TCREUR_Public/091116.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

           Monday, November 16, 2009, Vol. 10, No. 226

                            Headlines

A U S T R I A

ADVANCED TECHNOLOGY: Claims Filing Deadline is November 26
MESSEBAU NEMETH: Claims Filing Deadline is November 26
P-I-F ELEKTROINSTALLATION: Claims Filing Deadline is November 26
PLANUNG & DESIGN: Claims Filing Deadline is November 26


C Z E C H   R E P U B L I C

JITEX: Declared Bankrupt by Ceske Budejovice Court


F R A N C E

EURO DISNEY: Posts EUR63 Mln Loss; Defers Interest Payments


G E R M A N Y

HYPO REAL: Shareholder Case to Go to European Court


G R E E C E

ANAPTYXI 2006-1: S&P Lowers Rating on Class D Notes to 'B'


I T A L Y

ATLANTE FINANCE: S&P Downgrades Rating on Class C Notes to 'BB'


K A Z A K H S T A N

AKSAI SERVICE: Creditors Must File Claims by November 25
ALLIANCE RETAIL: Creditors Must File Claims by November 25
ASIA CONCRETE: Creditors Must File Claims by November 25
ASTANA FINANCE: Moody's Downgrades Issuer Debt Ratings to 'C'
DESIGN 2005: Creditors Must File Claims by November 25

GRAND MARKET: Creditors Must File Claims by November 25
KUSTANAI STROY: Creditors Must File Claims by November 25
SCAD LLP: Creditors Must File Claims by November 25
TPK ARU: Creditors Must File Claims by November 25
VK PRODVIJENIYE: Creditors Must File Claims by November 25

VOSHOD ST: Creditors Must File Claims by November 25


K Y R G Y Z S T A N

METALL GRANT: Creditors Must File Claims by December 9
S-CLOTHING: Creditors Must File Claims by December 9


L U X E M B O U R G

CRC BREEZE: S&P Downgrades Rating on EUR300 Mil. Bonds to 'B+'
LOGWIN AG: S&P Downgrades Corporate Credit Rating to 'B-'


P O L A N D

CENTRAL EUROPEAN: Moody's Assigns 'B1' Rating on US$870 Mil. Notes
PKN ORLEN: Net Income Up to PLN930.6 Mln in Third Quarter 2009


R U S S I A

RZHEV-GRAZHDAN: Creditors Must File Claims by November 25
KAMENSKIY REGIONAL: Creditors Must File Claims by November 25
KLYAVLINSKIY OIL: Under External Mngt Bankruptcy Procedure
UC RUSAL: May Offer Assets to Chinese Firms to Secure IPO Support


S W E D E N

SAS AB: Moody's Junks Corporate Family Rating From 'B3'


S W I T Z E R L A N D

HTS MARKETING: Claims Filing Deadline is November 18
LONGVIEW AG: Claims Filing Deadline is November 18
TELAFIN HOLDING: Claims Filing Deadline is November 18
WUETHRICH METALLBAU: Claims Filing Deadline is November 18


U K R A I N E

* CITY OF KHARKOV: Fitch Downgrades Currency Ratings to 'B-'
* CITY OF KYIV: Fitch Downgrades Currency Ratings to 'B-'
* CITY OF ODESSA: Fitch Downgrades Currency Ratings to 'B-'
* UKRAINE: Fitch Cuts LT Issuer Default Ratings of Nine Banks
* UKRAINE: Fitch Downgrades Issuer Default Ratings to 'B-'


U N I T E D   K I N G D O M

AERO INVENTORY (UK) LIMITED: Chapter 15 Case Summary
FLANNELS GROUP: Deloitte Oversees Company Voluntary Arrangement
JOHN STEPHENSON: Majority of Assets Sold to European Food Brokers
KENMORE PROPERTY: Put 21 Companies Into Administration
LADBROKES PLC: Closes Paddington Casino; 100 Jobs Affected

LM LOGISTICS: Creditors Back CVA Deal to Secure Future


X X X X X X X X

* BOND PRICING: For the Week November 9 to November 13, 2009


                         *********



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


ADVANCED TECHNOLOGY: Claims Filing Deadline is November 26
----------------------------------------------------------
Creditors of Advanced Technology Solution 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 9:20 a.m.

For further information, contact the company's administrator:

         Dr. Richard Proksch
         Am Heumarkt 9/1/11
         1030 Vienna
         Austria
         Tel: 7134651
         Fax: 7138435
         E-mail: proksch@eurojuris.at


MESSEBAU NEMETH: Claims Filing Deadline is November 26
------------------------------------------------------
Creditors of Messebau Nemeth KG 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 10:20 a.m.

For further information, contact the company's administrator:

         Dr. Michael Lesigang
         Landstrasser Hauptstraße 14-16/8
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26/27
         E-mail: michael@lesigang.at


P-I-F ELEKTROINSTALLATION: Claims Filing Deadline is November 26
----------------------------------------------------------------
Creditors of P-I-F Elektroinstallation GmbH have until November
26, 2009, to file their proofs of claim.

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

For further information, contact the company's administrator:

         Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at


PLANUNG & DESIGN: Claims Filing Deadline is November 26
-------------------------------------------------------
Creditors of Planung & Design 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 9:40 a.m.

For further information, contact the company's administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at


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


JITEX: Declared Bankrupt by Ceske Budejovice Court
--------------------------------------------------
CTK reports that the Regional Court in Ceske Budejovice, southern
Bohemia, on Nov. 12 declared Czech textile firm Jitex bankrupt.

Creditors have until 30 days to file their claims, CTK says.

As reported by the Troubled Company Reporter-Europe, citing Stepan
Blaha, the company's interim insolvency administrator, CTK
disclosed the moratorium, guaranteeing protection against
creditors, expired Nov. 3.  The company has been in insolvency
proceedings since July due to outstanding debts, CTK noted.


===========
F R A N C E
===========


EURO DISNEY: Posts EUR63 Mln Loss; Defers Interest Payments
-----------------------------------------------------------
Scheherazade Daneshkhu at The Financial Times reports that Euro
Disney has missed performance targets for the 2009 financial year.

The FT relates the heavily indebted company made a net loss of
EUR63 million (US$93 million) after creeping into profit in 2008
for the first time in five years, with a net EUR1.7 million.

According to the FT, the company failed to meet performance
targets imposed in the 2005 financial restructuring, leading it to
defer EUR65.2 million of royalty and interest payments, of which
EUR50 million was due to Disney, which owns 40% of the Paris-based
operator.

Euro Disney, as cited by the FT, said it expected to defer a
EUR5.1 million interest payment to Caisse des Depots et
Consignations, France's state-owned finance house, in the first
quarter of the 2010 fiscal year.

Euro Disney SCA -- http://corporate.disneylandparis.com/-- is a
France-based umbrella company that, along with its subsidiaries,
is primarily engaged in the operation of Disneyland Park and Walt
Disney Studios Park in France.  The Company also manages seven
themed hotels, such as Disneyland Hotel and Hotel New York, two
convention centers, the Disney Village entertainment center and a
golf course.  In addition, Euro Disney SCA owns a 2,000-hectare
site, which includes approximately 1,000 hectares of undeveloped
land.  It operates a number of subsidiaries, including Euro Disney
Commandite SAS, Euro Disney Associes SCA, EDL Hotels SCA, EDL
Services SAS, Euro Disney Vacances SAS and ED Spectacles SARL,
among others.


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


HYPO REAL: Shareholder Case to Go to European Court
---------------------------------------------------
Oliver Suess and Karin Matussek at Bloomberg News report that a
Hypo Real Estate Holding AG shareholder case over a decision by
Germany's Soffin bank-rescue fund to force out minority investors
is likely to be sent to the European Union's top court.

According to Bloomberg, presiding judge Helmut Krenek said at a
hearing Thursday the Munich Regional Court may ask its European
colleagues for guidance.

The suit, Bloomberg says, seeks to overturn a shareholders
decision at Hypo Real Estate's June 2 extraordinary meeting,
allowing Soffin to acquire a 90% stake and force out the minority.

Bloomberg relates Judge Krenek said the court won't issue a
decision before April next year.  Any ruling can be appealed,
Bloomberg notes.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 6,
2009, Fitch Ratings affirmed Hypo Real Estate Holding AG's
individual rating at 'F'.


===========
G R E E C E
===========


ANAPTYXI 2006-1: S&P Lowers Rating on Class D Notes to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class C and D notes
issued by Anaptyxi 2006-1 PLC.  At the same time, S&P affirmed its
ratings on the class A and B notes.

S&P had placed the class C and D notes on CreditWatch negative on
Aug. 3, 2009.

The rating actions follow a cash flow analysis factoring in an
updated assessment of default rates applied at each rating level.
S&P's review of the assumed default rates was triggered by a
deterioration of the performance of the underlying collateral,
namely an increase in arrears and write-off levels.  S&P's review
focused on the collateral's performance data, an updated
assessment of the underlying portfolio's risk profile, and an
assessment of the structure's ability to withstand cash flow
stresses at each rating level.

Even though arrears in this transaction exhibit a marked
seasonality, they have started to follow a substantial upward
trend starting from the end of 2008.  The acceleration has been
more pronounced for loans in arrears for more than 60 days.  This
increase in the stock of delinquent loans has brought about a
significant increase in write-off levels.

Eurobank EFG, the originator and servicer of the transaction, has
informed us that it is implementing measures to contain arrears.
These measures range from a greater focus on early arrears to a
closer management of the borrowers' overall debt position and
tighter underwriting standards.  Data on the three latest monthly
reporting periods suggest a relative stabilization of performance,
in S&P's view.  In terms of composition, S&P believes the
portfolio is gradually migrating toward a more favorable risk-
reward profile, as suggested by an increase in the average margin
charged to the accounts.

The three-month rolling average default rate (calculated on the
basis of loans in arrears for more than 90 days) as of the end of
September 2009 was 3.05%, down from a peak of 4.46% at the end of
June 2009, but still up from 1.54% recorded at the end of August
2008.  In S&P's view, this represents a more appropriate benchmark
given the seasonality in performance.  If this ratio goes above
the 5% threshold, the transaction documents state that it is not
allowed to revolve any more and starts amortizing.

Credit enhancement in the transaction is provided by
subordination, overcollateralization, excess spread, and a cash
reserve.  The issuer drew on the cash reserve by a small amount on
the December 2008 interest payment date (IPD) and replenished it
to its target (and current) level on the following IPD.

Anaptyxi 2006-1 is ultimately backed by a granular pool of secured
and unsecured loans granted to Greek small businesses and
professionals originated by Eurobank EFG.  The transaction can
revolve for five years, subject to certain conditions being met.

                           Ratings List

                       Anaptyxi 2006-1 PLC
          EUR2.25 Billion Asset-Backed Floating-Rate Notes

      Ratings Lowered and Removed From Creditwatch Negative

                              Rating
                              ------
          Class        To               From
          -----        --               ----
          C            BBB-             BBB/Watch Neg
          D            B                BB/Watch Neg

                         Ratings Affirmed

                       Class        Rating
                       -----        ------
                       A            AAA
                       B            A


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


ATLANTE FINANCE: S&P Downgrades Rating on Class C Notes to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch
negative and lowered its ratings on the class C notes issued by
Atlante Finance S.r.l.  At the same time, S&P affirmed the class A
and B notes.

These rating actions follow S&P's review of this transaction in
the light of an increase in arrears and default levels in the
pool.

Delinquency levels (defined as loans in arrears for 30 days or
more) at the end of the latest collection period were 19.07% of
the outstanding collateral, up from 17.5% at the end of the
previous collection period.  This increase has been mainly due to
a weak performance on the SME part of the portfolio.  Also,
despite increases in arrears for the RMBS part of the portfolio,
these residential loans are performing as S&P expected.

Over this period, S&P recorded a high level of arrears in the 120-
180 days bucket, which could ultimately lead to higher defaults on
the next interest payment date.  New defaults in the latest
collection period were around EUR12 million, up from EUR5 million
in the previous period.

Under the transaction documentation, a mortgage loan is classified
as "defaulted" if it is in arrears for more than 180 days.  The
full balance of defaulted loans and the due and unpaid
installments of delinquent loans are covered through an excess
spread trapping mechanism.  Given the dynamic of arrears and
defaults, on the last IPD the transaction did not cover
approximately EUR25 million, and it is unlikely that excess spread
available will be enough to cover this amount on the next IPD.

Credit enhancement available to all the rated notes has increased
since closing as a result of the ongoing collateral amortization
and a "turbo" amortization mechanism that on the first few IPDs
allowed senior notes to amortize faster (by EUR20 million) than
the collateral.  The transaction does not feature a cash reserve.
A combined waterfall and a liquidity facility provide liquidity.

                           Ratings List

                      Atlante Finance S.r.l.
     EUR1.52 Billion Asset-Backed Floating-Rate Notes Series 3

       Rating Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
       Class           To                       From
       -----           --                       ----
       C               BB                   BBB-/Watch Neg

                         Ratings Affirmed

                       Class          Rating
                       -----          ------
                       A              AAA
                       B              A


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


AKSAI SERVICE: Creditors Must File Claims by November 25
--------------------------------------------------------
LLP Aksai Service Janali is currently undergoing liquidation.
Creditors have until November 25, 2009, to submit proofs of claim
to:

         Micro District 4-34
         Aksai
         West Kazakhstan
         Kazakhstan


ALLIANCE RETAIL: Creditors Must File Claims by November 25
----------------------------------------------------------
Branch of LLP Alliance Retail Group is currently undergoing
liquidation.  Creditors have until November 25, 2009, to submit
proofs of claim to:

         Moldagulova Ave. 45
         Aktobe
         Kazakhstan


ASIA CONCRETE: Creditors Must File Claims by November 25
--------------------------------------------------------
LLP Asia Concrete is currently undergoing liquidation.  Creditors
have until November 25, 2009, to submit proofs of claim to:

         Kirov Str. 157
         Pavlodar
         Kazakhstan


ASTANA FINANCE: Moody's Downgrades Issuer Debt Ratings to 'C'
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term issuer and
debt ratings of Astana Finance to C from Ca.  The issuer's
Baseline Credit Assessment has been lowered to 21 from 20 (on a
scale of 1 to 21, where 1 represents the lowest credit risk).  All
long-term ratings carry stable outlook.

This rating action concludes Moody's review process which was
initiated on May 21 and prompted by the issuer's default on its
public debts.  Following the default, Astana Finance considered
the restructuring of its debts in the amount of around
US$1.8 billion and has recently signed a Memorandum of
Understanding with the Creditors' Committee, which contains
indicative terms to be offered to creditors in connection with a
proposed restructuring.

The MoU proposes that each type of creditor will be awarded a
fixed basket of debt and equity instruments, with different terms
for different types of creditors of the same subordination level.
The domestic creditors have already announced their objection to
the suggested restructuring plan and Moody's believes that this
position may delay completion of the restructuring process.

Based on the financial information, published by Astana Finance as
of end-August 2009, Moody's estimates that the potential losses
for the issuer's creditors will exceed 50% in view of the
substantial impairment of the issuer's assets (loan loss reserves
accounted for about 33% of total loans), which has led to
significant negative equity to date.  Moody's also does not rule
out the possibility of further deterioration of the issuer's asset
quality because of the company's weak underwriting standards and
still challenging economic environment in Kazakhstan.  As a
result, Moody's estimates the net present value of Recovery Loan
Notes, proposed to the issuer's senior unsecured creditors
(excluding holders of tenge-denominated bonds and trade finance
creditors) as low.

"Moody's believes that the likelihood of cash contributions from
existing shareholders, which would have increased the debt
recovery for creditors, is low.  The likelihood of systemic
support provision from Sovereign Wealth Fund Samruk-Kazyna, which
controls more than 25% of the company, is also low," said Maxim
Bogdashkin, a Moody's Moscow-based analyst for Astana Finance.

Moody's previous rating action on Astana Finance was implemented
on 21 May 2009 when its local and foreign currency debt ratings
were downgraded to Ca from B3 (and the BCA was lowered to 20 from
17).  Concurrently, the long-term ratings had been placed on
review for further possible downgrade.

Headquartered in Astana, Astana Finance (Kazakhstan) reported
total assets of US$1.4 billion and total negative equity of
US$589 million, according to the company's preliminary unaudited
consolidated IFRS statements as of end-September 2009.


DESIGN 2005: Creditors Must File Claims by November 25
------------------------------------------------------
LLP Design 2005 is currently undergoing liquidation.  Creditors
have until November 25, 2009, to submit proofs of claim to:

         Lenin Str. 103-8
         Rudny
         Kazakhstan


GRAND MARKET: Creditors Must File Claims by November 25
-------------------------------------------------------
Creditors of LLP Grand Market Stroy have until November 25, 2009,
to submit proofs of claim to:

         Vagonnaya Str. 2/1
         Uralsk
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on August 17,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan


KUSTANAI STROY: Creditors Must File Claims by November 25
---------------------------------------------------------
Creditors of OJSC Factory of Construction Machines Kustanai Stroy
Mash have until November 25, 2009, to submit proofs of claim to:

         Pushkin Str. 201-9
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
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 Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


SCAD LLP: Creditors Must File Claims by November 25
---------------------------------------------------
Creditors of LLP Firm Scad have until November 25, 2009, to submit
proofs of claim to:

         Sovetskaya Str. 31
         Zyryanovsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on
September 9, 2009, after finding it insolvent.

The Court is located at:

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


TPK ARU: Creditors Must File Claims by November 25
--------------------------------------------------
Creditors of LLP TPK Aru have until November 25, 2009, to submit
proofs of claim to:

         Pushkin Str. 201-9
         Kostanai
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kostanai
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 Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


VK PRODVIJENIYE: Creditors Must File Claims by November 25
----------------------------------------------------------
Creditors of LLP Micro Credit Organization Prodvijeniye Invest
have until November 25, 2009, to submit proofs of claim to:

         Sovetskaya Str. 31
         Zyryanovsk
         East Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of East Kazakhstan
commenced bankruptcy proceedings against the company on
September 9, 2009, after finding it insolvent.

The Court is located at:

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


VOSHOD ST: Creditors Must File Claims by November 25
----------------------------------------------------
Creditors of LLP Voshod St have until November 25, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kokshetau
         Gorky Str. 37
         Kokshetau
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
September 7, 2009.


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


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

Inquires can be addressed to (0-773) 80-27-58


S-CLOTHING: Creditors Must File Claims by December 9
----------------------------------------------------
LLC S-Clothing and Services 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
===================


CRC BREEZE: S&P Downgrades Rating on EUR300 Mil. Bonds to 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered to 'B+' from
'BB' its long-term debt rating on the EUR300 million class A
secured bonds due 2026 issued by CRC Breeze Finance S.A. (Breeze
Two), a wind power finance project.  The outlook on these bonds is
negative.  The '2' recovery rating on the class A notes is not
affected by this action.

At the same time, S&P lowered the long-term debt rating on the
EUR50 million class B secured bonds issued by Breeze Two and due
2016 to 'C' from 'CC'.  The outlook on these bonds is stable.

"The downgrade of the class A notes reflects S&P's view of a
deterioration of the project's liquidity," said Standard & Poor's
credit analyst Timon Binder.  "After weak financial performance,
the project management used EUR2.4 million, or 18%, of the senior
debt service reserve account to complete payment of the scheduled
class A debt service on Nov. 9.

The downgrade of the class B notes follows full depletion of the
debt service reserve account to meet interest payments.  These
interest payments were only partially paid in cash, and were part-
deferred.  Such a partial deferral is permitted under Breeze Two's
bond documents, but according to Standard & Poor's criteria S&P
may assign a 'C' rating to subordinated notes on which cash
payments have been suspended.

Breeze Two's shortfall in cash flow generation results from a
prolonged period of weak wind that particularly affected the first
quarter of 2009.  Wind supply during this period was only about
60%-70% of projections.

Breeze Two, a Luxembourg-based special-purpose vehicle, used the
proceeds of its debt issues to make a loan to Breeze Two Energy
GmbH & Co. KG and Eoliennes Sūroit SNC.  Breeze Two Energy is a
German limited partnership company, and Eoliennes Sūroit is a
French unlimited liability partnership.  Each has been formed for
the purpose of acquiring, constructing, owning, and operating a
portfolio of 39 wind farms with a nameplate capacity of 305
megawatts (MW) in Germany (Breeze Two Energy) and 27 MW in France
(Eoliennes Sūroit).

"The negative outlook on Class A bonds reflects S&P's view of the
project's weak liquidity position, and the uncertainty regarding
the replenishment of the SDSRA in the future," said Mr. Binder.
The outlook on class B bonds is stable, reflecting the possibility
of deferral of interest payments, and therefore S&P's view that
there is a low likelihood of default of the bonds in accordance
with their terms.


LOGWIN AG: S&P Downgrades Corporate Credit Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Luxembourg-based logistics service
provider Logwin AG to 'B-' from 'B'.  The outlook is stable.

In addition, the issue rating on the group's EUR130 million
subordinated notes was lowered to 'CCC+' from 'B-', one notch
below the corporate credit rating.  The recovery rating on the
notes is unchanged at '5', indicating S&P's view of modest (10%-
30%) recovery for creditors in the event of a payment default.

"The downgrade reflects a steady weakening of Logwin's trading
performance over the past 12 months, which has constrained its
cash flow generation and sharply increased adjusted debt
leverage," said Standard & Poor's credit analyst Leigh Bailey.

The group's performance has been hampered by the adverse effect of
the economic downturn on demand for logistics services and the
prospects for recovery are uncertain.  Logwin faces a tough
economic environment, characterized by declining global growth
rates and a slowdown in the German economy.  Some tentative signs
of a gradual stabilization in transport volumes at low levels
emerged toward the end of the third quarter of 2009.  However, the
timing and extent of recovery in the group's core markets remains
uncertain.

In the nine months ended Sept. 30, 2009, Logwin's sales fell to
approximately EUR1.2 billion, a decrease of 25% compared with the
equivalent period last year.  At the same time, Logwin recorded an
operating profit before restructuring and impairments of
EUR0.3 million, compared with an operating profit of
EUR25.0 million in the first nine months of 2008.

In S&P's opinion, the steady deterioration in Logwin's operating
performance has weakened the group's capital structure and apacity
to generate free cash flow.  In the 12 months ended Sept. 30,
2009, adjusted debt to EBITDA increased to 10.0x from 5.8x at the
end of 2008, which is weak for the rating.  At the same time,
funds from operations to pension- and operating-lease-adjusted
debt for 2009 was 10%, which S&P view as commensurate with the
ratings.

"The stable outlook reflects S&P's view that Logwin has a weak,
but adequate, liquidity profile for its rating.  S&P also factor
in its belief that Logwin will continue to be successful in its
efforts to limit cash outflows, despite a sharp deterioration in
trading," said Mr. Bailey.

The group's ability to remain cash flow neutral is a support to
the 'B-' rating.

Logwin's debt-to-EBITDA leverage is high for the rating at abount
10x, but S&P anticipate this to improve gradually from 2010.  The
group's ability to maintain cash reserves and adequate liquidity
is of primary importance to the rating at the current level.

S&P could revise the outlook to negative or lower the rating
should available liquidity be weakened by cash outflows or the
nonrenewal of bank lines.

Given the substantial weakening in the group's operating
performance, and the uncertainty as to the timing of a market
recovery, a revision of the outlook to positive is unlikely over
the medium term.


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


CENTRAL EUROPEAN: Moody's Assigns 'B1' Rating on US$870 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has changed Central European
Distribution Corp rating outlook to positive and assigned a
provisional rating of (P) B1 to the proposed US$870 million senior
secured notes, to be issued by CEDC Finance Corporation
International, a financial subsidiary of the company based in
Delaware.  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 only.  Upon a
conclusive review of the final documentation, Moody's will
endeavour to assign a definitive rating to the Notes.  A
definitive rating may differ from a provisional rating.

"The positive outlook follows the company's recently announced
plan to acquire a further 42% stake in Russian Alcohol Group (RAG
-- bringing total ownership to 100%) and refinance part of the
existing and acquired debt through a mix of debt and equity," says
Paolo Leschiutta a Vice President -- Senior Analyst at Moody's
with coverage responsibility for CEDC.  "The positive outlook,
however, also reflects Moody's expectation that following the
acquisition of RAG, CEDC business profile will improve and
stronger cash generation should allow for a reduction in financial
leverage over the short to medium term," continued Mr.
Leschiutta.

Moody's sees CEDC current financial leverage, measured as Debt to
EBITDA adjusted for pensions and leases, expected in excess of 5x
at FYE December 2009 on a pro-forma basis, as high for a B1
company.  However, the current positive outlook reflects the
rating agency expectations that financial leverage should reduce
during 2010 towards 4x and assumes the fact that the company will
refrain from any additional acquisitions over the short term.  On
12 November 2009 the company announced its intention to acquire
the remaining stake owned by Lion Capital of RAG, financing it
through an equity issue for approximately US$325 million and a
bond issue for c. US$870 million.  Moody's understands that
proceeds will be applied also to refinance the existing
US$360 million bond due in 2012 and debt sitting at RAG (c.
US$286 million due in 2014 and 2015).  The completion of the
senior secured notes issuance is conditioned upon the completion
of the concurrent common stock offering.

CEDC's B1 Corporate Family Rating takes into consideration the
company's leading market position as a vodka producer and its
extended distribution network in Poland but also the limited
geographic and product diversification of CEDC, compared to other
alcoholic beverage producers.  The rating is also currently
limited by the ongoing integration of the recent acquisitions and
the exposure to volatile economies.  Ongoing improvements in
profitability and cash flow generation, resulting in a reduction
of financial leverage towards 3x are likely to place upward
pressure on the ratings.  On the contrary deterioration in
operating performance or sizable debt financed acquisitions,
resulting in a sustained increase in financial leverage above 5x,
are likely to result in downward rating pressure.

The (P) B1 rating on the proposed senior secured US$870 million
notes reflect both the overall probability of default of the
company, to which Moody's assigns a probability-of-default rating
of B1, and a loss-given-default assessment of LGD3, 49% (expressed
through a six-point symbol system that orders expected loss
severity from lowest to highest in percentage terms).  The
proposed notes are secured on shares of the Issuer and certain
subsidiaries of the company, a first-priority assignment of rights
under certain bank accounts, a first-priority mortgage over
certain real property and fixtures as well as security in certain
intellectual properties.  The debt rating, in line with the CFR,
reflects the relatively low value assigned by the rating agency to
the pledge on shares in case of distress.  The small amount of
debt secured on inventories within the pro-forma capital structure
(i.e. below 5%), which rank ahead of the notes, is not deemed to
be substantial to create subordination of the new notes to the
trade claims of the company.  As a result Moody's assigns the same
priority ranking to all existing and planned debt, save for the
US$310 million convertible notes which do not benefit from
guarantees from operating companies and are therefore structurally
subordinated to the rest of the capital structure, and for the
small amount of debt secured on inventories (which ranks ahead).

Assignments:

Issuer: CEDC Finance Corporation International

  -- US$870 million Senior Secured Bond due 2016, Assigned (P) B1,
     LGD3 - 49%

Outlook Actions:

Issuer: Central European Distribution Corporation

  -- Outlook Changed To Positive From Stable

The last rating action on CEDC was on 18 May 2007, when the
Corporate Family Rating was upgraded to B1 from B2, reflecting
ongoing improvement in operating performances and lower
integration risk, as perceived by Moody's, following the Bols and
Polmos Bialystok acquisitions.

Headquartered in Warsaw, Poland, CEDC is a leading importer and
distributor of alcoholic beverages in Poland and, after its
acquisition of Bols and Polmos Bialystok, CEDC became the largest
producer of vodka in Poland.  During the first nine months of FYE
December 2009 the company reported revenues of c. US$1.4 billion
and operating income (before fair value adjustments) of c.
US$112 million.  The company is listed on the NASDAQ market and on
the Warsaw Stock Exchange.


PKN ORLEN: Net Income Up to PLN930.6 Mln in Third Quarter 2009
--------------------------------------------------------------
Maciej Martewicz at Bloomberg News reports that PKN Orlen SA said
net income rose to PLN930.6 million (US$334.9 million) from
PLN21.1 million a year earlier after rising oil prices boosted the
value of its inventories and the stronger zloty cut the value of
euro-denominated debt.

Bloomberg recalls on the third quarter last year Orlen's net
income was depressed by declines in the zloty and the oil price.
According to Bloomberg, the negative trends pushed Orlen's 2008
ratio of debt to earnings higher than the maximum in its debt
covenants.  In exchange for an unspecified fee the company's
creditor banks gave it until the end of the year to bring the
indicator back into line, Bloomberg discloses.

Poland-based Polski Koncern Naftowy ORLEN SA (WAR:PKN) a.k.a PKN
Orlen SA -- http://www.orlen.pl/-- specializes in the
manufacture, distribution, wholesale and retail sale of refined
petrochemical products.  It is principally engaged in the
processing of crude oil.  The Company's product portfolio includes
a variety of fuel and petrochemical products, as well as oil
derivatives, such as petrol, diesel, heating oil, aviation fuel
and plastics.  ORLEN's retail network comprises approximately
2,700 outlets offering services in Poland, Germany, the Czech
Republic and Lithuania, operating under the ORLEN, Petrochemia
Plock, BLISKA and STAR brands.  PKN ORLEN operates seven
refineries, of which three are located in Poland, three in the
Czech Republic and one in Lithuania.  The total deep processing
capacity of the refineries reaches 31.7 million tons per annum.
As at the end of 2007, ORLEN held directly or indirectly shares in
105 subsidiaries, of which five jointly controlled entities and 17
associate companies.


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


RZHEV-GRAZHDAN: Creditors Must File Claims by November 25
---------------------------------------------------------
Creditors of LLC Rzhev-Graazhdan-Stroy (TIN 6914001110, PSRN
1026901849853) (Construction) have until November 25, 2009, to
submit proofs of claims to:

         A. Maltabar
         Insolvency Manager
         Post User Box 619
         170006 Tver
         Russia

The Arbitration Court of Tverskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?66–1794/2009.

The Debtor can be reached at:

         LLC Rzhev-Graazhdan-Stroy
         N. Golovni Str. 43
         172350 Tverskaya
         Russia


KAMENSKIY REGIONAL: Creditors Must File Claims by November 25
-------------------------------------------------------------
Creditors of SUE Kamenskiy Regional Forestry (TIN 6929004749, PSRN
1086915000182) have until November 25, 2009, to submit proofs of
claims to:

         A. Maltabar
         Insolvency Manager
         Post User Box 619
         170006 Tver
         Russia

The Arbitration Court of Tverskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?66–7432/2008.

The Debtor can be reached at:

         SUE Kamenskiy Regional Forestry
         Sovetskaya Str. 55
         Kuvshinovo
         172110 Tverskaya
         Russia


KLYAVLINSKIY OIL: Under External Mngt Bankruptcy Procedure
----------------------------------------------------------
The Arbitration Court of Samarskaya has commenced external
management bankruptcy procedure on CJSC Klyavlinskiy Oil Refinery
(TIN 6373002315, RVC 637301001, PSRN 1026303655993).  The Case is
docketed under No. ?55–759/2009.

The External Insolvency Manager is:

         G. Vasilyev
         Office 600
         SkotoprogonnayaStr. 29/1
         109029 Moscow
         Russia

The Debtor can be reached at:

         CJSC Klyavlinskiy Oil Refinery
         Chkalova Str. 60
         Klyavlino
         Klyavlinskiy
         446961 Samarskaya
         Russia


UC RUSAL: May Offer Assets to Chinese Firms to Secure IPO Support
-----------------------------------------------------------------
Yuriy Humber at Bloomberg News reports that analysts said that
Oleg Deripaska's United Co. Rusal may offer stakes in smelters and
mines to Chinese companies to ensure the success of its initial
public offering in Hong Kong.

Rusal, Bloomberg discloses, plans to sell a 10% stake to help
repay more than US$14 billion of debt.

"The only way that Rusal can get a high valuation is if it gets a
couple of big state-backed anchor investors," Bloomberg quoted
Chris Weafer, chief strategist at UralSib Financial Corp., as
saying.  "Chinese companies usually only buy if they can leverage
this by getting access to projects or strategic assets."

According to Bloomberg, Rusal's Head of Strategy Artem Volynets
said Rusal plans to win over seven or eight major customers in
China to secure long-term deliveries of aluminum.

Bloomberg relates two people familiar with the situation said
Rusal, which intends to proceed with the IPO, can't go ahead
without first agreeing on a debt restructuring with foreign
creditors.

As reported by the Troubled Company Reporter-Europe on Oct. 27,
2009, Bloomberg News said half of banks holding half of Rusal's
foreign debt approved a restructuring of the company's borrowings.

                            About Rusal

Headquartered in Moscow, Russia, United Co. RUSAL --
http://www.rusal.com/-- is among the world's top aluminum
producers, along with Rio Tinto Alcan and Alcoa.  Formed in 2000
from various parts of the old Soviet state apparatus, RUSAL
produces about 4 million tons of aluminum, 11 million tons of
alumina, and 6 million tons of bauxite.  Its aluminum business
include packaging and foil operations in addition to a network of
smelters.  Those Soviet spare parts were significantly augmented
in 2007 when the company merged with fellow Russian aluminum
producer Sual and Glencore's alumina unit.  RUSAL is majority
owned by Board member Oleg Deripaska, who had owned the company
completely prior to the merger.


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


SAS AB: Moody's Junks Corporate Family Rating From 'B3'
-------------------------------------------------------
Moody's Investors Service lowered to Caa1 from B3 the Corporate
Family Rating and Probability of Default Rating and to Caa3 from
Caa2 the subordinate rating of SAS AB.  The baseline credit
assessment is lowered to 18 (equivalent to a Caa2 rating).  The
outlook is negative.

The rating action follows the weakening in credit metrics and in
results due to increased yield pressure in the third quarter of
2009, but also Moody's views that liquidity has weakened.  Moody's
note the company's continued efforts to reduce costs through
personnel and capacity reductions under its Core SAS program,
although in common with the industry trend these initiatives have
to date been insufficient to prevent a further weakening in
profitability.

The company reported its level of financial preparedness (cash and
undrawn facilities) to be at just below SEK10 billion as of
September 2009, versus SEK11.4 billion as of June.  In light of
this, Moody's will continue to monitor the level of cash
utilization to ensure an adequate level of liquidity over a 12-
month period.  However, Moody's believes that given the current
level of cash utilization, the company will need to find
alternative sources of funding to retain its stated target for
financial preparedness at a minimum of 20% of revenues.

Given that liquidity is the primary driver of the rating
currently, the rating could be lowered if there is a further
weakening in this regard.  With the state of the industry Moody's
believe that upward pressure on the rating is unlikely in the
medium term.  A stabilization of the outlook would be considered
if the negative trend in earnings and liquidity stabilizes.

Headquartered in Stockholm, Sweden, SAS is the fourth largest
passenger airline in Europe with about 25 million passengers flown
and total revenues of SEK47 billion in the year to September 2009.


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


HTS MARKETING: Claims Filing Deadline is November 18
----------------------------------------------------
Creditors of HTS Marketing Ltd are requested to file their proofs
of claim by November 18, 2009, to:

         Joachim Bodmer
         Liquidator
         Blumenrain 16
         8702 Zollikon
         Switzerland

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


LONGVIEW AG: Claims Filing Deadline is November 18
--------------------------------------------------
Creditors of Longview AG are requested to file their proofs of
claim by November 18, 2009, to:

         Dr. Alessandro Grande
         Liquidator
         Chesa Romana
         7513 Silvaplana
         Switzerland

The company is currently undergoing liquidation in Samedan GR.
The decision about liquidation was accepted at a general meeting
held on April 27, 2009.


TELAFIN HOLDING: Claims Filing Deadline is November 18
------------------------------------------------------
Creditors of Telafin Holding AG are requested to file their proofs
of claim by November 18, 2009, to:

         Peter Pauk
         Liquidator
         Weihermattstrasse 1
         5015 Erlinsbach SO
         Switzerland

The company is currently undergoing liquidation in Lamone.  The
decision about liquidation was accepted at a general meeting held
on August 13, 2009.


WUETHRICH METALLBAU: Claims Filing Deadline is November 18
----------------------------------------------------------
Creditors of Wuethrich Metallbau AG are requested to file their
proofs of claim by November 18, 2009, to:

         Marcel Arnold
         Liquidator
         Albrechtstrasse 10
         8406 Winterthur
         Switzerland

The company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at an extraordinary
general meeting held on December 9, 2008.


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


* CITY OF KHARKOV: Fitch Downgrades Currency Ratings to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded the Long-term foreign and local
currency ratings of Ukraine's City of Kyiv, the City of Odessa and
the City of Kharkov.  The Outlooks for the Long-term foreign and
local currency ratings are Negative.

The rating actions follow the downgrade of Ukraine's Long-term
foreign and local currency Issuer Default Ratings to 'B-' from
'B'.  The Outlooks on the sovereign ratings are Negative.

Cities whose ratings are affected:

The City of Kyiv:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating downgraded to 'AA-(ukr)' from
     'AA(ukr)'; Outlook Stable

The downgrade also affects the city's three outstanding eurobonds
totaling US$700 million

The City of Odessa:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook
     Stable

The City of Kharkov:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook
     Stable


* CITY OF KYIV: Fitch Downgrades Currency Ratings to 'B-'
---------------------------------------------------------
Fitch Ratings has downgraded the Long-term foreign and local
currency ratings of Ukraine's City of Kyiv, the City of Odessa and
the City of Kharkov.  The Outlooks for the Long-term foreign and
local currency ratings are Negative.

The rating actions follow the downgrade of Ukraine's Long-term
foreign and local currency Issuer Default Ratings to 'B-' from
'B'.  The Outlooks on the sovereign ratings are Negative.

Cities whose ratings are affected:

The City of Kyiv:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating downgraded to 'AA-(ukr)' from
     'AA(ukr)'; Outlook Stable

The downgrade also affects the city's three outstanding eurobonds
totaling US$700 million

The City of Odessa:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook
     Stable

The City of Kharkov:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook
     Stable


* CITY OF ODESSA: Fitch Downgrades Currency Ratings to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded the Long-term foreign and local
currency ratings of Ukraine's City of Kyiv, the City of Odessa and
the City of Kharkov.  The Outlooks for the Long-term foreign and
local currency ratings are Negative.

The rating actions follow the downgrade of Ukraine's Long-term
foreign and local currency Issuer Default Ratings to 'B-' from
'B'.  The Outlooks on the sovereign ratings are Negative.

Cities whose ratings are affected:

The City of Kyiv:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating downgraded to 'AA-(ukr)' from
     'AA(ukr)'; Outlook Stable

The downgrade also affects the city's three outstanding eurobonds
totaling US$700 million

The City of Odessa:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook
     Stable

The City of Kharkov:

  -- Long-term foreign and local currency ratings downgraded to
     'B-' from 'B'; Outlooks Negative

  -- Short-term foreign currency rating affirmed at 'B'

  -- National Long-term rating affirmed at 'AA-(ukr)'; Outlook
     Stable


* UKRAINE: Fitch Cuts LT Issuer Default Ratings of Nine Banks
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default ratings
of nine Ukrainian banks, including their foreign currency Long-
term IDRs to 'B-' from 'B'.  The Outlooks on the Long-term IDRs
are Negative.  This follows the downgrade of Ukraine's Long-term
foreign and local currency IDRs to 'B-' from 'B' and the
assignment of a Negative Outlook.

The downgrades of UkrSibbank, Ukrsotsbank, Forum, ProCredit
Ukraine, Pravex and VTB Ukraine follow the downgrade of Ukraine's
Country Ceiling to 'B-' from 'B'.  The Country Ceiling of Ukraine,
which reflects transfer and convertibility risks, limits the
extent to which support from the majority foreign shareholders of
these banks can be factored into their Long-term foreign currency
IDRs, and their 'B' Long-term local currency IDRs also take into
account Ukrainian country risks.

UkrSibbank is almost 81%-owned by France's BNP Paribas
('AA'/Negative); Ukrsotsbank is almost 95%-owned by Italy-based
UniCredit S.p.A.  ('A'/Negative) through its Vienna subsidiary
UniCredit Bank Austria AG ('A'/Stable); Forum is majority-owned
(63%) by Germany's Commerzbank AG ('A+'/Stable); ProCredit Ukraine
is 80%-owned by Germany's ProCredit Holding AG ('BBB-'/Stable);
Pravex is 100%-owned by Italy's Intesa Sanpaolo S.p.A.
('AA-'/Stable) and VTB Ukraine is more than 99%-owned by Russia's
JSC Bank VTB ('BBB'/Negative).

The downgrades of Oschadbank and Ukreximbank reflect the reduced
ability of the government to provide support in case of need, as
reflected in the downgrade of Ukraine's Long-term IDRs, although
the propensity to support would likely still be significant, based
on the banks' state ownership and their policy roles.
Ukreximbank's better (relative to Oschadbank) standalone credit
profile is reflected in its higher Individual and National
ratings, which have both been affirmed.

The downgrade of PrivatBank reflects the downgrade of the Country
Ceiling, capturing higher transfer and convertibility risks, as
well as the potential for further deterioration in the sovereign's
financial position with negative implications for the country's
banking sector, in particular a further reduction in economic
activity and/or a weakening of the UAH.  PrivatBank is the
country's largest bank by total assets and retail deposit base and
its ratings are driven by its standalone credit strength.

Rating actions:

JSCIB UkrSibbank (UkrSibbank):

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B' ;
     Outlook Negative

  -- Senior unsecured debt: downgraded to 'B-' from 'B' , Recovery
     Rating 'RR4'

  -- Long-term local currency IDR: downgraded to 'B' from 'B+';
     Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Individual rating: affirmed at 'E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

Ukrsotsbank:

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative

  -- Senior unsecured debt: downgraded to 'B-' from 'B', Recovery
     Rating 'RR4',

  -- Long-term local currency IDR: downgraded to 'B' from 'B+';
     Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Individual rating: affirmed at 'E'

Bank Forum (Forum):

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative

  -- Long-term local currency IDR: downgraded to 'B' from 'B+';
     Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Individual rating: affirmed at 'E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

ProCredit Bank (Ukraine) (ProCredit Ukraine):

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative

  -- Long-term local currency IDR: downgraded to 'B' from 'B+';
     Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Short-term local currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Individual rating: affirmed at 'D/E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

Pravex Bank (Pravex):

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative

  -- Long-term local currency IDR: downgraded to 'B' from 'B+';
     Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Individual rating: affirmed at 'E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

JSC VTB Bank (Ukraine) (VTB Ukraine):

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative

  -- Long-term local currency IDR: downgraded to 'B' from 'B+';
     Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Individual rating: affirmed at 'E'

  -- National Long-term rating: affirmed at 'AAA(ukr)'; Outlook
     Stable

JSC State Savings Bank of Ukraine (Oschadbank):

  -- Long-term foreign and local currency IDRs: downgraded to 'B-'
     from 'B'; Outlook Negative

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Support Rating Floor: revised to 'B-' from 'B'

  -- Individual rating: affirmed at 'E'

  -- National Long-term rating: downgraded to 'A+(ukr)' from 'AA-
     (ukr)'; Outlook Stable

JSC The State Export-Import Bank of Ukraine (Ukreximbank):

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative

  -- Senior unsecured debt: downgraded to 'B-' from 'B', Recovery
     Rating 'RR4'

  -- Subordinated debt: downgraded to 'CC' from 'CCC'; Recovery
     Rating 'RR6'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: downgraded to '5' from '4'

  -- Support Rating Floor: revised to 'B-' from 'B'

  -- Individual rating: affirmed at 'D'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable

CJSC PrivatBank (PrivatBank):

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative

  -- Senior unsecured debt: downgraded to 'B-' from 'B', Recovery
     Rating 'RR4'

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D/E'

  -- Support Rating Floor: affirmed at 'No Floor'

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.


* UKRAINE: Fitch Downgrades Issuer Default Ratings to 'B-'
----------------------------------------------------------
Fitch Ratings has downgraded Ukraine's Long-term foreign and local
currency Issuer Default Ratings to 'B-' from 'B'.  The Outlooks
are Negative.  At the same time it downgraded the Country Ceiling
to 'B-' from 'B' and affirmed the Short-term foreign currency IDR
at 'B'.

"The recent adoption by parliament of an unaffordable minimum wage
and pension law which, according to the IMF, could add 7% of GDP
to the budget deficit in 2010, has effectively forced Ukraine's
IMF program off-track and has materially increased risks to fiscal
financing, macroeconomic stability and creditworthiness," said
David Heslam, Director in Fitch's Sovereigns Group.

Over the past two weeks, Ukraine's parliament has passed a new law
increasing the minimum wage and pensions, and President Viktor
Yushchenko has declined the IMF's call to veto it.  Moreover, the
government has submitted to parliament a draft 2010 budget with a
deficit of 8% of GDP.  This compares with a commitment in the IMF
program of 4% (including the operational deficit of state-owned
energy company Naftogaz NJSC (rated 'CCC' / Negative Outlook).  In
addition, the government has effectively abandoned the policy
commitment to hike retail gas tariffs made at the time of the
second IMF review in July 2009; as a result Fitch projects the
2009 deficit could reach around 8.5% of GDP (11% including
Naftogaz), compared with a target of 6% of GDP (8.6% including
Naftogaz).

On November 7, Dominique Strauss-Kahn, the Executive Director of
the IMF, said the IMF program would be suspended, barring a
reversal in such policies by the Ukrainian authorities, until
after the presidential elections in January.  A meeting on Tuesday
between senior policy-makers in the government, National Bank of
Ukraine and presidential administration does not appear to have
reached such an agreement.  Although a reversal cannot be excluded
-- Prime Minister Yulia Tymoshenko said yesterday she hoped the
courts would challenge the bill -- it is not the base case.
Furthermore, political dynamics mean the hiatus in IMF lending
could be prolonged, particularly if there were a second round of
presidential elections in February, possibly followed by
parliamentary elections and then a delay in forming a new
government.

The marked relaxation in the budget deficit and the loss of the
main source of its funding, with the suspension of the US$4bn IMF
tranche due for disbursement on November 15 has left Ukraine with
a substantial fiscal financing gap.  It would appear difficult and
costly for Ukraine to cover the deficit through borrowing on the
domestic or international market.  Therefore Fitch sees an
elevated risk that Ukraine could resort more heavily to monetary
financing (via NBU providing liquidity to banks), effectively
printing money.  This would in turn risk undermining fragile
confidence in the currency and the banking system, and/or a rapid
loss of foreign exchange reserves.  At the root of the problem is
Ukraine's inconsistent macroeconomic policy framework, as the
authorities are aiming to defend the exchange rate while avoiding
necessary fiscal tightening in the absence of adequate sources of
non-monetary financing.

Political dynamics mean policy may not be restored to a
sustainable path before there is a further bout of financial
instability.  A further sharp depreciation in the hryvnia would
intensify pressure on Ukraine's crisis-hit banking system.  The
non-performing loan ratio hit 30% at end-June 2009 according to
the IMF, significantly affected by an 18% contraction in Q209 GDP
(year-on-year) and by the hryvnia's near 60% depreciation since
September 2008 (impacting the 54% of loans denominated in foreign
currency).

Despite this challenging backdrop, Ukraine's creditworthiness is
supported by its low sovereign debt repayment profile.  It repaid
maturing sovereign eurobonds worth US$1.2 billion in August and
September 2009, demonstrating a willingness to pay.  It now has a
pause in eurobond maturities until a yen-denominated bond worth
about US$0.4 billion falls due in December 2010 and a US$0.6
billion bond due in March 2011.  Gross foreign exchange reserves
are US$28 billion.  The improving global outlook will provide some
support to Ukraine's export industries.  So far, rollover rates on
private-sector external debt have been relatively high at over
80%.


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


AERO INVENTORY (UK) LIMITED: Chapter 15 Case Summary
----------------------------------------------------
Chapter 15 Petitioner: James Tucker/Richard Hels/Allan Graham,
                       foreign representatives

Chapter 15 Debtor: Aero Inventory (UK) Limited
                   10960 Wilshire Blvd., Suite 1100
                   Los Angeles, CA 90024

Chapter 15 Case No.: 09-41758

Type of Business: Aero Inventory is a service provider to
                  companies in the aerospace industry, providing a
                  comprehensive procurement and inventory
                  management service. Aero Inventory's ultimate
                  goal is to become the world's leading aircraft
                  consumable parts service provider.
                  Aero Inventory is listed on the Alternative
                  Investment Market of the London Stock Exchange
                  with operations in the United Kingdom,
                  Australia, Canada, China, Bahrain, Hong Kong,
                  Indonesia, Japan, Switzerland and the United
                  States of America.
                  [http://www.aeroinventory.com/]

Chapter 15 Petition Date: November 12, 2009

Court: Central District of California (Los Angeles)

Chapter 15 Petitioner's Counsel: Christopher O. Rivas, Esq.
                                 Reed Smith LLP
                                 355 S Grand Ave, Ste. 2900
                                 Los Angeles, CA 90071-1514
                                 Tel: (213) 457-8000
                                 Fax: (213) 457-8080
                                 Email: crivas@reedsmith.com

Estimated Assets: US$100,000,001 to US$500,000,000

Estimated Debts: US$500,000,001 to US$1,000,000,000


FLANNELS GROUP: Deloitte Oversees Company Voluntary Arrangement
---------------------------------------------------------------
James Chapelard at Crain's Manchester Business reports that The
Manchester office of Deloitte has confirmed it is overseeing the
company voluntary arrangement of Flannels Group Ltd.

Crain's relates the directors of the company have finalized the
terms of a CVA proposal, which needs the support of 75% of the
unsecured creditors and 50% of the company's members to be
approved, and appointed Bill Dawson and Daniel Butters of business
advisory firm Deloitte as Joint Nominees.

According to Crain's, Deloitte said if the CVA is approved
Flannels' unsecured creditors would see a dividend of
approximately 60p in the pound.  The meeting of members and
creditors takes place on Nov. 30 at Deloitte's offices in
Manchester, Crain's notes.

Under the CVA, Flannels is planning to close three stores and
reduce payment for stock, Crain's discloses, citing reports in
trade magazine Drapers last week.

Deloitte, as cited by Crain's said as a result of general economic
climate and reduced levels of consumer spending, the business has
faced "significant challenges" over the past year that have in
turn impacted on its trading performance.

"This CVA allows the business to remain as a going concern and to
maintain its trade.  This should allow the company to generate
future cash flows from which the arrears of debt can be partially
repaid.  It offers better job security to circa 160 employees and
more certainty to its trading partners than the alternatives,"
Crain's quoted Mr. Dawson as saying.  "The use of a CVA will
result in a greater return to creditors compared to alternative
insolvency procedures such as an administration or liquidation.
The growing use of CVAs demonstrates that in the appropriate
situation administration can be avoided."

Flannels Group Ltd. is a Trafford-based fashion retailer.  It has
15 stores predominantly based in the Midlands and North of
England.


JOHN STEPHENSON: Majority of Assets Sold to European Food Brokers
-----------------------------------------------------------------
Bill Dawson and Ian Brown of Deloitte, the business advisory firm,
were appointed Joint Administrators of John Stephenson & Sons
(Nelson) Ltd. and Wharton Wade Wines Ltd. on November 6, 2009.
The Group operates as a wholesaler and distributor of wines,
beers, and spirits from a site in Nelson, Lancashire, supplying
principally to food outlets around the North West of England.

The Joint Administrators have announced the sale of the stock and
the majority of the other business assets to Walsall based
European Food Brokers Ltd.

Bill Dawson, partner in the Reorganization Services practice at
Deloitte, commented: "We are pleased to announce the sale of the
majority of the business and assets of John Stephenson.  The sale
will help secure all 33 jobs at the business.

"The Group has undertaken an extensive search to find an investor
or buyer.  It has become necessary to sell the business via an
administration, due to its financial position."

Raj Chatha, Chief Executive of EFB Group commented: "John
Stephenson and Sons have been servicing the On Trade market with
beers, wines and spirits since 1914. Their commitment to offering
a local and personal service to over 1500 independent free trade
accounts, matched with an extensively sourced product range has
meant they have developed a formidable reputation in the local
area.

"Integrating John Stephenson and Sons to our portfolio adds
breadth and range to our current wholesale operation.  We
understand the independent on trade business extremely well as we
own and operate our own estate.  It will strengthen our business
considerably, particularly in areas such as wine, which will
complement all divisions within the EFB Group."


KENMORE PROPERTY: Put 21 Companies Into Administration
------------------------------------------------------
Daryl Loo at Reuters reports that Kenmore Property Group has
placed 21 companies within the group into administration, and two
others into receivership.

Reuters relates administrator Grant Thornton said Kenmore has
secured funding from Lloyds Banking Group, enabling it to continue
to trade while Grant Thornton explores the group's potential
restructuring opportunities with stakeholders.

Grant Thornton has also been appointed as administrator for a
Kenmore-connected company, Kenmore Private Equity Ltd., Reuters
notes.

"Our immediate objective is business as usual," Reuters quoted Rob
Caven, a partner at Grant Thornton's Recovery and Reorganisation
practice, as saying.

Rebecca O'Connor, Patrick Hosking and Peter Jones at The Times
report that Lloyds was chasing debts and investments of more than
GBP700 million from the company.  According to the Times, debts
owed by Kenmore are part of the estimated GBP70 billion commercial
property loanbook that Lloyds, which is 43%-owned by the taxpayer,
inherited from HBOS when it took over the bank last year.

Kenmore Property Group Ltd. -- http://www.kenmore.co.uk/--
invests in and develops commercial properties throughout the UK,
Europe, and the Middle East.  The company acquires (independently
and in joint-venture arrangements) land for development as well as
existing buildings for refurbishment; its portfolio is comprised
of industrial, office, and retail properties.  Kenmore, in a
partnership with other investors, controls a 93-store grocery
chain in Sweden; it also holds interests in France and Norway.
The firm operates out of offices in Edinburgh, Scotland; London;
Manchester; Birmingham; Paris; and Oslo, Norway. Chairman John
Kennedy founded Kenmore in 1986.


LADBROKES PLC: Closes Paddington Casino; 100 Jobs Affected
----------------------------------------------------------
Dominic Walsh at Times Online reports that Ladbrokes plc has
closed its loss-making casino in Paddington, West London, with the
loss of almost 100 jobs.

The company, the report discloses, has also agreed a sale of the
license to Quek Leng Chan, the Malaysian tycoon who owns the
Thistle and Guoman hotel chains.

Ladbrokes plc -- http://www.ladbrokesplc.com/-- is a betting and
gaming company.  The Company operates in five segments.  The
United Kingdom Retail segment comprises betting activities in the
shop estate in Great Britain.  The Other European Retail segment
comprises all activities connected with the Ireland, Belgium and
Italy shop estates.  The eGaming segment comprises betting and
gaming activities from online operations.  The Telephone Betting
segment comprises activities relating to bets taken on the
telephone.  The Other segment comprises international development
operations and the start up of its Spanish joint venture.  As of
December 31, 2008, Ladbrokes plc had approximately 8,800 betting
shops in Great Britain.  On February 4, 2008, the Company acquired
100% of Agenzie Scommesse SRL, a betting company in Italy.
Ladbrokes.com is a primary betting and gaming Websites with over
725,000 active customers betting in 13 languages and 18
currencies.

                           *      *      *

As reported in the Troubled Company Reporter-Europe on Aug. 17,
2009, Fitch Ratings changed UK-based betting operator Ladbrokes
PLC's Outlook to Negative from Stable.  The ratings were affirmed
at Long-term Issuer Default 'BB+' and Short-term IDR 'B'.


LM LOGISTICS: Creditors Back CVA Deal to Secure Future
------------------------------------------------------
EADT24 reports that LM Logistics' creditors gave their
overwhelmingly support to a Company Voluntary Arrangement for the
firm, thus securing its future.

According to the report, the 98% vote in favor of the CVA has
enabled LM Logistics to secure new investment from London firm
Merchant Corporate Recovery plc which will take effective control
of the company with 51% of the shares.

Depending on the level of debt recovery, creditors of LM Logistics
will receive a payout of between 27p and 41p in the pound, the
report says.

Based in Parker Avenue, Felixstowe, LM Logistics is a warehousing
and distribution company.  The company employs a total of 143
people and operates a fleet of about 30 vehicles.  It has a total
of 310,000 sq ft of warehousing space, although this is leased
rather than owned.


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


* BOND PRICING: For the Week November 9 to November 13, 2009
------------------------------------------------------------

Issuer                 Coupon        Maturity  Currency      Price
------                 ------        --------  --------      -----

AUSTRIA
-------
INVESTKREDIT AG         7.000        3/6/2021       EUR      73.39
KOMMUNALKREDIT          0.500       3/15/2019       CAD      64.40
OESTER VOLKSBK          4.170       7/29/2015       EUR      66.38
OESTER VOLKSBK          5.450        8/2/2019       EUR      66.75
OESTER VOLKSBK          4.810       7/29/2025       EUR      56.25
OESTER VOLKSBK          5.270        2/8/2027       EUR      94.14
RAIFF ZENTRALBK         4.500       9/28/2035       EUR      88.73
REPUBLIC OF AUST        2.516      10/10/2025       EUR      70.32
SAPPI PAPIER HOL        6.750       6/15/2012       USD      98.63
SAPPI PAPIER HOL        7.500       6/15/2032       USD      48.13
SAPPI PAPIER HOL        7.500       6/15/2032       USD      48.13

BELGIUM
-------
FORTIS BANK             8.750       12/7/2010       EUR      22.24

BULGARIA
--------
PETROL AD-SOFIA         8.375      10/26/2011       EUR      57.44

CZECH REPUBLIC
--------------
CZECH REPUBLIC          2.750       1/16/2036       JPY      67.58

FINLAND
-------
MUNI FINANCE PLC        1.000      11/21/2016       NZD      68.42
MUNI FINANCE PLC        1.000      10/30/2017       AUD      62.94
MUNI FINANCE PLC        1.000       2/27/2018       AUD      61.82
MUNI FINANCE PLC        0.500       9/24/2020       CAD      58.68
MUNI FINANCE PLC        0.500       3/17/2025       CAD      44.85
MUNI FINANCE PLC        0.250       6/28/2040       CAD      20.36

FRANCE
------
AIR FRANCE-KLM          4.970        4/1/2015       EUR      15.01
ALCATEL SA              4.750        1/1/2011       EUR      16.45
ALCATEL-LUCENT          5.000        1/1/2015       EUR       3.61
ATARI SA                4.000        4/1/2020       EUR       0.68
ATOS ORIGIN SA          2.500        1/1/2016       EUR      48.32
CALYON                  6.000       6/18/2047       EUR      45.91
CAP GEMINI SA           2.500        1/1/2010       EUR      51.87
CAP GEMINI SOGET        1.000        1/1/2012       EUR      43.27
CAP GEMINI SOGET        3.500        1/1/2014       EUR      43.29
CLUB MEDITERRANE        4.375       11/1/2010       EUR      48.24
EURAZEO                 6.250       6/10/2014       EUR      56.43
GROUPE VIAL             2.500        1/1/2014       EUR      25.15
MAUREL & PROM           3.500        1/1/2010       EUR      22.71
MAUREL ET PROM          7.125       7/31/2014       EUR      18.15
NEXANS SA               4.000        1/1/2016       EUR      60.98
PEUGEOT SA              4.450        1/1/2016       EUR      31.53
PUBLICIS GROUPE         3.125       7/30/2014       EUR      33.91
PUBLICIS GROUPE         1.000       1/18/2018       EUR      44.91
RHODIA SA               0.500        1/1/2014       EUR      40.78
SCOR SA                 4.125        1/1/2010       EUR       2.11
SOC AIR FRANCE          2.750        4/1/2020       EUR      20.70
SOITEC                  6.250        9/9/2014       EUR      10.28
TEM                     4.250        1/1/2015       EUR      55.37
THEOLIA                 2.000        1/1/2014       EUR      11.59
VALEO                   2.375        1/1/2011       EUR      46.06
ZLOMREX INT FIN         8.500        2/1/2014       EUR      34.13
ZLOMREX INT FIN         8.500        2/1/2014       EUR      34.13

GERMANY
-------
DEUTSCHE BK LOND        3.000       5/18/2012       CHF      74.83
DEUTSCHE BK LOND        1.000       3/31/2027       USD      48.75
ESCADA AG               7.500        4/1/2012       EUR      18.98
HSH NORDBANK AG         4.375       2/14/2017       EUR      69.19
HVB REAL ESTATE         6.480       3/21/2022       EUR     103.92
HYPO REAL ESTATE        4.690      12/14/2026       EUR      71.35
HYPO REAL ESTATE        5.440       4/13/2034       EUR      74.41
IKB DEUT INDUSTR        4.500        7/9/2013       EUR      76.63
IWKA FINANCE            3.750       11/9/2011       EUR      73.73
KAUPTHING BANK          5.750       10/4/2011       USD      18.99
KAUPTHING BANK          9.750       9/10/2015       USD      19.00
L-BANK FOERDERBK        0.500       5/10/2027       CAD      43.26
LB BADEN-WUERTT         5.250      10/20/2015       EUR      35.00
LB BADEN-WUERTT         2.500       1/30/2034       EUR      58.07
RENTENBANK              1.000       3/29/2017       NZD      67.50
SOLON AG SOLAR          1.375       12/6/2012       EUR      41.53
TUI AG                  2.750        9/1/2012       EUR      74.20
TUI AG                  5.500      11/17/2014       EUR      60.87
VAC FINANZ              9.250       4/15/2016       EUR      38.00
VAC FINANZ              9.250       4/15/2016       EUR      38.00

GREECE
------
YIOULA GLASSWORK        9.000       12/1/2015       EUR      55.75
YIOULA GLASSWORK        9.000       12/1/2015       EUR      55.75

HUNGARY
-------
REP OF HUNGARY          2.110      10/26/2017       JPY      69.60
ZAGREBACKI HOLD         5.500       7/10/2017       EUR      81.50

ICELAND
-------
GLITNIR BANKI HF        6.693       6/15/2016       USD       6.98

IRELAND
-------
ALLIED IRISH BKS        5.250       3/10/2025       GBP      67.04
ALLIED IRISH BKS        5.625      11/29/2030       GBP      65.53
BANK OF IRELAND         4.875       1/22/2018       GBP      74.49
DEPFA ACS BANK          0.500        3/3/2025       CAD      30.91
DEPFA ACS BANK          5.250       3/31/2025       CAD      72.31
DEPFA ACS BANK          3.250       7/31/2031       CHF      98.39
DEPFA ACS BANK          4.900       8/24/2035       CAD      61.22
DEPFA ACS BANK          5.125       3/16/2037       USD      77.82
DEPFA ACS BANK          5.125       3/16/2037       USD      73.49
IRISH LIFE & PER        4.625        5/9/2017       EUR      69.73
IRISH NATIONWIDE        5.500       1/10/2018       GBP      42.40
ONO FINANCE II          8.000       5/16/2014       EUR      65.09
ONO FINANCE II          8.000       5/16/2014       EUR      66.13

ITALY
-----
COMUNE DI MILANO        4.019       6/29/2035       EUR      72.65
ROMULUS FINANCE         5.441       2/20/2023       GBP      71.43
UNICREDITO ITALI        5.668       2/15/2035       EUR      74.02

LUXEMBOURG
----------
ARCELORMITTAL           7.250        4/1/2014       EUR      30.63
BREEZE                  4.524       4/19/2027       EUR      82.01
CRC BREEZE              5.290        5/8/2026       EUR      73.25
IT HOLDING FIN          9.875      11/15/2012       EUR      18.96
LIGHTHOUSE INTL         8.000       4/30/2014       EUR      64.99
LIGHTHOUSE INTL         8.000       4/30/2014       EUR      64.64
SAFILO CAP INTL         9.625       5/15/2013       EUR      66.25
SAFILO CAP INTL         9.625       5/15/2013       EUR      66.60
TECNOST INTL NV         3.550       5/14/2032       JPY      73.52

NETHERLANDS
-----------
ABN AMRO BANK NV        3.375       8/15/2031       CHF     101.92
ABN AMRO BANK NV        6.000       3/16/2035       EUR      68.30
AI FINANCE B.V.        10.875       7/15/2012       USD      53.88
AIR BERLIN FINAN        1.500       4/11/2027       EUR      57.97
ALB FINANCE BV          9.000      11/22/2010       USD      29.49
ALB FINANCE BV          9.750       2/14/2011       GBP      29.48
ALB FINANCE BV          8.750       4/20/2011       USD      29.48
ALB FINANCE BV          7.875        2/1/2012       EUR      29.46
ALB FINANCE BV          9.250       9/25/2013       USD      29.39
ARPENI PR INVEST        8.750        5/3/2013       USD      55.00
ARPENI PR INVEST        8.750        5/3/2013       USD      55.00
ASTANA FINANCE          9.000      11/16/2011       USD      24.47
BLT FINANCE BV          7.500       5/15/2014       USD      59.50
BLT FINANCE BV          7.500       5/15/2014       USD      58.00
BK NED GEMEENTEN        0.500       6/27/2018       CAD      68.78
BK NED GEMEENTEN        0.500       2/24/2025       CAD      47.27
BSP FINANCE BV         10.750       11/1/2011       USD      71.63
CRR BV                 10.000       6/19/2011       USD       9.99
ELEC DE CAR FIN         8.500       4/10/2018       USD      66.75
EM.TV FINANCE BV        5.250        5/8/2013       EUR       3.68
IVG FINANCE BV          1.750       3/29/2017       EUR      67.63
KAZKOMMERTS INTL        8.000       11/3/2015       USD      82.91
KAZKOMMERTS FIN         8.625       7/27/2016       USD      74.58
KAZKOMMERTS INTL        7.500      11/29/2016       USD      78.10
KAZKOMMERTS FIN         8.500       6/13/2017       USD      74.25
KBC IFIMA NV            6.004        2/7/2025       USD      68.09
LEHMAN BROS TSY         7.250       10/5/2035       EUR       8.97
NATL INVESTER BK       25.983        5/7/2029       EUR      36.48
NED WATERSCHAPBK        0.500       3/11/2025       CAD      46.21
NIB CAPITAL BANK        4.790      12/17/2043       EUR      69.96
NXP BV/NXP FUNDI        8.625      10/15/2015       EUR      68.50
NXP BV/NXP FUNDI        8.625      10/15/2015       EUR      68.50
NXP BV/NXP FUNDI        8.625      10/15/2015       EUR      69.06
NXP BV/NXP FUNDI        9.500      10/15/2015       USD      74.50
NXP BV/NXP FUNDI        9.500      10/15/2015       USD      74.50
Q-CELLS INTERNAT        1.375       2/28/2012       EUR      69.02
Q-CELLS INTERNAT        5.750       5/26/2014       EUR      72.60
RABOBANK                4.168       2/25/2020       EUR      87.48
TEMIR CAPITAL           9.000      11/24/2011       USD      29.00
TEMIR CAPITAL           9.500       5/21/2014       USD      19.50
TEMIR CAPITAL           9.500       5/21/2014       USD      18.70
TJIWI KIMIA FIN        13.250        8/1/2001       USD       0.00
TURANALEM FIN BV        7.875        6/2/2010       USD      23.00
TURANALEM FIN BV        6.250       9/27/2011       EUR      22.48
TURANALEM FIN BV        7.750       4/25/2013       USD      23.04
TURANALEM FIN BV        8.000       3/24/2014       USD      24.00
TURANALEM FIN BV        8.500       2/10/2015       USD      23.02

NORWAY
------
EKSPORTFINANS           0.500        5/9/2030       CAD      37.07
NORSKE SKOGIND          7.000       6/26/2017       EUR      66.41

POLAND
------
POLAND-REGD-RSTA        2.810      11/16/2037       JPY      63.25
POLAND GOVT BOND        3.300       6/16/2038       JPY      73.66
REP OF POLAND           2.620      11/13/2026       JPY      71.76
REP OF POLAND           2.648       3/29/2034       JPY      65.85
REP OF POLAND           4.250       7/20/2055       EUR      64.45

RUSSIA
------
KAZAN ORGSINTEZ         9.250      10/30/2011       USD      79.85

SPAIN
-----
GENERAL DE ALQUI        2.750       8/20/2012       EUR      55.72
MINICENTRALES           4.810      11/29/2034       EUR      61.30

SWEDEN
------
SWEDISH EXP CRED        0.500      12/17/2027       USD      49.57

SWITZERLAND
-----------
CYTOS BIOTECH           2.875       2/20/2012       CHF      49.04
UBS AG JERSEY           9.000        3/9/2010       USD      57.86
UBS AG JERSEY           9.000       5/18/2010       USD      57.87
UBS AG JERSEY           9.000       6/11/2010       USD      56.66
UBS AG JERSEY           9.000        7/2/2010       USD      56.70
UBS AG JERSEY           9.000       7/19/2010       USD      57.05
UBS AG JERSEY           9.350       7/27/2010       USD      57.85
UBS AG JERSEY           9.000       8/13/2010       USD      61.85
UBS AG JERSEY           9.500       8/31/2010       USD      64.40
UBS AG JERSEY          10.000      10/25/2010       USD      65.30
UBS AG JERSEY          13.900       1/31/2011       USD      36.80
UBS AG JERSEY          14.640       1/31/2011       USD      38.65
UBS AG JERSEY          16.170       1/31/2011       USD      13.73
UBS AG JERSEY          10.000       2/11/2011       USD      60.73
UBS AG JERSEY          15.250       2/11/2011       USD      12.36
UBS AG JERSEY          11.330       3/18/2011       USD      18.44
UBS AG JERSEY          16.160       3/31/2011       USD      43.07
UBS AG JERSEY          11.030       4/21/2011       USD      21.56
UBS AG JERSEY          10.650       4/29/2011       USD      16.18
UBS AG JERSEY          13.000       6/16/2011       USD      47.34
UBS AG JERSEY          10.280       8/19/2011       USD      33.02
UBS AG JERSEY          10.360       8/19/2011       USD      52.08
UBS AG JERSEY          11.150       8/31/2011       USD      36.20
UBS AG JERSEY           9.350       9/21/2011       USD      66.10
UBS AG JERSEY           9.450       9/21/2011       USD      49.73
UBS AG JERSEY           3.220       7/31/2012       EUR      66.74

UNITED KINGDOM
--------------
ALPHA CREDIT GRP        2.940        3/4/2035       JPY      73.51
AMDOCS LIMITED          0.500       3/15/2024       USD      69.50
BANK OF SCOTLAND        2.928       6/10/2020       USD      62.95
BARCLAYS BK PLC        11.650       5/20/2010       USD      47.78
BARCLAYS BK PLC         7.610       6/30/2011       USD      53.30
BARCLAYS BK PLC        10.600       7/21/2011       USD      40.34
BROADGATE FINANC        5.098        4/5/2033       GBP      68.79
BRADFORD&BIN BLD        7.625       2/16/2010       GBP      10.50
BRADFORD&BIN BLD        5.500       1/15/2018       GBP       9.99
BRADFORD&BIN BLD        5.750      12/12/2022       GBP       8.27
BRADFORD&BIN PLC        6.625       6/16/2023       GBP       6.99
BRADFORD&BIN BLD        4.910        2/1/2047       EUR      72.60
BRIT INSURANCE          6.625       12/9/2030       GBP      67.30
CATTLES PLC             7.875       1/17/2014       GBP      14.63
CITY OF KIEV            8.000       11/6/2015       USD      68.68
CITY OF KYIV            8.250      11/26/2012       USD      75.52
CO-OPERATIVE BNK        5.750       12/2/2024       GBP      76.78
CO-OPERATIVE BNK        5.875       3/28/2033       GBP      74.33
DAILY MAIL & GEN        6.375       6/21/2027       GBP      76.06
EFG HELLAS PLC          2.760       5/11/2035       JPY      63.51
ENTERPRISE INNS         6.500       12/6/2018       GBP      82.86
ENTERPRISE INNS         6.875        5/9/2025       GBP      77.43
ENTERPRISE INNS         6.375       9/26/2031       GBP      71.94
F&C ASSET MNGMT         6.750      12/20/2026       GBP      66.20
FINANCE & CREDIT       10.375       1/25/2010       USD      68.99
GREENE KING FIN         5.702      12/15/2034       GBP      70.17
HBOS PLC                4.500       3/18/2030       EUR      69.93
HBOS PLC                6.000       11/1/2033       USD      67.35
HBOS PLC                6.000       11/1/2033       USD      67.35
INEOS GRP HLDG          7.875       2/15/2016       EUR      55.81
INEOS GRP HLDG          7.875       2/15/2016       EUR      55.13
INEOS VINYLS FIN        9.125       12/1/2011       EUR      72.63
INEOS VINYLS FIN        9.125       12/1/2011       EUR      72.63
KENSINGTON GROUP        9.000      12/21/2015       GBP      62.25
LOUIS NO1 PLC           8.500       12/1/2014       EUR      73.34
LOUIS NO1 PLC          10.000       12/1/2016       EUR      62.42
MARSTONS ISSUER         5.641       7/15/2035       GBP      70.32
MITCHELLS & BUTL        6.469       9/15/2030       GBP      74.89
NATL GRID GAS           1.754      10/17/2036       GBP      47.21
NATL GRID GAS           1.771       3/30/2037       GBP      45.37
NORTHERN ROCK           5.625       1/13/2015       GBP      35.25
NORTHERN ROCK           5.750       2/28/2017       GBP      35.15
NORTHERN ROCK          10.375       3/25/2018       GBP      47.25
NORTHERN ROCK           6.375       12/2/2019       GBP      73.99
NORTHERN ROCK           9.375      10/17/2021       GBP      40.96
ONO FINANCE PLC        10.500       5/15/2014       EUR      68.75
ONO FINANCE PLC        10.500       5/15/2014       EUR      69.27
PRIVATBANK              8.000        2/6/2012       USD      77.82
PRINCIPALITY BLD        5.375        7/8/2016       GBP      52.41
PUNCH TAVERNS           7.567       4/15/2026       GBP      72.22
PUNCH TAVERNS           6.468       4/15/2033       GBP      67.43
ROYAL BK SCOTLND        4.700        7/3/2018       USD      74.57
ROYAL BK SCOTLND        9.500        4/4/2025       USD      62.79
SPIRIT ISSUER           5.472      12/28/2028       GBP      69.92
TELEREAL SECUR          5.425      12/10/2031       GBP      74.98
TXU EASTERN FNDG        6.450       5/15/2005       USD       0.01
UKRAINE GOVT            4.950      10/13/2015       EUR      67.76
UKRAINE GOVT            4.950      10/13/2015       EUR      68.82
UKRAINE GOVT            6.580      11/21/2016       USD      73.94
UKRAINE GOVT            6.580      11/21/2016       USD      73.41
UKRAINE GOVT            6.750      11/14/2017       USD      73.15
UKRAINE GOVT            6.750      11/14/2017       USD      73.47
UNIQUE PUB FIN          7.395       3/28/2024       GBP      72.13
UNIQUE PUB FIN          6.464       3/30/2032       GBP      59.60
UT2 FUNDING PLC         5.321       6/30/2016       EUR      62.02
VAB BANK               10.125       6/14/2010       USD      67.47
WESSEX WATER FIN        1.369       7/31/2057       GBP      20.27
WESSEX WATER FIN        1.499      11/29/2058       GBP       0.05

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *