TCREUR_Public/091105.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

           Thursday, November 5, 2009, Vol. 10, No. 219

                            Headlines

A U S T R I A

CSD MANAGEMENT: Claims Filing Deadline is November 18
ETD GMBH: Claims Filing Deadline is November 18
OESTERREICHISCHE VOLKSBANKEN: Moody's Corrects Ratings on Notes


C Z E C H   R E P U B L I C

JITEX: Board Wants Firm to File for Bankruptcy Protection
SAZKA AS: Moody's Withdraws 'Ba1' Long-Term National Scale Rating


F I N L A N D

UPM-KYMMENE OYJ: Mulls Job Cuts, Mill Closures in First Half 2010


G E R M A N Y

GENERAL MOTORS: To Review New Restructuring Plan for Opel/Vauxhall
GENERAL MOTORS: Magna to Review Legal Basis for Botched Deal
TREOFAN HOLDINGS: Moody's Withdraws 'Caa2' Corporate Family Rating
TREOFAN HOLDINGS: S&P Withdraws 'SD' Ratings at Company's Request


I R E L A N D

FLEMING GROUP: Owner Puts Up Personal Assets as Collateral
INDEPENDENT NEWS: O'Brien's Bid to Secure Key Board Changes Fails


I T A L Y

TREVISAN COMETAL: Files for Bankruptcy Protection
WIND TELECOMUNICAZIONI: Nine-Month Profit Up 2.2% to EUR281 Mln


K A Z A K H S T A N

ABSOLUT SERVICE: Creditors Must File Claims by November 18
DESIGN LUX: Creditors Must File Claims by November 18
DIAS STROY: Creditors Must File Claims by November 18
DOSTYK 5: Creditors Must File Claims by November 18
FEESKO LLP: Creditors Must File Claims by November 18

KAZ WAY: Creditors Must File Claims by November 18
NSHS TRADING: Creditors Must File Claims by November 18
SHYGYS TRANS: Creditors Must File Claims by November 18
UBS LTD: Creditors Must File Claims by November 18
UKAZ KURYLYS: Creditors Must File Claims by November 18


K Y R G Y Z S T A N

ASIA DE LUXE: Creditors Must File Claims by November 27
EAST STAR: Creditors Must File Claims by November 27
SPASIDO ENTERPRISES: Creditors Must File Claims by November 27


N E T H E R L A N D S

ASM INTERNATIONAL: S&P Assigns 'BB-' Rating on Senior Bonds


R U S S I A

AVTOVAZ OAO: Russia to Raise US$2 Bln to Help Pay Off Debt
FAKT CONSTRUCTION: Creditors Must File Claims by November 11
KALUZHSKIY WOODWORKING: Creditors Must File Claims by November 11
KANDALAKSHSKIY AUTOMATIVE: Creditors Must File Claims by Nov. 11
KOMSOMOLSKIY-ON-AMUR: Yu.Shekhovtseva Named Insolvency Manager

MOSCOW BANK: Moody's Affirms Financial Strength Rating at 'E+'
PYAOZERSKIY LES: Creditors Must File Claims by November 11
SOGAZ OJSC: S&P Changes Outlook to Positive; Affirms 'BB' Rating
SOUTH ENGINEERING: Creditors Must File Claims by November 11
STROY-EVROTEKS: Creditors Must File Claims by November 11


S P A I N

CAM2: Fitch Downgrades Rating on Class 3SA Notes to 'BB-'
CAM4: Fitch Junks Rating on Class Notes From 'B'


S W I T Z E R L A N D

BP FAHRZEUGE: Claims Filing Deadline is November 9
EXTRAIR AG: Claims Filing Deadline is November 9
RADHA AG: Claims Filing Deadline is November 9
SOLIDUSMAX GMBH: Claims Filing Deadline is November 9


U K R A I N E

BANK FINANCE: Moody's Reviews 'Caa2' Ratings on Debt Restructuring
NADRA BANK: Fails to Get Creditors' Support for Debt Restructuring
PRAKTIK LLC: Creditors Must File Claims by November 7


U N I T E D   K I N G D O M

AERO INVENTORY: Reviews Positions of Top Three Executives
BLACKS LEISURE: Finalizes Terms of Restructuring Plan
CLERICAL MEDICAL: Fitch Shifts Watch on 'B+' Rating to Evolving
LARGIE DEVELOPMENTS: PwC Appointed as Administrator
LINDLEY PATE: Ceases Trading; To Appoint Liquidator

LLOYDS BANKING: Moody's Affirms Senior Unsecured Debt Ratings
LLOYDS BANKING: Fitch Upgrades Individual Rating to 'C' From 'E'
LLOYDS BANKING: S&P Junks Ratings on Various Hybrid Notes
POLLY BROTHERS: PwC Appointed as Administrator
VIRGIN MEDIA: Fitch Gives Positive Outlook; Affirms 'BB-' Rating

VIRGIN MEDIA: S&P Assigns 'B' Rating on GBP500 Mil. Senior Notes
WILLIAM HILL: Moody's Assigns 'Ba1' Rating on Proposed Notes
WILLIAM HILL: S&P Assigns 'BB+' Rating on Two Senior Unsec. Notes
YELL GROUP: Moody's Reviews 'B2' Corporate Family Rating

* PBGC Expands Deal with UK Pensions Regulator & Protection Fund


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         *********



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A U S T R I A
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CSD MANAGEMENT: Claims Filing Deadline is November 18
-----------------------------------------------------
Creditors of CSD Management Consulting GmbH have until
November 18, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 2, 2009 at 10:50 a.m.

For further information, contact the company's administrator:

         Dr. Georg Kahlig
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0
         Fax: DW 33
         E-mail: kahlig.partner@aon.at


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

A court hearing for examination of the claims has been scheduled
for December 2, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Edmund Roehlich
         Am Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at


OESTERREICHISCHE VOLKSBANKEN: Moody's Corrects Ratings on Notes
---------------------------------------------------------------
Moody's Investors Service has corrected the ratings of these
Ergaenzungskapital notes (subordinated hybrid notes) of
Oesterreichische Volksbanken AG:

-- EUR5 million Ergaenzungskapital, due August 2019 (ISIN:
    AT0000438767) to Caa2 from Baa1

-- EUR50 million Ergaenzungskapital, due July 2015 (ISIN:
    AT0000439708) to Caa2 from Baa2

-- EUR20 million Ergaenzungskapital, due July 2015 (ISIN:
    AT0000439716) to Caa2 from Baa2

-- EUR39.5 million Ergaenzungskapital, due July 2018 (ISIN:
    AT0000439732) to Caa2 from Baa2

The ratings of these Ergaenzungskapital notes of Investkredit Bank
AG (Investkredit) were corrected:

-- EUR5 million Ergaenzungskapital, due July 2022 (ISIN:
    AT0000322581) to Caa2 from Baa3

The Ergaenzungskapital notes of VBAG and its subsidiary
Investkredit were misclassified in Moody's systems as plain
vanilla senior debt and plain vanilla subordinated debt.  Based on
a review of the terms and conditions, the instruments have been
reclassified as subordinated hybrid notes and the ratings have
been corrected.  The ratings reflect Moody's expectation of a high
likelihood of two annual coupon losses for 2009 and 2010, and a
moderate likelihood of one annual coupon loss for 2011.  The
instruments have a net profit trigger and are non-cumulative.  The
ratings carry a stable outlook.

Moody's previous rating action on VBAG was implemented on 24 July
2009, when the bank financial strength rating was downgraded to E+
from C- and its long-term debt and deposit ratings to Baa1 from
Aa3.  At the same time, VBAG's 'Ergaenzungskapital' notes were
downgraded to Caa2 from A1.

Moody's previous rating action on Investkredit was implemented on
July 24, 2009, when the BFSR was downgraded to E+ from C-, and its
long-term debt and deposit ratings to Baa2 from A1.  At the same
time, the bank's 'Ergaenzungskapital' notes were downgraded to
Caa2 from A2.

The ratings for the Ergaenzungskapital notes were assigned in line
with Moody's existing methodology entitled "Guidelines for Rating
Bank Junior Securities," dated April 2007.  Moody's noted that on
June 16, 2009, it released a Request for Comment, in which the
rating agency has requested market feedback on potential changes
to its rating methodology for bank subordinated capital.  If the
revised methodology is implemented as proposed, the rating on the
Ergaenzungskapital notes will not be affected.

Based in Vienna, Austria, VBAG reported pre-tax losses of
EUR139 million in H1 2009, and a Tier 1 capital ratio of 9.99% and
total assets of EUR52.7 billion at the end of this period.

Based in Vienna, Austria, Investkredit reported pre-tax losses of
EUR19 million in H1 2009, and a Tier 1 capital ratio of 6.36% and
total assets of EUR13.7 billion at the end of this period.


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


JITEX: Board Wants Firm to File for Bankruptcy Protection
---------------------------------------------------------
CTK reports that the board of Jitex wants the Czech textile
company to file for bankruptcy.

According to the report, Stepan Blaha, the company's interim
insolvency administrator, said the moratorium, guaranteeing
protection against creditors, expired Tuesday, Nov. 3.

The report relates Mr. Blaha said the company has been in
insolvency proceedings since July due to outstanding debts.


SAZKA AS: Moody's Withdraws 'Ba1' Long-Term National Scale Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1.cz long-term
national scale rating of Sazka, a.s., at the request of the
issuer.

Moody's has withdrawn this rating for business reasons.

The last rating action was implemented on September 1, 2009 when
the national scale corporate family rating of Sazka was downgraded
to Ba1.cz with negative outlook.

Headquartered in Prague, Czech Republic, Sazka is a holding
company primarily focused on the lottery business in the local
Czech market.  Sazka was established in 1956 as a bookmaker for
sporting events.  The company was attached to the Czechoslovak
Union of Physical Education, which collected the profits.
Following the closure of that organization in 1990, the shares in
the company were transferred to the Union's successors -- civic
sports associations -- on a proportional basis.  The current legal
structure of the company was established in February 1993.  The
company's current shareholders represent Czech civic associations
active in the field of sports and physical education.


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F I N L A N D
=============


UPM-KYMMENE OYJ: Mulls Job Cuts, Mill Closures in First Half 2010
-----------------------------------------------------------------
Andrew Ward at The Financial Times reports that UPM-Kymmene Oyj
said it would cut 870 jobs, close four mills and cut production at
others in the first half of 2010.

According to the FT, the cuts were focused on UPM's timber and
plywood operations.

The FT says European forest product companies have been trying for
years to reduce capacity amid long-term weakness in demand.


UPM-Kymmene Corporation (UPM) -- http://www.upm-kymmene.com/en/--
is a global paper and forest products company.  The Company is
engaged in the production of paper, with an emphasis on the
manufacture and sale of printing and writing papers.  The Company
operates in three business groups: Energy and Pulp, Paper and
Engineered materials. The Company has production facilities in 14
countries and its main market areas are Europe and North America.
UPM's activities are centered in the European Union countries and
North America, and Asia.  The Company’s activities are based on
close integration of raw materials, energy and production.  In
March 2009, the Company sold its Ella Store Labels business to
MariCap Group's Finnish affiliate MariSense Ltd.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 10,
2009, Fitch Ratings downgraded Finland-based UPM Kymmene Oyj's
Long-term Issuer Default Rating and senior unsecured rating to
'BB-' from 'BB+'.  The Short-term IDR was affirmed at 'B'.  The
Outlook on the Long-term IDR is Negative.

Fitch said the downgrades reflect a deterioration in UPM's credit
profile from a level already deemed weak for the rating.  The
downgrades also reflect what Fitch views as an aggressive
shareholder-friendly financial policy given the sustained erosion
in funds from operations (FFO) and challenging market conditions.
The Negative Outlook reflects Fitch's opinion that UPM's credit
metrics could come under further pressure in the near-to medium-
term, with limited prospect of a market recovery for its core
paper divisions.


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


GENERAL MOTORS: To Review New Restructuring Plan for Opel/Vauxhall
------------------------------------------------------------------
The Wall Street Journal's John D. Stoll and Dow Jones Newswires'
Sharon Terlep and Christoph Rauwald report that John Smith,
General Motors Company's senior executive handling the Adam Opel
AG restructuring, said Wednesday:

     -- GM plans to review a new restructuring plan for its Opel
        and Vauxhall units "very soon" that could include fewer
        plant closures in Europe.  GM plans to approach the German
        government and other European states soon to seek a
        EUR3 billion (US$4.4 billion) financing for the turnaround
        plan.  Mr. Smith said it had found "a very interesting
        proposal" for one of the plants that could keep it open,
        declining to be specific.

     -- GM could repay aid to the German government if necessary.
        Mr. Smith said GM has already paid back some of the loan
        and now owes EUR900 million; and

     -- GM had a "Plan B" to restructure without assistance from
        European states.

The Journal notes the plan parallels restructuring proposals GM
developed earlier for Opel and Vauxhall, which would cut
structural costs by 30% and eliminate 10,000 jobs.

"We can and we will repay the bridge loan," Mr. Smith said,
according to the JOurnal.  Once the bridge loan is repaid, a trust
board that has been in place as the custodian of a 65% Opel stake
will be dissolved, Mr. Smith said.

According to the Journal, if Germany and other governments decline
to fund the strategy, Mr. Smith said there is a "Plan B" in place,
but didn't elaborate.

On Tuesday, GM's board of directors decided to walk away from a
proposed deal to sell Opel and Vauxhall to Canadian autoparts
maker Magna International and Russian state-controlled OAO
Sberbank; and instead keep control of the units.

The Journal notes that the Opel/Vauxhall brands have continued to
lose market share, with sales down 11.4% year-on-year in the
period from January to September compared with a 6.6% industrywide
decline.

According to the Journal, Mr. Smith said Opel was performing "at
or slightly above plan" and had a "healthy cash balance," though
it needed funding for the restructuring.

Meanwhile, the Journal's Terence Roth and Dow Jones' Jonathan Buck
report that worker representatives of GM's U.K. Vauxhall unit
"hailed GM's abrupt decision not to sell its European operations
almost as a reprieve."

"This is an incredible turnaround from General Motors," said Tony
Woodley, head of the Unite union, the Journal notes.  "It is
fantastic news for the U.K. and right that General Motors does not
break up its family and instead retains ownership of Vauxhall."

According to Messrs. Roth and Buck, the reaction was in stark
contrast to the reaction from workers at Opel, where workers
threatened protests over GM's decision to back out from the Magna
deal.  Although GM's latest plans are for Opel and Vauxhall are
unclear, Unite's Mr. Woodley said he expected GM to adhere to
previous plans to keep U.K. production sites intact, although he
acknowledges the need for some restructuring, according to Messrs.
Roth and Buck.

                       About General Motors

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

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

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

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

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

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


GENERAL MOTORS: Magna to Review Legal Basis for Botched Deal
------------------------------------------------------------
Dow Jones Newswires' Will Bland reports that Magna International
Inc. and Russian state-controlled OAO Sberbank will scrutinize the
legal basis for General Motors Corp.'s decision to walk away from
a deal to sell Adam Opel AG and Vauxhall.

According to the report, Dmitry Peskov, a spokesman for Russian
Prime Minister Vladimir Putin, said, "The Russian government
supported and will continue to support this deal."  Mr. Peskov
said, "Even if it doesn't take place, the government has serious
plans to restructure and modernize auto manufacturing."

The report notes that Sberbank, Russia's biggest bank, and Magna
were each prepared to commit EUR500 million (US$744 million) for
equal stakes of 27.5% in Opel.  Russia's second-largest car maker
OAO GAZ Group, controlled by billionaire Oleg Deripaska, was an
industrial partner to the bid.

"Our interest was based on our desire to increase our presence in
the passenger-car segment," a spokeswoman for GAZ said, according
to the report.  GAZ produces mostly vans and minibuses.

                       About General Motors

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

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

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

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

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

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


TREOFAN HOLDINGS: Moody's Withdraws 'Caa2' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings for Treofan
Holdings GmbH for business reasons under Moody's Withdrawal
Policy.

The ratings are withdrawn upon the company's request following a
successful financial restructuring in September 2009.  This
financial restructuring resulted in a material reduction of
financial debt as 98.85% of EUR170 million second lien notes due
2013 were exchanged for ordinary shares in Treofan Holdings GmbH
(the rating for second lien was already withdrawn on October 1).

These ratings have been withdrawn:

Outlook Actions:

Issuer: Treofan Holdings GmbH

  -- Outlook, Changed To Rating Withdrawn From Stable

Withdrawals:

Issuer: Treofan Holdings GmbH

  -- Probability of Default Rating, Withdrawn, previously rated
     Caa2

  -- Corporate Family Rating, Withdrawn, previously rated Caa2

The last rating action was implemented on October 1st, 2009, when
the Corporate Family Rating was affirmed at Caa2.

Treofan Holdings GmbH, based in Raunheim, Germany, is a
manufacturer of polypropylene film, which is primarily used to
produce flexible packaging as well as labels for food and other
consumer products such as cigarette wrappings and technical
applications such as capacitors.  Treofan reported EUR488 million
of revenues for 2008.


TREOFAN HOLDINGS: S&P Withdraws 'SD' Ratings at Company's Request
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
ratings on Germany-based flexible packaging producer Treofan
Holdings GmbH and its operating subsidiary Treofan Germany GmbH &
Co. KG at the company's request.

On July 29, 2009, S&P lowered its long-term corporate credit
ratings on Treofan and Treofan Germany to 'SD' from 'CC'.  At the
same time, S&P lowered its issue rating on EUR170 million
subordinated second-lien notes issued by Treofan Germany to 'D'
from 'CC'.  This followed an agreement with noteholders to defer
interest payment on the notes.


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FLEMING GROUP: Owner Puts Up Personal Assets as Collateral
----------------------------------------------------------
Barry O'Halloran at The Irish Times reports that John Fleming is
putting up EUR5 million in personal assets as collateral to
support a new company that is taking over part of his troubled
construction group.

The Irish Times relates the High Court on Tuesday heard that a new
company, Donban, will buy the Fleming group’s construction
contracting arm, while its property development operation, focused
largely on a collection of sites in Sandyford, Dublin, will be
left under the effective control of the banks.

The Irish Times discloses three linked companies, Tivway, John J
Fleming Construction and JJ Fleming Holdings, are in examinership
and under High Court protection from their creditors, to which the
group owes a total of EUR1 billion.


INDEPENDENT NEWS: O'Brien's Bid to Secure Key Board Changes Fails
-----------------------------------------------------------------
John Murray Brown at The Financial Times reports that shareholders
of Independent News & Media plc on Tuesday rejected a bid by Denis
O'Brien to secure key board changes.

Mr. O'Brien, who owns 25% of INM, had been seeking the removal of
Brian Hillery as chairman and the appointment of a new senior
independent director, the FT discloses.  According to the FT, each
of the two resolutions was defeated by a 65% majority at an
extraordinary shareholders meeting on Tuesday.

The FT relates the company on Tuesday announced plans for another
shareholder meeting on November 26 to approve a proposed
restructuring, forced on the company after it was unable to repay
a EUR200 million (US$294 million) bond due in May.

                   About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


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TREVISAN COMETAL: Files for Bankruptcy Protection
-------------------------------------------------
Marco Bertacche at Bloomberg News reports that Trevisan Cometal
SpA it filed for bankruptcy protection with a Verona court.

As reported in the Troubled Company Reporter-Europe on Aug. 11,
2009, Bloomberg said Trevisan failed to agree on a debt
restructuring plan with creditors.

Trevisan Cometal SpA is an Italian aluminum coatings and
engineering company.


WIND TELECOMUNICAZIONI: Nine-Month Profit Up 2.2% to EUR281 Mln
---------------------------------------------------------------
Chiara Remondini at Bloomberg News reports that Wind
Telecomunicazioni SpA said it nine-month profit rose 2.2% to
EUR281 million from EUR275 million a year earlier.

Bloomberg relates the company said it's paying back ahead of
schedule EUR336 million (US$493 million) of debt.  According to
Bloomberg, the company said the early reimbursement of some debt
expiring in 2011 was possible because of "the continued strong
cash flow generation".

                   About Wind Telecomunicazioni SpA

Headquartered in Rome, Italy, Wind Telecomunicazioni SpA --
http://www.wind.it/-- provides telecom services throughout the
country.  The company is also a top ISP, serving nearly 2 million
dial-up and broadband subscribers.  Wind sells consumer mobile
services, as well as phones and accessories, under the WIND brand
from more than 4,000 third-party retail locations, and about 270
Wind franchises.  Fixed-line voice and Internet services are sold
under the Infostrada banner.  Chairman Naguib Onsi Naguib Sawiris
controls the company through his 88% stake in Weather Investments
which owns Wind.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 22,
2009, Fitch Ratings placed Wind Acquisition Finance SA's senior
notes, rated 'BB', on Rating Watch Negative.  Fitch simultaneously
affirmed Wind's Long-term Issuer Default Rating at 'BB-' and
revised the Outlook to Stable from Positive.  The agency has
affirmed Wind's Short-term IDR at 'B'.  Fitch also affirmed the
instrument ratings of Wind's senior bank facility and the second
lien notes issued by Wind Finance SL S.A. at 'BB+' respectively.

On June 22, 2009, The Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that it affirmed
its 'BB-' long-term corporate credit rating on Italy's second-
largest integrated alternative telecoms operator, Wind
Telecomunicazioni SpA.  S&P said the outlook is stable.  At the
same time, Standard & Poor's affirmed its 'BB' ratings on Wind's
senior secured and second-lien bonds, and its 'BB-' ratings on the
third-lien notes issued by Wind Acquisition Finance S.A.  The
recovery ratings were unchanged at '2' on the secured debt and '4'
on the existing subordinated debt.


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


ABSOLUT SERVICE: Creditors Must File Claims by November 18
----------------------------------------------------------
LLP Absolut Service Kz is currently undergoing liquidation.
Creditors have until November 18, 2009, to submit proofs of claim
to:

          Kaldayakov Str./Aiteke Bi Str. 34/29
          Almaty
          Kazakhstan


DESIGN LUX: Creditors Must File Claims by November 18
-----------------------------------------------------
Creditors of LLP Design Lux 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
July 29, 2009.


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

          N.U.
          Saryagashsky District
          South Kazakhstan
          Kazakhstan


DOSTYK 5: Creditors Must File Claims by November 18
---------------------------------------------------
Creditors of LLP Dostyk 5 have until November 18, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 13, 2009.


FEESKO LLP: Creditors Must File Claims by November 18
-----------------------------------------------------
Creditors of LLP Feesko 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 14, 2009.


KAZ WAY: Creditors Must File Claims by November 18
--------------------------------------------------
LLP Kaz Way Ltd. is currently undergoing liquidation.  Creditors
have until November 18, 2009, to submit proofs of claim to:

          N.U.
          Saryagashsky District
          South Kazakhstan
          Kazakhstan


NSHS TRADING: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of LLP Nshs Trading 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
July 3, 2009.


SHYGYS TRANS: Creditors Must File Claims by November 18
-------------------------------------------------------
LLP Shygys Trans Terminal is currently undergoing liquidation.
Creditors have until November 18, 2009, to submit proofs of claim
to:

          Dachi 6
          Vostochy
          Semey
          East Kazakhstan
          Kazakhstan


UBS LTD: Creditors Must File Claims by November 18
--------------------------------------------------
Creditors of LLP Ubs Ltd. have until November 18, 2009, to submit
proofs of claim to:

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

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


UKAZ KURYLYS: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of LLP Ukaz Kurylys 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
July 29, 2009.


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


ASIA DE LUXE: Creditors Must File Claims by November 27
-------------------------------------------------------
LLC Asia De Luxe Limited is currently undergoing liquidation.
Creditors have until November 27, 2009, to submit proofs of claim
to:
         Ak-Chyi
         Sez Bishkek
         Bishkek
         Kyrgyzstan


EAST STAR: Creditors Must File Claims by November 27
----------------------------------------------------
LLC East Star Itco is currently undergoing liquidation.  Creditors
have until November 27, 2009, to submit proofs of claim:

Inquires can be addressed to (0-543) 92-41-60


SPASIDO ENTERPRISES: Creditors Must File Claims by November 27
--------------------------------------------------------------
LLC Spasido Enterprises is currently undergoing liquidation.
Creditors have until November 27, 2009, to submit proofs of claim
to:

         Ak-Chyi
         Sez Bishkek
         Bishkek
         Kyrgyzstan


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


ASM INTERNATIONAL: S&P Assigns 'BB-' Rating on Senior Bonds
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB-' debt rating to the proposed senior unsecured convertible
bonds due 2014 and totaling up to EUR150 million to be issued by
the Netherlands-based semiconductor equipment manufacturer ASM
International N.V. (B+/Negative/--).

At the same time, a recovery rating of '2' was assigned to this
debt, indicating Standard & Poor's expectation of substantial
(70%-90%) recovery for creditors in the event of a payment
default.  S&P anticipate that the new notes would rank junior to
the existing debt facilities at operating companies' level.

In addition, the issue ratings on the existing convertible
subordinated notes issued by ASMI remain unchanged at 'BB-', one
notch higher than the corporate credit rating.  The recovery
rating on these facilities is unchanged at '2'.

The rating on the new notes is one notch above S&P's corporate
credit rating on ASMI.  It is based on preliminary information and
is subject to S&P's satisfactory review of final documentation.
In the event of any changes to the amount or terms of the new
convertible bonds, the recovery and issue ratings might be subject
to further review.  A key assumption for the ratings on the new
convertible bonds is that in S&P's hypothetical default scenario
the company will raise no other debt.

                         Recovery Analysis

S&P has valued the company on a going-concern basis given the
leading market positions of its front- and back-end operations and
its strong intellectual property.  At the hypothetical point of
default, S&P's estimate of the stressed enterprise value is about
EUR350 million (including a stress value of the 53% stake in ASM
Pacific Technology, which, in S&P's opinion, could be the group's
most valuable asset).

Before this transaction, S&P had based its hypothetical default
scenario on the assumption that the group would be unable to
refinance the outstanding convertible debt before maturity (2011).
If the EUR150 million convertible bond issuance is successful,
S&P's most likely hypothetical point of default would then be
likely to occur later than 2011.  In this case, S&P's hypothetical
default scenario would likely be triggered by a cyclical downturn
in the sector (post 2012) and assumed inability to refinance the
new convertible bonds maturing in 2014.  Under this scenario, the
existing outstanding bonds maturing in 2010 and 2011 are assumed
to be fully repaid and not outstanding at the point of default.
Also, no further debt is assumed to be raised in the path to
default.

S&P estimates the recovery prospects on the new issues, after
deducting priority liabilities, to be in the 70%-90% range.

The recovery ratings on the notes are based on the current capital
structure, which, given the weak documentary protections (in
particular against raising new debt), could change materially on
the path to default.  Any change in the group's financial policy
and capital structure -- such as additional debt raised with
parity or priority to these unsecured debt instruments -- could
significantly affect S&P's hypothetical default scenario and
waterfall analysis, and thereby impair recovery prospects for the
bonds.


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


AVTOVAZ OAO: Russia to Raise US$2 Bln to Help Pay Off Debt
----------------------------------------------------------
Catherine Belton at The Financial Times reports that the Russian
government is considering raising nearly US$2 billion on the
market to help Avtovaz OAO stave off bankruptcy and pay off its
debts.

The FT relates Vladimir Putin, the Russian prime minister,
said on Tuesday the government was looking at plans to raise
RUR54.8 billion (US$1.87 billion, GBP1.1 billion) to help Avtovaz,
Russia's biggest carmaker, pay off RUR38 billion in debt and
inject at least another RUR12 billion in funds to upgrade the
company's outdated Lada cars and RUR4.8 billion to create new
jobs.

The company, the FT notes, has warned it is on the brink of
bankruptcy and without further government aid could be forced to
fire a quarter of its workforce, cutting 27,500 jobs in Tolyatti,
the Volga town where the carmaker is based and where most of the
population depend on the plant for income.

As reported in the Troubled Company Reporter-Europe, Bloomberg
News said the state has already spent RUR25 billion to support
AvtoVAZ.

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


FAKT CONSTRUCTION: Creditors Must File Claims by November 11
------------------------------------------------------------
Creditors of CJSC Fakt Construction Company (TIN 7202081020, PSRN
1037200622117) have until November 11, 2009, to submit proofs of
claims to:

         Yu.Vasilyev-Chebotarev
         Insolvency Manager
         50 let Oktyabrya Str. 60/64
         625023 Tumen
         Russia

The Arbitration Court of Tumenskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?70–807/2009.

The Debtor can be reached at:

         CJSC Fakt
         Shilera Str. 54
         Tumen
         Russia


KALUZHSKIY WOODWORKING: Creditors Must File Claims by November 11
-----------------------------------------------------------------
Creditors of OJSC Kaluzhskiy Woodworking Plant (TIN 4028015798,
PSRN 1024001337546) have until November 11, 2009, to submit proofs
of claims to:

         M. Kim
         Insolvency Manager
         Office 2
         Suvorova Str. 44
         248000 Kaluga
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?23–2730/09B-17–173.

The Debtor can be reached at:

         OJSC Kaluzhskiy Woodworking Plant
         Moskovskaya Str. 290
         248017 Kaluga
         Russia


KANDALAKSHSKIY AUTOMATIVE: Creditors Must File Claims by Nov. 11
----------------------------------------------------------------
Creditors of LLC Kandalakshskiy Automotive Equipment Maintenance
Plant (TIN 5102044341, PSRN 1075102000049)have until November 11,
2009, to submit proofs of claims to:

         L. Tamaskaya
         Insolvency Manager
         Post User Box 113
         183012 Murmansk
         Russia
         Tel: (8 8152) 477120

The Arbitration Court of Murmanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?42–1188/2009.

The Debtor can be reached at:

         LLC Kandalakshskiy Automotive Equipment Maintenance Plant
         50 let OktyabryaStr. 1
         Kandalaksha
         Murmanskaya
         Russia


KOMSOMOLSKIY-ON-AMUR: Yu.Shekhovtseva Named Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Khabarovskiy appointed Yu.Shekhovtseva as
Insolvency Manager for OJSC Komsomolskiy-on-Amur Battery Plant
(TIN 2703001040, PSRN 1022700516156).  The case is docketed under
Case No. ?73–2601/2007.  He can be reached at:

         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         OJSC Komsomolskiy-on-Amur Battery Plant
         Kirova Str. 54
         681000 Komsomolskiy-on-Amur
         Russia


MOSCOW BANK: Moody's Affirms Financial Strength Rating at 'E+'
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade these ratings of Moscow Bank for Reconstruction and
Development: the bank's long-term local and foreign currency
deposit ratings of B2 and its subordinate debt rating of B3.  At
the same time, Moody's affirmed the bank's financial strength
rating of E+ with stable outlook.  The bank's short-term local and
foreign currency deposit ratings of Not Prime were also affirmed.

The placement of MBRD's deposit and debt ratings on review for
possible upgrade was triggered by Moody's recent rating action for
MBRD's parent -- JSFC Sistema -- whereby on October 26, 2009 the
rating agency placed on review for possible upgrade Sistema's B1
corporate family and senior unsecured ratings.

Moody's believes that there is high probability of parental
support from Sistema to MBRD, in case of need, as well as a high
degree of interdependence between the parent and the subsidiary,
as evidenced by deep involvement of MBRD in providing financial
services to Sistema companies and its high reliance on inflow of
funding from the related parties.  As a result of these
assumptions, the potential upgrade of the parent's rating could
exert upward pressure on MBRD's deposit ratings and could lead to
an upgrade of the bank's ratings in accordance with Moody's Joint-
Default Analysis Methodology.

Moody's previous rating action on MBRD was on April 28, 2009 when
the rating agency downgraded the bank's long-term local and
foreign currency deposit and senior unsecured debt ratings to B2
(negative outlook) from B1, while its subordinate debt rating was
also downgraded to B3 (negative outlook) from B2.  The senior
unsecured debt rated by Moody's matured in June 2009.

Domiciled in Moscow, Russia, MBRD reported -- as at January 1,
2009 -- total IFRS assets of US$5.67 billion (2007: US$5.01
billion) and total shareholders' equity of US$470 million (YE2007:
US$303 million).  Net income in 2008 plunged to US$3.7 million
from US$41.0 million a year before.


PYAOZERSKIY LES: Creditors Must File Claims by November 11
----------------------------------------------------------
Creditors of OJSC Pyaozerskiy Les-Prom-Khoz (TIN 1018000229, PSRN
1021001088305)(Forestry)have until November 11, 2009, to submit
proofs of claims to:

         D. Kashin
         Insolvency Manager
         Office 510
         1-ya Str. Yamskogo Polya 9/13
         125124 Moscow
         Russia

The Arbitration Court of Karelia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?26–6774/2008.

The Debtor can be reached at:

         OJSC Pyaozerskiy Les-Prom-Khoz
         Mira Str. 10a
         Pyaozerskiy
         Loukhskiy
         186667 Karelia
         Russia


SOGAZ OJSC: S&P Changes Outlook to Positive; Affirms 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russia-based insurer OJSC Sogaz to positive from
stable.  The 'BB' long-term counterparty credit and insurer
financial strength ratings and the 'ruAA' Russia national scale
rating were affirmed.

"The ratings reflect Sogaz's good operating performance, good
competitive position, and adequate capitalization levels, as well
as ongoing support from OAO Gazprom (BBB/Negative/A-3), the
world's largest natural gas company, with which Sogaz has strong
commercial ties," said Standard & Poor's credit analyst Victor
Nikolskiy.

These positive factors are offset by the relatively high
concentration of Sogaz's investments in related companies, the
company's high exposure to credit risk in an international
context, and high industry risk associated with operating in the
Russian insurance market.

The positive outlook reflects S&P's expectation that Sogaz will
continue to develop its competitive position while at the same
time improving the quality and diversification of its investment
portfolio and at least maintaining its currently adequate risk-
based capital level.  In S&P's view, Sogaz's portfolio diversity
will improve, but Gazprom will remain its largest client.

"If Sogaz meets these expectations, it could result in a positive
rating action," said Mr. Nikolskiy.  "However, a positive rating
action would also depend on the overall macroeconomic situation in
Russia, which remains difficult."

Conversely, S&P would consider revising the outlook to stable if
Sogaz's competitive advantages, earnings, capitalization, or
investment portfolio quality deteriorate.


SOUTH ENGINEERING: Creditors Must File Claims by November 11
------------------------------------------------------------
Creditors of LLC South Engineering Company (TIN 6150047506, PSRN
1066150009980) have until November 11, 2009, to submit proofs of
claims to:

         V. Sogomonov
         Insolvency Manager
         Buynakskaya Str. 2/56
         344037 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 10:20 a.m. on
December 17, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?53–883.

The Court is located at:

          The Arbitration Court of Rostovskaya
          Stanislavskogo Str. 8a
          Rostov-on-Don
          Russia


STROY-EVROTEKS: Creditors Must File Claims by November 11
---------------------------------------------------------
Creditors of LLC Stroy-Evroteks (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


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


CAM2: Fitch Downgrades Rating on Class 3SA Notes to 'BB-'
---------------------------------------------------------
Fitch Ratings has taken various rating actions on two small- and
medium-sized enterprise collateralized debt obligations, FTPYME
TDA CAM2, Fondo de Titulizacion de Activos and FTPYME TDA CAM4
Fondo de Titulizacion de Activos.  The actions resolve the Rating
Watch Negative status assigned in August 2009 following the
release of Fitch's revised criteria for rating European granular
pools of small corporate loans on 23 July 2009.  The rating
actions taken are:

CAM2:

  -- EUR34,432,440 Class 1SA (ISIN ES0339758007) affirmed at
     'AAA'; removed from RWN; Outlook Stable; Loss Severity Rating
     'LS-1'

  -- EUR143,500,000 Class 1CA(G) (ISIN ES0339758015) affirmed at
     'AAA'; Outlook Stable;

  -- EUR27,473,384 Class 2SA (ISIN ES0339758023) downgraded to 'A'
     from 'A+'; removed from RWN; Outlook Negative; 'LS-2'

  -- EUR7,726,889 Class 3SA (ISIN ES0339758031) downgraded to 'BB-
     ' from 'BB'; removed from RWN; Outlook Negative; 'LS-3'

CAM4:

  -- EUR470,921,688 Class A2 (ISIN ES0339759013) downgraded to 'A'
     from 'AAA'; removed from RWN; Outlook Stable, 'LS-1';

  -- EUR127,000,000 Class A3 (CA) (ISIN ES0339759021) affirmed at
     'AAA'; Outlook Stable;

  -- EUR66,000,000 Class B (ISIN ES0339759039) downgraded to 'BB'
     from 'BBB'; removed from RWN; Outlook Negative; 'LS-3';

  -- EUR38,000,000 Class C (ISIN ES0339759047) downgraded to 'CCC'
     from 'B'; removed from RWN;

  -- EUR29,300,000 Class D (ISIN ES0339759054) affirmed at 'C'
     removed from RWN;

  -- Class A1 has been paid in full.

The downgrades are the result of the implementation of Fitch's
revised SME CDO rating criteria.  The rating actions are
compounded by increasing arrears levels and defaults amid
difficult macro-economic conditions and reducing credit
enhancement as the reserve funds are released in accordance with
the transaction documents.  This is despite the benefits the
transactions have received from portfolio seasoning and structural
de-leveraging.

As of the September 30, 2009 investor report, the CAM2 portfolio
contained 1,556 performing loans totalling approximately EUR204
million.  The transaction has benefited from a high degree of de-
leveraging, having amortized to 31% of its initial balance.
However, this has increased the top 10 obligor concentration to
7.8% from 3.3% at closing in Nov 2004.  In addition, the portfolio
is concentrated in the real estate sector with 16.3%, but benefits
from 93% first-lien real-estate collateralization with a generally
low weighted average LTV ratio of 27%.  As of September 2009,
there were 46 defaults accounting for 1.8% of the outstanding
portfolio balance and loans in arrears of 90 days and 180 days
continued to increase to 4.2% and 3% respectively, from 1% and
0.7% in September 2008.

With regards to CAM 4, as of the 30 September 2009 investor
report, 120 loans were in default (2.2% of the outstanding
portfolio balance) and loans in arrears of 90 days and 180 days
have reached 3.8% and 2.5% respectively, up from 2.4% and 0.8% in
September 2008.  The portfolio shows moderate concentrations with
21% of loans connected to the retail sector.  However, the top 10
obligors represent 3.5% compared to 4.1% at closing.  The
performing portfolio currently contains 7,039 loans totalling
approximately EUR702 million (47% of its initial balance).
Additionally, the transaction benefits from 80% real-estate
collateralization with a weighted average LTV ratio of 52%.

The ultimate interest and principal repayment of tranche 1CA(G) of
CAM2 and A3(CA) of CAM4 is guaranteed by the Kingdom of Spain
(rated 'AAA'/'F1+'/Outlook Stable').  Thus the notes are credit-
linked to the rating of the Kingdom of Spain and therefore Loss
Severity Ratings are not assigned.

Using its Rating Criteria for European SME CLOs, Fitch has assumed
the probability of default of the unrated SME loans to be
commensurate with the 'B' rating category.  Based on observed
delinquencies and the origination process of the respective banks
in Spain, the benchmark probability of default is adjusted upward
or downward.  Delinquent loans are notched down depending on the
time the loans have been in arrears.  Recoveries for loans secured
by first lien real estate is adjusted for property indexation and
market value stress based on the criteria but second lien
mortgages are treated as senior unsecured loans.


CAM4: Fitch Junks Rating on Class Notes From 'B'
------------------------------------------------
Fitch Ratings has taken various rating actions on two small- and
medium-sized enterprise collateralized debt obligations, FTPYME
TDA CAM2, Fondo de Titulizacion de Activos and FTPYME TDA CAM4
Fondo de Titulizacion de Activos.  The actions resolve the Rating
Watch Negative status assigned in August 2009 following the
release of Fitch's revised criteria for rating European granular
pools of small corporate loans on 23 July 2009.  The rating
actions taken are:

CAM2:

  -- EUR34,432,440 Class 1SA (ISIN ES0339758007) affirmed at
     'AAA'; removed from RWN; Outlook Stable; Loss Severity Rating
     'LS-1'

  -- EUR143,500,000 Class 1CA(G) (ISIN ES0339758015) affirmed at
     'AAA'; Outlook Stable;

  -- EUR27,473,384 Class 2SA (ISIN ES0339758023) downgraded to 'A'
     from 'A+'; removed from RWN; Outlook Negative; 'LS-2'

  -- EUR7,726,889 Class 3SA (ISIN ES0339758031) downgraded to 'BB-
     ' from 'BB'; removed from RWN; Outlook Negative; 'LS-3'

CAM4:

  -- EUR470,921,688 Class A2 (ISIN ES0339759013) downgraded to 'A'
     from 'AAA'; removed from RWN; Outlook Stable, 'LS-1';

  -- EUR127,000,000 Class A3 (CA) (ISIN ES0339759021) affirmed at
     'AAA'; Outlook Stable;

  -- EUR66,000,000 Class B (ISIN ES0339759039) downgraded to 'BB'
     from 'BBB'; removed from RWN; Outlook Negative; 'LS-3';

  -- EUR38,000,000 Class C (ISIN ES0339759047) downgraded to 'CCC'
     from 'B'; removed from RWN;

  -- EUR29,300,000 Class D (ISIN ES0339759054) affirmed at 'C'
     removed from RWN;

  -- Class A1 has been paid in full.

The downgrades are the result of the implementation of Fitch's
revised SME CDO rating criteria.  The rating actions are
compounded by increasing arrears levels and defaults amid
difficult macro-economic conditions and reducing credit
enhancement as the reserve funds are released in accordance with
the transaction documents.  This is despite the benefits the
transactions have received from portfolio seasoning and structural
de-leveraging.

As of the September 30, 2009 investor report, the CAM2 portfolio
contained 1,556 performing loans totalling approximately EUR204
million.  The transaction has benefited from a high degree of de-
leveraging, having amortized to 31% of its initial balance.
However, this has increased the top 10 obligor concentration to
7.8% from 3.3% at closing in Nov 2004.  In addition, the portfolio
is concentrated in the real estate sector with 16.3%, but benefits
from 93% first-lien real-estate collateralization with a generally
low weighted average LTV ratio of 27%.  As of September 2009,
there were 46 defaults accounting for 1.8% of the outstanding
portfolio balance and loans in arrears of 90 days and 180 days
continued to increase to 4.2% and 3% respectively, from 1% and
0.7% in September 2008.

With regards to CAM 4, as of the 30 September 2009 investor
report, 120 loans were in default (2.2% of the outstanding
portfolio balance) and loans in arrears of 90 days and 180 days
have reached 3.8% and 2.5% respectively, up from 2.4% and 0.8% in
September 2008.  The portfolio shows moderate concentrations with
21% of loans connected to the retail sector.  However, the top 10
obligors represent 3.5% compared to 4.1% at closing.  The
performing portfolio currently contains 7,039 loans totalling
approximately EUR702 million (47% of its initial balance).
Additionally, the transaction benefits from 80% real-estate
collateralization with a weighted average LTV ratio of 52%.

The ultimate interest and principal repayment of tranche 1CA(G) of
CAM2 and A3(CA) of CAM4 is guaranteed by the Kingdom of Spain
(rated 'AAA'/'F1+'/Outlook Stable').  Thus the notes are credit-
linked to the rating of the Kingdom of Spain and therefore Loss
Severity Ratings are not assigned.

Using its Rating Criteria for European SME CLOs, Fitch has assumed
the probability of default of the unrated SME loans to be
commensurate with the 'B' rating category.  Based on observed
delinquencies and the origination process of the respective banks
in Spain, the benchmark probability of default is adjusted upward
or downward.  Delinquent loans are notched down depending on the
time the loans have been in arrears.  Recoveries for loans secured
by first lien real estate is adjusted for property indexation and
market value stress based on the criteria but second lien
mortgages are treated as senior unsecured loans.


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


BP FAHRZEUGE: Claims Filing Deadline is November 9
--------------------------------------------------
Creditors of bp fahrzeuge GmbH are requested to file their proofs
of claim by November 9, 2009, to:

         Rene Gaehwiler
         Neuhofstrasse 5
         8645 Jona
         Switzerland

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


EXTRAIR AG: Claims Filing Deadline is November 9
------------------------------------------------
Creditors of Extrair AG are requested to file their proofs of
claim by November 9, 2009, to:

         Extrair AG
         Steinackerstrasse 36
         8902 Urdorf
         Switzerland

The company is currently undergoing liquidation in Urdorf.  The
decision about liquidation was accepted at a general meeting held
on August 28, 2009.


RADHA AG: Claims Filing Deadline is November 9
----------------------------------------------
Creditors of Radha AG are requested to file their proofs of claim
by November 9, 2009, to:

         Attesta AG
         Mail box: 45
         7002 Chur
         Switzerland

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


SOLIDUSMAX GMBH: Claims Filing Deadline is November 9
-----------------------------------------------------
Creditors of Solidusmax GmbH are requested to file their proofs of
claim by November 9, 2009, to:

         SolidusMax GmbH
         Zollikerstr. 153
         8008 Zurich
         Switzerland

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


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


BANK FINANCE: Moody's Reviews 'Caa2' Ratings on Debt Restructuring
------------------------------------------------------------------
Moody's Investors Service says that the review with direction
uncertain on the ratings of Bank Finance and Credit will be
concluded when debt restructuring terms are finalized with the
bank's creditors.  Moody's placed F&C's Caa2 debt and deposit
ratings and B3.ua National Scale Rating on review with direction
uncertain following a downgrade to those levels on March 24, 2009.
The downgrade was driven by the bank's default on repayment of a
US$70 million syndicated loan.

Moody's ratings review is focusing on the outcome of the debt
restructuring negotiations being conducted by the bank with its
creditors and the rating agency expects to conclude the review
shortly after both parties finalize an agreement.

Moody's previously commented on the ratings review by indicating
that it will continue to focus on (i) F&C's liquidity position,
(ii) the terms and conditions of the debt restructuring proposed
by the bank to its wholesale creditors and (iii) the bank's
ability to raise additional capital given that it has declined to
participate in the government's recapitalization program.

In respect of liquidity, Moody's notes that, while there is no
immediate liquidity pressure from deposit outflows, F&C's
liquidity position remains weak and it continues to be highly
dependent on funding from the National Bank of Ukraine.

In terms of capitalization, the rating agency observes that the
bank increased its Tier 1 capital by UAH400 million (around
US$50 million) in September 2009 via a capital injection from the
existing shareholder and by attracting US$7.94 million of
subordinated debt.  Moody's expects this capital increase to be
sufficient for the bank to comply with the minimum regulatory
requirements of the NBU in the short term, although it does not
regard it as large enough to fully absorb potential credit losses
on the loan portfolio.

At the same time, Moody's notes that the bank has not yet reached
an agreement with its creditors on the restructuring terms of the
US$70 million syndicated loan on which it defaulted in March 2009,
as well as on the terms and conditions of repayments of further
amounts of wholesale funding that were originally due in H1 2009
and that are now due in 2010.

The details of the restructuring terms proposed by the bank to its
creditors on the syndicated loan and on other wholesale debt due
in 2009 and 2010 have not been disclosed to Moody's.  However, the
rating agency notes that if the terms and conditions are such that
the expected recovery rate on the bank's debt falls below that
implied by a Caa2 rating, the current Caa2 debt rating could be
downgraded further.  At the same time, the bank's deposit ratings
may benefit from the bank's improved post-restructuring liquidity
position and from somewhat improved capitalization.

The last rating action on F&C was implemented on March 24, 2009
when Moody's downgraded the bank's ratings and placed them on
review with direction uncertain.

Headquartered in Kiev, Ukraine, Bank Finance and Credit reported
consolidated total Ukrainian Accounting Standards assets of
UAH18.3 billion (US$2.38 billion) at March 31, 2009.


NADRA BANK: Fails to Get Creditors' Support for Debt Restructuring
------------------------------------------------------------------
Citing RBC information agency, Millennium Capital says creditors
of Nadra Bank failed to reach an agreement with its banks on
restructuring US$645 million of debts.

Millennium discloses the debt consisted of foreign loans
(US$470 million) and Eurobonds (US$175 million) which the Nadra's
creditors, including Commerzbank, Fortis Bank Nederland NV,
Rabobank, Standard Bank Plc, Cargill Financial Services
International, and NInterfinanz and OTP Bank, want redeemed.

According to Millennium, the failed debt restructuring may lead to
the initiation of bankruptcy proceedings against the bank.

                         About Nadra Bank

VAT Nadra Bank a.k.a Nadra KB VAT or Commercial Bank Nadra OJSC
(KSE:NADR) -- http://www.nadra.com.ua/rus/-- is a Ukraine-based
nation-wide universal commercial bank.  It provides financial
services to three client segments: individuals, small and
medium-sized enterprises and corporate clients.  Its customer
services platform comprises a network of branches located in all
Ukrainian major cities, numerous Automated Teller Machines (ATM)
and Point of Sale terminals (POS), as well as an electronic
contact center.  Nadra KB VAT has in its offer micro-loans, credit
lines, overdrafts, personal and corporate credit and debit cards,
current accounts, time deposits, cash management services, deposit
taking, cash management and account services, corporate cards and
securities transactions.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 1,
2009, Standard & Poor's Ratings Services said that it had affirmed
its 'SD' (selective default) long-term counterparty credit ratings
on Ukraine-based Nadra Bank.  The ratings were lowered to 'SD'
from 'CC' on March 2, 2009, after Nadra failed to make interest
payments on certain deposits and failed to honor drawings made on
certain of its letters of credit.


PRAKTIK LLC: Creditors Must File Claims by November 7
-----------------------------------------------------
Creditors of LLC Science and Production Enterprise Praktik (code
EDRPOU 33157050) have until November 7, 2009, to submit proofs of
claim to LLC Cardinal, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on September 1, 2009.  The case is docketed
under Case No. 44/499-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 Science and Production Enterprise Praktik
         Bliukher Str. 11
         04128 Kiev
         Ukraine


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


AERO INVENTORY: Reviews Positions of Top Three Executives
---------------------------------------------------------
Jeremy Lemer at The Financial Times reports that Aero Inventory
plc is reviewing the positions of its top three executives after
an internal investigation into the incorrect valuation of certain
stock items found that the issues involved not only the book value
of stock but also "physical quantities".

According to the FT, Rupert Lewin, chief executive, Hugh Bevan,
finance director, and Martin Dodge, chief operating officer, have
been "removed" from their jobs but have not left the company.

The FT relates the board said it was "reviewing the accuracy of
recent financial reports provided to its banks".  Deloitte, Aero's
auditors, remain in place but the company has asked Ernst & Young
to review its reporting process and its lenders have appointed
KPMG to look at the books, the FT discloses.

As reported by the Troubled Company Reporter-Europe on Oct. 29,
2009, the FT said shares in Aero were suspended Oct. 26 after the
company said it had discovered "issues" with the valuation of
certain stock and warned it was likely to breach non-financial
covenants on its bank debt.  The FT disclosed in a notice to the
stock exchange, the company said the problems could have a
"material impact" on its 2008 and 2009 accounts, adding that it
was negotiating with its lenders over its inability to provide
audited accounts within the timescales they required.

Aero, as cited by the FT, said that it was "waiting to hear from
its banks regarding its ability to access credit and their ongoing
financial support".  Aero relies on a US$500 million (GBP305
million) banking facility, arranged by Lloyds, the FT notes.

Aero Inventory plc -- http://www.aero-inventory.com/-- is a
holding company to its subsidiary undertakings.  Aero Inventory
(UK) Limited is primarily engaged in procurement and inventory
management for the aerospace industry.  Aero Inventory (Hong Kong)
Limited, Aero Inventory (Switzerland) AG, Aero Inventory
(Australia) Pty Limited, Aero Inventory (Canada) Inc., Aero
Inventory (Bahrain) SPC and Aero Inventory Japan KK provide
customer support in relation to the activities of Aero Inventory
(UK) Limited. Aero Inventory (USA) Inc. provides services to Aero
Inventory (UK) Limited in relation to the procurement and
purchasing of aircraft parts, logistics and the sale of parts to
non-contract customers in the United States.  The Company
principally operates in the United Kingdom, rest of Europe and
Middle East, America and Asia Pacific.


BLACKS LEISURE: Finalizes Terms of Restructuring Plan
-----------------------------------------------------
Further to the announcement made on September 22, 2009, Blacks
Leisure Group plc provided an update in relation to its proposed
restructuring plan as well as new bank facilities with Bank of
Scotland plc.  The proposed plan seeks to address the Group's
current financial difficulties by achieving an exit for the Group
from its loss-making stores and thereby creating a more stable
financial platform for the revitalization of its core outdoor
retail business.

1. Proposed company voluntary arrangements

The Company has finalized the terms of a restructuring plan which
is supported by Lloyds Banking Group (of which BoS is a
subsidiary).  Under the proposed restructuring plan, company
voluntary arrangements are being proposed for the Company and its
wholly owned subsidiary, The Outdoor Group Limited, to unsecured
creditors and shareholders of the Company and TOG.  TOG is the
lessee for a number of the Group's retail stores.

The terms of the CVA Proposal are contained in a document to be
posted to unsecured creditors and shareholders of both the Company
and TOG shortly by the joint nominees, Richard Fleming and Brian
Green of KPMG LLP, appointed in relation to the CVA Proposal.

A company voluntary arrangement or CVA is a formal procedure under
the Insolvency Act 1986 which enables a company to agree with its
unsecured creditors a composition in satisfaction of its debts or
a scheme of arrangement of its affairs which can determine how its
debts should be paid and in what proportions.

In summary terms, if approved and not successfully challenged, the
CVA Proposal will:

    * compromise claims of approximately 101 landlords of retail
      stores which are either closed or in the process of closing
      together with certain related contingent claims (such as
      claims of former tenants and guarantors, but not including
      rates on those stores);

    * compromise claims of approximately 9 landlords whose leases
      have been guaranteed by the Company;

    * enable landlords whose claims are being compromised to make
      a claim against a total aggregate fund of approximately
      GBP7.25 instalments, the first instalment of 50%.  Of the
      fund in May 2010 and the second instalment for the balance
      in July 2010; and

    * vary the terms of approximately 291 leases of open retail
      stores (and any guarantees given by the Company in relation
      to those stores), such that rent, service charge and
      insurance will be accrued and paid on a monthly rather than
      quarterly basis for a period of eighteen months from the
      next rent payment day.

The Company and TOG will remain liable for rates on the closed
retail stores until those stores are surrendered/forfeited or
assigned, which shall be at the landlord's discretion.  The
landlords of open retail stores will not be able to claim against
the GBP7.25 million fund and will not otherwise receive any
payment in relation to the CVA Proposal.  In general terms the CVA
Proposal will not seek to compromise claims of any other creditors
(such as suppliers and employees).

Throughout the CVA process, the Company and TOG will continue
trading under the control of their respective directors, operating
as going concerns.  The Company and TOG are not in and will not be
in administration as result of commencing the CVA process.

The CVA Proposal Document will contain notices of meetings of the
unsecured creditors and members of both the Company and TOG to
consider and, if thought fit, approve the CVA Proposal.  To become
effective, the CVA for the Company will require the approval of
the requisite majority of the unsecured creditors of the Company
and the CVA for TOG will require the approval of the requisite
majority of unsecured creditors of TOG.  The CVA relating to the
Company will be conditional upon the CVA relating to TOG being
implemented and this conditionality cannot be waived.  The CVA
relating to TOG will be conditional upon the CVA relating to the
Company being implemented but this condition can be waived by the
TOG directors subject to first obtaining the consent of BoS.  If
this happens, the TOG CVA can come into effect even if the CVA for
the Company does not.

A CVA also requires the approval of more than 50%.  In value of
the members of the Company or TOG (as the case may be) present in
person or by proxy and voting at a meeting on the resolution to
approve the CVA.  However, in accordance with section 4(A)(2) of
the Insolvency Act, if the outcome of the meeting of members
differs from the outcome of the meeting of a company's creditors,
the decision of the creditors will prevail, subject to the right
of any member to apply to the Court to challenge the approval of
the CVA.

The directors of the Company and TOG believe that the CVA Proposal
and the CVA process in general will facilitate a better outcome
for creditors than would occur if the Group was placed into
administration or liquidation.

The CVA Meetings for creditors of the Company and TOG are expected
to be held later this month.  Details will be contained in the CVA
Proposal Document to be published shortly.

2.  New bank facilities and issue of warrants

As announced on September 23, 2009, the Company entered into a
formal standstill agreement with BoS, in respect of its August
financial covenant breach until November 30, 2009.  The standstill
was subject to the Company delivering a restructuring plan
acceptable to the bank by October 30, 2009.  This requirement has
been satisfied and BoS has agreed to an extension of the
standstill through to December 23, 2009, subject to approval of
the CVA Proposal.  BoS will be entitled to terminate the
standstill if, among other things, either of the CVAs for the
Company or TOG is not approved or if either CVA is subject to a
challenge which BoS reasonably considers is capable of being
adversely determined or if either CVA is revoked or suspended or
if there is a breach of certain undertakings relating to the
conduct of the CVAs.

In addition, BoS has agreed to make available to the Group new
banking facilities subject to the CVA Proposal being approved and
not challenged and satisfaction of conventional documentary
conditions precedent.  Under the new facilities, initial committed
facilities of GBP42.5 million will be made available to the Group
which will be used in part to repay in full the existing bank
facilities of GBP35 million with BoS.  Of the new facilities,
Facility A of GBP35 million is regarded by the Company as a core
facility and Facility B of GBP7.5 million is regarded as a
'seasonal peak' facility to meet seasonal peaks.  The new
facilities will be committed for a period of 2 years from the date
on which the new facilities become unconditional.

The Company has agreed to pay an initial arrangement fee of
GBP425,000 to BoS in connection with the new facilities provided
the new facilities become unconditional.  A further fee of GBP2
million is payable on the third anniversary of the date on which
the new facilities become unconditional.  The Company has also
agreed to pay a fee of GBP1 million (inclusive of a fee of
GBP175,000 carried forward from when the group's facilities with
BoS were extended in August 2009) to BoS under the terms of the
standstill, which will not be paid in the event the CVAs are
approved and the new facilities become unconditional.

In exchange for the continuing support of BoS pursuant to the new
facilities, the Company has agreed to issue to BoS (or any
affiliate of BoS) warrants to subscribe for new ordinary shares in
the Company representing approximately 5% of the Company's current
issued share capital at an exercise price of 1 penny per share,
subject to shareholder approval.  The number of ordinary shares to
be issued on exercise of the Warrants is subject to customary
adjustment provisions.  The Warrants will be unlisted, in
certificated form, detachable from the new facilities and
exercizable at any time prior to the fifth anniversary of the date
on which the Warrants are issued.

If the Warrants are issued, BoS has agreed, for the period of
twenty four months following the first issue of the relevant
ordinary shares, to effect any sale of ordinary shares issued to
it on the exercise of the Warrants through the Company's broker,
subject to the ability of BoS to use another broker at its
discretion (acting reasonably).

Because the exercise price of the Warrants is to be less than the
current 50p nominal value of the Company's ordinary shares, due to
Companies Act 2006 restrictions, the Company will need to carry
out a subdivision and reclassification of its ordinary shares
before granting the Warrants.  It also intends to seek specific
authority under the Companies Act 2006 to issue, and to disapply
the statutory pre-emption rights in relation to the issue of, the
Warrants.  These matters will require shareholder approval.
Consequently, a general meeting of the Company is to be convened.
Further information in relation to the Warrants and the timing of
the general meeting will be contained in a shareholder circular
that is to be posted to shareholders shortly.

In the event that shareholder approval for the issue of the
Warrants is not obtained, the Company has agreed to pay an
arrangement fee to BoS of GBP2 million on the second anniversary
of the date on which the new facilities become unconditional. The
issue of the Warrants to BoS is not a condition of the new
facilities being available.

3. Working Capital

Following the implementation of the CVA Proposal, the Company is
of the opinion that the group has sufficient working capital for
its present requirements, that is, for at least the next 12
months.

If the standstill from BoS is terminated, or if the CVA for TOG is
not approved at the creditors' meeting or is approved but is
subject to any challenge within the statutory challenge period
which BoS reasonably considers is capable of being adversely
determined, then all outstanding amounts under the group's
existing bank facilities with BoS will become capable of being
declared due and payable and one of the conditions precedent to
the new facilities with BoS being made available to the group will
not be satisfied.  In these circumstances, unless BoS agrees to
provide alternative funding (and the Directors do not believe that
such alternative funding will be forthcoming), the Company and TOG
will immediately cease to have working capital sufficient to
continue trading which will result in the directors having to seek
the appointment of administrators or liquidators.  The unsecured
creditors and members of the Company and the unsecured creditors
and members of TOG will be unlikely to receive any dividend in
administrations of (respectively) the Company and TOG.

Therefore the approval of the CVA in relation to TOG is crucial to
the survival of the group.

If the CVA for the Company is not approved at the Company
creditors' meeting or is approved but is subject to any challenge
within the statutory challenge period which BoS reasonably
considers is capable of being adversely determined, then all
outstanding amounts under the group's existing facilities with BoS
will become capable of being declared due and payable and one of
the conditions precedent to the new facilities with BoS being made
available to the group will not be satisfied.  If this happens
then, unless BoS agrees to provide alternative funding (and the
Directors do not believe that such alternative funding will be
forthcoming), the Company will immediately cease to have working
capital sufficient to continue trading which will result in the
directors of the Company having to seek the appointment of
administrators or liquidators in respect of the Company.

If the CVA for the Company is not approved but the CVA for TOG is
approved, the TOG directors have the power to waive the condition
to the TOG CVA which requires the CVA for the Company to have been
approved but because one of the conditions precedent to the new
facilities being made available to the Group is the approval of
the CVA for the Company, TOG would in these circumstances have to
seek alternative funding from BoS (and the Directors do not
believe that such alternative funding will be forthcoming) whether
the TOG directors exercise their power of waiver or not, the
Directors believe that if the CVA for the Company is not approved
then the unsecured creditors and members of the Company will be
unlikely to receive any dividend in an administration or
liquidation of the Company.

4. Administration of Blacks Outdoor Leisure Limited and Voluntary
   Liquidation of Blacks

       Camping and Leisure Limited and Outdoor Stores Limited.

As part of the wider restructuring of the Group, the Company's
wholly owned non-trading subsidiary, Blacks Outdoor Leisure
Limited will be put into administration.  BOLL is the tenant of
two leases for open retail stores.  In addition, the Company's
wholly owned non-trading subsidiaries Blacks Camping and Leisure
Limited and Outdoor Stores Limited, will be send out notices to
convene meetings of members and creditors regarding a creditors
voluntary liquidation for these companies.  BCL is the tenant of a
lease of one of the Group's closed retail stores and OSL has a
small intra-group receivable, holds four dormant subsidiaries and
is the guarantor of the leases of four closed stores.

5. New employee incentive arrangements

The Company wishes to adopt new employee incentive arrangements in
order to incentivize the Group's senior managers (including the
executive Directors) and align their interests with those of
shareholders.

Although the executive Directors and the majority of the senior
managers have been granted share options in the past two years,
these options do not currently have an incentive value as their
performance conditions were set by reference to the market
conditions and the state of the business prior to the current
economic environment, with target share prices of GBP3.50, GBP4.25
and GBP5.00 as compared with the current share price of 28.5 pence
(as at close of business on ovember 2, 2009, being the last
business day prior to the publication of this announcement).
Accordingly, these options no longer form any meaningful incentive
for individuals involved.

It is therefore proposed that at the general meeting at which the
special resolution required to issue the Warrants to BoS will be
proposed, ordinary resolutions will also be proposed to adopt The
Blacks Leisure Group plc Turnaround Incentive Plan, The Blacks
Leisure Group plc Joint Share Ownership Plan, the Blacks Leisure
Group plc Employee Benefit Trust No. 1 and The Blacks Leisure
Group Employee Benefit Trust No. 2.  Further details of these
plans will be contained in the Shareholder Circular.

6. CVA Proposal Document and Shareholder Circular

Copies of the CVA Proposal Document and the Shareholder Circular
will be made available for inspection at the registered office of
the Company at 440-450 Cob Drive, Swan Valley, Northampton,
Northamptonshire NN4 9BB during normal business hours on any
business day with effect from their publication and up to and
including the conclusion of the CVA Meetings (in the case of the
CVA Proposal Document) and the General Meeting (in the case of the
Shareholder Circular).  Copies will also be available for download
from the Company's website (http://www.blacksleisure.co.uk)with
effect from their publication.

Copies of the CVA Proposal Document and Shareholder Circular, when
published, will also be available for inspection at the UK Listing
Authority's Document Viewing Facility situated at the Financial
Services Authority, 25 The North Colonnade, Canary Wharf, London
E14 5HS.

A further announcement will be made when these documents are
published.

                       About Blacks Leisure

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


CLERICAL MEDICAL: Fitch Shifts Watch on 'B+' Rating to Evolving
---------------------------------------------------------------
Fitch Ratings has affirmed Clerical Medical Investment Group Ltd's
Insurer Financial Strength 'A+' rating and Long-term Issuer
Default 'A' rating and removed them from Rating Watch Negative.
The Outlooks are Negative.  At the same time, Fitch has changed
the Rating Watch on the hybrid subordinated 'B+' debt ratings of
CMIG, Clerical Medical Finance PLC and Scottish Widows plc to
Evolving from Negative.

The rating actions on CMIG's IFS rating and IDR reflect the
announcement by CMIG's parent, Lloyds Banking Group plc (IDR:
'AA-'/Outlook Stable), of its planned divestment of various
businesses as a consequence of the government support that LBG
received in 2008.  The list of divestments does not include LBG's
insurance operations, CMIG and SW, and indicates, in Fitch's
opinion, that there is no likelihood of these being divested in
the near-term as a direct consequence of LBG's government support.
CMIG's ratings therefore continue to benefit from some parental
support.

However, should developments arise that lead Fitch to consider
CMIG to be less strategically important to LBG, a downgrade would
be likely.  Furthermore, while CMIG currently has a strong capital
position, in Fitch's opinion it is possible that its capital may
become more tightly managed, given the weakened credit profile of
the banking parent.  The Negative Outlook reflects this, together
with the negative operating environment affecting the UK life
insurance market generally.

The rating actions on the hybrid subordinated debt ratings of
CMIG, CMF and SW reflect LBG's announcement that, while the
European Commission intends to require a commitment from LBG to
defer discretionary coupons on its hybrid capital securities, this
enforced deferral does not apply to debt issued by LBG's insurance
entities (CMIG, CMF, SW).  However, Fitch believes there is still
a heightened risk of voluntary deferral on these entities' hybrid
subordinated debt in the near-term.  At the next coupon dates,
non-payment would trigger an automatic downgrade, whereas coupon
payment would likely indicate a significant reduction in the risk
of voluntary deferral, and therefore trigger an upgrade.


LARGIE DEVELOPMENTS: PwC Appointed as Administrator
---------------------------------------------------
BBC News reports that County Down-based Polly Brothers Ltd. and
Largie Developments Ltd. have gone into administration.

According to the report, the directors of the two property
development firms called in the administrators late last month.

The report relates PwC said it was too early to say if jobs would
be affected.


LINDLEY PATE: Ceases Trading; To Appoint Liquidator
---------------------------------------------------
Michael Fahy at Crain's Manchester Business reports that Lindley
Pate has ceased trading, resulting in the loss of seven jobs.

According to the report, the company, which has been hit by the
downturn and increased local competition, is expected to appoint a
liquidator at a creditors' meeting this Friday.  The report says
the company is hoping to arrange a creditors' voluntary
liquidation and are looking for buyers for the company's assets.

The company's directors are being advised by Manchester-based
accountants Beever and Struthers, the report discloses.

Lindley Pate is an agricultural and equine supplies business based
in Gisburn, near Clitheroe.


LLOYDS BANKING: Moody's Affirms Senior Unsecured Debt Ratings
---------------------------------------------------------
Moody's Investors Service affirmed the senior unsecured debt and
deposit ratings of Lloyds TSB Bank plc and Bank of Scotland plc at
Aa3 with a stable outlook, as well as the A1 senior unsecured
rating of the holding companies Lloyds Banking Group plc and HBOS
plc, also with a stable outlook.  The short-term P-1 ratings of
these entities were also affirmed.  The Bank Financial Strength
Rating of Lloyds TSB was downgraded to C- (mapping to a baseline
credit assessment -- BCA - of Baa2) from C (BCA of A3), and the
BFSR of Bank of Scotland was downgraded to D+ (BCA of Baa3) from
C- (BCA of Baa2).  The outlook on all BFSRs remains negative.

A provisional (P) Ba2 rating is to be assigned to the new LT2
Enhanced Capital Notes guaranteed by Lloyds TSB and a (P)Ba3
rating to the ECNs to be guaranteed by Lloyds Banking Group.  A
final rating will be assigned upon receipt of final documents.

Elisabeth Rudman, Senior Credit Officer at Moody's and lead
analyst for Lloyds, said: "Following Lloyds' decision to opt out
of the government's Asset Protection Scheme, the capital being
raised should provide the group with a sufficient buffer against
the remaining expected losses.  Nevertheless, Lloyds is now more
exposed towards the tail-risk of a potentially worse-than expected
asset quality deterioration, which is reflected in the downgrade
of the BFSR to C-.  The Aa3 debt ratings of Lloyds TSB remain
unaffected as Moody's assume an unchanged likelihood of support."

More detail is provided below on the ratings of the hybrid
securities of the group (including the correction of the rating of
one instrument), as well as rating actions on Bank of Scotland
(Ireland).  The government backed ratings assigned to the debt
instruments benefiting from a UK government guarantee remain at
Aaa.

                        Lloyds Announcement

The rating action follows the announcement that instead of
participating in the UK Government's Asset Protection Scheme as
announced in March 2009, Lloyds will implement an alternative
capital raising plan.  This plan includes a GBP13 billion rights
issue, and the exchange of existing Lloyds' deferrable hybrid
instruments into contingent convertible instruments, called
Enhanced Capital Notes (GBP6.0 billion) and into ordinary shares
(GBP1.5 billion).  Of this amount GBP20.5 billion is fully
underwritten by a consortium led by Bank of America Merrill Lynch
and UBS.

In addition, Lloyds has agreed in principle with the European
Commission that the State Aid Remedy will include the divestment
of a GBP70 billion retail banking business with a 4.6% personal
current account market share and 19% of the Group's mortgage book,
as well as a 2 year prohibition on discretionary coupon payments
on existing hybrid instruments (excluding those issued by the
insurance operations).

                        Downgrade of BFSR

The C BFSR previously assigned to Lloyds TSB was based on the
assumption that the bank would participate in the UK Government's
Asset Protection Scheme as laid out in March 2009.  The downgrade
of the BFSR to C- (mapping to a BCA of Baa2) with a negative
outlook incorporates the updated capital raising plans and
reflects Moody's view that although the new capital raising plan
has certain advantages, in terms of providing permanent equity
capital rather than lower-quality government B shares, the opt-out
from the APS exposes the bank to greater tail risk in its loan and
securities portfolios, thereby negatively affecting the bank's
intrinsic credit profile.

Moody's notes that the impairments taken in Q309 of GBP5.2 billion
represent a slowdown in impairments compared to the GBP13.4
billion impairments reported (pro-forma) in H109.  However, there
is still much uncertainty over the trajectory of the UK economy,
corporate insolvencies and unemployment.  Moody's own assumptions
for loan losses in the UK have been set out in a Special Comment
published in October 2009 entitled "Moody's Approach to Estimating
UK Banks' Credit Losses".  Based on these assumptions, Moody's
loss estimates indicate that Lloyds may continue to experience a
further deterioration in asset quality over the coming quarters,
particularly in commercial property exposures and higher risk
mortgages.  The substantially higher losses under Moody's stress
scenario in the absence of the APS indicate this higher tail risk,
thereby putting more downward pressure on the BFSR of Lloyds TSB.
The APS, on the other hand, would have provided greater protection
against the tail risk.

The BFSR of Bank of Scotland has been downgraded from C- to D+,
reflecting the higher risk assets within the Bank of Scotland loan
books.  Over the long term, as the Bank of Scotland becomes fully
integrated within Lloyds Banking Group and the assets that are
outside the risk appetite of the group are wound down, Moody's
would expect the BFSR of Bank of Scotland to be equalized with
that of Lloyds TSB.

                   Affirmation of Senior Ratings

The affirmation of the Aa3 senior debt and deposit ratings
reflects Moody's view that the group remains of high systemic
importance in the UK financial system.  Despite the divestments
resulting from the agreement with the EC, as the largest retail
bank in the UK, with leading market shares in mortgages and
savings, Moody's expect Lloyds to remain systemically important.
Nevertheless, as Moody's has noted previously, it is clear that
over the medium term the intention of the Tripartite Authorities
is to put in place measures to enable the failure of large,
systemic banks to be resolved in a way that could allow losses to
be shared by all providers of wholesale funding.  When this
materialises further, it could put downward pressure on the long-
term debt and deposit ratings on large UK banks, including Lloyds
Banking Group.

       New Rating to Be Assigned To Enhanced Capital Notes

Moody's will assign a provisional (P) Ba2 rating to the Enhanced
Capital Notes to be guaranteed by Lloyds TSB Bank plc and a (P)
Ba3 to the ECNs guaranteed by Lloyds Banking Group plc.  These
instruments are dated non-deferrable instruments, however, the
securities convert into a fixed number of ordinary shares if the
bank's Core Tier 1 ratio drops below 5%.  The instruments can be
exchanged par-for-par for existing Tier 1 and Upper Tier 2
securities, and whereas many of the existing securities will be
likely to defer in line with EC rulings, Moody's understand that
the new securities will not be subject to any forced deferral.

Moody's notes that Lloyds has indicated it will be managing its
Core Tier 1 ratios to remain above 7%, and therefore the
probability of conversion to equity is currently low.  However,
the loss severity to investors in the event of conversion could be
very high due to the fixed conversion ratio, and this risk is
reflected in the rating assigned, which is three notches below the
bank's BCA (with an additional notch for the securities guaranteed
by the group to reflect structural subordination).

                  Subordinated Capital Securities

                         Banking Entities

In line with the downgrade of the BFSR of Lloyds TSB to C-
(mapping to a BCA of Baa2) and the BFSR of Bank of Scotland to D+
(mapping to a BCA of Baa3), the dated subordinated debt
instruments of the banking entities have been downgraded by 2
notches as outlined below.

The junior subordinated debt and preference shares of the banking
entities have already been rated on an expected loss basis, on the
assumption that any agreement with the EC on state aid remedies
will result in the omission of coupons on instruments that are
deferrable.  The ratings of these instruments have not changed,
but the outstanding reviews on the junior subordinated debt and
cumulative preference shares will be concluded shortly following
the clarification as to which instruments are to defer, and there
may be downgrades of the instruments remaining under review by 1
or more notches:

Lloyds TSB Bank:

  -- Senior Subordinated Debt downgraded from Baa1 (negative
     outlook) to Baa3 (negative outlook)

  -- Junior Subordinated Debt affirmed at Ba1 (rating remains
     under review for possible downgrade)

  -- Cumulative Preference Shares: affirmed at Ba2 (rating under
     review for possible downgrade)

  -- Non-cumulative Preference Shares: affirmed at B3 (stable
     outlook)

Lloyds Banking Group:

  -- Senior Subordinated Debt downgraded from Baa2 (negative
     outlook) to Ba1 (negative outlook)

  -- Non-cumulative Preference Shares: affirmed at B3 (stable
     outlook)

Bank of Scotland:

  -- Senior Subordinated Debt downgraded from Baa1 (negative
     outlook) to Baa3 (negative outlook)

  -- Junior Subordinated Debt affirmed at Ba1 (rating remains
     under review for possible downgrade)

  -- Cumulative Preference Shares: affirmed at Ba2 (rating under
     review for possible downgrade)

  -- Non-cumulative Preference Shares: affirmed at B3 (stable
     outlook)

HBOS:

  -- Senior Subordinated Debt downgraded from Baa2 (negative
     outlook) to Ba1 (negative outlook)

  -- Junior Subordinated Debt affirmed at Ba1 (rating remains
     under review for possible downgrade)

  -- Non-cumulative Preference Shares: affirmed at B3 (stable
     outlook)

             Correction to rating of Lloyds TSB 4.385%
  Perpetual Capital Securities and Bank of Scotland MTN program

Moody's has corrected the rating of Lloyds TSB 4.385% EUR750m
step-up perpetual capital securities (ISIN XS0218638236) from Baa3
to Ba2 (under review for possible downgrade).  Although the
instrument had been identified in Moody's database as a cumulative
preference share, due to an administrative error it had not been
downgraded with other cumulative preference shares in previous
rating actions.

Moody's has also corrected the subordinated and junior
subordinated debt ratings assigned to Bank of Scotland's Global
MTN Programme.  Due to an administrative error the ratings
assigned were Baa2, rather than Baa1 (subordinated rating) and Ba1
under review for possible downgrade (junior subordinated rating)
prior to the rating action.  As a result of the rating action
those ratings move to Baa3 (subordinated rating) and Ba1 under
review for possible downgrade (junior subordinated rating).

                       Insurance operations

The review direction on the junior subordinated debts with full
optional deferral features issued by Scottish Widows plc (GBP560
million 5.125 per cent.) and Clerical Medical Finance (EUR750
million 4.25 per cent.) -- both Ba1 -- was changed to uncertain
from possible downgrade where they were placed last September 09,
2009.  The action reflects the EC's intention not to force coupon
deferral on these securities as a part of its approval of Lloyds'
State-aid package; nevertheless, Moody's expects that, given the
current restructuring situation of the bank, there is still a
moderate risk of coupon deferral on these securities.

The Baa2 junior subordinated debt (GBP200 million 7 3/8 per cent.)
rating of Clerical Medical Finance plc and the Baa1 senior
subordinated debt (EUR 400m 6.45 per cent.) rating of Clerical
Medical Finance plc were placed on review for possible downgrade
to reflect the deterioration in LBG's stand-alone credit profile,
as reflected in the downgrade of the BFSR of Lloyds TSB and Bank
of Scotland; the ratings also reflect the limited ability for CMF
to defer payments on these two issues as coupon deferral is
restricted to mandatory triggers upon specified remote solvency
level.  For all the insurance instruments, Moody's rating reviews
will focus on the extent to which capital at the insurance and
banking operations is likely to be managed collectively going
forwards.

    Scottish Widows And Clerical Medical Finance Rating Actions

The review direction on these ratings was changed to uncertain
from review for possible downgrade:

Scottish Widows:

  -- Junior Subordinated Debt: Ba1 (review direction uncertain) -
     GBP560m 5.125 per cent.  Perpetual

Clerical Medical Finance:

  -- Junior Subordinated Debt (guaranteed by Clerical Investment
     Group Ltd): Ba1 (review direction uncertain) - EUR750m 4.25
     per cent.  Perpetual

These ratings were placed on review for possible downgrade:

Clerical Medical Finance:

  -- Junior Subordinated Debt (guaranteed by Clerical Investment
     Group Ltd) Baa2 (review for downgrade) - GBP200m 7 3/8 per
     cent. Undated Subordinated Guaranteed Bonds

  -- Senior Subordinated Debt (guaranteed by Clerical Investment
     Group Ltd) Baa1 (review for downgrade) - EUR400m 6.45 per
     cent.  Due 2023 Subordinated Guaranteed Bonds

                Review Of Bank Of Scotland (Ireland)

The Baa1/Prime-2/D- ratings of Bank of Scotland (Ireland) Limited,
the group's Irish subsidiary, have been placed on review for
possible downgrade.  The D- BFSR currently assigned to Bank of
Scotland (Ireland) was based on Moody's understanding that the
bank's parent would put in place a scheme whereby it was to mirror
the UK Government's Asset Protection Scheme, thereby largely
mitigating further downward pressure on the rating.  These
pressures result from the uncertainties around the future of the
weak retail business, the bank's large single borrower
concentrations as well as its overall exposure to the Irish
commercial real estate sector, the very high reliance on the
parent for funding and the broader risks relating to the Irish
economy.  The review for possible downgrade on the BFSR will
therefore focus on how the group plans to mitigate the risks
within the Irish subsidiary without the protection that the APS
would have brought.

The review for possible downgrade of the Baa1/Prime-2 bank deposit
ratings will also focus on the longer-term strength of the
franchise.  Although Moody's expect support from Lloyds Banking
Group to remain strong the long-term viability of the franchise
may be impaired further by the withdrawal from the APS and
therefore may lead to a reducing importance of BOSI to Lloyds.

                     Previous Rating Actions

The last rating action on the group was on June 22, 2009 when the
senior debt ratings of Lloyds TSB were affirmed at Aa3 and the
BFSR was downgraded to C and the last rating action on
subordinated capital securities took place on September 9, 2009,
when the junior subordinated debt instruments and cumulative
preference shares were downgraded to Ba1/ Ba2 and left under
review for further possible downgrade.

Downgrades:

Issuer: Bank of Scotland plc

  -- Bank Financial Strength Rating, Downgraded to D+ from C-

  -- Multiple Seniority Medium-Term Note Program, Downgraded to
     Baa3, Ba1 from Baa2, Baa2

  -- Subordinate Regular Bond/Debenture, Downgraded to Baa3 from
     Baa1

Issuer: HBOS plc

  -- Multiple Seniority Medium-Term Note Program, Downgraded to
     Ba1 from Baa2

  -- Subordinate Regular Bond/Debenture, Downgraded to Ba1 from
     Baa2

Issuer: Halifax plc

  -- Subordinate Regular Bond/Debenture, Downgraded to Baa3 from
     Baa1

Issuer: Leeds Permanent Building Society

  -- Subordinate Regular Bond/Debenture, Downgraded to Baa3 from
     Baa1

Issuer: Lloyds Banking Group plc

  -- Subordinate Regular Bond/Debenture, Downgraded to Ba1 from
     Baa2

Issuer: Lloyds TSB Bank Plc

  -- Bank Financial Strength Rating, Downgraded to C- from C

  -- Preferred Stock Preferred Stock, Downgraded to Ba2 from Baa3

  -- Subordinate Regular Bond/Debenture, Downgraded to Baa3 from
     Baa1

Issuer: Scotland International Finance No.  2 B.V.

  -- Subordinate Regular Bond/Debenture, Downgraded to Baa3 from
     Baa1

On Review for Possible Downgrade:

Issuer: Bank of Scotland (Ireland) Limited

  -- Bank Financial Strength Rating, Placed on Review for Possible
     Downgrade, currently D-

  -- Deposit Rating, Placed on Review for Possible Downgrade,
     currently P-2

  -- Senior Unsecured Deposit Rating, Placed on Review for
     Possible Downgrade, currently Baa1

Issuer: Clerical Medical Finance plc

  -- Junior Subordinated Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Baa2

  -- Subordinate Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Baa1

On Review Direction Uncertain:

Issuer: Clerical Medical Finance plc

  -- Junior Subordinated Regular Bond/Debenture, Placed on Review
     Direction Uncertain, currently Ba1

Issuer: Scottish Widows plc

  -- Junior Subordinated Regular Bond/Debenture, Placed on Review
     Direction Uncertain, currently Ba1

Outlook Actions:

Issuer: Bank of Scotland (Ireland) Limited

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Halifax plc

  -- Outlook, Changed To Stable(m) From Rating Under Review


LLOYDS BANKING: Fitch Upgrades Individual Rating to 'C' From 'E'
----------------------------------------------------------------
Fitch Ratings has upgraded Lloyds Banking Group's, Lloyds TSB
Bank's and Bank of Scotland's Individual Ratings to 'C' from 'E'
and affirmed their Long-term Issuer Default Ratings at 'AA- with
Stable Outlooks.  LBG's enhanced capital notes have been assigned
a Long-term rating of 'BB'.  Action has also been taken on the
group's hybrid (upper tier 2 and tier 1) securities.  The ratings
of Lloyds TSB's and BoS's covered bonds are unaffected by this
action.

The rating actions follow the announcement by LBG that it is to
raise GBP15 billion of new common equity (GBP13.5 billion via a
rights issue and up to GBP1.5 billion through an exchange offer on
hybrid securities) and generate a further GBP6 billion of
contingent convertible capital via an exchange offer on hybrid
securities.  Various other actions are also being undertaken by
the group to generate or release capital over the medium-term.

The upgrade of the Individual Ratings reflects Fitch's views of
LBG's restructuring and capital raising plans, which provide the
group with a materially better capital position to offset the
still challenging, albeit easing, asset quality outlook for the
group .  In Fitch's opinion, the business disposals required by
the European Commission will not materially erode LBG's strong
domestic UK franchises, which were bolstered by the acquisition of
HBOS in January 2009.  Consequently, LBG's pricing power,
economies of scale and savings from the acquisition should remain
broadly intact.  The bank will make disposals, reduce assets and
cut costs as part of its restructuring, but Fitch expects the
group to continue to report good levels of revenues and to report
growing operating profitability from 2010.

The Individual Ratings continue to reflect the group's high
dependence on wholesale funding.  Although liquidity has
strengthened over the course of 2009, the group still relies
heavily on funding from the Bank of England or issued under
guarantee of the UK government.  The group's de-leveraging plans
and strong franchise mean its funding profile should be capable of
improving further over the medium-term which, together with
stabilizing or improving asset quality, could benefit its
Individual Ratings.

The IDRs and, where rated, senior debt ratings of LBG, Lloyds TSB,
BoS and HBOS plc continue to reflect the extremely high level of
support that has been made available to the group by the UK
authorities, which confirmed their intention to take up their pre-
emption rights in respect of their 43% stake in the group.

The rating actions in respect of the group's upper tier 2 and tier
1 securities follow further clarification from the group in
respect of the EC's 'burden sharing' requirements.  The EC intends
to require that LBG will not make discretionary payments of
coupons or dividends on hybrid capital securities issued by group
subsidiaries (except for insurance companies) and to block the
exercise of optional early redemption features for a period of two
years from 31 January 2010.  Fitch has downgraded and removed from
Rating Watch Negative debt securities that would be prevented from
making payments.  All other upper tier 2 and tier 1 securities
remain on RWN pending further review of the deferral triggers (for
example legal entity capital adequacy and levels of distributable
reserves).

LBG's ECNs are a new form of instrument which converts from lower
tier 2 subordinated debt into a fixed number of ordinary shares if
LBG's core tier 1 capital ratio falls below 5%.  The trigger in
the contingent convertible capital security which causes it to
convert into an equity-like instrument means, structurally, that
it is riskier than a standard lower tier 2 debt security and it
has been rated as a 'hybrid' security such that conversion into
common equity would be treated by Fitch as non-performance.  In
assigning it a rating at 'BB', Fitch took into account LBG's
standalone financial strength as measured by its Individual
Rating, its capital in excess of the trigger level and the dated
nature of the security.  Fitch understands that the ECNs fall
outside the scope of the EC's burden sharing requirements.

The ratings of LBG and its subsidiaries are:

Lloyds Banking Group

  -- Long-term IDR affirmed at 'AA-', Stable Outlook
  -- Short-term IDR affirmed at 'F1+'
  -- Individual Rating upgraded to 'C' from 'E'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'AA-'
  -- Lower tier 2 debt affirmed at 'A+'

Lloyds TSB Bank plc

  -- Long-term IDR affirmed at 'AA-', Stable Outlook
  -- Short-term IDR and commercial paper affirmed at 'F1+'
  -- Individual Rating upgraded to 'C' from 'E'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'AA-'
  -- Senior unsecured debt affirmed at 'AA-'
  -- Lower tier 2 debt affirmed at 'A+'
  -- Guaranteed senior long-term debt affirmed at 'AAA'
  -- Guaranteed senior short-term debt affirmed at 'F1+'

Bank of Scotland plc

  -- Long-term IDR affirmed at 'AA-', Stable Outlook
  -- Short-term IDR and commercial paper affirmed at 'F1+'
  -- Individual Rating upgraded to 'C' from 'E'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor affirmed at 'AA-'
  -- Senior unsecured debt affirmed at 'AA-'
  -- Lower tier 2 debt affirmed at 'A+'
  -- Guaranteed senior long-term (GBP) debt affirmed at 'AAA'
  -- Guaranteed senior short-term (GBP) debt affirmed at 'F1+'
  -- Guaranteed senior long-term (AUD) debt affirmed at 'AA+'
  -- Guaranteed senior short-term (AUD) debt affirmed at 'F1+'

HBOS plc

  -- Long-term IDR: affirmed at 'AA-', Stable Outlook
  -- Short-term IDR: affirmed at 'F1+'
  -- Support Rating: affirmed at '1'
  -- Senior unsecured debt: affirmed at 'AA-'
  -- Lower tier 2 debt: affirmed at 'A+'

Actions on the upper tier 2 and tier 1 debt securities are:

Lloyds TSB Bank tier 1

  -- XS0107222258 downgraded to 'CC' from 'B' RWN; RWN removed
  -- XS0107228024 downgraded to 'CC' from 'B' RWN; RWN removed
  -- XS0408620135 downgraded to 'CC' from 'B' RWN; RWN removed
  -- XS0408623311 downgraded to 'CC' from 'B' RWN; RWN removed
  -- XS0408620721 downgraded to 'CC' from 'B' RWN; RWN removed
  -- XS0156923913 maintained at 'B' Rating Watch Negative

Upper tier 2

  -- XS0099508698 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0099507534 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0079927850 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0169667119 downgraded to 'CCC' from 'B+' RWN; RWN removed

Bank of Scotland plc tier 1

  -- XS0125681345 maintained at 'B' Rating Watch Negative
  -- XS0125686229 maintained at 'B' Rating Watch Negative
  -- XS0109227552 maintained at 'B' Rating Watch Negative
  -- XS0109138536 maintained at 'B' Rating Watch Negative
  -- XS0109227719 maintained at 'B' Rating Watch Negative
  -- XS0109139344 maintained at 'B' Rating Watch Negative
  -- USG43648AA57 maintained at 'B' Rating Watch Negative
  -- US40411CAA09 maintained at 'B' Rating Watch Negative
  -- GB0058322420 maintained at 'B' Rating Watch Negative
  -- GB0058327924 maintained at 'B' Rating Watch Negative

Upper tier 2

  -- XS0063730203 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0083932144 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0059171230 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0046690961 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0111627112 maintained at 'B+' Rating Watch Negative
  -- XS0125599687 maintained at 'B+' Rating Watch Negative
  -- XS0111599311 maintained at 'B+' Rating Watch Negative

HBOS plc upper tier 2

  -- US4041A3AF96 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- US4041A2AG96 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0205326290 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0188201619 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0188201536 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0177955381 downgraded to 'CCC' from 'B+' RWN; RWN removed
  -- XS0138988042 maintained at 'B+' Rating Watch Negative
  -- XS0158313758 maintained at 'B+' Rating Watch Negative
  -- XS0166717388 maintained at 'B+' Rating Watch Negative

* Fitch does not rate all hybrid securities issued by LBG and its
  banking subsidiaries


LLOYDS BANKING: S&P Junks Ratings on Various Hybrid Notes
---------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'A/A-
1' long- and short-term counterparty credit ratings on Lloyds
Banking Group PLC and its subsidiaries.  The outlook remains
stable.  At the same time, with the exception of issues from
Lloyds' insurance subsidiaries, S&P lowered its ratings on hybrids
with discretionary coupons to 'CC' from the current range of 'B'
to 'CCC+'.  Furthermore, with the exception of issues from Lloyds'
insurance subsidiaries, S&P raised the ratings on hybrids without
optional deferral clauses to 'BB-' from 'B-' in the case of
holding company issues, and 'BB' from 'B' in the case of bank
issues.

The rating actions follow the announcement by Lloyds of a major
capital raising and liability management exercise, its decision on
participation in the U.K. government asset protection scheme, the
outcome of the European Commission ruling on state aid, and a
trading update for the third quarter of 2009.

S&P has maintained the four notches of support that S&P factor
into the long-term counterparty credit rating on Lloyds above its
stand-alone credit profile.  S&P considers the exchange offer to
be opportunistic under S&P's criteria.  Subject to the terms of
the final documentation, S&P anticipate assigning a 'BB-' issue
rating to new Lower Tier 2 Enhanced Capital Notes issued by Lloyds
and a 'BB' issue rating to new Lower Tier 2 Enhanced Capital Notes
issued by its subsidiary Lloyds TSB Bank PLC.  These instruments
provide the group with contingent core Tier 1 capital.

These actions follow the far-reaching announcement by Lloyds
covering four principle areas:

* Lloyds will not enter GAPS and will instead pay a GBP2.5 billion
  break fee to the government.

* Lloyds has announced a fully underwritten GBP13.0 billion (net
  of fees) rights issue, the largest ever by a U.K. company.

* Lloyds has announced the outcome of the EC's ruling on state
  aid.

* Lloyds gave an update on its trading performance in the third
  quarter of 2009.

Taken together, while these are significant developments in
comparison with the expectations previously factored into S&P's
ratings, S&P considers that the overall impact on Lloyds' credit
profile is broadly neutral.

"We consider that the benefits that would have come from
participation in GAPS have been replaced by the strengthened
capital base and S&P's view that prospects for asset quality do
not appear to be as weak as S&P factored into its analysis earlier
this year," said Standard & Poor's credit analyst Nigel Greenwood.

Still, S&P considers that loan impairments are likely to remain
elevated and Lloyds' earnings will remain pressured.  The required
business disposals add to the significant complexity and
distraction of the existing integration process (of HBOS PLC into
Lloyds), but S&P considers that it should be manageable.

Lloyds' third-quarter trading statement provides us with a degree
of comfort that it may be past the worst in terms of loan
impairments.  In particular, the wholesale division is
experiencing improved trends and low interest rates, and more
stable house prices are helping arrears and possession trends in
its large U.K. residential mortgage book.  Nevertheless, S&P
remain cautious on the outlook for credit quality and revenue
growth.

"The stable outlook reflects S&P's expectations that the U.K.
government will remain supportive and that the stand-alone credit
profile has potential to improve over the medium term," added Mr.
Greenwood.  Given the four-notch gap between the long-term
counterparty credit rating on Lloyds and its stand-alone credit
profile, there is little scope for positive rating action in the
near term.  The stand-alone credit profile incorporates S&P's
expectation that Lloyds' capital raising will successfully execute
as planned.  S&P's base case earnings expectation is that Lloyds
will be loss-making in the second half of 2009, and that its
performance will continue to be pressured in 2010.

S&P's view of Lloyds' stand-alone credit profile could improve if
S&P considers that impairment charges will reduce to more
manageable levels, that the integration of HBOS will be
successfully executed, and that medium-term revenue growth
prospects are more robust.  Conversely, the stand-alone credit
profile could be lowered if a deterioration in the U.K. economic
environment adds further pressure to Lloyds' financial profile.  A
fall in Lloyds' stand-alone credit profile by more than one notch
could cause the counterparty credit ratings to be lowered.


POLLY BROTHERS: PwC Appointed as Administrator
----------------------------------------------
BBC News reports that County Down-based Polly Brothers Ltd. and
Largie Developments Ltd. have gone into administration.

According to the report, the directors of the two property
development firms called in PricewaterhouseCoopers as
administrators late last month.

The report relates PwC said it was too early to say if jobs would
be affected.

Polly Brothers has 120 people working on its sites.


VIRGIN MEDIA: Fitch Gives Positive Outlook; Affirms 'BB-' Rating
----------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on UK cable operator
Virgin Media Inc. to Positive from Stable, while affirming the
company's Long-term Issuer Default Rating at 'BB-'.  Virgin
Media's Short-term IDR is affirmed at 'B'.

Fitch has simultaneously affirmed Virgin Media Finance plc's and
Virgin Media Investment Holdings Limited's existing instrument
ratings as detailed at the end of this comment.  The agency has
additionally assigned an expected rating of 'BB' to Virgin Media
Finance plc's proposed new 2019 senior note issuance announced
yesterday.

"The Positive Outlook reflects the improving trends evident in
Virgin Media's third quarter results, which provide for a greater
upside to Fitch's forecasts than originally anticipated," said
Michelle De Angelis, Senior Director in Fitch's Leveraged Finance
team.  "Furthermore, the extension of Virgin Media's overall debt
profile as a result of the proposed new 2019 note issuance, and
the potential future issuance of new senior secured bonds, may
provide a solution to the company's 2012 refinancing risk."

A potential upgrade of Virgin Media's IDR to 'BB' would be driven
by continued strong operating fundamentals as seen in Q309, and a
successful extension or significant reduction of the 2012
refinancing risk.

The success of the consumer cable package price rises implemented
earlier this year was demonstrated by Virgin Media's Q3 results:
the company reported record average revenue per user (ARPU) levels
of over GBP44/month for Q309, with increased customer numbers and
stable churn in its core consumer cable business.  Both the
business and content segments also reported improved operating
cash flow performance year-on-year as a result of a better revenue
mix (business) and the renegotiated Sky carriage contract
(content).  These factors contributed to an increase in total
revenues, gross margins and OCF margins, and a record high
quarterly OCF of GBP348 million.  Net debt to last 12 months OCF
reached 4.3x, and net debt to annualized OCF reached 4.0x,
reflecting the strong Q309 performance.

The proposed new GBP500 million equivalent note issuance, with a
final maturity of 2019, will add to the progress already made in
2009 to extend Virgin Media's overall debt maturity profile.  The
new 2019 senior notes will be used to call a portion of the
existing US$, EUR and GBP 2014 notes.  There will be no
significant increase in overall net debt as a result, beyond that
resulting from issuance costs and the call premium for the 2014
notes.

The new 2019 notes will rank equally with the 2014 and 2016 notes,
and thus the expected 'BB' rating for the new notes is equivalent
to the existing rating for the 2014 and 2016 notes.  However the
agency recognizes that the new notes will contain a covenant
package which, although broadly consistent with the existing
indentures at outset, provides for a release of certain
undertakings should the notes achieve investment grade status at a
future date.

The rating of the senior secured debt issued by Virgin Media
Investment Holdings Limited has been affirmed at 'BB+', indicating
strong anticipated recoveries.  The ratings of the various
tranches of 2014 and 2016 senior notes issued by Virgin Media
Finance Plc have been affirmed at 'BB' - one notch above the
company's IDR, indicating above-average recoveries for these
junior instruments.


VIRGIN MEDIA: S&P Assigns 'B' Rating on GBP500 Mil. Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
debt rating to the proposed GBP500 million senior unsecured notes
to be issued by Virgin Media Finance PLC (B+/Stable/--), a
subsidiary of U.K.-based telecommunications provider Virgin Media
Inc. (B+/Stable/--).

At the same time, S&P assigned a recovery rating of '5' to this
debt, indicating S&P's expectation of modest (10%-30%) recovery
for creditors in the event of a payment default.  S&P anticipate
that the new notes will rank pari passu with the existing
unsecured bonds at the VMF level.

The rating on the new notes is one notch below S&P's corporate
credit rating on parent company VMI.  It is based on preliminary
information and is subject to S&P's satisfactory review of final
documentation.  In the event of any changes to the amount or terms
of the bond, the recovery and issue ratings could be subject to
further review.  S&P understand that all of the proceeds from the
bond issue will be used to repay a proportion of VMF's unsecured
notes maturing in 2014.

                         Recovery Analysis

The recovery rating on the proposed notes is '5'.  S&P has valued
the group on a going-concern basis.  Given VMI's leading market
position in the U.K., established network assets, and valuable
customer base, S&P believes that a default would most likely
result from excessive leverage and an inability to refinance the
capital structure when the senior debt instruments mature in 2012.
At the hypothetical point of default S&P value the company at
about GBP4.42 billion.

The issue-level and recovery ratings on the secured debt take into
account the nature of VMI's assets, the probability of a
restructuring or going-concern sale, documentary protection, and
the anticipated level of prior-ranking liabilities.  The issue-
level and recovery ratings on VMF's unsecured debt take into
consideration the same factors that affect the senior secured debt
and the structural and contractual subordination of the notes.

S&P projects recovery prospects for second-lien and unsecured debt
instruments at 70%-90% and 10%-30%, respectively.  This is lower
than the calculated numerical recovery levels for these
instruments because S&P factor in the effects of their more
subordinated position in the capital structure and their limited
documentary protection.

                            Ratings List

                          Rating Unchanged
     Virgin Media Inc.                             B+/Stable/--

                     Virgin Media Finance PLC

                           New Rating

                     Senior Unsecured Notes*

         GBP500 Mil. (proposed) due 2019                B
            Recovery Rating                             5

* Guaranteed by Virgin Media Inc. and Virgin Media Investment
  Holdings Ltd.


WILLIAM HILL: Moody's Assigns 'Ba1' Rating on Proposed Notes
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Ba1
rating to the proposed unsecured notes issued by William Hill plc
and guaranteed by William Hill Organization Ltd.  The rating
outlook is stable.

The (P) Ba1 rating of the notes reflects the overall Ba1
probability of default rating of William Hill plc, which is also
in line with the company's Ba1 corporate family rating, and a loss
given default of LGD-3, 49%.  Moody's recognizes that the notes
are issued at the same level as the company's senior credit
facilities, which are also unsecured.  The notes benefit from an
unconditional, irrevocable guarantee of first demand from William
Hill Organization Ltd, which represents at least 80% of the
group's EBIT generation.  The provisional bond rating also
reflects the absence of contractual and structural subordination
in the structure.

Moody's expects to remove the provisional status and affirm the
rating upon satisfactory review of final documentation and
completion of the issuance.

Moody's previous rating action on William Hill plc was implemented
on 27 October 2009, when the rating agency assigned the Ba1 CFR,
with a stable outlook.

William Hill plc's ratings were assigned by evaluating factors
Moody's believe are relevant to the credit profile of the issuer,
such as (i) scale and competitive position of the company, (ii)
its diversification and exposure to regulatory risk, (iii)
profitability, (iv) growth opportunities and management strategy,
(v) financial policies, and (vi) the projected performance of the
company over the near to intermediate term.

Headquartered in the UK, William Hill plc is a leading UK betting
and gaming company with approximately 2,300 licensed betting shops
(2,271 in the UK and 48 in the Republic of Ireland).  In 2008, the
company had over 15,000 employees and posted a gross win of around
GBP1 billion.  William Hill plc offers fixed odds betting, gaming
machines (8,700 machines across the network) and online gaming
through three principal channels: retail, online and telephone.


WILLIAM HILL: S&P Assigns 'BB+' Rating on Two Senior Unsec. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
debt rating to the proposed GBP200 million to GBP250 million
senior unsecured notes to be issued by U.K.-based gaming group
William Hill PLC (BB+/Stable/--).

At the same time, S&P assigned a recovery rating of '3' to this
debt, indicating S&P's expectation of meaningful (50%-70%)
recovery for creditors in the event of a payment default.  S&P
anticipate that the new notes will rank pari passu with the
existing unsecured debt facilities at the parent company level.

The rating on the proposed notes is in line with S&P's corporate
credit rating on WMH.  It is based on preliminary information and
is subject to S&P's satisfactory review of final documentation.
In the event of any changes to the amount or terms of the bond,
the recovery and issue ratings might be subject to further review.
It is S&P's understanding that the proceeds from the bond issuance
will be used to repay WMH's loan facilities maturing in 2011.

The ratings on WMH reflect S&P's view of its market leadership in
the regulated and relatively recession-resilient betting industry,
but are constrained by its choice of optimal debt leverage.  The
significant financial profile on a lease-adjusted basis is the
primary driver for the rating as S&P view the group's satisfactory
business risk profile as compatible with an investment-grade
rating.

                         Recovery Analysis

The recovery rating on the proposed notes is '3'.  S&P has valued
the group on a going-concern basis, given its satisfactory
business risk profile, strong market position, well-known brand,
established town-center gaming locations, cash-generative
capability, and the generally low cyclicality of the U.K. betting
market.  In addition, the U.K. regulatory framework creates high
barriers to entry.

At the hypothetical point of default, S&P's estimate of the
stressed enterprise value is about GBP550 million.  After
deducting priority liabilities, specifically costs of enforcement
and a proportion of the estimated net pension deficit, S&P
estimate the recovery prospects on the new issue to be 50%-70%.
This is based on S&P's assumption that noteholders' claims will
rank pari passu with about GBP540 million bank debt assumed to be
outstanding at the hypothetical point of default (in 2012, at the
maturity of the bank facilities).

The recovery prospects for WMH's proposed senior unsecured notes
reflect the estimated value available and accessible to the
respective creditors.  However, potential limitations in recovery
could come from possible changes in capital structure (currently
consisting of unsecured debt instruments), noteholders' claims
ceasing to rank pari passu with bank debt due to potentially
ineffective negative pledge provisions, and additional debt being
raised by the group's on-line subsidiary, which does not provide a
guarantee for the rated notes.

The recovery rating on the notes is based on the current capital
structure, which could change materially on the path to default.
Any change to the group's financial policy or capital structure--
such as additional debt raised with parity to, or priority over,
the unsecured notes--could significantly affect S&P's hypothetical
default scenario and waterfall analysis, and thereby impair
recovery prospects for the bonds.

                           Ratings List

                         Rating Unchanged

      William Hill PLC                         BB+/Stable/--

                            New Rating

                         William Hill PLC

                      Senior Unsecured Notes

          GBP200 mil-GBP250 mil (proposed) nts        BB+
               Recovery Rating                        3


YELL GROUP: Moody's Reviews 'B2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service says that Yell Group plc's B2 Corporate
Family Rating and B3 Probability of Default Rating, both of which
are on review for further possible downgrade, are unaffected by
the recent announcement that the company has reached an agreement
with its lenders.

Specifically, Yell has received acceptances in excess of the 95%
threshold required as part of its refinancing proposal, the
completion of which remains conditional upon raising at least
GBP500 million (the proceeds of which will be used for debt
reduction) in equity.  Moody's believes uncertainty still remains
with regard to the execution of the equity raising, which needs to
be achieved before the December-covenant test.  Therefore, Moody's
has maintained Yell's ratings at their current levels.

Moody's notes that if Yell had not received the required
acceptances from its lender group, it would have undertaken a
Scheme of Arrangement, which would have been a default event
leading to a distressed exchange.

Moody's continues to monitor the situation and aims to conclude
the review as clarity develops over the progress and ultimate size
of Yell's capital increase, which will be important in
establishing the headroom under its financial covenants required
to minimize default risk in line with Moody's assessment of the
likely evolution and outlook for the company's operating
performance.

Yell Group plc is the leading publisher of classified directories
in the UK and, through its subsidiary, Yellow Book, is a leading
independent directories publisher in the US.  Yell also owns 100%
of TPI, 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, 2009 was
GBP2.4 billion and its Adjusted EBITDA (as defined by the group)
was GBP816 million.


* PBGC Expands Deal with UK Pensions Regulator & Protection Fund
----------------------------------------------------------------
The Pension Benefit Guaranty Corp. on November 4, 2009, announced
an agreement with the United Kingdom's The Pensions Regulator and
the Pension Protection Fund that provides a framework for
information sharing that will help the agencies protect retirement
benefits earned by workers and retirees on both sides of the
Atlantic.

"In today's global business world, pension regulators often face
common issues that cut across national boundaries," said Vince
Snowbarger, acting director of the PBGC.  "This agreement gives
the PBGC and our UK counterparts a framework for appropriate
sharing of information and cooperation in carrying out our
missions."

Under a Memorandum of Understanding, signed Wednesday, the three
agencies will share any unrestricted information that advances the
security of defined benefit plans sponsored by private sector
companies.  Confidential financial information from those
companies will not be shared.

David Norgrove, chair of The Pensions Regulator, said "We have
worked with the PBGC since the Pensions Regulator began in 2005.
This MOU formalizes the position and, through exchange of thinking
and best practice, will help us in our efforts to protect members'
benefits."

The agreement is a reflection of the mutual interests of the three
agencies and the global reach of corporate entities that sponsor
pension plans.

"This agreement sends a clear signal that there is a high level of
co-operation between the various national institutions charged
with protecting retirement incomes in an era when many sponsoring
employers have a global presence," added Lawrence Churchill, chair
of the Pension Protection Fund.

While the agreement facilitates broad access to data,
intelligence, and other records, it is not legally binding.
Additionally, the agencies are not compelled to lend assistance to
each other, especially if legal proceedings are underway, and such
assistance would be contrary to the interests of either country.
The agreement can be canceled at any time by any party.

The Pensions Regulator oversees private sector defined benefit
plans in the UK and is charged with protecting the retirement
benefits of plan members.  The Regulator is also charged with
reducing the risk of claims for compensation from the Pension
Protection Fund (PPF).  The PPF was created to pay compensation to
members of eligible defined benefit pension plans when the plan's
sponsor was unable to pay benefits.

The PBGC is a federal corporation created under the Employee
Retirement Income Security Act of 1974. It currently guarantees
payment of basic pension benefits earned by 44 million American
workers and retirees participating in over 29,000 private-sector
defined benefit pension plans.  The agency receives no funds from
general tax revenues.  Operations are financed largely by
insurance premiums paid by companies that sponsor pension plans
and by investment returns.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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 * * *