TCREUR_Public/091120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, November 20, 2009, Vol. 10, No. 230

                            Headlines

A U S T R I A

DETEKTIVUNTERNEHMEN PEGASUS: Claims Filing Deadline is November 30
KLM BAU: Claims Filing Deadline is November 30
MORTENTHALER KEG: Claims Filing Deadline is December 4
SCHAUER ENGINEERING: Claims Filing Deadline is December 7


B E L G I U M

DEXIA CREDIT: S&P Cuts Ratings on EUR700 Mil. Security to 'C'
KBC GROEP: Has Restructuring Agreement with European Commission


E S T O N I A

DOUBLE COFFEE: Declared Bankrupt by Harju County Court


F R A N C E

CMA CGM: Restructuring Still Necessary Despite Profit on Key Route
CHRISTIAN LACROIX: Bidders Fail to Prove Viability of Plans


G E R M A N Y

K+S AG: Mulls Share Sale to Cut Debt; Faces Potential Loan Breach
K1 GLOBAL: Hires Grant Thornton to Oversee Liquidation
S-CORE 2007-1: Fitch Downgrades Ratings on Six Classes of Notes
WOOLWORTH GMBH: Has Rent Agreement with Cerberus for 82 Stores
X1 FUND: Hamburg Court Opens Insolvency Proceedings


G R E E C E

HELLAS TELECOMMUNICATIONS: ISDA to Rule on Credit-Default Swaps
HELLAS TELECOMMUNICATIONS: Moody's Cuts Ratings on Notes to 'C'
WIND HELLAS: ISDA to Rule on Owner's Credit-Default Swaps
WIND HELLAS: Fitch Downgrades Issuer Default Rating to 'RD'


I R E L A N D

ALLIED IRISH: Expects EUR5.3 Bln of Bad Debt Charges This Year
TIERNEY'S KITCHEN: High Court Appoints Provisional Liquidator


I T A L Y

ALCOA INC: To Idle Smelting Operations in Italy; 2,000 Jobs Lost
CORDUSIO RMBS: S&P Affirms Rating on Class E Notes at 'BB'
SAFILO SPA: Hal Extends Offer Period for Sr. Notes Until Nov. 27


K A Z A K H S T A N

AIFRI GRAND: Creditors Must File Claims by December 2
AVANGARD KAZ: Creditors Must File Claims by December 2
BROAD BAND: Creditors Must File Claims by December 2
JOTUN BOYA: Creditors Must File Claims by December 2
KAIRAT ALMATY: Creditors Must File Claims by December 2

KAMKOR JSC: Creditors Must File Claims by December 2
OIL PRODUCTS: Creditors Must File Claims by December 2
RAF STROY: Creditors Must File Claims by December 2
URAL PROM: Creditors Must File Claims by December 2


K Y R G Y Z S T A N

ALTYN-ALCO: Court Names Y. Sagynbaev as Insolvency Manager
RAZREZ AK-KULAK: Court Names Z. Toyaliev as Insolvency Manager


L U X E M B O U R G

BEVERAGE PACKAGING: Moody's Withdraws 'B2' Corp. Family Rating
REYNOLDS GROUP: Moody's Assigns Corporate Family Rating at 'B2'


N E T H E R L A N D S

CREDIT EUROPE: Moody's Confirms 'D' Bank Financial Strength Rating
DEMIR-HALK BANK: Moody's Holds 'D' Bank Financial Strength Rating
EUROCREDIT CDO: Moody's Cuts Rating on 2 Classes of Notes to Caa3
NORTH WESTERLY: Moody's Cuts Ratings on 2 Classes of Notes to Caa3
SILVER BIRCH: Moody's Junks Rating on Class E Notes From 'B3'

WOOD STREET: Moody's Cuts Rating on Class D Notes to 'B2'


R U S S I A

BRATSK WOOD-PROCESSING: Creditors Must File Claims by November 30
CREDIT EUROPE: Moody's Affirms 'E+' Bank Financial Strength Rating
ETMA-PLAST: Creditors Must File Claims by November 30
FINE WHEEL: Creditors Must File Claims by November 30
LENENERGO JSC: Moody's Assigns 'Ba2' Corporate Family Rating

NOVATORSKIY WOOD: Under External Mngt Bankruptcy Procedure
NOVO-STROY: Creditors Must File Claims by November 30
PRIVOLZHSKO-URALSKOE: Creditors Must File Claims by November 30
RUSFINANCE BANK: S&P Affirms 'BB+' Counterparty Credit Ratings
SEV-ZAP-METALLURG: Creditors Must File Claims by November 30

SOUTH TUMEN: Under External Mngt Bankruptcy Procedure
STROY-INVEST: Creditors Must File Claims by November 30
THIRD CAPITAL: Creditors Must File Claims by November 30
TUMEN-SPETS: Creditors Must File Claims by November 30
UC RUSAL: To Push Through with Hong Kong IPO This Year, Chair Says

VOLGA-PROM: Creditors Must File Claims by November 30
VOLGOGRAD-REGION: Creditors Must File Claims by November 30

* KRASNODAR REGION: Fitch Changes Outlook to Positive


S E R B I A   &   M O N T E N E G R O

METALS BANKA: National Bank of Serbia Ends Receivership


S L O V E N I A

ISTRABENZ D.D.: Creditors Reject Petrol's Restructuring Plan


S W I T Z E R L A N D

AIRPICK GASTRO: Claims Filing Deadline is November 30
AMATCO AG: Claims Filing Deadline is November 30
ASCHWANDEN & HOEHENER: Claims Filing Deadline is November 30
BT SERVER: Claims Filing Deadline is November 30
FANKHAUSER ELEKTRO: Claims Filing Deadline is November 30

HALSTA AG: Claims Filing Deadline is November 30
KREATIV WOHNEN: Claims Filing Deadline is November 30
PRAXIS VITALIS: Claims Filing Deadline is November 30
PRO-ACTION CONSULTING: Claims Filing Deadline is November 30
STIEFEL HAUSHALT: Claims Filing Deadline is November 30


T U R K E Y

EREGLI DEMIR: Moody's Affirms 'B2' Corporate Family Rating


U K R A I N E

ALFA BANK: Moody's Withdraws 'Caa1' Currency and Deposit Ratings
AMFITRITA CJSC: Court Starts Bankruptcy Supervision Procedure
DNEPRO LLC: Creditors Must File Claims by November 22
DRUZHBA LLC: Creditors Must File Claims by November 22
EASTERN PETROLEUM: Court Starts Bankruptcy Supervision Procedure

MAGIST LLC: Creditors Must File Claims by November 22
NOVODMITROVKA AGRICULTURAL: Creditors Must File Claims by Nov. 22
ORAKUL LLC: Creditors Must File Claims by November 22
PROGRESS-GNAROVSKAYA LLC: Creditors Must File Claims by Nov. 22
RAKOVAYA LLC: Creditors Must File Claims by November 22

RAYOZERO LLC: Creditors Must File Claims by November 22
SKLAD-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
SLAVUTA CLOTH: Creditors Must File Claims by November 22
UKRAINE AUTO: Fitch Affirms Rating on Class B Notes at 'CCC'
UKRAINIAN FARVATER: Court Starts Bankruptcy Supervision Procedure

VELIKAYA VYS: Creditors Must File Claims by November 22


U N I T E D   K I N G D O M

BUSINESS MORTGAGE: Moody's Cuts Rating on Class B Notes to 'B1'
CABLE & WIRELESS: Mulls GBP200 Mln Debt Fundraising for UK Unit
CORSAIR NO 4: Moody's Reviews 'Ba2' Rating on US$150 Mil. Notes
CREW GOLD: Provides Details on Debt-for-Equity Restructuring Plan
WHITE TOWER: S&P Puts Ratings on Notes on CreditWatch Negative


X X X X X X X X

* BOOK REVIEW: Small Business Bankruptcy Reorganization


                         *********



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


DETEKTIVUNTERNEHMEN PEGASUS: Claims Filing Deadline is November 30
------------------------------------------------------------------
Creditors of Detektivunternehmen Pegasus 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 14, 2009 at 11:35 a.m.

For further information, contact the company's administrator:

         Mag. Werner Dax
         Esterhazyplatz 5
         7000 Eisenstadt
         Austria
         Tel: 05/90105500
         Fax: 05/90105510
         E-mail: guessing@daxundpartner.at


KLM BAU: Claims Filing Deadline is November 30
----------------------------------------------
Creditors of KLM 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 14, 2009 at 11:15 a.m.

For further information, contact the company's administrator:

         Mag. Werner Dax
         Esterhazyplatz 5
         7000 Eisenstadt
         Austria
         Tel: 05/9010-5500
         Fax: 05/9010-5510
         E-mail: guessing@daxundpartner.at


MORTENTHALER KEG: Claims Filing Deadline is December 4
------------------------------------------------------
Creditors of Mortenthaler KEG have until December 4, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 18, 2009 at 11:25 a.m.

For further information, contact the company's administrator:

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


SCHAUER ENGINEERING: Claims Filing Deadline is December 7
---------------------------------------------------------
Creditors of Schauer Engineering GmbH have until December 7, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 21, 2009 at 10:25 a.m.

For further information, contact the company's administrator:

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


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


DEXIA CREDIT: S&P Cuts Ratings on EUR700 Mil. Security to 'C'
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered to 'C' from
'CC' the ratings on a EUR700 million hybrid security issued by
Belgium-based Dexia Credit Local and on a EUR228.67 million Upper
Tier 2 instrument issued by Dexia Bank S.A.  At the same time, S&P
removed these ratings from CreditWatch with negative implications,
where they had been placed respectively on Oct. 13, 2009, and Nov.
10, 2009.

This rating action does not affect the counterparty credit ratings
on Dexia group's core operating entities.

On Oct. 30, 2009, Dexia announced that it would not pay upcoming
discretionary coupons on hybrid securities.  The coupons of the
two above-mentioned securities have been declared discretionary by
Dexia.

The coupons on the two instruments are due and, in line with
Dexia's October 2009 announcement, will not be paid.  S&P has
consequently lowered the ratings on the issues to 'C' from 'CC'.

Dexia's decision to defer is in line with the European
Commission's communication on Oct. 30, 2009, that it agreed
temporarily to an extension of the guarantee on Dexia's funding by
the French, Belgian, and Luxembourg governments, subject to the
Dexia group's prior commitments.  These are valid until end-
February 2010, and notably include Dexia's option to refrain from
making payments of discretionary coupons.


KBC GROEP: Has Restructuring Agreement with European Commission
---------------------------------------------------------------
Stanley Pignal and Nikki Tait at The Financial Times report that
the KBC Groep reached an agreement with the European Commission on
its restructuring.

According to the FT, KBC will slim its balance sheet by nearly a
fifth and reimburse EUR7 billion (US$10.5 billion) of state aid by
2013 through the winding down of its businesses and through asset
disposals.

The FT notes that while KBC will sell its merchant banking and
private banking arms, float part of its Czech banking operation
and forgo any acquisitions in the medium term, the group will
retain banking and insurance operations in its core markets.

The KBC restructuring will cut the bank’s risk-weighted assets by
25% and entail no capital increase, the FT says.  The group will
pay back the EUR7 billion of state aid it received from the
Belgian and Flemish governments through retained earnings, and by
paying no dividend until 2011 at the earliest, the FT discloses.

                       About KBC Groep NV

Headquartered in Brussels, Belgium, KBC Groep NV a.k.a KBC Group
NV (EBR:KBC) -- http://www.kbc.com/-- is engaged in banking,
insurance and wealth management for private banking clients,
retail customers and medium-sized enterprises.  It has expertise
in asset management and the financial markets.  The company's
activity is composed of five divisions: the Belgium, the Central &
Eastern Europe and Russia (CEER), the Merchant Banking, the
European Private Banking, and the Shared Services & Operations
business units.  Each of these units has its own management
committee and oversees both the banking and the insurance
activities.  The company is active in Belgium and in other
selected countries, including Hungary, Poland, Slovakia, Czech
Republic, Bulgaria, Romania, Serbia and Russia.  KBC Groep NV also
operates to a less extent in the United States and in Southeast
Asia.  The company has three subsidiaries: KBC Bank, KBC Insurance
and KBL European Private Bankers.


=============
E S T O N I A
=============


DOUBLE COFFEE: Declared Bankrupt by Harju County Court
------------------------------------------------------
Toomas Hobemagi at Baltic Business News, citing Aripaev, reports
that the Harju County Court on Tuesday declared Double Coffee
Estonia bankrupt.

According to the report, rivals said Double Coffee was expanding
too fast and did not adjust to local markets.

"They had a good concept, but it was not enough to be successful
in Estonia.  They were expanding during the boom, had to pay high
rents and had problems in hiring staff," the report quoted Rene
Treifeldt, CEO of Reval Cafe, as saying.

The report relates the company ended last year with a loss of
EEK31 million at sales of only EEK25 million.  The company's
Estonian arm owes the state EEK3.2 million in taxes, the report
discloses.


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


CMA CGM: Restructuring Still Necessary Despite Profit on Key Route
------------------------------------------------------------------
Robert Wright at The Financial Times reports that CMA CGM S.A.
still needs an urgent restructuring of its debts and supplier
contracts in spite of returning to profit on a key route.

The FT relates Nicolas Sartini, head of Asia to Europe routes for
CMA CGM, said the company had returned to profit on Asia-Europe
services -- the most important long-haul route -- after three
quarters of losses.

According to the FT, restructuring, however, remained necessary.
The restructuring, the FT says, includes demands for owners of
ships chartered by CMA CGM to cut their fees.

"Our customers are not caring one second about our profit and are
putting us under pressure," the FT quoted Mr. Sartini as saying.
"The owners of the vessels we are referring to, maybe they are
making indecent profits.  We need to negotiate with our charterers
to see what we can do to get through the worst crisis in container
shipping."

CMA CGM now expects to announce an agreement with its creditors in
mid-December, rather than mid-November as originally planned, the
FT notes.

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


CHRISTIAN LACROIX: Bidders Fail to Prove Viability of Plans
-----------------------------------------------------------
Heather Smith at Bloomberg News reports that Regis Valliot, the
administrator overseeing Christian Lacroix SNC's bankruptcy, said
that bidders for the French fashion house couldn't prove their
financing to a Paris court.

Bloomberg relates the court met Wednesday to review plans for
Sheikh Hassan ben Ali al-Naimi's offer to pay off creditors,
preserve all jobs and expand the brand, as well as a partial offer
by Paris-based  turn-around investor Bernard Krief Consulting.

"Neither the Sheikh nor Krief Consulting proved their means of
financing during the hearing [Wed]nesday, so neither solution
seems possible today," Bloomberg quoted Mr. Valliot as saying.
"And so there remains the receivership plan."

According to Bloomberg, Mr. Valliot said the court will decide on
the company's fate by Dec. 1, during which time the Emirati sheikh
and Krief could present notices from their banks attesting to the
financial viability of their plans.

As reported by the Troubled Company Reporter-Europe on June 4,
2009, AFP said a commercial court in Paris placed Christian
Lacroix into administration.  AFP disclosed the company declared
insolvency in May, blaming "the sharp downturn of the luxury
market."


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


K+S AG: Mulls Share Sale to Cut Debt; Faces Potential Loan Breach
-----------------------------------------------------------------
K+S AG aims to sell shares as early as this month as it seeks to
cut debt, Richard Weiss and Aaron Kirchfeld at Bloomberg News
report, citing two people familiar with the planned offering.

Bloomberg relates the people, who declined to be identified
because details of the transaction are being completed, said the
company has hired Deutsche Bank AG and Morgan Stanley to manage
the sale.

According to Bloomberg, K+S's October purchase of Morton Salt from
Dow Chemical Co. for US$1.68 billion burdened it with debt at a
time when farmers and their suppliers sparked a potash price crash
by shunning orders.  Bloomberg says faced with a potential breach
of loan terms, both Moody's Investors Service and Standard &
Poor's are considering a downgrade on K+S ratings.

K+S's credit rating stands at Baa2 at Moody's Investors Service
and BBB at Standard & Poor's, the second-lowest investment grade
levels.  Both rating firms have a negative outlook on the company.

K+S AG -- http://www.k-plus-s.com/-- is a Germany-based company,
operating in the chemical sector.  It divides its activities into
five business segments.  The Potash and Magnesium Products segment
is engaged in the crude potash and magnesium salts extraction and
in processing raw materials into products for technical,
industrial and pharmaceutical applications.  The COMPO segment
offers potting soils, garden fertilizers, plant protection
products and fertilizers for special crops, horticulture, sports
fields and public green areas.  The fertiva segment distributes
fertilizers.  The Salt segment offers food grade salt, industrial
salt and salt for chemical use, as well as de-icing salt applied
to ensure road safety.  The Complementary Business segments
include recycling activities and the disposal and reutilization of
waste salt mines, granulation of CATASAN, logistics, and trading
in different basic chemicals.  In October 2009, K+S AG completed
the acquisition of Morton international, Inc.


K1 GLOBAL: Hires Grant Thornton to Oversee Liquidation
------------------------------------------------------
Josh Fineman and Saijel Kishan at Bloomberg News report that
K1 Global Ltd., a fund of K1 Group based in the British Virgin
Islands, hired Grant Thornton to help it liquidate.

According to Bloomberg, K1 Global had EUR173 million
(US$258.7 million) under management as of July 31.

Bloomberg recalls K1 Invest Ltd., a separate K1 Group fund, hired
Grant Thornton as its liquidator earlier this month.  K1 Invest
had EUR248 million as of July 31, Bloomberg notes.

"As with K1 Invest, the relationship between K1 Global and
the K1 Group is as yet unclear," Bloomberg quoted Grant Thornton
as saying an e-mailed statement.  "We are in the course of
contacting the German authorities as a matter of urgency to try
and gain some visibility on the current situation and have
commenced investigations into the financial position and affairs
of the fund."

K1 Group is at the center of an international criminal probe after
saddling banks including Barclays Plc, JPMorgan Chase & Co. and
BNP Paribas SA with about US$400 million of losses, Bloomberg
discloses citing people with knowledge of the probe.  Bloomberg
says European and U.S. authorities are examining whether K1
founder Helmut Kiener, who helps manage funds of hedge funds,
deceived the banks when borrowing money to inflate investments.

In a Nov. 13 report Bloomberg disclosed Mr. Kiener lost a bid to
have a German court order his release from pretrial detention.
According to Bloomberg, Helga Mueller, a spokeswoman for the
Wuerzburg Regional Court, said Nov. 13 Mr. Kiener is a flight risk
and the evidence against him so far strongly suggests that he has
committed four counts of fraud and breach of trust.  Bloomberg
noted in a filing to the court, Mr. Kiener denied wrongdoing and
said he never violated investment rules as each step was approved
by the banks concerned.


S-CORE 2007-1: Fitch Downgrades Ratings on Six Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded six classes of notes of S-CORE 2007-1
GmbH, removed them from Rating Watch Negative and assigned
Outlooks and Loss Severity Ratings:

  -- EUR327.97 million class A-1 secured notes
     (ISIN: XS0312778680): downgraded to 'BBB' from 'AAA'; removed
     from RWN; assigned Negative Outlook; assigned 'LS-2'

  -- EUR91 million class A-2 secured notes (ISIN: XS0312801763):
     downgraded to 'B' from 'AAA'; removed from RWN; assigned
     Negative Outlook; assigned 'LS-3'

  -- EUR8.85 million class B secured notes (ISIN: XS0312778920):
     downgraded to 'CCC' from 'AA'; removed from RWN

  -- EUR9.6 million class C secured notes (ISIN: XS0312779068):
     downgraded to 'CCC' from 'A'; removed from RWN

  -- EUR12.4 million class D secured notes (ISIN: XS0312779142):
     downgraded to 'CC' from 'BBB'; removed from RWN

  -- EUR9.7 million class E secured notes (ISIN: XS0312779225):
     downgraded to 'C' from 'BB'; removed from RWN

The transaction is a cash securitization of certificates of
indebtedness (Schuldscheindarlehen) of German SMEs originated and
serviced by Deutsche Bank AG (rated 'AA-(minus)'/'F1+'/Negative
Outlook).

The notes were placed on RWN on August 6, 2009 pending full
analysis after the implementation of Fitch's revised rating
criteria for European granular corporate balance sheet
securitizations.  While the downgrades capture the updated rating
criteria, which were used to determine the rating loss rates for
the notes, they are also driven by the negative performance of the
underlying assets, lower recovery expectations and concerns about
the transaction's ability to pay timely payment of interest, given
the current interest rate environment and the swap structure of
the transaction.  The current credit enhancement is not sufficient
to support the notes' prior ratings.

Since closing in August 2007, seven debtors (4.5% of all obligors)
have defaulted on EUR20 million, triggering principal deficiency
events, thus causing the most senior class of notes to amortize by
trapping excess spread.  At the previous payment date in October
2009, the principal deficiency ledger was only reduced by
EUR450,000, leaving an outstanding amount of EUR9.2 million.
Under Fitch's modeling, the PDL would not be significantly reduced
by the notes' maturity in 2014 even if no further defaults occur.
As a result, the class E notes' principal would not be fully
redeemed in Fitch's opinion.

The reserve account, which amounted to EUR4.3 million at closing
and funded by the class F notes, was not replenished during the
last two payment dates and would remain depleted by the scheduled
maturity under Fitch's modeling, thus not providing any protection
to the noteholders.

In analyzing the more senior notes, Fitch assessed the credit
quality of the portfolio based on Deutsche Bank AG's updated
internal ratings on the obligors, which were mapped to the
agency's public rating scale.  Fitch then applied notching to the
mapped ratings to reflect the adjustments to its initial
expectations.  Taking into account the unfavorable economic
conditions in Germany and Fitch's expectation of rising defaults
and delinquencies, the credit quality of the portfolio has been
revised to 'B+/B'.

In Fitch's analysis the structure shows high sensitivity to the
interest rate stresses.  In particular, the falling interest rate
scenario significantly reduces the notes' ability to withstand
defaults.  Given the current low interest rate environment, Fitch
focused on the stable and rising interest rate scenarios.  Based
on the credit enhancement and limited excess spread available, the
class A-1 notes could absorb new defaults up to 23% of the current
performing portfolio under Fitch's modeling, which covers the 10
largest exposures.  The class A-2, B and C notes could withstand
new defaults up to 11%, 9% and 6% of the current performing
portfolio, which covers the five, four and three largest
exposures, respectively.  With regard to the limited credit
enhancement of the class D notes and the outstanding PDL amount,
Fitch believes that there is a real possibility of default on
class D.  Default on the class E notes is inevitable in the
agency's view.

Based on the latest available portfolio information as of October
2009, the number of performing debtors decreased to 140 from 154
at closing (seven defaults, three re-purchases, four early
terminations).  The largest exposure accounted for 2.2%, and
metals & mining was the dominant industry at 17% of the performing
portfolio.


WOOLWORTH GMBH: Has Rent Agreement with Cerberus for 82 Stores
--------------------------------------------------------------
Holger Elfes at Bloomberg News reports that Woolworth GmbH & Co.'s
insolvency administrator Ottmar Hermann reached an agreement on
rental conditions for 82 stores with landlord Cerberus Capital
Management LP.

According to Bloomberg, Pietro Nuvoloni, a spokesman for
Mr. Hermann, said the administrator will now start searching for
investors for the company.

                    About Woolworth GmbH & Co.

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

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


X1 FUND: Hamburg Court Opens Insolvency Proceedings
---------------------------------------------------
Karin Matussek at Bloomberg News reports that X1 Fund Allocation
GmbH, a Hamburg-based company that managed funds that Barclays Plc
invested in Helmut Kiener's K1 Group, was put into insolvency
proceedings.

Bloomberg, citing a German Internet-based insolvency registry,
says a Hamburg court opened insolvency proceedings on Nov. 16.

Achim Ahrendt, an attorney in Hamburg, was appointed as
preliminary administrator, Bloomberg relates.  According to
Bloomberg, Mr. Ahrendt said BaFin started the insolvency
proceedings.

K1 Group is at the center of an international criminal probe after
saddling banks, including Barclays Plc, JPMorgan Chase & Co. and
BNP Paribas SA, with about US$400 million of losses, Bloomberg
discloses citing people with knowledge of the probe.


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G R E E C E
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HELLAS TELECOMMUNICATIONS: ISDA to Rule on Credit-Default Swaps
----------------------------------------------------------------
Abigail Moses at Bloomberg News, citing the International Swaps &
Derivatives Association, reports that a committee of dealers
and investors will determine whether a bankruptcy credit
event has occurred on credit-default swaps linked to Hellas
Telecommunications SA, the owner of Wind Hellas Telecommunications
SA.

As reported by the Troubled Company Reporter-Europe on Nov. 19,
2009, Bloomberg News said Hellas Telecommunications II filed for
administration in the English High Court.  Bloomberg disclosed
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.


HELLAS TELECOMMUNICATIONS: Moody's Cuts Ratings on Notes to 'C'
---------------------------------------------------------------
Moody's Investors Service downgraded the rating on the
subordinated notes of Hellas Telecommunications II S.a.r.l. to C
from Ca, and revised the company's Probability of Default Rating
to Caa3/LD, which reflects the default on the company's
EUR960 million and US$275 million subordinated notes due 2015.
Moody's noted that the Caa3 Corporate Family Rating at Hellas
Telecommunications II, Caa2 rating on the Senior secured notes
issued at Hellas Telecommunications (Luxembourg) V, and the Ca
rating on the Senior notes issued by Hellas Telecommunications
(Luxembourg) III remain unaffected.  The ratings of the company
also remain on review for downgrade.  Hellas Telecommunications II
is a holding company of Wind Hellas Telecommunications.

On November 17, 2009, the company announced that it had failed to
make the interest payment due on its subordinated notes due 2015.
As the company did not make the interest payment by the end of the
30-day grace period on November 15, 2009, it is in default
according to the terms of the subordinated notes indenture.

With respect to its capital restructuring process, the company has
received consents from holders representing at least a majority in
aggregate principal amount of each of the senior secured notes and
the senior notes, and supplemental indentures giving effect to the
waivers and amendments became effective on November 13, 2009.  On
November 17, the company applied to the English Court for an
administration order.  Substantive hearing of the application will
be in the week commencing November 23, 2009.  Upon its completion,
Moody's will re-position the CFR based on its view on the
company's post-capital restructuring financial risk and liquidity
profile.  Moody's nevertheless believes that there remains
sufficient uncertainty on the ultimate resolution of the
restructuring process and therefore has left the current ratings
and review process unchanged.

Below is a summary of the rating action:

  -- Probability of Default Rating revised to Caa3/LD from Caa3
     (to reflect the actual defaulted status of the subordinated
     notes due 2015 following the expiration of the 30-day grace
     period for the missed interest payment)

  -- Subordinated notes issued at Hellas Telecommunications II
     S.a.r.l. downgraded to C from Ca

The last rating action on Hellas Telecommunications II was
implemented on August 27, 2009 when Moody's downgraded the CFR to
Caa3 from Caa1, and placed all ratings on review for possible
further downgrade.

Wind Hellas is the third mobile operator in Greece.  At the end of
2007, the company acquired Tellas, an alternative fixed-line
operator.  In 2008, the company generated EUR1,269 million in
revenues on a consolidated basis.


WIND HELLAS: ISDA to Rule on Owner's Credit-Default Swaps
---------------------------------------------------------
Abigail Moses at Bloomberg News, citing the International Swaps &
Derivatives Association, reports that a committee of dealers and
investors will determine whether a bankruptcy credit event has
occurred on credit-default swaps linked to Hellas
Telecommunications SA, the owner of Wind Hellas Telecommunications
SA.

As reported by the Troubled Company Reporter-Europe on Nov. 19,
2009, Bloomberg News said Hellas Telecommunications II filed for
administration in the English High Court.  Bloomberg disclosed
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.

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 Nov. 19,
2009, 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'.


WIND HELLAS: Fitch Downgrades Issuer Default Rating to 'RD'
-----------------------------------------------------------
Fitch Ratings has downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long-term Issuer Default Rating to 'RD'
(Restricted Default) from 'C'.  The company's Short-term IDR is
also downgraded to 'D' from 'C'.

The downgrade follows the company's EUR67 million interest payment
default on October 15, 2009 on its subordinated notes issued by
Hellas Telecommunications (Luxembourg) II and the company's
announcement that the 30 day grace period expired yesterday and
the interest has still not been paid.

Fitch notes that the previous downgrade to 'C' on August 28, 2009,
reflected Fitch's belief that the company would be forced to
address its capital structure before its liquidity was further
challenged by the EUR67 million interest payment due on October
15, 2009.

WIND Hellas' debt instrument ratings have been affirmed:

  -- Hellas Telecommunications (Luxembourg) V senior revolving
     credit facility affirmed at 'CC'; Recovery Rating is 'RR3'

  -- Hellas Telecommunications (Luxembourg) V senior secured
     floating-rate notes due 2012 affirmed at 'CC'; Recovery
     Rating is 'RR3'

  -- Hellas Telecommunications (Luxembourg) III senior notes due
     2013 affirmed at 'C'; Recovery Rating is 'RR6'

  -- Hellas Telecommunications (Luxembourg) II subordinated
     floating-rate notes due 2015 affirmed at 'C'; Recovery Rating
     is 'RR6'


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


ALLIED IRISH: Expects EUR5.3 Bln of Bad Debt Charges This Year
--------------------------------------------------------------
John O'Doherty at The Financial Times reports that Allied Irish
Banks said full-year bad debt charges this year will be closer to
EUR5.3 billion, an increase of 23%.

According to the FT, the bank said that most of this EUR1 billion
increase would be on a EUR24 billion loan portfolio that the Irish
minister of finance indicated in September would be likely to
transfer to the country's "bad bank", the National Asset
Management Agency.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 23,
2009, Fitch Ratings downgraded the individual rating of Allied
Irish Banks to 'D/E' from 'D' and removed the Rating Watch
Negative.


TIERNEY'S KITCHEN: High Court Appoints Provisional Liquidator
-------------------------------------------------------------
BreakingNews.ie reports that Mr. Justice Roderick Murphy at the
High Court agreed on Wednesday to appoint Ken Fennell as
provisional liquidator to Tierney's Kitchen and Cabinet
Manufactures Ltd. after being informed that the company is
insolvent and unable to pay its debts.

According to the report, the court heard that the company has
liabilities over assets of EUR2.8 million.

Tierney's Kitchen and Cabinet Manufactures Ltd. is a kitchen and
cabinet making firm based in Co Louth.  The Company employs 40
people.


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


ALCOA INC: To Idle Smelting Operations in Italy; 2,000 Jobs Lost
----------------------------------------------------------------
Alcoa Inc. said it will temporarily idle production at its two
aluminum smelters in Fusina and Portovesme, Italy.  The
curtailment is a result of uncertainty in obtaining future power
supply for the smelters at competitive rates and the financial
impact of the European Commission decision that Italy's extension
of the existing electricity tariff after 2005 did not comply with
European Union state aid rules and that a portion of the benefit
received by Alcoa must be refunded.  Alcoa is appealing the
decision.

The tariff was in place for more than 10 years in Italy and
approved by the EC in 1995, the year that Alcoa purchased the
operations.  It was designed to provide competitive power to
energy-intensive industries in Italy, in line with similar energy
costs in other EU countries.

"This is a dark day for European heavy industry.  The EC is
sending a signal to investors and workers that heavy industry is
no longer a priority," said Klaus Kleinfeld, Alcoa President and
Chief Executive Officer.  "Particularly in today's economic
crisis, this decision is hard to understand.  Skilled and long-
term jobs will be lost, facilities will be closed, and companies
in Europe will not be able to compete."

Mr. Kleinfeld added, "The EC's decision, which was not based on a
complaint by a competitor or any third-party, will effectively
shut down Italian aluminum production and make the European
aluminum industry less competitive in the worldwide markets.
Alcoa will appeal the decision and take immediate action to
improve the profitability of our smelter operations."

Without the tariff, the two smelters, which have a combined
employment of approximately 1,000 and an additional 1,000 indirect
jobs and a combined capacity of 194,000 metric tons of aluminum
per year, are not viable at current Italian power rates.

The process to curtail the smelters will begin immediately, with
completion expected in the second half of December.  The company
will work with appropriate works councils and employees at the
smelters to gradually wind down production in a safe and efficient
manner.  Alcoa's rolling mill in Fusina, which is adjacent to the
smelter, is not directly impacted by this action.

"It is a terrible outcome for Italy," said Marcos Ramos, President
of Alcoa Primary Products Europe, "This EC decision will result in
approximately 2,000 direct and indirect jobs being lost in Italy,
not to mention the impact on the communities of Fusina and
Portovesme.  We will continue to use every lever in an attempt to
gain access to competitive power so that we can get our people
back to work."

"I want to thank our employees and work councils, who have been
doing an outstanding job, and our communities for their support,"
added Mr. Ramos.  "This decision is in no way a reflection on
their efforts.  In fact, they have been helpful in explaining the
urgency of the situation to officials."

As part of the decision, the EC has ordered Italy to recover
certain benefits derived by Alcoa under the tariff.  Alcoa already
has appealed the opening of the case by the EC and will also
vigorously challenge the decision in the EU courts.

The curtailments in Italy will bring Alcoa's total global smelting
system curtailments to approximately 24 percent.  The Company will
continue to take steps to optimize its global smelting system as
market conditions warrant.  The Company expects to take a fourth
quarter 2009 charge of between US$300 million and US$500 million,
pre-tax, including temporary curtailment and recovery actions.
Most, if not all, of the charge is not expected to impact fourth
quarter cash flow.

                           About Alcoa

Alcoa Inc. (NYSE:AA) -- http://www.alcoa.com/-- is the world
leader in the production and management of primary aluminum,
fabricated aluminum and alumina combined, through its active and
growing participation in all major aspects of the industry.  Alcoa
serves the aerospace, automotive, packaging, building and
construction, commercial transportation and industrial markets,
bringing design, engineering, production and other capabilities of
Alcoa's businesses to customers.  In addition to aluminum products
and components including flat-rolled products, hard alloy
extrusions, and forgings, Alcoa also markets Alcoa(R) wheels,
fastening systems, precision and investment castings, and building
systems.  The Company has been named one of the top most
sustainable corporations in the world at the World Economic Forum
in Davos, Switzerland and has been a member of the Dow Jones
Sustainability Index for eight consecutive years.  Alcoa employs
approximately 63,000 people in 31 countries across the world.


CORDUSIO RMBS: S&P Affirms Rating on Class E Notes at 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on all
the notes issued by Cordusio RMBS 3 - UBCasa 1 S.r.l. and Cordusio
RMBS Securitisation S.r.l.

The two transactions are the third (Cordusio 3) and fourth
(Cordusio 4) residential mortgage-backed securities transactions
originated by UniCredit Group.  In both cases, the collateral is a
mortgage loan pool secured over residential properties in Italy.
All the loans in the Cordusio 3 pool are broker-originated, while
59% of loans in Cordusio 4's pool are broker-originated.

On the most recent interest payment date, the two transactions
drew under their respective cash reserve for a second consecutive
time.  The cash reserves are now EUR13.6 million, (9% lower than
its target amount of EUR14.9 million) for Cordusio 3 and
EUR1.8 million (70% lower than its target amount of
EUR6.2 million) for Cordusio RMBS.  Both issuers made the drawings
to cover defaulted loans in the pool through a structural
mechanism that traps excess spread to cover 100% of the balance of
defaulted loans.

On the latest IPD, the cumulative gross defaults and total arrears
(30+ day) for the two transactions were 1.41% and 2.01% for
Cordusio 3, and 0.89% and 1.62% for Cordusio 4.  This is higher
than the same numbers for the oldest RMBS UniCredit Group-
originated transaction.

Following the deleveraging of the transactions, the current pool
factors on the last IPD were 63% (Cordusio 3) and 70% (Cordusio
RMBS).  Several performance metrics have also improved; for
example, the current weighted-average loan-to-value ratios
decreased to 56.75% from 62.83% at closing (Cordusio 3), and to
55.42% from 60.54% at closing (Cordusio 4), and the seasoning is
now 76 and 63 months, respectively.  Both portfolios remain
granular.

S&P has conducted a cash flow analysis that ran a number of
scenarios to test the structures' ability to meet timely payment
of interest and ultimate repayment of principal on the rated
notes.

S&P's analysis shows that, despite the cash reserve reductions,
S&P can affirm the ratings on the notes.  In this analysis, S&P
considered the current portfolio characteristics, the performance
recorded so far, and the conservative structural mechanisms in
place in both transactions.

                           Ratings List

                         Ratings Affirmed

                Cordusio RMBS 3 - UBCasa 1 S.r.l.
EUR2.496 Billion Residential Mortgage-Backed Floating-Rate Notes

                  Class                 Rating
                  -----                 ------
                  A2                    AAA
                  B                     AA
                  C                     A+
                  D                     BBB+

               Cordusio RMBS Securitisation S.r.l.
EUR3.908 Billion Residential Mortgage-Backed Floating-Rate Notes

                  Class                 Rating
                  -----                 ------
                  A2                    AAA
                  A3                    AAA
                  B                     AA
                  C                     A
                  D                     BBB
                  E                     BB


SAFILO SPA: Hal Extends Offer Period for Sr. Notes Until Nov. 27
----------------------------------------------------------------
John Buckley at Bloomberg News reports that Hal Holding NV said it
extended the offer period for outstanding senior notes issued by
Safilo Capital International SA until Nov. 27.

Bloomberg relates Hal said in an e-mailed statement Wednesday the
extension also applies to the consent payment deadline.

As reported by the Troubled Company Reporter-Europe on Nov. 13,
2009, Bloomberg News said Safilo SpA warned it may default on its
banking debt if an offer for its bonds from Hal fails.  Bloomberg
disclosed Hal agreed to buy a controlling stake in Safilo on
Oct. 19.  According to Bloomberg, the deal is subject to a
EUR300-million bid for Safilo's bonds, for which Hal must capture
at least 60%.

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

                           *     *     *

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


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


AIFRI GRAND: Creditors Must File Claims by December 2
-----------------------------------------------------
JSC Aifri Grand Capital is currently undergoing liquidation.
Creditors have until December 2, 2009, to submit proofs of claim
to:

         Micro District Samal-2, 104
         Almaty
         Kazakhstan


AVANGARD KAZ: Creditors Must File Claims by December 2
------------------------------------------------------
Creditors of LLP Avangard Kaz Stroy have until December 2, 2009,
to submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on August 19,
2009, after finding it insolvent.

The Court is located at:

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


BROAD BAND: Creditors Must File Claims by December 2
----------------------------------------------------
Kazakh Representation of LLP Broad Band Kazakhstan is currently
undergoing liquidation.  Creditors have until December 2, 2009, to
submit proofs of claim to:

         Nauryzbai Batyr Str. 49/61-12
         Almaty
         Kazakhstan


JOTUN BOYA: Creditors Must File Claims by December 2
----------------------------------------------------
Kazakh Representation of JSC Jotun Boya Sanayi Ve Ticaret Anonim
Sirketti is currently undergoing liquidation.  Creditors have
until December 2, 2009, to submit proofs of claim to:

         Timiryazev Str. 42
         Almaty
         Kazakhstan


KAIRAT ALMATY: Creditors Must File Claims by December 2
-------------------------------------------------------
Creditors of JSC Kairat Almaty KTJ have until December 2, 2009, to
submit proofs of claim to:

         Micro District Taugul-1, 57-7
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 30, 2009,
after finding it insolvent.

The Court is located at:

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


KAMKOR JSC: Creditors Must File Claims by December 2
----------------------------------------------------
Creditors of JSC Kamkor have until December 2, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
September 18, 2009.


OIL PRODUCTS: Creditors Must File Claims by December 2
------------------------------------------------------
Kazakh Representation of LLP Oil Products Group is currently
undergoing liquidation.  Creditors have until December 2, 2009, to
submit proofs of claim to:

         Abai Ave. 52b
         Almaty
         Kazakhstan


RAF STROY: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of LLP Raf Stroy Service have until December 2, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on August 19,
2009, after finding it insolvent.

The Court is located at:

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


URAL PROM: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of LLP Ural Prom Export Kazakhstan have until
December 2, 2009, to submit proofs of claim to:

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

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


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


ALTYN-ALCO: Court Names Y. Sagynbaev as Insolvency Manager
----------------------------------------------------------
The Inter-District Court of Osh for Economic Issues appointed
Y. Sagynbaev as Insolvency Manager of LLC Altyn-Alco on November
5, 2009. He can be reached at:

         Lenin Str. 37
         Osh
         Kyrgyzstan
         Tel: (0-777) 58-45-02

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.


RAZREZ AK-KULAK: Court Names Z. Toyaliev as Insolvency Manager
--------------------------------------------------------------
The Inter-District Court of Naryn for Economic Issues appointed
Z. Toyaliev as Insolvency Manager for State JSC Razrez Ak-Ulak on
October 15, 2009.  He can be reached at:

         Min-Kush
         Djumgalsky District
         Naryn
         Kyrgyzstan
         Tel: (0-550) 60-60-48

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
ED-125/09MH.


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


BEVERAGE PACKAGING: Moody's Withdraws 'B2' Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating to
Reynolds Group Holdings Limited with a stable outlook.  At the
same time the B2 Corporate Family Rating of Beverage Packaging
(Lux) I S.A has been withdrawn.  Moreover, the (P)B1 provisional
ratings on the group's senior secured notes (US$1,125 million and
EUR450 million) and senior secured credit facilities (term loans:
US$1,035 million and EUR250 million; revolving credit facilities:
US$120 million and EUR80 million) have been changed to definitive
B1 ratings.  The Ba2 ratings on the group's previous senior
secured credit facilities which were refinanced with the
aforementioned facilities have been withdrawn.

The assignment of the B2 Corporate Family Rating to RGHL reflects
the successful completion of the acquisition of Closure Systems
International and Reynolds Consumer Packaging which also resulted
in RGHL becoming the new parent company of the enlarged group.  In
parallel the Corporate Family Rating has been withdrawn from
Beverage Packaging Holdings (Lux) I, the previous parent company.

Assignments:

Issuer: Reynolds Group Holdings Inc.

  -- Senior Secured Bank Credit Facility, Assigned B1, LGD3, 36%
  -- Senior Secured Bank Credit Facility, Assigned B1, LGD3, 36%
  -- Senior Secured Bank Credit Facility, Assigned B1, LGD3, 36%
  -- Senior Secured Bank Credit Facility, Assigned B1, LGD3, 36%

Issuer: Reynolds Group Holdings Limited

  -- Probability of Default Rating, Assigned B2
  -- Corporate Family Rating, Assigned B2

Issuer: Reynolds Group Issuer Inc.

  -- Senior Secured Regular Bond/Debenture, Assigned B1, LGD3, 36%
  -- Senior Secured Regular Bond/Debenture, Assigned B1, LGD3, 36%

Withdrawals:

Issuer: Beverage Packaging Holdings I S.A.

  -- Probability of Default Rating, Withdrawn, previously rated B2

  -- Corporate Family Rating, Withdrawn, previously rated B2

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated Ba2, LGD2, 17%

  -- Senior Secured Regular Bond/Debenture, Withdrawn, previously
     rated (P)B1, LGD3, 36%

The last rating action was implemented on 27 October 2009, when
the B1 (under review for possible downgrade) Corporate Family
Rating was downgraded to B2 (stable).

RGHL, through its subsidiaries, manufactures aseptic packaging
products for the food and beverage industries (SIG division),
consumer packaging products (Reynolds Consumer) and plastic
closures for the beverage, dairy and food segment.  Pro forma the
acquisition the combined group generated revenues and adjusted pro
forma EBITDA of EUR2,918 million and EUR599 million, respectively,
for the LTM period ended June 2009.


REYNOLDS GROUP: Moody's Assigns Corporate Family Rating at 'B2'
---------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating to
Reynolds Group Holdings Limited with a stable outlook.  At the
same time the B2 Corporate Family Rating of Beverage Packaging
(Lux) I S.A has been withdrawn.  Moreover, the (P)B1 provisional
ratings on the group's senior secured notes (US$1,125 million and
EUR450 million) and senior secured credit facilities (term loans:
US$1,035 million and EUR250 million; revolving credit facilities:
US$120 million and EUR80 million) have been changed to definitive
B1 ratings.  The Ba2 ratings on the group's previous senior
secured credit facilities which were refinanced with the
aforementioned facilities have been withdrawn.

The assignment of the B2 Corporate Family Rating to RGHL reflects
the successful completion of the acquisition of Closure Systems
International and Reynolds Consumer Packaging which also resulted
in RGHL becoming the new parent company of the enlarged group.  In
parallel the Corporate Family Rating has been withdrawn from
Beverage Packaging Holdings (Lux) I, the previous parent company.

Assignments:

Issuer: Reynolds Group Holdings Inc.

  -- Senior Secured Bank Credit Facility, Assigned B1, LGD3, 36%
  -- Senior Secured Bank Credit Facility, Assigned B1, LGD3, 36%
  -- Senior Secured Bank Credit Facility, Assigned B1, LGD3, 36%
  -- Senior Secured Bank Credit Facility, Assigned B1, LGD3, 36%

Issuer: Reynolds Group Holdings Limited

  -- Probability of Default Rating, Assigned B2
  -- Corporate Family Rating, Assigned B2

Issuer: Reynolds Group Issuer Inc.

  -- Senior Secured Regular Bond/Debenture, Assigned B1, LGD3, 36%
  -- Senior Secured Regular Bond/Debenture, Assigned B1, LGD3, 36%

Withdrawals:

Issuer: Beverage Packaging Holdings I S.A.

  -- Probability of Default Rating, Withdrawn, previously rated B2

  -- Corporate Family Rating, Withdrawn, previously rated B2

  -- Senior Secured Bank Credit Facility, Withdrawn, previously
     rated Ba2, LGD2, 17%

  -- Senior Secured Regular Bond/Debenture, Withdrawn, previously
     rated (P)B1, LGD3, 36%

The last rating action was implemented on 27 October 2009, when
the B1 (under review for possible downgrade) Corporate Family
Rating was downgraded to B2 (stable).

RGHL, through its subsidiaries, manufactures aseptic packaging
products for the food and beverage industries (SIG division),
consumer packaging products (Reynolds Consumer) and plastic
closures for the beverage, dairy and food segment.  Pro forma the
acquisition the combined group generated revenues and adjusted pro
forma EBITDA of EUR2,918 million and EUR599 million, respectively,
for the LTM period ended June 2009.


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


CREDIT EUROPE: Moody's Confirms 'D' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service confirmed the D bank financial strength
rating and Ba2 long-term debt and deposit ratings of Credit Europe
Bank N.V., thus ending the review for possible downgrade on the
ratings initiated on March 26, 2009.  The ratings carry a negative
outlook.  The Not Prime short-term debt and deposit ratings are
unchanged.

The conclusion of the review follows the completion of Moody's
stress tests on CEB N.V.'s assets and earnings.  Moody's regards
CEB N.V.'s capital adequacy as adequate within its rating
category.  The rating agency also notes that CEB N.V. has been
able, in line with its strategy, to reduce its loans and
commitments to corporates in the CIS countries and Romania by 29%
since September 2008 given the short-term overall maturity of its
balance sheet.  However, CEB N.V.'s profile remains risky given
its still high proportion of corporate and unsecured consumer
loans in CIS countries, which Moody's regards as the riskiest in
the bank's portfolio.

CEB N.V. is primarily active in emerging markets in corporate
lending and commodity and structured trade finance lending as well
as in consumer lending and residential mortgages.  Mainly funded
by deposits collected in Western Europe (deposits from the
Netherlands, Belgium and Germany represented 81% of the bank's
funding at the end of June 2009), CEB N.V. engages in high-margin
lending to SMEs and consumers outside the Eurozone.  Romania,
Russia, Turkey and, to a lesser extent, Ukraine, together
represented 54% of the bank's total on- and off-balance sheet
exposures at the end of June 2009.

The rating agency notes that CEB N.V.'s profitability has declined
in 2009, primarily as a result of higher credit loss charges.  The
bank's impaired loans ratio in the customer loans segment
increased to 5.4% at the end of June 2009 from 2.6% a year before.
Given the still challenging environment, notably in the CIS
countries, Moody's expects CEB N.V.'s provisioning needs to remain
at a high level, thereby continuing to affect the bank's
profitability.  However, on a more positive note, and given the
bank's large deposit base, which has proved resilient during the
crisis, its margins could benefit from decreasing deposit rates.

Moody's acknowledges that CEB N.V. has until now benefited from a
high capital generation capacity helped by the non-payment of
dividends to its shareholders since inception with the bank having
no intention to pay any dividends in the foreseeable future.
However, its capital generation capacity was affected in 2009 by
the decrease in profits in the first half of the year as a result
of its high provisioning needs.  Going forward, the bank's
retained earnings may contribute less to any increase in its
capital.

The negative outlook on CEB N.V.'s ratings reflects Moody's
concerns about potential for further deterioration in asset
quality.  The rating agency will closely monitor the bank's
ability to increase its capitalization levels to provide a buffer
against potential credit losses.

The previous rating action was on March 26, 2009 when Moody's
downgraded CEB N.V.'s BFSR to D from D+ and its long-term debt and
deposit ratings to Ba2 from Baa3 and placed the ratings on review
for possible further downgrade.  The short-term debt and deposits
ratings were downgraded to Not Prime from Prime-3.

Headquartered in Amsterdam, CEB N.V. had total assets of
EUR9.541 billion and reported shareholders' equity (including
minority interests) of EUR671 million as of 31 December 2008.  CEB
N.V. is wholly owned by Fiba Holding AS (unrated), a holding
company based in Turkey and mainly active in financial services.


DEMIR-HALK BANK: Moody's Holds 'D' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service confirmed the D bank financial strength
rating and Ba2 long-term debt and deposit ratings of Demir-Halk
Bank (Nederland) N.V., thus concluding the review for possible
downgrade on the ratings initiated on March 26, 2009.  The ratings
carry a stable outlook.  The Not Prime short-term debt and
deposits ratings are unchanged.

The conclusion of the review follows the completion of Moody's
stress tests on DHB's assets and earnings.  Moody's regards DHB's
capital adequacy levels as adequate within its rating category
given the bank's overall risk profile.  The rating agency also
notes that DHB is implementing a more selective policy in terms of
new assets, with a clear focus on Turkish assets.

DHB is primarily active in emerging markets in corporate lending
and commodity and structured trade finance lending, mainly in
Turkey, which accounted for 44% of the bank's total balance sheet
at the end of June 2009.  Moody's notes that the relatively short-
term maturity profile of DHB's loan portfolio has enabled the bank
to adapt to the currently volatile economic environment.  Notably,
DHB reduced its loans to the CIS countries from 26% at the end of
2008 to 15% at the end of June 2009.  Moody's adds that DHB is
largely funded by deposits collected in Germany, the Netherlands
and Belgium, which have proved stable during the liquidity crisis.

The rating agency notes that DHB's profitability has declined as a
result of lower interest income, higher funding costs and higher
value adjustments from receivables.  Moody's understands that the
bank's profitability could continue to suffer from high
provisioning needs stemming from the deterioration of its asset
quality, resulting from its high exposure to emerging markets.
However, given the reduction of DHB's exposure to the countries
that Moody's regards as the riskiest in the bank's portfolio, the
worsening of its asset quality may gradually slow.  Furthermore
and given the bank's large deposit base, the bank's margins could
benefit from decreasing deposit rates.  It is also Moody's
understanding that DHB has decided to gradually reduce its
previously high liquidity cushion, thereby reducing its costs.

Notwithstanding the stable outlook assigned to DHB's rating,
Moody's remains concerned about the lack of geographic balance
between DHB's assets and liabilities and by the risk inherent to
DHB's significant borrower concentrations, mainly to Turkish and
Russian counterparties including banks, holding companies and
corporates.

Moody's adds that DHB has traditionally sustained a high capital
base (Tier 1 ratio stood at 13.4% under Basel II at the end of
June 2009), helped by the non-payment of dividends to its
shareholders over the past few years with no intention to pay any
in the foreseeable future.  However since the bank's capital
generation capacity declined in 2008 and has continued to decline
in 2009 as a result of lower profits, retained earnings will less
contribute to an increase of the bank's capital level.

The previous rating action was on March 26, 2009 when Moody's
downgraded DHB's BFSR to D from D+ and its long-term debt and
deposit ratings to Ba2 from Ba1 and placed the ratings on review
for possible further downgrade.  The short-term debt and deposits
ratings remained Not Prime.

Based in Rotterdam, Demir-Halk Bank (Nederland) N.V. reported
total consolidated assets of EUR2.225 billion and shareholders'
equity (including minority interests) of EUR205 million at
December 31, 2008.  DHB is 70% owned by HCBG (a holding company
mainly active in financial services) and 30% owned by Halkbank
(not rated), a state-owned bank and the seventh-largest bank in
Turkey.


EUROCREDIT CDO: Moody's Cuts Rating on 2 Classes of Notes to Caa3
-----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Eurocredit CDO III B.V.  The Class A Notes remain Aaa
due to the current over collateralization and the fact that this
deal is more than a year passed its reinvestment period.

  -- EUR20.5M Class B Senior Floating Rate Notes, Downgraded to
     A3; previously on Mar 4, 2009 Aa1 Placed Under Review for
     Possible Downgrade

  -- EUR10M Class C-1 Senior Subordinated Deferrable Floating Rate
     Notes, Downgraded to Ba3; previously on Mar 20, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR12M Class C-2 Senior Subordinated Deferrable Fixed Rate
     Notes, Downgraded to Ba3; previously on Mar 20, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR12.5M Class D-1 Senior Subordinated Deferrable Floating
     Rate Notes, Downgraded to Caa2; previously on Mar 20, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR1.5M Class D-2 Senior Subordinated Deferrable Floating
     Rate Notes, Downgraded to Caa2; previously on Mar 20, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR2.3M Class E-1 Senior Subordinated Deferrable Floating
     Rate Notes, Downgraded to Caa3; previously on Mar 20, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

  -- EUR1.5M Class E-2 Senior Subordinated Deferrable Fixed Rate
     Notes, Downgraded to Caa3; previously on Mar 20, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

  -- EUR10M Class P Combination Notes, Withdrawn; previously on
     Sep 11, 2003 Assigned Aaa

Moody's has withdrawn the ratings assigned to the EUR10 million
Class P Combination Notes due 2016.  These notes were split back
into their original components and thus are no longer outstanding.

This transaction is a managed collateralized loan obligation with
exposure to predominantly European senior secured loans, as well
as some mezzanine loan exposure (currently 16.56%).

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 2731), an increase in the amount of defaulted
securities (currently approximately 7.65% of the portfolio) and an
increase in the proportion of securities from issuers rated Caa1
and below (currently approximately 7% of the portfolio).  These
measures were taken from the recent trustee report dated
October 12, 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.  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.


NORTH WESTERLY: Moody's Cuts Ratings on 2 Classes of Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by North Westerly CLO II B.V.

  -- EUR297,400,000 Class A Senior Floating Rate Notes due 2019,
     Downgraded to Aa3; previously on 15 September 2004 Assigned
     Aaa;

  -- EUR5,400,000 Class B-1 Deferrable Interest Fixed Rate Notes
     due 2019, Downgraded to Ba1; previously on 20 March 2009
     Downgraded to Baa2 and Placed under Review for Possible
     Downgrade;

  -- EUR31,300,000 Class B-2 Deferrable Interest Floating Rate
     Notes due 2019, Downgraded to Ba1; previously on 20 March
     2009 Downgraded to Baa2 and Placed under Review for Possible
     Downgrade;

  -- EUR14,100,000 Class C Deferrable Interest Floating Rate Notes
     due 2019, Downgraded to B1; previously on 20 March 2009
     Downgraded to Ba3 and Placed under Review for Possible
     Downgrade;

  -- EUR7,680,000 Class D-1 Deferrable Interest Fixed Rate Notes
     due 2019, Downgraded to Caa3; previously on 20 March 2009
     Downgraded to Caa1 and Placed under Review for Possible
     Downgrade;

  -- EUR13,020,000 Class D-2 Deferrable Interest Floating Rate
     Notes due 2019, Downgraded to Caa3; previously on 20 March
     2009 Downgraded to Caa1 and Placed under Review for Possible
     Downgrade

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2520), an increase in the amount of defaulted
securities (currently 2.5% of the portfolio), and an increase in
the proportion of securities from issuers rated Caa1 and below
(currently 9.7% of the portfolio).  These measures were taken from
the recent trustee report dated September 30, 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.


SILVER BIRCH: Moody's Junks Rating on Class E Notes From 'B3'
-------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Silver Birch CLO I B.V.

  -- EUR205.5M Class A Senior Secured Floating Rate Notes due
     2020, Downgraded to Aa1; previously on June 30, 2005
     Definitive Rating Assigned Aaa;

  -- EUR18M Class B Senior Secured Floating Rate Notes due 2020,
     Downgraded to A2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR18M Class D Senior Secured Deferrable Floating Rate Notes
     due 2020, Downgraded to B1; previously on March 19, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- EUR7.5M Class E Senior Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Caa1; previously on March 19,
     2009 Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

In addition, Moody's has confirmed this note:

  -- EUR21M Class C Senior Secured Deferrable Floating Rate Notes
     due 2020, Confirmed at Baa3; previously on March 19, 2009
     Downgraded to Baa3 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 approximately 11.2% 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 2635), an increase in the amount of defaulted
securities (currently 4.8% of the portfolio), and an increase in
the proportion of securities from issuers rated Caa1 and below
(currently 19.7% of the portfolio).  These measures were taken
from the recent trustee report dated October 30, 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.  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.


WOOD STREET: Moody's Cuts Rating on Class D Notes to 'B2'
---------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Wood Street CLO II B.V.

  -- EUR228,120,000 Class A-1 Senior Secured Floating Rate Notes
     due 2021, Downgraded to Aa1; previously on 29 March 2006
     Assigned Aaa;

  -- EUR40,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2021, Downgraded to Aa1; previously on 29 March 2006
     Assigned Aaa;

  -- EUR31,080,000 Class B Senior Secured Floating Rate Notes due
     2021, Downgraded to A3; previously on 04 March 2009 Aa1
     Placed Under Review for Possible Downgrade;

  -- EUR25,840,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2021, Downgraded to Ba1; previously on 19 March
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- EUR25,260,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2021, Downgraded to B2; previously on 19 March 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- EUR4,500,000 Class Z Combination Notes due 2021, Downgraded
     to Ba3; previously on 04 March 2009 Baa2 Placed Under Review
     for Possible Downgrade;

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2739), an increase in the amount of defaulted
securities (currently 2% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 9.6% of the portfolio).  These measures were taken from
the recent trustee report dated September 17, 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
===========


BRATSK WOOD-PROCESSING: Creditors Must File Claims by November 30
-----------------------------------------------------------------
Creditors of LLC Bratsk Wood-Processing Company (TIN 3804027833,
PSRN 1033800843317) have until November 30, 2009, to submit proofs
of claims to:

         R. Gerasimov
         Temporary Insolvency Manager
         Post User Box 281
         Karla Marksa Str. 26B
         664003 Irkiutsk
         Russia

The Arbitration Court of Irkutskaya will convene on February 16,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?19–5014/09–34.

The Debtor can be reached at:

         LLC Bratsk Wood-Processing Company
         Pervoprokhotsev Str. 1
         Chekanovskiy
         665710 Bratsk
         Russia


CREDIT EUROPE: Moody's Affirms 'E+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service confirmed the Ba3 long-term deposit and
senior unsecured debt ratings of Credit Europe Bank Ltd, Russia,
thus concluding the review of the ratings initiated on 27 March
2009.  Meanwhile, Moody's affirmed the E+ bank financial strength
rating and Not Prime short-term ratings.  The Ba3 long-term debt
and deposit ratings carry a negative outlook while the E+ BFSR
carries a stable outlook.  At the same time, Moody's Interfax
Rating Agency confirmed CEB Ltd's Aa3.ru long-term national scale
credit rating.  Moscow-based Moody's Interfax is majority owned by
Moody's, a leading global rating agency.

"The confirmation of CEB Ltd's long-term debt and deposit ratings
follows the confirmation of the ratings of its parent, Credit
Europe Bank N.V. (rated D/Ba2 negative outlook/Not Prime).
Although the bank has significant exposure to consumer lending and
has a high proportion of foreign currency-denominated corporate
loans, Moody's regard its capitalization as adequate within its
BFSR category of E+," said Semyon Isakov, a Moscow-based Moody's
Assistant Vice President-Analyst and lead analyst for CEB Ltd.

At the same time, Moody's notes that CEB Ltd's E+ BFSR continues
to be constrained by the deteriorating operating environment in
Russia, which is exerting pressure on the bank's financial
fundamentals and capital.  In addition, more difficult access to
market refinancing combined with the bank's historically high
dependence on market sources for funding continue to challenge its
business model, including its efficiency profile and liquidity.

The negative outlook on the bank's long-term deposit and debt
ratings reflects the negative outlook on the ratings of the parent
and the adverse pressure on CEB Ltd's balance sheet.  Moody's says
that CEB Ltd's long-term deposit and debt ratings continue to
benefit from a high probability of shareholder support, resulting
in a one-notch uplift from the B1 baseline credit assessment
(which maps directly from the BFSR).

Moody's previous rating action on CEB Ltd was on March 27, 2009
when the bank's long-term debt and deposit ratings were downgraded
to Ba3 and placed on review for possible further downgrade while
its BFSR was downgraded to E+ with a stable outlook.  CEB Ltd's
Not Prime short-term ratings were affirmed.

Domiciled in Moscow, CEB Ltd is a wholly owned subsidiary of
Credit Europe Bank N.V., a Netherlands-based niche player
specialized in commodity and structured trade finance lending and
consumer finance, mainly in emerging markets.  CEB Ltd reported
total assets of RUB60.5 billion (US$2.0 billion) and shareholders'
equity of RUB11.5 billion (US$368 million) at the end of H1 2009,
based on IFRS accounts reviewed by auditors.


ETMA-PLAST: Creditors Must File Claims by November 30
-----------------------------------------------------
Creditors of LLC Etma-Plast (Plastic Products) have until
November 30, 2009, to submit proofs of claims to:

         A. Kontsevoy
         Insolvency Manager
         M. Ulyanovoy Str. 3
         160000 Vologda
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 13–10955/2009.

The Debtor can be reached at:

         LLC Etma-Plast
         Apt. 259
         Pervomayskaya Str. 64
         Cherepovets
         162600 Vologodskaya
         Russia


FINE WHEEL: Creditors Must File Claims by November 30
-----------------------------------------------------
Creditors of LLC Fine Wheel Works have until November 30, 2009, to
submit proofs of claims to:

         S. Chernyaev
         Temporary Insolvency Manager
         Stachek Prospect 47
         198097 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will convene at
2:00 p.m. on March 16, 2010, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. ?56–42800/2009.

The Court is located at:

         The Arbitration Court of Saint-Petersburg
         Courtroom 206
         Suvorovskiy Prospect 50/52
         Saint-Petersburg
         Russia


LENENERGO JSC: Moody's Assigns 'Ba2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to JSC Lenenergo, the Russian electricity distribution grid
business focusing on the St. Petersburg region.  The rating
outlook is stable.  At the same time, Moody's Interfax Rating
Agency, which is majority owned by Moody's, assigned a Aa2.ru
national scale credit rating to the company.

According to Moody's and Moody's Interfax, the Ba2 global scale
rating reflects the company's global default and loss expectation,
while the Aa2.ru NSR reflects the standing of the company's credit
quality relative to its domestic peers.

Moody's notes that Lenenergo's Ba2/Aa2.ru ratings incorporate: (i)
the higher risk of the company's regulated grid monopoly business
in Russia compared to the generally low business risk profiles of
its peers in developed markets; (ii) the company's financial
profile and liquidity, which are challenged by its large
investment programme; and (iii) some degree of shareholder/state
support available to the company given its advantageous
shareholder structure and its strategic role in the economy of the
St. Petersburg region, one of the wealthiest regions in Russia.
The company's higher business risk is attributed to the developing
regulation and framework of the Russian power sector and, more
broadly, to the country's immature business environment.

Lenenergo's ratings positively reflect its position as the
monopoly distribution grid business in the St.  Petersburg region,
which is highly populated, strategically important and
demonstrates a lower-than-average reduction in electricity demand
in the 2009 crisis environment, whilst remaining one of the
regions that will be the first to benefit from a future economic
recovery.  The ratings also take into account some level of
support from MRSK-Holding, the state-related controlling
shareholder of Lenenergo, and from the government of the city of
St. Petersburg (rated Baa2/stable), the second-largest shareholder
owning a blocking stake.  Also, the rating reflects the relatively
supportive tariff regulation, which recognizes the importance of
Lenenergo's business for regional development, with the expected
introduction in the short term of a RAB (Regulatory Asset Base)-
based regulation which is expected to lead to tariff increases in
order to support the company's ability to invest in its asset
base.  More broadly, the RAB-based regulation should contribute to
the transparency and stability of the tariff regulation framework.
Lastly, the ratings reflect additional opportunities to support
margins and cash flow generation based on connection charges,
until the RAB-based regulation is implemented.

However, Moody's notes that Lenenergo's ratings are constrained by
the company's exposure to the developing Russian distribution grid
sub-sector regulation, as well as some uncertainties surrounding
the sub-sector consolidation under the MRSK-Holding management.
The ratings are also constrained by additional risks from Russia's
immature operating environment and the company's large investment
programme to increase capacity and renovate its significantly
outdated assets, which will drive the company's leverage up and
expose it to material execution risks.  Furthermore, another
rating constraint is the risk that pressure on the company's
liquidity may increase in the still tight financial markets due to
its limited flexibility in delaying investments and large external
funding needs.

Moody's notes that the new RAB-based regulation has yet to be
fully introduced and that it will take several years before the
independence of the economic regulation from political
interference in Russia and its fairness and predictability can be
tested.  However, Moody's has also considered that, due to
Lenenergo's strategic importance to the region, the regulatory
authorities are likely to continue to be responsive to the
company's large investment needs, particularly in the upcoming
period of transition towards the new tariff regulation.  Indeed,
in 2005, the authorities decided to introduce connection charges
mainly for new and expanding businesses, which created an
additional revenue source that is less politically sensitive
compared to common transmission revenue.  Accordingly, despite
uncertainties surrounding the introduction and parameters of the
new RAB-based regulation for the company, Moody's currently does
not expect the upcoming introduction of the regulation to weaken
the company's operating cash flow compared to the current cost-
plus-based regulation.  However, the agency remains concerned
about whether the new regulation can reasonably strengthen
Lenenergo's cash flow generation and hence about the company's
ability to finance its investments without raising a substantial
amount of debt in the short to intermediate term.  In the current
weak economic environment, a sustainable high level of growth in
tariffs may not be implemented, given the high political
sensitivity of such increases.

If fully implemented, Lenenergo's ambitious 2009-2011 investment
programme of approximately RUB55 billion will result in the
company becoming increasingly free cash flow negative.  Lenenergo
will thus need to achieve sustainable cash flow growth to limit
the deterioration in its financial profile.  The company's 2008
interest and debt coverage metrics were relatively strong, with
FFO/Interest and FFO/Net Debt at 8.0x and 69.3%, respectively,
factoring in sizeable cash inflow from connection charges.
Moody's notes that this inflow from connection charges has been
severely affected in the current economic environment and is
expected, in any case, to decrease gradually going forward
following the introduction of the RAB-based regulation.

Moody's has factored into Lenenergo's ratings the expectation of
deterioration in the company's credit metrics compared to the
levels achieved in 2008 due to its investment programme, which
could leave the company with a limited cushion within its rating
category.  However, Moody's expects Lenenergo to be able to limit
any deterioration of its financial profile within this rating
category, based on the support from its major shareholders, the
state-controlled MRSK-Holding and the government of St.
Petersburg.  Both shareholders are expected to be able to (i) help
the company adjust its investment plans to available funding and
reasonably prudent leverage targets, and (ii) facilitate its
access to external funding to retain an appropriate liquidity
profile.  Moody's factors a one-notch uplift into the company's
Ba2 rating for the support from its shareholders.

Moody's notes that the company's liquidity is being pressured by:
(i) significant investment needs; (ii) a limited track record of
advance arrangements for committed back-up facilities; and (iii)
potentially challenged financial covenants.  Furthermore, a
sizeable portion (40%) of its debt of RUB11 billion, excluding
finance lease obligations, as of the middle of 2009, will mature
over the next 12 months, putting additional pressure on the
company's liquidity position.  Being a monopoly business,
Lenenergo is required to attract bank resources under time-
consuming tender procedures, which may additionally limit its
financial flexibility going forward.  According to the company's
management accounts as of the middle of 2009, its cash and cash
equivalents and shortly expected advances under the connection
agreements covered nearly 60% of its short-term debt obligations.
However, as Lenenergo is finalizing new credit line agreements
with Russian state-owned banks, Moody's believes all its debt
obligations over the next 12 months should be covered by the end
of November 2009.

More generally, Moody's notes that the company's liquidity
position will depend on its actual capex over the next 12 months,
as well as its ability to address its refinancing issues
reasonably in advance.  In Moody's view, the liquidity pressures
are currently accommodated under the company's rating due to the
above-mentioned support from shareholders.

The rating outlook is stable as Moody's believes that the company
has sound and prudent plans to develop and adjust its business in
close interaction with its shareholders taking into account the
availability of funding, tariff evolution and the wider economic
environment.  Moody's expects Lenenergo to manage its financial
profile and liquidity in line with the current rating category
based on support from its large shareholders.

No upward pressure on the ratings is expected in the current
developing and untested regulatory environment in the Russian
distribution grid sub-sector.

However, negative pressure on the company's ratings could result
from (i) weakening support from the shareholders, (ii) a negative
shift in the developing regulatory regime and deteriorating
margins, or (iii) failure to adjust investment plans to tariff
decisions and hence limit deterioration of the company's financial
profile, with total FFO interest coverage falling materially and
persistently below 3.0x and FFO/Net Debt below mid-teens.
Furthermore, an inability to address refinancing issues and/or
challenged covenants reasonably in advance could negatively impact
the ratings.

Headquartered in the city of St. Petersburg, Lenenergo is one of
Russia's largest regional power distribution grid companies,
focused on the St. Petersburg region.  The company services a
territory of 87,400 sq km with a population of 6.2 million people.
Lenenergo is a regulated monopoly, whose electricity transmission
revenues accounted for around 65% of its 2008 total revenues of
RUB17.9 billion.  The largest shareholder of Lenenergo is the
state-controlled MRSK-Holding, which holds 50.31% of the company's
voting shares.  A blocking stake of 25.16% in the company is owned
by the government of the city of St. Petersburg.


NOVATORSKIY WOOD: Under External Mngt Bankruptcy Procedure
----------------------------------------------------------
The Arbitration Court of Vologodskaya has commenced external
management bankruptcy procedure on CJSC NovatorskiyWood-Processing
Factory (TIN 3526022027, PSRN 1073538000447).  The Case is
docketed under No. ?13–3266/2009.

The External Insolvency Manager is:

         M.Zhiromskiy
         Office 26
         Torgovaya Sq. 5
         160000 Vologda
         Russia

The Debtor can be reached at:

         CJSC NovatorskiyWood-Processing Factory
         Vinogradova Str. 4
         Velikiy Ustyug
         Vologodskaya
         Russia


NOVO-STROY: Creditors Must File Claims by November 30
-----------------------------------------------------
Creditors of LLC Novo-Stroy (TIN 1660099742, PSRN 1071690020379)
(Construction)have until November 30, 2009, to submit proofs of
claims to:

         I. Sadykov
         Temporary Insolvency Manager
         Post User Box 585
         420032 Kazan
         Russia

The Arbitration Court of Tatarstan will convene at 9:15 a.m. on
December 15, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?65–18618/2009 SG4–26.

The Debtor can be reached at:

         LLC Novo-Stroy
         K. Nasyri Str. 25
         250000 Kazan
         Tatarstan
         Russia


PRIVOLZHSKO-URALSKOE: Creditors Must File Claims by November 30
---------------------------------------------------------------
Creditors of OJSC Privolzhsko-Uralskoe Construction Management
(TIN 6672297931) have until November 30, 2009, to submit proofs of
claims to:

         V. Opryshko
         Temporary Insolvency Manager
         Post User Box 756
         620000 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?60-
43737/2009-S11.

The Debtor can be reached at:

         OJSC Privolzhsko-Uralskoe Construction Management
         Gornistovstr. 15G
         629012 Yekaterinburg
         Russia


RUSFINANCE BANK: S&P Affirms 'BB+' Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+'
long-term and 'B' short-term counterparty credit ratings and its
'ruAA+' Russia national scale rating on Russia-based Rusfinance
Bank.

The ratings were subsequently withdrawn at the issuer's request.
The outlook at the time of the withdrawal was negative.


SEV-ZAP-METALLURG: Creditors Must File Claims by November 30
------------------------------------------------------------
Creditors of CJSC Sev-Zap-Metallurg-Stroy (TIN 4707005258, PSRN
1024701423207) (Metal Structures Manufacturing, Construction) have
until November 30, 2009, to submit proofs of claims to:

         A. Presnukhin
         Temporary Insolvency Manager
         Office 26
         Angliyskiy pereulok 3
         Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will convene at
2:45 p.m. on January 21, 2010, to hear bankruptcy supervision
procedure.  The case is docketed under Case No. ?56–56038/2009.

The Debtor can be reached at:

         CJSC Sev-Zap-Metallurg-Stroy
         Fosforit Industrial Zone
         Bolshelutskaya
         Kingiseppskiy
         188452 Leningradskaya
         Russia


SOUTH TUMEN: Under External Mngt Bankruptcy Procedure
-----------------------------------------------------
The Arbitration Court of Tumenskaya has commenced external
management bankruptcy procedure on LLC South Tumen Oil Company
Plus.  The Case is docketed under No. A70–3415/2009.

The External Insolvency Manager is:

         S. Kungurov
         Melnikayte Str. 106-253
         625026 Tumen
         Russia

The Debtor can be reached at:

         LLC South Tumen Oil Company Plus
         Uritskogo Str. 36
         Tumen
         Russia


STROY-INVEST: Creditors Must File Claims by November 30
-------------------------------------------------------
Creditors of LLC Stroy-Invest (TIN 7706505084, PSRN 1037739869617)
(Construction) have until November 30, 2009, to submit proofs of
claims to:

         M. Kruchinina
         Temporary Insolvency Manager
         Post User Box 18
         600005 Vladimir
         Russia

The Arbitration Court of Moscow will convene at 4:30 p.m. on
March 11, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?40–95806/09–86-474B.

The Debtor can be reached at:

         LLC Stroy-Invest
         Building 3
         Mira Prospect 95
         129085 Moscow
         Russia


THIRD CAPITAL: Creditors Must File Claims by November 30
--------------------------------------------------------
Creditors of LLC Third Capital Construction Company have until
November 30, 2009, to submit proofs of claims to:

         A. Bashkov
         Temporary Insolvency Manager
         Gorkogo Str. 31
         620141 yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya will convene on February 8,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?60–35432/2009-S11.

The Debtor can be reached at:

         LLC Third Capital
         Yekaterinburg
         Russia


TUMEN-SPETS: Creditors Must File Claims by November 30
------------------------------------------------------
Creditors of LLC Tumen-Spets-Stroy (TIN 7203144650, PSRN
1047200560637) (Construction) have until November 30, 2009, to
submit proofs of claims to:

         D. Yenbayev
         Insolvency Manager
         Veteranov Tuda Str. 34/5
         625031 Tumen
         Russia

The Arbitration Court of Tumenskaya will convene at 10:10 a.m. on
April 27, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?70-8314/2009.

The Debtor can be reached at:

          LLC Tumen-Spets-Stroy
          30 let Pobedy Str. 133
          625000 Tumen
          Russia


UC RUSAL: To Push Through with Hong Kong IPO This Year, Chair Says
------------------------------------------------------------------
Ryan Chilcote and Yuriy Humber at Bloomberg News report that
United Co. Rusal Chairman, Viktor Vekselberg said the company will
"absolutely" proceed with its initial public offering in Hong Kong
this year.

Bloomberg relates Mr. Vekselberg told Bloomberg Television in an
interview in Stockholm, "We strongly believe that we will be able
to list it this year in the first half of December."

According to Bloomberg, Mr. Vekselberg said the deadline for Rusal
to agree with more than 70 banks on restructuring US$16.8 billion
of debt is Nov. 26.  Bloomberg recalls two people familiar with
Rusal's plans said last week the talks must be concluded before
the IPO can proceed.

                            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.


VOLGA-PROM: Creditors Must File Claims by November 30
-----------------------------------------------------
Creditors of LLC Volga-Prom-Stroy (Construction) have until
November 30, 2009, to submit proofs of claims to:

         V. Sokolov
         Insolvency Manager
         Grzhdanskaya Str. 109-228
         Cheboksary
         Russia

The Arbitration Court of Chuvashia commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?79–9208/2009.

The Debtor can be reached at:

         LLC Volga-Prom-Stroy
         Gladkova Str. 11
         Cheboksary
         Chuvashia
         Russia


VOLGOGRAD-REGION: Creditors Must File Claims by November 30
-----------------------------------------------------------
Creditors of CJSC Volgograd-Region-Stroy (TIN 3525127186, PSRN
1033500059394) (Construction) have until November 30, 2009, to
submit proofs of claims to:

         V. Anchukov
         Insolvency Manager
         Office 202
         Kozlenskaya Str. 15
         160035 Vologda
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–13033/2009.

The Debtor can be reached at:

         CJSC Volgograd-Region-Stroy
         Office 8-9
         Mashinostroitelnaya Str. 19
         Vologda
         Russia


* KRASNODAR REGION: Fitch Changes Outlook to Positive
-----------------------------------------------------
Fitch Ratings has changed the Outlooks on the Russian Krasnodar
region's Long-term ratings to Positive 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)'.

The Positive Outlook reflects Fitch's expectation that the region
will successfully control its operating expenditure and that
investment-driven economic growth will support a revenue increase,
allowing the region to record high operating margins over the
medium term.  Fitch expects that despite an expected increase in
the region's total liabilities, they will remain low by
international standards.

The ratings reflect the region's well-diversified and well-
developed economy, which generates stable tax revenue flows, sound
budgetary performance and a low debt burden.  However, the ratings
also factor in a weakening national economy and growing contingent
liabilities stemming from public sector entities and from
guarantees issued.

The Krasnodar region is among the 10 largest Russian regions by
nominal gross regional product.  In contrast to the national
trend, the administration expects the local economy to see a
modest growth in 2009 and to accelerate in 2010-2011, boosted by
large federally supported investment programs, mostly for the
Sochi-2014 Olympic Games, and the development of recreation and
gambling zones.

The region demonstrated sound budget performance in 2006-2008,
with an operating margin of 14%-16% and Fitch expects this to
continue in 2009.  Krasnodar has accumulated a significant cash
balance during 2004-2008, allowing it to enjoy a positive net debt
position since 2006.  Despite the presently unstable financial and
economic environment in Russia, cash levels totaled RUB18.5
billion as at September 1, 2009, which are equivalent to two
months of budget revenue.

The region's total debt burden (direct risk and guarantees) is
low, accounting for 1.8% of current revenue at end-2008.  Its
debt-to-current balance ratio is stable and strong, averaging at
three months during 2004-2008.  In June 2009 the region repaid
RUB1.3 billion of its outstanding bond issue, taking its total
debt as at October 1, 2009 to a moderate RUB1.7 billion, including
RUB1.4 billion of issued guarantees.  By end-2009 the
administration plans to increase the amount of guarantees by
RUB1.35 billion and to borrow an additional RUB3 billion from
banks for deficit financing.  That will raise the region's total
debt burden to about 6% of expected 2009 operating revenue, which
remains low by national and international standards.

As of early 2009 the Krasnodar region directly controlled a wide
network of 190 public companies and had majority-ownership in 85
private companies.  Fitch notes that such an extensive public
sector creates additional contingent risk for the region and could
lead to increasing pressure on budget expenditure.

Krasnodar is located in the southwest of the Russian Federation on
the coast of the Black Sea and Sea of Azov.  The region
contributed 2.3% of the Russian Federation's gross domestic
product and accounted for 3.6% of its population in 2007.  It is
the third-largest Russian region, with over 5.1 million
inhabitants.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


METALS BANKA: National Bank of Serbia Ends Receivership
-------------------------------------------------------
The National Bank of Serbia has officially ended the receivership
of Metals banka a.d. Novi Sad after all necessary conditions have
been met.

At the extraordinary shareholders' meeting of Metals banka on
November 12, 2009, the president and members of the bank's board
of directors were elected with the NBS's previous consent.  On the
same day, the board of directors nominated the president and
members of the executive board also with the NBS's previous
consent.  Furthermore, on November 16, 2009, the bank registered
the members of the board of directors and executive board with the
Business Registers Agency.

As reported by the Troubled Company Reporter-Europe on July 30,
2009, receivership proceedings were instituted because of the
bank's financial woes that escalated at the time Metals banka was
already under specific corrective measures pronounced by the NBS.
As the bank's management and shareholders were unable to improve
the bank's ailing financial position on their own and provide the
liquidity necessary for overcoming those difficulties, in
accordance with regulations, the NBS in roduced receivership and
extended a liquidity loan to the bank.  The aim of receivership --
finding solutions that best protect the interests of the bank's
depositors and creditors, as well as preserving banking sector,
financial and macroeconomic stability -- has been fully achieved.
Owing to NBS measures, Metals banka managed to weather the crisis.
It is important to note that not a single dinar was wasted through
NBS financial support as Metals banka repaid the approved
liquidity loan in full.


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


ISTRABENZ D.D.: Creditors Reject Petrol's Restructuring Plan
------------------------------------------------------------
Boris Cerni at Bloomberg News reports that creditors of Istrabenz
d.d. rejected Petrol Group d.d.'s restructuring plan for the
company.

"We have not reached progress in talks with banks that would lead
to a voluntary settlement," Bloomberg quoted Petrol, Slovenia's
largest energy company, as saying in an e-mailed statement
Wednesday.

According to Bloomberg, Petrol said creditors including Nova
Ljubljanska Bank d.d. and Nova Kreditna Banka Maribor d.d. have
asked for additional guarantees for EUR30 million (US$45 million)
of Istrabenz subordinated debt along with a 10% capital increase
proposed by Petrol.

As reported by the Troubled Company Reporter-Europe on Nov. 12,
2009, Bloomberg News said Petrol proposed a debt restructuring and
recapitalization plan to help Istrabenz d.d. avert bankruptcy.
Bloomberg disclosed Petrol, which owns a third of Istrabenz, said
banks shouldn't push the company into bankruptcy and that a swift
sale of assets "wouldn't yield maximum value."  Citing Boris
Dolamic, the court-appointed receiver for Istrabenz, Bloomberg
said the company, which declared insolvency in March, owes 19
banks in Slovenia EUR436 million (US$6 million).

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


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


AIRPICK GASTRO: Claims Filing Deadline is November 30
-----------------------------------------------------
Creditors of Airpick Gastro GmbH are requested to file their
proofs of claim by November 30, 2009, to:

         Airpick Gastro GmbH
         Flugplatz Fricktal-Schupfart
         4325 Schupfart
         Switzerland

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


AMATCO AG: Claims Filing Deadline is November 30
------------------------------------------------
Creditors of Amatco AG are requested to file their proofs of claim
by November 30, 2009, to:

         Hans Etzweiler, liquidator
         Loorenhalde 31
         8053 Zurich
         Switzerland

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


ASCHWANDEN & HOEHENER: Claims Filing Deadline is November 30
------------------------------------------------------------
Creditors of Aschwanden & Hoehener GmbH are requested to file
their proofs of claim by November 30, 2009, to:

         Aschwanden & Hoehener GmbH
         Seefeldstrasse 8
         6374 Buochs
         Switzerland

The company is currently undergoing liquidation in Buochs.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 12, 2009.


BT SERVER: Claims Filing Deadline is November 30
------------------------------------------------
Creditors of BT Server Inc. are requested to file their proofs of
claim by November 30, 2009, to:

         Hans Etzweiler, liquidator
         Loorenhalde 31
         8053 Zurich
         Switzerland

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


FANKHAUSER ELEKTRO: Claims Filing Deadline is November 30
---------------------------------------------------------
Creditors of Fankhauser Elektro AG are requested to file their
proofs of claim by November 30, 2009, to:

         Adolf Freudiger
         Aarwangenstrasse 4
         4900 Langenthal
         Switzerland

The company is currently undergoing liquidation in Langenthal.
The decision about liquidation was accepted at an extraordinary
general meeting held on August 4, 2009.


HALSTA AG: Claims Filing Deadline is November 30
------------------------------------------------
Creditors of Halsta AG are requested to file their proofs of claim
by November 30, 2009, to:

         Inkasso Organisation AG
         Baarerstrasse 8
         6301 Zug
         Switzerland

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


KREATIV WOHNEN: Claims Filing Deadline is November 30
-----------------------------------------------------
Creditors of Kreativ Wohnen AG are requested to file their proofs
of claim by November 30, 2009, to:

         Edith Fischer
         Liquidator
         Neuenburgerstrasse 11
         5004 Aarau
         Switzerland

The company is currently undergoing liquidation in Mellingen.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 18, 2009.


PRAXIS VITALIS: Claims Filing Deadline is November 30
-----------------------------------------------------
Creditors of Praxis Vitalis GmbH are requested to file their
proofs of claim by November 30, 2009, to:

         Regina John, liquidator
         Bahnhofstrasse 28
         6460 Altdorf
         Switzerland

The company is currently undergoing liquidation in Altdorf UR.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 12, 2009.


PRO-ACTION CONSULTING: Claims Filing Deadline is November 30
------------------------------------------------------------
Creditors of Pro-Action Consulting AG are requested to file their
proofs of claim by November 30, 2009, to:

         Pro-Action Consulting AG
         Weinmanngasse 95
         8700 Kuesnacht ZH
         Switzerland

The company is currently undergoing liquidation in Kuesnacht ZH.
The decision about liquidation was accepted at a general meeting
held on March 1, 2007.


STIEFEL HAUSHALT: Claims Filing Deadline is November 30
-------------------------------------------------------
Creditors of Stiefel Haushalt AG are requested to file their
proofs of claim by November 30, 2009, to:

         Paul Rupf-Stiefel, liquidator
         Gaertensberg
         9514 Wuppenau
         Switzerland

The company is currently undergoing liquidation in Wil.  The
decision about liquidation was accepted at a general meeting held
on July 29, 2009.


===========
T U R K E Y
===========


EREGLI DEMIR: Moody's Affirms 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's has affirmed Erdemir's B2 corporate family rating and
changed the outlook to negative.  The national scale rating
remains unchanged Baa3.tr.

The change in outlook has been prompted by a significant margin
deterioration of Erdemir during 2009 beyond the agency's prior
expectations.  When considered against a relatively high debt
level, this has led to metrics which point in time are not
commensurate anymore with the company's current rating category.

Nonetheless the affirmation of the rating takes into account the
anticipated improvement of Erdemir's performance in 2010 in line
with a stabilization of the economic situation in the next year,
which should help the company to recover in terms of profitability
and credit metrics during next year.  For next year Moody's
expects a small recovery in steel demand from a low level 2009
which should be supportive to the rating.  However given the
potential threat of an oversupply stemming from China, the CIS and
other regions steel prices may remain volatile.  Given the poor
visibility at the moment, especially with regard to the steel
price development, Moody's remains therefore cautious about
Erdemir's future profitability, cash flow generation and the
ability to reduce its debt levels accordingly, hence the negative
outlook.

At September 30, 2009 the company's adjusted net debt level was
US$2.3 billion, only slightly down compared to the end of 2008.
Erdemir's limited ability to reduce debt was primarily a result of
the company's weak operating performance which could to some
extent be offset by disciplined working capital management and
less capital expenditures on a like-for-like basis.  On a YTD
basis EBITDA decreased 98% from US$1,498 million to US$33 million.
On a last twelve months basis EBITDA turned into a loss of US$983
million, leading to a negative debt/EBITDA ratio per September
2009.  The rating incorporates the expectation of a material
turnaround in Erdemir's leverage metrics in 2010 largely driven by
improving operating profitability and cash-flow generation.

Moody's notes the still very uneven debt maturity profile of
Erdemir.  Even though the company could refinance part of its
short-term debt in 2009 the majority of obligations is coming due
in 2010 and 2011.  The short term liquidity situation is to some
extent offset by the ongoing support of Erdemir's majority
shareholder Oyak, which has provided liquidity in the beginning of
the year.

Moody's still believes that Erdemir, as the major steel producer
in Turkey, is well positioned to take advantage from an uptick in
demand which may occur in 2010 given the potentially higher steel
price, a lower cost base due to restructuring measures (i.e.  wage
cuts) implemented in 2009, lower raw material prices and the
modernization of its production facilities, which has improved the
productivity.

The rating could be downgraded if Erdemir fails to improve its
performance in 2010 which would show a clear trajectory towards a
level of debt/EBITDA of around 4.0x, and if the company fails to
generate positive free cash flows which would be applied to debt
reduction.

Moody's last rating action on Erdemir was the downgrade to B2 from
Ba3 on April 1, 2009.

Eregli Demir ve Celik Fabrikalari is the largest steel
manufacturer in Turkey.  It operates two major integrated steel
plants in Turkey in Eregli and Iskenderun.  The company is
majority owned by Ordu Yardimlasma Kurumu, the Turkish private
pension fund primarily serving members of Turkish Armed Forces
(rated Ba2).  Erdemir generated revenues of US$3.1 billion per LTM
09/2009.


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


ALFA BANK: Moody's Withdraws 'Caa1' Currency and Deposit Ratings
----------------------------------------------------------------
Moody's Investors Service announced that it has withdrawn all
ratings of Alfa Bank Ukraine.  At the time of withdrawal, Alfa
Bank Ukraine's ratings were: long-term local and foreign currency
debt and deposit ratings of Caa1, short-term local and foreign
currency ratings of Not Prime and Bank Financial Strength Rating
of E, and a National Scale Rating of Ba3.ua.  The outlook on the
bank's BFSR was stable, while the outlook on the deposit and debt
ratings was negative.

Moody's has withdrawn these ratings for business reasons following
the official request from Alfa Bank Ukraine.

Moody's most recent rating action on Alfa Bank Ukraine was on
August 17, 2009 when the rating agency confirmed the bank's local
and foreign currency debt and deposit ratings at Caa1 and placed a
negative outlook on them.

Headquartered in Kiev, Alfa Bank Ukraine reported total assets of
US$3.8 billion and total equity of US$447 million, according to
IFRS financial statements at the end of 2008.


AMFITRITA CJSC: Court Starts Bankruptcy Supervision Procedure
-------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on CJSC Amfitrita (code EDRPOU 24739030).

The Insolvency Manager is:

         V. Letskan
         Office 42
         Dovzhenko Str. 16-V
         03057 Kiev
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         CJSC Amfitrita
         Schors Str. 26
         Kiev
         Ukraine


DNEPRO LLC: Creditors Must File Claims by November 22
-----------------------------------------------------
Creditors of Agricultural LLC Dnepro (code EDRPOU 30927468) have
until November 22, 2009, to submit proofs of claim to:

          A. Osadchiy
          Insolvency Manager
          Chernishevsky Str. 15
          49005 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company.  The case is docketed under
Case No. B15/24-06.

The Court is located at:

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

The Debtor can be reached at:

          Agricultural LLC Dnepro
          Ukrainka
          Mezhevsky
          52905 Dnepropetrovsk
          Ukraine


DRUZHBA LLC: Creditors Must File Claims by November 22
----------------------------------------------------
Creditors of LLC Druzhba (code EDRPOU 04934691) have until
November 22, 2009, to submit proofs of claim to S. Vinnik, the
company's insolvency manager.

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on August 20, 2009.  The case is docketed
under Case No. 10/2023.

The Court is located at:

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

The Debtor can be reached at:

         LLC Druzhba
         Shostakovoye
         Katerinopol
         Cherkassy
         Ukraine


EASTERN PETROLEUM: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on LLC Science and Production Firm Eastern Petroleum
Company (code EDRPOU 32957033).

The Insolvency Manager is:

          D. Kozlovskaya
          Office 80
          Kuybishev Str. 244
          83018 Donetsk
          Ukraine

The Court is located at:

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

The Debtor can be reached at:

          LLC Science and Production Firm
          Eastern Petroleum Company
          Bakinskikh konissarov Str. 21
          83096 Donetsk
          Ukraine


MAGIST LLC: Creditors Must File Claims by November 22
----------------------------------------------------
Creditors of LLC Trading House Magist (code EDRPOU 35553034) have
until November 22, 2009, to submit proofs of claim to:

         N. Sedova
         Insolvency Manager
         Office 22
         40 years of Soviet Ukraine Str. 60-a
         69035 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on October 14, 2009.  The case is docketed
under Case No. 19/204/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trading House Magist
         Office 10
         Krasnogvardeyskaya Str. 46
         69002 Zaporozhye
         Ukraine


NOVODMITROVKA AGRICULTURAL: Creditors Must File Claims by Nov. 22
-----------------------------------------------------------------
Creditors of Novodmitrovka Agricultural LLC (code EDRPOU 00848859)
have until November 22, 2009, to submit proofs of claim to
L. Vorobyova, the company's insolvency manager.

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company.  The case is docketed under Case No 42/40b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         Novodmitrovka Agricultural LLC
         Novodmitrovka
         Konstantinovka
         Donetsk
         Ukraine


ORAKUL LLC: Creditors Must File Claims by November 22
-----------------------------------------------------
Creditors of LLC Judicial Company Orakul have until November 22,
2009, to submit proofs of claim to O. Bogdanov, the company's
insolvency manager.

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on October 5, 2009.  The case is docketed
under Case No. 5/108b.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Judicial Company Orakul
         Ovnatanian Str. 64-a
         83017 Donetsk
         Ukraine


PROGRESS-GNAROVSKAYA LLC: Creditors Must File Claims by Nov. 22
---------------------------------------------------------------
Creditors of LLC Progress-Gnarovskaya (code EDRPOU 32607563) have
until November 22, 2009, to submit proofs of claim to:

         V. Sveshnikov
         Insolvency Manager
         Post Office Box 628
         69005 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on April 14, 2009.  The case is docketed under
Case No. 12/139/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Progress-Gnarovskaya
         Patrioticheskaya Str. 40
         69035 Zaporozhye
         Ukraine


RAKOVAYA LLC: Creditors Must File Claims by November 22
-------------------------------------------------------
Creditors of LLC Rakovaya (code EDRPOU 03730354) have until
November 22, 2009 to submit proofs of claim to:

         V. Glebov
         Insolvency Manager
         Hmelnitsky Highway 23
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on September 29, 2009.  The case is docketed
under Case No. 5/234-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Rakovaya
         Polevaya Str. 6
         Rakovaya
         Tomashpolsky
         24262 Vinnitsa
         Ukraine


RAYOZERO LLC: Creditors Must File Claims by November 22
-------------------------------------------------------
Creditors of Agricultural LLC Rayozero (code EDRPOU 05509139) have
until November 22, 2009, to submit proofs of claim to:

          I. Kriuchkova
          Insolvency Manager
          Office 41
          Opitnaya Str. 4
          Poltava
          Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on September 22, 2009.  The case is docketed
under Case No. 7/46.

The Court is located at:

          The Economic Court of Poltava
          Zigin Str. 1
          36000 Poltava
          Ukraine

The Debtor can be reached at:

          Agricultural LLC Rayozero
          Rayozero
          Orzhytsky
          Poltava
          Ukraine


SKLAD-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Economic Court of Nikolayev commenced bankruptcy supervision
procedure on LLC Sklad-Service (code EDRPOU 32664904).

The Insolvency Manager is:

          I. Belousov
          Voyenny lane 6
          73000 Herson
          Ukraine

The Court is located at:

          The Economic Court of Nikolayev
          Admiralskaya Str. 22-a
          54009 Nikolayev
          Ukraine

The Debtor can be reached at:

          LLC Sklad-Service
          Company Building Department #3
          Potemkinskaya Str. 69-A
          54001 Nikolayev
          Ukraine


SLAVUTA CLOTH: Creditors Must File Claims by November 22
--------------------------------------------------------
Creditors of CJSC Slavuta Cloth Plant (code EDRPOU 00307081) have
until November 22, 2009, to submit proofs of claim to:

         L. Gritsay
         Insolvency Manager
         Kotsiubinsky Str. 17
         Starokonstantinov
         Hmelnitsky
         Ukraine

The Economic Court of Hmelnitsky commenced bankruptcy proceedings
against the company on September 29, 2009.  The case is docketed
under Case No. 2/387-b.

The Court is located at:

          The Economic Court of Hmelnitsky
          Independency Square 1
          29000 Hmelnitsky
          Ukraine

The Debtor can be reached at:

          CJSC Slavuta Cloth Plant
          Kirov Str. 1
          Slavuta
          Hmelnitsky
          Ukraine


UKRAINE AUTO: Fitch Affirms Rating on Class B Notes at 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded Ukraine Auto Loan Finance No. 1 PLC's
and Ukraine Mortgage Loan Finance No. 1 PLC's class A notes.  The
agency has affirmed both transactions' class B notes.  The
Outlooks for three note classes remain Negative.

The rating actions are:

Ukraine Auto Loan Finance No. 1 PLC:

  -- Class A (ISIN XS0364719640) downgraded to 'BB-' from 'BB';
     Outlook Negative

  -- Class B (ISIN XS0364720143) affirmed at 'CCC'; Recovery
     Rating 'RR4'

Ukraine Mortgage Loan Finance No. 1 PLC:

  -- Class A (ISIN XS0285818075) downgraded to 'BB-' from 'BB';
     Outlook Negative

  -- Class B (ISIN XS0285819123) affirmed at 'B-'; Outlook
     Negative

The rating actions reflect Fitch's downgrade of Ukraine's
sovereign rating and Country Ceiling to 'B-' respectively earlier
this month.  The downgrade of the two transactions' class A notes
was thus primarily driven by negative macroeconomic trends, rather
than by the performance of the underlying collateral and credit
protection.

The two portfolios of auto and mortgage loans were originated by
CJSC Privatbank ('B-'/Outlook Negative), Ukraine's largest
privately-owned bank.

Ukraine's downgrade had widened the gap between the sovereign's
Country Ceiling and the class A notes' ratings to four notches
prior to the downgrades.  The Country Ceiling reflects the
likelihood that transfer and convertibility restrictions will be
imposed by the local authorities.  Both transactions benefit from
structural mechanisms that cover T&C risks.  These consist of a
respective cash reserve which can cover the senior fees and class
A interest for a period of six months if T&C restrictions are
imposed.  If such restrictions are not lifted thereafter, a
political risk insurance issued by Steadfast Insurance Company can
be used.  The insurance policy is sized to cover 12 months of
senior expenses and class A interest.  In line which Fitch's
criteria, the available T&C protection is commensurate with a
three notch rating distance between the class A ratings and the
sovereign's Country Ceiling.  The downgrade of the class A notes
to 'BB-' thus enables them to maintain this distance above the
Country Ceiling of 'B-'.

Fitch has maintained the Negative Outlooks as further revisions of
Ukraine's rating and Country Ceiling would trigger a further
downgrade of the notes' ratings.

The credit enhancement levels for the class A and B notes of both
transactions have increased as a result of deleveraging.  The auto
loan transaction's CE is 31.8% for class A and 10.9% for class B,
while CE for the more mature mortgage transaction has reached 67%
for class A and 21.4% for class B.  The available excess spread of
both transactions remains positive, although Fitch notes a severe
increase in delinquency rates.

While ongoing default levels remain in line with Fitch's
expectations for the auto loan transaction and no defaults have
been recorded since January 2008 in the mortgage pool, a sharp
increase in more than 60 days delinquencies has been noticed in
recent quarters.  Currently, 3.9% of mortgages are in arrears by
more than 60 days whilst 8.8% of auto loans are in arrears.
Nevertheless, Fitch deems the available credit protection,
especially in the mortgage transaction, to be adequate to
withstand even higher delinquencies.

Fitch believes that the still relatively low default frequency in
the mortgage portfolio is also due to the servicer's capacity to
reach amicable solutions with borrowers struggling to meet
repayments.  Privatbank encourages the sale of a property prior to
the default of the borrower.  The sale proceeds are then used to
redeem the loan in full and are reported as a prepayment under the
transaction.  This process avoids legal action against the
borrower, but requires a borrower's co-operation.  However this
option to avoid defaults will fall away if property prices fall to
the point were sale proceeds are no longer sufficient to cover the
mortgages in full.

Borrowers have been pressured by the devaluation of the Ukrainian
Hryvnia compared to the US$, as loans for both transactions are
denominated in US$ whilst debtors predominantly generate income in
local currency.  Fitch believes the Ukrainian central bank's US$
sale tenders have softened the currency shock for obligors only to
a limited degree, although it has supported access to foreign
currency.


UKRAINIAN FARVATER: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Ukrainian Farvater (code EDRPOU 32915810).

The Insolvency Manager is:

          O. Schebetka
          Office 41
          Vishniakovskaya str. 11
          02140 Kiev
          Ukraine

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 Farvater
          Kutuzov lane 3
          01011 Kiev
          Ukraine


VELIKAYA VYS: Creditors Must File Claims by November 22
-------------------------------------------------------
Creditors of Agricultural LLC Velikaya VYS (code EDRPOU 14215135)
have until November 22, 2009, to submit proofs of claim to
S. Vinnik, the company's insolvency manager.

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. 14/2024.

The Court is located at:

          The Economic Court of Cherkassy region
          Shevchenko boulevard 307
          18004 Cherkassy
          Ukraine

The Debtor can be reached at:

          Agricultural LLC Velikaya VYS
          Stiykovoye
          Katerinopol
          Cherkassy
          Ukraine


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


BUSINESS MORTGAGE: Moody's Cuts Rating on Class B Notes to 'B1'
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on Notes
issued by Business Mortgage Finance No. 4 plc (amounts reflect
initial outstandings):

  -- GBP41.25 million Class M Mortgage Backed Floating Rate Notes
     due 2045, downgraded to A3; previously on 23 April 2009 A2
     placed under review for possible downgrade;

  -- GBP15.00 million Class B Mortgage Backed Floating Rate Notes
     due 2045, downgraded to B1; previously on 23 April 2009 Ba1
     placed under review for possible downgrade.

At the same time Moody's has affirmed the Aaa ratings of the Class
A, Class A DAC and the MERC Notes.  Moody's does not rate the
Class C Notes issued by BMF4.

In total, GBP 56.25 million of CMBS bonds have been affected by
the rating action.  As described further under sub-heading 3,
"Rating Rationale," the action taken has been due to Moody's
revising its expected loss projection for the transaction as a
whole.

1) Transaction Overview

Business Mortgage Finance No.4 plc represents the fourth true-sale
securitization by UK lender Commercial First of a portfolio of
annuity style amortizing floating rate mortgage loans.  At closing
the transaction portfolio consisted of 1,160 loans, which were
advanced to individuals and secured by first-ranking mortgages
over mixed-use commercial properties across the UK.

The transaction features 6 classes of Notes, of which the Class C
Notes are not rated by Moody's.  The Notes are floating rate and
issued in GBP only.  The transaction has (i) hedging to mitigate
basis risk and interest rate risk between the underlying loan
contracts and the Notes; (ii) a liquidity facility of
GBP25 million; and (iii) a cash reserve fund, currently with an
available balance of GBP8.64 million and a target balance of
GBP10.65 million.  The transaction is currently distributing
principal redemptions to the Notes in order of seniority; however
pro-rata amortization of the Notes is allowed subject to certain
performance tests being met.

2) Transaction Performance History

As seen with all the BMF transactions, loan arrears rates have
been increasing since closing.  As at the August 17, 2009 Note
interest payment date, a total of 218 loans were in arrears, with
a current total principal balance of GBP69.11 million, or 44.4% of
the current pool balance.  The reported principal outstanding
balance of loans which were more than three monthly installments
in arrears represented 30.6% of the total portfolio (139 loans).
At the same date, 156 loans were in litigation, with a loan amount
of GBP51.97 million which represents 33.4% of the current
portfolio principal balance.  Loans in litigation include those
which are three months in arrears as well as those which are more
than three months in arrears.  Of these, for 63 loans the servicer
had begun litigation proceedings, for 54 loans the servicer had
obtained a possession order and for 39 loans the properties are in
the servicer's possession.

In total 56 loans have suffered a loss, and cumulative losses have
been GBP4.37 million.  The aggregate losses have been 2.8% of the
current pool balance and 1.7% of the original pool balance.
However, the relatively high loan interest margins in the
transaction and the collection activities of the servicer, have
mitigated a large proportion of the losses so far, with losses
after such amounts ("excess spread") being GBP1.251 million.  In
other words; approximately 71.4% of the lifetime losses have been
absorbed by excess spread, and were not passed onto the Issuer.
The un-absorbed losses were met by deductions to the reserve fund,
however no principal deficiency balance has been recorded on any
class of Notes so far.

Loans which are in arrears are, on average, still paying a part of
their installment, which explains why excess spread has been able
to absorb losses while delinquency rates have been rising.
Looking at the 12 months of collection data between August 2008
and July 2009 inclusive, and ignoring small arrears balances of
less than GBP250; 9.3% of loans prepaid in full, split between
5.5% of loans with no arrears and 3.8% of loans with arrears.
More than one third, or 37.4% of loans, began the period current
and ended the period current, however there were 11.1% of loans
which started current, but ended the period in arrears.  In terms
of loans which began the period in arrears, 31.7% began with
arrears of greater than GBP 250, and had become more delinquent by
at least one more GBP during the period studied.  The remainder of
cases (10.6%) began the period in arrears, and became less
delinquent over time.  Over the period studied, the collection
ratio, being the ratio between the opening arrears balance plus
installments due, divided by the total amounts paid was
approximately 95%.

3) Rating Rationale

The rating action on the Class M and B Notes has been prompted by
these factors: (i) the higher than expected arrears levels and the
lower than expected build up in the reserve fund compared with
Moody's expectations at closing; and (ii) Moody's concerns about
continuing falling real estate values and a challenging economic
backdrop for small businesses across the country.  This means that
long-term affordability of the loans and the achievable sales
prices upon loan foreclosure are expected to be impaired for the
forseeable future which may translate into increased expected
losses.

The analysis for the ratings of all the Notes was based on an
updated pool-cut and the recent performance history of each loan.
Moody's analysis concluded that the expected future default rate
in the pool is now both higher than at closing and more front-
loaded than was anticipated at closing.  The expectation of front
loaded default rates is due to the general economic backdrop for
this sector (negative outlook over the next few years), combined
with a lack of reduction in availability of credit to the
borrowers which may reduce the ability of such borrowers to avoid
defaults in the medium term.

Losses upon default were also re-based, by considering what would
be the likely achievable sales price in the event of a forced sale
over the next two to six years.  Commercial and residential
property values across the UK have fallen significantly in recent
times and Moody's expects only moderate recovery by 2011.  Moody's
estimates that the value of the properties securing this
transaction has declined by 35-45% since the properties were last
valued, depending on the particular location and quality of the
real estate asset concerned.

This means that, with average pool LTVs of 64.4% and after
considering senior expenses, losses are likely to materialize in
the expected case if the defaulted loans would be enforced upon.
Therefore, Moody's believes that the servicer's strategy going
forward will be to delay enforcement where possible in order to
maximize future loan recoveries by continuing to make collections,
even partially, in the near term.

Moody's rating analysis took into consideration the increased
available subordination levels: the Class A Notes benefit from
1.67x the original subordination levels, the Class B Notes benefit
from 1.77x the original subordination levels and the Class C Notes
benefit from 1.96x the original subordination levels, all
considering the available reserve fund balances.

Further, as was mentioned in section 2 above, despite relatively
high arrears levels the collection activity of the servicer has
allowed a significant amount of losses to be absorbed so far.
Hence in its analysis, Moody's considered the historical
collection performance of the servicer when re-assessing the
ratings of the sub-investment grade rated classes of Notes.
Moody's highlights that the Class B Notes rating will remain
sensitive in the future to the performance of the servicer in
maintaining or improving its collection rates over time.

The ratings of the Class A Notes and of the Class A Detachable
Coupons were affirmed due to the available subordination and
liquidity, which protect them even in the increased default and
loss scenarios currently anticipated by Moodys.  The MERC Notes
were also affirmed, as Moody's has not altered its view of the
ability of the Issuer to pass on early redemption fees to MERC
Noteholders.

4) Moody's Portfolio Analysis

As at the August 2009 interest payment date, the most common
property types in the pool were residential and mixed-use
commercial properties.  The mixed-use properties typically
comprise a commercial unit on the ground floor, and a flat or
maisonette for residential use situated directly above it.
However, the types of properties in the pool are very diverse: and
comprise a wide spectrum of property types.  The top 3 regional
concentrations by loan current balance in August 2009 were: South
East 26.8%, South West 14.7% and Greater London 8.9% (regional
concentrations calculated using Moody's postcode tables).  There
are no significant borrower concentrations in the pool, and this
is reflected by the loan Herfindahl Index which was 346.8 for the
692 loans remaining.

In terms of loan characteristics, all are Libor-linked floating
rate loans, and all are amortizing, to mature on average by
February 2031.  Based on updated information provided by the
servicer, the average loan size according to end July 2009 data
was GBP224,962 with the weighted average LTV (including additional
security for 43 loans) was 68.3% based on the latest available
underwritten values, which are the open market values as at the
loan origination date, or at the further advance date, whichever
came later.  The weighted average loan margin at end July 2009 was
4.15%.


CABLE & WIRELESS: Mulls GBP200 Mln Debt Fundraising for UK Unit
---------------------------------------------------------------
Philip Stafford at The Financial Times reports that Cable &
Wireless plans to raise GBP200 million in a debt fundraising for
its UK business as it prepares to spin-off the subsidiary on the
London Stock Exchange in March next year.

The FT relates C&W said it would put in place GBP1.1 billion of
new debt financing and cash facilities as it prepares to demerge
its two main businesses, CWI and Worldwide.

According to the FT, C&W said both businesses would have
sufficient cash and credit to meet financing for the next three
years.  For CWI, it plans inject US$1 billion of new debt --
replacing existing facilities -- while Worldwide will have GBP500
million of cash and new facilities, the FT discloses.

The FT notes C&W also said it was in advanced discussions with
banks about a new three-year GBP300 million facility for Worldwide
and a three-year US$500 million facility for CWI.

Separately, Andrew Parker at the FT reports Richard Lapthorne,
C&W's chairman, said the planned demerger of the company's UK and
and international business in March next year could lead to the
sale of one or both units.  Mr. Lapthorne, as cited by the FT,
said that they could be more attractive to would-be buyers after
separation, given their different profiles.

"There is no doubt these two businesses might have interest to
people who would not be interested in the whole," the FT quoted
Mr. Lapthorne as saying.

                      About Cable & Wireless

Headquartered in London, England, Cable & Wireless plc --
http://www.cw.com/-- is an international telecommunications
company.  The Company offers mobile, broadband and domestic and
international fixed line services to homes, small and medium-sized
enterprises, corporate customers and governments.  It operates in
39 countries through four major operations in the Caribbean,
Panama, Macau and Monaco & Islands.  It operates through two
businesses: International and Europe, Asia & US.  Its
International business operates full service telecommunications
companies through four major operations in the Caribbean, Panama,
Macau and Monaco and Islands.  Its Europe, Asia & US provides
enterprise and carrier solutions to the largest users of telecom
services across the United Kingdom, continental Europe, Asia and
the United States.  Its subsidiaries include Cable & Wireless UK,
Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable &
Wireless (Barbados) Ltd and Monaco Telecom SAM.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 19,
2009, 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 commented 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.

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.


CORSAIR NO 4: Moody's Reviews 'Ba2' Rating on US$150 Mil. Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has placed on review
for possible downgrade its rating of the notes issued by Corsair
(Jersey) No.4 Limited under the Series 4 (Electric Lights
Orchestra 2), a collateralized debt obligation transaction
referencing a lightly managed portfolio of corporate entities.

US$150,000,000 Floating Rate Secured Portfolio Credit-Linked Notes
due 2016: Ba2 rating Placed Under Review for Possible Downgrade;
previously on July 23, 2009, Downgraded to Ba2

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The weighted average rating factor of the portfolio
increased from 1,314 (760 excluding defaulted names) to 1577 (936
again excluding defaulted names).  Moody's also wants to review
the impact of uncertainties around factors such as the remaining
time to maturity and economic outlook in the near team.


CREW GOLD: Provides Details on Debt-for-Equity Restructuring Plan
-----------------------------------------------------------------
Crew Gold Corporation announced additional details on the proposed
debt-for-equity restructuring it announced at the end of October.

The Company currently has approximately US$101.7 million principal
amount of senior secured bonds due March 30, 2011 outstanding,
US$195.0 million principal amount of unsecured convertible bonds
due December 1, 2010 outstanding, and US$21.8 million principal
amount of senior unsecured bonds outstanding which were due
for repayment on October 27, 2009.  The Restructuring will involve
the conversion of 50% of the outstanding principal of the Senior
Secured Bonds into common shares of the Company and the conversion
of 80% of the principal amount of the Convertible Bonds and
Unsecured Bonds into common shares.

The remaining 20% principal balance of the Unsecured Bonds and the
Convertible Bonds, together with all accrued and unpaid interest
up to and including the date of completion of the Restructuring
will be rolled into a new bond loan which will: (i) have a
maturity date of September 30, 2012, (ii) US dollar and NOK
denominated tranches so that each bondholder will hold bonds in
the same currency post-Restructuring as they did before, (iii) an
interest rate of 9.5% for the NOK tranche and 7.3% for the US
dollar tranche payable quarterly in arrears, (iv) the same
security package as the Senior Secured Bonds on a second priority
basis after the Senior Secured Bonds, and (v) otherwise the same
terms and conditions as the Senior Secured Bonds.

Accrued and unpaid interest on the Senior Secured Bonds being
converted into common shares up to and including the date of
completion of the Restructuring will be paid on the next scheduled
payment date.

The Restructuring will include a number of amendments to the loan
agreement for the Senior Secured Bonds, including an extension of
their maturity date to September 30, 2011 and Crew's agreement to
procure on demand guarantees in favour of the loan trustee, Norsk
Tillitsman ASA from certain of Crew's subsidiaries in support of
Crew's obligations under the Senior Secured Bonds.

As part of the Restructuring, the Company is also proposing that
Intex Resources ASA convert 80% of the principal of US$9,784,000
currently outstanding under the loan agreement between the Company
and Intex dated October 30, 2008 into common shares, and convert
the remaining 20% principal balance of this loan together with all
accrued and unpaid interest up to the date of completion of the
Restructuring into the New Bonds.

To facilitate the Restructuring, the bondholders will be asked to
instruct the Loan Trustee to not take action to declare the
Unsecured Bonds in default or pursue collection thereof, and to
not take action to collect payment of interest on the Convertible
Bonds until the earlier of (i) unless the Restructuring is
approved by the holders of each issue of bonds, November 30, 2009,
and (ii) January 31, 2010.

On the date of completion of the Restructuring, two of the current
members of the Company's Board of Directors will resign, and three
new appointees, Bob Byford, Mitchell Gropper and Gordon Lawson
will be appointed as directors of the Company.

The new common shares issued as part of the Restructuring may not
be sold, transferred, hypothecated or otherwise traded through the
facilities of the Toronto Stock Exchange or otherwise in Canada or
to or for the benefit of a Canadian resident for a period of four
months plus one day from the date of issue. Until this restricted
period lapses, the new shares are expected to be registered under
a separate ISIN and listed on Oslo Bψrs.

Immediately after the restricted period has lapsed, such new
shares will be registered under the same ISIN as the existing
shares of the Company and listed for trading on the Toronto Stock
Exchange, subject to receipt of approval of the Toronto Stock
Exchange.

Completion of the Restructuring is subject to the satisfaction or
waiver of a number of conditions, including approval: (i) either
of two-thirds of the holders of each issue of bonds and of Intex
or the adoption of a plan of arrangement or other statutory
procedure under Canadian or Yukon Territory law that would
accomplish the Restructuring, (ii) the loan agreement for the
Senior Secured Bonds being amended, (iii) the resignation of two
of the current five members of the Company's Board of Directors
and appointment of Bob Byford, Mitchell Gropper and Gordon Lawson
as directors, (iv) receipt of all required regulatory approvals,
including approval of the Toronto Stock Exchange and Oslo Bψrs,
and (v) completion of the Restructuring occurring no later than
January 31, 2010.

When the Restructuring was first announced by the Company on
October 28, 2009, the Company anticipated that receipt of
shareholder approval would be a required condition of obtaining
approval of the Restructuring from the TSX, however the Company
has been advised by the TSX that shareholder approval of the
Restructuring is not required. As a result, shareholder approval
of the Restructuring is not a condition of its completion and the
Company is cancelling the Special Shareholder Meeting previously
called for December 15, 2009.

A full-text copy of the Company's press release is available for
free at http://researcharchives.com/t/s?49c6

As reported yesterday in the Troubled Company Reporter-Europe,
Bloomberg said Crew Gold Chairman Jens Ulltveit-Moe told Dagens
Naeringsliv that the company may have to file for bankruptcy after
bondholders rejected the debt swap.  Bloomberg said
Mr. Ulltveit-Moe told DN the company can't meet its debt payments.
Citing the Oslo-based newspaper, Bloomberg disclosed the company
has bond debt worth NOK1.9 billion (US$313 million), most of which
mature this and next year.

Headquartered in Weybridge, England, Crew Gold Corporation --
http://www.crewgold.com/-- is an international mining company,
focused on restructuring its gold resource projects.  The
Company's project consists of LEFA Gold Mine, Maco Mine and
Nalunaq Gold Mine and Nugget Pond Processing Facility.  The
Nalunaq Gold Mine, is located in a remote part of southern
Greenland.  Mining operations were conducted using contract
mining.  In addition, the Company also undertook two exploration
projects, which include Wa, Ghana and Glover Island, Newfoundland.


WHITE TOWER: S&P Puts Ratings on Notes on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on all of White Tower 2006-3 PLC's notes due to
increased risk that there may be an interest payment default.

A senior ranking portion of a whole loan secured against nine
office properties in Greater London backs White Tower 2006-3's
notes.  The outstanding senior loan (and note) balance is
GBP1.138 billion.  There is additional debt in the form of a
GBP284.8 million B-note.  The intercreditor agreement details the
mechanics of allocating available funds between the senior lender
(White Tower 2006-3) and the B-lender.

On July 15, Hatfield Philips International Ltd., as servicer,
served notice on the borrower demanding immediate repayment of the
whole loan together with accrued interest and any other sums due
under the loan agreement.  Under the terms of the ICA, the date of
this notice constituted a so-called "waterfall switch date".

S&P understands that there is uncertainty among the transaction
parties as to the correct interpretation of the post-WSD
waterfall, which may affect the allocation of available funds.
While the post-WSD waterfall applies, the B-lender receives no
further payment until White Tower 2006-3 has been repaid in full.
The uncertainty reportedly surrounds the correct allocation at
loan level of available funds for repayment of senior interest and
senior principal.

One interpretation would result in the application of available
funds to pay senior loan-level costs and payments, followed by
accrued senior loan interest, with the surplus being used to repay
senior loan principal.  S&P refers to this below as the
"sequential allocation".  White Tower 2006-3 then uses the senior
interest it receives to pay note interest and senior ranking
costs.  White Tower 2006-3 then applies the principal to repay the
notes sequentially.

An alternative interpretation would result in the application of
available funds to pay senior loan-level costs and payments, with
the surplus being used to pay accrued senior loan interest and
senior loan principal.  This surplus is applied pro rata relative
to the aggregate amount of accrued senior interest and senior
principal outstanding.  S&P refer to this below as the "pro rata
allocation".  The principal would be applied in repaying the notes
sequentially, as in the sequential allocation, although the amount
available for application would be different.

On an interest payment date where the pro rata allocation is
applied, there is likely to be insufficient senior loan interest
available to White Tower 2006-3 to pay note interest and senior
ranking costs.  The issuer may be able to draw on the liquidity
facility to cover any such shortfall.  S&P understands that under
the terms of the transaction documents the liquidity drawings are
calculated with a view to enabling payments of note interest and
senior ranking costs to be made.

S&P understands that certain transaction parties are currently in
discussions to reach agreement on the interpretation of the ICA.
If the parties agree that pro rata allocation is to be applied for
the remainder of the transaction, it is likely that liquidity
drawings will be required to make future note interest payments on
all classes of notes.

Prior to a note event of default, liquidity drawings are repaid
from senior interest White Tower 2006-3 receives.  If there were
pro rata allocation, S&P believes there are likely to be
circumstances where there would be no senior interest available to
White Tower 2006-3 to repay outstanding liquidity drawings.

In S&P's opinion, it is likely that the consent of the liquidity
facility provider to pro rata allocation would be required.
Without its consent, S&P believes the ability of White Tower 2006-
3 to make subsequent liquidity drawings may be adversely affected
by its reduced ability to repay outstanding drawings from senior
loan interest.

In circumstances where liquidity drawings are not available to
White Tower 2006-3 and any class of notes experienced an interest
payment default, S&P would be likely to lower its ratings on the
affected notes to 'D' for non-timely payment of interest.

S&P has placed on CreditWatch negative its ratings on all of the
notes issued by White Tower 2006-3 due to uncertainty over future
transaction cash flows resulting from the alternative
interpretations of the ICA.  S&P expects to resolve this
CreditWatch placement before the end of the year, once S&P has
received confirmation of how available funds will be applied at
the loan level and S&P has fully assessed any effect the
allocation may have on its ratings.

                           Ratings List

                      White Tower 2006-3 PLC
  GBP1.15 Billion Commercial Mortgage-Backed Floating-Rate Notes

             Ratings Placed On Creditwatch Negative

                                    Ratings
                                    -------
              Class         To                 From
              -----         --                 ----
              A             A/Watch Neg        A
              B             BBB/Watch Neg      BBB
              C             BB/Watch Neg       BB
              D             B/Watch Neg        B
              E             B-/Watch Neg       B-


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


* BOOK REVIEW: Small Business Bankruptcy Reorganization
-------------------------------------------------------
Editors:  James A. Pusateri, Karen S. Kressin, and James J.
O'Malley
Publisher: Beard Books
Softcover: 663 pages
List Price: US$34.95
Review by Henry Berry

Small Business Bankruptcy Reorganization, first published in 1994,
covers most of the pertinent issues for parties on both sides of a
bankruptcy proceeding-namely, business owners and creditors.
Anyone involved in a small business bankruptcy in any capacity
will find this book to be especially useful.  Each chapter is
written by a different author with extensive experience in
bankruptcy proceedings.  The authors are heavily concentrated in
the Midwest, the state of Kansas in particular, and the three
coeditors have all been involved in the Kansas legal and court
systems with respect to bankruptcies.

For most readers, the work is not one they will read through from
beginning to end.  Rather, it is an estimable reference that small
businesspersons or creditors can tap for answers and counsel on
legal steps, paperwork, and decision-making.  The various issues
involved in a bankruptcy are not simply generalized, but the
book's multiple authors reflect an understanding that every
bankruptcy involves circumstances specific to the particular
business, its owners, and the types of creditors involved.  Each
of these components has to be carefully examined in order for the
bankruptcy to progress smoothly to an acceptable outcome for all
constituencies.

The editors and authors understand the variables and, in some
cases, the unprecedented factors that arise in small business
bankruptcies.  As the book instructs, a small business bankruptcy
can present special problems and does not "always comport with the
vision of the drafters of Chapter 11 of the Bankruptcy Code."
That is, while all bankruptcy legal proceedings call for certain
financial information to be disclosed and for a methodical legal
process to be followed, the variables of each case are
innumerable.  These variables make all the difference in the
outcome of a bankruptcy, and it is crucial for the parties to know
about them.  The value of this book is in providing such knowledge
for small businesspersons and creditors looking to pursue a
bankruptcy proceeding as economically as possible.

In Small Business Bankruptcy Reorganization, both small business
debtors and creditors have access to the substantive, pertinent
legalities entailed in bankruptcy, along with related commentary
and advice.  The book also offers a detailed table of contents
listing the subsections of the chapters and a detailed index where
the reader can readily find a specific topic.

Debtors and creditors alike will find the diverse chapters
contained in this book to be of value in helping them to
understand the nuances of a bankruptcy case and thus become better
prepared as each phase of a bankruptcy proceeding unfolds.

James A. Pusateri is a former Chief Judge of the United States
Bankruptcy Court for the District of Kansas, and a founding member
of the Bankruptcy Appellate Panel of the Tenth Circuit.  He has
also taught at Washburn Law School.  Karen Kressin is an attorney
licensed in Kansas and Colorado who has worked as a clerk for
Judge Pusateri.  James J. O'Malley is also an attorney who has
been a clerk for judges of higher courts in Kansas.


                            *********

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 * * *