TCREUR_Public/091112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, November 12, 2009, Vol. 10, No. 224

                            Headlines

A U S T R I A

AMISASA HANDEL: Claims Filing Deadline is November 25
DRION - BAU: Claims Filing Deadline is November 26
EK GMBH: Claims Filing Deadline is November 26
HYPO ALPE-ADRIA: Expects More Than EUR1 Bln Loss in 2009
IMPERIAL GLAS-HANDEL: Claims Filing Deadline is November 26

KAISERHOF GMBH: Claims Filing Deadline is November 25
KONAS GMBH: Claims Filing Deadline is November 25
POLYGON BAU: Claims Filing Deadline is November 26
ZSULITS & PARTNER: Claims Filing Deadline is November 26


B E L G I U M

DEXIA BANK: S&P Junks Rating on Junior Subordinated Debt


B U L G A R I A

KREMIKOVTZI AD: Liquidation Likely, Minister Says


G E R M A N Y

ARCANDOR AG: Karstadt Unit Attracts Several Potential Buyers
BAYERISCHE LANDESBANK: Expects More Than EUR1 Bln Loss in 2009
GENERAL MOTORS: Will Bear Bulk of Opel Restructuring Costs


I R E L A N D

INDEPENDENT NEWS: Bondholders Back Proposed Debt-for-Equity Swap
SMART TELECOM: Senior Creditors to Write Off EUR50 Mln in Loans


I T A L Y

RISANAMENTO SPA: Court OK's Restructuring Plan; Avoids Bankruptcy


K A Z A K H S T A N

ALLIANCE BANK: Creditors' Meeting Scheduled for December 15
ALTYN ARMAN: Creditors Must File Claims by November 20
BIYAZY LLP: Creditors Must File Claims by November 20
LIFERANT LLP: Creditors Must File Claims by November 20
NUR AIM: Creditors Must File Claims by November 20

TAUJAN LLP: Creditors Must File Claims by November 20
ROLL ST: Creditors Must File Claims by November 20
SEA LAUNCH: Intelsat Discloses Paying US$100 Mln Under Contract
TAU DOS: Creditors Must File Claims by November 20
TURKUAZ TOURISM: Creditors Must File Claims by November 20

VARM GAS: Creditors Must File Claims by November 20


K Y R G Y Z S T A N

KELESHEK STROY: Creditors Must File Claims by November 20


P O L A N D

BRE BANK: Moody's Affirms Bank Financial Strength Rating at 'D'


R U S S I A

COLGRADE LTD: Moody's Assigns 'Caa2' Rating on Guaranteed Notes
ELEKTRO-MASH: Creditors Must File Claims by November 18
KUDESNIK-STROY: Creditors Must File Claims by November 18
NAVLINSKY LES-KHOZ: Creditors Must File Claims by November 18
NEFTYANOY ALYANS: Court Names Yu.Voronina as Insolvency Manager

NON-METALLIC: Court Names S. Vinokurov as Insolvency Manager
OTDEL-STROY: Creditors Must File Claims by November 18
PROF-STROY: Court Names S. Yurov as Temporary Insolvency Manager
RENAISSANCE CAPITAL: Moody's Downgrades Issuer Ratings to 'B2'
RENAISSANCE FINANCIAL: Moody's Assigns 'B1' Currency Issuer Rating

RENAISSANCE SECURITIES: Moody's Puts B1 Rating on US$225MM Notes
ROSBANK OJSC: S&P Affirms 'BB+/B' Counterparty Credit Rating
ROSSIYA INSURANCE: Fitch Puts 'B-' Issuer Rating on Evolving Watch
RYBINSKIYALUMINUM: Yaroslavskaya Bankruptcy Hearing Set Nov. 18
SEVENTH CONTINENT: Completes Series 02 Bond Restructuring

SHENTALINSKIY FEED: Creditors Must File Claims by November 18
UFIMSKIY REINFORCED: Creditors Must File Claims by November 18
URAL-STEEL: Creditors Must File Claims by November 18


S L O V E N I A

ISTRABENZ D.D.: Petrol Draws Up Restructuring Plan


S P A I N

BBVA-3 FPYME: Moody's Downgrades Rating on Class C Notes to 'Ba1'


S W E D E N

FORD MOTOR: October 2009 European Sales Climb 13%


S W I T Z E R L A N D

COCKPIT EVOLUTION: Claims Filing Deadline is November 16
FOOD & SENSES: Claims Filing Deadline is November 16
MALUWY GMBH: Claims Filing Deadline is November 16
MERATIS AG: Claims Filing Deadline is November 16
ORCATRON AG: Claims Filing Deadline is November 16

ORIVAL BETEILIGUNGEN: Claims Filing Deadline is November 16
TOVA TRADING: Claims Filing Deadline is November 16
W. GRAF: Claims Filing Deadline is November 16
WALKE HOLDING: Claims Filing Deadline is November 16
WK LEASING: Claims Filing Deadline is November 16


U K R A I N E

BANK NADRA: Moody's Maintains Review on 'Caa2' Deposit Ratings
PONINKA PAPER: Creditors Must File Claims by November 14
RODOVID BANK: Moody's Maintains Reviews on 'Caa2' Deposit Ratings
SPEKTR LLC: Creditors Must File Claims by November 14
UKRPROMBANK LLC: Moody's Downgrades Deposit Ratings to 'Caa3'


U N I T E D   K I N G D O M

ABITIBIBOWATER INC: Seeks New European Sale Structure
BRITISH AIRWAYS: Moody's Reviews 'Ba3' Corporate Family Rating
BRITISH MIDLAND: Raises Going Concern Doubt
INTERNATIONAL POWER: S&P Raises Corporate Credit Rating to 'BB'
KALAS GEMINI: In Administration; 40 Jobs Affected

YELL GROUP: To Launch GBP659 Million Share Issue

* UK: Shareholder Pressure Prompts Firms to Focus on Cash Mgmt.


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         *********


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A U S T R I A
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AMISASA HANDEL: Claims Filing Deadline is November 25
-----------------------------------------------------
Creditors of Amisasa Handel GmbH have until November 25, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 9, 2009 at 11:00 a.m.

For further information, contact the company's administrator:

         Dr. Florian Gehmacher
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: gehmacher@preslmayr.at


DRION - BAU: Claims Filing Deadline is November 26
--------------------------------------------------
Creditors of Drion - Bau & Installation GmbH have until
November 26, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 10, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Christof Stapf
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 44
         E-mail: wien@snwlaw.at


EK GMBH: Claims Filing Deadline is November 26
----------------------------------------------
Creditors of EK GmbH have until November 26, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 10, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Mag. Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Wien
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: dobner@sup.at


HYPO ALPE-ADRIA: Expects More Than EUR1 Bln Loss in 2009
--------------------------------------------------------
Oliver Suess and Zoe Schneeweiss at Bloomberg News report that
Hypo Alpe-Adria International AG, a unit of Bayerische Landesbank,
said that it expects a loss of "significantly" more than EUR1
billion this year as it increases provisions.

According to Bloomberg, Hypo Alpe-Adria is planning an
extraordinary shareholder meeting on Dec. 10 and will hold talks
about strengthening the company's capital.

"A further capital increase at Hypo Alpe-Adria is inevitable,"
Bloomberg quoted BayernLB spokesman Matthias Luecke as saying.

Bloomberg recalls Hypo Alpe-Adria received EUR900 million in
Austrian state aid in December, with BayernLB injecting an
additional EUR1.14 billion nto the bank since 2007.  The European
Union regulator is also probing the financing given to the
Austrian unit, Bloomberg notes.

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing with a balance sheet of EUR43
billion.  In banking, HGAA serves both corporate and retail
customers and offers services ranging from traditional lending
through savings and deposits to complex investment products and
asset management services.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 11,
2009, Moody's Investors Service downgraded the bank financial
strength rating of Hypo Alpe-Adria-Bank International AG to E+
from D-.  Moody's said the downgrade of the BFSR reflects Moody's
expectation that Hypo Alpe-Adria will not be able to operate
profitably until 2011.  The historically low profitability of the
bank does not provide a sufficient buffer to absorb the effects of
the continuing downturn in the global economy and the persistent
economic turmoil in international capital markets that is likely
to have a worsening negative impact on the economies of Hypo Alpe
Adria's core markets in South-Eastern Europe.  Hence, Moody's
expects pressure on earnings, asset quality and capital ratios to
increase further and the likelihood that the bank would need
outside support to rise.


IMPERIAL GLAS-HANDEL: Claims Filing Deadline is November 26
-----------------------------------------------------------
Creditors of Imperial Glas-Handel GmbH have until November 26,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 10, 2009 at 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Alexander Gruber
         Wipplingerstrasse 20
         1010 Vienna
         Austria
         Tel: 533 14 17 Serie
         Fax: DW 18
         E-mail: gruberkeg@law.mediation.at


KAISERHOF GMBH: Claims Filing Deadline is November 25
-----------------------------------------------------
Creditors of Kaiserhof GmbH have until November 25, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 9, 2009 at 12:15 p.m.

For further information, contact the company's administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


KONAS GMBH: Claims Filing Deadline is November 25
-------------------------------------------------
Creditors of Konas GmbH have until November 25, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 9, 2009 at 11:45 a.m.

For further information, contact the company's administrator:

         Mag. Katharina Twaroch-Nowak
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei.twaroch@kainz-wexberg.at


POLYGON BAU: Claims Filing Deadline is November 26
--------------------------------------------------
Creditors of Polygon Bau GmbH have until November 26, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 10, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Dr. Viktor Igali-Igalffy
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 713 80 57, 713 80 58
         Fax: 713 80 57
         E-mail: vii@aon.at


ZSULITS & PARTNER: Claims Filing Deadline is November 26
--------------------------------------------------------
Creditors of Zsulits & Partner GmbH have until November 26, 2009,
to file their proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Martin Schober
         Hauptplatz 11
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23228 Serie
         Fax: 02622/23228-26
         E-mail: m.schober@schober.at


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DEXIA BANK: S&P Junks Rating on Junior Subordinated Debt
--------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'CC' from 'B' its junior subordinated debt rating on
EUR228.674 million in Upper Tier 2 securities that Dexia Bank S.A.
has issued.  S&P is also placing the rating on CreditWatch with
negative implications.  This rating action does not affect the
counterparty credit ratings on Dexia group's core operating
entities.

This rating action follows Dexia's announcement on Nov. 9, 2009,
that it will not pay the next coupon due Nov. 18, 2009, on its
Upper Tier 2 instrument.  Dexia said that payment of the coupon is
discretionary.

Dexia's decision to suspend coupon payment follows the European
Commission's communication on Oct. 30, 2009, that it temporarily
agreed to an extension of the guarantee on Dexia's funding by the
French, Belgian, and Luxembourg governments, subject to a number
of commitments by Dexia group.  These commitments are valid until
end-February 2010, and notably preclude Dexia from making payments
of discretionary coupons.

The negative implications on the Upper Tier 2 instrument reflect
that S&P would further lower the rating if, as Dexia Bank
announced on Nov. 9, 2009, it deferred the next coupon payment due
Nov. 18, 2009.

S&P would lower the junior subordinated debt rating to 'C' on the
day Dexia Bank defers coupon payment.


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Liquidation Likely, Minister Says
-------------------------------------------------
Elizabeth Konstantinova at Bloomberg News reports that Minister
Traicho Traikov, Bulgaria's Economy and Energy Minister, said
Kremikovtzi AD is likely to be liquidated after creditors rejected
a plan to exchange debt for equity, and restructure the company.

Bloomberg relates creditors on Oct. 30 rejected the proposed
restructuring plan, opting to be repaid under national insolvency
laws rather than accept the exchange.

Citing Tsvetan Bankov, the receiver for Kremikovtzi, Bloomberg
discloses the company's assets are worth BGN840 million (US$642
million), while its debt to creditors is estimated at BGN1.9
billion.

Bloomberg recalls the Sofia-based plant was placed in receivership
last year after failing to pay suppliers and investors holding
EUR325 million (US$486 million) of bonds.

                       About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a company principally engaged in
the steel industry.  Its production capacity includes a complete
steel production cycle, from ore mining to finished products, such
as hot rolled and cold rolled products (coils, slabs, plates,
blooms and billets), different thickness wire rods and tubes.  The
Company's product range also includes coke and chemical products,
ferro-alloys and metallurgical lime.  The Company operates through
a number of subsidiaries, including Kremikovtzi Trans EOOD,
Nezavisima laboratoriya za analizi EOOD, Kremikovtzi rudodobiv AD,
Ferosplaven zavod EOOD, Global Trade Trans and Kremi Logistics
EOOD, among others.  The Company has undergone the insolvency
process since August 6, 2008.


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G E R M A N Y
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ARCANDOR AG: Karstadt Unit Attracts Several Potential Buyers
------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Klaus Hubert Goerg,
Arcandor AG's insolvency administrator, said at a creditors
meeting Tuesday that the company's Karstadt department store unit
has attracted expressions of interest from a "large number" of
possible buyers.

                               Talks

Separately, Bloomberg relates Arcandor, which filed for insolvency
in June, is in talks with landlords on rent cuts for Karstadt and
will press Deutsche Post AG to accept changes in rental contracts.
Bloomberg says Mr. Goerg wants logistic provider Deutsche Post's
DHL parcel unit to take over some rental contracts for space it
uses from Karstadt with an annual value of EUR60 million (US$90
million).

According to Bloomberg, Mr. Goerg will "soon" start talks with
potential investors about a sale of Karstadt, which is currently
operating at a profit.  Bloomberg notes the insolvency
administrator said money from the disposal will be used to satisfy
creditors' claims.

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.


BAYERISCHE LANDESBANK: Expects More Than EUR1 Bln Loss in 2009
--------------------------------------------------------------
Oliver Suess and Zoe Schneeweiss at Bloomberg News reports that
Bayerische Landesbank said it expects to post a full-year net loss
of more than EUR1 billion (US$1.5 billion) on higher provisions
for risky loans and goodwill charges related to its Hypo
Alpe-Adria Bank International unit.

According to Bloomberg, BayernLB's operating profit was EUR613
million in the first nine months of the year, compared with a
year-earlier loss of EUR1.67 billion.  Loan-loss provisions rose
to EUR1.29 billion from EUR333 million, Bloomberg notes.

Bloomberg recalls BayernLB, which owns 67% of Hypo Alpe-Adria,
received state aid from the German government in the credit
crunch, and the bailout is being investigated by the European
Union regulator.

Bayerische Landesbank a.k.a BayernLB --- http://www.bayernlb.de/
--- acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks).  Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management.  It provides retail
and private banking services for individuals through its Internet
bank, Deutsche Kreditbank, and through banking subsidiaries in
central and southeastern Europe.  BayernLB's Landesbank Saar
subsidiary (75% owned) provides financing to small and midsized
businesses in the German state of Saarland and in France


GENERAL MOTORS: Will Bear Bulk of Opel Restructuring Costs
----------------------------------------------------------
Daniel Schafer at The Financial Times reports that General Motors
Co. on Tuesday promised a more independent Opel and vowed to
support its European unit with fresh money.

The FT relates Fritz Henderson, head of GM, said the U.S. carmaker
would provide a "reasonable and sizeable" portion of the
restructuring costs for Opel and Vauxhall, rather than seek 100%
government aid.  According to the FT, GM said it needed EUR3
billion (US$4.5 billion) to restructure Opel and aimed to get some
of this funding from several European governments.

The FT recalls Angela Merkel, the German chancellor, urged GM to
quickly present a restructuring plan to the government and said
Germany would only give aid if the U.S. carmaker would pay the
biggest chunk of the restructuring.

Mr. Henderson refused to elaborate on GM's plans to cut about
10,000 jobs at Opel and close several plants, the FT notes.

As reported by the Troubled Company Reporter on Nov. 4, 2009, the
GM's board of directors decided to retain Opel and initiate a
restructuring of its European operations, citing an improving
business environment for GM over the past few months, and the
importance of Opel/Vauxhall to GM's global strategy.

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

GM is facing a Nov. 30 expiration on EUR1.5 billion in bridge
loans from Germany.

                            Reimbursement

Chris Reiter and Andreas Cremer at Bloomberg News report Enrico
Digirolamo, chief financial officer of GM's European division,
said in a statement the U.S. carmaker on Tuesday reimbursed
Germany EUR200 million and will pay the remaining EUR600 million
by Nov. 30.

                             Appointment

GM appointed international operations chief Nick Reilly to oversee
Opel on an interim basis, Bloomberg discloses.  Bloomberg relates
GM said Tuesday in a statement Mr. Reilly, 59, will help Opel and
its Vauxhall brand in the U.K. develop a long-term strategy while
the U.S. carmaker looks for a permanent head of its European
business.

                       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).


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INDEPENDENT NEWS: Bondholders Back Proposed Debt-for-Equity Swap
----------------------------------------------------------------
John Murray Brown at The Financial Times report that Independent
News & Media plc secured approval of a proposed debt-for-equity
swap refinancing from bondholders at a special meeting on Tuesday.

The FT says the plan involves the exchange of EUR123 million
(US$184 million, GBP110 million) of bonds for a 46% stake in the
new company.  According to the FT, under the plan approved by
bondholders on Tuesday, existing IN&M shareholders will be diluted
to around 52%.

                  About Independent News & Media

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


SMART TELECOM: Senior Creditors to Write Off EUR50 Mln in Loans
---------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that debt holders in
Smart Telecom are set to write off about EUR50 million in loans as
part of the proposed takeover of the company by Digiweb.

According to the report, under the terms of the scheme proposed to
creditors, Smart's senior debt holders would only receive about
EUR20 million of the EUR70 million they are owed.

The report says as part of the Smart rescue deal, it is understood
that Digiweb will inject about EUR3 million into the business in
working capital.

The scheme, which has been put together by Smart's examiner,
accountants McStay Luby, will require the approval of creditors
and the High Court, the report notes.  McStay Luby has until Dec.
8 to conclude the examinership, the report discloses.

As reported by the Troubled Company Reporter-Europe on Sept. 2,
2009, Smart entered into an examinership process  following the
conclusion of an extensive strategic review by the company's
financial advisors, Collins Stewart, that revealed significant
expressions of interest in the company.  The Irish Commercial
court appointed John McStay, of McStay Luby Chartered Accounts as
the interim examiner for the company.  As part of the review
process, however, it became clear that Smart remained burdened by
a range of legacy liabilities which inhibited the ability of the
company to conclude a transaction or raise additional financing,
particularly in the context of the current global financial
crisis.

                      About Smart Telecom

Smart Telecom is a provider of voice, data and media
communications services to residential, government and corporate
customers.


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RISANAMENTO SPA: Court OK's Restructuring Plan; Avoids Bankruptcy
-----------------------------------------------------------------
Elena Distaso and Armorel Kenna at Bloomberg News report that a
Milan court approved a restructuring plan for Risanamento SpA,
refusing a prosecutors' request to declare the company bankrupt.

"We've rejected the bankruptcy request and accepted Risanamento's
plan," Bloomberg quoted Judge Filippo Lamanna as saying after
filing the decision Tuesday.

According to Bloomberg, Judge Lamanna and the two other judges on
the case, Marianna Galioto and Pierluigi Perrotti, wrote in the
sentence the company in the future will be subject to "constant
monitoring" by management, creditors and Milan prosecutors.

Bloomberg recalls the company reached an agreement with creditors
on a reorganization plan in September after reporting net debt of
EUR2.9 billion (US$4.3 billion) for the first half.

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

                     About Risanamento SpA

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


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K A Z A K H S T A N
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ALLIANCE BANK: Creditors' Meeting Scheduled for December 15
-----------------------------------------------------------
Creditors of JSC Alliance Bank will convene at or about 10:00 a.m.
(Almaty time) on December 15, 2009, at 98 Panfilov Street, 50000,
Almaty, Kazakhstan at which place and time all the Creditors are
requested to attend either in person or by proxy.

Each Creditor or his proxy will be required to register his
attendance at the Creditors' Meeting prior to its commencement.
Registration will commence at 10:00 a.m. Almaty time) on
December 14, 2009 and will close at 10:00 a.m. (Almaty time) on
December 15, 2009.

The agenda of the Creditor's Meeting is the consideration and, if
thought fit, approval of the Restructuring Plan.  The quorum for
the purposes of the Creditors' Meeting is established at two-
thirds of the Bank's obligations by value subject to the
Restructuring.

Creditors may vote in person at the Creditors' Meeting or they may
appoint another person, whether a Creditor or not, as their proxy
to attend and vote in their place.  Creditors are requested to
submit their form of proxy to an agent whose details are included
in the form of proxy included with the Information Memorandum.
Creditors or their proxies must be duly authorized to vote.

The text of the Restructuring Plan and of the Information
Memorandum is incorporated in the Information Memorandum of which
this notice forms a part.  Additional copies of such Information
Memorandum are available to Creditors at
http://www.albinvestorrelations.com/and http://www.alb.kz/ A
blank form of proxy is enclosed with the Information Memorandum
and can be obtained from the Bank's Web site at
http://www.albinvestorrelations.com/and http://www.alb.kz/

It is requested that forms of proxy be lodged with the Bank by no
later than 5:00 p.m. (Almaty time) on December 10, 2009, but if
forms of proxy are not so lodged they may be accepted at the
discretion of the Chairman at any time prior to the Creditors'
Meeting if properly completed and executed.

By an order of the Specialised Finance Court of the Regional
Finance Center of Almaty dated September 18, 2009, the Court has
authorized Maxat Kabashev, or failing him Gaziz Shakhanov to act
as Chairman of the Creditors' Meeting.

The Restructuring Plan will be subject to the subsequent approval
of the Court.  All Creditors are entitled to attend the Court
hearing for approval in person or by counsel to support or oppose
the approval of the Restructuring Plan.  The hearing is expected
to take  place at the Court on or around January 20, 2010.

Based in Almaty, Kazakhstan, Alliance Bank OA (LI:ALLB) --
http://www.alb.kz/-- a.k.a Alliance Bank JSC, is a commercial
bank.  As at December 31, 2007, Alliance had 24 branches and 199
mini-branches in the Republic of Kazakhstan.  The Bank is
organized on the basis of three main segments: Retail banking,
which represents private banking services, private customer
current accounts, savings, deposits, investment savings products,
custody, credit and debit cards, consumer loans and mortgages;
Corporate banking, which represents direct debit facilities,
current accounts, deposits, overdrafts, loan and other credit
facilities, foreign currency and derivative products, and
Investment banking, which represents financial instruments
trading, structured financing, corporate leasing, and merger and
acquisitions advice.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 9,
2009, Standard & Poor's Ratings Services said that it lowered its
short-and long-term counterparty credit ratings on Kazakhstan-
based Alliance Bank JSC to 'D/D' (default) from 'SD/SD' (selective
default).


ALTYN ARMAN: Creditors Must File Claims by November 20
------------------------------------------------------
Creditors of LLP Jewellery Enterprise Altyn Arman have until
November 20, 2009, to submit proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on August 10,
2009, after finding it insolvent.

The Court is located at:

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


BIYAZY LLP: Creditors Must File Claims by November 20
-----------------------------------------------------
Creditors of LLP Company Biyazy have until November 20, 2009, to
submit proofs of claim to:

         Makataev Str. 127
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 10, 2009,
after finding it insolvent.

The Court is located at:

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


LIFERANT LLP: Creditors Must File Claims by November 20
---------------------------------------------------
Creditors of LLP Liferant have until November 20, 2009, to submit
proofs of claim to:

         Tole Bi Str. 295
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 14, 2009,
after finding it insolvent.

The Court is located at:

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


NUR AIM: Creditors Must File Claims by November 20
--------------------------------------------------
Creditors of LLP Nur Aim have until November 20, 2009, to submit
proofs of claim to:

         Tole Bi Str. 295
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 14, 2009,
after finding it insolvent.

The Court is located at:

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


TAUJAN LLP: Creditors Must File Claims by November 20
-----------------------------------------------------
Creditors of LLP Taujan have until November 20, 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 August 14, 2009,
after finding it insolvent.

The Court is located at:

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


ROLL ST: Creditors Must File Claims by November 20
--------------------------------------------------
Creditors of LLP Roll St Ltd. have until November 20, 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 August 28, 2009,
after finding it insolvent.

The Court is located at:

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


SEA LAUNCH: Intelsat Discloses Paying US$100 Mln Under Contract
---------------------------------------------------------------
Intelsat, Ltd., disclosed it has made approximately US$100 million
of payments under its contracts and options with Sea Launch
Company L.L.C. for the launch of three satellites.  In August
2009, Intelsat obtained approval from the bankruptcy court to make
payments directly to Space International Services for the two
launches provided by Space International Services.  As of
September 30, 2009, Intelsat had approximately US$43 million
outstanding of payments made to Sea Launch relating to satellite
launches that Sea Launch is still required to provide the Company.

Intelsat contracted Sea Launch for the future launch of three
satellites, one through Sea Launch and two through Space
International Services.  The Company has options for the launch of
four additional satellites through Sea Launch.

"While Sea Launch is continuing to operate as a debtor-in-
possession, and while we may receive full or partial credit for
prior payments relating to the launches, there can be no assurance
that Sea Launch will honor its contractual obligations to us, or
do so without charging us significant additional amounts beyond
what is provided for in our current agreements.  In addition,
should we try to procure alternative launch services for the
satellites involved, there can be no assurance that we will not
incur significant delays and significant additional expenses as a
result," Intelsat said.

                         About Sea Launch

Sea Launch Co. is a satellite-launch services provider that offers
commercial space launch capabilities from the Baikonur Space
Center in Kazakhstan.  Its owners include Boeing Co., RSC Energia,
and Aker ASA.

Sea Launch Company, L.L.C., filed for Chapter 11 on June 22, 2009
(Bankr. D. Del. Case No. 09-12153).  Joel A. Waite, Esq., and
Kenneth J. Enos, Esq., at Young, Conaway, Stargatt & Taylor LLP,
in Wilmington, Delaware, serve as the Debtor's counsel.  At the
time of the filing, the Company said its assets range from
US$100 million to US$500 million and debts are at least $1
billion.

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- provides fixed satellite services
worldwide.  Intelsat provides service on a global fleet of 51
satellites and seven owned teleports and terrestrial facilities.
Intelsat supplies video, data and voice connectivity in roughly
200 countries and territories for roughly 1,800 customers, many of
which Intelsat has had relationships with for over 30 years.
Intelsat has one of the largest, most flexible and one of the most
reliable satellite fleets in the world, which covers over 99% of
the world's population.

Intelsat had US$17,052,043,000 in total assets against total
current liabilities of US$659,614,000, long-term debt, net of
current portion of US$15,087,524,000, deferred satellite
performance incentives, net of current portion of US$115,607,000,
deferred revenue, net of current portion of US$226,198,000,
deferred income taxes of US$531,913,000, accrued retirement
benefits of US$238,385,000, other long-term liabilities of
US$343,554,000 and noncontrolling interest of US$7,058,000,
resulting in stockholders' deficit of US$157,810,000.


TAU DOS: Creditors Must File Claims by November 20
--------------------------------------------------
LLP Tau Dos II Oil is currently undergoing liquidation.  Creditors
have until November 20, 2009, to submit proofs of claim to:

         Abdykulov Str. 40
         Sarykemer
         Baizaksky District
         Jambyl
         Kazakhstan


TURKUAZ TOURISM: Creditors Must File Claims by November 20
----------------------------------------------------------
Branch of LLP Tutkuaz Tourism Network is currently undergoing
liquidation.  Creditors have until November 20, 2009, to submit
proofs of claim to:

         Rayimbek Ave. 160a
         Almaty
         Kazakhstan


VARM GAS: Creditors Must File Claims by November 20
---------------------------------------------------
LLP Varm Gas is currently undergoing liquidation.  Creditors have
until November 20, 2009, to submit proofs of claim to:

         Hakimjanova Str. 5
         Kostanai
         Kazakhstan


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


KELESHEK STROY: Creditors Must File Claims by November 20
---------------------------------------------------------
Branch of LLP Keleshek Stroy Engineering is currently undergoing
liquidation (Construction).  Creditors have until November 20,
2009, to submit proofs of claim to:

         Ozala/Satpaev Str. 247/107-2
         Almaty
         Kazakhstan


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


BRE BANK: Moody's Affirms Bank Financial Strength Rating at 'D'
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt and
deposit ratings of Poland's BRE Bank to Baa1 from A3.  BRE Bank's
bank financial strength rating of D was affirmed.  All ratings
remain on stable outlooks.

At the same time the BFSR of BRE Bank Hipoteczny was lowered to E+
from D-, mapping to the baseline credit assessment of B1.  BBH's
long-term bank deposit rating of Baa3 was affirmed.  All ratings
remain on stable outlook.  These rating actions complete reviews
for possible downgrade on these ratings which were initiated on
May 26, 2009.

The downgrade of BRE Bank's long-term rating is due to the
completion of the reassessment of the level of systemic support to
A1 from Aaa in case of Poland.  Moody's recalibrated all other
Polish banks based on this new systemic support assumption earlier
this year which resulted in a number of downgrades.  For the
details of the probability of systemic support considerations
available from the Polish state please refer to the Special
Comment entitled "Financial Crisis More Closely Aligns Bank Credit
Risk and Government Ratings in Non-Aaa Countries", published in
May 2009.

At the same time Moody's maintained its parental support
probabilities for BRE Bank unchanged.  Moody's consider that there
has not been any evidence so far for weakening support from its
parent Commerzbank (rated Aa3/P-1/C-).  Therefore, the combination
of parental and new systemic support assumptions lead to a four
notch uplift on BRE Bank's BCA, which compares favorably to its
peer group.

In affirming BRE's BFSR Moody's notes that although BRE Bank's
Tier1 ratio is lowest among the rated peers its diversified
profile and core earnings generation remain robust and can
mitigate a reasonable degree of volatility in operating
environment.  Moody's also take comfort from the fact that despite
one-off provisioning losses in Q2 2009 the bank's core
profitability remained resilient and contributed to positive
results in Q3 2009.

Moody's has downgraded BBH's BFSR to E+ given the bank's profile
as a specialized commercial mortgage lender the rating agency
expects a larger degree of negative impact from softer conditions
in the Polish real-estate market compared to more diversified
banks.  Although BBH's efficiency ratios remain good, the overall
profitability is thin and has been propped up by low provisioning
levels so far.  BBH's asset quality has been adequate during the
first half of the year but credit exposure concentrations are high
and according to Moody's stress test results individual defaults
can lead to a significant pressure on capital.  Finally, due to a
high reliance on the direct and indirect parents for its funding
activities BBH's intrinsic strength in liability management
remains very limited.

On the other hand, in affirming BBH's long-term ratings at the
current level of Baa3 Moody's maintains a very high probability of
parental support from its ultimate parent Commerzbank.  Moody's
considers that as a specialized covered bond issuer, BBH is a
valuable subsidiary for the group and the parental support
considerations from Commerzbank should be the same as for BRE
Bank.  Moody's does not factor in any systemic support from Polish
authorities for BBH due to its specialized status.  Consequently,
there is four-notch uplift for BBH's GLC deposit rating from its
BCA.

These ratings and outlooks were changed:

  -- Bre Bank S.A.: deposit ratings downgraded to Baa1 with stable
     outlook from A3 under review for possible downgrade;

  -- Bre Bank Hipoteczny S.A.: BFSR downgraded to E+ stable
     outlook from D- under review for possible downgrade;

The last rating action on BRE Bank was implemented on May 26,
2009, when Moody's placed on review for possible downgrade the A3
long-term deposit ratings

The last rating action on BBH was on May 26, 2009, when Moody's
placed on review for possible downgrade the D- BFSR of Bre Bank
Hipoteczny.

Headquartered in Warsaw Poland, BRE Bank reported IFRS
consolidated net income of EUR3.6 million and total assets
EUR18.1 billion at the end of H1 2009.

Headquartered in Warsaw Poland, BBH reported IFRS consolidated net
income of EUR2.9 million and total assets of EUR1.1 billion at the
end of H1 2009.


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


COLGRADE LTD: Moody's Assigns 'Caa2' Rating on Guaranteed Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Caa2 instrument rating to the
US$ 149.973 million Guaranteed Notes due 2011 issued by Colgrade
Ltd. (a ROLF Group entity) guaranteed by Delance Ltd., the parent
company of ROLF Group.  At the same time Moody's has withdrawn the
Caa3 rating on the US$ 250 million Guaranteed Notes due 2010 which
have been redeemed through a debt restructuring initiative in form
of an exchange offer.  ROLF's Probability of Default rating was
upgraded to Caa1/LD from Ca to be in line with the CFR following
the successful closing of the debt restructuring which in Moody's
view represented the occurrence of a deemed default.  The LD
(Limited Default) remains attached reflecting the final closing of
the debt exchange transaction but will be withdrawn in
approximately 3 business days.  The outlook on the ratings remains
negative.

Key elements of the conducted financial restructuring and related
transactions include:

  -- the refinancing of the bilateral facilities by a new
     US$500 million syndicated credit facility with a longer-dated
     maturity.  In addition the group secured a further
     RUB1.5 billion revolving credit facility as well as a
     US$150 million term loan on a bilateral basis (purpose of the
     latter has been to finance cash needs from the debt
     exchange).

  -- the sale of a 40% in Rolf's Mitsubishi distribution business
     (conducted by Rolf Import LLC) to Rolf's long-term business
     partner Mitsubishi Corporation for (i) a initial equity
     consideration of US$72 million with possible further payments
     up to a maximum aggregate equity consideration of
     US$128 million to be made over the next five years dependent
     upon the business achieving certain agreed financial
     performance targets (ROLF already received US$ 120m of which
     US$72 million is not refundable) and (ii) the provision of a
     shareholder loan to Rolf Import LLC in the principal amount
     of US$120 million by an affiliate of Mitsubishi Corporation
     to cover Mitsubishi Corporation's pro rata 40%.  In 2008,
     ROLF Import accounted for approximately half of the vehicles
     sold by the group to external customers (i.e. eliminating for
     intra group sales between the group's Mitsubishi distribution
     and the retail business).

  -- the closing of the debt exchange and the redemption of the
     group's US$250 million Guaranteed Notes due 2010 in exchange
     for (a) a cash consideration of up to US$800 for each
     principle amount of US$1,000 or (b) a cash amount of US$210
     and US$790 in principal amount of the New Guaranteed Notes
     issued at par.

Despite the successful implementation of the above transactions
which resolved the group's near term refinancing challenge, the
capital structure remains highly leveraged which is reflected in
the Caa1 CFR and PDR.  The negative outlook on the ratings
continues to reflect the still limited visibility of a recovery of
the Russian car market and substantial uncertainty around the
future development of car prices and discounts which Moody's
believes are the main drivers for ROLF's earnings and cash flow
generation.

The Caa2 rating on the US$ 149.973 million Guaranteed Notes due
2011 is notched down form the CFR in line with Moody's-Loss-Given-
Default Methodology given the existence of substantial amounts of
secured debt in the group's capital structure in form of the above
mentioned syndicated and bilateral credit facilities.  Although
the Guaranteed Notes benefit from a comprehensive guarantee
support from group entities representing more than 90% of the
group's assets, revenues and EBITDA (excluding ROLF Import LLC),
the Guaranteed Notes are effectively subordinated to the secured
debt.

Upgrades:

Issuer: Delance Limited ROLF

  -- Probability of Default Rating, Upgraded to Caa1/LD from Ca

Assignments:

Issuer: Colgrade Limited

  -- Senior Unsecured Regular Bond/Debenture, Assigned Caa2 LGD4 ,
     61%

Withdrawals:

Issuer: Colgrade Limited

  -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
     previously rated Caa3

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

Moody's last rating action on Delance Limited was on September 25,
2009, when the rating on the US$ 250 million Guaranteed Notes was
downgraded to Caa3 (negative) from Caa1 (stable).

Delance Limited is the holding company of ROLF Group, an
automotive group with its principal operations in Russia.  ROLF is
the leading importer and retailer of foreign-made cars in Russia.
In 2008, ROLF sold approximately 160,000 cars and generated
revenues of US$4.6 billion.  While Car Retail (various
international brands) and Distribution (Mitsubishi and Geely)
account for the majority of revenues and profits, a notable
portion of earnings comes from the company's Logistics and Spare
Parts business (some 10% of revenues).  In addition, ROLF Group
operates a Financial Services (brokerage) business.  The company's
retail operations are regionally concentrated on Moscow and St
Petersburg.


ELEKTRO-MASH: Creditors Must File Claims by November 18
-------------------------------------------------------
Creditors of FSUE Elektro-Mash (TIN 5263002110, PSRN
1025204420537) (Electrical Equipment) have until  November 18,
2009, to submit proofs of claims to:

         V. Kadzhardusov
         Insolvency Manager
         Fedoseenko Str. 64
         603127 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?4336389/2006 271066.

The Debtor can be reached at:

         FSUE Elektro-Mash
         Fedoseenko Str. 64
         603127 Nizhny Novgorod
         Russia


KUDESNIK-STROY: Creditors Must File Claims by November 18
---------------------------------------------------------
Creditors of LLC Kudesnik-Stroy (TIN 5911012338, PSRN
1025901712957) (Construction) have until November 18, 2009, to
submit proofs of claims to:

         V. Tsygankov
         Insolvency Manager
         Geroev Khasana Str. 51a
         614064 Perm
         Russia

The Arbitration Court of Permskiy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-6974/2009.

The Debtor can be reached at:

         LLC Kudesnik-Stroy
         Bereznikovskaya Str. 63
         Berezniki
         618400 Permskiy
         Russia


NAVLINSKY LES-KHOZ: Creditors Must File Claims by November 18
-------------------------------------------------------------
Creditors of SUE Navlinskiy Les-Khoz (Forestry) have until
November 18, 2009, to submit proofs of claims to:

         I. Morozova
         Temporary Insolvency Manager
         Building 1
         Moskovskoe shosse 137
         302025 Orel
         Russia

The Arbitration Court of Bryanskaya will convene at 11:00 a.m. on
November 18, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?094102/2009 2009.


NEFTYANOY ALYANS: Court Names Yu.Voronina as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Orlovskaya appointed Yu.Voronina as
Insolvency Manager for LLC Neftyanoy Alyans-Stroy (Construction).
The case is docketed under Case No. ?482336/0817B. He can be
reached at:

         Kommunalnyy pereulok 3
         305044 Kursk
         Russia

The Debtor can be reached at:

         LLC Neftyanoy Alyans-Stroy
         Bolshestroitelnaya Str. 6
         Orel
         Russia


NON-METALLIC: Court Names S. Vinokurov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Saint-Petersburg appointed S. Vinokurov
as Insolvency Manager for LLC Non-Metallic Materials Processing
Plant (TIN 7813179678,PSRN 1037828008910).  The case is docketed
under Case No. A56-17183/2009. He can be reached at:

         Post User Box 815
         199106 Saint-Petersburg
         Russia

The Debtor can be reached at:

         LLC Non-Metallic Materials Processing Plant
         Tkachey Str. 46D/1H
         192029 Saint-Petersburg
         Russia


OTDEL-STROY: Creditors Must File Claims by November 18
------------------------------------------------------
Creditors of LLC Otdel-Stroy (TIN 2905007528, PSRN 1042901400453)
(Construction) have until November 18, 2009, to submit proofs of
claims to:

         A. Galin
         Insolvency Manager
         Post User Box 14
         165300 Kotlas
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?051077/2009.

The Debtor can be reached at:

         LLC Otdel-Stroy
         Chapaeva Str. 1
         Koryazhma
         Russia


PROF-STROY: Court Names S. Yurov as Temporary Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tumenskaya appointed S.Yurov as Temporary
Insolvency Manager for LLC Prof-Stroy-Invest (TIN 7202154180, PSRN
1067203358848) (Construction).  The case is docketed under Case
No. A70-2243/2009.  He can be reached at:

         Post User Box 5887
         644058 Tumen
         Russia

The Debtor can be reached at:

         LLC Prof-Stroy-Invest
         Kazansaya Str. 38A
         Ishim
         Tumenskaya
         Russia


RENAISSANCE CAPITAL: Moody's Downgrades Issuer Ratings to 'B2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign and
local currency issuer ratings of Renaissance Capital Holdings
Limited to B2 with a negative outlook, from B1.  The Not-Prime
foreign and local currency short-term ratings remain unchanged as
well as the B1 long-term foreign currency senior unsecured debt
rating assigned to Eurobonds maturing in November 2009.  The
outlook for the debt rating is negative.  At the same time,
Moody's Interfax Rating Agency has downgraded the long-term
national scale credit ratings of RCHL to Baa1.ru from A2.ru.
Moscow-based Moody's Interfax is majority owned by Moody's, a
leading global rating agency.

The downgrade is triggered by the effect of RCHL's structural
subordination which arose after RCHL sold 50% minus 1/2 share of
the subsidiary company Renaissance Financial Holding Limited
(RFHL) to ONEXIM group.  RFHL (rated B1/Negative -- for details
see www.moodys.com) unites the bulk of the group's investment
banking business under its umbrella while RCHL's operations are
mainly limited to holding the stake in RFHL.  As a result of
ONEXIM taking a large equity stake in RFHL, the potential revenue
upstream from RFHL to RCHL is limited to 50% of the former's
dividend payments.  At the same time, potential default of RCHL
could impose significant reputation damage on all Renaissance
group entities, including those segments united under RFHL, such
that its business and liquidity position are significantly
impaired.  RFHL therefore could direct additional cashflows to
support the holding company in case of need upon agreement with
ONEXIM group.  Thus, in Moody's view, a one-notch differential
with RFHL sufficiently captures all these factors.

The B1 long-term senior unsecured debt rating assigned to
Eurobonds maturing in November 2009 and guaranteed by RCHL
reflects Moody's view that a cross-default clause attached in the
new Eurobond guaranteed jointly by RFHL and RCHL means that RFHL
is likely to support repayment of the maturing debt.  In addition,
the fact that the maturing bond is issued by one of the main
operating entities fully controlled by RFHL provides additional
incentives for the group to intervene in case of problems.

The negative outlooks reflects Moody's opinion that there is
potential for further pressure on the group's financial metrics as
a result of the prolonged and severe economic downturn in Russia.
This is turn could affect the ability of RFHL to make dividend
payments.

Moody's previous rating action on RCHL was on 20 April 2009, when
the long-term foreign and local currency issuer ratings were
downgraded to B1 from Ba3.  At the same time, Moody's Interfax
Rating Agency downgraded the long-term national scale credit
ratings of RCHL to A2.ru from Aa3.ru.

Renaissance Capital Holding Limited is a parent company of
Renaissance Financial Holding Limited and both companies represent
the investment banking arm of a wider Renaissance group, which
also incorporates asset management, merchant banking and consumer
finance.  RCHL controls 50% plus 1/2 share in RFHL, with the
remaining stake controlled by ONEXIM group, one of the largest
conglomerates in Russia.

RCHL reported total consolidated assets of US$3.4 billion and
total equity of US$1.3 billion under IFRS at end-H1 2009.  It has
significantly reduced leverage since the emergence of the
financial crisis (from 6x at year-end 2007 to 1.7x at end-H1 2009)
due to both de-leveraging and new capital injections.  In H1 2009
the company reported US$34 million profit.

RFHL reported total consolidated assets of US$3.3 billion, total
equity of US$1.2 billion at end-H1 2009 and net profit of
US$9 million which suffered a one-off loss arising from the sale
of a portion of its brokerage business to RCHL.


RENAISSANCE FINANCIAL: Moody's Assigns 'B1' Currency Issuer Rating
------------------------------------------------------------------
Moody's Investors Service has assigned B1/Not-Prime long- and
short-term foreign currency and local currency issuer ratings to
Renaissance Financial Holdings Limited.  The outlook for the long-
term ratings is negative.  At the same time, Moody's Interfax
Rating Agency, which is majority-owned by Moody's, has assigned an
A2.ru long-term National Scale Rating to RFHL.

According to Moody's, RFHL's issuer ratings are supported by its
investment banking and trading franchise.  RFHL is performing well
in high-margin areas -- such as equity and debt underwriting as
well as M&A advisory.  The group is constantly ranked amongst the
top financial institutions in Russia in terms of IPO financing,
sales and trading, and research.  RFHL's rating is also supported
by (i) relatively low risk appetite for market and credit risks in
its core operations and (ii) low leverage which also benefited
from a recent US$500 million capital injection from ONEXIM group.

However, RFHL's ratings are constrained by the high risk profile
of the markets where the company operates and large-scale
financing of other segments of the group prior to the global
financial crisis, which left the liquidity position with marginal
capacity, in Moody's estimation, to withstand a further
deterioration of the operating environment after the first shock
of the global financial crisis (September 2008).  A loan of ca.
US$500 million from ONEXIM, which was afterwards converted into
equity, has supported RFHL's liquidity position.  After the entry
of ONEXIM, the shareholder agreement restricts any significant
rise in intergroup financing (e.g.  no higher than 10% of the
September 2008 level), but Moody's observes that RFHL remains
exposed to related-party risk, and notes that the company needs to
continue to maintain strict control over related-party financing.

In addition to the above-mentioned concerns, Moody's notes that
the ratings of RFHL are constrained by (i) undiversified earnings
by region and instrument type (equity-related); and (ii) a complex
organizational structure consisting of a large number of
individual entities in various jurisdictions which could expose
the company to transaction and legal risks.

In Moody's opinion, RFHL's earnings prospects are unlikely to
reach pre-crisis levels on a sustainable basis -- at least in the
medium term.  Indeed, its earnings are volatile, given continued
high levels of volatility and potential downward pressure on asset
values as well as the high level of uncertainty over the
sustainability of strength in the primary markets and businesses
in which RFHL operates -- such as trading in equity, fixed-income
and derivatives markets.  Although RFHL addressed the financial
crisis by reducing staff and optimizing operational business
lines, the company has yet to prove its ability to maintain
adequate levels of profitability under the new economic realities.
As a result, all of these factors are reflected in the negative
outlook for the B1 ratings.

Positive rating drivers include sustained future low involvement
in the financing of other group segments, a materially stronger
liquidity profile, the continuous development of RFHL's franchise,
as well as improved diversification in terms of asset class
instruments, clients and geography, which, if achieved, could
result in lower volatility of earnings, a lower risk profile
stemming from better risk management practices, and the maturing
of Russia's financial markets.

Downward pressure could be exerted on RFHL's ratings as a result
of significant liquidity deterioration, significant capital
erosion due to high credit risks mainly associated with related-
party financing, and significant loss of franchise leading to
reduced revenue stream which could not be compensated by
appropriate cost-cutting measures.

Renaissance Financial Holding Limited is a subsidiary company of
Renaissance Capital Holding Limited, and both companies represent
the investment banking arm of the wider Renaissance group, which
also incorporates asset management, merchant banking and consumer
finance.  RCHL controls 50%+ 1/2 share ownership in RFHL, with the
remaining stake controlled by ONEXIM group, one of the largest
conglomerates in Russia.

RFHL reported total consolidated assets of US$3.3 billion, total
equity of US$1.2 billion at end-H1 2009 and net profit of
US$9 million which suffered a one-off loss arising from sale of a
portion of the brokerage business to RCHL.  It has significantly
reduced leverage since the emergence of the financial crisis (from
7x at end-2007 to 1.7x at end-H1 2009) due to both de-leveraging
and new capital injections.

RCHL reported total consolidated assets of US$3.4 billion and
total equity of US$1.3 billion under IFRS at end-H1 2009.  In H1
2009 the company reported US$34 million profit.


RENAISSANCE SECURITIES: Moody's Puts B1 Rating on US$225MM Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a long-term foreign
currency senior debt rating of B1 to the US$225 million senior
unsecured guaranteed notes -- due 1 April 2011 -- issued by
Renaissance Securities Trading Limited, a Bermuda-based operating
entity wholly owned by Renaissance Capital Holdings Limited under
the US$1 billion Euro Medium-Term Note program.  The outlook for
the rating is negative.

The notes are jointly and severally guaranteed by Renaissance
Financial Holding Limited (rated B1/Negative) and its parent
(rated B2/Negative).  Moody's notes that, under certain
conditions, the guarantee provided by RCHL may be revoked.  The
guarantee offered by the stronger entity, RFHL, is unrevocable and
unconditional.  The guarantee provided by RFHL also ranks 'pari-
passu' with its other unsecured and unsubordinated obligations of
the guarantor.

The terms and conditions of the notes contain a negative pledge
clause for the issuer and a cross-acceleration clause for RCHL,
RFHL and the issuer, as well as covenants that limit mergers,
disposals and transactions with affiliates of RCHL, RFHL and the
issuer.

The terms and conditions of the notes also stipulate that RCHL,
RFHL and RSTL shall not enter into any transaction that would
result in a decrease in net worth of RFHL below US$400 million
(US$1.2 billion at end-H1 2009).  In addition, these entities must
maintain the ratio of net worth to consolidated total assets at
12% at least (37% at end-H1 2009).  Moody's cautions that, if the
financial condition of RFHL were to deteriorate such that these
covenants come close to being breached, the ratings of RCHL and
RFHL would face downward pressure.

RCHL is the parent company of RFHL and both represent the
investment banking arm of a wider Renaissance Capital group, which
also incorporates asset management, merchant banking and consumer
finance.  RCHL controls 50% plus 1/2 share in RFHL, with the
remaining stake controlled by ONEXIM group, one of the largest
conglomerates in Russia.

RCHL reported total consolidated assets of US$3.4 billion and
total equity of US$1.3 billion under IFRS at end-H1 2009.  It has
significantly reduced leverage since the emergence of the
financial crisis (from 6x at year-end 2007 to 1.7x at end-H1 2009)
due to both de-leveraging and new capital injections.  In H1 2009
the company reported US$34 million profit.

RFHL reported total consolidated assets of US$3.3 billion, total
equity of US$1.2 billion at end-H1 2009, and net profit of
US$9 million which suffered a one-off loss arising from sale of a
portion of the brokerage business to RCHL.

In September 2008, ONEXIM Group (Not Rated) injected
US$500 million in the form of a loan, subsequently converting it
into the share capital of RFHL with a share of 50% minus 1/2
share.  Onexim group is active in the mining industry, innovative
projects in energy and nanotechnology, real estate and other
industries, and has total assets of over US$25 billion.


ROSBANK OJSC: S&P Affirms 'BB+/B' Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+/
B' counterparty credit and 'ruAA+' Russia national scale ratings
on Russia-based Rosbank OJSC JSCB.  At the same time, S&P removed
all ratings from CreditWatch, where they had been placed with
negative implications on June 17, 2009.  The outlook is negative.

The ratings on Rosbank reflect S&P's opinion of the significant
systemwide risks in the Russian Federation (foreign currency
BBB/Negative/A-3, local currency BBB+/Negative/A-2, national scale
rating ruAAA) and in the Russian banking sector.

"We expect the Russian economy will contract 6% in 2009, which has
accentuated Rosbank's credit losses, funding and liquidity
vulnerabilities, and marginal capitalization," said Standard &
Poor's credit analyst Sergey Dementiev.

However, S&P believes that Rosbank's strategically important
status within France-based Societe Generale (A+/Stable/A-1) group,
its platform and visibility in Russia, and financial and risk
governance support partially mitigate these negative factors.

"The negative outlook reflects S&P's expectation that Rosbank's
asset quality will continue to deteriorate in 2009-2010, putting
pressure on financial performance and capital," added
Mr.  Dementiev.

A positive rating action, including revising the outlook to
stable, would be dependent on a sustained return to profit, and an
increase in adjusted total equity to double digits, providing it
fully supports the bank's loss absorption capacity.

S&P would lower the ratings on Rosbank if the bank's stand-alone
credit profile were to materially deteriorate, particularly if
problem loans were to increase beyond S&P's base case forecasts.
S&P would also lower the ratings if capitalization weakens further
from credit losses and is not offset by capital injections from
the shareholders; and/or if ties to SocGen and its support for
Rosbank were to weaken significantly.


ROSSIYA INSURANCE: Fitch Puts 'B-' Issuer Rating on Evolving Watch
------------------------------------------------------------------
Fitch Ratings has placed Rossiya Insurance Company's Insurer
Financial Strength rating of 'B-' and National IFS rating of 'BB-
(rus)' on Rating Watch Evolving.

The rating action follows the acquisition of Rossiya by investment
advisory group EastOne, beneficially owned by one individual,
which now has full control.  Fitch is in the process of evaluating
the strategy and commitment of the new shareholder to support the
development of Rossiya.  The RWE will be resolved once the agency
has assessed the impact of the changes in ownership on the
insurer's financial strength.

Rossiya is a non-life insurance company with gross written
premiums of RUB9.1 billion in 2008 and gross assets of RUB11.9
billion at end-2008.


RYBINSKIYALUMINUM: Yaroslavskaya Bankruptcy Hearing Set Nov. 18
---------------------------------------------------------------
The Arbitration Court of Yaroslavskaya will convene on
November 18, 2009, to hear bankruptcy supervision procedure on LLC
Rybinskiy Aluminum Alloys Plant (TIN 7610018971, PSRN
1027601107951).  The case is docketed under Case No. ?82940/2009
56-B/7.

The Temporary Insolvency Manager is:

         A. Grigoryev
         Post User Box 14
         150014 Yaroslavl
         Russia

The Debtor can be reached at:

         LLC Rybinskiy Aluminum Alloys Plant
         Pytiletki Str. 74
         Rybinsk
         Russia


SEVENTH CONTINENT: Completes Series 02 Bond Restructuring
---------------------------------------------------------
JSC The Seventh Continent has completed the restructuring of its
buy-back obligations in relation to its Bonds, series 02 placed on
June 21, 2007 for the total amount of RUR7 billion.

Currently, taking into account completed bond restructuring,
additional public offer of October 15, 2009 and also several out-
of-court settlement agreements signed with some holders of Bonds,
series 02, the Company has achieved agreements on settlement of
its obligations on 99.86% of the total amount of Bonds, series 02.

For the purpose of meeting its obligations to the holders of
Bonds, series 02, on June 23, 2009 the Company has made a proposal
to carry out bond restructuring.  In the framework of the proposed
restructuring, bondholders were offered to exchange their bonds
for cash in the amount of 20% of par value of Bonds, series 02 and
for new commercial paper for the remaining 80%.

CP issue terms comprise:

    * 2-year maturity
    * Coupon of 15.5% p.a., paid quarterly
    * Principal amortization in 5 equal installments starting
      June 2010

Calculated effective yield in the frame of restructuring for the
bond holders was established at 17% p.a.

Due to certain legal restrictions, pension fund managers could not
accept restructuring terms offered by the Company.  On September
25, 2009, specifically for this type of bondholders the Company
has announced two additional irrevocable public offers, proposing
to buy back 20% of their holding on October 15, 2009 and remaining
80% on 18 May 2010.  Calculated effective yield under this offer
is established at 16% p.a.

On October 15, 2009 the Company has fulfilled its obligations
under the public offer dated October 25, 2009 having bought back
20% of the bonds.  The terms of the public offer dated September
25, 2009 include the provisions stating that those holders
accepting the said public offer, hereby confirm that the Company
does not have any unfulfilled obligations to them under the public
offer dated June 14, 2007.  Bonds of series 02 remaining in
circulation will be bought back by the Company on May 18, 2010, as
stipulated in its public offer dated September 25, 2009.

MDM Bank has acted as restructuring agent.

Boris Morozov, the Chief Executive Officer of the Company: "We are
glad to announce completion of bond restructuring, where virtually
full amount of the Bond, series 02 was restructured.  The
financial crisis has seriously affected capital markets and has
negatively reflected on the Company's ability to attract funds for
refinancing of its maturing obligations. Unfortunately, in such
conditions, full repayment of RUR7 billion bond in June 2009 only
from operating cash flow was not possible.  We have been carrying
out active talks on restructuring with our bondholders in recent
months.  The idea of our restructuring proposal was to set a new
redemption schedule, feasible for the Company and acceptable for
bondholders.

"I would like to cordially thank all our colleagues, partners and
creditors, who have given us their support in difficult times and
helped us achieve successful completion of this project."

JSC The Seventh Continent -- http://www.7cont.ru/-- was
established in 1994.  The Company is an international retail
chain.  The Company operates in two major formats: supermarkets
and hypermarkets.  As of the end of October 2009 the Company has
stores in Moscow and Moscow region (120 supermarkets and 4
hypermarkets), in Kaliningrad region (10 supermarkets), in Ryazan
(1 hypermarket), Chelyabinsk  (1 hypermarket) in Minsk, Belorussia
(1 hypermarket), in Perm (1 supermarket and 1 hypermarket) and in
Yaroslavl (1 hypermarket).

According to the audited financial statements, prepared in
accordance with International Financial Reporting Standards, in
2007 total revenues of the Company were US$1272.9 million, net
income US$99.2 million.


SHENTALINSKIY FEED: Creditors Must File Claims by November 18
-------------------------------------------------------------
Creditors of LLC Shentalinskiy Feed Mill (TIN 6386000675, PSRN
1056303659370) have until November 18, 2009, to submit proofs of
claims to:

         V. Barsegyan
         Insolvency Manager
         Apt. 43B
         22 Partsyezda Str. 52
         443066 Samara
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.A55-10800/2009.

The Debtor can be reached at:

         LLC Shentalinskiy Feed Mill
         Khlebnaya Str. 1
         Shentala
         Hentalinskiy
         446910Samarskaya
         Russia


UFIMSKIY REINFORCED: Creditors Must File Claims by November 18
--------------------------------------------------------------
Creditors of LLC Ufimskiy Reinforced-Concrete Plant ?1 (TIN
0278122410, PSRN 1060278102081) have until November 18, 2009, to
submit proofs of claims to:

         R. Gelivanov
         Insolvency Manager
         D. Yultyya Str. 3
         450081 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?0714600/2009.

The Debtor can be reached at:

         LLC Ufimskiy Reinforced-Concrete Plant ?1
         Building 3
         Zelenaya Roshcha 11
         Ufa
         450045 Bashkortostan
         Russia


URAL-STEEL: Creditors Must File Claims by November 18
-----------------------------------------------------
Creditors of LLC Ural-Steel (TIN 0411057973) have until
November 18, 2009, to submit proofs of claims to:

         N. Bakhareva
         Insolvency Manager
         Post User Box 46
         Biysk
         659305 Altayskiy
         Russia

The Arbitration Court of Altayskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No.AO2-343/09.

The Debtor can be reached at:

         LLC Ural-Steel
         Ch.Gurkina Str. 29
         649000 Gorno-Altaysk
         Russia


===============
S L O V E N I A
===============


ISTRABENZ D.D.: Petrol Draws Up Restructuring Plan
--------------------------------------------------
Boris Cerni at Bloomberg News reports that Petrol Group d.d.
proposed a debt restructuring and recapitalization plan to help
Istrabenz d.d. avert bankruptcy.

According to Bloomberg, Petrol, which owns a third of Istrabenz,
said banks shouldn't push the company into bankruptcy and that a
swift sale of assets "wouldn't yield maximum value."

Bloomberg relates Aleksander Salkic, Petrol's spokesman, said
Petrol also plans to increase its stake in the holding company by
10% to about 43%.  Bloomberg notes Franci Tusek, an asset manager
at Ljubljana-based SOP pension fund, said "A capital increase by
the owners would probably help Istrabenz avoid bankruptcy."

Citing Boris Dolamic, the court-appointed receiver for Istrabenz,
Bloomberg discloses the company owes 19 banks in Slovenia EUR436
million (US$6 million).

As reported by the Troubled Company Reporter-Europe, Istrabenz
declared insolvency in March.

Istrabenz dd -- http://www.istrabenz.si/-- is a Slovenia-based
holding responsible for the asset management and supervision of
the Istrabenz Group members.  The Company has developed
investments in the number of divisions: Energy, which covers the
gas business, production and distribution of energy, transshipment
and storage of oil derivatives; Tourism, which offers hotel,
catering, wellness and congress services; Investments, which deals
with advertising, financial services and technical consulting;
Food, which markets food products, and Information Technology that
provides information support to the companies of the Istrabenz
Group.  As of December 31, 2008 Istrabenz Group comprised 77
companies.  The Company operates a number of subsidiaries,
including wholly owned Istrabenz Turizem dd and Istrabenz Marina
Invest doo.


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


BBVA-3 FPYME: Moody's Downgrades Rating on Class C Notes to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on the
long-term credit ratings of these notes issued by BBVA-3 FPYME,
FTA:

  -- EUR17.7 million Class B: Upgraded to A1 from A2; previously
     on March 23 2009 placed under review for possible downgrade

  -- EUR8 million Class C: Downgraded to Ba1 from Baa2; previously
     on March 23 2009 placed under review for possible downgrade

Moody's initially assigned definitive ratings in November 2004.

The rating action concludes the review for downgrade which was
initiated on March 23, 2009 as a result of Moody's revision of its
methodology for SME granular portfolios in EMEA (published on
March 17, 2009).

As a result of its revised methodology, Moody's has reviewed its
assumptions for BBVA-3 FPYME's collateral portfolio, taking into
account anticipation of performance deterioration of the pool 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 Moody's
negative sector outlook for the Spanish SME securitization
transactions.  To date, this transaction has been performing
better than the Spanish SME index published by Moody's.  In
particular, cumulative 90 days delinquencies since closing in 2004
were at 1.59% of original pool balance as of September 2009.

At the same time, Moody's estimated the remaining weighted-average
life of the portfolio as equal to 2.75 years.  As a consequence,
these revised assumptions have translated into a cumulative mean
default assumption for this transaction of 6.1% of the current
portfolio balance (corresponding to 2.34% of the original
portfolio balance).  Moody's original mean default assumption was
2.7% of original portfolio, with a coefficient of variation of
48%.  Because of the relatively low effective number of borrowers
in the portfolio (342), Moody's used a Monte Carlo simulation to
determine the probability function of the defaults with a
resulting coefficient of variation of 55%.  The average recovery
rate assumption was updated at 55% (fixed recovery rate) compared
with a 35% to 50% range assumed at closing.  The prepayment rate
is assumed to be 5%, which is comparable to observed CPR values
since closing.  Although the equivalent mean default on original
portfolio is actually slightly lower than the original assumption,
the revised timing of the future defaults has changed, with more
defaults expected in the future compared to original expectations,
resulting in worse expected loss for the Class C notes.

In summary, Moody's has concluded that the negative effects of the
revised default assumption over the remaining life of the
transaction were offset by the increased credit support available
for the outstanding Class B notes.  The rating of Class B notes
was upgraded by one notch.  However, the rating agency considers
that the negative effects of revised assumptions are not fully
offset for the Class C notes by the increased credit enhancement
for this tranche, which is consequently downgraded by two notches.

As of September 2009, the number of debtors in the portfolio was
equal to 2,357.  The concentration in the "building and real
estate" sector was approximately 32.8% as of September 2009 from
26.5% at closing.

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

Moody's is closely monitoring the transaction.


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


FORD MOTOR: October 2009 European Sales Climb 13%
-------------------------------------------------
Dow Jones Newswires' Christoph Rauwald and Jeff Bennett report
that Ford Motor Co. in a conference call on Wednesday said its
European sales in October climbed 13%.  Ford, however, raised
concern about the strength of the market next year when car-
scrapping incentives end, the report says.

According to the report, Ford's vehicle sales in its 19 core
European markets totaled 121,000 last month, and its European
market share stood at 8.8% in October, up 0.5 percentage point
compared with the same month last year.  Year-to-date it reached
9.1%, also an increase of 0.5 percentage point, the report says.

"This is the strongest October we've had in Europe for 12 years,"
Ford Europe's sales chief, Ingvar Sviggum, said at the conference
call, Messrs. Rauwald and Bennett relate.

According to Messrs. Rauwald and Bennett, for 2010, Mr. Sviggum
said he was unsure how the European market will fare since many
countries plan to end their scrappage incentives.  The incentives,
which give consumers money if they trade in an old vehicle for a
new one, helped boost sales throughout 2009, the report says.

"But if Germany is an indicator, auto makers may be in for a tough
2010. Mr. Sviggum said sales in that country dropped as much as
25% after Germany ended its incentive program in September,"
Messrs. Rauwald and Bennett relate.

"The one bright spot may be Russia," Messrs. Rauwald and Bennett
report.  "Mr. Sviggum said he foresees a recovery next year amid
rising oil prices. Russia relies heavily on oil profits to drive
its economy."

According to the report, Russia also is preparing its own
incentive program, which will most likely be granted to vehicles
produced in Russia.  Ford makes the Focus and Mondeo at its plant
in St. Petersburg.

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The company provides financial
services through Ford Motor Credit Company.

                           *     *     *

As reported by the Troubled Company Reporter on November 4, 2009,
Moody's Investors Service upgraded the senior unsecured rating of
Ford Motor Credit Company LLC to B3 from Caa1.  This follows
Moody's upgrade of Ford Motor Company's corporate family rating to
B3 from Caa1, with a stable outlook.  Ford Credit's long-term
ratings remain on review for further possible upgrade.

On Nov. 3, 2009, S&P raised the corporate credit ratings on Ford
Motor Co. and Ford Motor Credit Co. LLC to 'B-' from 'CCC+'.


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


COCKPIT EVOLUTION: Claims Filing Deadline is November 16
--------------------------------------------------------
Creditors of Cockpit Evolution GmbH are requested to file their
proofs of claim by November 16, 2009, to:

         Svenz Gartz
         Liquidator
         La Gingine
         1186 Essertines-sur-Rolle VD
         Switzerland

The company is currently undergoing liquidation in Rekingen AG.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 6, 2009.


FOOD & SENSES: Claims Filing Deadline is November 16
----------------------------------------------------
Creditors of food & senses GmbH are requested to file their proofs
of claim by November 16, 2009, to:

         Hans Huerlimann
         Untere Rainstrasse 12
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders' meeting
held on September 25, 2009.


MALUWY GMBH: Claims Filing Deadline is November 16
--------------------------------------------------
Creditors of Maluwy GmbH are requested to file their proofs of
claim by November 16, 2009, to:

         Armin Thaler
         Sonnenstrasse 5
         Mail box: 38
         9004 St. Gallen
         Switzerland

The company is currently undergoing liquidation in Kirchberg/SG.
The decision about liquidation was accepted at a shareholders'
meeting held on September 23, 2009.


MERATIS AG: Claims Filing Deadline is November 16
-------------------------------------------------
Creditors of Meratis AG are requested to file their proofs of
claim by November 16, 2009, to:

         Schaerer Pierre
         Liquidator
         Muhlebachstrasse 23
         Mail Box: 131
         8024 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
general meeting held on September 16, 2008.


ORCATRON AG: Claims Filing Deadline is November 16
--------------------------------------------------
Creditors of Orcatron AG are requested to file their proofs of
claim by November 16, 2009, to:

         Therese Ryser, liquidator
         Roemerweg 18
         5615 Fahrwangen
         Switzerland

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


ORIVAL BETEILIGUNGEN: Claims Filing Deadline is November 16
-----------------------------------------------------------
Creditors of Orival Beteiligungen AG are requested to file their
proofs of claim by November 16, 2009, to:

         Orival Beteiligungen AG
         Aegeristrasse 70
         6301 Zug
         Switzerland

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


TOVA TRADING: Claims Filing Deadline is November 16
---------------------------------------------------
Creditors of Tova Trading GmbH are requested to file their proofs
of claim by November 16, 2009, to:

         Kaestner Treuhand AG
         Laerchenstrasse 1
         8953 Dietikon
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 16, 2009.


W. GRAF: Claims Filing Deadline is November 16
----------------------------------------------
Creditors of W. Graf Flora Blumenhandel GmbH are requested to file
their proofs of claim by November 16, 2009, to:

         Richner Werner
         Liquidator
         Oberer Badweg 25
         5722 Graenichen
         Switzerland

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


WALKE HOLDING: Claims Filing Deadline is November 16
----------------------------------------------------
Creditors of Walke Holding AG are requested to file their proofs
of claim by November 16, 2009, to:

         H. Steinmann
         Scheibe 9
         9100 Herisau
         Switzerland

The company is currently undergoing liquidation in Herisau.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 3, 2009.


WK LEASING: Claims Filing Deadline is November 16
-------------------------------------------------
Creditors of WK Leasing GmbH are requested to file their proofs of
claim by November 16, 2009, to:

         Richner Werner
         Liquidator
         Oberer Badweg 25
         5722 Graenichen
         Switzerland

The company is currently undergoing liquidation in Beinwil am See.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 22, 2009.


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


BANK NADRA: Moody's Maintains Review on 'Caa2' Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service said that it is continuing its rating
review of Bank Nadra.

On February 12, 2009, Moody's downgraded the bank's deposit
ratings to Caa2 and National Scale Rating to B3.ua and placed them
on review for possible further downgrade.  Nadra's bank financial
strength rating was downgraded to E with a stable outlook.  These
actions were prompted by Nadra being placed into temporary
administration by the National Bank of Ukraine following a run on
deposits at the bank that could not be contained by liquidity
support provided by the NBU to the bank at the time.

Separately, on June 26, 2009, Moody's downgraded Nadra's long-term
foreign currency senior unsecured debt rating to C from Caa2, with
a stable outlook, based on its expectation that the bank's senior
unsecured creditors will incur significant losses consistent with
a C rating category, according to the terms of the restructuring
recently proposed by the bank to the bondholders.

The bank's bondholders and the majority of its wholesale creditors
have so far not accepted the original restructuring proposal by
the bank and the debt restructuring negotiations are continuing.

Moody's review for a possible downgrade of the bank's deposit
ratings continues to capture the present uncertainty with regard
to the future of Nadra, as the NBU and the Ukrainian government
are currently considering solutions concerning the bank's future.
These solutions include a possible recapitalization of the bank by
the government in the event that the bank successfully
restructures its debt to wholesale creditors and the bondholders,
but they may also include a liquidation.

If the bank successfully restructures its liabilities to foreign
creditors and is recapitalized by the Ukrainian government,
Moody's would be likely to upgrade Nadra's deposit ratings to
reflect improvements in the bank's liquidity profile and
capitalization.  However, if the decision is made to liquidate the
bank, its ratings would be likely to be downgraded, possibly by
several notches, given that, in the event of a liquidation, the
expected recovery rate to the bank's depositors would likely be
below that implied by a Caa2 rating.

Headquartered in Kiev, Ukraine, Bank Nadra reported consolidated
total Ukrainian Accounting Standards assets of UAH26.3 billion
(US$3.4 billion) at 30 June 2009.


PONINKA PAPER: Creditors Must File Claims by November 14
--------------------------------------------------------
Creditors of OJSC Poninka Paper Plant (code EDRPOU 00278866) have
until November 14, 2009, to submit proofs of claim to:

         M. Deyneka
         Insolvency Manager
         Office 120
         Khotovitsky Str. 8
         Hmelnitsky
         Ukraine

The Economic Court of Hmelnitsky commenced bankruptcy proceedings
against the company on September 28, 2009.  The case is docketed
under Case No. 2/4/243-b.

The Court is located at:

         The Economic Court of Hmelnitsky
         Independency Square 1
         29000 Hmelnitsky
         Ukraine

The Debtor can be reached at:

         OJSC Poninka Paper Plant
         Pobeda Str. 34
         Ponenka
         Polonsky
         Hmelnitsky
         Ukraine


RODOVID BANK: Moody's Maintains Reviews on 'Caa2' Deposit Ratings
-----------------------------------------------------------------
Moody's Investors Service said that it is maintaining its rating
review of Rodovid Bank.  However, the direction of the review has
been changed to uncertain, from a possible downgrade.

On March 20, 2009, Rodovid Bank's deposit ratings were downgraded
to Caa2 from B3 and placed under review for further downgrade.
This rating action was driven by the payment moratorium imposed on
Rodovid Bank by the National Bank of Ukraine.  At that time, the
bank's financial strength rating was also downgraded from E+ to E
with a stable outlook.

The announcement regarding the direction of the review was
prompted by the Ukrainian government's recent announcement that
the deposits and most of the performing loans of a troubled
Ukrainian bank - Ukrprombank, would be transferred to Rodovid
Bank.  The amount of the deposits to be transferred is expected to
be about UAH7 billion (US$875 million).  This additional
obligation, if assumed by the bank, would represent a significant
increase of its outstanding liabilities (UAH7.5 billion at end Q3
2009).  Of importance to the ratings of Rodovid Bank is that the
transfer of assets and liabilities would be accompanied with a
substantial capital and liquidity injection from the government.
The officials indicated that the deposit transfer and
recapitalization of Rodovid Bank will likely be completed in
November 2009.

Moody's believes that these developments increase the likelihood
for Rodovid Bank to be recapitalized and start to operate as a
going concern.  Therefore a review of the ratings with direction
uncertain is more appropriate.

Moody's expects that if the transfer does materialize, it is
likely to be concluded by January 2010, i.e. before the
presidential elections in Ukraine, and to be accompanied by an
adequate capitalization and liquidity injection into Rodovid Bank.
In this event, Moody's is likely to conclude its rating review by
upgrading Rodovid's BFSR and deposit ratings.

However, if the transfer of the deposits does not materialize and
the payment moratorium on Rodovid Bank's liabilities is
maintained, this may exert further negative pressure on the bank's
ratings.  Likewise, a transfer of Ukrprombank's deposits and loans
to Rodovid Bank without an adequate capital and liquidity
injection would also have negative implications for Rodovid Bank's
ratings.

The previous rating action on Rodovid Bank was implemented on
March 20, 2009, when Moody's downgraded the bank's BFSR to E from
E+, its deposit ratings to Caa2 from B3, and its National Scale
Rating (NSR) to B3.ua from Baa3.ua.  At that time, the bank's
deposit ratings remained on review for possible further downgrade.

Headquartered in Kiev, Ukraine, Rodovid Bank reported total assets
of UAH13.2 billion and total equity of UAH1.4 billion according to
Ukrainian Accounting Standards at year-end 2008.


SPEKTR LLC: Creditors Must File Claims by November 14
----------------------------------------------------
Creditors of LLC Spektr (code EDRPOU 30832502) have until
November 14, 2009, to submit proofs of claim to A. Tikhonov, the
company's insolvency manager.

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on May 21, 2008.  The case is docketed under
Case No. 42/129B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Spektr
         Schors Str. 96a
         Makeyevka
         86123 Donetsk
         Ukraine


UKRPROMBANK LLC: Moody's Downgrades Deposit Ratings to 'Caa3'
-------------------------------------------------------------
Moody's Investors Service has downgraded Ukrprombank LLC's local
and foreign currency deposit ratings to Caa3 from Caa2 and the
National Scale Rating of the bank to Caa3.ua from B3.ua, and
placed these ratings on review for a possible further downgrade.
Concurrently, the rating agency has affirmed Not Prime short-term
deposit ratings and E Bank Financial Strength Rating of the bank,
which now maps to a Caa3 Baseline Credit Assessment.  The bank's
ratings do not benefit from any systemic support.

This rating action follows the recent announcement by Ukrainian
government officials that Ukrprombank's deposits and most of its
performing loans would be transferred to Rodovid Bank, which is
fully controlled by the government.  The amount of the deposits to
be transferred is expected to be about UAH7 billion
(US$875 million).  The officials indicated that the deposit
transfer will likely be completed in November 2009.

According to Moody's, the announced transfer increases the
expected losses for the bank's remaining creditors (other than
retail depositors) and increases the probability of the
liquidation scenario for Ukrprombank.

Higher expected losses for creditors would be likely in case of
transfer, since most of Ukrprombank's performing assets would be
transferred to Rodovid bank, whilst the remaining creditors would
be left with non-performing assets with low recovery values.
Similarly, the transfer of retail deposits decreases the
likelihood of rescue of Ukrprombank by the Ukrainian government,
while transfer of performing assets reduces attractiveness of the
bank for potential strategic investors.  Consequently, based on
the anticipation of higher expected losses for the remaining
creditors and on the increased probability of the liquidation
scenario for the bank, Moody's has downgraded the bank's deposit
ratings to Caa3 from Caa2 and placed them on review for a possible
further downgrade.

The previous rating action on Ukrprombank was implemented on 22
January 2009, when Moody's downgraded the bank's BFSR to E from
E+, its deposit ratings to Caa2 from B2, and its National Scale
Rating to B3.ua from A3.ua.  At that time, the bank's deposit
ratings were placed in review with direction uncertain.

Headquartered in Kiev, Ukraine, Ukrprombank reported total assets
of UAH15.9 billion and total equity of UAH1.9 billion according to
Ukrainian Accounting Standards at year-end 2008.


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


ABITIBIBOWATER INC: Seeks New European Sale Structure
-----------------------------------------------------
Pursuant to the terms of a First Amended and Restated Paper
Supply Agreement, dated as of January 1, 2001, Abitibi-
Consolidated, Inc. contracts with Bridgewater Paper Company
Limited or its subsidiaries to effect the sale of products
produced by the ACI Group to its European clients.

Pursuant to the Current European Sale Structure, the ACI Group's
products are sold by BPCL to customers in the U.K. and for the
rest of Europe, with BPCL taking legal title in these products
before they are sold.  The receivables of BPCL generated by the
Current Structure are collected in BPCL bank accounts with
Citibank, N.A., situated in European countries and then
concentrated in BPCL's concentration accounts held with Citibank,
N.A. in London.  Thereafter, the receivables concentrated in the
BPCL London concentration accounts are remitted to Abitibi-
Consolidated Company of Canada on a regular basis.

As a result, ACI may be owed by BPCL, on an unsecured basis at
any given time, between US$5 million to US$15 million in
receivables collected by BPCL.

By this motion, the CCAA Applicants seek Mr. Justice Gascon's
authority to restructure the Current European Sales Structure in
order to limit their exposure to BPCL.  The Applicants also seek
to preserve the rights of their creditors, including the lenders
under the Credit and Guaranty Agreement dated as of April 1,
2008, among ACCC, as borrower, ACI, as guarantor, and other
guarantors, who currently hold security over BPCL's Accounts
Receivables.  Specifically, the CCAA Applicants ask the Canadian
Court to:

  (1) declare that Abitibi-Consolidated (U.K.) Inc. or ACUK is a
      debtor company to which the CCAA applies, and include ACUK
      on the list of the CCAA Applicants;

  (2) authorize ACI to enter into the Deed of Amendment with
      BPCL pursuant to which BPCL's existing and future accounts
      receivables will be assigned to ACUK;

  (3) authorize ACUK to become guarantor of the obligations of
      ACCC as contemplated under the Term Loan;

  (4) authorize ACUK to become guarantor of the obligations of
      ACCC under the indenture for the 13.75% Senior Secured
      Notes due April 11, 2011, and the indenture for the
      unsecured US$293-million 15.5% Exchange Notes due July 15,
      2010;

  (5) confirm that the ACI charges under the debtor-in-
      possession facility extends to the shares of ACUK;

  (6) declare that the present or future assets of ACUK -- save
      and except for the liens to be created in favor of the
      Term Lenders -- are not and will not become subject to any
      charges, liens or encumbrances granted with respect to the
      CCAA Applicants; and

  (7) declare that the guarantees under the terms of the Term
      Loan, the Senior Notes Indenture, and the Unsecured Notes
      Indenture, validly extend to the obligations of ACUK under
      the guarantee to be granted by it pursuant to the European
      Sale Structure in favor of the Term Lenders and the
      trustees under the Indentures.

         Outline of Proposed New European Sale Structure

As part of the proposed new European Sales Structure, BPCL will
agree, in consideration of ACI's continued supply of paper to
BPCL, to assign existing and future accounts receivables to ACUK,
a new wholly owned subsidiary of ACI incorporated under the
Canada Business Corporation Act.

The New European Sale Structure is expected to be implemented
shortly after the entry of the Canadian Court's approval.  Once
implemented, it will allow for existing and future accounts
receivables of BPCL to be paid directly by the customers to ACUK
before the corresponding amounts are remitted to ACI.

As is the case under the Current European Sale Structure, the
accounts receivables generated under the New European Sale
Structure will not be sold to Abitibi-Consolidated U.S. Funding
Corp., and will remain at all times distinct from the flow of
receivables processed under the Securitization Program.

The completion of the New European Sale Structure is contemplated
in connection with:

  (i) the execution, by ACI, ACUK and BPCL, of a Deed of
      Amendment to Paper Supply Agreement and Assignment to the
      Paper Supply Agreement giving effect to the New European
      Sale Structure;

(ii) the provision of a notice by BPCL to its customers
      informing them of the assignment, in favor of ACUK, of
      existing and future amounts owing by those customers to
      BPCL;

(iii) the execution of the agreements and any other documents
      which may be necessary for ACUK to become a guarantor
      under the Term Loan and to provide the security provided,
      as well as to become a guarantor under the Secured Notes
      Indenture and the Unsecured Notes Indenture; and

(iv) the pledge and delivery by ACI to the Bank of Montreal of
      the ACUK shares issued to ACI pursuant to a Deed of
      Hypothec granted by ACI in favor of Bank of Montreal on
      May 6, 2009.

The CCAA Applicants contend that the proposed New European Sale
Structure will cause no prejudice to creditors, but rather will
benefit all creditors because:

  -- it will serve to reduce ACI's exposure to BCPL by ensuring
     that between approximately US$15 million to US$20 million
     per month in accounts receivables are channeled into ACUK,
     a corporate entity with activities limited to those
     contemplated by the New European Sale Structure; and

  -- it will provide for replacement security to the Term
     Lenders in order to prevent their secured position from
     eroding as a result of the assignment of BPCL's accounts
     receivables to ACUK as well as guarantees to the holders of
     notes under the Senior Notes Indenture and the Unsecured
     Notes Indenture.

                     About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 23
pulp and paper facilities and 29 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the Company is
also among the world's largest recyclers of old newspapers and
magazines, and has third-party certified 100% of its managed
woodlands to sustainable forest management standards.
AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.

The Company and several of its affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code on April 16, 2009
(Bankr. D. Del. Lead Case No. 09-11296).  Judge Kevin J. Carey
presides over the case.  The Company and its Canadian affiliates
commenced parallel restructuring proceedings under the Companies'
Creditors Arrangement Act before the Quebec Superior Court
Commercial Division the next day.  Alex F. Morrison at Ernst &
Young, Inc., was appointed CCAA monitor.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, serves as the
Debtors' U.S. bankruptcy counsel.  Stikeman Elliot LLP, acts as
the Debtors' CCAA counsel.  Young, Conaway, Stargatt & Taylor, in
Wilmington, Delaware, serves as the Debtors' co-counsel, while
Troutman Sanders LLP in New York, serves as the Debtors' conflicts
counsel in the Chapter 11 proceedings.  The Debtors' financial
advisors are Advisory Services LP, and their noticing and claims
agent is Epiq Bankruptcy Solutions LLC.  The CCAA Monitor's
counsel is Thornton, Grout & Finnigan LLP, in Toronto, Ontario.
Abitibi-Consolidated Inc. and various Canadian subsidiaries filed
for protection under Chapter 15 of the U.S. Bankruptcy Code on
April 17, 2009 (Bankr. D. Del. 09-11348).  Judge Carey also
handles the Chapter 15 case.  Pauline K. Morgan, Esq., and Sean T.
Greecher, Esq., at Young, Conaway, Stargatt & Taylor, in
Wilmington, represent the Chapter 15 Debtors.

As of Sept. 30, 2008, the Company had US$9,937,000,000 in total
assets and US$8,783,000,000 in total debts.

Bankruptcy Creditors' Service, Inc., publishes AbitibiBowater
Bankruptcy News.  The newsletter provides gavel-to-gavel coverage
of the Chapter 11 proceedings and parallel proceedings under the
Companies' Creditors Arrangement Act in Canada undertaken by
Abitibibowater Inc. and its various affiliates.


BRITISH AIRWAYS: Moody's Reviews 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's has placed the Ba3 Corporate Family and Probability of
Default Ratings of British Airways plc and the senior unsecured
and subordinate ratings of B1 and B2 under review for possible
downgrade.

The rating action reflects the continued weakening in
profitability in the first half of FY2010 (to September 2009),
with an operating loss of GBP111 million reported versus a profit
of GBP140 million a year earlier (post restructuring charges), and
Moody's view that losses in FY2010 will likely be higher than in
FY2009.  This comes in spite of lower operating costs, notably for
fuel, as demand in the industry remains very depressed, while the
company has successfully reduced its employee and selling costs.
Reported net debt remained constant during the period, partly
benefiting from a positive exchange rate impact, although Moody's
debt metrics also incorporate the full value of the convertible
notes issued in August 2009.

The company's pension deficit under IFRS increased substantially
to c.GBP2.6 billion as of September 2009 for the two principal UK
schemes combined, from c.GBP300 million as of March, impacted
primarily by a lower discount rate as of September, although this
rate is not necessarily used for the purpose of the triennial
valuation that is currently underway.  The increase will impact
Moody's credit metrics going forward, but in itself has no cash
impact to date.  Moody's have previously indicated that should the
higher deficit lead to further requirements for cash contributions
from the pension trustees, this could impact Moody's rating
assessment.

BA's liquidity remains satisfactory over the medium term, with a
balance of cash and equivalents of GBP1.5 billion as of September
2009.  BA further reported undrawn committed facilities of
GBP2.6 billion, the majority of which are earmarked for specific
capex requirements.  Moody's note, however, the company's
commitment to retain a minimum cash balance of GBP1 billion, as
well as its recent decision to further reduce capital expenditure
this year to GBP580 million (from GBP712 million in FY09), mainly
by postponing various aircraft deliveries.

The review will focus on i) the outlook for earnings and liquidity
in coming quarters; ii) the potential impact of a higher pension
deficit on funding requirements.  Moody's notes the company's
ongoing discussions for a potential merger with Iberia.  Such a
merger is not factored into Moody's current rating or outlook, and
will be assessed if and when details become available.

The last rating action for British Airways was implemented on 9
July 2009, when the Corporate Family Rating was lowered to Ba3
with a stable outlook.

British Airways, based in Harmondsworth, United Kingdom, is
Europe's third largest airline carrier with over 33 million
passengers in FY2009 (to 31 March), and flying to over 150
destinations world-wide with a fleet of 245 aircraft at year-end.
In FY2009 the company reported revenues and an operating loss
(before restructuring) of GBP9 billion and GBP142 million,
respectively.


BRITISH MIDLAND: Raises Going Concern Doubt
-------------------------------------------
David Robertson at The Times reports that British Midland (bmi)
has admitted that it may not be able to continue as a going
concern beyond next year.

According to the report, unpublished financial accounts reveals
that bmi, which employs 4,800 people, needs GBP190 million of
additional funding by the end of next October.  The accounts were
signed off on October 23 and Deloitte, its accountant, made it
clear that there was no guarantee Lufthansa would stand behind its
British subsidiary or give it further financial support.

The report discloses bmi also said in its accounts that it was in
"significantly advanced" talks with several airlines to sell
Heathrow slots.

The report relates bmi has revealed that its pre-tax losses last
year were GBP155.6 million, compared with a profit of GBP15.5
million the year before.  That loss is more than 50% higher than
the GBP99.7 million that bmi had previously claimed it lost in
2008, the report notes.

"The achievability of the forecast, the ultimate level of group
funding and timing and value of slot sales indicate the existence
of material uncertainties, which may cast significant doubt about
the group and company's ability to continue as a going concern
and, therefore, the group and the company may be unable to realize
their assets and discharge their liabilities in the normal course
of business," the report quoted bmi's directors as saying.

The achievability of the forecast, the ultimate level of group
funding and timing and value of slot sales indicate the existence
of material uncertainties, which may cast significant doubt about
the group and company's ability to continue as a going concern
and, therefore, the group and the company may be unable to realise
their assets and discharge their liabilities in the normal course
of business."

British Midland Airways, which does business as bmi, --
http://www.iflybritishmidland.com/-- carries passengers to some
30 countries, mainly in the UK but also in continental Europe, the
Middle East, Asia, and Africa. It operates a fleet of about 50
jets, including Airbus and Embraer models. Low-fare subsidiary
bmibaby serves about 30 destinations in Europe with a fleet of
about 20 Boeing 737s. bmi is a member of the Star Alliance global
marketing group, which includes UAL's United Airlines, Air Canada,
and Singapore Airlines. In mid-2009, fellow Star Alliance member
and global airline giant Lufthansa acquired majority ownership of
bmi.


INTERNATIONAL POWER: S&P Raises Corporate Credit Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on U.K.-based global power developer
International Power PLC (to 'BB' from 'BB-').  The outlook is
stable.

In addition, the debt ratings on the US$252.5 million 3.75%
convertible bond due 2023 issued by International Power Finance
(Jersey) Ltd., the EUR230.0 million 3.25% convertible bond due
2013 issued by International Power Finance (Jersey) II Ltd., and
the EUR700.0 million 4.75% convertible bond due 2015 issued by
International Power Finance (Jersey) III Ltd. were raised to 'BB'
from 'BB-'.  The recovery rating on these bonds is unchanged at
'4', indicating Standard & Poor's expectation of average (30%-50%)
recovery in the event of payment default.

"The upgrades reflect IPR's resilient performance in the current
economic environment and the improving financial profile at the
IPR parent company level following the announced sale of IPR's
Czech assets," said Standard & Poor's credit analyst Olli
Rouhiainen.

IPR reported first-half 2009 consolidated results slightly above
S&P's forecast, including adjusted EBITDA of about GBP588 million
and an adjusted EBITDA margin of 34.2%.  In addition, the amount
of cash that IPR upstreamed from projects to the parent company
level was slightly more than S&P had projected.  This led to
strong credit protection measures at the parent company level.
Although S&P anticipate that IPR's consolidated performance in the
second half of 2009 will be somewhat weaker and that full-year
profit will be lower than in 2008, S&P believes that cash flows to
the parent company level will remain robust.  In S&P's view, the
strong performance by the company highlights the benefit of
diversification in IPR's portfolio of assets.

The sale of IPR's Czech assets for net cash proceeds of
GBP580.8 million should significantly improve the company's
headroom for acquisitions and investments into projects.  The
disposal should also significantly reduce any liquidity risks over
the short term.

S&P believes that IPR is likely to invest a significant proportion
of the sale proceeds over the next two years, depending on market
conditions.  However, liquidity should remain adequate and debt
manageable at the parent company level compared with cash
upstreamed from the project level.

"The stable outlook reflects S&P's view of adequate cash-based
credit protection metrics at the parent company level and that the
company is self-funding for future minimum committed investments,"
said Mr. Rouhiainen.

Furthermore, sufficient liquidity should allow the company to
adjust to potentially lower power prices in its merchant markets
and potential lower distributions from projects in developing
countries.  In S&P's opinion, there should be adequate headroom at
the parent company level to support upcoming refinancing needs at
the project level.

An improvement in cash flow quality (a key measure for power
developers), ongoing strong performance that highlights the
benefits of diversification, or significant deleveraging could
lead to a further positive rating action.

However, parent company leverage consistently higher than S&P
anticipates, large debt-funded acquisitions, or a deterioration in
cash flow quality could trigger a downgrade or revision of the
outlook to negative.


KALAS GEMINI: In Administration; 40 Jobs Affected
-------------------------------------------------
Simeon Goldstein at packagingnews.co.uk reports that Kalas Gemini
has gone into administration and closed with the loss of around 40
jobs.

The report relates Begbies Traynor was appointed as administrator
of the Boston outfit on October 29 and the business recovery
specialist is currently negotiating with an interested party to
sell some of the assets and lease the premises.

Citing latest accounts from Companies House, the report discloses
the firm had fixed assets of GBP1.7 million and net liabilities of
GBP654,228 as at March 31, 2008.

Kalas Gemini is a Lincolnshire-based packaging printer.


YELL GROUP: To Launch GBP659 Million Share Issue
------------------------------------------------
Georgina Prodhan at Reuters reports that Yell Group plc said it
would sell GBP659 million (US$1.1 billion) worth of stock, raising
a net GBP574 million after expenses to pay down some of its GBP4
billion debt pile.

Reuters relates Yell's share issue comes after it recently agreed
a refinancing of its debt that was conditional on its raising at
least GBP500 million by selling new stock.

According to Reuters, the company plans to issue 1.6 billion
shares at 42 pence apiece, a 12.5% discount to Monday's closing
price.  Half will be sold through a placing to agreed buyers and
half will be sold through an open offer, Reuters says.

The issue will reduce Yell's debt-to-EBIDTA (earnings before
interest, depreciation, tax and amortization) ratio to about 5
from about 6, Reuters notes.

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2009, the Financial Times said Yell reached agreement with more
than 300 creditors to restructure GBP3.8 billion of its debt.

                        About Yell Group

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


* UK: Shareholder Pressure Prompts Firms to Focus on Cash Mgmt.
---------------------------------------------------------------
KPMG's second annual cash survey has found that UK companies have
pushed cash generation up the agenda in response to the changing
demands of analysts, lenders and ratings agencies.

Andrew Ashby, associate partner at KPMG, commented:
"Where companies last year were most worried about the rising cost
of debt, they are now worried about the needs of their banks and
other stakeholders.  This is reflected in a change in strategy:
while only 2% of respondents had implemented a working capital
improvement program last year, 50% of respondents have now
instigated an improvement program.  This change of approach has
been necessitated by the increase in working capital: 45% of
respondents have seen a deterioration compared with just 1% last
year.  Increased focus on cash management is yielding some results
in forecast accuracy; while 91% of respondents said they had
missed their targets last year, only 38% said the same this year.
Indeed a third of respondents exceeded their forecasts."

While this year's survey has found companies improving their cash
management, they are not optimistic about the future and indeed
their cash management tactics could hinder economic recovery.

Mr. Ashby continued: "Somewhat surprisingly, while companies are
increasingly hitting cashflow forecasts and improving working
capital they are not positive about the future: 55% expect no
improvement in working capital in the next 12 months.  Companies
are most concerned about customers stretching payments terms and
getting into financial difficulty.  Perhaps the most concerning
findings show how companies plan to respond to worsening economic
conditions: 68% are planning to slash capital expenditure; 45%
tightening credit lines to customers and 33% negotiating longer
payment terms from suppliers.  Clearly this does not bode well for
return to economic growth."

Key data:

    * 33% of respondents said the main trigger for focusing on
      cash was pressure from stakeholders, compared with just 12%
      last year;

    * 38% did not meet cashflow forecasts this year, compared with
      91% in 2008;

    * 45% saw an increase in working capital, compared with 1%
      last year;

    * 50% of respondents have instigated a working capital
      improvement program this year, compared with just 2% last
      year;

    * In response to the tightening credit market: 68% are
      reducing or stopping capex; 63% are seeking to improve cash
      generation and 45% are tightening credit lines to customers
     (multiple choice).

Looking ahead to the next quarter and beyond, Mr. Ashby said:
"In the short term, companies are facing additional pressures, as
many industries restock.  In retail, this time of year is a
traditional crunch point due to stock build up for the Christmas
period and rent payments in late December.  Clear visibility of
cash flow and accurate forecasting is critical to avoid financial
stress.

"It will be interesting to see whether stringent cash management
will retain its importance in analyst and credit rating agency
assessments when the upturn comes.  Ultimately board behavior will
be heavily influenced by the views of lenders, analysts and credit
rating agencies.  Unfortunately our research suggests that best
practice is not being ingrained into the DNA of companies.  While
83% of our respondents placed cash management as a top 5 strategic
priority, only 33% link management incentivisation to cashflow
targets.  Cash is the life blood of the business but history
teaches us that it is all too easily forgotten in the good times."

                            About KPMG

KPMG LLP, a UK limited liability partnership, is a subsidiary of
KPMG Europe LLP and operates from 22 offices across the UK with
11,500 partners and staff.  The UK firm recorded a turnover of
EUR2.2 billion in the year ended September 2008.  KPMG is a global
network of professional firms providing Audit, Tax, and Advisory
services.  The company operates in 148 countries and has more than
113,000 professionals working in member firms around the world.
The independent member firms of the KPMG network are affiliated
with KPMG International, a Swiss cooperative.  KPMG International
provides no client services.


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


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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *