TCREUR_Public/091113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, November 13, 2009, Vol. 10, No. 225

                            Headlines

A U S T R I A

DORNBAU GMBH: Claims Filing Deadline is November 26
IRB COLLECTION: Claims Filing Deadline is November 26
ISTN COMMUNICATIONS: Claims Filing Deadline is November 26


B E L A R U S

BELGAZPROMBANK OJSC: Fitch Affirms Individual Rating at 'D/E'


B E L G I U M

DEXIA SA: Has Less Than EUR5 Bln of Risky Loans, Le Monde Says


B U L G A R I A

CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B-'


F R A N C E

NATIXIS STRUCTURED: S&P Lifts Rating on EUR25 Mil. Notes to 'CCC+'


G E R M A N Y

ARCANDOR AG: Highstreet Willing to Reduce Karstadt Rents
DUERR AG: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
LANDESBANK SAAR: Fitch Downgrades Individual Rating to 'D'
VEM VERMOEGENSVERWALTUNG: Ratiopharm Gets Goldman, Advent Bids


H U N G A R Y

CAPE CLEAR: Zala Court Orders Liquidation


I C E L A N D

ORKUVEITA REYKJAVIKUR: Moody's Cuts Senior Issuer Rating to 'Ba1'


I R E L A N D

AQUILAE CLO: Moody's Cuts Rating on Class E Notes to 'Caa3'
CLAVOS EURO: Moody's Cuts Rating on Class V Notes to 'Caa3'
EIRLES TWO: Moody's Lifts Rating on Series 187 Notes to 'Ba1'
EUROFOOD IFSC: Hearing on Claims on November 26
SMURFIT KAPPA: Launches EUR500 Mln Bond Issue to Repay Senior Debt

SMURFIT KAPPA: Moody's Puts 'Ba2' Rating on Senior Secured Notes
SMURFIT KAPPA: Fitch Assigns 'BB+' Rating on Senior Secured Notes
SMURFIT KAPPA: S&P Assigns 'BB' Rating on EUR500 Mil. Senior Notes
VALLAURIS II: Moody's Junks Rating on EUR8.9MM Class IV Notes


I T A L Y

FIAT FINANCE: Fitch Assigns 'BB+' Rating on Senior Unsec. Notes
FIAT FINANCE: S&P Assigns 'BB+' Rating on EUR1.5 Bil. Bonds
SAFILO SPA: May Default on Banking Debt If Hal Bond Offer Fails


K A Z A K H S T A N

AKSU LTD: Creditors Must File Claims by November 25
ALVER HOLDING: Creditors Must File Claims by November 25
ART CLEAN: Creditors Must File Claims by November 25
BTA BANK: Fitch Affirms Issuer Default Rating at 'CCC'
ERA BUSINESS: Creditors Must File Claims by November 25

IRTYSH INTER: Creditors Must File Claims by November 25
NEFTE PRODUCT: Creditors Must File Claims by November 25
PRESTIGE STROY 7: Creditors Must File Claims by November 25
REMONTNO MEHANICHESKY: Creditors Must File Claims by November 25
SAADI REM: Creditors Must File Claims by November 25

UG SERVICE: Creditors Must File Claims by November 25


K Y R G Y Z S T A N

CARGO BRUK: Creditors Must File Claims by December 9
CONMAINT LLC: Creditors Must File Claims by December 9


L U X E M B O U R G

AXIUS EUROPEAN: Moody's Does Note Take Rating Actions on Notes
AXIUS EUROPEAN: Moody's Junks Rating on EUR16 Mln Class D Notes
THESEUS EUROPEAN: Moody's Does Not Take Rating Actions on Notes


N E T H E R L A N D S

CADOGAN SQUARE: Moody's Junks Ratings on Two Classes of Notes


R U S S I A

TATNEFT OAO: Fitch Affirms Issuer Default Rating at 'BB'

* KRASNOYARSK KRAI: S&P Revises Outlook to Negative From Stable
* KRASNOYARSK REGION: Fitch Assigns 'BB+' Rating on Bond Issues


S P A I N

INMOBILIARIA COLONIAL: Eyes Debt Refinancing Agreement by Year-End


S W I T Z E R L A N D

DELTA PROFIL: Claims Filing Deadline is November 16
FAMBO GMBH: Claims Filing Deadline is November 16
HELIO TECHNIK: Claims Filing Deadline is November 16
INTEX CONSULTING: Claims Filing Deadline is November 16
KISPA AG: Claims Filing Deadline is November 16

MEIER TRANSPORTE: Claims Filing Deadline is November 16


U K R A I N E

KIEV BREWERY: Creditors Must File Claims by November 15
PODOLSKOYE AGRICULTURAL: Creditors Must File Claims by November 15
TOTUS LLC: Creditors Must File Claims by November 15


U N I T E D   K I N G D O M

AERO INVENTORY: In Administration; KPMG Appointed
ANSCO MODULAR: In Administration; Offers Solicited
DAS GREEN: Offers for Assets Due Today
FIFTY: Owner Opts for Administration After Failed Sale Attempts
FIRST QUENCH: Makes 35 Further Redundancies at Head Office

FIRST QUENCH: Gets Several Expressions of Interest for Stores
GOODWOOD GOLD: Moody's Cuts Rating on Class E Notes to 'B2'
ILFORD IMAGING: Employees Can't Have Pensions Increased, FT Says
INCASEP LIMITED: Offered for Sale as Going Concern
LYMINGTON ACCOUNTS: In Liquidation; Begbies Appointed

MULTIBUILD LTD: Creditors Support CVA Process to Cut Debts
NDF ADMINISTRATION: Business and Assets for Sale


X X X X X X X X

* BOOK REVIEW: Distressed Investment Banking: To the Abyss and


                         *********



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A U S T R I A
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DORNBAU GMBH: Claims Filing Deadline is November 26
---------------------------------------------------
Creditors of Dornbau 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 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 7155045
         Fax: 715 50 47 4
         E-mail: office@anwalt-vienna.at


IRB COLLECTION: Claims Filing Deadline is November 26
-----------------------------------------------------
Creditors of Irb Collection Textilhandel GmbH & Co KEG 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 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Ulrike Bauer
         Elisabethstrasse 26
         1010 Vienna
         Austria
         Tel: 587 78 20 Serie
         Fax: DW 9
         E-mail: ra.bauer@aon.at


ISTN COMMUNICATIONS: Claims Filing Deadline is November 26
----------------------------------------------------------
Creditors of ISTN communications systems 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 10:10 a.m.

For further information, contact the company's administrator:

         Univ. Prof. Dr. Michael Enzinger
         Mahlerstrasse 11
         1010 Vienna
         Austria
         Tel: 513 17 84
         Fax: 513 75 94
         E-mail: officelattenmayer@law.at


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B E L A R U S
=============


BELGAZPROMBANK OJSC: Fitch Affirms Individual Rating at 'D/E'
-------------------------------------------------------------
Fitch Ratings has affirmed Belgazprombank's Long-term foreign
currency Issuer Default Rating at 'B' with a Negative Outlook.
The agency has simultaneously affirmed BGB's Short-term foreign
currency IDR at 'B', Individual Rating at 'D/E', and Support
Rating at '4'.

The affirmation of BGB's IDRs and Support Rating reflect Fitch's
view on the likelihood of support from the bank's controlling
shareholders, OAO Gazprom (rated 'BBB'/Negative) and the
affiliated JSB Gazprombank.  Fitch believes that Gazprom's ability
and propensity to provide support to BGB, in case of need, are
strong.  However, Belarusian transfer and convertibility risks may
limit the extent to which BGB could utilize such support, and
therefore impose constraints on BGB's IDRs and Support Rating.

The Negative Outlook reflects the agency's concern that Belarus's
deteriorating macroeconomic environment could weaken the
sovereign's credit profile and lead to a potential increase in
transfer and convertibility risks.

BGB's Individual Rating takes into account its relatively limited
franchise, significant share of wholesale funding and a high share
of foreign currency lending, as well as the challenging Belarusian
operating environment.  However, BGB's Individual Rating also
reflects the bank's strong track record in SME lending, its
special role in Gazprom's settlement system, its significant loss
absorption capacity, and satisfactory liquidity.

BGB's loan portfolio grew 22% in 9M09 mostly as a result of the
devaluation of the Belarusian rouble (BYR) reflecting a high share
of foreign currency lending (63% of gross loans at end-Q309).
Non-performing loans, defined as loans overdue more than 90 days,
accounted for a low 1% of gross loans at end-Q309, but are likely
to increase as a result of the deteriorating operating environment
and the seasoning of the loan book.  However, BGB's loss
absorption capacity was strengthened by a US$75m additional
capital injection in October 2009.  Fitch estimated that at end-
October 2009 BGB could have increased its regulatory loan
impairment reserves to a significant 28% of gross loans from the
current (preliminary) level of 1.5% without breaching its
regulatory capital adequacy ratios.

Funding from other banks and financial institutions was reduced to
29% of liabilities at end-Q309 (40% at end-2008), of which a
significant share was due to Gazprombank (35%).  BGB's liquidity
position is comfortable with liquid assets, defined as cash and
equivalents, and interbank placements up to 30 days and available
for repo securities, covering 22% of liabilities as of end-October
2009 and no significant repayments of third party foreign
obligations are due in these 12 months.

BGB is the seventh-largest bank in Belarus.  It focuses on lending
to SME and the retail sector.  The bank is 49.02% owned by Gazprom
and 49.02% by Gazprombank.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


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B E L G I U M
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DEXIA SA: Has Less Than EUR5 Bln of Risky Loans, Le Monde Says
--------------------------------------------------------------
Fabio Benedetti-Valentini at Bloomberg News, citing Le Monde,
reports that Dexia SA has less than EUR5 billion (US$7.5 billion)
of "risky" loans with French local governments.

Bloomberg relates Pierre Mariani, Dexia's chief executive officer,
said the bank has about EUR30 billion of structured credits in
that market.

As reported by the Troubled Company Reporter-Europe on Aug. 31,
2009, Bloomberg said Dexia's net income fell to EUR283 million
(US$402 million) in the second quarter of 2009 from EUR532 million
a year earlier on provisions for risky loans.  Bloomberg disclosed
provisions for bad loans amounted to EUR361 million in the
quarter.

Dexia received EUR6.4 billion from France, Belgium and Luxembourg
in September to avert a collapse.  The bank was among the European
lenders hit hardest after Lehman Brothers Holdings Inc.'s
bankruptcy on Sept. 15 froze credit markets.  Dexia's salvage plan
also includes a EUR150-billion guarantee granted jointly by
Belgium, France and Luxembourg on its bonds, according to
Bloomberg.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


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B U L G A R I A
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CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit rating on Bermuda-based emerging markets TV
broadcaster Central European Media Enterprises Ltd. to 'B-' from
'B'.  The outlook is negative.

S&P also lowered to 'B-' from 'B' the issue ratings on CME's
$475 million senior secured convertible notes due 2013,
EUR200 million notes due 2016, and EUR150 million notes due 2014.
At the same time, S&P assigned a 'B-' rating to the recently
issued EUR240 million add-on notes due 2016, and withdrew the 'B'
rating on the EUR245 million notes due 2012, which were repaid
using the proceeds from the EUR240 million add-on notes.

"Our downgrade incorporates CME's latest announced guidance on
significantly lower-than-anticipated full-year 2009 revenues and
earnings, along with the already weak operating performance posted
in the first three quarters of the year," said Standard & Poor's
credit analyst Melvyn Cooke.  "We consequently expect CME's
liquidity and credit measures to weaken materially in the next few
quarters, to the extent that they would likely no longer be
commensurate with S&P's previous 'B' rating."

S&P believes that CME's adjusted consolidated gross leverage is
likely to jump to over 20x at year-end 2009, versus 3.7x at year-
end 2008, and that it could remain very high throughout 2010.  S&P
also think CME's liquidity could decrease meaningfully in 2010,
owing to continued substantial negative free cash flow during the
year, despite ongoing refinancing activity and potential
improvements in some of the company's advertising markets.

CME reported a 33% fall in consolidated revenues and an EBITDA
loss of $14.4 million for the third quarter of 2009, as well as
37% and 86% drops, year on year, in consolidated revenues and
EBITDA in the first nine months of 2009.  The company has
indicated its belief, however, that its operating performance has
bottomed out, and that it should be able to generate consolidated
EBITDA of between US$60 million and $70 million for full-year
2009.  EBITDA in this area would still represent an over 75%
plunge against the 2008 figure, and would be materially lower than
S&P's expectations underpinning its previous 'B' rating on CME.

"The negative outlook reflects S&P's perception that CME's
liquidity could materially weaken throughout 2010, given the
anticipated sizable operational challenges the company's local
operations will face to restore adequate profitability over the
next few quarters," said Mr. Cooke.

S&P also think that the timing and breadth of meaningful
improvement in CME's various advertising markets in 2010 and 2011
is uncertain.  In addition, S&P has factored in the refinancing of
the Czech and Slovenian facilities and significant gross adjusted
leverage reduction for CME in 2010, versus the current level,
through EBITDA growth.  A cash balance in excess of $100 million
at the "restricted" group at year-end 2010 will be crucial to
maintain the current ratings.  S&P has not incorporated the
possibility of a distressed exchange offer in the medium term in
S&P's outlook.

Downward rating pressure could arise if S&P perceive faster-than-
anticipated deterioration in CME's liquidity position in the next
few quarters, either resulting from higher-than-expected cash burn
or from an aggressive financial policy.

S&P could revise the outlook to stable if CME were able to
stabilize liquidity at a level significantly above S&P's
expectations by year-end 2010, meaningfully improve operating
performance and cash burn, and decrease gross adjusted leverage
during the period.


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F R A N C E
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NATIXIS STRUCTURED: S&P Lifts Rating on EUR25 Mil. Notes to 'CCC+'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'CCC+' from 'CCC-'
its credit rating on the EUR25 million forward sticky fixed-rate
credit-linked notes issued by Natixis Structured Products Ltd.

Following a restructure of the transaction, the coupon paid on the
notes has been revised from variable- to fixed-rate.  The new
rating on the restructured notes reflects the new terms and
conditions of these notes.  Following the restructure, the
reference portfolio, portfolio notional amount, attachment point,
and scheduled maturity date (to June 20, 2015 from March 20, 2016)
of the notes have changed.  In S&P's opinion, the creditworthiness
of the restructured notes is commensurate with a 'CCC+' rating.
The portfolio was run on the latest CDO Evaluator version (5.0).


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G E R M A N Y
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ARCANDOR AG: Highstreet Willing to Reduce Karstadt Rents
--------------------------------------------------------
Holger Elfes at Bloomberg News reports that Arcandor AG said the
Highstreet group, a real estate fund led by Goldman Sachs Group
Inc., is ready to accept rental reductions that make the survival
of the company's Karstadt department store chain more likely.

According to Bloomberg, Thomas Schulz, a spokesman for Arcandor's
insolvency administrator, said the rent cut is likely to be more
than EUR200 million (US$299 million).

Bloomberg relates Arcandor's administrator Klaus Hubert Goerg on
Tuesday said talks with the Highstreet group to reduce rents have
"advanced much".

                        About Arcandor AG

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

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

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


DUERR AG: S&P Affirms Long-Term Corporate Credit Rating at 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on Germany-based paint and
assembly systems manufacturer Duerr AG.  The rating was removed
from CreditWatch, where it was placed with negative implications
on Aug. 11, 2009.  The outlook is negative.

At the same time, S&P affirmed the rating on the company's senior
subordinated notes at 'B-' and removed it from CreditWatch, where
it was also placed with negative implications on Aug. 11, 2009.
S&P's recovery rating on this debt remains unchanged at '6',
indicating its expectation of negligible (0%-10%) recovery for
subordinated lenders in the event of payment default.

"The rating affirmation reflects S&P's assumption that, after
amending its covenant structure in October 2009, Duerr's liquidity
will remain adequate despite cash use in 2009 because of the lack
of near-term maturities, its existing cash balances, and bank
facility availability," said Standard & Poor's credit analyst
Varvara Nikanorava.

"Nevertheless, S&P expects Duerr's credit ratios to fall below the
minimum assumed credit ratios for the ratings in 2009 because
industry demand remains weak.  In S&P's view, Duerr's credit
measures will show only a gradual recovery in 2010 as car
production levels stabilize and paintshop projects return to the
market," Ms. Nikanorava added.

The ratings on Duerr remain constrained by its volatile operating
margins, high exposure to the cyclical automotive industry, and
difficult position as a supplier to price-aggressive original
equipment manufacturers.  On the positive side, S&P note Duerr's
strong presence in emerging markets, where it employs about 24% of
its workforce and from which it receives about one-half of its
orders.  This should allow the company to balance weak demand in
mature markets to some extent.

The company's operations have suffered after automakers cut their
capital expenditures in response to weak demand for new cars.  In
the first nine months 2009, Duerr reported a 30% drop in sales and
a 34% drop in incoming orders.  Still, Duerr's order intake and
order backlog at the end of the third quarter of 2009 had improved
by 14% and 10%, respectively, on the second quarter.

The reported EBIT margin dropped over the first nine months of
2009 to below 1%, from 4% year on year, and S&P expects the full-
year margin to be well below the 2008 EBIT margin of 4.5%.  In
2009, Duerr expects to incur about EUR10 million in restructuring
costs to adjust its capacity.  The expected full positive impact
of this will be about EUR80 million, S&P believe, starting from
2010.  However, S&P assumes that part of the savings will be
offset by lower margin projects.

As a result of difficult market conditions, Duerr's cash flow
protection measures are, in S&P's opinion, weak for the current
rating.

The negative outlook reflects S&P's view of Duerr's weak ratios
and uncertainty regarding the timing and sustainability of a
recovery that could limit the company's ability to improve and
sustain credit measures.


LANDESBANK SAAR: Fitch Downgrades Individual Rating to 'D'
----------------------------------------------------------
Fitch Ratings has downgraded Landesbank Saar's Individual Rating
to 'D' from 'C' and removed it from Rating Watch Negative where it
was placed on March 30, 2009.  The bank's 'A+' Long-term Issuer
Default Rating, 'F1+' Short-term IDR and its 'A+' Support Rating
Floor remain on RWN.  SaarLB's Support rating and its guaranteed
obligations are affirmed at '1' and 'AAA', respectively.

"The bank's core equity has weakened over the past 15 months and
it is Fitch's view that capital and profitability will remain
under pressure, particularly given its high exposure to commercial
real estate markets," said Andrea von Schnurbein, Director in
Fitch's Financial Institutions team.  "Fitch expects the
prevailing downturn in commercial property markets to result in
further impairment charges, putting additional strain on internal
capital generation in the coming year."  The substantial exposure
of SaarLB's earnings to credit spreads in the CDS and bond markets
resulted in a EUR81 million net loss reported for 2008 which swung
back somewhat to result in a profit for the bank in H109.

The bank's capital is vulnerable to continued volatility in the
bond markets, the potential for further valuation losses and
impairments on its structured securities portfolio (EUR266 million
at end-H109) and increasing loan impairment charges on its loan
book, in particular from commercial real estate and leveraged
loans, as a result of the difficult economic environment.  From a
regulatory point of view, EUR198 million in additional or extended
silent participations in 2009 and a moderate fall in risk-weighted
assets are likely to lift SaarLB's tier 1 capital ratio to above
10% by end-2009 (8.1% at end-H109).  However, due to their five-
year maturity, these are not included in Fitch's eligible capital
ratio, which stood at a low 4.9% at end-H109, and the bank's core
tier 1 capital ratio (excluding all hybrid capital) is unlikely to
be above 5% at end-2009.  SaarLB's underlying profitability is
low, reflecting the dominance of interbank lending and investment
securities on its balance sheet, which account for about 60% of
total assets.

The RWN on the IDRs and the Support Rating Floor reflects those on
its parent BayernLB's respective ratings in view of the potential
weakening of the state support for BayernLB in the future, as well
as a likely change in SaarLB's ownership.  As part of BayernLB's
restructuring which requires a substantial shrinking of its
balance sheet, Fitch expects a sale of at least some of its 75.1%
stake in SaarLB.  Currently, SaarLB benefits from the extremely
high potential support it would receive from BayernLB, underpinned
by a declaration of backing, and implicit support from the state
of Bavaria (rated 'AAA'/Stable), which owns 94% in BayernLB.  The
state of Saarland (rated 'AAA'/Stable) has indicated its
willingness to increase its current 10% stake in SaarLB.  Although
Fitch continues to view the potential support for SaarLB from its
owners to be very strong - which is reflected in the Support '1'
rating - a changed ownership structure may negatively affect the
IDRs and Support Rating Floor as the future propensity of support
and agreements between the owners and the bank need to be
considered.

The Long-term rating on SaarLB's guaranteed obligations is based
on the grandfathering of the guarantee provided by its owners.

SaarLB is the smallest of Germany's Landesbanks.  It is the main
banker to the state of Saarland and a clearing bank for seven
savings banks in the region.  The regional savings banks
association holds 14.9% in SaarLB's capital.  Within BayernLB
group, SaarLB focuses primarily on servicing SMEs in its home
market and neighboring regions in France.

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


VEM VERMOEGENSVERWALTUNG: Ratiopharm Gets Goldman, Advent Bids
--------------------------------------------------------------
Ratiopharm GmbH, the generic-drug maker being sold by Germany's
Merckle family to pay off loans, got bids of about EUR2 billion
(US$3 billion) from companies including TPG Inc., Goldman Sachs
Group Inc. and Advent International Corp., Aaron Kirchfeld at
Bloomberg News reports, citing two people close to the matter.

Bloomberg relates the people, who declined to be identified
because talks are private, said Goldman's private-equity arm and
Boston-based buyout firm Advent bid jointly.

According to Bloomberg, Ratiopharms's sale would help pay debts
amassed by Adolf Merckle, who committed suicide in January after
making wrong-way bets on the stock market.  His son, Ludwig
Merckle, is selling the pharmaceutical business, Bloomberg notes.

Bloomberg recalls Markus Braun, a spokesman for Ratiopharm, said
on Nov. 5 that a "large" number of first-round bids exceeded the
expectations of VEM Vermoegensverwaltung GmbH, the investment
vehicle that controls Ratiopharm.  Mr. Braun, as cited by
Bloomberg, said VEM still aims to complete the sale in the first
quarter of 2010.

As reported in the Troubled Company Reporter-Europe on Jan. 27,
2009, Bloomberg News VEM amassed about EUR5 billion in debt.  Its
owner-founder, the Merckle family, agreed to sell assets as part
of an agreement with lenders consisting more than 30 banks.

                       About Ratiopharm GmbH

Headquartered in Ulm, Germany, Ratiopharm GmbH --
http://www.ratiopharm.com/-- engages in the development,
manufacture, and sale of generic products.

                About VEM Vermoegensverwaltung GmbH

VEM Vermoegensverwaltung GmbH is a manufacturer of construction
materials based in Dresden Germany.


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H U N G A R Y
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CAPE CLEAR: Zala Court Orders Liquidation
-----------------------------------------
Budapest Business Journal, citing MTI, reports that Cape Clear
Aviation, the company which operates FlyBalaton airport in
Sarmellek, has been ordered under liquidation by the Zala county
court.

According to the report, Cape Clear Aviation spokesman Arpad
Beznicza said Vectigalis would be the liquidator of the company.


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ORKUVEITA REYKJAVIKUR: Moody's Cuts Senior Issuer Rating to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 stable outlook
from Baa1 negative outlook the long term senior unsecured issuer
rating of Orkuveita Reykjavikur.

OR is a Government-Related Issuer under Moody's methodology given
its 100% ownership by the City of Reykjavik (93,5%) and other
local authorities.  The rating action primarily reflects the
recent change in the sovereign rating from Baa1/negative to
Baa3/stable prompted by the enduring fiscal, financial and
monetary challenges resulting from the crisis.  The sovereign
rating change also factors the divergent trends of an improving
economic outlook, severe strains on public finances and the still
uncertain exit strategy from capital controls.

OR's rating downgrade also incorporates a shift in the Baseline
Credit Assessment of the company from 15 (equivalent to B2) to 16
(equivalent to B3).  The still weak krona has led to a rise in the
company's debt burden, as it is principally funded in foreign
currency.  Conversely, most of the company's revenues are in
domestic krona which have been moderately negatively impacted by
subdued domestic demand.  These factors have led to a weakening of
an already stretched financial profile.  Moody's also factors the
rather stressed liquidity profile of the company, although the
company expects that access to domestic and some other funding
should allow it to refinance debt maturities falling due in 2010
as well as meeting maintenance capex.  Moody's also notes that the
company is likely to go ahead with the completion of the
Hellisheidi plant assuming further funding is received, which
should allow for increased US dollar revenues from a new aluminium
smelting contract as from 2012 following completion of the plant.

The downgrade to Ba1, at one notch below that of the sovereign,
reflects a moderate reduction in the high level of institutional
support that Moody's applies to OR's rating.  Given the guarantee
of collection from its owners, Moody's would expect that, in the
first instance, the City of Reykjavik and other municipal owners
would support the company in case of extraordinary need to pay any
shortfall in interest and principal.  However should further
support be needed, Moody's would expect the central government to
coordinate with the local governments to arrange timely
intervention.  Nonetheless given the greater level of
institutional stress as a result of the current economic weakness,
Moody's has moderately reduced the level of support to reflect the
fact that were there to be large and conflicting demands on the
government, timely support may not always be forthcoming.  It
additionally reflects the absence of a direct guarantee from the
government in favour of the company.

The last rating action on OR was implemented on 11 December 2008
when the rating was downgraded to Baa1 negative outlook from A1


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


AQUILAE CLO: Moody's Cuts Rating on Class E Notes to 'Caa3'
-----------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Aquilae CLO II p.l.c.:

  -- EUR207,000,000 Class A Floating Rate Notes, due 2023
     (current balance of EUR203,610,774), Downgraded to Aa1;
     previously on November 17, 2006 Assigned Aaa;

  -- EUR21,600,000 Class B Floating Rate Notes, due 2023,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR17,100,000 Class C Deferrable Floating Rate Notes, due
     2023, Downgraded to Ba1; previously on March 19, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade;

  -- EUR15,300,000 Class D Deferrable Floating Rate Notes, due
     2023, Confirmed at B1; previously on March 19, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade;

  -- EUR15,000,000 Class E Deferrable Floating Rate Notes, due
     2023, Downgraded to Caa3; previously on March 19, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade;

  -- EUR7,000,000 Class X Combination Notes, due 2023 (current
     rated balance of EUR6,004,357), Downgraded to Ba2;
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade;

  -- EUR8,000,000 Class Y Combination Notes, due 2023 (current
     rated balance of EUR6,668,913), Downgraded to Ba1;
     previously on March 4, 2009 A2 Placed Under Review for
     Possible Downgrade;

  -- EUR1,500,000 Class Z Combination Notes, due 2023 (current
     rated balance of EUR1,234,892), Downgraded to Ba2;
     previously on March 4, 2009 Baa2 Placed Under Review for
     Possible Downgrade.

This transaction is a managed collateralized loan obligation with
exposure to predominantly European senior secured loans.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2707), an increase in the amount of defaulted
securities (currently 3% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 12% of the portfolio), and a failure of the Class E par
value test.  These measures were taken from the recent trustee
report dated September 10, 2009.  Moody's also performed a number
of sensitivity analyses, including consideration of a further
decline in portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


CLAVOS EURO: Moody's Cuts Rating on Class V Notes to 'Caa3'
-----------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Clavos Euro CDO Limited:

  -- EUR100,000,000 (Current Balance of EUR99,201,756.52) Class I-
     A2 Senior Secured Floating Rate Notes, due 2023, Confirmed at
     Aaa; previously on March 4, 2009, Aaa Placed Under Review for
     Possible Downgrade;

  -- EUR29,250,000 Class I-B Senior Secured Floating Rate Notes,
     due 2023, Downgraded to A1; previously on March 4, 2009, Aaa
     Placed Under Review for Possible Downgrade;

  -- EUR25,550,000 Class II Deferrable Floating Rate Notes, due
     2023; Downgraded to Baa2; previously on March 4, 2009, Aa2
     Placed Under Review for Possible Downgrade;

  -- EUR16,350,000 Class III Deferrable Mezzanine Floating Rate
     Notes, due 2023; Downgraded to Ba2; previously on March 17,
     2009; Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- EUR15,350,000 Class IV Deferrable Mezzanine Floating Rate
     Notes, due 2023; Confirmed at B1; previously on March 17,
     2009; Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- EUR17,400,000 Class V Deferrable Mezzanine Floating Rate
     Notes, due 2023; Downgraded to Caa3; previously on March 17,
     2009; Downgraded to Caa1 and Placed Under Review for Possible
     Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, Non-Euro senior secured loans, and mezzanine loans.

Classes I-A1 and I-A2 remain at Aaa mainly due to the de-
leveraging, which contributes to the improvement of the current
overcollateralisation levels.  In addition, Classes I-A1 and I-A2
are pari passu in the payment of interest and principal.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2691 versus a trigger level of 2475), an
increase in the amount of defaulted securities (currently 5% of
the portfolio), an increase in the proportion of securities from
issuers rated Caa1 and below (currently 15% of the portfolio), and
a failure of all par value tests.  These measures were taken from
the recent trustee report dated October 7, 2009.  Moody's also
performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of aforementioned stresses, key inputs used by
Moody's in its analysis, such as par, weighted average rating
factor, and the weighted average recovery rate may be different
from trustee's reported numbers.

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


EIRLES TWO: Moody's Lifts Rating on Series 187 Notes to 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has upgraded the rating of notes issued
by Eirles Two Limited Series 187.

This transaction is a spread and loss trigger leveraged super
senior collateralized debt obligation transaction referencing a
portfolio of corporate entities.  The risk transferred to
investors is not only credit risk but also market risk.  If the
average spread of the portfolio goes above a certain threshold,
investors would suffer a loss.

Moody's explained that the rating action taken is mainly due to
the reduction of market value risk in this transaction, as driven
by the recent tightening of spreads on corporate names.  The
average spread of the portfolio has improved from 637 basis points
in December 2008 to 188 basis points.  It is important to note as
well that this transaction features a very sharp increase of the
spread trigger as the transaction maturity reduces, which
considerably reduces the likelihood of such trigger to be hit.  As
a result, the 6-month cushion between the current spreads and the
spread triggers has improved from 208 basis points to 1598 basis
points according to Moody's scenario analysis.

Despite the decrease of the market value risk, it is Moody's view
that the inherent uncertainty around spread movements continues to
drive the performance of this instrument.  Qualitative factors and
stressed scenarios had to be considered in the committee decision
in addition to Moody's published methodology ("A Description of
Moody's Tool for Monitoring Leveraged Super Senior
Transactions"(August 2008)) in order to reflect such view.

In particular, this methodology was designed to address spread
volatility of investment grade names, while the current portfolio
shows a WARF of 1424 (from 944 in December 2008), equivalent to an
average rating of Ba2, and 43% of the reference entities are
currently non investment grade.  Moody's therefore considered,
among other things, stress scenarios whereby the maturity of the
transaction had been extended to one and two years to capture such
higher spread volatility.

As a result of such considerations, the rating action
substantially deviates from the standard monitoring model output.

The rating action also reflects corrections to certain data used
to monitor this transaction.  Previous rating actions employed an
incorrect reference entity spread and trigger table.  Each
reference entity spread has now been capped at 20% (as stipulated
in the documents) for the purpose of calculating the portfolio
weighted average spread.  In addition, the trigger table has been
adjusted according to the one reflected in the transaction
documentation.  Although these corrections do not affect the
standard transaction monitoring model output, the impact of both
corrections is positive and ranges from two to three notches under
the one and two year maturity stress scenarios described above.

All information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

The rating action is:

Eirles Two Limited Series 187

  -- EUR100M Floating Rate Credit Linked Leveraged Super Senior
     Secured Notes, Upgraded to Ba1; previously on Dec 8, 2008
     Downgraded to Caa3 and Remained On Review for Possible
     Downgrade


EUROFOOD IFSC: Hearing on Claims on November 26
-----------------------------------------------
Jim Finn, examiner at the High Court of Ireland, announced that a
hearing and adjudication of claims against, and debts of, Eurofood
IFSC Limited will be held on November 26, 2009, at 11:00 a.m.

Creditors of Eurofood, which is in liquidation, were required to
send their particulars of their debts and claims by November 12.


SMURFIT KAPPA: Launches EUR500 Mln Bond Issue to Repay Senior Debt
------------------------------------------------------------------
Michael Kavanagh at The Financial Times reports that has launched
a EUR500 million (GBP448 million) bond issue in a bid to
strengthen further its finances.

According to the FT, Gary McGann, Smurfit's chief executive, said
the bond issue would be used to pay down senior debt held with
banks and to push out the maturity profile of borrowing facilities
covering Smurfit's net debt, which stands at slightly more than
EUR3 billion.

"Any fear of a breach in covenants was clearly overdone," the FT
quoted Mr. McGann as syaing.

Smurfit, the FT discloses, fell into a pre-tax loss of EUR27
million in the third quarter of 2009, compared with profit of
EUR61 million last time.

As reported by the Troubled Company Reporter-Europe on Aug. 17,
2009, the FT said Smurfit reached agreement with its banks aimed
at avoiding the risk of breaching covenants on debt facilities
during a downturn in demand for paper packaging.   The FT
disclosed the revised terms are expected to cost Smurfit a one-off
EUR29 million plus an additional EUR36 million in annualized
charges in exchange for extending debt maturity on costlier terms.
According to the FT, Mr. McGann said fears over a possible
covenant breach, on debts had now been removed.

Headquartered in Dublin, Ireland, Smurfit Kappa Group Plc --
http://www.smurfitkappa.com/-- is paper-based packaging company.
The Company operates in 22 countries in Europe and is in to
containerboard, solidboard, corrugated and solidboard packaging
and in other paper packaging market segments.  The Company also
operates in nine countries in Latin America.  The Company's
operations are divided into packaging and specialties.  The
packaging segment includes a system of paper mills that produce a
full line of containerboard that is converted into corrugated
boxes by its converting operations.  The Specialties segment
primarily consists of graphicboard and solidboard businesses,
along with paper sack and bag-in-box operations.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 12,
2009, Fitch Ratings said that the proposed amendments to Smurfit
Kappa Acquisitions' senior secured facilities would have no impact
on its ratings.  Smurfit Kappa Group's ratings are:

  -- Smurfit Kappa Group plc's Long-term Issuer Default Rating:
     'BB'; Outlook Stable.

  -- Smurfit Kappa Acquisitions' senior secured facilities: 'BB+'

  -- Smurfit Kappa Funding's senior subordinated notes due 2015:
     'BB-'

  -- Smurfit Kappa Treasury Funding's debenture notes due 2025:
     'BB+'

On June 3, 2009, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that it had lowered
its long-term issuer credit ratings on Ireland-based paper and
packaging company Smurfit Kappa Group PLC to 'BB-' from 'BB'.  S&P
said the outlook is stable.


SMURFIT KAPPA: Moody's Puts 'Ba2' Rating on Senior Secured Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2 rating
(LGD 3, 41%) to the proposed senior secured notes of approximately
EUR500 million with a maturity of 8 years or more to be issued by
Smurfit Kappa Acquisitions, an indirect subsidiary of Smurfit
Kappa Group plc.  At the same time, Moody's affirmed SKG's Ba3
corporate family rating and Ba3 probability of default rating.
The outlook on all ratings is stable.

Moody's understands that the net proceeds of the notes issuance
will be used to repay outstanding indebtedness under the company's
senior secured credit facility.  The notes are guaranteed on a
senior secured basis by Smurfit Kappa Corporation Limited and
certain of its subsidiaries, and are secured by a majority of the
group's assets.  The (P)Ba2 rating (LGD 3, 41%) assigned to the
senior secured notes is one notch above the company's Ba3 CFR and
reflects the relative seniority of the instrument in the company's
capital structure and above-average recovery prospects.  The notes
rank pari passu with the senior secured credit facility, as they
benefit from identical guarantees and essentially identical
security.  Due to the sharing of the identical security package,
the notes furthermore rank pari passu with a Yankee bond, rated
Ba2 and issued at the level of the holding company Smurfit Kappa
Treasury Funding Limited.  The B2 ratings (LGD 6, 95%) of the
company's subordinated notes issued at the level of the holding
company Smurfit Kappa Funding plc remain unaffected by the bond
issuance and continue to reflect the instruments structural
subordination and the significant proportion of secured debt
ranking ahead in the company's capital structure.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction.  Upon a conclusive review of
the final versions of all the documents and confirmation of
issuance conditions, Moody's will assign a definitive rating to
the transaction.

The rating affirmation of the Ba3 CFR and PDR with stable outlook
reflects SKG's relatively robust operating performance throughout
the current period of cyclical demand and pricing contraction for
containerboard and corrugated packaging products, combined with
the anticipation of gradual stabilizing market conditions going
forward.  SKG has continued to sustain its robust operating
performance and free cash flow levels adequate for the current
rating category over recent quarters, supported by temporary
capacity shutdowns and cost-saving initiatives.  However, the
affirmation also takes into account the benefits from gradually
declining input costs.  While Moody's notes that the interest cost
burden as a result of the transaction will slightly increase, the
company's debt maturity profile has clearly improved as a result
of the transaction, as bank debt with a relatively shorter
maturity profile will be replaced with proceeds of the issuance.

The stable outlook is based on the assumption that the company
will continue to generate free cash flows and de-leverage its
capital structure, preserve its solid liquidity cushion and
maintain sufficient headroom under its gradually tightening
financial covenants included in its senior bank debt
documentation.  Moody's believes the rating could be downgraded if
EBITDA margins trend below 10% or if leverage in terms of RCF to
net debt falls below 10%.  In addition, downward pressure would
likely arise if free cash flow generation decreases significantly
below EUR200 million over 2009 or if covenant headroom
significantly tightens.

Assignments:

Issuer: Smurfit Kappa Acquisitions

  -- Senior Secured Regular Bond/Debenture, Assigned (P)Ba2 (LGD
     3, 41%)

  -- Outlook, Stable Assigned

Update to LGD Assessment:

Issuer: Smurfit Kappa Treasury Funding Limited

  -- Senior Unsecured Regular Bond/Debenture, Ba2, LGD Assessment
     Changed to LGD 3, 41% from LGD 3, 32%


SMURFIT KAPPA: Fitch Assigns 'BB+' Rating on Senior Secured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Smurfit Kappa Acquisitions' proposed
guaranteed senior secured notes an expected 'BB+' rating.  The
notes are being offered in a private placement and the final
rating is contingent on Fitch's receipt of final documents
conforming to information already received.

The agency has simultaneously affirmed these ratings:

  -- Smurfit Kappa Group plc's Long-term Issuer Default Rating:
     'BB'; Outlook Stable

  -- Smurfit Kappa Acquisitions' senior secured facilities: 'BB+'

  -- Smurfit Kappa Funding's senior subordinated notes due 2015:
     'BB-'

  -- Smurfit Kappa Treasury Funding's debenture notes due 2025:
     'BB+'

The proposed eight-year EUR500 million notes (new notes) will
constitute senior secured obligations of Smurfit Kappa
Acquisitions, the borrower under the existing senior secured
facilities.  The rating of the senior secured facilities has been
affirmed at 'BB+', one notch above Smurfit Kappa Group's IDR,
indicating strong anticipated recoveries.  The expected 'BB+'
rating assigned to the new notes reflects their equal ranking with
the senior secured facilities.  The new notes will benefit from
the same collateral package and guarantees as the existing senior
secured facilities, with minor exceptions.

However, the agency notes that, in contrast with the existing
senior secured facilities, the new notes will contain a more
limited covenant package which additionally provides for a release
of certain undertakings should the notes achieve investment grade
status at a future date.

The net proceeds from the offering will be used to partially repay
SKA's term loans under the senior secured facilities.  Therefore,
the transaction will have no material impact on SKG's consolidated
debt levels, beyond that resulting from the transaction costs.  As
of September 30, 2009, SKG's gross debt amounted to EUR3.7
billion, of which EUR2.8 billion represented outstanding amounts
under the senior secured term loans.

The transaction, if successful, will result in an improved debt
maturity profile and will reduce the refinancing risk that could
emerge in 2013/2014 when the bulk of the term loans come due.
Against the backdrop of challenging market conditions in 2009, the
Stable Outlook on SKG's IDR continues to reflect the company's
sound liquidity and financial flexibility as well as management's
conservative financial policies and focus on cash flow generation.
As of September 30, 2009, the group counted on cash reserves of
EUR623 million and full availability under the undrawn EUR525
million revolving credit facility maturing in 2012 and 2013,
against modest maturities of around EUR87 million in FY10.  As
anticipated by Fitch, SKG's net leverage and coverage ratios have
weakened over 2009, with net debt to LTM EBITDA at 4.2x, up from
3.4x at FYE08, and LTM EBITDA/net interest at 3.1x, down from 4.4x
in FYE08.  This remains within the range forecast by Fitch and the
agency expects headroom under the group's revised covenants to
remain satisfactory.

SKG's performance in the first nine months of 2009 has been in
line with Fitch's expectations.  Sales and pre-exceptional EBITDA
declined y-o-y by 17% and 26% respectively in YTD 9/09, reflecting
weaker volumes and prices.  Fitch notes that the EBITDA margin
improved sequentially over the year to reach 12.7% in Q309 (13.2%
in Q308) on the back of lower energy and wood costs, as well as
gains from the ongoing cost take-out program.  As expected, cash
flow generation was boosted by working capital relief and lower
interest costs.


SMURFIT KAPPA: S&P Assigns 'BB' Rating on EUR500 Mil. Senior Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
issue rating to the proposed EUR500 million senior secured notes
due 2017, to be issued by Smurfit Kappa Acquisitions
(BB-/Stable/--) and guaranteed by Smurfit Kappa Funding PLC
(BB-/Stable/--) and other subsidiaries.  At the same time, S&P
assigned a recovery rating of '2' to this debt, indicating S&P's
expectation of substantial (70%-90%) recovery in the event of a
payment default.  The issue rating is one notch higher than the
corporate credit rating on Smurfit Kappa Acquisitions and is based
on preliminary information and therefore subject to S&P's
satisfactory review of the final documentation.  In the event of
any changes to the amount or terms of the bond, the recovery and
issue ratings will be subject to further review.  Smurfit Kappa
Acquisitions is a subsidiary of Ireland-based packaging
manufacturer Smurfit Kappa Group PLC (BB-/Stable/--).

The issue ratings on the existing senior secured facilities issued
by Smurfit Kappa Acquisitions and the US$292 million 7.5%
debenture notes due 2025 issued by Smurfit Kappa Treasury Funding
Ltd. (not rated) and guaranteed by Smurfit Kappa Packaging Ltd.
(BB-/Stable/--) are unchanged at 'BB', one notch higher than the
respective corporate credit ratings.  The recovery rating on these
issues is '2', indicating S&P's expectation of substantial (70%-
90%) recovery for senior secured lenders in the event of payment
default.  Coverage is at the low end of the range.

The issue-level rating on Smurfit Kappa Funding PLC's
EUR355 million equivalent senior subordinated notes is unchanged
at 'B'.  The recovery rating on this debt is '6', indicating S&P's
expectation of negligible (0%-10%) recovery in the event of
payment default.

The group plans to use the proceeds from the proposed notes to
repay its existing EUR3.6 billion debt on a pro rata basis.  The
proposed EUR500 million notes due 2017, senior secured bank
facilities, and Yankee bonds benefit from a combination of first-
ranking asset security, share pledge security, and guarantees (up
to 60% of group assets), which support recovery prospects.
However, there are small exceptions to the security being granted
to the proposed notes and for the purpose of its analysis, S&P has
treated the proposed notes, existing senior facilities, and Yankee
bonds as ranking equally.  The proposed notes will have
incurrence-based covenants, which S&P considers as somewhat loose.
The subordinated notes are unsecured and unguaranteed and
subordinated to the secured debt.

                        Recovery Analysis

S&P has valued the business on a going-concern basis, supported by
the group's strong market positions and high forward integration.
Under S&P's simulation, Smurfit Kappa is unlikely to default on a
payment before 2012 or 2013, at which point S&P forecast EBITDA to
have declined to about EUR623 million.  S&P has valued the
business using a combination of discounted cash flow and market
multiple valuations to incorporate S&P's view on both the group's
stressed performance and sector dynamics; S&P has also used a peer
comparison.  As a result, S&P estimate Smurfit Kappa's enterprise
value at the simulated point of default at about EUR3.2 billion,
which corresponds to a blended trailing enterprise-value-to-EBITDA
multiple of 5.2x.

S&P estimate recovery prospects for the senior secured debt at the
bottom of the 70%-90% range, after considering other pari passu
senior obligations and deducting an estimated EUR645 million of
prior-ranking liabilities and enforcement costs.  This leaves
negligible (0%-10%) recovery for the unsecured bondholders.

                          Ratings List

                           New Rating

                    Smurfit Kappa Acquisitions

               Senior secured*
               EUR500 mil. notes due 2017         BB
                Recovery rating                 2

             * Guaranteed by Smurfit Kappa Funding PLC.


VALLAURIS II: Moody's Junks Rating on EUR8.9MM Class IV Notes
-------------------------------------------------------------
Moody's Investors Service tooks these rating actions on notes
issued by Vallauris II CLO PLC.  The Class I Notes remain Aaa
mainly due to the current over collateralization.

  -- EUR52.3M Class II Senior Floating Rate Notes due 2022,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR25.4M Class III Mezzanine Deferrable Interest Floating
     Rate Notes due 2022, Downgraded to B1; previously on
     March 19, 2009 Downgraded to Ba3 and Placed Under Review for
     Possible Downgrade;

  -- EUR8.9M Class IV Mezzanine Deferrable Interest Floating Rate
     Notes due 2022 (current balance of EUR9,167,117), Downgraded
     to Caa3; previously on March 19, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade;

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2870), and an increase in the proportion of
securities from issuers rated Caa1 and below (currently 12.84% of
the portfolio).  These measures were taken from the recent trustee
report dated September 17, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
22 million, accounting for roughly 8% of the collateral balance.
The Class III Par Value Test was reported at 105.25% versus a test
level of 107% and the Class IV Par Value Test was reported at
101.52% versus a test level of 105.50%.  Additionally, interest
payments on the Class IV Notes are presently being deferred as a
result of the failure of the Class III Par Value Test and the
Class I Notes has delevered by approximately 15% due to the
failure of the Class III and IV Par Value Tests.  Moody's also
performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


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


FIAT FINANCE: Fitch Assigns 'BB+' Rating on Senior Unsec. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Fiat Finance & Trade Ltd's
EUR1.5 billion notes a senior unsecured rating of 'BB+'.  The
notes mature in 2015 and have a coupon of 6.875%.

Notes issued by FFT will be unconditionally and irrevocably
guaranteed by its parent, Fiat SpA, under its EUR15 billion global
medium-term note programme.  The notes' rating is in line with
Fiat's Long-term Issuer Default rating and senior unsecured rating
of 'BB+', respectively.  The Outlook for Fiat's Long-term IDR is
Negative.  FFT is a wholly-owned subsidiary of Fiat.

The net proceeds from the issue will be used to finance the
activities of the Fiat group.  The guarantee from Fiat is a
direct, general and unconditional obligation of the company and
will at all times rank at least equally with all its other present
and future unsecured and unsubordinated obligations.  Terms and
conditions also include standard events of default, but there are
no financial covenants.


FIAT FINANCE: S&P Assigns 'BB+' Rating on EUR1.5 Bil. Bonds
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' debt rating to the EUR1.5 billion senior unsecured bonds
issued by Fiat Finance & Trade Ltd.--a wholly owned subsidiary of
Italian industrial group Fiat SpA (BB+/Negative/B)--under its
global medium-term note program.  The bond is guaranteed by Fiat
SpA.

At the same time, Standard & Poor's assigned a recovery rating of
'3' to this debt, indicating its expectation of meaningful (50%-
70%) recovery for creditors in the event of a payment default.
Recovery expectations are at the low end of the 50%-70% range.
The new notes are unsecured and rank pari passu with the existing
rated bonds.

The issue and recovery ratings on the Fiat group's other debt
instruments remain unchanged at 'BB+' and '3' respectively.

The rating on the new notes is the same as the long-term corporate
credit rating on Fiat.  S&P understand that Fiat will use the bond
proceeds for general corporate purposes.  In addition, S&P note
that the proceeds will also be available to repay Fiat's upcoming
maturities (in particular the EUR1.0 billion notes maturing in
February 2010).

The corporate credit rating on Fiat reflects what S&P see as the
high cyclicality of most of the group's businesses and still
fairly high dependence on two markets--Italy and Brazil.  The
rating is supported by S&P's view of the group's good business
diversification through agricultural and construction equipment
maker CNH Global N.V. (BB+/Negative/--) and truck manufacturer
Iveco.

                        Recovery Analysis

All of the senior unsecured debt issues of Fiat Finance & Trade
Ltd. and Fiat Finance North America Inc. are rated 'BB+', the same
as the corporate credit rating on 100% parent, Fiat SpA.  All debt
has a recovery rating of '3', indicating Standard & Poor's
expectation of "meaningful" (50%-70%) recovery in the event of a
payment default.

S&P has valued the business as a going concern.  Given what S&P
sees as Fiat's good market positions and well-recognized brands --
for which there is significant customer demand and a widespread
distribution network -- S&P assumes that a default would most
likely result from operational underperformance, as well as from a
weakening of both liquidity reserves and operating cash flow
generation capability.  S&P's hypothetical default scenario
assumes that Fiat would voluntarily file for bankruptcy if it
foresaw cash balances dropping below a minimum threshold.

S&P has valued Fiat at EUR9 billion-EUR10 billion at the
hypothetical point of default.

As part of its analysis, S&P has not attributed any value to
Fiat's equity stake in CNH Global.  This conservative assumption
reflects the possibility of the two divisions (auto and truck for
Fiat and tractors and agricultural construction equipment for CNH)
following the same path to default, as they both operate in a
cyclical sector (though with different cyclicality).  In this
case, any claim under shareholder loans and the equity stake would
be subordinated to secured and unsecured debt at the CNH Global
level.

Recovery prospects for unsecured noteholders reflect S&P's opinion
of both the estimated value available and accessible to the
creditors and the likelihood of insolvency proceedings being
adversely influenced by Fiat's domicile in Italy.  S&P considers
recovery prospects to be underpinned by Fiat's extensive asset
base.  Recovery expectations for all of the rated bonds are at the
low end of the 50%-70% range.  As part of its analysis, S&P has
assumed that Fiat will use a significant proportion of the
proceeds from the new bond to repay debt maturing in 2010.


SAFILO SPA: May Default on Banking Debt If Hal Bond Offer Fails
---------------------------------------------------------------
Armorel Kenna and Marco Bertacche at Bloomberg News report that
Safilo SpA has warned it may default on its banking debt if an
offer for its bonds from Hal Holding NV fails.

Bloomberg recalls Hal agreed to buy a controlling stake in Safilo
on Oct. 19.  The deal is subject to a EUR300-million bid for
Safilo’s bonds, for which Hal must capture at least 60%,
Blooomberg notes.

According to Bloomberg, Netherlands-based Hal said Wednesday that
only 1.03% of the notes, in addition to a previous 38.76%, have
been tendered and said if the offer isn't successful, the
transaction may not occur.  The offer ends Nov. 18, Bloomberg
discloses.

"In such event, the overall recapitalization plan might not take
place and the company would again be in a highly leveraged
situation and will, in all likelihood, default under its banking
facilities by year-end," Bloomberg quoted Safilo as saying said in
a statement late Wednsesday.

Bloomberg relates Safilo said in a separate statement Wednesday
the company's third-quarter net loss widened to EUR50 million from
EUR6.7 million a year earlier.

Safilo Group SpA -- http://www.safilo.com/-- is an Italy-based
company operating in the eyewear sector.  It designs, produces and
distributes such products as frames for reading glasses,
sunglasses, glasses for sport, ski masks, goggles and visors.  Its
products are primarily manufactured in four plants in Italy, one
in Slovenia and China and are marketed in 130 countries worldwide
through 39 direct commercial subsidiaries and more than 130,000
retail distributors.  The Group has 38 principal brands of which
10 directly owned and 28 licensed.  Brands include Safilo, Oxydo,
Carrera, Smith, Alexander McQueen, A/X Armani Exchange, Banana
Republic, BOSS - Hugo Boss, Bottega Veneta, Diesel, Valentino,
Dior, Emporio Armani and others.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 23,
2009, Fitch owngraded Italy-based eyewear designer and
manufacturer Safilo S.p.A.'s Long-term Issuer Default Rating to
'C' from 'CC'.  Fitch simultaneously revised the Recovery Rating
on Safilo's senior credit facilities at to 'RR1' from RR2'.  The
senior secured facilities -- rated 'B-' -- and Safilo's IDR remain
on Rating Watch Negative.  Safilo Capital International S.A.'s
EUR195 million senior notes due 2013 were affirmed at 'C'.  The
Recovery Rating for these notes remains 'RR6


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


AKSU LTD: Creditors Must File Claims by November 25
---------------------------------------------------
Creditors of LLP Company Aksu Ltd. have until November 25, 2009,
to submit proofs of claim to:

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

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


ALVER HOLDING: Creditors Must File Claims by November 25
--------------------------------------------------------
LLP Alver Holding is currently undergoing liquidation.  Creditors
have until November 25, 2009, to submit proofs of claim to:

         Azerbayev Str. 58
         Almaty
         Kazakhstan


ART CLEAN: Creditors Must File Claims by November 25
----------------------------------------------------
LLP Art Clean Astana is currently undergoing liquidation.
Creditors have until November 25, 2009, to submit proofs of claim
to:

         Seifullin Str. 14/3-5
         Saryarka District
         Astana
         Kazakhstan


BTA BANK: Fitch Affirms Issuer Default Rating at 'CCC'
------------------------------------------------------
Fitch Ratings has affirmed BTA Bank Belarus's Long-term Issuer
Default Rating at 'CCC', and removed it from Rating Watch
Negative.  A Negative Outlook has been assigned to the IDR.

The removal of the RWN reflects Fitch's view that the ongoing
restructuring of the liabilities of BTAB's parent bank, BTA
Kazakhstan (Long-term IDR 'RD') is unlikely to have an immediate,
direct impact on the fulfillment by BTAB of its obligations.  This
reflects the exclusion of BTAB from the restructuring process, the
bank's reduced reliance on BTA for non-equity funding, and the
ongoing recapitalization of BTAB by BTA.

BTAB has already received from BTA US$11.8 million for a share
capital increase and expects to receive a further US$10.9 million
in the form of equity or subordinated debt by end-2009 when the
share issue is expected to be completed.  This will allow the bank
to comply with the new Belarusian regulatory requirement,
effective from January 1, 2010, that banks attracting retail
deposits should have minimum regulatory capital of EUR25 million.
The fact that BTAB operates in a different jurisdiction to BTA,
and the bank's small business volumes relative to its parent, also
help to reduce the risk of any direct, immediate impact on BTAB
from the restructuring process.

The Negative Outlook reflects Fitch's concerns over the long-term
prospects of BTAB's business, given its limited franchise in the
domestic market, high concentrations on the balance sheet, the
challenging operating environment and uncertainty over BTA's
strategy post-restructuring and long-term commitment to the
Belarusian market.

BTAB's ratings reflect its standalone credit profile.  Although
reported asset quality remained adequate with NPLs (loans overdue
by 90 days) accounting for 1.3% of the loan book at end-Q309, the
loan portfolio remains highly concentrated (the top 20 borrowers
at end-Q309 constituted 45% of gross loans), unseasoned and
largely foreign currency-denominated (72% at end-Q309), which
leaves potential for further asset quality deterioration in the
current difficult economic environment.  BTAB has reorganized its
liabilities structure in favour of customer funding, which grew to
72% of non-equity funding at end-Q309; however, it remains
concentrated.  Fitch is informed by BTAB that by early November
2009 the bank had repaid all its interbank borrowings (mainly to
the parent) and currently subordinated debt (US$4 million) and
trade finance deals (US$5.5 million) are the only outstanding
obligations (owed to BTA and other foreign banks).

At end-Q309, the bank's tier 1 Basel I capital ratio was 17%.
Fitch estimates that BTAB's tier 1 Basel I capital ratio would
have been 33% at end-Q309, if the first part of the capital
injection (US$11.8 million) had been included in equity at that
time.

BTAB is 99.3%-owned by BTA and focuses on SME and retail lending.
At end-Q309, BTAB had US$91 million in assets, and held 0.3% of
system assets and retail deposits.
Rating actions:

  -- Long-term IDR affirmed at 'CCC'; removed from RWN; assigned
     Negative Outlook

  -- Short-term IDR affirmed at 'C'; removed from RWN

  -- Individual affirmed at 'E'

  -- Support affirmed at '5'

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


ERA BUSINESS: Creditors Must File Claims by November 25
-------------------------------------------------------
Creditors of LLP Epa Business Service have until November 25,
2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 28, 2009.


IRTYSH INTER: Creditors Must File Claims by November 25
-------------------------------------------------------
Creditors of LLP Irtysh Inter Service have until November 25,
2009, to submit proofs of claim to:

         Myzy Str. 1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on August 6,
2009, after finding it insolvent.

The Court is located at:

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


NEFTE PRODUCT: Creditors Must File Claims by November 25
--------------------------------------------------------
Creditors of LLP Nefte Product Service have until November 25,
2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
September 8, 2009.


PRESTIGE STROY 7: Creditors Must File Claims by November 25
-----------------------------------------------------------
Branch of LLP Prestige Stroy 7 is currently undergoing
liquidation. Creditors have until November 25, 2009, to submit
proofs of claim to:

         Protozanov Str. 95-324
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


REMONTNO MEHANICHESKY: Creditors Must File Claims by November 25
----------------------------------------------------------------
LLP Remontno Mehanichesky Zavod is currently undergoing
liquidation.  Creditors have until November 25, 2009, to submit
proofs of claim to:

         Kunayev Ave. 93
         Ekibastuz
         Kazakhstan


SAADI REM: Creditors Must File Claims by November 25
----------------------------------------------------
LLP Saadi Rem Stroy is currently undergoing liquidation.
Creditors have until November 25, 2009, to submit proofs of claim
to:

         Abai Ave. 322-67
         Almaty District
         Astana
         Kazakhstan


UG SERVICE: Creditors Must File Claims by November 25
-----------------------------------------------------
Creditors of LLP Ug Service Ltd. have until November 25, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 28, 2009.


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


CARGO BRUK: Creditors Must File Claims by December 9
----------------------------------------------------
LLC Cargo Bruk and Service is currently undergoing liquidation.
Creditors have until December 9, 2009, to submit proofs of claim
to:

         Ak-Chyi
         SEZ Bishkek
         Bishkek
         Kyrgyzstan


CONMAINT LLC: Creditors Must File Claims by December 9
------------------------------------------------------
LLC Conmaint is currently undergoing liquidation.  Creditors have
until December 9, 2009, to submit proofs of claim to:

         Ak-Chyi
         SEZ Bishkek
         Bishkek
         Kyrgyzstan


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


AXIUS EUROPEAN: Moody's Does Note Take Rating Actions on Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has determined that
the ratings currently assigned to notes issued by Axius European
CLO S.A. will not, at this time, be reduced or withdrawn solely as
a result of the execution of an amendment to its Trust Deed.  The
Amendment allows the Issuer to establish tax blocker subsidiaries
solely to acquire, hold and dispose of certain securities (such as
equity interests in an operating company) it may receive in a
bankruptcy proceeding or restructuring ("Tax Sensitive Equity
Securities"), and is designed to ensure that the Issuer will not
be deemed to be engaged in the conduct of a trade or business in
any jurisdiction outside the Grand-Duchy of Luxembourg for the
purposes of any relevant tax legislation or otherwise to be
subject to tax on its income as a result of an exchange of
collateral obligations for such Tax Sensitive Equity Securities.

The Issuer is a high yield cash flow collateralized loan
obligation managed by Invesco Senior Secured Management, Inc.

The last rating action on the Issuer occurred on November 11,
2009.  On that date, the Aaa rating assinged to the Euro
250,000,000 Class A Senior Secured Floating Rate Notes due 2023
was downgraded to Aa3, the Aa2 ratings assigned to the Euro
10,000,000 Class B1 Senior Secured Deferrable Floating Rate Notes
due 2023 and the Euro 9,000,000 Class B2 Senior Secured Deferrable
Fixed Rate Notes due 2023 were each downgraded to Baa3; the Baa3
rating assigned to the Euro 16,500,000 Class C Senior Secured
Deferrable Floating Rate Notes due 2023 was downgraded to B1; the
B1 rating assigned to the Euro 16,000,000 Class D Senior Secured
Deferrable Floating Rate Notes due 2023 was downgraded to Caa2;
and the Caa1 rating assigned to the Euro 15,000,000 Class E Senior
Secured Deferrable Floating Rate Notes due 2023 was downgraded to
Caa3.


AXIUS EUROPEAN: Moody's Junks Rating on EUR16 Mln Class D Notes
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Axius European CLO S.A.:

  -- EUR250,000,000 Class A Senior Secured Floating Rate Notes due
     2023 (current balance of EUR249,011,230), Downgraded to Aa3;
     previously on October 19, 2007 Assigned Aaa;

  -- EUR10,000,000 Class B1 Senior Secured Deferrable Floating
     Rate Notes due 2023, Downgraded to Baa3; previously on March
     4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- EUR9,000,000 Class B2 Senior Secured Deferrable Fixed Rate
     Notes due 2023, Downgraded to Baa3; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- EUR16,500,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to B1; previously on March 17,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade;

  -- EUR16,000,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to Caa2; previously on March 17,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade;

  -- EUR15,000,000 Class E Senior Secured Deferrable Floating Rate
     Notes due 2023 (current balance of EUR14,321,464), Downgraded
     to Caa3; previously on March 17, 2009 Downgraded to Caa1 and
     Remained On Review for Possible Downgrade.

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2817), an increase in the amount of defaulted
securities (currently 3% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 14% of the portfolio), and a failure of the Class D and
Class E par value tests.  The Class D par value test was reported
at 103.4% versus a test level of 105.4% and the Class E par value
test was reported at 98.7% versus a test level of 103.0%.  These
measures were taken from the recent trustee report dated 30
September 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


THESEUS EUROPEAN: Moody's Does Not Take Rating Actions on Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has determined that
the ratings currently assigned to notes issued by Theseus European
CLO S.A. will not, at this time, be reduced or withdrawn solely as
a result of the execution of an amendment to its Trust Deed.  The
Amendment allows the Issuer to establish tax blocker subsidiaries
solely to acquire, hold and dispose of certain securities (such as
equity interests in an operating company) it may receive in a
bankruptcy proceeding or restructuring ("Tax Sensitive Equity
Securities"), and is designed to ensure that the Issuer will not
be deemed to be engaged in the conduct of a trade or business in
any jurisdiction outside the Grand-Duchy of Luxembourg for the
purposes of any relevant tax legislation or otherwise to be
subject to tax on its income as a result of an exchange of
collateral obligations for such Tax Sensitive Equity Securities.

The Issuer is a high yield cash flow collateralized loan
obligation managed by Invesco Senior Secured Management, Inc.

The last rating action on the Issuer occurred on October 12, 2009.
On that date, the EUR135M Class A1 Senior Secured Floating Rate
Notes were downgraded to Aa3 from Aaa; the EUR90M Class A2A,
Senior Secured Floating Rate Notes were downgraded to Aa2from Aaa;
the EUR10M Class A2B Senior Secured Floating Rate Notes were
downgraded to Aa3 from Aa1; the EUR16M Class B Senior Secured
Deferrable Floating Rate Notes were downgraded to Baa3 from Aa2;
the EUR19M Class C Senior Secured Deferrable Floating Rate Notes
were downgraded to Ba3 from Baa3; the EUR11M Class D Senior
Secured Deferrable Floating Rate Notes were downgraded to B3 from
Ba3; and the EUR15M Class E Senior Secured Deferrable Floating
Rate Notes were downgraded to Caa3 from B3.


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


CADOGAN SQUARE: Moody's Junks Ratings on Two Classes of Notes
-------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Cadogan Square CLO II B.V.:

  -- EUR281.3M Class A-1 Senior Secured Floating Rate Notes due
     2022, Downgraded to Aa1; previously on July 4, 2006 Assigned
     Aaa;

  -- EUR31.5M Class A-2 Senior Secured Floating Rate Notes due
     2022, Downgraded to A1; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- EUR33.8M Class B Senior Secured Floating Rate Notes due 2022,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR31.9M Class C Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Ba3; previously on March 19,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- EUR27.9M Class D Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Caa1; previously on March 19,
     2009 Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- EUR10.6M Class E Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Caa3; previously on March 19,
     2009 Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- EUR5.4M Class X Combination Notes due 2022 (current balance
     of EUR3,998,908), Downgraded to B3; previously on March 4,
     2009 Baa2 Placed Under Review for Possible Downgrade;

  -- EUR6M Class Y Combination Notes due 2022 (current balance of
     EUR4,610,189), Downgraded to Ba2; previously on March 4, 2009
     Baa1 Placed Under Review for Possible Downgrade.

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2902), and an increase in the proportion of
securities from issuers rated Caa1 and below (currently 10.39% of
the portfolio).  These measures were taken from the recent trustee
report dated September 21, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
13.9 million, accounting for roughly 3.07% of the collateral
balance.  Moody's also performed a number of sensitivity analyses,
including consideration of a further decline in portfolio WARF
quality.  Due to the impact of all the aforementioned stresses,
key model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, and weighted average recovery
rate, may be different from trustee's reported numbers.

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


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


TATNEFT OAO: Fitch Affirms Issuer Default Rating at 'BB'
--------------------------------------------------------
Fitch Ratings has affirmed OAO Tatneft's Long-term Issuer Default
Rating at 'BB' and its Short-term IDR at 'B'.  The Outlook on the
Long-term IDR is Stable.

Tatneft's ratings are supported by its improved corporate
governance, substantial and developed hydro-carbon reserves and
their long remaining life; progress on a new refinery and
commensurate credit metrics.  The ratings are constrained by the
need to refinance a US$2 billion bank facility by June 2010.  The
ratings are further limited by the characteristics of Tatneft's
asset base -- mature oil reserves with a high sulphur content,
high lifting costs, and a low basic replacement ratio, as well as
limited proprietary refining capacity, which results in lower
profitability (versus its Russian peers) and higher sensitivity to
volatile oil prices.

Tatneft's ratings are based on its standalone profile.  Tatneft is
36% (indirectly) owned by the Republic of Tatarstan
('BBB-'/Stable), and Fitch views the overall legal, operational
and strategic links as per the agency's criteria as relatively
modest.  Benefits stemming from these links are seen as largely
intangible while some constraints are becoming apparent; for
example, dividends do not appear to be fully discretionary.
Tatarstan's ability to direct financial support from the
republic's banking sector to Tatneft is seen as relatively limited
while the republic's dependency on Tatneft is high compared to its
industry peers.

The Stable Outlook reflects Fitch's expectations that Tatneft
would maintain funds from operations leverage below 3x and FFO
interest coverage above 5x.  It also incorporates anticipated
improvement in Tatneft's vertical integration as a result of the
commissioning of the greenfield Nizhnekamsk refinery, despite
uncertainties over project financing and the timing of completion
(expected in 2011).

During the first six months of 2009, Tatneft benefited from lower
production and export taxes (down 50% year on year) and reduced
operating expenditure (by 30%).  Despite significantly lower oil
prices (by 51% in dollar terms or by 33% in rouble terms --
Tatneft prepares financial statements in rouble), the company
reported an 8% increase in EBITDAR (RUB42 billion) and a stronger
EBITDAR margin of 38% (versus 29% in H108).  Fitch expects that
FYE09 results will be somewhat weaker due to a stronger rouble and
resurgent cost inflation.

Tatneft raised US$1.5 billion (RUB48 billion) from 3- and 5 year
pre-export facilities in October 2009 to co-finance the remaining
capex on the Nizhnekamsk refinery.  However, the increased cost of
funding (despite a pledge over oil export receivables as security)
is expected to lead to weaker interest coverage.  Although the
(unrestricted) cash balance as of H109 almost doubled to RUB25
billion compared to FYE08, Tatneft's refinancing needs remain a
significant concern as its US$2 billion secured facility is
maturing in June 2010.  Management is targeting a number of
refinancing options, which include bank loans and bond issuance to
refinance the facility, the progress of which will be closely
monitored by Fitch.


* KRASNOYARSK KRAI: S&P Revises Outlook to Negative From Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on the eastern Siberian region Krasnoyarsk Krai to
negative from stable.  The 'BB+' long-term issuer credit and
'ruAA+' Russia national scale ratings on Krasnoyarsk Krai were
affirmed.  At the same time, 'BB+' and 'ruAA+' senior unsecured
debt ratings were assigned to the krai's planned three-year
amortizing Russian ruble 10.2 billion ($340 million) bond, which
the region intends to place on Nov. 12, 2009.

The bond will have 12 quarterly, fixed, step-down coupons and an
amortizing repayment schedule.  In both 2010 and 2011, 30% of the
bond is scheduled to be redeemed, and the remaining 40% is set to
be redeemed in 2012.

"The outlook revision is because S&P expects that the krai will
suffer a significant deterioration of its budgetary performance
and a gradual depletion of its previously ample cash reserves in
2009-2010," said Standard & Poor's credit analyst Felix Ejgel.

The ratings are constrained by revenue volatility -- and
consequently budgetary performance -- stemming from high
industrial and taxpayer concentration, additional pressures from
costs and infrastructure requirements, and low financial
flexibility, which is typical for Russia's regions.

These weaknesses are partly mitigated by the krai's strong debt
management and the transparency of its financial policy.  Combined
with an adequate liquidity position, these factors support the
ratings in the short to medium term, while the region's strong
economic potential from its natural resources and good energy
supply support credit quality over the longer term.

Industry accounts for a high 55% of Krasnoyarsk Krai's gross
regional product (2008 forecast) and is dominated by metal
production, which has been severely affected by decreased demand
and a sharp correction of record high prices.

Following a sharp decline in world metal prices in 2008-beginning
of 2009 metal producers' profits dropped, cutting the krai's
profit tax by more than 50% in 2009 compared with the amount
received in 2007.  S&P believes that operating performance will
recover gradually in 2010-2011, thanks to continued efforts by the
krai's administration to control expenditures, as well as resumed
tax payments from OJSC MMC Norilsk Nickel (BBB-/Negative/--,
Russia national scale 'ruAA+').

The negative outlook reflects S&P's view that the sluggish
economic recovery in Russia may undermine the krai's efforts to
achieve a positive operating balance and modest deficit after
capital expenditures by 2011.  S&P's rating factors in its near-
certainly that the krai's direct debt will remain less than 20% of
operating revenues within next three years, with debt service not
exceeding 10% of operating revenues.

S&P might revise the outlook to stable if the krai manages to curb
expenditure growth to the level needed to ensure a gradual
reversal of negative operating balances into positive territory by
2011, backed by a sound economic revival in Russia in general or
additional support from the federal government.

"A sharper decline in revenues or the krai's inability to curb
expenditure growth, which would consequently lead to an increase
of the krai's debt burden beyond S&P's projected levels, might
lead us to lower the ratings," said Mr. Ejgel.


* KRASNOYARSK REGION: Fitch Assigns 'BB+' Rating on Bond Issues
---------------------------------------------------------------
Fitch Ratings has assigned the Krasnoyarsk Region's upcoming
RUB10.2 billion domestic bond issue, due November 8, 2012, an
expected Long-term local currency rating of 'BB+' and National
Long-term rating of 'AA(rus)'.  The region is rated Long-term
foreign and local currency 'BB+' with Stable Outlooks,
respectively, Short-term foreign currency 'B', and National Long-
term 'AA(rus)' with a Stable Outlook.

The bond issue has a fixed-rate step-down coupon.  The initial
coupon rate will be set at the auction on November 12, 2009.  The
principal will be amortized by 30% of the initial bond issue value
on November 11, 2010, and by another 30% of the initial value on
November 10, 2011.  The remaining 40% of the initial value will be
redeemed on 8 November 2012.  The proceeds from the new bond will
be used to finance the region's budget deficit.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

The Krasnoyarsk region is located in the eastern Siberian part of
Russia.  The region accounts for 2.6% of Russia's (2007) GDP and
around 2% of its population.


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


INMOBILIARIA COLONIAL: Eyes Debt Refinancing Agreement by Year-End
------------------------------------------------------------------
Feliciano Tisera at Reuters reports that Inmobiliaria Colonial SA
said it hopes to reach a debt refinancing agreement with its
creditors before the end of the year.

According to Reuters, Colonial's debt totaled EUR6.4 billion
(US$9.59 billion) at the end of September, virtually unchanged
from the end of June.

Goldman Sachs, Calyon, Eurohypo and Royal Bank of Scotland are
Colonial's main creditors, Reuters notes.

Inmobiliaria Colonial SA -- http://www.inmobiliariacolonial.com/
-- is a Spanish company engaged in the real sector.  The Company's
activities include the acquisition, development and management of
non-residential properties primarily for rental purposes.  The
Company has in its portfolio a number of office-buildings located
in Madrid, Barcelona and Paris. Through Riofisa SAU, the Company
is involved in the management and development of shopping centers
located in Romania and Bulgaria.  In addition, it is also involved
in the housing development business in Spain.  The Company owns
such subsidiaries as Societe Fonciere Lyonnaise SA, Urbaplan 2001
SAU, Subirats-Coslada-Logistica SLU, Inversiones Tres Cantos SL,
Entrenucleos DI SL, Dehesa de Valme SL, Torre Marenostrum SL,
Inversiones Notenth SL, Inmocaral Servicios SAU, Diagonal Les
Punxes 2002 SLU and Colren SLU, among others.


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


DELTA PROFIL: Claims Filing Deadline is November 16
---------------------------------------------------
Creditors of Delta Profil Welding GmbH are requested to file their
proofs of claim by November 16, 2009, to:

         Marguerite Bosio-Camadini
         Eggstrasse 15
         8134 Adliswil
         Switzerland

The company is currently undergoing liquidation in Adliswil.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 26, 2009.


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

         Roger Boner
         Aspermontstrasse 6
         7000 Chur
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at a shareholders' meeting
held on October 2, 2009.


HELIO TECHNIK: Claims Filing Deadline is November 16
----------------------------------------------------
Creditors of Helio Technik GmbH are requested to file their proofs
of claim by November 16, 2009, to:

         Manfred Koll
         Liquidator
         Biberstrasse 54
         8240 Thayngen
         Switzerland

The company is currently undergoing liquidation in Thayngen.  The
decision about liquidation was accepted at a shareholders' meeting
held on October 24, 2008.


INTEX CONSULTING: Claims Filing Deadline is November 16
-------------------------------------------------------
Creditors of Intex Consulting GmbH are requested to file their
proofs of claim by November 16, 2009, to:

         Intex Consulting GmbH
         Baarermattstr. 16
         6300 Zug
         Switzerland

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


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

         Kispa AG
         Winkelweg 3
         8853 Lachen
         Switzerland

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


MEIER TRANSPORTE: Claims Filing Deadline is November 16
-------------------------------------------------------
Creditors of Meier Transporte GmbH are requested to file their
proofs of claim by November 16, 2009, to:

         Yvonne Meier, liquidator
         Spendtrottengut 10
         8203 Schaffhausen
         Switzerland

The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at a shareholders'
meeting held on October 28, 2008.


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


KIEV BREWERY: Creditors Must File Claims by November 15
-------------------------------------------------------
Creditors of CJSC Kiev Brewery #1 (code EDRPOU 00377549) have
until November 15, 2009, to submit proofs of claim to O.
Ivanchenko, the company's insolvency manager.

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on October 12, 2009.  The case is docketed
under Case No. 16/62-b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kiev Brewery #1
         40 years of October Ave. 8
         03039 Kiev
         Ukraine


PODOLSKOYE AGRICULTURAL: Creditors Must File Claims by November 15
------------------------------------------------------------------
Creditors of Agricultural OJSC Podolskoye (code EDRPOU 00414227)
have until November 15, 2009, to submit proofs of claim to:

         N. Vozniakevich
         Insolvency Manager
         Office 712
         Hmelnitsky highway Str. 2-A
         21036 Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on September 18, 2009.  The case is docketed
under Case No. 10/145-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Agricultural OJSC Podolskoye
         Lenin Str. 1
         Komarovtsy
         Bar
         Vinnitsa
         Ukraine


TOTUS LLC: Creditors Must File Claims by November 15
----------------------------------------------------
Creditors of LLC Totus (code EDRPOU 30619870) have until
November 15, 2009 to submit proofs of claim to I. Gaborak, the
company's insolvency manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on October 1, 2009.  The case is
docketed under Case No. B24/355-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Totus
         Teplichnaya Str. 27-a
         Yubileynoye
         52005 Dnepropetrovsk
         Ukraine


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


AERO INVENTORY: In Administration; KPMG Appointed
-------------------------------------------------
Jim Tucker, Richard Heis and Allan Graham of KPMG, were appointed
joint administrators of Aero Inventory plc, the AIM-listed
aircraft parts wholesaler, together with its subsidiary Aero
Inventory (UK) Limited on November 11, 2009.

The Companies trade globally, with their UK head office in New
Barnet, Hertfordshire and UK operations based around Stansted,
Essex.

The appointment, which was made at the request of the Companies'
directors, follows the suspension of trading in Aero Inventory's
shares on October 26 and a subsequent market update on
November 3.  Trading in the Company's shares remains suspended.

Jim Tucker, KPMG partner and lead administrator, commented:
"With a predicted combined loss across the airline sector of US$11
billion this year, some of the resulting pressures were bound to
feed through to the parts supply chain.  Ultimately, Aero was
unable to generate enough cash to service its commitments.  The
administrators note the recent public announcements made by the
group in relation to the valuation of its inventory, and will be
investigating these matters fully."

Mr. Tucker added: "The priority now is to stabilise the business.
We are already in discussions with all major customers about their
future servicing requirements.  Unfortunately, the group does not
have the resources to retain its workforce in full, so 135 of its
200 UK based employees have had to be made redundant."


ANSCO MODULAR: In Administration; Offers Solicited
--------------------------------------------------
Ansco Modular Limited, a modular buildings business currently
administration, is in the market.  According to Pattinsons
Insolvency Ltd., Ansco Modular:

    * manufactures modular buildings for all sectors of the
      market,

    * has an extensive product range

    * has single and multi-story structures; and

    * has leasehold premises that include a modern three-acre
      site in Hull area.

For further details, please contact:

      the Administrator
      Kings Business Centre,
      90-92 King Edward Road,
      Nuneaton, Warwickshire CV11 4BB
      Telephone: +44(0)24 76320120
      Facsimile: +44(0)24 76320113
      E-mail: insol@pattinsonsinsolvency.co.uk


DAS GREEN: Offers for Assets Due Today
--------------------------------------
DAS Green Energy UK Limited is in liquidation.

DAS Green has a GBP30 million Biomass Integrated Gasification
Combined Cycle Electricity Generating Plan in North Yorkshire, UK.
The site has a planning consent for development into a power
station.  It is developed with the Department of trade and
Industry and EU as an eco-friendly wood-burning power station.

Nikla Limited says that offers for the plant and site must be in
excess of GBP2.5 million.  Enquiries must be sent to Tony Alkin of
Nikla Limited by November 13.  E-mail Mr. Alkin at
tony.alkin@insolvencysoutheaset.co.uk


FIFTY: Owner Opts for Administration After Failed Sale Attempts
---------------------------------------------------------------
Dominic Walsh at The Times reports that London Clubs International
has decided to put Fifty, the high-roller casino and private
members' club in London, into administration after protracted
attempts to sell the business failed.

According to the report, LCI, is expected to ask a court on
Monday, Nov. 16, to rubber-stamp the appointment of administrators
to the loss-making business.

The report relates in recent weeks LCI had been holding detailed
negotiations over a sale to Timori Kartchava, a Russian
businessman and well-known high-roller, for between GBP8 million
and GBP9 million.

"We have explored and considered all alternatives but it is clear
that, despite the best efforts of the management, the only option
is to call in administrators," the report quoted LCI as saying in
a letter to members.

LCI said that the restaurants and bars would continue to trade as
normal, but the gaming floor, which suspended its operations
almost a month ago, would remain closed, the report notes.


FIRST QUENCH: Makes 35 Further Redundancies at Head Office
----------------------------------------------------------
The joint administrators of First Quench Retailing, which trades
as the Threshers, Wine Rack, The Local, Haddows, Bottoms Up and
Victoria Wine brands, made a further 35 redundancies at head
office on November 11, 2009.

Richard Fleming, UK Head of Restructuring at KPMG, and joint
administrator, commented: "Unfortunately, we have made a further
35 redundancies at head office in Welwyn Garden City.  This
follows the initial 81 redundancies announced on appointment of
administrators.  The redundancies reflect the reduced need for
head office staff, following the store closure programme announced
last week. The redundancies were made across the head office
teams."

First Quench Retailing operates around 1,200 Threshers, The Local,
Wine Rack, Bottoms Up, Victoria Wine and Haddows branded stores
across Scotland, England and Wales and employs approximately 6,300
people.  Richard Fleming, Mick McLoughlin and Ian Corfield of KPMG
were appointed joint administrators to First Quench on Thursday,
October 29, 2009.  A total of 81 staff at head office were made
redundant on Friday, October 30, 2009.  A further 1,738
redundancies are being made as part of the closure of 373 stores,
announced on Thursday, November 5, 2009.  There were originally
208 employees at head office, which has now reduced to 92 as part
of the administration.


FIRST QUENCH: Gets Several Expressions of Interest for Stores
-------------------------------------------------------------
Esther Bintliff, Martin Arnold and Anousha Sakoui at The Financial
Times report that a bakery chain, a private equity group, a drinks
wholesaler and 700 independent businessmen have all expressed an
interest in buying one or more of First Quench Retailing's off-
licence stores out of administration.

According to the FT, first-round bids will be submitted today,
Nov. 13, to KPMG, First Quench's administrators, and will be
considered over the next few days.

As reported by the Troubled Company Reporter-Europe, Richard
Fleming, Mick McLoughlin and Ian Corfield of KPMG were appointed
joint administrators to First Quench on Oct. 29, 2009.

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

First Quench Retailing operates around 1,200 Threshers, The Local,
Wine Rack, Bottoms Up, Victoria Wine and Haddows branded stores
across Scotland, England and Wales and employs approximately 6,300
people.


GOODWOOD GOLD: Moody's Cuts Rating on Class E Notes to 'B2'
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the
Classes A, B, C, D and E credit-linked notes issued by Goodwood
Gold Limited.  The rating action concludes the rating review
resulting from Moody's revision of its methodology for SME
granular portfolio in EMEA.  This revised methodology was
announced on 17 March 2009 and the affected transactions were
placed on review on 23 March 2009.

In this synthetic transaction, Lloyds TSB Bank plc ("LTSB"; Aa3/P-
1) transfers to investors credit risk on a reference portfolio of
loans granted to small and medium sized enterprises across the UK.
The transaction closed on 26 November 2007.

As part of its review, Moody's has revised its average default
probability rating assumption for the reference loan portfolio to
an equivalent strong B1, compared to an initial Ba2 rating proxy
at closing (stressed to Ba3 over the replenishment period to
reflect potential adverse credit migration).  Based on Moody's
original assumption of a three-year weighted-average life for the
assets in the portfolio, this translates into a cumulative mean
default probability of 10.3% over the life of the remaining
assets.

In this transaction, a credit event in respect of a reference loan
is defined as "bankruptcy", "failure to pay" and "restructuring".
Failure to pay is defined as the earlier of (i) 180 days past due
payments and (ii) the loan transfer to LTSB's recovery department.
This 180-day default definition differs from the typical 90-day
default definition reflected in Basel II default probabilities and
typically used in Moody's default assumptions for EMEA SME
securitizations.  A number of loans 90-days past due would
typically cure (re-perform) before reaching 180 days of arrears,
so originators using a default definition of 90-day past due are
likely to record both higher default rates and higher recovery
rates than those using a default definition of 180-days past due.
As Moody's revised default assumption on the pool relates to the
usual 90-day default definition, Moody's has kept a high mean
recovery rate assumption of 70% (with a 20% standard deviation)
despite the weak UK economic environment.  The combination of the
revised 10.3% probability of default assumption and 70% mean
recovery rate assumption translates into a mean cumulative loss
rate of 3.1%, which corresponds to a Ba2 expected loss rating
proxy.

As a result of its higher mean default assumption, Moody's
unchanged asset correlation assumption (5.5%) mechanically results
in a lower coefficient of variation assumption of 42% (vs. 50% at
closing) for the normal inverse default distribution used in the
cash flow model.

As of the investor report dated 20 October 2009, cumulative credit
events had reached 3.52% of the initial reference pool balance
(2.45% of the initial balance plus cumulative replenishments) and
cumulative losses were at 0.15% of the initial reference pool
balance.  To date, the cumulative recovery rate on liquidated
reference obligations has been approximately 56%, although the
vast majority of loans and collateral for which credit events were
notified have not yet been worked out and potential losses have
not yet been allocated.  As a result of the increase in cumulative
credit events (which exceeded GBP100 million as of the October
2009 investor report), Moody's expects the GBP120 million stop
replenishment trigger to be breached in the coming months, ahead
of the end of the contractual replenishment period in 2011.
Therefore, Moody's now assumes that the portfolio will stop
replenishing and start amortising within the next quarter.

Moody's has monitored this transaction using ABSROM.

                 Detailed List of Rating Actions

  -- Class A, downgraded to Aa1 from Aaa; previously on 23 March
     2009 placed under review for possible downgrade

  -- Class B, downgraded to A1 from Aa2; previously on 23 March
     2009 placed under review for possible downgrade

  -- Class C, downgraded to Baa2 from A2; previously on 23 March
     2009 placed under review for possible downgrade

  -- Class D, downgraded to Ba1 from Baa2, previously on 23 March
     2009 placed under review for possible downgrade

  -- Class E, downgraded to B2 from Ba1, previously on 23 March
     2009 placed under review for possible downgrade


ILFORD IMAGING: Employees Can't Have Pensions Increased, FT Says
----------------------------------------------------------------
James Lumley at Bloomberg News, citing the Financial Times,
reports that senior employees of Ilford Imaging U.K. Ltd., a
company that has gone into bankruptcy protection, can't have their
pensions increased.

Bloomberg relates the paper said the trustees of a pension fund
sponsored by Ilford Imaging intended to buy some staff annuities
to add to their pensions.  According to Bloomberg, the paper said
a judge at the High Court in London ruled that to do so would be
taking advantage of Britain's Pension Protection fund, a
government-sponsored body that safeguards pensioners of failed
companies.


INCASEP LIMITED: Offered for Sale as Going Concern
--------------------------------------------------
W John Kelly, Nigel Price and James Martin from Begbies Traynor,
who have been appointed as joint administrators, offer for sale as
a going concern the business and assets of Incasep Limited, t/a
Greyhound Plant Services.

The Company provides plant hire, earthworks and training services
to the construction industry, highways, water and waste and
quarrying industries.  Turnover has been in the region of GBP20
million per annum and the Company has a bluechip customer base.
The Company has 200 employees.

Parties interested in the assets must contact:

      John Kelly
        E-mail: john.kelly@begbies-traynor.com
      John Fletcher
        E-mail: john.fletcher@begbies-traynor.com
      Jason Daft
        E-mail: jason.daft@begbies-traynor.com
      Telephone: 0121 200 8150
      Facsimile: 0121 200 8160


LYMINGTON ACCOUNTS: In Liquidation; Begbies Appointed
-----------------------------------------------------
Antony Fanshawe, regional partner with business rescue, recovery
and turnaround company Begbies Traynor, has been appointed to wind
up the affairs of Lymington outsourced accounts specialist Shared
Accounting Services.

The business established in 2006 employed one person and operated
from premises in Marsh Lane.  It was placed into voluntary
liquidation following the loss of a major client earlier this
year.

Antony Fanshawe said: "The demise of Shared Accounting Services
highlights the knock-on effect of the recession which is now being
felt throughout the professional services and business to business
sectors."


MULTIBUILD LTD: Creditors Support CVA Process to Cut Debts
----------------------------------------------------------
Nick Whitten at Construction News reports that Multibuild Ltd.'s
creditors allowed the firm to enter into a Company Voluntary
Arrangement in a bid to reduce its debts.

The report relates a statement from parent company Multibuild
Group said creditors at a recent meeting voted in favor of the CVA
process for Multibuild, which has been experiencing difficulties
due to a number of bad debts.

Multibuild latest set accounts are for the year to September 30,
2007, which show a pre-tax profit of GBP1.1 million on turnover of
GBP71.2 million.

Multibuild -- http://www.multibuild.co.uk/-- is a construction
firm based in Stockport.


NDF ADMINISTRATION: Business and Assets for Sale
------------------------------------------------
The joint administrators Andrew Hosking and Martin Ellis of Grant
Thornton UK LLP offer for sale the business and assets of NDF
Administration Limited and Defined Returns Limited, both in
administration.

The two firms provided structured financial products and ISA
mortgage products to circa 35,000 investors, both through IFA's
and direct sales.  For further information contact:

    David Cutts
    Grant Thornton UK LLP
    E-mail: david.cutts@gtuk.com

For further information on the current position, investors and
creditors should visit the Web site
http://ndfa.creditorhelpline.co.ukand for further queries, call
the helpline on 0844 770 2203.


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


* BOOK REVIEW: Distressed Investment Banking: To the Abyss and
              Back
---------------------------------------------
Authors: Henry F. Owsley and Peter S. Kaufman
Publisher:  Beard Books
Hardcover:  236 pages
List Price: US$59.96

Own your personal copy at
http://amazon.com/exec/obidos/ASIN/1587982676/internetbankrupt

This new book is the definitive work on distressed investment
banking by two widely acknowledged leaders in this field.

Dealing with the restructuring of troubled companies, an insider's
view is provided on the methods and complexities of this
fascinating area of investment banking.

It demystifies what investment bankers really do and conveys
difficult concepts in easily understandable terms.

Particular focus is directed to unconflicted advice to boards of
directors interested in recoveries of shareholders.

Attorneys, accountants, crisis mangers, business students, judges,
and investment bankers -- as well as management and directors of
distressed companies -- all will find this book of interest.


                            *********

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.

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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.


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