TCREUR_Public/091106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Friday, November 6, 2009, Vol. 10, No. 220

                            Headlines

A U S T R I A

BOERSEDRUCK GMBH: Claims Filing Deadline is November 20
CONDIA CONSULTING: Claims Filing Deadline is November 19
DANNIK GMBH: Claims Filing Deadline is November 19
TSM CONSULTING: Claims Filing Deadline is November 20


B E L G I U M

TRUVO INTERMEDIATE: S&P Downgrades Corporate Credit Rating to 'CC'


E S T O N I A

CITYCASINOS: Operations Continue Despite Bankruptcy


F R A N C E

CMA CGM: CEO Agrees to Change Governance, Shareholder Structure


G E R M A N Y

ARCANDOR AG: Cairn Called In to Advise on Proposed Bond Amendments
ESCADA AG: Three Bidders Emerge at Creditors' Meeting
GENERAL MOTORS: Germany May Grant State Aid for Opel Restructuring
WOOLWORTH GMBH: Faces Dissolution After Cerberus Rent Talks Failed


G R E E C E

WIND HELLAS: PPF Partners Eye EUR200 Million Investment


H U N G A R Y

INVITEL HOLDINGS: S&P Downgrades Corporate Credit Rating to 'SD'


I R E L A N D

* IRELAND: Corporate Insolvencies Up 112% in First Ten Months


I T A L Y

SEAT PAGINEGIALLE: S&P Downgrades Corporate Credit Rating to 'B'


K A Z A K H S T A N

ASTANA FINANCE: Domestic Creditors Turn Down Restructuring Plan
BS COMPANY: Creditors Must File Claims by November 18
CANEM COMPANY: Creditors Must File Claims by November 18
GLOBAL ENERGY: Creditors Must File Claims by November 18
INERT KURYLYS: Creditors Must File Claims by November 18

INTEGRAL COMMUNICATION: Creditors Must File Claims by November 18
PERVY BUSINESS: Creditors Must File Claims by November 18
SEVER TRANS 2007: Creditors Must File Claims by November 18
SMP TAMYZ: Creditors Must File Claims by November 18
TALWO LLP: Creditors Must File Claims by November 18

TRUST SERVICE: Creditors Must File Claims by November 18


K Y R G Y Z S T A N

CGOLD LIMITED: Creditors Must File Claims by December 2
GLOBAL LOGISTIC: Creditors Must File Claims by December 2


N E T H E R L A N D S

WOOD STREET: Moody's Takes Rating Actions on Various Classes


R U S S I A

BASHKIR-MRAMOR: Creditors Must File Claims by November 16
KADUYSKIY METAL: Creditors Must File Claims by November 16
NOVOSIBIRSK ENERGY: Kemerovskaya Bankruptcy Hearing Set Nov. 12
PECHORA-STROY: Creditors Must File Claims by November 16
TRANS-ENERGO: Creditors Must File Claims by November 16

TSENTR-STROY: Chelyabinskaya Bankruptcy Hearing Set November 12
UFIMSKIY WOOD: Creditors Must File Claims by November 16

* RUSSIA: To Allocate RUR100 Bln to Support Bank Liquidity in 2010


S L O V A K   R E P U B L I C

MAKYTA PUCHOV: Mulls 654 Job Cuts Due to Economic Crisis


S P A I N

BANCO SABADELL: Moody's Takes Rating Actions on Five Securities
CONSUMO BANCJA: Moody's Cuts Rating on EUR12.9 Mln Notes to 'C'
IM BANCO: Moody's Cuts Rating on Series C Notes to 'Caa1'
IM CAJAMAR: Moody's Downgrades Ratings on Class E Notes to 'C'
IM GRUPO: Moody's Downgrades Rating on Series E Notes to 'C'

IM GRUPO: Moody's Junks Rating on Series D Notes From 'Baa3'


S W I T Z E R L A N D

AUFESO ENGINEERING: Claims Filing Deadline is November 12
BAEHR-VERLAG: Claims Filing Deadline is November 12
SONNMATT FLUMS: Claims Filing Deadline is November 10
HEIMDAL AG: Claims Filing Deadline is November 11
LIBERTAX AG: Claims Filing Deadline is November 11
PWEBP GMBH: Claims Filing Deadline is November 11

R. ZUBERBUEHLER: Claims Filing Deadline is November 12
SKI- UND SNOWBOARD: Claims Filing Deadline is November 12
STEFOR CAPITAL: Claims Filing Deadline is November 12
SWITZERLAND GMBH: Claims Filing Deadline is November 11


U K R A I N E

ALPHA ALLIANCE: Creditors Must File Claims by November 8
AK ALPHA: Creditors Must File Claims by November 8
BOGOLIUBY AGRICULTURAL: Creditors Must File Claims by November 8
DNEPROELECTROMONTAZH CJSC: Creditors Must File Claims by Nov. 8
EGIDA CJSC: Creditors Must File Claims by November 8

NAFTOGAZ UKRAINY: Completes Restructuring of US$1.6 Bln Debt
PROMO-MASTER LLC: Creditors Must File Claims by November 8
ZOLOTOY KOLOS: Creditors Must File Claims by November 8


U N I T E D   K I N G D O M

EUROHOME UK: S&P Downgrades Rating on Class C 2007-2 Notes to 'D'
FIRST QUENCH: 373 Stores Closed; 1,738 Jobs Affected


X X X X X X X X

* BOOK REVIEW: The Managerial Mystique - Restoring Leadership in


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A U S T R I A
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BOERSEDRUCK GMBH: Claims Filing Deadline is November 20
-------------------------------------------------------
Creditors of Boersedruck GmbH have until November 20, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 4, 2009 at 10:55 a.m.

For further information, contact the company's administrator:

         Mag. Martin Honemann
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 713 61 92
         Fax: 713 61 92 22
         E-mail: martin.honemann@kosesnik-langer.at


CONDIA CONSULTING: Claims Filing Deadline is November 19
--------------------------------------------------------
Creditors of Condia Consulting GmbH have until November 19, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 3, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: DW 22
         E-mail: kanzlei@kosesnik-langer.at


DANNIK GMBH: Claims Filing Deadline is November 19
--------------------------------------------------
Creditors of Dannik GmbH have until November 19, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 3, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


TSM CONSULTING: Claims Filing Deadline is November 20
-----------------------------------------------------
Creditors of TSM Consulting Managementservice GmbH have until
November 20, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 4, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


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B E L G I U M
=============


TRUVO INTERMEDIATE: S&P Downgrades Corporate Credit Rating to 'CC'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Delaware-based international
publisher of classified directories, TRUVO Intermediate LLC to
'CC' from 'CCC+'.  The outlook is negative.

At the same time, the subordinated debt ratings on related entity
TRUVO Subsidiary Corp.'s EUR395 million 8.5% notes and $200
million 8.375% notes were lowered to 'C' from 'CCC-'.  The
recovery ratings on the notes are unchanged at '6', indicating
S&P's expectation of negligible (0%-10%) recovery in the event of
a payment default.

The rating actions follow Truvo's appointment of an ad hoc
committee of lenders under its senior facilities agreement to
assist the group in exploring and evaluating various business,
financing, and capital structure alternatives.

"The downgrade mainly reflects S&P's view that the implementation
of a capital restructuring of what S&P see as a highly leveraged
group is a clear risk within the next few months," said Standard &
Poor's credit analyst Raam Ratnam.  "Under its criteria, S&P view
any distressed exchange offer as tantamount to default.

"The downgrade also reflects S&P's opinion that Truvo's capital
structure is likely to become unsustainable over the near term.
This is as a result of very high leverage, weak free cash flow
generation, and, potentially, further deterioration in the group's
operating performance."

The negative outlook mainly reflects S&P's opinion that Truvo's
capital structure is likely to become unsustainable in the near
term, especially in light of the current adverse trading
environment.

In S&P's view, Truvo's recent appointment of a committee of
lenders under its senior facilities agreement to assist in
exploring and evaluating various business, financing, and capital
structure alternatives gives rise to a significant risk of a
discounted distressed exchange offer.  At the same time, however,
S&P acknowledge that the group has also said that there is no
guarantee that the committee's process will result in any specific
transactions or outcomes.

Nevertheless, in S&P's opinion, the current market environment,
the group's negative operating trends, and its overleveraged
capital structure increase the risk of a discounted distressed
exchange offer.

Given S&P's view of the pressure on Truvo's revenues in 2009 and
the current discussions with the lenders, S&P believes that a
positive rating action is unlikely over the next few months.


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E S T O N I A
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CITYCASINOS: Operations Continue Despite Bankruptcy
---------------------------------------------------
Marge Tubalkain-Trellmarge at araripaev.ee, citing ERR News,
reports that Tax and Customs Board (MTA) issued an operating
permit for two CityCasinos, despite the fact that the chain has
been bankrupt since August.

According to the report, under the Gambling Act, the casino
operator will lose operating license after it goes bankrupt.

The report relates Tonis Ruutli, head of Estonian Association of
Gambling Operators, said that MTA violates the law.


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F R A N C E
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CMA CGM: CEO Agrees to Change Governance, Shareholder Structure
---------------------------------------------------------------
Laurence Frost at Bloomberg News, citing Challenges, reports that
CMA CGM SA Chief Executive Officer Jacques Saade has agreed in
principle to change the company's governance and shareholder
structure.

According to Bloomberg, the French weekly business magazine said
on its Web site, the company also faces an important repayment
deadline Nov. 20.

As reported by the Troubled Company Reporter-Europe on Nov. 2,
2009, Bloomberg News said CMA creditors have told the company to
replace Mr. Saade before they restructure its US$5.6 billion debt.
Bloomberg noted the company would default on payments if the banks
invoked its breach of covenants on US$4 billion of the debt.

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


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G E R M A N Y
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ARCANDOR AG: Cairn Called In to Advise on Proposed Bond Amendments
------------------------------------------------------------------
Tom Freke at Reuters reports that Cairn Financial has been
appointed as adviser to a securitization linked to Arcandor AG.

According to Reuters, Cairn on Oct. 29 said it is advising the
equity sponsors of the 2006 securitization, including Whitehall
Funds and Deutsche Bank unit RREEF, on proposed changes to the
transaction.

Reuters relates the adviser asked bondholders -- owed more than
EUR1 billion -- to identify themselves "should they wish to
participate in informal discussions with Cairn regarding the
proposed (bond) amendments".

The purpose of the amendments is to manage the securitization,
issued by Fleet Street Finance Two, following Arcandor's
insolvency in June.

                        About Arcandor AG

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

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

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


ESCADA AG: Three Bidders Emerge at Creditors' Meeting
-----------------------------------------------------
Nicholas Comfort at Bloomberg News, citing Financial Times
Deutschland, reports that Escada AG's creditor meeting Wednesday
was presented with three bids for the company.

According to Bloomberg, the German newspaper said, the bids were
made by Megha Mittal, Sven Ley, who is backed by investors from
western Europe and the Middle East, and Azmi Mikati.

James Kraus at Bloomberg News, citing New York Post, reports that
M1 Group, the Beirut-based owner of Faconnable, is among the
potential buyers for Escada.

As reported by the Troubled Company Reporter-Europe, Escada said
that insolvency proceedings opened in Munich Nov. 2.

                         About ESCADA AG

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

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

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

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


GENERAL MOTORS: Germany May Grant State Aid for Opel Restructuring
------------------------------------------------------------------
Brian Parkin and Andreas Cremer at Bloomberg News report that
Germany may grant more state aid to General Motors Co. to help
restructure its Adam Opel unit.

Bloomberg relates Hendrik Hering, economy minister of the German
state of Rhineland-Palatinate, where Opel employs 3,200 staff at
its Kaiserslautern factory, said while GM's decision not to sell
Opel enraged government officials, they aren't opposed in
principle to granting new aid to the automaker.

According to Bloomberg,  Thomas Schaefer, deputy finance minister
of Opel's home state of Hesse and a member of the government's
Opel task force, said while aid may be made available, it's "not
automatic" that Germany will grant GM the EUR4.5 billion (US$6.6
billion) it had pledged if Opel was sold to Magna.

"No one can make any commitment on aid until the restructuring
plan is available" Bloomberg quoted Mr. Schaefer as saying.

                           Bigger Role

Chris Reiter and Cornelius Rahn at Bloomberg News report that GM's
Opel division employees will demand a bigger role in company
decisions now that the carmaker has dropped a plan to sell the
European manufacturer.

Bloomberg relates Klaus Franz, head of Opel's works council, said
yesterday at a rally at the division's headquarters in
Ruesselsheim, Germany, workers want GM to convert Opel into a
joint-stock company to increase their power.

GM’s board decided on Nov. 3 to keep Opel instead of selling a 55%
stake to Magna and Russian partner OAO Sberbank, reversing a
September decision. Jeff Green, Doron Levin and Serena Saitto at
Bloomberg News report the decision bears the stamp of a board
restocked with directors from private-equity firms.

"In the old days, the board would function like a rubber stamp,"
Bloomberg quoted Joseph Phillippi, president of AutoTrends
Consulting in Short Hills, New Jersey, as saying.  "This board is
much more aggressive in terms of questioning assumptions.  They're
deal guys, who are much more hard-nosed about the numbers."

Bloomberg says keeping Opel helps GM protect small-car technology
used in models sold around the world while also putting the burden
of fixing the unit on the biggest U.S. automaker, instead of
sharing the risk with Magna.

                          Loan Guarantees

Chris Reiter at Bloomberg News reports GM may need to trim about
10,000 jobs from Opel's 50,000- strong workforce, persuade unions
to agree to EUR265 million (US$390 million) in concessions
accepted under the failed Magna deal, and repay a EUR1.5-billion
loan from Germany.  The automaker is still banking on European
governments to fund a EUR3-billion restructuring of Opel,
Bloomberg notes.

"Failure to reach the needed restructuring would result in the
operation becoming insolvent, an unnecessary and undesirable
outcome for all involved," Bloomberg quoted Karin Kirchner, a
spokeswoman for GM in Zurich, as saying.  "The plan is to secure
the bulk of financing from European loan guarantees."

                        Repayment Deadline

Bloomberg discloses GM Chief Executive Officer Fritz Henderson
said yesterday at a media roundtable in Detroit the automaker
never fully drew down the six-month bridge loan and intends to
repay Germany's government by the Nov. 30 deadline.

According to Bloomberg, Dirk Pfeil, a board member of the trust
overseeing Opel, GM has already refunded EUR300 million to Germany
and has no more than EUR800 million outstanding.

Bloomberg relates Matthias Machnig, economy minister of the German
state of Thuringia, said yesterday German federal and state
officials will meet with GM executives in a week to discuss Opel's
reorganization plans.

                       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).


WOOLWORTH GMBH: Faces Dissolution After Cerberus Rent Talks Failed
------------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Woolworth GmbH & Co.
is facing dissolution after it failed to agree to a reduced rent
with landlord Cerberus Capital Management LP.

According to Bloomberg, Pietro Nuvoloni, a spokesman for
insolvency administrator Ottmar Hermann, said that while
Mr. Hermann has reached agreement on lower rents with landlords
owning 78 stores, he wasn't successful in talks with Cerberus,
which owns 82 outlets.

Bloomberg relates Mr. Nuvoloni said if no agreement is reached,
Woolworth may have to cease operating in April, putting 4,500 jobs
at risk.

Bloomberg recalls Woolworth filed for insolvency in April
following the collapse of its British counterpart in
November 2008.

                    About Woolworth GmbH & Co.

Woolworth GmbH & Co. is a German department store chain.  The
company is owned by British investor Argyll Partners.


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WIND HELLAS: PPF Partners Eye EUR200 Million Investment
-------------------------------------------------------
CTK reports that Tyden.cz and iHNed.cz, citing server Debtwire,
say PPF Partners wants to invest EUR200 million (CZK5.3 billion)
into Wind Hellas Telecommunications SA.

As reported in the Troubled Company Reporter-Europe on Oct. 29,
2009, Bloomberg News said Hellas Telecommunications II, the
holding company of Wind Hellas, said it plans to pick a preferred
bidder for its assets this week after identifying two possible
buyers.  According to Bloomberg, Hellas on Oct. 26 said it will
hold talks with Weather Investments SpA and a committee of
subordinated noteholders on a stake in the company, which is
seeking to restructure as much as EUR3 billion (US$4.5 billion) of
debt.

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- offers TIM-branded (formerly Telestet)
wireless telecom services to about 2.3 million consumer and small-
business customers throughout Greece.  From its digital GSM
network, the firm offers conference calling, mobile e-mail, fax,
and data transmission.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 8,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'CC' from 'CCC' on the group's weak
second-quarter results and announcement that it was in talks with
its shareholders about a potential restructuring of the group's
capital structure.  S&P said the outlook is negative.


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INVITEL HOLDINGS: S&P Downgrades Corporate Credit Rating to 'SD'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Hungary-based fixed-line
telecommunications operator Invitel Holdings A/S and related
entities Magyar Telecom B.V. and HTCC Holdco I B.V. to 'SD' from
CC', indicating selective default and reflecting the completion of
three debt exchange offers.  The outlook on the previous 'CC'
ratings was negative.

At the same time, S&P lowered the issue ratings on Magyar Telecom
B.V.'s EUR142 million 10.75% notes due 2012 and EUR200 million
floating-rate notes due 2013, and the issue rating on HTCC Holdco
I B.V.'s EUR125 million subordinated payment-in-kind notes due
2013, to 'D' from 'C'.  The rating on the senior secured EUR165
million credit facilities at group subsidiary Invitel Zrt. remains
at 'CC'.

These rating actions follow the effective completion of three cash
tender offers as announced by Invitel Holdings on Nov. 2, 2009 at
substantial discounts (ranging from 55% to 93%) to the par amount
of the respective outstanding issues.  Under its criteria, S&P
consider these to be distressed exchange offers, and as such,
tantamount to default.

"In the coming days, S&P will evaluate Invitel Holdings' post-
exchange capital structure and liquidity profile, and, in an
absence of any new development, S&P expects to raise the corporate
credit rating to 'CCC+', with a stable outlook, from 'SD'," said
Standard & Poor's credit analyst Matthias Raab.

In S&P's opinion, the corporate credit rating on the group remains
constrained by the group's demanding debt maturity profile in 2010
and 2011 and very high leverage.  In addition, S&P continue to
expect that the group's EBITDA and free cash flow generation could
suffer because of the current economic downturn in Hungary and
southeastern Europe, structural fixed-to-mobile substitution,
stagnant wholesale data revenues, a further slowdown in broadband
subscriber growth, and high competitive price pressure.
Nevertheless, the group's free cash flow generation is likely to
benefit from a reduced cash interest burden--about EUR7 million a
year according to S&P's calculations--due to a principal reduction
of cash-interest paying debt of about EUR96 million.  In addition,
according to S&P's calculations, the risk of a covenant breach
under the group's senior secured credit facilities until the end
of 2010 has materially declined.  This is because the group has
received consent to various amendments of its financial
maintenance covenants.


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* IRELAND: Corporate Insolvencies Up 112% in First Ten Months
-------------------------------------------------------------
The Irish Times, citing the Kavanagh Fennell online insolvency
publication, InsolvencyJournal.ie, reports that insolvencies in
the first 10 months of the year are up 112% over the same period
last year.

According to the report, InsolvencyJournal.ie said there have been
1,208 insolvencies in the period to the end of October compared to
571 over the same period in 2008.

The findings show that from January to October, construction was
the most severely impacted sector as a result of the economic
downturn with 362 insolvencies recorded, the report notes.


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SEAT PAGINEGIALLE: S&P Downgrades Corporate Credit Rating to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered to 'B' from
'BB-' its long-term corporate credit rating on Italy-based
classified directories publisher SEAT PagineGialle SpA.  The
outlook is negative.

S&P also lowered its issue ratings on SEAT's first-lien debt to
'B+' from 'BB' and SEAT subsidiary Lighthouse International Co.
S.A.'s second-lien debt to 'B' from 'BB-'.  The corresponding
recovery ratings of '2' and '3' remain unchanged, reflecting
respectively S&P's expectations of substantial (70%-90%) and
meaningful (50%-70%) recovery in the event of a payment default.

"The downgrade reflects S&P's expectation that revenues from
SEAT's core yellow pages advertising business could decline
further in the coming quarters," said Standard & Poor's credit
analyst Patrice Cochelin.  "The resulting potential fall in EBITDA
could also further reduce SEAT's debt repayment capacity and
covenant headroom in second-half 2009 and in 2010."

In addition, S&P thinks SEAT could find it difficult to
deleverage, contrary to its previous expectations, and contrasting
with the requirements imposed under the company's financial
covenants.

At June 30, 2009, SEAT reported gross consolidated debt of
EUR3.1 billion.

"The negative outlook reflects the possibility that S&P could
again downgrade SEAT if its operating performance does not support
stabilization in its covenant headroom and debt measures, or if
cash flow generation does not improve enough to comfortably cover
principal and interest payments," added Mr. Cochelin.

S&P could also lower the ratings if S&P see an increased risk that
SEAT is seeking to alleviate its debt burden through a distressed
exchange offer.  S&P note, however, that S&P has no indication
that SEAT's management intends to explore such a route.

An outlook revision to stable would likely follow stabilization in
SEAT's operating performance, covenant headroom, and financial
leverage.  S&P would also look for improved visibility on the
company's means to meet debt maturities.


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


ASTANA FINANCE: Domestic Creditors Turn Down Restructuring Plan
---------------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that AO Astana
Finance's domestic creditors rejected the bank's plan for
restructuring US$2.2 billion of debt.

Bloomberg relates the Almaty-based Financial Institutions'
Association of Kazakhstan said in an e-mailed statement Wednesday
20 of the bank's 35 creditors voted against the agreement in
principle reached between Astana Finance and its foreign creditors
committee.  According to Bloomberg, the association said domestic
creditors are asking Astana Finance, which defaulted in May on
US$175 million of 9% bond maturing in 2011, to provide an
alternative plan.

JSC Astana Finance a.k.a Astana Finans AO (KAS:ASFI) --
http://www.af.kz/-- is a Kazakhstan-based non-banking financial
institution.  It provides leasing services of such goods as
agricultural machines and equipment, trucks and road construction
machines, utilities and special machines, aircraft and aeronautic
equipment, and rolling-stock.  It also offers microcredits and
loans, mortgages, business credits, mutual funds, insurance,
hedging, and others.  The Company has branch offices located in
Astana, Almaty and Atyrau, Kazakhstan.  As of January 01, 2009, it
operated through nine wholly owned subsidiaries, one 99.97%-owned
company and one affiliated company.  Astana Finans AO's activities
comprise the territories of Kazakhstan and the Russian Federation.


BS COMPANY: Creditors Must File Claims by November 18
-----------------------------------------------------
Creditors of LLP Bs Company 77 have until November 18, 2009, to
submit proofs of claim to:

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

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


CANEM COMPANY: Creditors Must File Claims by November 18
--------------------------------------------------------
LLP Canem Company is currently undergoing liquidation.  Creditors
have until November 18, 2009, to submit proofs of claim to:

          Micro District Koktem-3, 22/1
          Almaty
          Kazakhstan


GLOBAL ENERGY: Creditors Must File Claims by November 18
--------------------------------------------------------
Creditors of LLP Global Energy Service Company have until
November 18, 2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 20, 2009.


INERT KURYLYS: Creditors Must File Claims by November 18
--------------------------------------------------------
Creditors of LLP Inert Kurylys have until November 18, 2009, to
submit proofs of claim to:

         Abai Str. 10a
         Atyrau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Atyrau commenced
bankruptcy proceedings against the company on July 21, 2009, after
finding it insolvent.

The Court is located at:

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


INTEGRAL COMMUNICATION: Creditors Must File Claims by November 18
-----------------------------------------------------------------
Creditors of LLP Integral Communication have until November 18,
2009, to submit proofs of claim to:

         Makatayev Str. 196-36
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 22, 2009, after
finding it insolvent.

The Court is located at:

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


PERVY BUSINESS: Creditors Must File Claims by November 18
---------------------------------------------------------
Creditors of LLP Pervy Business Portal Kazakhstana have until
November 18, 2009, to submit proofs of claim to:

         Seifullin Ave. 40
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 22, 2009, after
finding it insolvent.

The Court is located at:

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


SEVER TRANS 2007: Creditors Must File Claims by November 18
-----------------------------------------------------------
LLP Sever Trans 2007 is currently undergoing liquidation.
Creditors have until November 18, 2009, to submit proofs of claim
to:

          Micro District 1, 53-1
          Lisakovsk
          Kazakhstan


SMP TAMYZ: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Smp Tamyz have until November 18, 2009, to submit
proofs of claim to:

         Krasin Str. 8/1-25b
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on
July 21, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


TALWO LLP: Creditors Must File Claims by November 18
----------------------------------------------------
Creditors of LLP Talwo have until November 18, 2009, to submit
proofs of claim to:

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

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


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

          Abai Str. 146-14
          Ekibastuz
          Kazakhstan


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


CGOLD LIMITED: Creditors Must File Claims by December 2
-------------------------------------------------------
Representation of Company CGold Limited is currently undergoing
liquidation.  Creditors have until December 2, 2009, to submit
proofs of claim:

Inquires can be addressed to (+996 312) 59-15-71


GLOBAL LOGISTIC: Creditors Must File Claims by December 2
---------------------------------------------------------
Kyrgyz-Latvian LLC Global Logistic Management Central Asia is
currently undergoing liquidation.  Creditors have until December
2, 2009, to submit proofs of claim to:

         Pushkin Str. 78
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 62-03-55, (0-555) 04-38-00


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


WOOD STREET: Moody's Takes Rating Actions on Various Classes
------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Wood Street CLO IV B.V.

  -- EUR55M Class A-2 Senior Secured Floating Rate Notes due 2022,
     Downgraded to Aa2; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- EUR46.75M Class B Senior Secured Floating Rate Notes due
     2022, Downgraded to Baa1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR44M Class C Senior Secured Deferrable Floating Rate Notes
     due 2022, Downgraded to Ba3; previously on March 18, 2009
     Downgraded to Ba2 and Remained On Review for Possible
     Downgrade

  -- EUR24.75M Class D Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Caa1; previously on March 18,
     2009 Downgraded to B2 and Remained On Review for Possible
     Downgrade

  -- EUR19.25M Class E Senior Secured Deferrable Floating Rate
     Notes due 2022, Confirmed at Caa3; previously on March 18,
     2009 Downgraded to Caa3 and Remained On Review for Possible
     Downgrade

  -- EUR7M Class X Combination Notes due 2022, Downgraded to B3;
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade.

No rating action has been taken with respect to Class A-1, which
continues to be rated Aaa due largely to the benefit it receives
from the current levels of over collateralization.

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

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

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

Moody's, in analyzing this transaction, has taken into account the
specific waterfall features that consist in curing deficiencies in
the coverage tests first by using principal proceeds and then with
interest.

The rating actions taken on the notes also result from credit
deterioration of the underlying portfolio.  This is observed
through a decline in the average credit rating measured through
the portfolio weighted average rating factor 'WARF' (currently
2634), an increase in the amount of defaulted securities
(currently 2.43% of the portfolio), and an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 8.2% of the portfolio).  These measures were taken from
the trustee report dated September 15, 2009.  Moody's also
performed a number of sensitivity analyses, including
consideration of the impact of a further decline in portfolio WARF
quality.

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


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


BASHKIR-MRAMOR: Creditors Must File Claims by November 16
---------------------------------------------------------
Creditors of CJSC Bashkir-Mramor (TIN 0201008183, PSRN
1050202123982) (Marble Production) have until November 16, 2009,
to submit proofs of claims to:

         F. Bulyakov
         Temporary Insolvency Manager
         Bekhtereva Str. 16=167
         450022 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at 11:30 a.m.
on December 23, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?07–7164/09.

The Debtor can be reached at:

         CJSC Bashkir-Mramor
         Ryskuzheno
         Abezilovskiy
         Bashkortostan
         Russia


KADUYSKIY METAL: Creditors Must File Claims by November 16
----------------------------------------------------------
Creditors of LLC Kaduyskiy Metal Structures Plant have until
November 16, 2009, to submit proofs of claims to:

         S. Bondarev
         Insolvency Manager
         Sovetskaya Str. 97-104
         156005 Kostroma
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–8627/2008.

The Debtor can be reached at:

         LLC Kaduyskiy Metal Structures Plant
         Chapaeva Str. 11
         Kaduy
         162510 Vologodskaya
         Russia


NOVOSIBIRSK ENERGY: Kemerovskaya Bankruptcy Hearing Set Nov. 12
---------------------------------------------------------------
The Arbitration Court of Kemerovskaya will convene on Nov. 12,
2009 to hear bankruptcy supervision procedure on LLC Novosibirsk
Energy Company Strip Pit (TIN 5433153944, PSRN 1045404347702).
The case is docketed under Case No. ?27–6848/2009–4.

The Temporary Insolvency Manager is:

         A. Ashpin
         Post User Box 4282
         654000 Novokuznetsk
         Russia

The Debtor can be reached at:

         LLC Novosibirsk Energy Company Strip Pit
         Mezhdurechensk
         Kemerovskaya
         Russia


PECHORA-STROY: Creditors Must File Claims by November 16
--------------------------------------------------------
Creditors of LLC Pechora-Stroy (TIN 1105018688) (Construction)
have until November 16, 2009, to submit proofs of claims to:

         I. Russkikh
         Insolvency Manager
         Post User Box 2166
         Syktyvkar
         167005 Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?29–6103/2009.

The Court is located at:

         The Arbitration Court of Komi
         Ordzhonokidze Str. 49a
         167982 Syktyvkar
         Komi
         Russia

The Debtor can be reached at:

         LLC Pechora-Stroy
         Pechorskiy Prospect 98-65
         Pechora
         Komi
         Russia


TRANS-ENERGO: Creditors Must File Claims by November 16
-------------------------------------------------------
Creditors of LLC Trans-Energo-Stroy (TIN 2308111282, PSRN
1052303694035) (Construction) have until November 16, 2009, to
submit proofs of claims to:

         M. Kachurina
         Temporary Insolvency Manager
         Post User Box 2950
         350004 Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy will convene at 4:00 p.m.
on February 4, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?-32–19999/2009–72/537B.

The Debtor can be reached at:

         LLC Trans-Energo-Stroy
         Krasnodar
         Russia


TSENTR-STROY: Chelyabinskaya Bankruptcy Hearing Set November 12
---------------------------------------------------------------
The Arbitration Court of Chelyabinskaya will convene on
November 12, 2009, to hear bankruptcy supervision procedure on LLC
Tsentr-Stroy (TIN 7453134284, PSRN 104742451143) (Construction).
The case is docketed under Case No. ?76–8719/2009–52-97.

The Temporary Insolvency Manager is:

         S. Rogov
         Apt.47
         Sh.Rustaveli Str. 32
         454108 Chelyabinsk
         Russia

The Debtor can be reached at:

         Office 708
         Prospect Lenina 5
         454080 Chelyabinsk
         Russia


UFIMSKIY WOOD: Creditors Must File Claims by November 16
--------------------------------------------------------
Creditors of CJSC Ufimskiy Wood-Processing Factory (TIN
0253014580, PSRN 1030202381220) have until November 16, 2009, to
submit proofs of claims to:

         U. Akhmetov
         Temporary Insolvency Manager
         Post User Box 1383
         Central Postal Office
         Ufa
         450000 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?70–
8235/2009.

The Debtor can be reached at:

         CJSC Ufimskiy Wood-Processing Factory
         Building 2
         Traktornaya Str. 1A
         Patrusheva
         Tumenskiy
         625022 Tumenskaya
         Russia


* RUSSIA: To Allocate RUR100 Bln to Support Bank Liquidity in 2010
------------------------------------------------------------------
Ira Iosebashvili at Dow Jones Newswires, citing Interfax, reports
that Russia will cut government assistance to banks by more than
half next year as the economy begins showing signs of recovery.

According to Dow Jones, the state had previously allocated
RUR250 billion (US$3.4 billion) to support bank liquidity in 2010.
Prime Minister Vladimir Putin, as cited by Dow Jones, said now,
RUR150 billion of those funds will go into the government's
anti-crisis fund, leaving RUR100 billion for banks.

Dow Jones relates Russian officials have said that although
lenders continue to struggle with quasi-sovereign debt and bad
loans, the acute phase of the banking crisis has passed.


=============================
S L O V A K   R E P U B L I C
=============================


MAKYTA PUCHOV: Mulls 654 Job Cuts Due to Economic Crisis
--------------------------------------------------------
CTK reports representatives of Makyta Puchov plans to cut around
654 of the more than 1,300 jobs at the Slovak textile company
after being hit by the global economic crisis and an increase in
Slovak nominal wage as of 2010.


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


BANCO SABADELL: Moody's Takes Rating Actions on Five Securities
---------------------------------------------------------------
Moody's Investors Service has performed these rating actions in
five Banco Sabadell SME securitization transactions:

Issuer IM Sabadell Empresas 1:

  -- EUR739.0 million Class A2: Downgraded to A1 from Aaa,
     previously on 25 February 2009 placed on review for downgrade

  -- EUR25.0 million Class B: Downgraded to Ba3 from A3,
     previously on 25 February 2009 placed on review for downgrade

  -- EUR36.0 million Class C: Downgraded to Caa3 from Baa3,
     previously on 25 February 2009 placed on review for downgrade

Issuer GC FTPYME Sabadell 6:

  -- EUR635.4 million Class A2: Confirmed at Aaa, previously on 25
     February 2009 placed on review for downgrade

  -- EUR35.5 million Class B: Downgraded to B1 from A2, previously
     on 25 February 2009 placed on review for downgrade

  -- EUR20.0 million Class C: Downgraded to Caa3 from Baa2,
     previously on 25 February 2009 placed on review for
     downgrade.

Issuer GC FTPYME Sabadell 5:

  -- EUR880.3 million Class A2, Confirmed at Aaa, previously on 25
     February 2009 placed on review for downgrade

  -- EUR40.0 million Class B: Downgraded to Baa2 from A2,
     previously on 25 February 2009 placed on review for downgrade

  -- EUR26.9 million Class C: Downgraded to Caa3 from Baa3,
     previously on 25 February 2009 placed on review for downgrade

Issuer GC FTPYME Sabadell 4:

  -- EUR549.4 million Class A(S): Confirmed at Aaa, previously on
     23 March 2009 placed on review for downgrade

  -- EUR24.0 million Class B: Downgraded to Ba1 from A2,
     previously on 23 March 2009 A2 placed on review for downgrade

  -- EUR14.3 million Class C: Downgraded to Caa3 from Baa3,
     previously on 23 March 2009 placed on review for downgrade

Issuer IM FTPYME Sabadell 3:

  -- EUR23.4 million Class 2: Confirmed at A2, previously on 23
     March 2009 placed on review for downgrade

  -- EUR11.7 million Class 3: Downgraded to B3 from Baa3,
     previously on 23 March 2009 placed on review for downgrade

The rating actions result from Moody's revision of its methodology
for granular SME portfolios in Europe, the Middle East and Africa.
This revised methodology was introduced on March 17, 2009.  For
three of the transactions (IM Sabadell Empresas 1, GC FTPYME
Sabadell 5 and GC FTPYME Sabadell 6), the rating actions also
reflect the worse than expected performance of the collateral.

As a result of its revised methodology on granular SMEs, Moody's
has reviewed its assumptions for the collateral portfolios of all
the above transactions, taking into account anticipation of
performance deterioration in the current down cycle, and the
exposure of the transaction to the real estate sector (either
through security in the form of a mortgage or debtors operating in
the real estate sector).  The deterioration of the Spanish economy
has been reflected in the Moody's negative sector outlook on the
Spanish SME securitisation transactions ("EMEA ABS, CMBS & RMBS
Asset Performance Outlooks", published in July 2009).

As part of its review, Moody's has revised its assumption of the
default probability of the SME debtors to an equivalent rating in
the single B-range for the debtors operating in the real estate
sector, and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted-average
life of each specific pool.  As a consequence, these revised
assumptions have translated into an increase of the cumulative
mean default assumption for all these transactions.  Given the
relatively low effective number of borrowers in the portfolio, the
rating agency used a Monte-Carlo simulation to determine the
probability function of the defaults.

A brief description of the main points in each transaction
follows, along with Moody's original and revised inputs as part of
its review.

                      IM Sabadell Empresas 1

As of September 2009, this transaction included 2,677 obligors,
with the largest debtor representing 1.9% of the outstanding
portfolio.  The concentration in the "building and real estate"
sector is approximately 26.9% according to Spanish CNAE code.
Moody's estimated the remaining weighted average life of the
portfolio to equal 2.8 years.  As a consequence, these revised
assumptions have translated into an increase of the cumulative
mean default assumption for the current portfolio equal to 14.2%.
This implies a revised cumulative mean default calculation for the
entire transaction since closing equal to 9.2% of original
portfolio balance.  Moody's original mean default assumption was
3.7% (as a percentage of original balance), with a coefficient of
variation of 56%.  The effective number of borrowers in the
portfolio is around 312, and the coefficient of variation is
42.1%.  The recovery rate assumption is now 50%, while values in
the 40% to 55% range were tested at closing.  The revised constant
prepayment rate assumption is now 10%, while the CPR assumption
was 12% at closing.

                       GC FTPYME Sabadell 6

As of September 2009, this transaction included 3,201 obligors
with the largest debtor representing 1.2% of the outstanding
portfolio.  The concentration in the "building and real estate"
sector is approximately 37.1% according to Spanish CNAE code.
Moody's estimated the remaining weighted average life of the
portfolio to be equal to 3.2 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for the current portfolio equal
to 12.6%.  This implies a revised cumulative mean default
calculation for the entire transaction since closing equal to 7.2%
of original portfolio balance.  Moody's original mean default
assumption was 2.4% (as a percentage of original balance), with a
coefficient of variation of 69%.  The effective number of
borrowers in the portfolio is around 647, and the coefficient of
variation is 45.4%.  Moody's maintain the same recovery rate
tested as closing (55%) The proportion of the loans with a
mortgage guarantee is 70.7% vs. 65.6% at closing.  The revised CPR
assumption is now 10%, while the CPR assumption was 15% at
closing.

EUR134.1 Class A3(G) notes was not placed on review for possible
downgrade as it benefits from the guarantee of the Government of
Spain for interest and principal payments.  However, the expected
loss associated with Series A3(G) notes excluding the Spanish
Government guarantee has changed to Aa2

                       GC FTPYME Sabadell 5

As of September 2009, this transaction included 1,958 obligors
with the largest debtor representing 1.1% of the outstanding
portfolio.  The concentration in the "building and real estate"
sector is approximately 35.1% according to Spanish CNAE code.
Moody's estimated the remaining weighted-average life of the
portfolio to be equal to 4.3 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for the current portfolio equal
to 9.16%.  This implies a revised cumulative mean default
calculation for the entire transaction since closing equal to 6.7%
of original portfolio balance.  Moody's original mean default
assumption was 2.5% (as a percentage of original balance), with a
coefficient of variation of 65%.  The effective number of
borrowers in the portfolio is around 483, and the coefficient of
variation is 44.5%.  The recovery rate assumption is now 55%,
while values in the 40% to 25% range were tested at closing.  The
increase in the recovery assumption is mainly driven by the low
weighted-average LTV and the high proportion of the loans with a
mortgage guarantee (72% vs. 55% at closing).  The revised CPR
assumption is now 10%, while the CPR assumption was 15% at
closing.

The rating of the EUR82.8 million series A3(G) notes, Aaa, was not
on review for possible downgrade as it benefits from the guarantee
of the Government of Spain (Aaa) for interest and principal
payments.  Moody's has determined that the expected loss
associated with series A3(G) notes without the Spanish Government
guarantee would still be consistent with a Aaa rating.

                       GC FTPYME Sabadell 4

As of September 2009, this transaction included 1,861 obligors
with the largest debtor representing 1.1% of the outstanding
portfolio.  The concentration in the "building and real estate"
sector is approximately 43.23% according to Spanish CNAE code.
Moody's estimated the remaining weighted-average life of the
portfolio to be equal to 4.6 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for the current portfolio equal
to 13.2%.  This implies a revised cumulative mean default
calculation for the entire transaction since closing equal to 6.5%
of original portfolio balance.  Moody's original mean default
assumption was 2.5% (as a percentage of original balance), with a
coefficient of variation of 60%.  The effective number of
borrowers in the portfolio is around 538, and the coefficient of
variation is 48.55%.  The recovery rate assumption is now 65%,
while values in the 40% to 25% range were tested at closing.  The
increase in the recovery assumption is mainly driven by the low
weighted-average LTV and the high proportion of the loans with a
mortgage guarantee (83% vs. 70% at closing).  The revised CPR
assumption is now 10%, while the CPR assumption was 15% at
closing.

The rating of the EUR162.3 million series A(G) notes, Aaa, was not
on review for possible downgrade as it benefits from the guarantee
of the Government of Spain (Aaa) for interest and principal
payments.  Moody's has determined that the expected loss
associated with series A(G) notes without the Spanish Government
guarantee would still be consistent with a Aaa rating

                       IM FTPYME Sabadell 3

As of September 2009, this transaction included 843 obligors, with
the largest debtor representing 2.2% of the outstanding portfolio.
The concentration in the "building and real estate" sector is
approximately 13.7% according to Spanish CNAE code.  Moody's
estimated the remaining weighted-average life of the portfolio to
be equal to 4.3 years.  As a consequence, these revised
assumptions have translated into an increase of the cumulative
mean default assumption for the current portfolio equal to 9.2%.
This implies a revised cumulative mean default calculation for the
entire transaction since closing equal to 4.0% of original
portfolio balance.  Moody's original mean default assumption was
3.1% (as a percentage of original balance), with a coefficient of
variation of 53%.  Although the equivalent mean default on
original portfolio is actually slightly lower than the original
assumption, the revised timing of the future default has changed,
with more defaults expected in the future compared to original
expectations, resulting in worse expected loss in particular for
the Class C notes.  The effective number of borrowers in the
portfolio is around 231, and the coefficient of variation is
47.01%.  The recovery rate assumption is now 65%, while values in
the 40% to 35% range were tested at closing.  The increase in the
recovery assumption was mainly driven by the low weighted-average
LTV and the high proportion of the loans with a mortgage guarantee
(93% vs. 70% at closing).  The revised constant prepayment rate
assumption is now 10%, while the CPR assumption was 15% at
closing.

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


CONSUMO BANCJA: Moody's Cuts Rating on EUR12.9 Mln Notes to 'C'
---------------------------------------------------------------
Moody's Investors Service has downgraded these classes of notes
issued by Consumo Bancja 1, FTA:

-- EUR239.3 million Class A notes: Downgraded to Aa2 from Aaa;
    previously on 2 July 2009 placed on review for possible
    downgrade

-- EUR14.7 million Class B notes: Downgraded to Baa3 from A1;
    previously on 2 July 2009 placed on review for possible
    downgrade

-- EUR19.2 million Class C notes: Downgraded to Ca from B1;
    previously on 2 July 2009 placed on review for possible
    downgrade

-- EUR12.9 million Class D notes: Downgraded to C from Caa3;
    previously on 2 July 2009 placed on review for possible
    downgrade

Moody's says that the downgrades were prompted by the
deteriorating collateral performance and the worse than expected
weakening of macro-economic conditions in Spain during the past
year, which have prompted Moody's to revise its assumptions for
the transaction.  The magnitude of the downgrade reflects the
current credit enhancement levels, which, combined with the
revised assumptions, lead to a higher expected loss on the rated
notes.

The rapid deterioration in performance is evidenced by the swift
reduction of the reserve fund from the target level of
EUR12.9 million to EUR8.1 between February 2009 and August 2009.
As of August 2009, the outstanding reserve fund level was
significantly lower than the outstanding amount of the 90 days
plus delinquencies, which has reached 5.9% of the current pool
balance.  The outstanding amount of written-off loans has reached
EUR24.0 million from EUR8.2 million a year ago.  A loan is
written-off once it has been more than 12 months delinquent or if
the management company considers that there are no reasonable
expectations of recovery.  As of August 2009, the pool factor was
49%.

During its analysis, Moody's assessed macro-economic indicators as
well as information made available from the management company
Europea de Titulizacion, S.G.F.T, SA.  As part of its analysis,
Moody's analysed forecasts for the main macro-economic drivers
behind a collateral deterioration, in particular, unemployment and
GDP contraction.  For instance, the unemployment rate in Spain had
reached 17.9% as of Q2 2009.  Subsequently, the current amount of
written-offs loans was taken into consideration and a roll rate
analysis was conducted for the non-written off pool portion.

Moody's assumptions for the cumulative mean default rate have been
raised to 5.9% over original pool balance (vs. 5.6% initially),
which translates into 9% over current pool balance.

The recovery rate has decreased to 20% from the revised assumption
of 40% to reflect the stressed macro-economic environment in Spain
and lower than expected recovery rate.

Consumo Bancaja 1, FTA closed in June 2006.  The originator is
Caja de Ahorros de Valencia, Castellon y Alicante ("Bancaja",
A3/Prime-2).  This transaction is backed by a portfolio of loans
to individuals resident in Spain for the purpose of financing
consumer goods and services.  The loans were originated between
1999 and 2008 though various channels by Bancaja and third party
brokers.  The loan of the longest duration matures in April 2018.
The pool is concentrated in Valencia (72.66%).


IM BANCO: Moody's Cuts Rating on Series C Notes to 'Caa1'
---------------------------------------------------------
Moody's Investors Service has taken these actions on the long-term
credit ratings of these notes issued by IM Banco Popular FTPYME 1,
FTA:

-- EUR34.6 million series B notes due 2039, confirmed at Aa3,
    previously placed under review for downgrade on 23 March 2009.

-- EUR44.6 million series C notes due 2039, downgraded to Caa1,
    previously Ba1 and placed under review for downgrade on 23
    March 2009.

The rating of the EUR409.0 million series A(G) notes, Aaa, was not
on review for possible downgrade as it benefits from the guarantee
of the Government of Spain (Aaa) for interest and principal
payments.  Moody's has determined that the expected loss
associated with series A(G) notes without the Spanish Government
guarantee would still be consistent with a Aaa rating.

Moody's initially assigned definitive ratings in December 2004.

The rating action concludes the rating review resulting from
Moody's revision of its methodology for granular SME portfolios in
Europe, the Middle East and Africa.  This revised methodology was
introduced on March 17, 2009 and the affected transactions had
been subsequently placed on review for possible downgrade on
March 23, 2009.

As a result of its revised methodology, Moody's has reviewed its
assumptions for IM BP FTPYME 1's collateral portfolio, taking into
account anticipation of performance deterioration in the current
down cycle, and the exposure of the transaction to the real estate
sector (either through security in the form of a mortgage or
debtors operating in the real estate sector).  The deterioration
of the Spanish economy has been reflected in the Moody's negative
sector outlook on the Spanish SME securitization transactions
("EMEA ABS, CMBS & RMBS Asset Performance Outlooks", published by
the rating agency in July 2009).  To date, this transaction has
been performing in line with the Spanish SME index.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector, and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal 4.2 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for the current portfolio equal
to 11.0%.  This implies a revised cumulative mean default equal to
4.4% of original portfolio balance (including past defaults).
Moody's original mean default assumption was 2.5% of original
balance, with a coefficient of variation of 52%.  Given the
granularity of the portfolio (effective number of borrowers is
around to 740), the rating agency used an inverse-normal
distribution to model gross defaults, with a mean of 11.0% and a
coefficient of variation of 43%.  Stochastic recoveries were
modelled, assuming a mean equal to 70%, while fixed values in the
40% to 60% range were tested at closing.  The increase in the
recovery assumption is mainly driven by the low weighted average
LTV (39% vs.  56% at closing) and the high proportion of the loans
with a mortgage guarantee (93% vs. 80% at closing).  The constant
prepayment rate assumption has been maintained at 10% (same as at
closing).

In summary, Moody's concluded that the negative effects of the
revised default assumptions were not fully offset by the increased
credit support available for the outstanding series C notes, and
the limited reduction in the remaining life of the portfolio and
notes.

IM BP FTPYME 1 is a securitization fund, which purchased a pool of
loans granted to Spanish SMEs by Banco Popular Español.  At
closing, in December 2004, the portfolio consisted of 8,650 loans.
The loans were originated between 1997 and 2004, with a weighted
average seasoning of 2.0 years and a weighted average remaining
term of 9.8 years.  Geographically, the pool was concentrated in
Madrid (20%), Catalonia (18%) and Valencia (14%).  At closing, the
concentration in the real estate sector was around 34% of the
original pool balance.

As of July 2009, the number of loans in the portfolio amounted to
3,199 and the weighted average remaining term was 7.8 years.  The
concentration levels per industry and region are similar to the
levels at closing with a lower exposure in the building and real
estate sector equal to 25% of current portfolio, which is in
slightly below the sector-average concentration in the SME ABS
portfolios.  The pool factor was 23%.

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

Moody's is closely monitoring the transaction.


IM CAJAMAR: Moody's Downgrades Ratings on Class E Notes to 'C'
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 16 classes
of notes and has confirmed the ratings of 2 classes of notes
issued by IM Cajamar 3, 4, 5 and 6.  The rating actions are due to
worse-than-expected collateral performance and take into account
an increased loss expectations for the four mortgage portfolios
backing IM Cajamar 3, 4, 5 and 6.

The 18 affected tranches, listed below, had been placed on review
for possible downgrade on June 29, 2009 as a consequence of the
downgrade to A3/P-2 of the long-term and short-term rating of
Cajamar Caja Rural, Soc.Coop. de Credito.  Moody's has considered
in its analysis the remedial actions put in place to cure the
rating triggers breaches in these 4 transactions.

As described in the June 29 press release, in these transactions
the main exposure to Cajamar is due to its role of swap
counterparty.  The swaps in these transactions are hedging the
interest rate risk and guarantee the reference rate payable on the
notes.  The notional of the swaps are calculated as the daily
average of the outstanding amount of the non-written off loans.
Moody's notes that on July 28, 2009 Cajamar signed an amendment to
all 4 swap agreements (Anexo I -- CMOF) which are now in line with
Moody's current swap criteria as described in Moody's report
titled "Framework for De-Linking Hedge Counterparty Risks from
Global Structured Finance Cashflow Transactions".

According to the revised swap language Cajamar has to take a
remedial action following its downgrade to A3/P-2.  Cajamar has
opted to post collateral for the affected transactions and has
entered into credit support agreements (Estipulación adicicional
al Anexo III -- CMOF) which are in line with the collateral
requirements as described in Moody's report titled "the Framework
for De-linking Hedge Counterparty Risks from Global Structured
Finance Cashflow Transactions."

In the review Moody's has also considered the increased
commingling risk exposure.  Moody's notes that this risk is
mitigated by the daily cash sweeps from the collection accounts to
the reinvestment accounts.  The frequency of these sweeps has
increased from monthly to daily following the loss of P-1 rating
of Cajamar.  The reinvestment accounts that are held at Cajamar,
have obtained a first demand guarantee by Banco Popular Español
(Aa3/P-1) after the loss of P-1 as required by the transaction
documents.

IM Cajamar 3 closed in March 2006 and the current pool factor is
approximately 63%.  This deal consists on the securitization of
loans backed by first lien residential properties, for an overall
balance at closing of EUR 1.2 billion.  The pool is concentrated
in Andalusia and Murcia (41.57% and 31.23%, respectively).  The
original weighted average LTV at closing was approximately 63.79%
while the current weighted average LTV has decreased to 57.10%.
Loans with loan-to-value ratios over 80% represent 2.44% of the
pool.  The seasoning for this transaction is 4.56 years.  All the
securitized mortgage loans have been originated at branch level
and not through brokers.

The cumulative defaults -- default definition being 12 months
delinquent - realized since closing in IM Cajamar 3 amount to
1.04% of the original portfolio balance.  The reserve fund, fully
funded at closing, stands at 86.58% of the required target amount.

IM Cajamar 4 closed in September 2006 and the current pool factor
is approximately 71%.  This deal consists on the securitization of
loans backed by first lien residential properties, for an overall
balance at closing of EUR 1 billion.  The pool is concentrated in
Andalusia and Murcia (43.49% and 27.86%, respectively).  The
original weighted average LTV at closing was approximately 65.43%
while the current weighted average LTV has decreased to 60.27%.
Loans with loan-to-value ratios over 80% represent 4.31% of the
pool.  The seasoning for this transaction is 3.86 years.  All the
securitized mortgage loans have been originated at branch level
and not through brokers.

The cumulative defaults -- default definition being 12 months
delinquent - realized since closing in IM Cajamar 4 amount to
0.70% of the original portfolio balance.  The reserve fund, fully
funded at closing, stands at 99.48% of the required target amount.

IM Cajamar 5 closed in September 2007 and the current pool factor
is approximately 83%.  This deal consists on the securitization of
loans backed by first lien residential properties, for an overall
balance at closing of EUR 1 billion.  The pool is concentrated in
Andalusia and Murcia (49.64% and 28.09%, respectively).  The
original weighted average LTV at closing was approximately 64.45%
while the current weighted average LTV has decreased to 60.90%.
Loans with loan-to-value ratios over 80% represent 2.76% of the
pool.  The seasoning for this transaction is 3.44 years.  All the
securitized mortgage loans have been originated at branch level
and not through brokers.

The cumulative defaults -- default definition being 12 months
delinquent --  realized since closing in IM Cajamar 5 amount to
0.60% of the original portfolio balance.  The reserve fund, fully
funded at closing, stands at 95.68% of the required target amount.

IM Cajamar 6 closed in February 2008 and the current pool factor
is approximately 86%.  This deal consists on the securitization of
loans backed by first lien residential properties, for an overall
balance at closing of EUR 2 billion.  The pool is concentrated in
Andalusia and Murcia (42.43% and 30.73%, respectively).  The
original weighted average LTV at closing was approximately 65.76%
while the current weighted average LTV has decreased to 63.43%.
Loans with loan-to-value ratios over 80% represent 2.52% of the
pool.  The seasoning for this transaction is 2.70 years.  All the
securitized mortgage loans have been originated at branch level
and not through brokers.

The cumulative defaults -- default definition being 12 months
delinquent -- realized since closing in IM Cajamar 6 amount to
1.56% of the original portfolio balance.  The reserve fund, fully
funded at closing, stands at 67.66% of the required target amount.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the increase in credit support
needed and the volatility of future losses.  As a consequence,
Moody's has revised its Milan Aaa CE for the Affected Transactions
to 5%, 5%, 7.5% and 9% (vs. the previous assumption of 4.06%,
3.74%, 4.23% and 5.88% for IM Cajamar 3, 4, 5 and 6,
respectively).  In each of the Affected Transactions the Class A
current available credit enhancement (excluding excess spread)
equals approximately to 7.64% in IM Cajamar 3, 6.90% in IM Cajamar
4, 6.11% in IM Cajamar 5 and 8.60% in IM Cajamar 6.

Considering the current amount of cumulative defaults, and
completing a roll-rate and severity analysis for the non-defaulted
portion of the portfolio, Moody's has also increased its total
loss expectations to 1.4%, 1.4%, 2.1% and 2.8% of the original
portfolio balance for IM Cajamar 3, IM Cajamar 4, IM Cajamar 5 and
IM Cajamar 6 respectively (vs. 0.51%, 0.47%, 0.53% and 0.70%
previously assumed).

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.

According to the latest investor reports, 90+ days delinquencies
have decreased in the last quarter from 1% to 0.72% of the
outstanding balance of the portfolio in IM Cajamar 3, from 0.82%
to 0.62% of the outstanding balance of the portfolio in IM Cajamar
4, from 1.19% to 0.80% of the outstanding balance of the portfolio
in IM Cajamar 5 and from 2.18% to 1.34% of the outstanding balance
of the portfolio in IM Cajamar 6.  Moody's notes that this
decrease in delinquencies can not yet be seen as an improvement in
the performance of these 4 transactions also considering the
weakening macroeconomic environment in Spain.  As the key macro-
economic indicator it can be noted that the unemployment rate is
forecasted to increase to 19.1% in Q3 2010.

The classes of notes affected by the rating actions are:

IM Cajamar 3, FTA:

  -- Class A, confirmed at Aaa; previously on 29 June 2009 Aaa and
     placed under review for possible downgrade;

  -- Class B, downgraded to A1; previously on 29 June 2009 Aa2 and
     placed under review for possible downgrade;

  -- Class C, downgraded to Baa3; previously on 29 June 2009 Baa1
     and placed under review for possible downgrade;

  -- Class D, downgraded to B3; previously on 29 June 2009 Ba2 and
     placed under review for possible downgrade;

  -- Class E, downgraded to C; previously on 29 June 2009 Caa1 and
     placed under review for possible downgrade;

IM Cajamar 4, FTA:

  -- Class A, confirmed at Aaa; previously on 29 June 2009 Aaa and
     placed under review for possible downgrade;

  -- Class B, downgraded to A2; previously on 29 June 2009 Aa3 and
     placed under review for possible downgrade;

  -- Class C, downgraded to Ba2; previously on 29 June 2009 Baa1
     and placed under review for possible downgrade;

  -- Class D, downgraded to Caa1; previously on 29 June 2009 Ba1
     and placed under review for possible downgrade;

  -- Class E, downgraded to C; previously on 29 June 2009 Ca and
     placed under review for possible downgrade;

IM Cajamar 5, FTA:

  -- Class A, downgraded to Aa2; previously on 29 June 2009 Aaa
     and placed under review for possible downgrade;

  -- Class B, downgraded to Baa3; previously on 29 June 2009 Aa2
     and placed under review for possible downgrade;

  -- Class C, downgraded to B2; previously on 29 June 2009 A2 and
     placed under review for possible downgrade;

  -- Class D, downgraded to Ca; previously on 29 June 2009 Baa3
     and placed under review for possible downgrade;

IM Cajamar 6, FTA:

  -- Class A, downgraded to Aa1; previously on 29 June 2009 Aaa
     and placed under review for possible downgrade;

  -- Class B, downgraded to Baa2; previously on 29 June 2009 Aa2
     and placed under review for possible downgrade;

  -- Class C, downgraded to Ba2; previously on 29 June 2009 A1 and
     placed under review for possible downgrade;

  -- Class D, downgraded to Ca; previously on 29 June 2009 Baa3
     and placed under review for possible downgrade;

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


IM GRUPO: Moody's Downgrades Rating on Series E Notes to 'C'
------------------------------------------------------------
Moody's Investors Service has taken these actions on the long-term
credit ratings of these notes issued by IM Grupo Banco Popular
FTPYME II, FTA:

-- EUR401.5 million series A1 notes due 2040, confirmed at Aaa,
    previously placed under review for downgrade on 23 March 2009.

-- EUR200.3 million series A2 notes due 2040, confirmed at Aaa,
    previously placed under review for downgrade on 23 March 2009.

-- EUR47.0 million series B notes due 2040, downgraded to Baa2,
    previously Aa2 and placed under review for downgrade on 23
    March 2009.

-- EUR23.0 million series C notes due 2040, downgraded to B1,
    previously A2 and placed under review for downgrade on 23
    March 2009.

-- EUR45.0 million series D notes due 2040, downgraded to Caa3,
    previously Baa3 and placed under review for downgrade on 23
    March 2009

-- EUR39.0 million series E notes due 2040, downgraded to C,
    previously Caa3 and placed under review for downgrade on 23
    March 2009

The rating of the EUR221.7 million series A3(G) notes, Aaa, was
not on review for possible downgrade as it benefits from the
guarantee of the Government of Spain (Aaa) for interest and
principal payments.  Moody's has determined that the expected loss
associated with series A3(G) notes without the Spanish Government
guarantee would still be consistent with a Aaa rating.

Moody's initially assigned definitive ratings in July 2007.

The rating action result from Moody's revision of its methodology
for granular SME portfolios in Europe, the Middle East and Africa
(EMEA).  This revised methodology was introduced on March 17,
2009.  This rating action also reflects the worse than expected
performance of the collateral.

As a result of its revised methodology on granular SMEs, Moody's
has reviewed its assumptions for the collateral portfolio of the
transaction, taking into account the performance deterioration in
the current down cycle, and the exposure of the transaction to the
real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
Moody's negative sector outlook on the Spanish SME securitization
transactions ("EMEA ABS, CMBS & RMBS Asset Performance Outlooks",
published in July 2009).  To date, this transaction has been
performing worse than the Spanish SME index.

As part of its review, Moody's has revised its assumption of the
default probability of the SME debtors to an equivalent rating in
the single B-range for the debtors operating in the real estate
sector, and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal 4.8 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for the portfolio as of July
2009 equal to 15.3%.  This implies a revised cumulative mean
default calculation for the entire transaction since closing equal
to 8.9% of original portfolio balance.  Moody's original mean
default assumption was 2.8% of original pool balance, with a
coefficient of variation of 59%.  Given the relatively low
effective number of borrowers in the portfolio (304), Moody's used
a Monte-Carlo simulation to determine the probability function of
the defaults, with a resulting coefficient of variation of 43%.
The recovery rate assumption is now 50%, while values in the 40%
to 50% range were tested at closing.  The slight increase in the
recovery assumption is mainly driven by the decrease in the
weighted average LTV (48% vs.  55% at closing) and the increase in
the proportion of the loans with a mortgage guarantee (58% vs. 51%
at closing).  The revised constant prepayment rate assumption is
now 10%, while the CPR assumption was 18% at closing.

In summary, Moody's concluded that the negative effects of the
revised default assumption were not fully offset by the increased
credit support available and the limited reduction in the
remaining life of the portfolio and notes.

IM GBP FTPYME II is a securitization fund, which purchased a pool
of loans granted to Spanish SMEs by Banco Popular Español, Banco
de Andalucia, Banco de Credito Balear, Banco de Castilla, Banco de
Vasconia, and Banco de Galicia.  At closing, in July 2007, the
portfolio consisted of 5,911 loans.  The loans were originated
between 1993 and 2007, with a weighted average seasoning of 1.9
years and a weighted average remaining term of 7.1 years.
Geographically, the pool was concentrated in Andalucia (17%),
Madrid (15%) and Catalonia (14%).  At closing, the concentration
in the real estate sector was around 38% of the original pool
balance.

As of July 2009, the number of loans in the portfolio amounted to
3,612 and the weighted average remaining term was 7.1 years.  The
concentration levels per industry and region are similar to the
levels at closing with around a 31% exposure in the building and
real estate sector, which is in line with the sector-average
concentration in the SME ABS portfolios.  The pool factor was 45%.

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

Moody's is closely monitoring the transaction.


IM GRUPO: Moody's Junks Rating on Series D Notes From 'Baa3'
------------------------------------------------------------
Moody's Investors Service has taken these actions on the long-term
credit ratings of these notes issued by IM Grupo Banco Popular
FTPYME I, FTA:

-- EUR537.1 million series A3 notes due 2039, confirmed at Aaa,
    previously placed under review for downgrade on 23 March 2009;

-- EUR150.0 million series A4 notes due 2039, confirmed at Aaa,
    previously placed under review for downgrade on 23 March 2009;

-- EUR30.0 million series B notes due 2039, downgraded to Baa3,
    previously Aa3 and placed under review for downgrade on 23
    March 2009;

-- EUR28.0 million series C notes due 2039, downgraded to Ba2,
    previously A3 and placed under review for downgrade on 23
    March 2009;

-- EUR60.0 million series D notes due 2039, downgraded to Caa2,
    previously Baa3 and placed under review for downgrade on 23
    March 2009.

The rating of the EUR155.4 million series A5(G) notes, Aaa, was
not on review for possible downgrade as it benefits from the
guarantee of the Government of Spain (Aaa) for interest and
principal payments.  However, Moody's has determined that the
expected loss associated with series A5(G) notes without the
Spanish Government guarantee -- which was consistent with a Aaa
rating at closing of the transaction -- would be consistent with a
Aa3 rating.

Moody's initially assigned definitive ratings in December 2006.

The rating action result from Moody's revision of its methodology
for granular SME portfolios in Europe, the Middle East and Africa.
This revised methodology was introduced on March 17, 2009.  This
rating action also reflects the worse than expected performance of
the collateral.

As a result of its revised methodology on granular SMEs, Moody's
has reviewed its assumptions for the collateral portfolio of the
transaction, taking into account the performance deterioration in
the current down cycle, and the exposure of the transaction to the
real estate sector (either through security in the form of a
mortgage or debtors operating in the real estate sector).  The
deterioration of the Spanish economy has been reflected in the
Moody's negative sector outlook on the Spanish SME securitization
transactions ("EMEA ABS, CMBS & RMBS Asset Performance Outlooks",
published in July 2009).  To date, this transaction has been
performing worse than the Spanish SME index.

As part of its review, Moody's has revised its assumption of the
default probability of the SME debtors to an equivalent rating in
the single B-range for the debtors operating in the real estate
sector, and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal 4.7 years.  As a consequence, these
revised assumptions have translated into an increase of the
cumulative mean default assumption for the portfolio as of July
2009 equal to 15.4%.  This implies a revised cumulative mean
default calculation for the entire transaction since closing equal
to 10.2% of original portfolio balance.  Moody's original mean
default assumption was 2.6% of original pool balance, with a
coefficient of variation of 57%.  Given the granularity of the
portfolio (effective number of borrowers is around to 870),
Moody's used an inverse-normal distribution to model gross
defaults, with a mean of 15.4% and a coefficient of variation of
42%.  Stochastic recoveries were modeled, assuming a mean equal to
70%, while fixed values in the 35% to 50% range were tested at
closing.  The increase in the recovery assumption is mainly driven
by the decrease of the weighted average LTV (46% vs.  53% at
closing) and the high proportion of the loans with a mortgage
guarantee (93% vs. 86% at closing).  The revised constant
prepayment rate assumption is now 10%, while the CPR assumption
was 18% at closing.

In summary, Moody's concluded that the negative effects of the
revised default assumption were not fully offset by the increased
credit support available and the limited reduction in the
remaining life of the portfolio and notes.

IM GBP FTPYME 1 is a securitization fund, which purchased a pool
of loans granted to Spanish SMEs by Banco Popular Español, Banco
de Andalucia, Banco de Credito Balear, Banco de Castilla, Banco de
Vasconia, and Banco de Galicia.  At closing, in November 2006, the
portfolio consisted of 16,075 loans.  The loans were originated
between 1996 and 2006, with a weighted average seasoning of 2.1
years and a weighted average remaining term of 10.9 years.
Geographically, the pool was concentrated in Andalusia (26%),
Madrid (19%) and Castilla-Leon (10%).  At closing, the
concentration in the real estate sector was around 36% of the
original pool balance.

As of July 2009, the number of loans in the portfolio amounted to
9,079 and the weighted average remaining term was 10.5 years.  The
concentration levels per industry and region are similar to the
levels at closing with around a 31% exposure in the building and
real estate sector, which is in line with the sector-average
concentration in the SME ABS portfolios.  The pool factor was 45%.

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

Moody's is closely monitoring the transaction.


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


AUFESO ENGINEERING: Claims Filing Deadline is November 12
---------------------------------------------------------
Creditors of Aufeso Engineering GmbH are requested to file their
proofs of claim by November 12, 2009, to:

         Aufeso Engineering GmbH
         Meierskappelerstrasse 16
         6343 Rotkreuz
         Switzerland

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


BAEHR-VERLAG: Claims Filing Deadline is November 12
---------------------------------------------------
Creditors of Baehr-Verlag GmbH are requested to file their proofs
of claim by November 12, 2009, to:

         Tobias Rickert-Loeser
         Liquidator
         Buehlweg 10
         3800 Interlaken
         Switzerland

The company is currently undergoing liquidation in Fribourg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 21, 2009.


SONNMATT FLUMS: Claims Filing Deadline is November 10
-----------------------------------------------------
Creditors of Sonnmatt Flums AG are requested to file their proofs
of claim by November 10, 2009, to:

         Atelier Drue AG
         Industriestrasse 1A
         8890 Flums
         Switzerland

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


HEIMDAL AG: Claims Filing Deadline is November 11
-------------------------------------------------
Creditors of Heimdal AG are requested to file their proofs of
claim by November 11, 2009, to:

         Fiscom Consulting GmbH
         Haldenstrasse 5
         6342 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 16, 2009.


LIBERTAX AG: Claims Filing Deadline is November 11
--------------------------------------------------
Creditors of Libertax AG are requested to file their proofs of
claim by November 11, 2009, to:

         Mandataria Treuhand AG
         Bahnhofstrasse 23
         6300 Zug
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 25, 2009.


PWEBP GMBH: Claims Filing Deadline is November 11
-------------------------------------------------
Creditors of pwebp GmbH are requested to file their proofs of
claim by November 11, 2009, to:

         Martin Peyer
         Liquidator
         Roessliweg 3
         5604 Hendschiken
         Switzerland

The company is currently undergoing liquidation in Hendschiken.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 21, 2009.


R. ZUBERBUEHLER: Claims Filing Deadline is November 12
------------------------------------------------------
Creditors of R. Zuberbuehler AG are requested to file their proofs
of claim by November 12, 2009, to:

         R. Zuberbuehler AG
         Waessern
         9410 Heiden
         Switzerland

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


SKI- UND SNOWBOARD: Claims Filing Deadline is November 12
---------------------------------------------------------
Creditors of Ski- und Snowboard Service GS GmbH are requested to
file their proofs of claim by November 12, 2009, to:

         Kurt Joss
         Liquidator
         Jungfraustrasse 47
         3661 Uetendorf
         Switzerland

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


STEFOR CAPITAL: Claims Filing Deadline is November 12
-----------------------------------------------------
Creditors of Stefor Capital AG are requested to file their proofs
of claim by November 12, 2009, to:

         BB Treuhand AG
         Rathausstrasse 7
         6340 Baar
         Switzerland

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


SWITZERLAND GMBH: Claims Filing Deadline is November 11
-------------------------------------------------------
Creditors of Medical HVAC Engineering Corporation Switzerland GmbH
are requested to file their proofs of claim by November 11, 2009,
to:

         Hans Spinner
         Liquidator
         Haldenstr. 12
         5506 Maegenwil
         Switzerland

The company is currently undergoing liquidation in Fehraltorf.
The decision about liquidation was accepted at a shareholders'
meeting held on September 9, 2009.


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


ALPHA ALLIANCE: Creditors Must File Claims by November 8
--------------------------------------------------------
Creditors of LLC Alpha Alliance Ltd. (code EDRPOU 31492827) have
until November 8, 2009, to submit proofs of claim to:
           
          V. Belozer
          Insolvency Manager
          Office 76
          Solnechny Micro District b. 27
          Makeyevka
          86151 Donetsk
          Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on September 22, 2009.  The case is docketed
under Case No. 27/34B.

The Court is located at:

          The Economic Court of Donetsk region
          Artem str. 157
          Donetsk
          Ukraine

The Debtor can be reached at:

           LLC Alpha Alliance Ltd.
           Universitetskaya Str. 96
           83114 Donetsk
           Ukraine


AK ALPHA: Creditors Must File Claims by November 8
--------------------------------------------------
Creditors of Subsidiary Company AK Alpha (code EDRPOU 31589795)
have until November 8, 2009, to submit proofs of claim to:

          V. Bakhtin
          Insolvency Manager
          Podgradskaya str. 59
          88000 Uzhgorod
          Ukraine

The Economic Court of Zakarpatye commenced bankruptcy proceedings
against the company on September 8, 2009.  The case is docketed
under Case No. 6/98.

The Court is located at:

          The Economic Court of Zakarpatye
          Kotsiubinsky Str. 2a
          88000 Uzhgorod
          Ukraine

The Debtor can be reached at:

          Subsidiary Company AK Alpha
          Ardovetskaya Str. 199
          Vinogradov
          Zakarpatye
          Ukraine


BOGOLIUBY AGRICULTURAL: Creditors Must File Claims by November 8
----------------------------------------------------------------
Creditors of Bogoliuby Agricultural LLC (code EDRPOU 00386465)
have until November 8, 2009, to submit proofs of claim to
V. Temchishyn, the company's insolvency manager.

The Economic Court of Volin commenced bankruptcy proceedings
against the company on September 9, 2009.  The case is docketed
under Case No. 8/59-b.

The Court is located at:

         The Economic Court of Volin
         Volia Ave. 54-A
         43010 Lutsk
         Ukraine

The Debtor can be reached at:

         Bogoliuby Agricultural LLC
         Bogoliuby
         45640 Lutsk
         Ukraine


DNEPROELECTROMONTAZH CJSC: Creditors Must File Claims by Nov. 8
---------------------------------------------------------------
Creditors of CJSC Dneproelectromontazh Subsidiary Company
Dneprodzerzhynsk Specialized Department 446 (code EDRPOU 01416814)
have until November 8, 2009, to submit proofs of claim to:

          O. Usachov
          Insolvency Manager
          Sachko str. 26-27
          Dneprodzerzhynsk
          51931 Dnepropetrovsk
          Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on September 24, 2009.  The case
is docketed under Case No. B24/357-09.

The Court is located at:

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

The Debtor can be reached at:

           CJSC Dneproelectromontazh Subsidiary Company
           Dneprodzerzhynsk Specialized Department 446
           Vatutin str. 30A
           Dneprodzerzhynsk
           51900 Dnepropetrovsk
           Ukraine


EGIDA CJSC: Creditors Must File Claims by November 8
----------------------------------------------------
Creditors of CJSC Insurance Company Egida (code EDRPOU 32243693)
have until November 8, 2009, to submit proofs of claim to:

          S. Istomin
          Insolvency Manager
          Office 80
           Marat Str. 25
           Shostka
           41100 Sumy
           Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 25, 2009.  The case is docketed
under Case No. 28/15-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:

           CJSC Insurance Company Egida
           Malogvardeyskaya Str. 32
           03151 Kiev
           Ukraine


NAFTOGAZ UKRAINY: Completes Restructuring of US$1.6 Bln Debt
------------------------------------------------------------
Paul Armstrong and Daryna Krasnolutska at Bloomberg News report
that NAK Naftogaz Ukrainy said it completed the restructuring of
its US$1.6 billion of foreign debt.

Bloomberg relates Naftogaz said in a statement yesterday the
company exchanged US$500 million of Eurobonds and US$1.1 billion
of outstanding loans for US$1.6 billion of new 9.5% government
guaranteed notes due 2014.

                  About NJSC Naftogaz of Ukraine

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

                          *     *     *

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


PROMO-MASTER LLC: Creditors Must File Claims by November 8
----------------------------------------------------------
Creditors of LLC Promo-Master (code EDRPOU 33961150) have until
November 8, 2009, to submit proofs of claim to:

          E. Baranova
          Insolvency Manager
          Post Office Box 647
          69005 Zaporozhye
          Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on October 5, 2009.  The case is docketed
under Case No. 19/199/09.

The Court is located at:

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

The Debtor can be reached at:

          LLC Promo-Master
          Office 3
          Gudimenko Str. 8
          69114 Zaporozhye
          Ukraine


ZOLOTOY KOLOS: Creditors Must File Claims by November 8
-------------------------------------------------------
Creditors of LLC Trading House Zolotoy Kolos (code EDRPOU
24356635) have until November 8, 2009, to submit proofs of claim
to:

          N. Nosan
          Insolvency Manager
          Rozhdestvenskaya Str. 137
          18000 Cherkassy
          Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on September 24, 2009.  The case is docketed
under Case No. 14/1348.

The Court is located at:

          The Economic Court of Cherkassy
          Shevchenko Blvd. 307
          18004 Cherkassy
          Ukraine

The Debtor can be reached at:

          LLC Trading House Zolotoy Kolos
          Mir Str. 118
          Gorodische
          19500 Cherkassy
          Ukraine


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


EUROHOME UK: S&P Downgrades Rating on Class C 2007-2 Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC' its
credit rating on the class C notes issued by Eurohome UK Mortgages
2007-2 PLC.  At the same time, S&P lowered to 'CCC' from 'B-' its
rating on the class B2 notes.  The ratings on all other notes in
this transaction are unaffected.

The rating on class C addresses timely payment of interest.  S&P
downgraded the notes due to the GBP99,282 missed interest payment
on the September interest payment date.  The reserve fund was
fully depleted on the September IPD due to losses of GBP5,876,590
in the quarter.  Therefore, there was insufficient cash to pay
interest on the class C notes.

The uncleared class B2 principal deficiency ledger balance is
GBP782,294 (20.8% of the outstanding class B2 note balance.) If
losses continue to be realized at a similar rate, S&P believes the
probability of a missed interest payment for the class B2 notes in
the near term has increased and S&P lowered its rating
accordingly.  However, S&P note that currently unsold
repossessions (as a percentage of the outstanding collateral
balance) are 2.80%, down from 4.55% in June 2009.

Eurohome 2007-2 is a U.K. nonconforming residential mortgage-
backed securities transaction.  The collateral comprises a pool of
first-ranking mortgages secured over freehold and leasehold,
owner-occupied, and buy-to-let properties in the U.K. originated
by DB UK Bank Ltd.


FIRST QUENCH: 373 Stores Closed; 1,738 Jobs Affected
----------------------------------------------------
The joint administrators of First Quench Retailing, which trades
as the Threshers, Wine Rack, The Local, Haddows, Bottoms Up and
Victoria Wine brands, have announced the closure of 373 stores,
resulting in 1,738 redundancies.

Richard Fleming, UK Head of Restructuring at KPMG, and joint
administrator, commented: "Unfortunately, after reviewing the
viability of the store network, 373 loss-making stores are to be
closed.  Depending on stock levels, 247 of the stores will
continue to trade until 25th November, with 126 trading until 2nd
December.

"As part of the closure programme, liquidation sales will take
place at each of the stores scheduled to be closed with the stock
being sold off at a discount from Friday 6th November."

Details of the stores to be closed, which will be conducting stock
liquidation sales, will be available on the company's Web site at
http://www.threshergroup.com/from noon on Friday, November 6.

Mr. Fleming said: "The remaining stores will continue to be traded
as usual while we seek a buyer.  So far, we have received
considerable interest in the business from a range of buyers,
including trade, individual investors and private equity.  The
remaining stores are trading well and we believe they present an
attractive investment.  We are confident of securing a sale in the
coming weeks."

First Quench Retailing operates around 1,200 Threshers, The Local,
Wine Rack, Bottoms Up, Victoria Wine and Haddows branded stores
across Scotland, England and Wales and employs approximately 6,300
people.  Mr. Fleming, Mick McLoughlin and Ian Corfield of KPMG
were appointed joint administrators to First Quench on Thursday,
October 29, 2009.


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


* BOOK REVIEW: The Managerial Mystique - Restoring Leadership in
              Business
----------------------------------------------------------------
Author: Abraham Zaleznik
Publisher: Beard Books
Softcover: 320 pages
List Price: US$34.95
Review by Henry Berry

"Business in America has lost its way . . . desperately needing
leadership to face worldwide economic competition."  Mr. Zaleznik
wrote these words in 1989 when The Managerial Mystique was first
published.  But his observation remains as true today as it was
then.  In 1989, the problems included high debt and the decline of
major industries such as steel and automobiles.  To these problems
can now be added outsourcing and the growing economic power of
China and India.  Mr. Zaleznik primarily attributes the weakened
condition of American business to errors in business management.

"The causes of this decline in competitiveness are complex, but at
the forefront is the attitude of American management," he says.
Mainly, management strayed from its critically important role of
encouraging, nurturing, and recognizing initiative and creativity
of individuals.  Instead, management concentrated myopically on
restructuring, lateral organization, communication, charismatic
leadership, and mergers and acquisitions.  While each of these
strategies have a place in the corporate world, they are not the
basis for a strong business that can compete effectively.  Mr.
Zaleznik contends that it is the relationship between management
and employees that count the most in generating the ideas, goals,
cooperation, and endurance that make a corporation competitive.

Mr. Zaleznik puts to good use his background in social psychology
and psychoanalysis to explore this essential, yet neglected, area
of business management. Social psychology and psychoanalysis are
not normally associated with business management.  However, the
author applies these so-called "soft sciences" to business
organizational structures and processes.  He critiques business
organizations and their activities and management at all levels by
looking at what has been excluded that really accounts for the
quality of a business.

Mr. Zaleznik points to some high-profile examples to illustrate
what is wrong with American management.  One is Harold Geneen, the
former chief executive officer of ITT, who, the author says,
epitomized a managerial approach that stifled company energy and
potential.  According to Mr. Zaleznik, Mr. Geneen is one of the
many business managers who "have put their faith in numbers,
managed by process, and formed elaborate structures to get people
to do the predictable thing."  Mr. Geneen's perspective fails to
acknowledge that there are differences between one business and
another.  That such a belief -- easily disproved by experience --
has come to be the core principle of American business evidences,
to Mr. Zaleznik's mind, just how far off course American business
has strayed.

Mr. Zaleznik offers a business approach that concentrates on
nurturing creativity and moral connections among employees.  He
recognizes employees as individuals and as a corrective to
business practices gone awry.  The values advocated by Mr.
Zaleznik should not be regarded as an alternative technique or
peripheral considerations.  They are the basis of a strategy that
all businesses need to compete effectively.

A professor emeritus of Harvard Business School and a certified
psychoanalyst, Abraham Zaleznik has an international reputation
for his studies and teaching on social psychology in the business
setting and the characteristics of managers and leaders.

                            *********

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 * * *