TCREUR_Public/091119.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, November 19, 2009, Vol. 10, No. 229

                            Headlines

A U S T R I A

MEDIAL WERBE: Claims Filing Deadline is November 27
SCHOBER & PARTNER: Claims Filing Deadline is November 26
TANSCHES BAU: Claims Filing Deadline is November 30
TISCON HANDEL: Claims Filing Deadline is November 27
VIPREAL IMMOBILIENENTWICKLUNG: Claims Filing Deadline is Nov. 27

V.P. BEWAEHRUNGSTECHNIK: Claims Filing Deadline is November 27


G E R M A N Y

GENERAL MOTORS: To Cut Capacity at Opel, Vauxhall by Up to 25%
THYSSENKRUPP AG: S&P Cuts Corporate Credit Ratings to 'BB+/B'

* GERMANY: Ackermann Proposes Emergency Fund for Banks


G R E E C E

WIND HELLAS: Owner Files for Administration in English Court
WIND HELLAS: S&P Downgrades Corporate Credit Rating to 'SD'


I C E L A N D

LANDSBANKI ISLANDS: Has ISK1.3 Trillion Priority Creditors' Claims


I R E L A N D

DRYDEN XIV: Moody's Confirms Rating on Class E-1 Notes at 'Caa1'
RESOURCE EUROPE: Moody's Cuts Rating on Class E Notes to 'Caa3'

* IRELAND: Hotels Sector Insolvent, Report Shows


I T A L Y

SEAT PAGINE: Moody's Downgrades Corporate Family Rating to 'B2'


K A Z A K H S T A N

ARK-DA LLP: Creditors Must File Claims by November 25
INFO MEDIA: Creditors Must File Claims by November 25
JANAOZEN LLP: Creditors Must File Claims by November 25
JFC LLP: Creditors Must File Claims by November 25
MURA LLP: Creditors Must File Claims by November 25

NATALI TUR: Creditors Must File Claims by November 25
ORLEU S: Creditors Must File Claims by November 25
RUND LLP: Creditors Must File Claims by November 25
SULZAK LLP: Creditors Must File Claims by November 25
SWISS LTD: Creditors Must File Claims by November 25


K Y R G Y Z S T A N

MARUKO TRAVEL: Creditors Must File Claims by December 9


L A T V I A

PAREX BANKA: Sale Likely in the First Quarter, CEO Says


L U X E M B O U R G

MELCHIOR CDO: Moody's Cuts Ratings on Two Classes of Notes to Ba2


N E T H E R L A N D S

EUROCREDIT CDO: Moody's Junks Ratings on Two Classes of Notes
LEOPARD CLO: Moody's Cuts Rating on Class D Notes to 'Caa3'
LEOPARD CLO: Moody's Cuts Ratings on Two Classes of Notes to Caa3


R U S S I A

ALGOS MEAT: Creditors Must File Claims by November 23
BAROKKO-STROY: R. Matrenin Named Temporary Insolvency Manager
BMK-CONSTRUCTION: Creditors Must File Claims by November 23
DOM-STROY: Creditors Must File Claims by November 23
FAR EAST: Fitch Upgrades Issuer Default Rating to 'BB-'

FLEXIBLE PACKING: Creditors Must File Claims by November 23
GRAD-BANK: Creditors Must File Claims by November 23
GRAD INVEST: Creditors Must File Claims by November 23
GRAND-GLASS: Creditors Must File Claims by November 23
INTER-STROY: Creditors Must File Claims by November 23

INTERNATIONAL INDUSTRIAL: Fitch Affirms 'D' Individual Rating
MARIINSKAYA MEAT: A. Protodyakonov Named Insolvency Manager
NEW OIL: Creditors Must File Claims by November 23
PARTNER SERVIS: Creditors Must File Claims by November 23
PENZA PRECISION: Yu.Petryushchenkov Named Insolvency Manager

POVOLZHSKIY OIL: Creditors Must File Claims by November 23
SIBERIA WOOD: Creditors Must File Claims by November 23
STROY-SERVIS: Creditors Must File Claims by November 23
SVK-STROY: Creditors Must File Claims by November 23
TRANS-KHOLOD: Creditors Must File Claims by November 23

UC RUSAL: Deripaska Dismisses Michael Cherney's Ownership Claim
ZHILEVSKIY PLASTIC: Creditors Must File Claims by November 23

* RYAZAN REGION: Fitch Affirms BB- Foreign & Loc. Currency Ratings
* VOLOGDA REGION: Fitch Changes Outlook to Negative


S P A I N

BBVA EMPRESAS: Moody's Cuts Rating on Series C Notes to 'B3'
GAT FTGENCAT: Moody's Cuts Rating on Class D Notes to 'Caa3'
SANTANDER FINANCIACION: Moody's Junks Ratings on 3 Notes Classes


S W I T Z E R L A N D

ADVENTURES ON WHEELS: Claims Filing Deadline is November 20
BODYSOL GMBH: Claims Filing Deadline is November 20
CEO GMBH: Claims Filing Deadline is November 18
CORE AUDIT: Claims Filing Deadline is November 19
ELEKTRO-BADERTSCHER: Claims Filing Deadline is November 19

LA ROCCA: Claims Filing Deadline is November 19
LEISURE MARKETING: Claims Filing Deadline is November 19
PROVAST GMBH: Claims Filing Deadline is November 18
SAHLI + JORDI: Claims Filing Deadline is November 19
TB BADER: Claims Filing Deadline is November 18


U K R A I N E

ABSOLUT INSURANCE: Creditors Must File Claims by November 22
AGRICULTURAL TECHNICAL: Creditors Must File Claims by November 22
AGROSERVICE LLC: Creditors Must File Claims by November 22
BERDICHEV MILK: Creditors Must File Claims by November 22
BILAZ-UKRAINE: Court Starts Bankruptcy Supervision Procedure

CONTRACTINDUSTRY LLC: Creditors Must File Claims by November 22
ELIT-TRADE LLC: Creditors Must File Claims by November 22
FRUIT-PACK LLC: Creditors Must File Claims by November 22
NAFTOGAZ OF UKRAINE: EBRD Delays Ruling on US$300 Mln Loan
NIRA TSAY: Creditors Must File Claims by November 22

UKRAINIAN ENERGETIC: Creditors Must File Claims by November 22
UKRPROMTRADE LTD LLC: Creditors Must File Claims by November 22


U N I T E D   K I N G D O M

ACORN PET: Business Sold; 153 Jobs Secured
ADMIRAL TAVERNS: Completes Debt-for-Equity Swap Deal with Lloyds
BRITISH AIRWAYS: Balloting on Industrial Action Begins
CABLE & WIRELESS: Demerger Plans Won't Affect Moody's 'B1' Rating
CABLE & WIRELESS: S&P Puts 'BB-' Rating on CreditWatch Positive

EUROMASTR PLC: Fitch Junks Ratings on Two Tranches
GKN HOLDINGS: Moody's Affirms Corporate Family Rating at 'Ba1'
GYMOPHOBICS: Huddersfield Branch Placed in Administration
HELLAS TELECOM: Files for Administration in English Court
LLOYDS BANKING: To Write Off About GBP600 Mln of Admiral's Debt

TATA MOTORS: JLR Secures GBP170 Mln Working Capital Facility
TURBO BETA: Likely Covenant Breach Cues Moody's to Junk Ratings
YOUR SPACE: CVA Proposal Approved by Members and Creditors

* UK: Construction Sector Faces Challenges, Grant Thornton Says
* UK: Businesses Face Worsening Access to Finance, Report Shows


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         *********


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


MEDIAL WERBE: Claims Filing Deadline is November 27
---------------------------------------------------
Creditors of medial Werbe GmbH have until November 27, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 11, 2009 at 11:05 a.m.

For further information, contact the company's administrator:

         Dipl. Ing. Mag. Michael Neuhauser
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 55
         E-mail: wien@snwlaw.at


SCHOBER & PARTNER: Claims Filing Deadline is November 26
--------------------------------------------------------
Creditors of Schober & Partner 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 10:50 a.m.

For further information, contact the company's administrator:

         Dr. Andrea Simma
         Favoritenstrasse 22/12a
         1040 Vienna
         Austria
         Tel: 504 64 08
         Fax: 504 64 08 22
         E-mail: simma@mitrecht.com


TANSCHES BAU: Claims Filing Deadline is November 30
---------------------------------------------------
Creditors of Tansches Bau GmbH have until November 30, 2009, to
file their proofs of claim.

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

For further information, contact the company's administrator:

         Mag. Philipp Casper
         Kalchbergg. 1
         8010 Graz
         Austria
         Tel: 0316/83 05 50
         Fax: 0316/81 37 17
         E-mail: philipp.casper@kcp.at


TISCON HANDEL: Claims Filing Deadline is November 27
----------------------------------------------------
Creditors of Tiscon Handel GmbH have until November 27, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 10, 2009 at 11:30 a.m.

For further information, contact the company's administrator:

         Mag. Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252 991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at


VIPREAL IMMOBILIENENTWICKLUNG: Claims Filing Deadline is Nov. 27
----------------------------------------------------------------
Creditors of Vipreal Immobilienentwicklung GmbH have until
November 27, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 11, 2009 at 10:55 a.m.

For further information, contact the company's administrator:

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


V.P. BEWAEHRUNGSTECHNIK: Claims Filing Deadline is November 27
--------------------------------------------------------------
Creditors of V.P. Bewaehrungstechnik GmbH have until November 27,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 11, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Romana Weber-Wilfert
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 66
         E-mail: wien@snwlaw.at


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


GENERAL MOTORS: To Cut Capacity at Opel, Vauxhall by Up to 25%
--------------------------------------------------------------
John Reed at The Financial Times reports that General Motors Co.
said it planned to cut capacity by 20% to 25% and headcount by
9,000 to 10,000 at its European brands Opel and Vauxhall.

The FT relates Nick Reilly, Opel's acting chief executive and head
of GM's international operations, said the carmaker hoped to have
agreement in principle on loans or guarantees from governments
where it has plants within three weeks, and a restructuring plan
implemented by the end of this year.  GM, however, denied it would
engage in a "bidding war" over jobs with European governments from
which it is seeking aid, the FT notes.

GM's European arm lost about US$400 million in the third quarter,
the FT discloses.  Mr. Reilly, as cited by the FT, said Opel had
about US$2.5 billion of liquidity on hand, enough to last "well
into the first quarter of next year".  According to the FT, GM is
seeking EUR3.3 billion (US$4.9 billion) to restructure Opel and
invest in new products.

GM would repay EUR400 million of an outstanding German government
bridge loan not from Opel/Vauxhall, but from its own funds, the FT
says.

                           German Loan

Patrick McGroarty and Roman Kessle at The Wall Street Journal
report that Rainer Bruederle, Germany's new economics minister,
said Monday that former offers of federal aid for Opel have to be
reconsidered after GM reversed plans to sell control of the unit.

"Just as any other company, [Opel] has the right to apply for new
state help," the WSJ quoted Mr. Bruederle as saying at a financial
conference.  "It's a new situation that has emerged -- old deals
need to be reconsidered."

The WSJ relates Mr. Bruederle said Monday the aid offer was no
longer binding, and in an interview with the Bild am Sonntag
newspaper Sunday he suggested that states with Opel factories
could contribute aid to GM's restructuring if they wished.

                         Loan Repayments

Bernard Simon and John Reed at The Financial Times report GM said
it would begin repaying the outstanding US$6.7 billion of US
government and US$1.4 billion of Canadian bail-out loans next
month.  The first payment would be worth US$1.2 billion, the FT
states.  GM, the FT discloses, reported a US$1.15 billion after-
tax loss for the 83 days from then to the end of September.

                            Vauxhall

Robert Hutton at Bloomberg News reports U.K. Business Secretary
Peter Mandelson said he had  he had had a "positive meeting" with
Mr. Reilly, to discuss the future of the car-maker's U.K. plants.
"The future for Ellesmere Port and Luton plants looks positive,"
Bloomberg quoted Mr. Mandelson as saying.

"GM has committed to Luton to 2013 and will look for other
products.  GM will be looking for financial support and
the U.K. is prepared to underwrite it."

                       About General Motors

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

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

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

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

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

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


THYSSENKRUPP AG: S&P Cuts Corporate Credit Ratings to 'BB+/B'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
and short-term corporate credit ratings on Germany-based
industrial conglomerate ThyssenKrupp AG to 'BB+/B' from 'BBB-/A-
3'.

At the same time, both the long- and short-term ratings were
removed from CreditWatch, where they had been placed with negative
implications on March 20, 2009, and on June 5, 2009, respectively.
The outlook is stable.

In addition, S&P assigned a recovery rating of '3' to
ThyssenKrupp's EUR4.5 billion senior unsecured notes due 2011-2016
(Notes), indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.  Under S&P's criteria,
a '3' recovery rating leads us to rate the Notes at the same level
as the long-term corporate credit rating.  Consequently, S&P has
lowered its issue rating on the Notes and other rated debt to
'BB+' from 'BBB-', and removed the issue rating from CreditWatch.

"The downgrade reflects the sharp downturn in the steel and other
industrial sectors, and its significant impact on operating
performance and credit metrics," said Standard & Poor's credit
analyst, Alex Herbert.  "This is seen in reported losses before
tax of EUR2.4 billion for the financial year to Sept. 30, 2009,
and S&P's estimate of near zero funds from operations.

"Furthermore, S&P is of the opinion that ThyssenKrupp faces weak
recovery prospects, as S&P envisage subdued demand in end markets,
where the effects of government stimulus measures may prove
temporary, and the prospect of a sustained economic recovery is
some way off."

S&P believes that ThyssenKrupp's financial risk profile will
likely not deteriorate further in the current financial year.
Furthermore, downside risks are, in S&P's view, mitigated by its
business risk profile and liquidity, which help to underpin the
ratings.


* GERMANY: Ackermann Proposes Emergency Fund for Banks
------------------------------------------------------
Aaron Kirchfeld and Christian Vits at Bloomberg News report that
Deutsche Bank AG Chief Executive Officer Josef Ackermann proposed
the creation of a European-wide fund to provide capital or unwind
struggling banks.

Bloomberg relates Mr. Ackerman in a speech Monday at the Euro
Finance Week conference in Frankfurt said the fund could be
co-financed by the financial industry and governments to help
share the burden of rescuing banks.

"It would be worthwhile to consider a fund that, in an emergency,
could help banks recapitalize as well as support an orderly
unwinding," Bloomberg quoted Mr. Ackermann as saying.  "We could
avoid midnight rescue actions with all the related problems."


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


WIND HELLAS: Owner Files for Administration in English Court
------------------------------------------------------------
John Glover at Bloomberg News reports that Hellas
Telecommunications II, the owner of Wind Hellas Telecommunications
SA, said it filed for administration in the English High Court.

Bloomberg recalls Hellas II, which is seeking to restructure as
much as EUR3 billion (US$4.45 billion) of debt as Wind Hellas
struggles with falling sales, moved its headquarters in August to
London from Luxembourg, allowing it to take advantage of a so-
called pre-packaged administration, using a scheme of arrangement.

According to Bloomberg, Hellas II said in an e-mailed statement
Tuesday that "at least a majority in aggregate principal amount"
consented to the changes it asked for in its loan documentation.
It also got the approval of bank lenders to the changes, Bloomberg
discloses.

Headquartered in Athens, WIND Hellas Telecommunications S.A. --
http://www.wind.com.gr/-- is part of Weather Investments, a
global telecommunication group controlled by the Sawiris family
and Naguib Sawiris.  Weather also owns Wind Telecommunicazioni
spa, the third largest mobile operator and second largest fixed
line operator in Italy as well as a 50% plus one share of Orascom
Telecom Holding S.A.E.

                           *     *     *

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


WIND HELLAS: S&P Downgrades Corporate Credit Rating to 'SD'
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Greek mobile telecommunications
operator WIND Hellas Telecommunications S.A. and related entities
to 'SD' from 'CC'.

At the same time, S&P took the following rating actions on the
company's debt instruments:

S&P affirmed its 'CC' issue rating on the EUR1.125 billion senior
secured notes due 2012 issued by WIND Hellas' wholly owned
financial subsidiary Hellas Telecommunications (Luxembourg) V.
The recovery rating on these notes is unchanged at '3', indicating
S&P's expectation of meaningful (50%-70%) recovery in the event of
a payment default;

S&P affirmed its 'C' issue rating on Hellas Telecommunications
(Luxembourg) III's EUR355 million subordinated notes due 2013.
The recovery rating on these notes is unchanged at '6', indicating
S&P's expectation of negligible (0%-10%) recovery for unsecured
creditors in the event of a payment default;

S&P downgraded on Hellas Telecommunications (Luxembourg) II's
EUR960 million and $275 million subordinated notes due 2015 to
'D'.  The '6' recovery rating on these notes remains unchanged.

S&P downgraded Hellas Telecommunications Finance SARL's
EUR200 million payment-in-kind (PIK) notes to 'D'.  The '6'
recovery rating on these PIK notes remains unchanged.

"The rating actions chiefly reflect WIND Hellas' failure to pay
financial interest on its EUR960 million and $275 million
subordinated floating notes due 2015," said Standard & Poor's
credit analyst Melvyn Cooke.

The company had until Nov. 16, 2009, when the grace period for
payment expired, to avoid defaulting under the subordinated notes'
indentures.

"S&P's downgrade also follows WIND Hellas' recently announced
capital restructuring plan under which it would write off all its
junior debt under U.K. insolvency laws and existing shareholder
Weather Investments SpA would inject a total of EUR125 million
into the business," added Mr. Cooke.

WIND Hellas missed the interest payment on its subordinated notes
on the original Oct. 15, 2009, due date, stating at the time that
it was working on plans to restructure its balance sheet and to
preserve liquidity.  Under the notes' indentures, the company then
had 30 days to make the payment before defaulting on the notes.

S&P could raise the corporate credit and issue ratings on WIND
Hellas on completion of the restructuring, most likely no higher
than the 'CCC' or 'CC' categories, however.  At this stage,
however, S&P lack all the necessary information to assess the
potential rating level of the company post-restructuring.  S&P
would need, in particular, detailed strategy and liquidity
updates, management's operating forecasts over the next few years
and underlying assumptions, and information on the new covenants.


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I C E L A N D
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LANDSBANKI ISLANDS: Has ISK1.3 Trillion Priority Creditors' Claims
------------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Landsbanki
Islands hf said approved priority claims from creditors against
the bank amount to ISK1.3 trillion (US$10.3 billion).

Bloomberg discloses creditors are seeking to recoup as much as
US$28 billion in loans since the bank's collapse, the largest
bankruptcy in Iceland's history.

According to Bloomberg, the priority claims include a ISK260
billion (US$2.1 billion) 10-year bond the new unit of Landsbanki
will provide to the resolution committee of the failed bank as
compensation for assets transferred from the old unit to the new.

Bloomberg relates the committee overseeing the resolution of
creditors' claims has said as much as 89% of priority claims will
be covered by liquidating the bank's assets.

                      About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  On October 7, 2008, the Icelandic
Financial Supervisory Authority took control of Landsbanki and two
other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than US$1
billion each.

As reported in the Troubled Company Reporter-Europe on June 18,
2009, on June 15, 2009, British authorities revoked the October
2008 Freezing Order on the assets of Landsbanki in Britain, which
were set using anti-terrorism legislation.  Following the fall of
Iceland's three largest banks, Icelandic banking assets in the UK
were frozen on October 8, 2008 using anti-terrorism laws.  The
Icelandic government has ever since protested the application of
this legislation against Iceland.


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DRYDEN XIV: Moody's Confirms Rating on Class E-1 Notes at 'Caa1'
----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Dryden XIV - Euro CLO 2006 Plc.

  -- EUR312.5M Class A-1 Senior Floating Rate Notes, Downgraded to
     Aa1; previously on Aug 17, 2006 Definitive Rating Assigned
     Aaa

  -- EUR35M Class B-1 Senior Floating Rate Notes, Downgraded to
     A3; previously on Mar 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade

  -- EUR28M Class C-1 Mezzanine Deferrable Interest Floating Rate
     Notes, Downgraded to Ba1; previously on Mar 19, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR18M Class D-1 Mezzanine Deferrable Interest Floating Rate
     Notes, Downgraded to B1; previously on Mar 19, 2009
     Downgraded to Ba3 and Remained On Review for Possible
     Downgrade

  -- EUR27M Class E-1 Mezzanine Deferrable Interest Floating Rate
     Notes, Confirmed at Caa1; previously on Mar 19, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

  -- EUR6M Class Q Combination Note, Downgraded to Ba1; previously
     on Mar 4, 2009 A3 Placed Under Review for Possible Downgrade

  -- EUR10M Class S Combination Note, Withdrawn; previously on
     Mar 4, 2009 Baa3 Placed Under Review for Possible Downgrade

The rating of Class S Combination Notes was withdrawn given that
these notes were previously split back into their original
components and the current balance is zero.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as 7.98% mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2653) and an increase in the amount of defaulted
securities (currently 5% of the portfolio).  These measures were
taken from the recent trustee report dated 05 October 2009.
Moody's also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include for instance
the structural protections in this transaction, the resilience of
this deal relative to other similar transactions in the current
market environment, and the collateral manager's track record.
All information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


RESOURCE EUROPE: Moody's Cuts Rating on Class E Notes to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Resource Europe CLO I:

  -- EUR211.05M Class A Senior Secured Floating Rate Notes due
     2023, Downgraded to Aa3; previously on June 21, 2007 Assigned
     Aaa;

  -- EUR18.8M Class B Senior Secured Deferrable Rate Notes due
     2023, Downgraded to Baa3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- EUR17.28M Class C Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to Ba3; previously on March 18,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade;

  -- EUR18.05M Class D Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to Caa2; previously on March 18,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade;

  -- EUR6.35M Class E Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to Caa3; previously on March 18,
     2009 Downgraded to Caa1 and Remained On Review for Possible
     Downgrade;

  -- EUR5M Class W Combination Notes due 2023, Downgraded to Caa1;
     previously on March 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade;

  -- EUR8M Class X Combination Notes due 2023, Downgraded to B2;
     previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as approximately 9.2% mezzanine loan
exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2810), an increase in the amount of defaulted
securities (currently 1.4% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 5.2% of the portfolio).  These measures were taken from
the recent trustee report dated 21 September 2009.  Moody's also
performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


* IRELAND: Hotels Sector Insolvent, Report Shows
------------------------------------------------
Citing a report by economic consultant Peter Bacon, Laura Slattery
at The Irish Times says that a quarter of hotel rooms in Ireland
need to be closed down urgently because the hotels sector in its
entirety is insolvent.

According to the Irish Times, the report, which was commissioned
by the Irish Hotels Federation, states the "orderly elimination"
of about 15,000 hotel rooms should begin before next year's peak
summer season.

The Irish Times relates Mr. Bacon said many of the hotels built as
a result of tax breaks were now insolvent, but the banks that had
financed their development were not foreclosing on the developers'
loans in order to avoid a negative impact on their balance sheets.

"The burden of adjustment that you would expect to see on bank
balance sheets is being pushed out to the hotels sector," the
Irish Times quoted Mr. Bacon as saying at the launch of his report
in Dublin Wednesday last week.  "The result is that the entire
hotels sector is being compromised and its sustainability and
viability in the future is being questioned."


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


SEAT PAGINE: Moody's Downgrades Corporate Family Rating to 'B2'
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating and the Probability of Default Rating of SEAT Pagine Gialle
SpA to B2 from B1.  At the same time, Moody's downgraded the
rating on the company's EUR1.3 billion 8% senior notes due 2014
issued by Lighthouse International Company SA to Caa1 from B3.
The outlook for the ratings is negative.

The rating action follows the company's Q3 2009 earnings call,
where SEAT's management has said that it expects Italian print
revenues for H1 2010 are likely to be similar to those to 9M 2009
(i.e.  -13.2% y-o-y), before some improvement that may occur in H2
2010 from a combination of economic recovery and an aggressive
launch of new multimedia packages to acquire new customers.
Moody's understands that, in 2010, (i) management will undertake
cost-cutting measures on a larger scale than contemplated for the
current year, and (ii) online revenue growth should outperform
forecast online ad market growth (10-12%).  However, the rating
action reflects that, together with the continuing investment
requirements in its core Italian market, such top-line results are
likely to continue to undermine the group's free cash flow
generation capacity while putting pressure on SEAT's liquidity
profile and deleveraging prospects.

The negative outlook reflects Moody's increased concerns, in light
of the limited visibility, regarding the company's ability to
comfortably remain in compliance with its senior credit facility
covenants, particularly to December 2010.

Moody's notes that the ratings assume that the company's asset-
backed securitization program will remain available and broadly
unchanged until the program ends in 2011, together with the two
annually renewed back-up facilities -- notwithstanding any
potential deterioration in the quality of SEAT's receivables
and/or the company's ratings.

The last rating action on SEAT was implemented on 13 January 2009,
when Moody's downgraded the company's CFR to B1 from Ba3 with a
stable outlook.

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

Headquartered in Turin, Italy, SEAT is the leading publisher and
provider of directory services in Italy and, through its wholly-
owned subsidiary, TDL, is the number three directories publisher
in the UK.  SEAT also has a presence in Germany through Telegate,
the second-largest player in the German directory-assistance
market.


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


ARK-DA LLP: Creditors Must File Claims by November 25
-----------------------------------------------------
Creditors of LLP Ark-Da have until November 25, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Abai Ave. 36
         Astana
         Kazakhstan

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


INFO MEDIA: Creditors Must File Claims by November 25
-----------------------------------------------------
LLP Company Info Media Group is currently undergoing liquidation.
Creditors have until November 25, 2009, to submit proofs of claim
to:

         Azerbaev Str. 69
         Almaty
         Kazakhstan


JANAOZEN LLP: Creditors Must File Claims by November 25
-------------------------------------------------------
Creditors of LLP Janaozen have until November 25, 2009, to submit
proofs of claim to:

         Post Office Box 437
         OPS-1
         Aktau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktau commenced
bankruptcy proceedings against the company on July 16, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Kazakhstan


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

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

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


MURA LLP: Creditors Must File Claims by November 25
---------------------------------------------------
Creditors of LLP Mura have until November 25, 2009, to submit
proofs of claim to:

         Post Office Box 437
         OPS-1
         Aktau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktau commenced
bankruptcy proceedings against the company on July 16, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Aktau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Kazakhstan


NATALI TUR: Creditors Must File Claims by November 25
-----------------------------------------------------
Creditors of LLP Natali Tur have until November 25, 2009, to
submit proofs of claim to:

         Nezavisimosti Ave. 40-61
         Ust-Kamenogorsk
         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


ORLEU S: Creditors Must File Claims by November 25
--------------------------------------------------
Creditors of LLP Orleu S have until November 25, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
July 31, 2009.


RUND LLP: Creditors Must File Claims by November 25
---------------------------------------------------
Creditors of LLP Rund have until November 25, 2009, to submit
proofs of claim to:

         Kurmangazy Str. 96
         Uralsk
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on July 16,
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


SULZAK LLP: Creditors Must File Claims by November 25
-----------------------------------------------------
Creditors of LLP Sulzak have until November 25, 2009, to submit
proofs of claim to:

         Nezavisimosti Ave. 40-61
         Ust-Kamenogorsk
         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


SWISS LTD: Creditors Must File Claims by November 25
----------------------------------------------------
LLP Swiss Ltd. is currently undergoing liquidation.  Creditors
have until November 25, 2009, to submit proofs of claim to:

         Furmanov Str. 244
         Almaty
         Kazakhstan


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


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

Inquires can be addressed to (+996 312) 69-75-95


===========
L A T V I A
===========


PAREX BANKA: Sale Likely in the First Quarter, CEO Says
-------------------------------------------------------
Niklas Magnusson and Aaron Eglitis at Bloomberg News reports that
Parex Banka AS may be sold by as early as the first quarter as
European banks and private equity firms show interest in the
company.

Bloomberg relates Parex Chief Executive Officer Nils Melngailis
said Tuesday the company will be split into a bank and a fund
holding units that aren’t part of its main business by the end of
this year in preparation for the sale of both entities.

"We have attracted interest from mostly European banks, both from
ones who are in this market and from banks who wish to enter this
market," Bloomberg quoted Mr. Melngailis as saying.  "We plan to
get restructuring done by the end of this year and a sale will
take place in the first quarter at the earliest."

Bloomberg recalls Latvia had to turn to a group led by the
European Commission and International Monetary Fund for a
EUR7.5 billion (US$11.2 billion) loan after Parex failed following
a run on deposits.  According to Bloomberg, a sale of Parex would
free up money for the government, which has poured about LVL1
billion (US$2.1 billion) into Parex in the form of capital
increases, deposits and guarantees.

                         About Parex Banka

Founded in May 1992, JSC Parex Banka a.k.a Parex Banka AS --
http://www.parexgroup.com/-- is a commercial bank with assets
exceeding 4.46 billion.   It offers its clients integrated
services in areas such as lending, payment cards, leasing, asset
management and securities trading.  It has more than 70 branches,
customer service centers and settlement group, or nearly all
regions of Latvia and the major cities.  Currently, bank branches
and customer service centers in Latvia employs more than 2,600
people.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 3,
2009, Moody's Investors Service affirmed Parex Bank's E bank
financial strength rating, the outlook on which remains stable.
In affirming the bank's E BFSR, which maps to a baseline credit
assessment of Caa1, the rating agency noted the bank's impaired
franchise value and weakened financial performance, especially in
terms of asset quality and profitability.  Moody's also noted the
bank's weak liquidity position on a standalone basis (i.e.
excluding Moody's assessment of the probability of external
support).


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


MELCHIOR CDO: Moody's Cuts Ratings on Two Classes of Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Melchior CDO I S.A

  -- EUR256M Class A Floating Rate Notes, due 2013, Downgraded to
     A3; previously on Aug 27, 2001 Assigned Aaa

  -- EUR32M Class B-1 Floating Rate Notes, due 2013, Downgraded to
     Caa2; previously on Mar 20, 2009 Downgraded to Ba2 and
     Remained On Review for Possible Downgrade

  -- EUR20M Class B-2 Fixed Rate Notes, due 2013, Downgraded to
     Caa2; previously on Mar 20, 2009 Downgraded to Ba2 and
     Remained On Review for Possible Downgrade

This transaction is a managed leveraged loan collateralized loan
obligation with exposure (whether synthetic or cash) to loans,
high yield debt and structured finance securities of issuers and
borrowers in Europe, Canada and the United States.

According to Moody's, the rating actions taken on the notes are
the result of a severe credit deterioration of the underlying
portfolio.  This is observed through a decline in the average
credit rating as measured through the portfolio weighted average
rating factor 'WARF' (currently 3960), the amount of defaulted
securities (currently 6% of the portfolio), the proportion of
securities from issuers rated Caa1 and below (currently 33.5% of
the portfolio), a failure of Class C and Class D par value tests,
an important exposure to structured finance securities (currently
20.3% of the portfolio) and a 15% bucket of loans having a
maturity falling after the maturity of the notes.  These measures
were taken from the recent trustee report dated 15 October 2009.
Moody's also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality
combined with a decrease in the expected recovery rates, and a
decrease in the recovery value of the long dated loans.  Due to
the impact of all the below mentioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

In addition to the bucket of long dated loans, the maturities of
number of structured finance securities may also potentially
exceed the legal maturity of the notes issued by Melchior CDO I
S.A.  Such long dated structured finance securities may therefore
have to be sold at maturity of the notes, exposing investors to
market risk.

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

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

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


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


EUROCREDIT CDO: Moody's Junks Ratings on Two Classes of Notes
-------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Eurocredit CDO IV B.V.:

  -- EUR252,000,000 Class A-1 Senior Secured Floating Rate Notes
     due 2020 (currently EUR249,206,056 outstanding), Downgraded
     to Aa1; previously on November 22, 2004 Assigned Aaa;

  -- EUR23,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2020, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- EUR8,500,000 Class B-1 Senior Secured Deferrable Floating
     Rate Notes due 2020, Downgraded to Ba2; previously on March
     20, 2009 Downgraded to Ba1 and Remained On Review for
     Possible Downgrade;

  -- EUR12,500,000 Class B-2 Senior Secured Deferrable Fixed Rate
     Notes due 2020, Downgraded to Ba2; previously on March 20,
     2009 Downgraded to Ba1 and Remained On Review for Possible
     Downgrade;

  -- EUR750,000 Class C-1 Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Caa2; previously on March 20,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade;

  -- EUR17,750,000 Class C-2 Senior Secured Deferrable Fixed Rate
     Notes due 2020, Downgraded to Caa2; previously on March 20,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans as well as 21% mezzanine obligations and high yield
bonds exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2799), an increase in the amount of defaulted
securities (currently 8% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 9.8% of the portfolio), and a failure of the Class C
par value test.  These measures were taken from the recent trustee
report dated September 22, 2009.  Moody's also performed a number
of sensitivity analyses, including consideration of a further
decline in portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


LEOPARD CLO: Moody's Cuts Rating on Class D Notes to 'Caa3'
-----------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Leopard CLO II B.V.  The Class A-1 remains Aaa mainly
due to its current relatively high over collateralization level
and the fact that the deal has moved out of the reinvestment phase
and has begun to amortize.

  -- Class A-2 Senior Secured Floating Rate Notes due 2019,
     Downgraded to Baa1; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Class B Senior Secured Deferrable Floating Rate Notes due
     2019, Downgraded to Ba3; previously on Mar 20, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- Class C Senior Secured Deferrable Floating Rate Notes due
     2019, Downgraded to B3; previously on Mar 20, 2009 Downgraded
     to B1 and Remained On Review for Possible Downgrade

  -- Class D Senior Secured Deferrable Floating Rate Notes due
     2019, Downgraded to Caa3; previously on Mar 20, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as 18.0% exposure to mezzanine loan
obligations.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2664), an increase in the amount of defaulted
securities (currently 2.36% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 9.10% of the portfolio are classified as CCC
Obligations), and a failure of Class D par value test.  These
measures were taken from the recent trustee report dated 15
October 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in this transaction, the recent deal performance
relative to other CLOs in the current market environment, the
collateral manager's track record, and the fact this transaction
is in its amortization phase.  All information available to rating
committees, including macroeconomic forecasts, input from other
Moody's analytical groups, market factors, and judgments regarding
the nature and severity of credit stress on the transactions, may
influence the final rating decision.


LEOPARD CLO: Moody's Cuts Ratings on Two Classes of Notes to Caa3
-----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Leopard CLO V B.V.

  -- EUR100M Multicurrency Senior Secured Floating Rate Variable
     Funding Notes due 2023 (currently EUR 75,429,455
     outstanding), Downgraded to Aa1; previously on Jun 15, 2007
     Assigned Aaa

  -- EUR168M Class A Senior Secured Floating Rate Notes due 2023,
     Downgraded to Aa1; previously on Jun 15, 2007 Assigned Aaa

  -- EUR28M Class B Secured Deferrable Floating Rate Notes due
     2023, Downgraded to Baa1; previously on Mar 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR13M Class C-1 Secured Deferrable Floating Rate Notes due
     2023, Downgraded to Ba2; previously on Mar 17, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR7M Class C-2 Secured Deferrable Fixed Rate Notes due 2023,
     Downgraded to Ba2; previously on Mar 17, 2009 Downgraded to
     Baa3 and Remained On Review for Possible Downgrade

  -- EUR26M Class D Secured Deferrable Floating Rate Notes due
     2023, Downgraded to B2; previously on Mar 17, 2009 Downgraded
     to B1 and Remained On Review for Possible Downgrade

  -- EUR13M Class E-1 Secured Deferrable Floating Rate Notes due
     2023, Downgraded to Caa3; previously on Mar 17, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

  -- EUR3M Class E-2 Secured Deferrable Fixed Rate Notes due 2023,
     Downgraded to Caa3; previously on Mar 17, 2009 Downgraded to
     Caa1 and Remained On Review for Possible Downgrade

  -- EUR7M Class F Secured Deferrable Floating Rate Notes due
     2023, Downgraded to Ca; previously on Mar 17, 2009 Downgraded
     to Caa3 and Remained On Review for Possible Downgrade

  -- EUR5M Class K Combination Notes due 2023, Downgraded to Ba1;
     previously on Mar 4, 2009 A2 Placed Under Review for Possible
     Downgrade

  -- EUR10M Class T Combination Notes due 2023, Downgraded to B2;
     previously on Mar 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade

  -- EUR5M Class W Combination Notes due 2023, Downgraded to Ba2;
     previously on Mar 4, 2009 A3 Placed Under Review for Possible
     Downgrade

This transaction is a managed CLO with exposure to predominantly
European senior secured loans, as well as 16% mezzanine and second
lien loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of a slight credit deterioration of the underlying
portfolio.  This is observed through a decline in the average
credit rating as measured through the portfolio weighted average
rating factor 'WARF' (currently 2,747) and a failure of the Class
F par value test, currently at 102.72% compared to 108.52% a year
ago.  These measures were taken from the recent trustee report
dated 30 September 2009.  Moody's also performed a number of
sensitivity analyses, including consideration of a further decline
in portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


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


ALGOS MEAT: Creditors Must File Claims by November 23
-----------------------------------------------------
Creditors of LLC Algos Meat-Processing Plant (TIN 2539038696) have
until November 23, 2009, to submit proofs of claims to:

         V. Zheludenko
         Temporary Insolvency Manager
         Borodinskaya Str. 61G
         Vladivostok
         Russia

The Arbitration Court of Primorskiy will convene at 1:00 p.m. on
January 27, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ? 51–6702/2009.

The Debtor can be reached at:

         LLC Algos
         Pologaya Str. 36
         Vladivostok
         Russia


BAROKKO-STROY: R. Matrenin Named Temporary Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Amurskaya appointed R. Matrenin as
Temporary  Insolvency Manager for LLC Barokko-Stroy-Plus
(Construction).  The case is docketed under Case No. ?04–
5659/2009B.  He can be reached at:

         Post User Box 11\9
         Blagoveshchensk
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         LLC Barokko-Stroy-Plus
         Amurskaya Str. 91
         Blagoveshchensk
         Amurskaya
         Russia


BMK-CONSTRUCTION: Creditors Must File Claims by November 23
-----------------------------------------------------------
Creditors of LLC BMK-Construction Complex (TIN 7725510386, PSRN
1047796343660) have until November 23, 2009, to submit proofs of
claims to:

         A. Borunov
         Temporary Insolvency Manager
         Apt. 606
         Building 1
         Mira Prospect 68
         129110 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure.  The case is docketed under Case No. ?40–102994/09–95–
486B.

The Debtor can be reached at:

         LLC BMK-Construction Complex
         IVana Franko Str. 44
         121351 Moscow
         Russia


DOM-STROY: Creditors Must File Claims by November 23
----------------------------------------------------
Creditors of LLC Dom-Stroy-2000 (TIN 3015043450, PSRN
1023000828993) (Construction) have until November 23, 2009, to
submit proofs of claims to:

         N. Yakusheva
         Temporary Insolvency Manager
         Kryukova Str. 40
         400069 Volgograd
         Russia

The Arbitration Court of Astrakhanskaya will convene on
February 11, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?06–5507/2009.

The Debtor can be reached at:

         LLC Dom-Stroy-2000
         Savushkina Str. 4
         414056 Astrakhan
         Russia


FAR EAST: Fitch Upgrades Issuer Default Rating to 'BB-'
-------------------------------------------------------
Fitch Ratings has upgraded OJSC Far East Telecom's (also known as
OAO Dalsvyaz) Long-term foreign currency Issuer Default rating to
'BB-' from 'B+'.  The Outlook on the Long-term IDR is Stable.
Fitch has also affirmed Far East Telecom's Short-term foreign
currency IDR at 'B'.

The upgrade reflects improvements in Far East Telecom's credit
metrics.  These include a decrease of leverage (net debt/EBITDA)
to below 1x, as well as positive free cash flow generation in
2007-2008 which Fitch expects to continue in the medium term due
to moderate capex the agency estimates at 18%-21% of revenue.

Far East Telecom's leverage of 0.9x at end-2008 was the lowest
among its peers.  Fitch does not expect leverage to increase above
1.0x at end-2009 and for it to gradually decrease afterwards
despite the debt-financed acquisition of a 49% stake in OJSC
Sakhatelecom in October 2009.  OJSC Sakhatelecom is a fixed-line
incumbent operating in the Republic of Sakha (Yakutia)
('BB'/Stable Outlook/'B') within the Russian Federation
('BBB'/Negative Outlook/'F3').  On a positive note, Fitch
recognizes that all Far East Telecom's debt is denominated in
roubles, so the company is not exposed to a foreign-currency risk.

Far East Telecom's ratings are supported by its stable operational
performance and resilient EBITDA generation during the economic
downturn.  In 2008, Far East Telecom's EBITDA rose 11.7% and the
EBITDA margin widened to 33.3% from 32.0% as a result of cost
control.  Fitch expects the margin to be close to 34% at end-2009,
although further growth may be constrained by the specific
geographic conditions of the company's operating area in the far-
eastern region of Russia, with vast unpopulated spaces and long
distances between cities.

The ratings also positively factor in Far East Telecom's dominant
market position in the fixed-line voice and broadband segments
(90% and 75% of the market at end-2008, respectively) in its
operating territory.  Due to the company's extensive "last mile"
network and the high capex needed to develop comparable
alternative infrastructure, its market position is likely to
remain unrivalled in the medium term, in the absence of local loop
unbundling regulation.

Fitch further notes that 50.56% of Far East Telecom's ordinary
shares are held by the Russian government-controlled
telecommunications holding company OJSC Svyazinvest.  Although Far
East Telecom's operational ties with the holding company are weak
and direct financial support from Svyazinvest is unlikely, Fitch
believes that Svyazinvest may provide Far East Telecom with
lobbying support in obtaining financing from state-controlled
banks, if needed.

At the same time, Far East Telecom's ratings are constrained by
refinancing risks resulting from a significant share of short-term
debt in its portfolio (including a RUB1.4bn bond put option in
June 2010) which is not covered by existing liquidity.  However,
Fitch believes that these risks are manageable and that Far East
Telecom will be able to procure new bank debt to refinance its
short-term maturities, considering the company's stable
operational performance, low leverage and potential lobbying
support from Svyazinvest.  Far East Telecom may also tap the
domestic bond market to raise liquidity if needed, which Fitch
expects would be successful, as Far East Telecom would likely be
considered a quality issuer.  The agency believes the company
could also postpone part of its capex for some time if additional
liquidity is needed to pass debt repayment peaks.


FLEXIBLE PACKING: Creditors Must File Claims by November 23
-----------------------------------------------------------
Creditors of LLC Flexible Packing Materials have until
November 23, 2009, to submit proofs of claims to:

         A. Dyachenko
         Insolvency Manager
         K. Marksa Str. 13/1
         Kumertau
         453300 Bashkortostan
         Russia
         Tel: 8 (34761) 4-11-60
              8 (34761) 4-79-45

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ? 82 -7343/2009–72-B/92.

The Debtor can be reached at:

         LLC Flexible Packing Materials
         Mendeleeva Sq. 2
         Pereslavl-Zamesskiy
         Yaroslavskaya
         Russia


GRAD-BANK: Creditors Must File Claims by November 23
----------------------------------------------------
Creditors of OJSC Grad Bank Joint Stock Bank (TIN 2702070203,
Registration No. 2750) have until November 23, 2009, to submit
proofs of claims to:

         Investment Insurance Agency
         Insolvency Manager
         Dikopoltseva Str. 4
         680021 Khabarovsk
         Russia

The Arbitration Court of Khabarovskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?73–14045/2009.

The Debtor can be reached at:

         OJSC Grad Bank
         Dikopoltseva Str. 4
         680021 Khabarovsk
         Russia


GRAD INVEST: Creditors Must File Claims by November 23
------------------------------------------------------
Creditors of CJSC Grad Invest (TIN 7715603017, PSRN 1067746625055)
(Construction) have until November 23, 2009, to submit proofs of
claims to:

         I. Menshikov
         Insolvency Manager
         Post User Box 11
         Building 1
         Molodogvardeyskaya Str. 9
         121467 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–115675/09–18-567B.

The Debtor can be reached at:

         CJSC Grad Invest
         Building 7
         Skladochnaya Str. 3
         127018 Moscow
         Russia


GRAND-GLASS: Creditors Must File Claims by November 23
------------------------------------------------------
Creditors of LLC Grand-Glass (TIN 4205135447) have until
November 23, 2009, to submit proofs of claims to:

         M. Chereshko
         Insolvency Manager
         Post User Box 2299
         650070 Kemerovo
         Russia

The Arbitration Court of Kemerovskaya will convene on February 4,
2010, to hear bankruptcy proceedings.  The case is docketed under
Case No. ?27–17258/2009.

The Debtor can be reached at:

          LLC Grand-Glass
          Radishcheva Str. 1
          650024 Kemerovo
          Russia


INTER-STROY: Creditors Must File Claims by November 23
------------------------------------------------------
Creditors of LLC Inter-Stroy (TIN 3442077326, PSRN 1053477203504)
(Construction) have until November 23, 2009, to submit proofs of
claims to:

         V. Bashmakov
         Temporary Insolvency Manager
         Post User Box 251
         400005 Vilgograd
         Russia

The Arbitration Court of Volgogradskaya will convene on
February 16, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?12–17425/2009.

The Debtor can be reached at:

         LLC Inter-Stroy
         Kommunisticheskaya Str. 21
         400131 Volgograd
         Russia


INTERNATIONAL INDUSTRIAL: Fitch Affirms 'D' Individual Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Russia-based International Industrial
Bank's (IIB) ratings at Long-term Issuer Default 'B', Short-term
IDR 'B', Individual 'D', Support '5' and National Long-term
'BBB(rus)'.  The Support Rating Floor is also affirmed at 'No
Floor'.  The Outlooks for the Long-term IDR and National Long-term
rating are Stable.

The ratings reflect IIB's limited franchise and high business
concentrations, including with related parties, weaknesses in the
bank's funding profile and tight liquidity position.  At the same
time, the ratings also consider IIB's strong capitalization and
moderate loan impairments to date.

IIB's dependence on funding from the Central Bank of Russia has
grown since Q408 and the latter remains the bank's most important
creditor, accounting for 40% of end-Q309 liabilities.  Funding
from the CBR is mainly unsecured (six-12 months) borrowings, which
have been rolled over regularly during 2009, with the majority now
maturing in May-July 2010.  The bank's policy is to maintain this
funding source while it continues to be available, although its
sustainability beyond the short term is questionable, in Fitch's
view.  As an alternative, the bank believes it could replace
unsecured CBR funding by facilities collateralized by loans in an
almost equal amount, although Fitch notes it could take some time
to receive such facilities.

At end-Q309, the 20 largest client deposits accounted for a high
78% of client funds or 22% of liabilities, while related parties
contributed around 30% of client accounts or 10% of liabilities.
Although this could lead to increased liquidity pressure in case
of large deposit withdrawals, Fitch notes that this has been
adequately managed so far, and most customer funding consists of
term deposits.

Highly liquid assets (defined as cash and equivalents, unpledged
government securities and net short-term interbank assets)
represented a low 3% of total assets or just 15% of client
accounts at end-Q309, albeit a stronger 46% of current accounts.
Liquidity is also supported by the amortization of the loan book,
which is largely short-term.  Near-term repayments of foreign
borrowings are considerable (eurobonds of US$150 million maturing
in February 2010 and EUR200 million in July 2010, in total equal
to 12% of end-Q309 liabilities), although upcoming loan
amortization payments should allow the bank to meet its funding
maturities and refinancing of loans with the CBR remains an
additional potential source of liquidity.

IIB's lending grew by around 15% in 9M09, backed by the CBR funds,
mainly through the corporate segment (including state-controlled
companies), which is the bank's primary focus.  Lending remains
concentrated: the 20 largest groups of borrowers -- of which
almost half was represented by investment loans (including to
related parties and their business partners) -- reportedly made up
20% of loans, equal to 66% of equity at end-Q309 (IFRS reporting).
The loan maturity profile remains largely short-term: only 14% of
loans had contractual maturities of more than one year at end-
Q309.  Foreign currency loans represented a moderate 14% of loans.
Loan impairment was reportedly low: at end-Q309, NPLs (loans
overdue by more than 90 days) represented less than 1% of gross
loans, while about 12% of loans had extended maturities.  The loan
impairment reserve, at 9.7% of end-Q309 loans (IFRS reporting),
provides adequate coverage of existing NPLs.  Capitalization
remains strong (Basel I total and tier 1 capital ratios were at
29.4% and 26.8%, respectively, at end-H109) offering a solid
buffer to absorb potential credit losses up to 35% of the loan
book, Fitch estimates.

Upside rating potential is currently limited by the weak operating
environment, limited franchise and tight liquidity.  Better
diversification of the funding base and a bolstering of the
liquidity cushion would be positive for the bank's credit profile.
Downward rating pressure could come from a further, sharp
tightening of liquidity or a significant deterioration in asset
quality.

At end-Q309, IIB was the 25th largest Russian bank by total
assets.  IIB is controlled by Sergey Pugachev (with a 76% stake),
who since 2001 has been a member of the upper house of the Russian
parliament (the Federation Council).


MARIINSKAYA MEAT: A. Protodyakonov Named Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Kemerovskaya appointed A. Protodyakonov
as Insolvency Manager for LLC Mariinskaya Meat Cannery Company(TIN
4213004769, PSRN 1034213003428).  The case is docketed under Case
No. ?27–4680/2009–4.  He can be reached at:

         Stroiteley Blvd. 28A
         650060 Kemerovo
         Russia

The Debtor can be reached at:

         LLC Mariinskaya Meat Cannery Company
         Sibiryakov-Gvardeytsev Str. 2
         Mariinsk
         Russia


NEW OIL: Creditors Must File Claims by November 23
--------------------------------------------------
Creditors of LLC New Oil(TIN 7729398872, PSRN 1027739623394)
( Mining and Wholesale Trade) have until November 23, 2009, to
submit proofs of claims to:

         P. Osipov
         Insolvency Manager
         Apt. 95
         Maryinskiy park 35
         109559 Moscow
         Russia
         Tel: (495) 778-78-41

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–66959/09–70-270B.

The Debtor can be reached at:

         LLC New Oil
         Office 117
         MinskayaStr. 11
         121108 Moscow
         Russia


PARTNER SERVIS: Creditors Must File Claims by November 23
---------------------------------------------------------
Creditors of LLC Partner Servis Plus (TIN 5501107106)
(Construction) have until November 23, 2009, to submit proofs of
claims to:

         D. Sazhin
         Temporary Insolvency Manager
         Apt.7
         Mira Prospect 104/1
         Omsk-89
         Russia

The Arbitration Court of Omskaya will convene on January 26, 2010,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. ?46–16044/2009.

The Debtor can be reached at:

         LLC Partner Servis Plus
         Krasnyy Put' Str. 143
         644033 Omskaya
         Russia


PENZA PRECISION: Yu.Petryushchenkov Named Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Penza appointed Yu.Petryushchenkov as
Insolvency Manager for OJSC Penza Precision Instruments Plant (TIN
5837009382, PSRN 1025801440026).  The case is docketed under Case
No. ?49–12883/2005–2276/10.  He can be reached at:

         Post User Box 153
         630001 Novosibirsk
         Russia

The Debtor can be reached at:

         OJSC Penza Precision Instruments Plant
         Okruzhnaya Str. 3
         440031 Penza
         Russia


POVOLZHSKIY OIL: Creditors Must File Claims by November 23
----------------------------------------------------------
Creditors of CJSC Povolzhskiy Oil and Dissolvent Agents Plant (TIN
6323069258, RVC 632301001, PSRN 1036300996577) have until
November 23, 2009, to submit proofs of claims to:

         N. Ovchinnikova
         Insolvency Manager
         Office 301
         KomsomolskayaStr. 84a
         Tolyatti
         443072 Samarskaya
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?55–18857/2009.

The Debtor can be reached at:

         CJSC Povolzhskiy Oil and Dissolvent Agents Plant
         Larina Str. 161
         Tolyatti
         445021 Samarskaya
         Russia


SIBERIA WOOD: Creditors Must File Claims by November 23
-------------------------------------------------------
Creditors of LLC Siberia Wood (Forestry) have until November 23,
2009, to submit proofs of claims to:

         N. Fomin
         Temporary Insolvency Manager
         Post User Box 95
         664009 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene at 10:00 a.m. on
January 27, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?19–17886/09–3.

The Debtor can be reached at:

         LLC Siberia Wood
         Shiryamova Str. 2
         Irkutsk
         664009 Irkutskaya
         Russia


STROY-SERVIS: Creditors Must File Claims by November 23
-------------------------------------------------------
Creditors of LLC Stroy-Servis (TIN 8904044366, PSRN 1048900304551)
(Construction) have until November 23, 2009, to submit proofs of
claims to:

         V. Garan
         Insolvency Manager
         Office 9
         Building 2
         N. Basmannaya Str. 19
         107078 Moscow
         Russia

The Arbitration Court of Yamalo-Nenetskiy will convene at
10:00 a.m. on February 12, 2010, to hear bankruptcy proceedings.
The case is docketed under Case No. A81–4680/2009.

The Court is located at:

          The Arbitration Court of Yamalo-Nenetskiy
          Chubunina Str. 37a
          Salekhard
          Russia


SVK-STROY: Creditors Must File Claims by November 23
----------------------------------------------------
Creditors of LLC SVK-Stroy (TIN 1328906951, PSRN 1071328001590)
(Construction) have until November 23, 2009, to submit proofs of
claims to:

         Yu.Dobychin
         Insolvency Manager
         Post User Box 154
         603000 Nizhny Novgorod
         Russia

The Arbitration Court of Mordovia will convene at 09:15 a.m. on
April 6, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?39–4499/2009.

The Debtor can be reached at:

          LLC SVK-Stroy
          Prospect 70 Oktyabrya72
          430000 Saransk
          Mordovia
          Russia


TRANS-KHOLOD: Creditors Must File Claims by November 23
-------------------------------------------------------
Creditors of LLC Trans-Kholod (TIN 5753021376, PSRN 1025700829802)
have until November 23, 2009, to submit proofs of claims to:

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

The Arbitration Court of Orlovskaya will convene at 9:15 a.m. on
February 24, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?48–4367/2009.

The Debtor can be reached at:

         LLC Trans-Kholod
         Lomonosova Str. 6
         302040 Orel
         Russia


UC RUSAL: Deripaska Dismisses Michael Cherney's Ownership Claim
---------------------------------------------------------------
Katrina Nicholas and Yuriy Humber at Bloomberg News report that
United Co. Rusal's owner Oleg Deripaska dismissed a claim for
stake in the company by a former business associate.

The claim by Michael Cherney is "nonsense" and "resembles a
blackmail," Bloomberg quoted Mr. Deripaska as saying in an
interview in Singapore.

According to Bloomberg, Mr. Cherney says he's owed at least
US$3 billion after Mr. Deripaska reneged on an agreement to
exchange part of Siberian Aluminium for a future interest in what
later became Rusal.

                            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.


ZHILEVSKIY PLASTIC: Creditors Must File Claims by November 23
-------------------------------------------------------------
Creditors of OJSC Zhilevskiy Plastic Materials Plant (TIN
5045009531, PSRN 1025005916759) have until November 23, 2009, to
submit proofs of claims to:

         D. Shcherban
         Temporary Insolvency Manager
         Post User Box 22
         109431 Moscow
         Russia

The Arbitration Court of Moskovskaya will convene at 10:10 a.m. on
February 15, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?41–33178/09.

The Debtor can be reached at:

         OJSC Zhilevskiy Plastic Materials Plant
         Sitne-Shchelkkanovo
         Stupinskiy
         142822 Moskovskaya
         Russia


* RYAZAN REGION: Fitch Affirms BB- Foreign & Loc. Currency Ratings
------------------------------------------------------------------
Fitch Ratings has affirmed Russian Ryazan Region's ratings at
Long-term foreign and local currency 'BB-' with Stable Outlooks,
Short-term foreign currency 'B' and National Long-term 'A+(rus)'
with Stable Outlook.

All ratings have been withdrawn and Fitch will no longer provide
ratings or analytical coverage of this issuer.


* VOLOGDA REGION: Fitch Changes Outlook to Negative
---------------------------------------------------
Fitch Ratings has changed the Outlooks on the Russian Vologda
Region's Long-term foreign and local currency ratings and National
Long-term rating to Negative from Stable.  The ratings have been
affirmed at Long-term foreign and local currency 'BB', Short-term
foreign currency 'B' and National Long-term 'AA-(rus)'.  All
ratings have been withdrawn.

The change in Outlook reflects Fitch's expectation that the
region's budgetary performance would deteriorate by-end 2009, due
to lower corporate tax revenues resulting from the economic
downturn.

Fitch will no longer provide ratings or analytical coverage of
this issuer.


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


BBVA EMPRESAS: Moody's Cuts Rating on Series C Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service has taken these actions on the long-term
credit ratings of these notes issued by BBVA Empresas 1, FTA:

  -- EUR1,000.0 million series A1 notes due 2047, confirmed at
     Aaa, previously placed under review for downgrade on 23 March
     2009.

  -- EUR200.0 million series A2 notes due 2047, confirmed at Aaa,
     previously placed under review for downgrade on 23 March
     2009.

  -- EUR121.6 million series A3 notes due 2047, confirmed at Aaa,
     previously placed under review for downgrade on 23 March
     2009.

  -- EUR50.1 million series B notes due 2047, confirmed at A2,
     previously placed under review for downgrade on 23 March
     2009.

  -- EUR78.3 million series C notes due 2039, downgraded to B3,
     previously Baa3 and placed under review for downgrade on 23
     March 2009.

Moody's initially assigned definitive ratings in November 2007.

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

As a result of its revised methodology, Moody's has reviewed its
assumptions for BBVA Empresas 1 collateral portfolio, taking into
account anticipation of performance deterioration in the current
down cycle, and the exposure of the transaction to the real estate
sector (either through security in the form of a mortgage or
debtors operating in the real estate sector).  The deterioration
of the Spanish economy has been reflected in the Moody's negative
sector outlook on the Spanish SME securitization transactions
("EMEA ABS, CMBS & RMBS Asset Performance Outlooks," published by
the rating agency in July 2009).  To date, this transaction has
been performing in line with the Spanish SME index.  The 90 days
cumulative delinquency rate as of September 2009 is 2.83% of
original portfolio balance.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector, and in the low Ba-range for the non-real-estate debtors.
At the same time, Moody's estimated the remaining weighted average
life of the portfolio to equal 2.27 years.  As a consequence,
these revised assumptions have translated into an increase of the
cumulative mean default assumption for the current portfolio equal
to 7.71%.  This implies a revised cumulative mean default
calculation for the entire transaction since closing equal to
5.27% of original portfolio balance.  Moody's original mean
default assumption was 4.0% of original balance, with a
coefficient of variation of 57%.  Given the lack of granularity of
the portfolio with an effective number of borrowers around 142 and
the top 3 debtors representing 7.5% of the current pool balance,
the rating agency used an Montecarlo distribution to model gross
defaults, with a mean of 7.71% and a coefficient of variation of
47.5%.  Stochastic recoveries were modelled, assuming a mean equal
to 40%, while fixed values in the 55% to 45% range were tested at
closing.  The constant prepayment rate (CPR) assumption has been
maintained at 5% (similar assumption as of closing).

In summary, Moody's concluded that the negative effects of the
revised default assumptions were not fully offset by the increased
credit support available for the outstanding series C notes (4.37%
of reserve fund + xs spread guaranteed by the swap), and the
limited reduction in the remaining life of the portfolio and
notes.

BBVA Empresas 1 is a securitization fund, which purchased a pool
of loans granted to Spanish SMEs and corporates by BBVA.  At
closing, in November 2004, the portfolio consisted of 3,229 loans.
The loans were originated between 1993 and 2007, with a weighted
average seasoning of 1.69 years and a weighted average remaining
term of 6.26 years.  Geographically, the pool was concentrated in
Madrid (17%), Basque Country (11%) and Valencia (15%).  At
closing, the concentration in the real estate sector was around
26% of the original pool balance, according to Moody's industry
classification.

As of September 2009, the number of loans in the portfolio
amounted to 2,228, the weighted average seasoning is 3.6 years and
the remaining term is 6 years.  The concentration levels per
industry and region are similar to the levels at closing with a
lower exposure in the building and real estate sector equal to 22%
of current portfolio, which is in slightly below the sector-
average concentration in the SME ABS portfolios.  The pool factor
was 51%.

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


GAT FTGENCAT: Moody's Cuts Rating on Class D Notes to 'Caa3'
------------------------------------------------------------
Moody's Investors Service has downgraded the long-term credit
ratings of these notes issued by GAT FTGENCAT 2006 FTA:

  -- EUR239.1 million class A2(G) notes, downgraded to Aa1 from
     Aaa; previously on 29 January 2009 placed under review for
     possible downgrade;

  -- EUR5.1 million class B notes, downgraded to Ba1 from Aa2;
     previously on 29 January 2009 placed under review for
     possible downgrade;

  -- EUR12.3 million class C notes, downgraded to B3 from A1;
     previously on 29 January 2009 placed under review for
     possible downgrade;

  -- EUR13.2 million class D notes, downgraded to Caa3 from Baa3;
     previously on 29 January 2009 placed under review for
     possible downgrade, and

  -- EUR9.5 million class E notes, downgraded to C from Ca;
     previously on 29 January 2009 placed under review for
     possible downgrade.

The rating action was prompted by a higher-than-expected level of
delinquencies.  As of the end of June 2009, the cumulative 90+
delinquencies (i.e. the cumulative amount of loans that became 90
days delinquent, counting each loan only once and for its value
the first time it became 90 days delinquent) were equal to 6.66%
of the original portfolio balance, compared to 5.35% at the
previous quarterly reporting date.  High delinquencies have
resulted in reserve fund draws, and following the September
payment date, the reserve fund stood at EUR5.0 million, below its
target level of EUR9.5 million.

As part of its review, Moody's has considered the exposure of the
transaction to the real estate sector (either through security in
the form of a mortgage or debtors operating in the real estate
sector).  The deterioration of the Spanish economy has been
reflected in the Moody's negative sector outlook for Spanish SMEs
securitizations.

As a result of the above, Moody's has revised its assumption of
the default probability of the SME debtors to an equivalent rating
in the single B-range for the debtors operating in the real estate
sector and in the low Ba-range for non-real-estate debtors.  At
the same time, Moody's estimated the remaining weighted-average
life of the portfolio as equal to four years.  These revised
assumptions have translated into an increase of the cumulative
mean default assumption for the transaction to 15.9% of the
current portfolio balance (corresponding to 13.3% of original
portfolio balance).  Moody's original mean default assumption was
2.5% of original balance, with a coefficient of variation of 66%.
Because of the relatively low effective number of borrowers in the
portfolio (400), Moody's used a Monte Carlo simulation to
determine the probability function of the defaults, resulting in a
coefficient of variation of 42.5%.  The recovery rate assumption
is now 55% while values in the 30%-50% range were tested at
closing.  The revised CPR assumption is now 5%, comparable to
values observed throughout the last reporting periods, while CPR
assumptions in the 5%-15% range were tested at closing.

The increased credit enhancement available in the structure due to
the amortization of the portfolio (as of September 2009, the pool
factor was equal to 42%) are insufficient to offset the impact of
the worse than expected performance and revised performance
assumptions on the ratings of the class A2(G), B, C, D, and E
notes.

The class A2(G) notes benefit from a guarantee from the
Generalitat de Catalunya (Aa3) for interest and principal
payments.  Moody's has determined that the expected loss
associated with class A2(G) without the Generalitat de Catalunya
guarantee, which was consistent with a Aaa rating at closing,
would be consistent with an A1 rating.  Moody's used a joint
default approach in order to derive the Aa1 rating on the
guaranteed class A2(G) notes.  Following the downgrade of Caixa
Catalunya (from A2/P1 to A3/P2) on 15 June 2009, which acts as
paying agent in the transaction, it is contemplated in the
transaction documents that the Gestora will need to find a P-1
rated replacement or guarantor.  However, no remedial action has
yet been taken.

GAT FTGENCAT 2006 is a securitization fund which purchased a pool
of loans granted by Caixa Catalunya to Spanish SMEs in the region
of Catalonia.  At closing, the portfolio consisted of 6,922 loans.
The loans were originated between 1993 and 2006, with a weighted-
average seasoning of 1.75 years and a weighted-average remaining
term of 8.1 years.  Geographically, the pool was exposed to the
region of Catalonia only.  At closing, the concentration in the
real estate sector reached 30% of the original pool balance.

As of September 2009, the number of loans in the portfolio was
equal to 3,028 and the weighted-average remaining term was equal
to 7.4 years.  The concentration levels by industry and region are
similar to their levels at closing.

Caixa Catalunya was downgraded on June 15, 2009 from A2/P-1 to A3/
P-2.  Given Caixa Catalunya has been acting as paying agent in the
transaction since closing, it is contemplated in the transaction
documents that the gestora will need to find a P-1 rated
replacement or guarantor upon the downgrade below P-1 of the
paying agent within 30 days.  However, Moody's understands that no
remedial action has yet been taken in that respect.  Caixa
Catalunya also acts as swap counterparty in the transaction and
following the downgrade to P-2 it is posting collateral according
to the documentation.

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


SANTANDER FINANCIACION: Moody's Junks Ratings on 3 Notes Classes
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:

  -- all the notes (A, B, C, D, E) issued by Santander
     Financiacion 1, FTA (SanFin1)

  -- all the notes (A, B, C, D, E) issued by Santander
     Financiacion 3, FTA (SanFin3)

The rating action concludes Moody's review process on these two
transactions that was initiated in July 2009 where Moody's placed
several Spanish auto and consumer loan transactions on review for
possible downgrade.  Moody's says the downgrades were prompted by
the deteriorating collateral performance and the worse than
expected weakening of macro-economic conditions in Spain during
the past year, which led Moody's to revise its assumptions for the
transaction.  The magnitude of the downgrade reflects the current
credit enhancement levels, which, combined with the revised
assumptions, lead to a higher expected loss on the rated notes.

SanFin1 closed in December 2006.  As of October 2009, the pool
factor was 27%.  The assets securitized in the portfolio were
initially mainly originated by Banco Santander's branch network
for the financing of new and used cars (~21%), property
acquisitions (~29%), and the remaining loans being classified as
"Others" (~41%) with no specific purpose.  In January 2008, the 90
days plus delinquency trigger was hit which stopped the revolving
period and started the amortization of the notes.  The rapid
deterioration in performance observed over the past 18 months is
evidenced by several transaction parameters.  In April 2009 the
reserve fund was fully depleted.  Since then until the last
reporting date in October 2009 the outstanding amount of principal
deficiency between asset and note balance grew to EUR32.6 million
or 4.7% of the current outstanding note balance.  The cumulative
amount of failed loans in SanFin1 reached EUR112.85 million from
EUR38 million a year ago corresponding to 4.55% of the total
securitized pool balance.  A loan is classified as failed or
written-off once it has been more than 12 months delinquent or if
the management company considers that there are no reasonable
expectations of recovery.  At the same time the amount of
outstanding contentious loans fell from EUR37.2 million in July
2009 to EUR26.5 million in October 2009.  Contentious loans are
defined by the servicer as loans in which the originator will take
legal actions.  The loans are included in the 180 days plus
delinquency bucket.  Compared to other loans in the 180 days plus
delinquency bucket Moody's assumes that the likelihood of a write-
off for contentious loans is higher than for other loans.

SanFin3 closed in May 2008.  As of August 2009, the pool factor
was 58%.  The asset types securitized in the portfolio were
initially originated by Banco Santander's branch network and third
party brokers and mainly concentrated in areas for the financing
of new and used cars (~23%), non-durable goods and services
(~29.7%) and loans classified as "Others" (~37%).  SanFin3 is a
static transaction.  The rapid deterioration in performance
observed over the past year is evidenced by several indicators in
the transaction.  Over the last reporting quarter the reserve fund
was reduced from 100% of its target level to 29.6% in August 2009.
The cumulative amount of failed loans in SanFin3 has reached
EUR23.6 million from EUR0.03 million a year ago, corresponding to
2.36% of original pool balance.  A loan is declared as failed or
written-off once it has been more than 12 months delinquent or if
the management company considers that there are no reasonable
expectations of recovery.  At the same time the amount of
outstanding contentious loans fell from EUR44.5 million in May
2009 to EUR35.4 million in August 2009.  Contentious loans are
defined by the servicer as loans in which the originator will take
legal actions.  The loans are included in the 180 days plus
delinquency bucket.  Compared to other loans in the 180 days plus
delinquency bucket Moody's assumes that the likelihood of a write-
off for contentious loans is higher than for other loans.

During its analysis, Moody's considered various information such
as macro-economic indicators, portfolio characteristics and
performance data made available from the management company
Santander de Titulizacion, S.G.F.T, S.A.  Firstly, Moody's
analyzed forecasts for the main macro-economic drivers behind a
collateral deterioration, in particular, unemployment and GDP
contraction.  For instance, the unemployment rate in Spain, which
could potentially surpass 20% in 2010, was assessed.  Precisely,
contrary to the unemployment forecast for 2009 of 13.3% at the
time of the last rating action in November 2008, unemployment is
now expected to reach 18.4% in 2009 and 20.7% in 2010.  As of Q3
2009, the unemployment rate in Spain reached 17.93%.  In addition
Moody's tried to compare and benchmark the current performance of
the transactions to its peers in Moody's rated Spanish auto and
consumer loan universe.  The main parameters Moody's took into
consideration have been the geographic concentration of the
borrowers, the vintages of the year the loans were originated, the
loan purpose and the origination channels.

Secondly, the current amounts of cumulative failed loans and
contentious loans were taken into account and a roll rate analysis
was conducted for the non-written-off pool portion.  Moody's
adjusted the previously revised cumulative mean default rate of
SanFin1 of 5.3% to 8% of original balance plus replenishments and
the previously confirmed volatility of 35% was kept constant.
This compares to a cumulative mean default rate of 3.25% and a
volatility of 35% assumed at closing.  In SanFin3 Moody's adjusted
the original cumulative default rate of 6% to 18% on original
balance plus replenishments and the volatility of 35% to 25%.
Moody's defines as volatility or coefficient of variation the
ratio between standard deviation and cumulative default rate.

Moody's explains the difference in the revised cumulative default
rates and volatility between SanFin1 and SanFin3 by different
composition of the pools in terms of the characteristics of
underlying loans, seasoning of the pools and origination channels.
In Moody's view, the asset types (new and used cars, property
related loans and "Others") and origination channels (branch
network versus third party broker origination) in combination with
the seasoning will have an impact on the future portfolio
performance.

The base case recovery rate assumed for SanFin1 and SanFin3 is
30%.  Moody's believes that there is uncertainty around the
recovery rate assumption due to various factors, such as the time
lag and consequently the mismatch between actually observed and
historical recovery information, the servicing strategy of the
servicer, the long legal final maturities and the future evolution
of the economic situation in Spain.  Additionally to its base case
scenario Moody's ran different recovery rate scenarios in its cash
flow model, ranging from 20% to 30% for SanFin1 and from 25% to
35% for SanFin3, to test sensitivities and rating stability on the
outstanding classes of notes.  Unexpected shifts in the factors
mentioned above will lead Moody's to revise again its view on this
input parameter, with potential up- or downside rating pressure on
the outstanding classes of notes.  As a consequence Moody's will
continue to carefully monitor these factors.  Moody's believes
that the different concentration in asset types between the pools,
in particular the original focus of SanFin1's portfolio on loans
used for property acquisition, could lead to a negative deviation
in recovery rates.

Moody's tested also various prepayment rate sensitivities in its
cash flow model ranging from 10% to 20%.  Given the actual levels
observed for the CPR, Moody's considers a prepayment rate of 15%.

The ratings address the expected loss posed to investors by the
legal final maturity date (July 2035 for SanFin1 and November 2038
for SanFin3).  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal at par on or
before the final maturity date.

Moody's sector outlook for Spanish consumer ABS is negative.

List of detailed rating action:

Issuer: Santander Financiacion 1, FTA

  -- Class A notes, Downgrade to A3 from Aa1, previously on 2 July
     2009 placed on review for possible downgrade

  -- Class B notes, Downgrade to Baa3 from Aa3, previously on 2
     July 2009 placed on review for possible downgrade

  -- Class C notes, Downgrade to B3 from Baa1, previously on 2
     July 2009 placed on review for possible downgrade

  -- Class D notes, Downgrade to Caa3 from Ba3, previously on 2
     July 2009 placed on review for possible downgrade

  -- Class E notes, Downgrade to Ca from Caa3, previously on 2
     July 2009 placed on review for possible downgrade

Issuer: Santander Financiacion 3, FTA

  -- Class A notes, Downgrade to Aa2 from Aaa, previously on 2
     July 2009 placed on review for possible downgrade

  -- Class B notes, Downgrade to Baa1 from Aa2, previously on 2
     July 2009 placed on review for possible downgrade

  -- Class C notes, Downgrade to Ba2 from A2, previously on 2 July
     2009 placed on review for possible downgrade

  -- Class D notes, Downgrade to Caa2 from Baa2, previously on 2
     July 2009 placed on review for possible downgrade

  -- Class E notes, Downgrade to Caa3 from Ba2, previously on 2
     July 2009 placed on review for possible downgrade


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


ADVENTURES ON WHEELS: Claims Filing Deadline is November 20
-----------------------------------------------------------
Creditors of Adventures on Wheels GmbH are requested to file their
proofs of claim by November 20, 2009, to:

         Adventures on Wheels GmbH
         Rohrgasse 2
         4226 Breitenbach
         Switzerland

The company is currently undergoing liquidation in Breitenbach.
The decision about liquidation was accepted at a shareholders'
meeting held on September 22, 2009.


BODYSOL GMBH: Claims Filing Deadline is November 20
---------------------------------------------------
Creditors of Bodysol GmbH are requested to file their proofs of
claim by November 20, 2009, to:

         KGS AG
         Grundstrasse 9
         8126 Zumikon
         Switzerland

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


CEO GMBH: Claims Filing Deadline is November 18
-----------------------------------------------
Creditors of CEO GmbH are requested to file their proofs of claim
by November 18, 2009, to:

         Andreas Byland
         Bundesgasse 26
         3001 Bern
         Switzerland

The company is currently undergoing liquidation in Belp.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 29, 2009.


CORE AUDIT: Claims Filing Deadline is November 19
-------------------------------------------------
Creditors of Core Audit AG are requested to file their proofs of
claim by November 19, 2009, to:

         Deloitte AG, Bogdan Oedekerk
         General Guisan-Quai 38
         8022 Zurich
         Switzerland

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


ELEKTRO-BADERTSCHER: Claims Filing Deadline is November 19
----------------------------------------------------------
Creditors of Elektro-Badertscher AG are requested to file their
proofs of claim by November 19, 2009, to:

         Fritz Lerch
         Liquidator
         Niederwiesenstrasse 4
         8214 Gaechlingen
         Switzerland

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


LA ROCCA: Claims Filing Deadline is November 19
-----------------------------------------------
Creditors of La Rocca & Urban Malergeschaeft GmbH are requested to
file their proofs of claim by November 19, 2009, to:

         Walter La Rocca
         Liquidator
         Feldstrasse 1
         8953 Dietikon
         Switzerland

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


LEISURE MARKETING: Claims Filing Deadline is November 19
--------------------------------------------------------
Creditors of Leisure Marketing Europe GmbH are requested to file
their proofs of claim by November 19, 2009, to:

         Prefera Treuhand AG
         Grossfeldstrasse 40
         7320 Sargans
         Switzerland

The company is currently undergoing liquidation in Mels.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 30, 2009.


PROVAST GMBH: Claims Filing Deadline is November 18
---------------------------------------------------
Creditors of Provast GmbH are requested to file their proofs of
claim by November 18, 2009, to:

         Attendus Trust Company AG
         Bahnhofstrasse 12
         6300 Zug
         Switzerland

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


SAHLI + JORDI: Claims Filing Deadline is November 19
----------------------------------------------------
Creditors of Sahli + Jordi Plattenbelaege GmbH are requested to
file their proofs of claim by November 19, 2009, to:

         Sascha Jordi
         Bruggerstrasse 30
         5507 Mellingen
         Switzerland

The company is currently undergoing liquidation in Windisch.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 30, 2009.


TB BADER: Claims Filing Deadline is November 18
-----------------------------------------------
Creditors of TB Bader GmbH are requested to file their proofs of
claim by November 18, 2009, to:

         Bruno Bader
         Liquidator
         Aegertenweg 5
         4702 Oensingen
         Switzerland

The company is currently undergoing liquidation in Olten.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 28, 2009.


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


ABSOLUT INSURANCE: Creditors Must File Claims by November 22
------------------------------------------------------------
Creditors of DLC Insurance Company Absolut (code EDRPOU 36086229)
have until November 22, 2009, to submit proofs of claim to:

          Insolvency Manager
          Post Office Box 166
          03087 Kiev
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on October 7, 2009.

The Court is located at:

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

The Debtor can be reached at:

          DLC Insurance Company Absolut
          P. Mirny Str. 16/13
          01011 Kiev
          Ukraine


AGRICULTURAL TECHNICAL: Creditors Must File Claims by November 22
-----------------------------------------------------------------
Creditors of LLC Agricultural Technical Building Ltd. (code EDRPOU
33874042) have until November 22, 2009, to submit proofs of claim
to:

          D. Selevko
          Insolvency Manager
          Post Office Box 1230
          Krivoy Rog
          50027 Dnepropetrovsk
          Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on January 27, 2009.  The case is
docketed under Case No. B29/29-09.

The Court is located at:

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

The Debtor can be reached at:

          LLC Agricultural Technical Building Ltd.
          Mir Ave. 48/3
          Krivoy Rog
          Dnepropetrovsk
          Ukraine


AGROSERVICE LLC: Creditors Must File Claims by November 22
----------------------------------------------------
Creditors of LLC Agroservice (code EDRPOU 3739705) have until
November 22, 2009, to submit proofs of claim to:

          O. Yarmola
          Insolvency Manager
          Office 12
          Lesnaya Str. 11-A
          Zarichany
          12440 Zhytomir
          Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. 3/190-b.

The Court is located at:

          The Economic Court of Zhytomir
          Putiatinsky Square 3/65
          Zhytomir
          Ukraine

The Debtor can be reached at:

          LLC Agroservice
          Shevchenko Str. 1
          Korostishev
          Zhytomir
          Ukraine


BERDICHEV MILK: Creditors Must File Claims by November 22
---------------------------------------------------------
Creditors of OJSC Berdichev Milk Plant (code EDRPOU 00445357) have
until November 22, 2009, to submit proofs of claim to:

           O. Krutous
           Insolvency Manager
           5th Tranzitny Lane 24
           Zhytomir
           Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company on September 24, 2009.  The case is docketed
under Case No. 7/155-b.

The Court is located at:

           The Economic Court of Zhytomir
           Putiatinsky Square 3/65
           Zhytomir
           Ukraine

The Debtor can be reached at:

           OJSC Berdichev Milk Plant
           Volodarsky Str. 65
           Berdichev
           Zhytomir
           Ukraine


BILAZ-UKRAINE: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Dnepropetrovsk commenced bankruptcy
supervision procedure on LLC Bilaz-Ukraine (code EDRPOU 32196701).

The Insolvency Manager is:

          V. Koloshyn
          Rabochaya Str. 152/47
          49000 Dnepropetrovsk
          Ukraine

The Court is located at:

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

The Debtor can be reached at:

          LLC Bilaz-Ukraine
          Nauchnaya Str. 1
          Doslisnoye
          52071 Dnepropetrovsk
          Ukraine


CONTRACTINDUSTRY LLC: Creditors Must File Claims by November 22
---------------------------------------------------------------
Creditors of LLC Contractindustry (code EDRPOU 34489216) have
until November 22, 2009, to submit proofs of claim to:

          V. Kozachenko
          Insolvency Manager
          Post Office Box 2725
          49044 Dnepropetrovsk
          Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company.  The case is docketed under
Case No. B24/197-09.

The Court is located at:

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

The Debtor can be reached at:

          LLC Contractindustry
          Ferganskaya Str. 29
          Krivoy Rog
          Dnepropetrovsk
          Ukraine


ELIT-TRADE LLC: Creditors Must File Claims by November 22
---------------------------------------------------------
Creditors of LLC Elit-Trade (code EDRPOU 33320904) have until
November 22, 2009 to submit proofs of claim to:

          O. Yarmola
          Insolvency Manager
          Office 12
          Lesnaya Str. 11-A
          Zarichany
          12440 Zhytomir
          Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. 7/161-b.

The Court is located at:

          The Economic Court of Zhytomir
          Putiatinsky Square 3/65
          Zhytomir
          Ukraine

The Debtor can be reached at:

          LLC Elit-Trade
          Zarichany
          Zhytomir
          Ukraine


FRUIT-PACK LLC: Creditors Must File Claims by November 22
---------------------------------------------------------
Creditors of LLC Fruit-Pack (code EDRPOU 34265090) have until
November 22, 2009, to submit proofs of claim to:

          O. Tischenko
          Insolvency Manager
          Office 33
          Mironositskaya Str. 65
          61002 Kharkov
          Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on October 13, 2009.  The case is docketed
under Case No. B-19/145-08.

The Court is located at:

           The Economic Court of Kharkov
           Svoboda Square 5
           61022 Kharkov
           Ukraine

The Debtor can be reached at:

           LLC Fruit-Pack
           Rechnoy Lane 1
           Babai
           62403 Kharkov
           Ukraine


NAFTOGAZ OF UKRAINE: EBRD Delays Ruling on US$300 Mln Loan
----------------------------------------------------------
Daryna Krasnolutska at Bloomberg News reports that the European
Bank for Reconstruction and Development delayed a ruling on a loan
package to help NJSC Naftogaz of Ukraine pay for imports of
Russian natural gas.

"Ukraine was supposed to meet some requirements, which was not
done," Bloomberg quoted Anton Usov, a spokesman for the EBRD's
Kiev office, as saying.  "Thus we have not submitted the project
to the EBRD's board of directors."

Bloomberg recalls the bank said in September it was studying a
US$300 million loan for Naftogaz to finance gas supplies over the
coming winter and would announce a decision on Nov. 17.

Mr. Usov, as cited by Bloomberg, said "The delay in a decision on
the US$300 million loan doesn't mean the EBRD is suspending
cooperation with Naftogaz."

                   About NJSC Naftogaz of Ukraine

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 18,
2009, Fitch Ratings affirmed NJSC Naftogaz of Ukraines' long-term
foreign currency and local currency issuer default ratings at
'CCC'.  The outlook is negative.


NIRA TSAY: Creditors Must File Claims by November 22
----------------------------------------------------
Creditors of LLC Nira Tsay Shase (code EDRPOU 35614950) have until
November 22, 2009, to submit proofs of claim to:

          S. Nesterenko
          Insolvency Manager
          Office 193
          Gagarin str. 27
          Brovary
          07400 Kiev
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on October 14, 2009.  The case is docketed
under Case No. B3/108-08/11.

The Court is located at:

           The Economic Court of Kiev
           Komintern Str. 16
           01032 Kiev
           Ukraine

The Debtor can be reached at:

           LLC Nira Tsay Shase
           Lipneva Str. 1
           Chubinskoye
           Borispol
           Kiev
           Ukraine


UKRAINIAN ENERGETIC: Creditors Must File Claims by November 22
--------------------------------------------------------------
Creditors of LLC Ukrainian Energetic Alliance (code EDRPOU
32209034) have until November 22, 2009, to submit proofs of claim
to:

          Insolvency Manager
          Post Office Box 166
          03087 Kiev
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on October 7, 2009.

The Court is located at:

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

The Debtor can be reached at:

          LLC Ukrainian Energetic Alliance
          Office 14
          Liuteranskaya Str. 15
          01024 Kiev
          Ukraine


UKRPROMTRADE LTD LLC: Creditors Must File Claims by November 22
---------------------------------------------------------------
Creditors of LLC Ukrpromtrade Ltd. (code EDRPOU 33156125) have
until November 22, 2009, to submit proofs of claim to:

          Insolvency Manager
          Post Office Box 166
          03087 Kiev
          Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on October 7, 2009.

The Court is located at:

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

The Debtor can be reached at:

          LLC Ukrpromtrade Ltd.
          V. Vasilevska Str. 18
          04116 Kiev
          Ukraine


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


ACORN PET: Business Sold; 153 Jobs Secured
------------------------------------------
Acorn Pet Centres has been sold for an undisclosed sum in a deal
that will secure 153 jobs in 24 stores throughout Scotland.  The
pet food retail chain went into administration September 2.

The deal will see Acorn Pet Centres continue to be run by Douglas
Mutter, the former Managing Director.  Administrators Tenon
Recovery said there had been a great deal of interest in the
company, with 40 inquiries and a number of strong bids.

Joint administrator Tom MacLennan, Head of Tenon Recovery in
Scotland, commented: "We are delighted to have secured the sale of
Acorn Pet Centres and that 153 jobs will be saved as a result of
the deal.  The company was in administration for just 10 weeks,
and achieving a sale in a difficult market is an excellent result.
My team and I would like to wish the new owners every success with
their plans for developing the business, and to thank the staff,
customers and suppliers who continued to support the company
throughout."

Mr. Mutter added: "In 25 years we built Acorn Pet Centres into one
of the UK's leading pet retail chains.  We are therefore delighted
to have acquired the business, and have exciting plans to develop
the company, including hopefully recruiting additional staff in
due course as we grow the business."

Acorn Pet Centres was represented by CCW business lawyers.


ADMIRAL TAVERNS: Completes Debt-for-Equity Swap Deal with Lloyds
----------------------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that Admiral Taverns
has completed a debt-for-equity swap with Lloyds Banking Group.

According to the FT, the deal, which comes in the form of a
pre-pack administration, will see Lloyds write off about GBP600
million of Admiral's GBP855 million debt in return for a large
stake in the business.  Under the terms of the swap, Lloyds will
be Admiral's largest shareholder with almost 50%, the FT
discloses.

The FT relates David Chubb of PwC, the public services firm, who
oversaw the process, said the restructuring, which will also
result in the departure of the Landesberg and Rosenberg families,
would not cause job losses or suppliers to go unpaid but would
leave the group with a more sustainable level of debt.

The FT recalls Admiral breached banking covenants this year after
it fell behind on debt repayments.

Admiral Taverns -- http://www.admiraltaverns.co.uk/-- is the UK's
largest independent tenanted and leased pub company.


BRITISH AIRWAYS: Balloting on Industrial Action Begins
------------------------------------------------------
David Robertson at The Times reports that the Unite union began
balloting 14,000 British Airways cabin crew on industrial action
on Monday.

According to the report, the result of the ballot will be known on
December 14.  If members vote in favor, the first strikes could
hit BA on December 21, the report says.

The report relates in a letter to Tony Woodley and Derek Simpson,
the joint general secretaries of Unite, BA said that it would not
tolerate union members promoting strike action while at work.

BA, which lost GBP292 million in the six months to September 30,
imposed working practice changes on crew in a further effort to
save money on Monday, the report discloses.  The changes will
reduce the number of staff rostered on to long-haul flights by at
least 1 per flight, the report notes.

As reported by the Troubled Company on Nov. 10, 2009, the
Financial Times said Unite failed to win a court injunction to
block planned changes to work practices.

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's placed the Ba3 Corporate Family and Probability of
Default Ratings of British Airways plc and the senior unsecured
and subordinate ratings of B1 and B2 under review for possible
downgrade.


CABLE & WIRELESS: Demerger Plans Won't Affect Moody's 'B1' Rating
-----------------------------------------------------------------
Following confirmation of the Cable & Wireless plc demerger plan
earlier this month and the release of additional details regarding
the financing of the transaction, Moody's Investors Service
comments that Company's current bond ratings are not immediately
affected.  The ultimate impact on the Company's existing bonds
currently rated B1 will depend upon the final long-term capital
structure and the Corporate Family Rating of CWI, the wholly-owned
subsidiary that is ultimately expected to remain the rated obligor
of the bonds.

Compared with the business of the other main operating subsidiary,
Worldwide; CWI's holdings have stronger market positions with
lower, albeit increasing, competitive pressures and more
diversified business models.  Therefore, Moody's believes the
demerger could improve the business profile of the rated entity.
However, Moody's notes that CWI expects to refinance its
outstanding US$415 million bank facilities with US$1 billion of
new bonds and bank facilities, leaving room for an increase in
CWI's consolidated leverage.  In order to assess the impact on the
existing bond ratings, Moody's will seek to get clarity on CWI's
future capital structure, including the terms and conditions of
any new instruments; its future financial and strategic policies;
its proportionate allocation of the pension deficit as well as the
evolution of its operating performance and will comment further as
details emerge.

Moody's believes that the issuance of GBP200 million convertible
bonds at Cable & Wireless plc announced is unlikely to have an
impact on the creditworthiness of the existing bonds, even though
the convertible bonds are to be issued by Cable & Wireless plc
prior to the demerger.  This is because the Company has publicly
indicated that the purpose of this issuance is to fund and
refinance the Worldwide business following the demerger, whereas
the existing bonds are expected to be included in CWI's debt
structure.

Cable & Wireless plc is one of the leading international
communications companies.  The company's principal operations are
in Europe, Asia & US, the Caribbean, Panama, Macau, Monaco & the
Islands.  C&W operates through two stand-alone business units:
Worldwide (previously EAUS) and CWI (previously Cable & Wireless
International).  In the first half of the fiscal year ended 31
March 2010, the company generated revenue of GBP1.9 billion and
reported EBITDA before exceptional items of GBP463 million.

CWI is an integrated telecoms provider in most of its markets,
providing services to homes, small and medium sized enterprises,
corporate customers and governments.  The company operates in 38
countries, grouped in 4 entities: The Caribbean, Panama, Macau,
Monaco and The Islands.  The Company is the market leader in 19 of
the 26 markets in which it offers mobile services and 27 of the 34
markets in which it offers broadband.  As of 30 September 2009
YTD, CWI accounted for approximately 39% of total revenue and 59%
of the group's EBITDA.


CABLE & WIRELESS: S&P Puts 'BB-' Rating on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'BB-' long-term corporate credit rating on Cable & Wireless PLC on
CreditWatch with positive implications.

At the same time, S&P placed its existing 'BB-' senior unsecured
issue ratings on CreditWatch with negative implications.  The
recovery rating on C&W's existing senior unsecured bonds is '3',
indicating S&P's expectation of meaningful (50%-70%) recovery in
the event of a payment default.

The 'B' short-term corporate credit rating has been affirmed.

C&W announced its intention to demerge its two main business
lines, essentially resulting in the spin-off of its "Worldwide"
activities (primarily its telecom services business to European
and U.S. corporates) from its international fixed-line and mobile
operations, mainly in the Caribbean, Panama, Macau, Monaco, and
the Channel Islands, known as CWI.  CWI will be the surviving
rated entity and will be the obligor of existing senior unsecured
bonds.

"The CreditWatch placement with positive implications reflects
S&P's views that CWI is likely to benefit from a stronger business
risk profile than Cable & Wireless PLC, in turn possibly leading
to a corporate credit rating of 'BB'," said Standard & Poor's
credit analyst Guy Deslondes.

"This preliminary indication is based on the indications by
management about the capital structure it intends to implement at
CWI upon the demerger," said Mr. Deslondes.  Based on the
announcement, S&P would expect CWI's gross pension and lease-
adjusted debt to be between US$2.3 billion and US$2.5 billion,
yielding debt-to-EBITDA ratios between 3x and 3.5x, on a
proportionate basis, during the 18 months following the demerger.

The placement of the issue ratings on CreditWatch with negative
implications reflects expectations of greater subordination in
light of the company's refinancing plans, as well as a reduced
asset base after the spin-off.  S&P note that the newly issued
£230 million convertible bonds will be exclusively financial
obligations of the newly created Worldwide entity from demerger
and will therefore not be rated by Standard & Poor's.  S&P would
expect the credit quality of Worldwide to be lower than that of
Cable & Wireless PLC's existing ratings.

S&P will likely resolve the CreditWatch status as the demerger
becomes effective, which is expected by end-March 2010.  In the
meantime, S&P will continue to assess the credit implications of
the demerger and refinancing plans for the business and financial
profiles of CWI and will seek to provide updates about S&P's
expectations as to the likely outcome for CWI's corporate and
issue ratings.

In particular, additional information will be needed with respect
to the new company's financial policy, specifically dividend
policy, and progress on the refinancing plans.


EUROMASTR PLC: Fitch Junks Ratings on Two Tranches
--------------------------------------------------
Fitch Ratings has downgraded five tranches of EuroMASTR plc Series
2007-1V and affirmed one, following a performance review.  This is
a UK non-conforming RMBS transaction of loans originated by
Victoria Mortgage Funding.  The rating actions are:

EuroMASTR Series 2007-1V plc:

  -- Class A1 (ISIN XS0305751645): affirmed at 'AAA'; Outlook
     Stable; assigned 'LS-1'

  -- Class A2 (ISIN XS0305763061): downgraded to 'AA' from 'AAA';
     Outlook Stable; assigned 'LS-1'

  -- Class B (ISIN XS0305764036): downgraded to 'A' from 'AA';
     Outlook Stable; assigned 'LS-2'

  -- Class C (ISIN XS0305766080): downgraded to 'BBB' from 'A';
     Outlook revised to Negative from Stable; assigned 'LS-3'

  -- Class D (ISIN XS0305766320): downgraded to 'CCC' from 'BBB';
     assigned Recovery Rating 'RR4'

  -- Class E (ISIN XS0305766676): downgraded to 'CC' from 'BB';
     assigned Recovery Rating 'RR6'

  -- MERCs affirmed at 'AAA'; Outlook Stable

The performance of the transaction has deteriorated sharply in the
last four quarters.  Losses have been higher than expected at
closing, driving the downgrades of all tranches except the Class
A1 which is expected to pay down in the next four quarters.
Losses over the last four quarters exceeded the available excess
spread, leading to drawings on the reserve fund from December 2008
onwards and, consequently, its depletion in September 2009.
Additionally, on the last quarter, GBP356,894.30 of the principal
deficiency ledger of the Class E notes was left outstanding.

The fact that 35.58% of the borrowers at closing have been the
subject of at least one county court judgement, together with the
slowdown of the UK economy and declining house prices, caused an
increase in the loans in arrears of more than three months as a
percentage of the current portfolio balance to 22.58% in September
2009 from 12.97% a year ago.  The transaction closed at the peak
of the market, in June 2007, with 50.39% of the current pool
originated in 2007.  Given Fitch's expectations of a 30% from
peak-to-bottom decline in UK house prices, and that 62.03% of the
current pool has a loan-to-value ratio higher than 80%, the
weighted average loss severity -- which reached 34.62% in the last
quarter -- is expected to remain high.

Since December 2008, quarterly losses ranged between 0.77% and
1.19% of the current balance and cumulative losses reached 3.86%
in September 2009.  Fitch expects that elevated losses in 2010
will continue increasing the PDL of Class E notes.

Fitch has employed its credit cover multiple methodology to assess
the level of credit support available to each class of notes.


GKN HOLDINGS: Moody's Affirms Corporate Family Rating at 'Ba1'
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 Corporate Family
Rating of GKN Holdings plc and changed the outlook to stable from
negative.

Rainer Neidnig, lead analyst for GKN, said, "The outlook change to
stable reflects GKN's successful efforts to downsize its cost base
to a significantly lower level of demand and the company's ability
to maintain Free Cash Flow around break-even levels despite a very
challenging economic environment.  Although credit metrics still
remain very weak for the Ba1 rating category Moody's expect a
notable recovery over the next 12-18 months when restructuring
costs phase out and the full benefits of cost-saving initiatives
come through.  At the same time Moody's caution that significant
uncertainty around GKN's end markets remains and that rating
pressure could arise again if global automotive or aerospace
markets weaken to an extent that does not allow for material
recovery in financial ratios."

Moody's decision also takes into account the company's sizeable
rights issue (GBP403 million net proceeds) in July which
strengthened the company's balance sheet and resolved the upcoming
refinancing of GBP350 million revolving credit facilities in 2010.

GKN recently released its 3rd quarter Interim Management Statement
reporting an operating profit before restructuring costs of
GBP51 million for the 3rd quarter after a GBP36 million profit in
Q2 and a loss of GBP-13 million in Q1.  In Moody's view the
quarterly improvements reflect stabilization in GKN's core
automotive markets, but also evidence the company's success in
adjusting its cost base.  In particular, Moody's note positively
that the automotive activities returned to a positive result
before restructuring costs in Q3.  In addition, Moody's note that
2009 financial results will also benefit from GKN's
diversification into the aerospace segment which so far held up
relatively well in the downturn.  At the same time Moody's caution
that the aerospace segment is expected to see declining demand
over coming quarters and that the OffHighway segment still
struggles with low volumes which resulted in a small operating
loss in Q3.  For 2010, Moody's anticipate a marked recovery in
earnings as restructuring costs are expected to reduce followed by
further gradual progress in 2011.

In Moody's view the major risk factor for GKN's credit profile
remains the still weak overall economic environment and the
resulting uncertainty around the development of GKN's end markets.
Against this backdrop Moody's caution that pressure on the rating
would arise again, should current restructuring measures prove
insufficient to allow for a gradual recovery in profit margins
towards historic levels and a reduction of leverage towards levels
of 4x Debt/EBITDA (as adjusted by Moody's) or lower by the end of
2010.  Moreover continuing volatility in GKN's large pension
deficit could burden adjusted leverage ratios.  Lastly, Moody's
points out that the current rating and outlook are based on the
assumption that GKN will continue the balanced financial policy
demonstrated in recent quarters.

The ratings on GKN's GBP325 million and GBP350 million bonds are
in line with Moody's Loss Given Default Methodology whereby GKN's
pension obligations and trade creditors have been modeled pari
passu with GKN's financial debt which consists primarily of the
above mentioned unsecured bonds and unsecured revolving credit
facilities of GKN Holdings plc in an amount of app.
GBP625 million.

Upgrades:

Issuer: GKN Holdings plc

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD4,
     52% from LGD4, 63%

Assignments:

Issuer: GKN Holdings plc

  -- Senior Unsecured Regular Bond/Debenture, Assigned LGD4, 52%

Outlook Actions:

Issuer: GKN Holdings plc

  -- Outlook, Changed To Stable From Negative

Moody's last rating action on GKN was to change to outlook on the
Ba1 Corporate Family Rating to negative from stable on May 19,
2009.

Headquartered in Redditch, UK, GKN Holdings plc, is an
international engineering group with approximately 40,000
employees and operations in more than 30 countries.  The company
operates in three main markets -- Automotive, OffHighway and
Aerospace -- in which GKN generally is among the leading players
in the respective segments.  GKN recorded revenues of
GBP4.4 billion during the fiscal year 2008 of which approximately
60% related to the automotive industry.  Given current industry
dynamics and the acquisition of Filton in January this share is
expected to further reduce in 2009.


GYMOPHOBICS: Huddersfield Branch Placed in Administration
---------------------------------------------------------
The Huddersfield branch of Gymophobics, a ladies-only gym and
fitness center, went into administration on October 26, 2009.

The gyms owners experienced severe difficulties in maintaining
membership sales as a result of the recession and Chris Stirland
and Dave Broadbent, Client Partners at Vantis Business Recovery
Services, a division of Vantis, the UK accounting, tax and
business advisory group, were appointed joint administrators.

Other Gymophobics branches have not been affected and a letter has
been sent to members of the Huddersfield gym advising them that
they are entitled to transfer part of their membership to another
branch or to a similar, neighbouring gym, Energie Fitness.

Commenting on the case, Dave Broadbent said: "All seven employees
had unfortunately been made redundant prior to our appointment on
October 26, 2009.  The business has ceased to trade and we are now
in the process of securing and realising all assets for the
benefit of creditors and stakeholders."


HELLAS TELECOM: Files for Administration in English Court
---------------------------------------------------------
John Glover at Bloomberg News reports that Hellas
Telecommunications II, the owner of Wind Hellas Telecommunications
SA, said it filed for administration in the English High Court.

Bloomberg recalls Hellas II, which is seeking to restructure as
much as EUR3 billion (US$4.45 billion) of debt as Wind Hellas
struggles with falling sales, moved its headquarters in August to
London from Luxembourg, allowing it to take advantage of a so-
called pre-packaged administration, using a scheme of arrangement.

According to Bloomberg, Hellas II said in an e-mailed statement
Tuesday that "at least a majority in aggregate principal amount"
consented to the changes it asked for in its loan documentation.
It also got the approval of bank lenders to the changes, Bloomberg
discloses.


LLOYDS BANKING: To Write Off About GBP600 Mln of Admiral's Debt
---------------------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that Admiral Taverns
has completed a debt-for-equity swap with Lloyds Banking Group.

According to the FT, the deal, which comes in the form of a
pre-pack administration, will see Lloyds write off about GBP600
million of Admiral's GBP855 million debt in return for a large
stake in the business.  Under the terms of the swap, Lloyds will
be Admiral's largest shareholder with almost 50%, the FT
discloses.

The FT relates David Chubb of PwC, the public services firm that
oversaw the process, said the restructuring, which will also
result in the departure of the Landesberg and Rosenberg families,
would not cause job losses or suppliers to go unpaid but would
leave the group with a more sustainable level of debt.

The FT recalls Admiral breached banking covenants this year after
it fell behind on debt repayments.

As reported in the Troubled Company Reporter-Europe, Lloyds sought
a GBP17-billion bailout from taxpayers after it agreed to buy HBOS
in September in a government- brokered deal to prevent the
collapse of Britain's biggest mortgage lender.

                  About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.


TATA MOTORS: JLR Secures GBP170 Mln Working Capital Facility
------------------------------------------------------------
Martin Arnold at The Financial Times reports that Jaguar Land
Rover, the lossmaking car company owned by India's Tata Motors,
has secured a new GBP170 million working capital facility from GE
Capital.

According to the FT, the asset-backed distribution finance
facility from GE Capital -- the financing arm of General Electric
in the US -- will be drawn down by JLR as soon as vehicles roll
off its three UK production lines.  The FT says the five-year loan
will boost working capital within the company by shortening the
30- to 40-day gap it typically has to wait between producing
hundreds of thousands of cars a year and delivering them to
dealerships in 90 countries.

                            Turnaround

Vipin V. Nair and Sarah Rabil at Bloomberg News report that Tata
Motors is hopeful of turning around JLR as it cuts costs to battle
a slump in sales during the global recession.

Bloomberg relates Tata Motors hired KPMG International and Roland
Berger Strategy Consultants to reduce costs at the luxury unit,
which it bought for US$2.5 billion last year from Ford Motor Co.
JLR had a loss before interest, tax and exceptional items of 8.73
billion rupees ($189 million) in the quarter ended June, Bloomberg
discloses, citing the latest earnings report from Tata Motors.

                         About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


TURBO BETA: Likely Covenant Breach Cues Moody's to Junk Ratings
---------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
Probability of Default Rating of Turbo Beta Ltd (consolidated with
its subsidiaries, "Abbot"), the ultimate holding company for
drilling contractor Abbot Group Ltd.  At the same time, Moody's
affirmed the B3 Corporate Family Rating of Turbo Beta Ltd and the
B2 rating on the US$1.625 billion Senior Facilities of Turbo Alpha
Ltd, the immediate holding company of Abbot Group Ltd.  The LGD
assessment on the Senior Facilities was revised to LGD2 (24%) from
LGD3 (34%).  The outlook for all ratings is negative.

The downgrade of the PDR reflects Moody's concerns that Abbot is
increasingly likely to breach its financial covenants by early
2010 as a result of its subdued cash flow generation driven by the
current downturn in demand for drilling and oilfield services.  At
the same time, the affirmation of the CFR at B3, one notch higher
than the PDR of Caa1, reflects Moody's expectation that the family
recovery rate in case of default might be above the standard 50%
average implied by Moody's Loss Given Default Model in recognition
of the general resiliency of Abbot's drilling business stemming
from medium-term contracts and exposure to less volatile
international markets.  As a result of the revision of the
recovery rate, the LGD assessment on the Senior Facilities was
revised to LGD2 (24%) from LGD3 (34%).  In addition, capex and
opex reduction measures taken by the group have been supporting
roughly neutral free cash-flow generation since the beginning of
the year, thus allowing Abbot to maintain leverage (measured as
net debt to EBITDA, adjusted for operating leases and pension
liabilities) around 6x.  Ratings also factor in the group's
adequate liquidity position and relative visibility over future
cash flows.

Whilst the combination of these factors underpins Moody's
assumption of ongoing senior creditor support to amend the
existing covenant structure, the negative outlook reflects the
possibility that the capital structure of the business may have to
be restructured should its operating performance challenges extend
over a longer period of time.  Moody's notes that a debt buyback
below par may be assessed as a distressed exchange (and hence a
default) under the agency's rating methodology.  However, the
rating outlook could be stabilized if there is evidence of
shareholder support that would improve significantly Abbot's
financial position, hence allowing it to maintain adequate and
sustainable headroom under its existing covenants.

Moody's last rating action on Abbot was on 8 April 2009, when the
rating agency downgraded the corporate family rating of Turbo Beta
Ltd to B3 and the rating on the Senior Facilities of Turbo Alpha
Ltd to B2, and changed the outlook to negative.

Headquartered in Aberdeen, UK, Abbot Group Ltd is a provider of
onshore and offshore drilling services to both IOCs and NOCs in
the Eastern Hemisphere.  Its ultimate owner is First Reserve
Corporation, a US private equity firm specialized in the energy
industry.  In 2008, Abbot reported revenues of around
US$1.6 billion.


YOUR SPACE: CVA Proposal Approved by Members and Creditors
----------------------------------------------------------
The Company Voluntary Arrangement (CVA) proposal presented to
members and creditors of Your Space PLC, Workspace (North West
Limited) and Your Space (UK) Limited (the Group) has been approved
in a meeting Tuesday at Deloittes office in Leeds by an
overwhelming majority of the Groups members and creditors.

The directors of the Group appointed Daniel Butters and Bill
Dawson of Deloitte, the business advisory firm, as Joint Nominees
on October 27, 2009, and will now act as Joint Supervisors to the
CVA.

As a result of the CVA proposal being approved a dividend of
approximately 20p in the pound is payable to the unsecured
creditors over a 3 year period, with the potential in year 5 for
up to a further 40p in the pound payable if the Group meets
certain trading targets.  An additional capital dividend would be
payable dependent on property realizations.

Your Space PLC is listed on the Alternative Investment Market
(AIM), and is a provider of serviced office space and a developer
of property, both for sale and its own use.  As a result of a
downturn in activity and asset values in the property market, the
business has faced challenges in securing increased occupancy
rates to target levels, which has ultimately had an adverse impact
on trading performance.

Daniel Butters, Partner in the Reorganisation Services practice in
Deloittes Leeds office, said: "This is good news for the group as
the CVA allows the business to remain as a going concern and
maintain its trade. It offers job security to employees and
certainty to its trading partners.

"This growing use of CVAs demonstrates that in the appropriate
situation Administration can be avoided."


* UK: Construction Sector Faces Challenges, Grant Thornton Says
---------------------------------------------------------------
Kathryn Hiddleston, Head of Construction at Grant Thornton,
commented on the latest provisional data on administrations in the
Construction Industry.

The Q3 2009 provisional data, issued by the Insolvency Service
shows 106 administrations of construction businesses.  This is
4.7% down from the 111 construction business failures in Q2 and a
fall of 13.2% from the 120 construction administrations in Q1.
This is also a 47.2% drop from the peak of 156 construction
business failures that were seen in the last quarter (Q4) of 2008.

"There has been a steady decline in the rate of business failures
in the construction industry this year but the 106 failures in Q3
mirror the 104 failures seen at the same period last year.  It is
also not far off the 2008 average of 117 construction business
failures, which means that there has yet to be a significant
decline in construction businesses going under.  Failures in
construction companies are still at a high rate and remain a major
concern for the industry, despite the recent decline.

"The tangible improvements in construction business failures may
be partially driven by an upturn in the housing market as well as
continued government infrastructure.  However, rising unemployment
and its effect on foreclosures indicates looming house price
falls, which will undoubtedly impact the demand for construction
businesses and services.  Construction usually lags other sectors
in recovering from a slump, so it is likely to fall much further
before a real upturn is seen.  Unfortunately this will not help
the vast number of existing construction work which is now being
considerably prolonged and even shelved.

Hopefully, measures in the Pre Budget Report should act to
mitigate some of the effects of the challenging climate being
experienced by construction businesses.  However, it remains
important that they continue to remain focused on managing and
sustaining their cash flow and finding effective ways of
appropriately meeting customer demands."


* UK: Businesses Face Worsening Access to Finance, Report Shows
---------------------------------------------------------------
Access to finance remains a serious problem for British
businesses, despite the Bank of England pumping 200 billion into
the economy to boost money supply and stimulate lending, the
British Chambers of Commerce said.

In the latest Monthly Business Survey, published Tuesday by the
British Chambers of Commerce, 33% of companies reported that
accessing finance had been more difficult over the last three
months.  This compares with the same question asked in June, when
20% of businesses believed access to finance had worsened.

Furthermore, the number of firms reporting an improved access to
finance situation fell dropping from 6% in June, to just 3% in the
latest survey.

Despite the results pointing towards continued lending
constraints, of the 400 businesses questioned, 64% said that their
biggest barrier to growth over the next 12 months was a lack of
customer demand.

Commenting, David Frost, Director General of the British Chambers
of Commerce, said: "Our latest survey results show that the
biggest issue facing British businesses is still demand for
products and services.  This means that any economic recovery is
still fragile.

Mr. Frost added: "It is clear that the huge sums that have been
injected into the financial system by quantitative easing are
still not reaching small and medium-sized businesses in anything
like the scale required for business to invest for future success.

"The Pre-Budget Report on December 9th must include measures that
encourage companies to invest and improve confidence.  Announcing
that 2011s planned increase in National Insurance contributions
will be scrapped would be a good start."


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


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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *