a
clear path to deleveraging," said Mr. Griaznov.


STROY-EVRO: Creditors Must File Claims by November 11
-----------------------------------------------------
Creditors of LLC Stroy-Evro-Teks (TIN 7719609884, RVC 091701001,
PSRN 1067759325468) (Construction) have until November 11, 2009,
to submit proofs of claims to:

         A. Kasaev
         Insolvency Manager
         Post User Box 95
         369000 Cherkessk
         Russia
         Tel: (8-87822) 5-51-04.

The Arbitration Court of Karachaevo-Cherkessia commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. ?25–406/09.

The Court is located at:

         The Arbitration Court of Karachaevo-Cherkessia
         Lenina Str. 9
         369000 Cherkessk
         Russia


VLAD-STROY: Creditors Must File Claims by November 11
-----------------------------------------------------
Creditors of LLC Vlad-Stroy-Servis (TIN 3329033492, PSRN
1043303412470) (Construction) have until November 11, 2009, to
submit proofs of claims to:

         S. Yabrov
         Insolvency Manager
         Post User Box 990
         248033 Kaluga
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ? 11–1325/2009.

The Debtor can be reached at:

         LLC Vlad-Stroy-Servis
         Devicheskaya Str. 11
         600001 Vladimir
         Russia


VOLGATELECOM OAO: S&P Affirms 'BB-' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russian regional telecommunications operator
VolgaTelecom to stable from negative.  The 'BB-' long-term
corporate credit and 'ruAA-' Russia national scale ratings were
affirmed.

"The outlook revision and affirmation reflect S&P's assessment
that VolgaTelecom's financial profile is strengthening, notably
through improving liquidity and decreasing leverage," said
Standard & Poor's credit analyst Alexander Griaznov.

In September 2009, VolgaTelecom repaid Russian ruble 2 billion
(US$67 million) of its RUR3 billion bond, as investors exercised
the put option.  The company had been accumulating free cash flow
to repay this largest maturity of the year.  The payment has
translated into decreasing gross adjusted leverage (debt to
EBITDA), which declined to 1.3x for the 12 months ended June 30,
2009, from 1.6x on June 30, 2008.  The company's cash flow
protection measures are also strong for the ratings, with a ratio
of adjusted funds from operations to total debt amounting to about
59% for the 12 months ended June 30, 2009.

The company's liquidity position has recently improved, and S&P
expects it to remain fully adequate over the next 12 months.  In
the 12 months ended June 30, 2009, S&P calculates that
VolgaTelecom generated free operating cash flow of RUR4.4 billion.
S&P believes that this level of free cash flow generation would be
sufficient to cover all debt maturities in 2010.  Consequently,
S&P believes the company will be able to service its debt without
any refinancing.

The ratings on VolgaTelecom are constrained by the company's
exposure to Russia's immature financial markets, Russia's
weakening economic environment, and intense competition in the
mobile segment.  Further ratings constraints are possible risks
associated with ongoing industry and regulatory reform, as well as
the only moderate economic characteristics of the Volga Region's
service area.

The ratings continue to be supported by VolgaTelecom's resilient
market position in its franchise area, strong free cash flow
generation, and increasing revenue diversification.

The stable outlook reflects S&P's expectation that VolgaTelecom
will maintain a dominant market position in its key business
segments while focusing on improving efficiency and generating
free cash flows.

"A weakening of VolgaTelecom's market position, a reduction in
profitability, or increasing investment appetite would put
pressure on its credit profile," said Mr. Griaznov.

Ratings upside appears limited at present, as it would require a
meaningfully stronger business profile, which S&P expects would be
hardly attainable in the next 12 months.


* BALASHIKHA CITY: S&P Affirms 'B-' Issuer Rating Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-' long-
term issuer credit rating and its 'ruBBB-' national scale rating
on Balashikha City District, located in the Moscow Oblast in the
Russian Federation (foreign currency BBB/Negative/A-3; local
currency BBB+/Negative/A-2; Russia national scale 'ruAAA').  The
ratings were then withdrawn at the issuer's request.  The outlook
was negative at the time of the withdrawal.

The ratings reflected S&P's view that Balashikha's liquidity was
tight and that the city district was exposed to short-term bank
and budget loans.  S&P were also concerned about management's
continued reliance on short-term refinancing or extension of
existing debt obligations.  Although weakening, the city
district's financial performance was adequate for the ratings, in
S&P's view.  These rating constraints were counterbalanced by
Balashikha's modest debt of 3%, which S&P believed would unlikely
exceed 10% of operating revenues by year-end 2009.  The city
district's strategic location near Russia's capital also supported
the ratings.


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


TELECONNECT INC: Posts US$504,418 Net Loss in Q3 2009
---------------------------------------------------
Teleconnect, Inc. reported a net loss of US$504,418 for the three
months ended June 30, 2009, compared with a net loss of US$722,708
in the same period of 2008.  Sales for the three months ended
June 30, 2009, increased 74.5% to US$92,354 from US$52,927 for the
quarter ended June 30, 2008.

Loss from continuing operations before income taxes and
discontinued operations were US$323,136 and US$387,487 for the
three months ended June 30, 2008, and 2007, respectively.

Discontinued operations had a net loss of US$181,282 for the three
months ended June 30, 2009, as compared to a net loss of
US$335,221 during the comparable period in 2008.  The Company
expects to sell the discontinued operations during fiscal year
2010.

For the nine months ended June 30, 2009, net loss was
US$1,166,711, compared with a net loss of US$2,305,615 in the
comparable period of 2008.  Sales for the nine months ended June
30, 2009, increased 134.3% to US$242,689 from US$103,571 for the
nine months ended June 30, 2008.

At June 30, 2009, the Company's consolidated balance sheets showed
US$4,022,463 in total assets and US$6,579,129 in total
liabilities, resulting in a US$2,556,666 stockholders' deficit.

The Company's consolidated balance sheets at June 30, 2009, also
showed strained liquidity with US$2,797,221 in total current
assets available to pay US$6,437,789 in total current liabilities.

A full-text copy of the Company's consolidated financial
statements for the three and nine months ended June 30, 2009, is
available for free at http://researcharchives.com/t/s?47d8

The Company reported a net loss of US$3,510,739 on sales of
US$181,935 for the year ended September 30, 2008, compared with a
net loss of US$2,999,829 on sales of US$28,485 for the year ended
September 30, 2007.

At September 30, 2008, the Company's consolidated balance sheet
showed US$4,205,858 in total assets and US$8,014,982 in total
liabilities, resulting in a US$3,809,124 stockholders' deficit.

The Company's consolidated balance sheets at September 30, 2008,
also showed strained liquidity with US$2,727,676 in total current
assets available to pay US$8,014,982 in total current liabilities.

A full-text copy of the Company's consolidated financial
statements for the year ended September 30, 2008, is available for
free at http://researcharchives.com/t/s?47d6

                       Going Concern Doubt

On Aug. 12, 2009, Coulter & Justus, P.C., in Knoxville, Tennessee,
expressed substantial doubt about Teleconnect Inc.'s ability to
continue as a going concern after auditing the Company's financial
statements as of and for the years ended Sept. 30, 2008, and 2007.
The auditor stated that the Company has suffered recurring losses
from operations and has a net capital deficiency in addition to a
working capital deficiency.

                     About Teleconnect, Inc.

Based in The Netherlands, Teleconnect, Inc. (OTC: TLCO) –
http://www.teleconnect.es/-- was incorporated under the laws of
the State of Florida on November 23, 1998.  The Company engages in
the sale of multimedia kiosks and the telecommunication industry
in Spain.  Currently, the Company derives its revenues from
continuing operations primarily from the sale of multimedia kiosks
and hardware components to retail chains.  Revenues from
discontinued operations are primarily from the sale of long-
distance telecommunication services.


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


AREGGER GASTRO: Claims Filing Deadline is November 13
-----------------------------------------------------
Creditors of Aregger Gastro Betriebe GmbH are requested to file
their proofs of claim by November 13, 2009, to:

         Astrid Aregger
         Liquidator
         Schweizerhausstrasse 12
         6390 Engelberg
         Switzerland

The company is currently undergoing liquidation in Engelberg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 24, 2009.


ARGUS HOLDING: Claims Filing Deadline is November 13
----------------------------------------------------
Creditors of Argus Holding AG are requested to file their proofs
of claim by November 13, 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 general meeting held on August 20, 2009.


GODENA ZWEIRAD: Claims Filing Deadline is November 13
-----------------------------------------------------
Creditors of Godena Zweirad GmbH are requested to file their
proofs of claim by November 13, 2009, to:

         Franziska Godena-Amsler
         Liquidator
         Mattenstrasse 3
         4313 Moehlin
         Switzerland

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


ISC INTERNET: Claims Filing Deadline is November 13
---------------------------------------------------
Creditors of ISC Internet Solution Center AG are requested to file
their proofs of claim by November 13, 2009, to:

         ISC Internet Solution Center AG
         Hardstrasse 72
         5430 Wettingen
         Switzerland

The company is currently undergoing liquidation in Wettingen AG.
The decision about liquidation was accepted at an extraordinary
general meeting held on September 17, 2009.


MABANAFT SCHWEIZ: Claims Filing Deadline is November 16
-------------------------------------------------------
Creditors of Mabanaft Schweiz AG are requested to file their
proofs of claim by November 16, 2009, to:

         Beatrix Stampfli
         Liquidator
         Balmwiesenstrasse 4
         8322 Madetswil/Gemeinde Russikon
         Switzerland

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


TAO HOLDING: Claims Filing Deadline is November 13
--------------------------------------------------
Creditors of Tao Holding AG are requested to file their proofs of
claim by November 13, 2009, to:

         Othmar Gabriel, liquidator
         Achereggstrasse 10
         6362 Stansstad
         Switzerland

The company is currently undergoing liquidation in Stansstad.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 24, 2009.


VALOTA AG: Claims Filing Deadline is November 13
------------------------------------------------
Creditors of Valota AG are requested to file their proofs of claim
by November 13, 2009, to:

         Valota Immobilien-Treuhand AG
         Essigweg 10
         4133 Pratteln
         Switzerland

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


VAN ROZEN & ZN.: Claims Filing Deadline is November 16
------------------------------------------------------
Creditors of Van Rozen & Zn. AG are requested to file their proofs
of claim by November 16, 2009, to:

         Richner Werner
         Liquidator
         Oberer Badweg 25
         5722 Graenichen
         Switzerland

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


VANTHEN AG: Claims Filing Deadline is November 13
-------------------------------------------------
Creditors of Vanthen AG are requested to file their proofs of
claim by November 13, 2009, to:

         Bruno Baumann
         Liquidator
         6460 Altdorf
         Switzerland

The company is currently undergoing liquidation in Altdorf.  The
decision about liquidation was accepted at a general meeting held
on September 21, 2009.


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


BMP-GROUP LLC: Creditors Must File Claims by November 6
-------------------------------------------------------
Creditors of LLC BMP-Group (code EDRPOU 35848538) have until
November 6, 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 29, 2009.  The case is docketed
under Case No. B18/160-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC BMP-Group
         Kiev Str. 150
         Obukhov
         08702 Kiev
         Ukraine


CROCUS GROUP-XXI: Creditors Must File Claims by November 6
----------------------------------------------------------
Creditors of LLC Crocus Group-XXI (code EDRPOU 35464112) have
until November 6, 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 29, 2009.  The case is docketed
under Case No. B18/161-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Crocus Group-XXI
         Kashtanov Str. 6
         Obukhov
         08702 Kiev
         Ukraine


IBK AMB: Creditors Must File Claims by November 6
-------------------------------------------------
Creditors of LLC IBK AMB Building (code EDRPOU 35633931) have
until November 6, 2009 to submit proofs of claim to Linkrust, the
company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 29, 2009.  The case is docketed
under Case No. 44/579-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 IBK AMB Building
         Kikvidze Str. 26
         01103 Kiev
         Ukraine


FRUNZE KRASNORECHENSK: Creditors Must File Claims by November 6
---------------------------------------------------------------
Creditors of OJSC Frunze Krasnorechensk Machine-Tool Plant (code
EDRPOU 00222120) have until November 6, 2009, to submit proofs of
claim to:

         A. Levin
         Insolvency Manager
         Mendeleyev Str. 59/35
         Rubezhnoye
         93010 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company on September 22, 2009.  The case is docketed
under Case No. 10/180b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Frunze Krasnorechensk Machine-Tool Plant
         Krasnorechensk
         Kremensky
         Lugansk
         Ukraine


PROMINVESTBANK: Moody's Lifts Financial Strength Rating to 'E+'
---------------------------------------------------------------
Moody's Investors Service has upgraded the long-term global scale
local currency deposit rating of Prominvestbank to B2 and its
foreign currency deposit rating to B3 from Caa2.  At the same
time, PIB's bank financial strength rating was upgraded to E+ from
E, its Not Prime short-term global scale local and foreign
currency deposit ratings were affirmed, and the National Scale
rating was upgraded to A2.ua from B3.ua.  The bank's global scale
local currency deposit rating and BFSR carry a stable outlook,
while its foreign currency deposit rating carries a negative
outlook in line with the outlook for foreign currency bank deposit
ceiling for Ukraine.  The bank's NSR carries no specific outlook.

The rating actions conclude the review with direction uncertain
that was initiated by Moody's on October 9, 2008 when PIB was
placed into temporary administration by the National Bank of
Ukraine following the concerns about the bank's ability to
continue its operations.  The regulator's administration process
was preceded by a run on deposits experienced by PIB in October
2008, which could not be stemmed by UAH5 billion liquidity support
by the NBU at the time.

Moody's upgrade of PIB's ratings has been prompted by the recently
provided financial support from its new shareholder
Vnesheconombank (VEB, rated Baa1/Prime-2), holding a stake of
approximately 94% in the bank, as well as VEB's declared intention
to keep PIB on its balance sheet at least for the medium term.

"In Moody's view, the capital injections made in Q1 2009 and
September 2009 totaling UAH5.1 billion (US$637 million)
substantially improved PIB's liquidity profile and capital
position, enabling the bank to absorb large credit losses," said
Yaroslav Sovgyra, a Moody's Vice President -- Senior Credit
Officer and the lead analyst for PIB.  "The bank's management
estimates Total CAR to be approximately 21% as at September 30,
2009, while the bank's capital almost fully consists of Tier 1
capital."

Moody's views PIB's current financial standing as stable, and
while problem loans represented over 25% of the bank's loan book
as at H1-2009, the rating agency expects these to be substantially
covered by provisions by the end of 2009.

Moody's notes that PIB's ability to build its franchise and
attract new clientele -- after certain reputation damage --
represents the key rating driver in the medium term, which is
critical for generation of stable flow of operations and recurring
earnings.

Despite PIB's almost full ownership by VEB, Moody's notes a
limited strategic fit between VEB and its newly acquired
subsidiary.  As a result, the rating agency assesses the
probability of parental support as low, resulting in a one-notch
uplift to the bank's deposit ratings from its Baseline Credit
Assessment (BCA) of B3.

Moody's previous rating action on PIB was on October 9, 2008 when
the BFSR was downgraded to E from E+; its long-term local currency
bank deposit ratings were downgraded to Caa2 from Ba2; its foreign
currency bank deposit ratings were downgraded to Caa2 from B2; and
its NSR was downgraded to B3.ua from Aa1.ru.  At that time, the
bank's long-term deposit ratings had also been placed on review
with direction uncertain.

Based in Kyiv, Ukraine, Prominvestbank reported total IFRS assets
of UAH27 billion as at December 31, 2008.


UKRBUD 1 LLC: Creditors Must File Claims by November 6
------------------------------------------------------
Creditors of LLC Ukrbud 1 (code EDRPOU 35209283) have until
November 6, 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 29, 2009.  The case is docketed
under Case No. B18/162-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrbud 1
         Vladimirskaya Str. 2
         Vasilkov
         08600 Kiev
         Ukraine


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


ASG MEDIA: In Administration; Antony Batty Appointed
----------------------------------------------------
The Board of ASG Group plc disclosed that, having carefully
considered the financial position and strategic options of ASG
Media PLC, on November 2, 2009, it appointed Antony Batty and
Stephen Evans of Antony Batty & Company LLP to act as Joint
Administrators of the Company with immediate effect.

Since the announcement of suspension on October 20, 2009 the Board
has continued to explore options to address the Company's working
capital requirement.  The Board has continued discussions with a
number of parties including potential equity investors and
existing shareholders up until Sunday night.  Until it became
clear that further funding would not be forthcoming the directors
were hopeful that funding would be secured.

Furthermore the Board disclosed that Charles Stanley Securities,
the Company's nominated adviser for the purposes of the AIM Rules
for Companies, has tendered its resignation as the Company's
Nominated Adviser and Broker, with immediate effect.

If ASG has failed to appoint a replacement Nominated Adviser by
December 3, 2009, the admission of the Company's shares to trading
on AIM will be cancelled in accordance with Rule 1 of the AIM
Rules.

Avanti Screenmedia Group Plc (AIM:ASG) --
http://www.avanti-screenmedia.com/-- is engaged in the supply of
media services.  The Company installs and runs television channels
for retailers, pubs and malls at or close to the point of sale.
Retailers use these channels to entertain and inform customers,
build brand, promote products and generate sources of advertising
revenues.  The Company's media products include Setanta Sports
(Out of Home), which is closed digital network broadcasting sport
content into pubs in the United Kingdom.  The Company has a client
base in leisure, retail and shopping malls sector.  It supplies
pop music video channels to pubs and clubs.


BILTON WARD: Enters Into Company Voluntary Arrangement
------------------------------------------------------
Michael Fahy at Crain's Manchester Business reports that Bilton
Ward Developments has entered into a company voluntary arrangement
in a bid to reduce a debt burden of GBP1.3 million.

According to the report, Dawn Ward, one of Bilton's owners, told
the Mail on Sunday that the property development firm had been
owed GBP1 million by an unnamed company which has since been
placed into liquidation.

Based in Great Warford, Bilton Ward Developments specializes in
developing exclusive properties.


CARDTRONICS INC: Sept. 30 Balance Sheet Upside-Down by US$8.3MM
---------------------------------------------------------------
Cardtronics, Inc.'s consolidated balance sheets at September 30,
2009, showed US$457.2 million in total assets and US$465.5 million
in total liabilities, resulting in an US$8.3 million total
shareholders' deficit.

At September 30, 2009, the Company's consolidated balance sheets
also showed US$46.4 million in total current assets available to
pay US$88.2 million in total current liabilities.

The Company reported net income of US$6.5 million on total
revenues of US$128.6 million for the three months ended
September 30, 2009, compared with a net loss of US$5.2 million on
total revenues of US$127.3 million in the same period of the prior
year.

ATM operating revenues increased US$3.6 million to US$126.2
million during the three months ended September 30, 2009, from
US$122.6 million during the same period last year.

ATM product sales and other revenues decreased 48.2% to
US$2.4 million during the three months ended September 30, 2009,
compared to US$4.6 million during the same period of 2008.  ATM
products sales and other revenues were lower primarily due to
lower equipment sales in Mexico and lower value-added reseller
program sales.

The Company reported net income of US$4.1 million on total
revenues of US$368.6 million for the nine months ended September
30, 2009, compared with a net loss of US$13.7 million on total
revenues of US$374.8 million in the same period of 2008.

For the three and nine months ended September 30, 2009, ATM
operating gross profit margin, exclusive of depreciation,
accretion, and amortization, increased by 8.5 percentage points
and 6.8 percentage points, respectively, when compared to the same
periods in 2008.

For the three and nine months ended September 30, 2009, ATM
product sales and other revenues gross profit margin decreased by
23.8 percentage points and 11.3 percentage points, respectively,
when compared to the same periods in 2008.  These decreases were
primarily a result of lower margins achieved on VAR, equipment,
and other service sales during the second and third quarters of
2009, as we were required to lower our sales prices in light of
the reduced market demand for ATM product sales.

A full-text copy of the Company's consolidated financial
statements for the three and nine months ended September 30, 2009,
is available for free at http://researcharchives.com/t/s?481d

As of September 30, 2009, the Company had US$6.1 million in cash
and cash equivalents on hand and US$321.4 million in outstanding
long-term debt and capital lease obligations.

The Company believes that its cash on hand and its current bank
credit facilities will be sufficient to meet its working capital
requirements and contractual commitments for the next 12 months.

Net cash provided by operating activities totaled US$49.0 million
for the nine months ended September 30, 2009, compared to net cash
provided by operating activities of US$11.0 million during the
same period in 2008.  The year-over-year increase was primarily
attributable to improved operating margins and favorable working
capital movements in 2009 when compared to 2008.

Net cash used in investing activities totaled US$20.2 million for
the nine months ended September 30, 2009, compared to
US$54.0 million during the same period in 2008.  The year-over-
year decrease was the result of a decline in the amount of capital
expenditures incurred, as a result of the Company's decision to
reduce capital spending in 2009.

The Company expects that its capital expenditures for the
remaining three months of 2009 will total approximately
US$5.0 million, net of noncontrolling interests, the majority of
which will be utilized to purchase additional ATMs for its
company-owned accounts.

Net cash used in financing activities totaled US$26.6 million for
the nine months ended September 30, 2009, compared to
US$31.1 million provided by financing activities for the same
period in 2008.  In 2008, the Company incurred incremental
borrowings under its revolving credit facility to fund the higher
level of capital expenditures during the period.  However, in
2009, the Company generated sufficient cash flows after capital
expenditures that allowed the Company to repay a significant
portion of the outstanding borrowings under its revolving credit
facility.

As of September 30, 2009, the Company had US$321.4 million in
outstanding long-term debt and capital lease obligations, which
was comprised of (1) US$297.1 million (net of discount of
US$2.9 million) of its senior subordinated notes, (2) US$17.0
million in borrowings under its revolving credit facility,
(3) US$6.9 million in notes payable outstanding under equipment
financing lines of its Mexico subsidiary, and (4) US$413,000 in
capital lease obligations.

The Company said that as of September 30, 2009, it was in
compliance with all covenants contained within its US$175.0
million revolving credit facility and had the ability to borrow an
additional US$152.2 million under the facility based on such
covenants.

Based in Houston, Texas, Cardtronics, Inc. operates the world's
largest non-bank network of automated teller machines.  As of
June 30, 2009, the Company's network included over 33,000 ATMs
throughout the United States, the United Kingdom, and Mexico,
primarily at national and regional merchant locations.  The
Company provides ATM management and equipment-related services and
electronic funds transfer transaction processing services to its
network of ATMs as well as ATMs owned and operated by a third
party.


JONATHAN HOTEL: Administrators Seek Buyer
-----------------------------------------
Jonathans Hotel and Restaurants has been put up for sale.

Neil Hickling and Anthony Spicer of Smith & Williamson Limited's
Restructuring & Recovery team on October 23, 2009, were appointed
as joint administrators of Jonathans Limited which does business
as Jonathans Hotel and Restaurants.  The hotel, which dates back
more than 30 years, is based on the Wolverhampton Road in
Birmingham.  The hotel and restaurants have ceased trading and the
administrators have instructed agents to sell the hotel and
business.

Interested parties can reach Claire Morris on telephone number
01905 730100 who can also be contacted for general inquiries.


LLOYDS BANKING: To Raise GBP13.5BB in Rights Offering
-----------------------------------------------------
Jon Menon at Bloomberg News reports that Lloyds Banking Group Plc
plans to raise GBP13.5 billion in a rights offering, and GBP7.5
billion in a bond exchange.

Bloomberg says the British government will invest an additional
GBP5.8 billion by taking up its rights in the Lloyds share sale.

According to Bloomberg, Lloyds will not take part in the
government's Asset Protection Scheme, which would have increased
the government's stake to about 62% and cost the bank GBP15.6
billion in fees.

Lloyds, 43% government-owned, will sell a retail banking unit with
a 4.6% share of the U.K. current account market and 19% of the
group's mortgage balances to gain European Union approval for last
year's  GBP17-billion bailout package, Bloomberg notes.  Bloomberg
relates Lloyds said it will also divest Cheltenham & Gloucester-
branded accounts and mortgages, its Intelligent Finance online
unit, some Lloyds TSB branches in England & Wales and the TSB
brand within four years.

In a separate report, Bloomberg discloses Lloyds on Nov. 3 agreed
not to pay cash bonuses to workers earning more than GBP39,000 a
year.

                   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.


READER'S DIGEST: Names New Heads for Europe, Asia & Canada
----------------------------------------------------------
The Reader's Digest Association, Inc., named three of its most
accomplished executives to lead its international divisions, which
are responsible for the company's business in more than 70
countries.  The new appointees are Dawn M. Zier, President,
Europe; Andrea C. Martin, President, Asia Pacific; and Patricia
Hespanha, President, Canada-Latin America.  All three will serve
on the company's Executive Committee and report to Mary G. Berner,
RDA's President and Chief Executive Officer.

"I am pleased to announce the appointment of these highly
experienced and talented executives to lead our International
divisions," Ms. Berner said.  "With records of consistent
accomplishment and innovation within RDA, they have the proven
skills to help intensify our progress against the company's
transformational goals, most notably leveraging the digital
channel to drive revenues and profits."

Zier, currently serving as President of Global Consumer Marketing
and CEO, Direct Holdings, will succeed Michael Brennan as
President, Europe, the company's largest international division.
The appointment is effective November 2.  Brennan is completing a
two-year assignment in Europe and will be returning to the United
States to assume a new role as Senior Vice President, Corporate
Strategy, reporting to Berner.

Zier has a strong track record of delivering results in general
management and consumer marketing leadership roles, including
significantly growing the digital channel to bring in new
customers, supporting and driving growth of the U.S. affinity
businesses, and increasing retail sales in a down market.  Zier
was the driving force behind the recent launch of Taste of Home
Holiday, a new subscription-driven publication that quickly
reached a circulation of 500,000 through non-traditional channels
and also spearheaded the record-setting circulation launch
strategy for Every Day with Rachael Ray.  Other accomplishments
include the successful phase-out of direct mail sweepstakes at
U.S. Reader's Digest magazine as well as leading successful
turnaround and integration efforts across several RDA businesses.

In March 2007, Zier was appointed President, North American
Consumer Marketing, responsible for marketing North American
magazines and products, as well as managing market research,
database and Customer Care.  In 2008, she was promoted to
President, Global Consumer Marketing, where she added
international marketing to her responsibilities.  In June 2009,
she was also named President and CEO of Direct Holdings, which
markets the Time Life business under license.  Earlier, she served
as President, Reader's Digest Canada and U.S. Books and Home
Entertainment.

Martin, currently President of Canada and Latin America (CALA),
will become President of Asia Pacific, effective immediately.  She
succeeds Paul Heath, who will be leaving RDA after a brief
transition.  Martin has led businesses in Canada and
Latin America to strong results during her 26-year career with
RDA.  As President of CALA since 2007, she oversaw the launch of
Best Health, a multi-platform brand that serves a community of
women 35-55 through a website, magazine and other elements, the
launch of More of Our Canada (she earlier had launched Our
Canada), and Reader's Digest magazine in Chile.

Martin was promoted to Managing Director of Reader's Digest Canada
in 2004 and produced strong business results, growing all product
lines.  During her tenure, she transformed the business from an
off-line direct mail company to a multi-platform direct marketing
company that has built on-line communities around various brands.
She was named Vice President of Marketing in 2001 and played a
central role in positioning Reader's Digest Canada as one of the
country's largest and most successful publishers and direct
marketers.  Earlier, she was Marketing Director of Books & Home
Entertainment, Marketing Manager of Home Entertainment, and
Product Manager for Video.  She joined the company in 1983.

Hespanha for the past year has been Managing Director, Mexico.
She will succeed Martin as President of CALA, effective
immediately, and will retain her responsibilities as Managing
Director, Mexico.  Hespanha, who has been with the company for 13
years, has strengthened the Mexico business through growth
initiatives, including the relaunch of Selecciones (the Spanish-
language Reader's Digest), and by restructuring the business and
bringing in new management.  Previously, as Managing Director in
Brazil, Hespanha led that company to significant growth, turning
around the business by implementing a direct-debit system,
introducing new product lines and revenue sources, instilling a
culture of cost reduction, and maintaining a focus on Customer
Care.  Under her leadership, RD Brazil grew across all platforms -
- magazines, books, music, video, advertising, marketing services,
retail sales and Web -- and was a digital pioneer in RDA with
early successful Web offerings.

Previously, Hespanha served as Magazine Circulation Director for
RD Europe and spent three years in London working with RDA's
European businesses to improve circulation performance.  During
this time, she played a key role in testing a new, customer-
supplied content model that led to the creation of Our Canada
magazine in Canada and similar "Our Country" magazines.  She
joined the company in 1996.

               About The Reader's Digest Association

RDA is a global multi-brand media and marketing company that
educates, entertains and connects audiences around the world.  The
company builds multi-platform communities based on branded
content.  With offices in 44 countries, it markets books,
magazines, and music, video and educational products reaching a
customer base of 130 million in 78 countries.  It publishes 94
magazines, including 50 editions of Reader's Digest, the world's
largest-circulation magazine, operates 65 branded Web sites
generating 22 million unique visitors per month, and sells
40 million books, music and video products across the world each
year.  Its global headquarters are in Pleasantville, N.Y.

Reader's Digest said that as of June 30, 2009, it had total assets
of US$2.2 billion against total debts of US$3.4 billion.

Reader's Digest, together with its 47 affiliates, filed for
Chapter 11 on August 24 (Bankr. S.D.N.Y. Case No. 09-23529).
Kirkland & Ellis LLP has been engaged as general restructuring
counsel.  Mallet-Prevost, Colt & Mosle LLP has been tapped as
conflicts counsel.  Ernst & Young LLP is auditor.  Miller Buckfire
& Co, LLC, is financial advisor.  AlixPartners, LLC, is
restructuring consultant.  Kurtzman Carson Consultants is notice
and claims agent.

The Official Committee of Unsecured Creditors is tapping BDO
Seidman, LLP, as financial advisor, Trenwith Securities, LLP, as
investment banker and Otterbourg, Steindler, Houston & Rosen,
P.C., as counsel.


ROYAL BANK: To Sell Assets In Exchange for GBP25.5 Bln State Aid
----------------------------------------------------------------
Andrew MacAskill at Bloomberg News reports that Royal Bank of
Scotland Group plc said it will sell its insurance units and some
branches as the lender takes an additional GBP25.5 billion
(US$41.6 billion) of state aid.

Bloomberg relates RBS said the investment will boost the U.K.’s
stake in the lender to 84.4%.

According to Bloomberg, the bank agreed to sell its RBS branches
in England and Wales, NatWest branches in Scotland, its insurance
division and the Global Merchant Services unit.  RBS, Bloomberg
notes, will also shed its stake in Sempra Commodities to meet EU
requirements for taking state aid.

RBS, as cited by Bloomberg, said the restructuring plan should
take four years to complete.

RBS on Nov. 3 agreed to reduce the amount of assets it will insure
and the fees it will pay for the protection after market
conditions improved, Bloomberg discloses.  The lender, Bloomberg
says, will be responsible for the first GBP60 billion of losses on
the risky loans it puts into the government's Asset Protection
Scheme, compared with the GBP42.2 billion initially agreed.

Jon Menon at Bloomberg News reports RBS also agreed not to pay
cash bonuses to workers earning more than GBP39,000 a year.

                             About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


SIGMA FINANCE: UK High Court Plugs Up Creditor Waterfall Clauses
----------------------------------------------------------------
Law360 reports that the United Kingdom's highest court ruled
Thursday that the remaining assets of Sigma Finance Corp. should
be spread equally among its creditors, a decision that
participants in the case say could have a dramatic effect on
so-called waterfall clauses in other bankruptcy cases.


TITAN EUROPE: Moody's Reviews Ratings on Various 2007-3 Notes
-------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade these classes of Notes issued by Titan Europe 2007-3
Limited (amounts reflecting initial outstandings):

  -- GBP463.04M Class A1 Commercial Mortgage Backed Floating Rate
     Notes due 2016, Aa2 Placed Under Review for Possible
     Downgrade; previously on Jun 16, 2009 Downgraded to Aa2

  -- GBP115.76M Class A2 Commercial Mortgage Backed Floating Rate
     Notes due 2016, Ba1 Placed Under Review for Possible
     Downgrade; previously on Jun 16, 2009 Downgraded to Ba1

  -- GBP54.39M Class B Commercial Mortgage Backed Floating Rate
     Notes due 2016, B3 Placed Under Review for Possible
     Downgrade; previously on Jun 16, 2009 Downgraded to B3

  -- GBP52.79M Class C Commercial Mortgage Backed Floating Rate
     Notes due 2016, Ca Placed Under Review for Possible
     Downgrade; previously on Jun 16, 2009 Downgraded to Ca

Moody's does not rate the Class E, Class F, Class G, Class V or
Class X Notes issued by Titan Europe 2007-3 Limited.

Titan Europe 2007-3 Limited closed in August 2007 and represents
the securitisation of initially 20 mortgage loans originated by
Credit Suisse and secured by first-ranking legal mortgages over
initially 35 commercial properties located across the UK.  The
properties were predominantly offices (53%) and mixed-use (37%).
61% of the properties were located in the Greater London area.
The remaining collateral pool consisted of retail (5%), warehouse
(3%) and industrial (3%) properties located throughout England.

The review action has been prompted by interest deferrals on all
Classes of Notes except for the Classes A1 and X Notes.  Those
deferrals are above the deferrals expected by Moody's when it took
the last rating action.  The adverse performance of the portfolio
resulted in the June 2009 rating action that affected all Classes
of Notes rated by Moody's.  This rating action took into account
deferral of interest on the two most junior Classes of Notes (not
rated by Moody's) resulting from appraisal reductions with respect
to the two loans that were already in default at that point in
time (Project Metro Loan and Holmewood Chesterfield Loan) and the
likelihood of interest deferrals in relation to the Class D Notes.
As expected by Moody's in June 2009, the Bacchus Loan (7.6% of the
current pool) has experienced a payment default on the July 2009
Note IPD.

Moody's has been informed on 23 October 2009 that the Backup
Advance Provider (Bank of America N.A. (Aa3, P-1), successor of
ABN AMRO Bank N.V. acting as Backup Advance Provider at closing of
the transaction) has deemed Advances provided under the defaulted
Project Metro Loan (5.5% of the current pool) to be non
recoverable.  Therefore, the Backup Advance Provider (i) did not
provide any Advances for the Project Metro Loan as of the 23
October 2009 IPD and (ii) requested the cancellation of the
Advances made on the July 2009 IPD.

This cancellation of Advances provided by the Backup Advance
Provider with respect to the Project Metro Loan as of July 2009
Note IPD has been funded by the the overall loan collections
available as per the October 2009 IPD.  As this payment ranks
senior to the payments under the Notes, there were insufficient
funds to cover the interest due on the Notes in full on the
October 2009 IPD and all interest due on the Class G, Class F,
Class E, Class D, Class C and Class B has been deferred.  Interest
due on the Class A2 Notes has been partially deferred.  Payments
to the Class A1 and X Notes were made in full.  Non-payment of
interest on the most senior class of Notes outstanding (being
currently the class A1 Notes) would constitute a Note Event of
Default.  Payments of deferred interest on any given Class of
Notes will be senior to all interest due on subordinated classes
of Notes.

Advances were provided by the Advance Provider (being Capmark Bank
Europe p.l.c.) with respect to the Project Metro Loan on the July
2008, October 2008, January 2009 and April 2009 Note IPDs.  A
total of approximately GBP 1 million of Advances provided by
Capmark Bank Europe p.l.c. is currently outstanding.  After the
cancellation of Capmark Bank Europe p.l.c.'s banking license in
June 2009 the Backup Advance Provider has stepped in on the July
2009 Note IPD.  To date, the Advances provided by Capmark Bank
Europe p.l.c. are still outstanding.

Moody's will conclude its transaction review after it has
finalised its analysis on (i) how likely it is that the Backup
Advance Provider, being a different entity than the Servicer and
Special Servicer, will provide Advances on other loans in the
portfolio, if needed; (ii) how likely it is that further
outstanding Advances will be deemed non recoverable and (iii) the
impact of (i) and (ii) on future interest deferrals, the repayment
of such and on the risk of a Note Event of Default occuring due to
potential non-payment of interest on the most senior class of
Notes outstanding.  Hereby, Moody's will also take into account
the expected performance of the securitized loan portfolio.


YELL GROUP: Has Deal to Restructure GBP3.8 Bln Debt
---------------------------------------------------
Ben Fenton, Anousha Sakoui and Philip Stafford at The Financial
Times report that Yell Group plc has reached agreement with more
than 300 creditors to restructure GBP3.8 billion of its debt.

                           Fundraising

The company, the FT discloses, is likely to announce details of an
equity raising of at least GBP500 million next week.  According to
the FT, one person with knowledge of the situation said the
fundraising, which is key to the debt deal, is likely to take the
form of a placing and open offer.  Further details of the equity
raising could come on November 10 when the company releases first-
half results, the FT notes.

                         About Yell Group

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

                           *     *     *

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


YOUR SPACE: Seeks Compromise of GBP5.5-Mil. Unsecured Claims
------------------------------------------------------------
Daniel Thomas at The Financial Times reports that Your Space plc
has drawn up plans for a company voluntary arrangement (CVA) to
avoid administration.

According to the FT, the group has finalized the terms of a CVA to
put to unsecured creditors, which was posted to shareholders and
creditors on Wednesday, Oct. 28.  The FT relates the company said
it was asking unsecured creditors that were owed GBP5.5 million to
"compromise" some of their claims for payment.

Your Space, as cited by the FT, said that it has "faced challenges
in securing increased occupancy rates to target levels that ha[ve]
ultimately had an adverse effect on the strategy of the company
and its forecasts and cash flow".

Your Space plc -- http://www.yourspaceplc.com/-- provides
serviced offices, virtual offices and meeting rooms.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *