TCREUR_Public/091123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 23, 2009, Vol. 10, No. 231

                            Headlines

A U S T R I A

ACM-TECH GMBH: Claims Filing Deadline is December 7
ASLAN ZEITSCHRIFTENVERLAG: Claims Filing Deadline is December 1
AUXA BERATUNGS: Claims Filing Deadline is December 1
BAWAG P.S.K.: Moody's Affirms Bank Fin'l Strength Rating at 'D'
CHRISTA MARSCHALL: Claims Filing Deadline is December 1

E.DOEMOETOER GMBH: Claims Filing Deadline is December 3
EUROFINANZIERUNG: Claims Filing Deadline is December 1
TISCHLEREI LORUENSER: Claims Filing Deadline is December 1


B E L G I U M

KBC BANK: Fitch Downgrades Individual Rating to 'D'


F R A N C E

CMA CGM: Apollo, Butler, Louis Dreyfus Mull Stake Acquisition
PERNOD RICARD: S&P Changes Outlook to Stable; Affirms 'BB+' Rating


G E R M A N Y

ENTRY FUNDING: Fitch Junks Ratings on Five Classes of Notes
ESCADA AG: US Unit in Talks with LK Advisers on Purchase
GENERAL MOTORS: Wants to Keep All Opel Plants Open
LANDESBANK BERLIN: Moody's Affirms 'D+' Financial Strength Rating
LANDESBANK SAAR: Moody's Puts D+ BFSR on Review for Downgrade


G R E E C E

DRYSHIPS INC: Secures Debt Waiver From Deutsche Schiffsbank
DRYSHIPS INC: Unveils US$300MM Convertible Senior Notes Offering
DRYSHIPS INC: Acquires Two Panamax Vessels for US$75.76 Million
HELLAS TELECOM: CDS to Be Settled at Auction After Credit Event


I C E L A N D

DECODE GENETICS: Files Chapter 11 to Sell Business
DECODE GENETICS: Case Summary & 20 Largest Unsecured Creditors


I R E L A N D

AER LINGUS: Says Future Bleak If Plan Is Not Implemented
CLOGHRAN MOTOR: Creditors' Meeting Scheduled for December 4

* IRELAND: Corporate Failures in Hospitality Sector Up to 68


I T A L Y

ITALFINANCE SECURITIZATION: S&P Cuts Rating on Class D Notes to B-


K A Z A K H S T A N

ENERGETICHESKAYA STRAHOVAYA: Creditors Must File Claims by Dec. 2
FINA CAPITAL: Creditors Must File Claims by December 2
IRTYSH STROY: Creditors Must File Claims by December 2
KRAMDS INTERNATIONAL: Creditors Must File Claims by December 2
MOTIV BOLASHAK: Creditors Must File Claims by December 2

PROM SERVICE: Creditors Must File Claims by December 2
SILK WAY: Creditors Must File Claims by December 2
SOUTH TRADE: Creditors Must File Claims by December 2
SOUTH VENTURES: Creditors Must File Claims by December 2
STROITELSTVO PODZEMNYH: Creditors Must File Claims by December 2


K Y R G Y Z S T A N

ALPENA LLC: Court Names D. Kadinov as Insolvency Manager
DECOLUX LLC: Creditors Must File Claims by December 16


L U X E M B O U R G

PSB FINANCE: Fitch Assigns 'B-' Rating on Subordinated Loans


N E T H E R L A N D S

ABN AMRO: Netherlands to Inject Additional EUR4.4 Bln Capital
FORTIS BANK: Netherlands to Inject Additional EUR4.4 Bln Capital
QUEEN STREET: Moody's Cuts Rating on Class E Notes to 'Caa2'


R U S S I A

ALFA-STROY: Creditors Must File Claims by November 30
DOMOSTROY LLC: Creditors Must File Claims by November 30
EAST-EUROPEAN: Creditors Must File Claims by November 30
INTERREGIONAL INVESTMENT: Moody's Junks National Scale Rating
IZHEVSK RAILWAY: Creditors Must File Claims by November 30

KOMPLEKT-STROY: Creditors Must File Claims by November 30
KURSK FUEL: Creditors Must File Claims by November 30
LALSKAYA PAPER: Creditors Must File Claims by November 30
MONOLIT CONSTRUCTION: Creditors Must File Claims by November 30
PNEVMO-STROY: Creditors Must File Claims by November 30

REM-STROY: Creditors Must File Claims by November 30
ROSBANK AKB: Moody's Reviews 'D' Bank Financial Strength Rating
SHULGINSKIY BREWERY: Under External Mngt Bankruptcy Procedure
SREDNEURALSKIY METAL: Creditors Must File Claims by November 30
STROY-MONOLIT: Creditors Must File Claims by November 30

TOMSKIY LABORATORY: Creditors Must File Claims by November 30


S W I T Z E R L A N D

EMBAS GMBH: Claims Filing Deadline is December 3
GEBR. VILLANO: Claims Filing Deadline is December 7
GUGLER KAESEHANDEL: Claims Filing Deadline is December 7
LR GMBH: Claims Filing Deadline is December 7
MATHIS TRANSPORT: Claims Filing Deadline is December 7

RESIDENTIAL GMBH: Claims Filing Deadline is December 7
SARTEX INTERNATIONAL: Claims Filing Deadline is December 3
STREBEL ELECTRONICS: Claims Filing Deadline is December 7
TEXCLOTHING GMBH: Claims Filing Deadline is December 3
UNIOPTIC AG: Claims Filing Deadline is December 3


T U R K E Y

DOGAN YAYIN: Axel Springer Plans to Buy 29% Stake


U K R A I N E

ADONIS LLC: Creditors Must File Claims by November 25
AGRO-MAK LLC: Creditors Must File Claims by November 25
BUILDING DEPARTMENT-145: Creditors Must File Claims by November 25
ETALON-VIN LLC: Creditors Must File Claims by November 25
GORA LLC: Creditors Must File Claims by November 25

KOLOS-SOUTH LLC: Creditors Must File Claims by November 25
PODOLSKY REGISTER: Creditors Must File Claims by November 25
RADIKS LLC: Creditors Must File Claims by November 25
RESPECT-TRADE LLC: Creditors Must File Claims by November 25
UKRACTIVE LLC: Court Starts Bankruptcy Supervision Procedure

UKRAINIAN GROUP: Creditors Must File Claims by November 25


U N I T E D   K I N G D O M

DONINGTON PARK: Enters Administration; Begbies Called In
HOLIDAY OPTIONS: Goes Into Administration
LADBROKES PLC: To Close Aintree Call Center; 263 Jobs at Risk
LLOYDS BANKING: Commission Approves Restructuring Plan
NORTEL NETWORKS: EU Signs Off On Avaya-Nortel Deal

* Sidley Austin Launches London Dispute Resolution Practice


X X X X X X X X

* EUROPE: Wellink Says Banks Should Be Allowed to Go Bankrupt

* BOND PRICING: For the Week November 16 to November 20, 2009


                         *********



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


ACM-TECH GMBH: Claims Filing Deadline is December 7
---------------------------------------------------
Creditors of Acm-Tech 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 10:40 a.m.

For further information, contact the company's administrator:

         Dr. Kurt Freyler
         Seilerstaette 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at


ASLAN ZEITSCHRIFTENVERLAG: Claims Filing Deadline is December 1
---------------------------------------------------------------
Creditors of Aslan Zeitschriftenverlag und Werbeagentur GmbH have
until December 1, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 11:00 a.m.

For further information, contact the company's administrator:

         Mag. Christina Maria Juritsch
         Hochweg 24
         2500 Siegenfeld
         Austria
         Tel: 02252/433 38
         Fax: 02252/433 38-15
         E-mail: juritsch@lexacta.com


AUXA BERATUNGS: Claims Filing Deadline is December 1
----------------------------------------------------
Creditors of Auxa Beratungs GmbH have until December 1, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 13:00 p.m.

For further information, contact the company's administrator:

         Dr. Romana Weber-Wilfert
         Bachgasse 10
         2340 Moedling
         Austria
         Tel: 02236/8695 80
         Fax: 02236/8692 91
         E-mail: wien@snwlaw.at


BAWAG P.S.K.: Moody's Affirms Bank Fin'l Strength Rating at 'D'
---------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the bank financial strength ratings and long-term debt and deposit
ratings of five Austrian banks.  It also affirmed the BFSR and
long-term debt ratings of one financial institution.

The rating actions on all of the below-mentioned entities were
taken within the context of Moody's recalibration exercise on
Austrian banks, which included a stress-testing of banks' profits
and assets.  The completion of the recalibration exercise did not
result in rating actions on any other Austrian banks except for
those already placed on review for possible downgrade.

The issuers affected by the rating actions are:

Ratings placed on review for possible downgrade:

  - Hypo Tirol Bank AG: C BFSR, Aa1 long-term debt and deposit
    ratings, Aa2 subordinate rating;,

  - Intermarket Bank AG: C BFSR, A2 long-term debt and deposit
    ratings and Prime-1 short-term rating;

  - Raiffeisenlandesbank Niederoesterreich-Wien AG: C BFSR, Aa3
    long-term debt and deposit ratings;

  - Raiffeisenlandesbank Oberoesterreich AG: C BFSR, Aa3 long-term
    debt and deposit ratings;

  - Vorarlberger Landes- und Hypothekenbank AG: C BFSR, Aa1 long-
    term debt and deposit ratings, Aa2 subordinate rating;

Except for Intermarket Bank AG, all Prime-1 short term ratings of
the above-mentioned banks have been affirmed.

Ratings affirmed:

  - BAWAG P.S.K.: D BFSR, Baa1 long-term debt and deposit ratings
    and Prime-2-short term rating.

The last rating action on BAWAG P.S.K. was on 13 June 2007 when
Moody's upgraded the bank's BFSR to D from E+ and downgraded its
long-term debt and deposit ratings to Baa1 from A3.

The rating actions were prompted by Moody's expectation that some
Austrian banks will experience increasing deterioration in asset
quality over the coming quarters.  This is likely to lead to
greater credit-related write-downs than previously anticipated in
the ratings, exerting adverse pressure on profitability and
capitalization.  Please refer to Moody's Special Comment
published, entitled "Moody's Approach to Estimating Austrian
Banks' Credit Losses", for further details.

The anticipated deterioration in banks' financial strengths
reflects Moody's expectation that the Austrian banking system will
remain under pressure in the short-to-medium term given the
continuation of the worst economic downturn in decades as
reflected by the negative outlook on the Austrian banking system
(please refer to Moody's announcement entitled "Moody's comments
on the negative outlook of the Austrian banking system", published
on 18 November 2009).

MoodysEconomy.com expects Austria's real GDP to contract by 3.7%
in 2009, with growth to recover slightly at 0.8% next year.  The
unemployment rate is expected to peak at 8% in 2010.  Adverse
prospects for the labour market, coupled with Moody's expectation
of the deterioration in the creditworthiness of banks' retail and
corporate customers, are likely to result in increased defaults.

Moody's has already taken several individual rating actions since
the start of this year to reflect its expectation of pressure on
the intrinsic financial strength of some Austrian financial
institutions in a deteriorating macro-economic environment.

Those rating actions in particular reflected the rating agency's
concerns both with regard to the financial institutions' exposures
to markets in Central and Eastern Europe and the Commonwealth of
Independent States and with regard to their domestic banking
operations.  For the latter exposures, the early estimates of
expected losses that were used have since been fine-tuned, as
described in Moody's Special Comment (the appendices of this
report provide a list of rating actions taken earlier in the
financial crisis).

As a consequence of the rating actions earlier in 2009, the
ratings of a number of the Austrian banks have not been affected
by the refinement of Moody's methodology.  However, the completion
of Moody's recalibration exercise on Austrian assets resulted in a
few ratings being placed on review for possible downgrade in cases
where its fine-tuned expectation of losses exceeded its earlier
estimates.  Moody's expects any downgrades of the senior debt and
deposit ratings resulting from these rating reviews to be modest
in most cases.  It believes that banks in highly rated countries
are likely to receive support depending on their level of systemic
importance.

The banks with ratings placed on review for possible downgrade
have key credit drivers that are vulnerable to weaker performance
in their BFSR categories, under the rating agency's anticipated
(baseline) and worse-than-expected (stressed) scenarios.  Among
the key credit drivers, Moody's focuses in particular on current
capital adequacy levels in relation to the banks' specific asset
composition and their respective anticipated loss levels.  The
rating agency's expected macroeconomic scenario, as described in
the Special Comment, is used to establish its baseline
expectations for a bank's performance, while its worse-than-
expected case helps to measure a bank's potential vulnerability in
the event of a shift to a more adverse environment.

More specifically, the banks that are most likely to have their
BFSRs downgraded are those with lower capital adequacy levels in
relation to their exposures to asset classes with the highest
expected losses, in accordance with Moody's published assumptions
in the aforementioned Special Comment.  These asset classes
include, for example, commercial real estate, construction and
consumer finance.

                         Review of BFSRs

Moody's BFSR reviews will focus on the extent to which factors
such as more modest profitability, weaker asset quality and, in
particular, lower capital adequacy leave banks more exposed to the
ongoing economic downturn, particularly where this may also be
combined with exposure to riskier sectors, such as commercial real
estate, construction or consumer finance.

Moody's BFSR methodology remains unchanged, although the weight
attached to certain rating considerations, particularly capital
and future earnings prospects, has been increased to better
reflect the effects of the current crisis.  This refinement to
Moody's approach to rating banks in the current environment is
discussed in a Special Comment entitled "Calibrating Bank Ratings
in the Context of the Global Financial Crisis", which was
published in February 2009.

            Review of Senior Debt and Deposit Ratings

Moody's explains that the magnitude of any downgrade of the senior
debt and deposit ratings will be impacted not only by any
downgrade of the respective banks' BFSRs but also by Moody's
assessment of the probability of government support, which to a
large extent depends on each bank's level of systemic importance.

In reviewing the deposit and senior debt ratings, Moody's will
consider:

     (i) the support currently available to the banks, as well as
         the probability of support once stability returns to the
         markets and the system;

    (ii) the systemic importance of the rated institutions;

   (iii) the banks' intrinsic financial strength; and

    (iv) other sources of external support, in particular group
         support for the co-operative credit banks and parental
         support.

      List of Rating Actions: Reviews For Possible Downgrade

Hypo Tirol Bank AG:

  -- C BSFR on review for possible downgrade

  -- Aa1 debt and deposit ratings on review for possible
     downgrade;

  -- Aa2 subordinate rating on review for possible downgrade;

The rating action on the BFSR is triggered by the outcome of
Moody's stress-tests on Hypo Tirol Bank's assets and in particular
by the potential losses in its corporate and SME portfolio
combined with the bank's moderate profitability and comparatively
high non-performing loan ratios.  The bank's overall profile is
considered to be comparatively weak at the current C BFSR level.

The review of the Aa1 long-term debt and deposit ratings reflects
Moody's expectation that a downgrade of Hypo Tirol Bank's BFSR
would also trigger a downgrade of these ratings.

The last rating action on Hypo Tirol Bank AG was on 20 April 2007
when Moody's affirmed the bank's Aa1 deposit ratings.

Intermarket Bank AG:

  -- C BSFR on review for possible downgrade
  -- A2 debt and deposit ratings on review for possible downgrade
  -- Prime-1 short-term rating on review for possible downgrade;

The rating action is triggered by Moody's expectation that the
current economic environment will have a negative impact on the
credit quality of Intermarket Bank AG's factoring portfolios as a
reflection of a deterioration of corporate and SME risk profiles.

The review of the A2 long-term debt and deposit ratings reflects
Moody's expectation that a downgrade of Intermarket Bank AG's BFSR
would also trigger a downgrade of these ratings.

The last rating action on Intermarket Bank AG was on 11 May 2007
when Moody's affirmed the bank's C BFSR and upgraded its debt and
deposit ratings to A2 from A3.

Raiffeisenlandesbank Niederoesterreich-Wien AG:

  -- C BSFR on review for possible downgrade

  -- Aa3 debt and deposit ratings on review for possible
     downgrade;

The rating action on the BFSR is triggered by the outcome of
Moody's stress-tests on Raiffeisenlandesbank Niederoesterreich-
Wien AG's assets and in particular by the potential losses in its
commercial real estate and SME portfolios.  The bank's moderate
profitability leaves only a small room to buffer the expected
losses.  In addition, Moody's is concerned with regard to the
bank's dependence on rather volatile income from its subsidiaries.
The bank's overall profile is considered to be rather weak at the
current C BFSR level.

The review of the Aa3 long-term debt and deposit ratings reflects
Moody's expectation that a downgrade of Raiffeisenlandesbank
Niederoesterreich-Wien AG's BFSR would also trigger a downgrade of
these ratings.

The last rating action on Raiffeisenlandesbank Niederoesterreich-
Wien AG was on 15 July 2008 when Moody's assigned Aa3/P-1 deposit
ratings and a C BFSR to the bank.

Raiffeisenlandesbank Oberoesterreich AG:

  -- C BSFR on review for possible downgrade

  -- Aa3 debt and deposit ratings on review for possible
     downgrade;

The rating action on the BFSR is triggered by the outcome of
Moody's stress-tests on Raiffeisenlandesbank Oberoesterreich AG's
assets and in particular by the potential losses in its commercial
real estate and SME portfolios.  The bank's moderate profitability
leaves only a small room to buffer the expected losses.  In
addition, Moody's is concerned with regard to the bank's
dependence on rather volatile income from its equity investments
in industrial holdings.  The bank's overall profile is considered
to be rather weak at the current C BFSR level.
The review of the Aa3 long-term debt and deposit ratings reflects

Moody's expectation that a downgrade of Raiffeisenlandesbank
Oberoesterreich AG's BFSR would also trigger a downgrade of these
ratings.

The last rating action on Raiffeisenlandesbank Oberoesterreich AG
was on 20 April 2007 when Moody's upgraded the bank's debt and
deposit ratings to Aa3 from A1.

Vorarlberger Landes- und Hypothekenbank AG:

  -- C BSFR on review for possible downgrade
  -- Aa1 debt and deposit ratings on review for possible downgrade
  -- Aa2 subordinate rating on review for possible downgrade;

The rating action on the BFSR is triggered by the outcome of
Moody's stress-tests on Vorarlberger Landes- und Hypothekenbank
AG's assets and in particular by the potential losses in its
commercial real estate portfolio combined with the bank's
relatively high non-performing loan ratios.  Moody's therefore
expects higher provisioning levels over the next quarters whereas
the bank's moderate profitability leaves only a small room to
buffer those losses.  The bank's overall profile is considered to
be rather weak at the current C BFSR level.

The review of the Aa1 long-term debt and deposit ratings reflects
Moody's expectation that a downgrade of Vorarlberger Landes- und
Hypothekenbank AG's BFSR would also trigger a downgrade of these
ratings.

The last rating action on Vorarlberger Landes- und Hypothekenbank
AG was on 20 April 2007 when Moody's affirmed the bank's Aa1 debt
and deposit ratings.

Except for Intermarket Bank AG, all short-term ratings were
affirmed.

The ratings of other Austrian banks are unaffected by the
completion of Moody's recalibration exercise.

(Please note that this press release does not deal with possible
implications for the covered bond ratings of Austrian banks.)

BAWAG P.S.K. headquartered in Vienna, Austria, had total assets of
EUR41 billion as of 30 June 2009.

Hypo Tirol Bank AG, headquartered in Innsbruck, had total assets
of EUR12 billion as of 30 June 2009.

Intermarket Bank AG, headquartered in Vienna, Austria, had total
assets of EUR255 million as of 31 December 2008.

Raiffeisenlandesbank Niederoesterreich-Wien AG, headquartered in
Vienna, Austria, had total assets of EUR30 billion as of 30 June
2009.

Raiffeisenlandesbank Oberoesterreich AG, headquartered in Linz,
Austria, had total assets of EUR34 billion as of 30 June 2009.

Vorarlberger Landes- und Hypothekenbank AG, headquartered in
Bregenz, Austria, had total assets of EUR13 billion as of 31
December 2008.


CHRISTA MARSCHALL: Claims Filing Deadline is December 1
-------------------------------------------------------
Creditors of Christa Marschall GmbH have until December 1, 2009,
to file their proofs of claim.

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

For further information, contact the company's administrator:

         Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at


E.DOEMOETOER GMBH: Claims Filing Deadline is December 3
-------------------------------------------------------
Creditors of E.Doemoetoer GmbH have until December 3, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 17, 2009 at 9:15 a.m.

For further information, contact the company's administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30 Serie
         Fax: 877 33 30 33
         E-mail: ra-stampfer@utanet.at


EUROFINANZIERUNG: Claims Filing Deadline is December 1
------------------------------------------------------
Creditors of Eurofinanzierung und Unternehmensberatung GmbH have
until December 1, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 15, 2009 at 11:50 a.m.

For further information, contact the company's administrator:

         Dr. Gernot Hain
         Hauptplatz 14
         2700 Wiener Neustadt
         Austria
         Tel: 02622/84141
         Fax: 02622/84141-23
         E-mail: office@hain-rechtsanwaelte.at


TISCHLEREI LORUENSER: Claims Filing Deadline is December 1
----------------------------------------------------------
Creditors of Tischlerei Loruenser GmbH have until December 1,
2009, to file their proofs of claim.

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

For further information, contact the company's administrator:

         Mag. Patrick Piccolruaz
         Bahnhofstrasse 8
         6700 Bludenz
         Austria
         Tel: 05552/62286-0
         Fax: 05552/62286-18
         E-mail: rae@piccol.vol.at


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


KBC BANK: Fitch Downgrades Individual Rating to 'D'
---------------------------------------------------
Fitch Ratings has affirmed KBC Bank's, insurer KBC Verzekeringen's
and holding company KBC Group's Long-term Issuer Default Ratings
at 'A' on disclosure of the details of its future strategy.  The
Outlooks on the Long-term IDRs remain Stable.

At the same time, the agency has downgraded KBC Bank's Individual
rating to 'D' from 'C/D'.  These rating actions follow the
approval by the European Commission of KBC's restructuring plan.
All affected ratings are listed at the end of this commentary.

KBC Bank's Long-term IDR remains at its Support Rating Floor,
indicating an extremely high probability of additional support in
case of need from the Belgian state ('AA+'/Stable).  As Fitch
believes that there also is an extremely high probability of
support, in case of need, for a holding company like KBC Group,
the agency has assigned it a Support Rating of '1' and a Support
Rating Floor of 'A'.

However, the downgrade of KBC Bank's Individual rating reflects
the execution risk inherent in the restructuring plan, given the
substantial amount of government capital that needs to be
reimbursed (EUR7bn by KBC Group, including EUR5.5bn by KBC Bank).
A large part of the announced disposals and reductions in risk-
weighted assets involves banking activities, which means the
banking franchise and revenue generation may be weakened.

The affirmation of KBC Verzekeringen's IFS and Long-term IDR
reflects Fitch's view that the impact of the group's restructuring
plan on the insurance businesses should be minimal.  KBC's CEE
subsidiaries, Ceskoslovenska Obchodni Banka and Kereskedelmi es
Hitelbank Zrt, have also been affirmed based on Fitch's view that,
despite the potential reduction in KBC's ownership, these
activities will remain strategically important to the group.  The
agency has also upgraded some of KBC Bank's hybrid securities and
removed them from Rating Watch Negative after the group announced
it will continue to pay coupons on all hybrid instruments.

KBC Group

  -- Long-term IDR affirmed at 'A', Outlook Stable
  -- Senior debt affirmed at 'A'
  -- Short-term IDR affirmed at 'F1'
  -- Support Rating assigned at 1
  -- Support Rating Floor assigned at 'A'

KBC Bank

  -- Long-term IDR affirmed at 'A', Outlook Stable

  -- Short-term IDR affirmed at 'F1'

  -- Individual Rating downgraded to 'D' from 'C/D'

  -- Support Rating affirmed at '1'

  -- Support Rating Floor affirmed at 'A'

  -- Senior debt affirmed at 'A'

  -- Commercial paper affirmed at 'F1'

  -- Preferred stock (BE0934378747; XS0368735154) issued by KBC
     Bank affirmed at 'B'; removed from RWN

  -- Preferred stock (BE0119284710) issued by KBC Bank upgraded to
     'B' from 'CCC'; removed from RWN

KBC Verzekeringen N.V. (KBC Insurance)

  -- IFS rating affirmed at 'A', Outlook Stable

  -- Long-term IDR affirmed at 'A', Outlook Stable

  -- KBC Funding Trust II hybrid upgraded to 'B' from 'B-',
     removed from RWN

  -- KBC Funding Trust III hybrid affirmed at 'B', removed from
     RWN

  -- KBC Funding Trust IV hybrid affirmed at 'B', removed from RWN

KBC Financial Products International, Ltd.

  -- Senior debt affirmed at 'A'
  -- Commercial paper affirmed at 'F1'

KBC North America Finance Corp.

  -- Commercial paper affirmed at 'F1'

KBC IFIMA N.V.

  -- Senior debt affirmed at 'A'
  -- Subordinated debt affirmed at 'A-'

Ceskoslovenska Obchodni Banka (Czech Republic)

  -- Long-term IDR affirmed at 'A-', Outlook Stable
  -- Short-term IDR affirmed at 'F2'
  -- Individual Rating affirmed at 'C'
  -- Support Rating affirmed at '1'

Kereskedelmi es Hitelbank Zrt (Hungary):

  -- Long-term IDR affirmed at 'A-', Outlook Stable
  -- Short-term IDR affirmed at 'F2'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '1'

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


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


CMA CGM: Apollo, Butler, Louis Dreyfus Mull Stake Acquisition
-------------------------------------------------------------
Anne-Sylvaine Chassany and Laurence Frost at Bloomberg News report
that Leon Black's Apollo Management LP is among at least three
investors considering buying a stake in CMA CGM SA.

Citing four people familiar with the talks, Bloomberg says Apollo,
French private equity firm Butler Capital Partners and Louis
Dreyfus & Cie SA, the Paris-based raw-materials trader and
producer, requested financial information on the company.

According to Bloomberg, the investors would inject cash into CMA,
which is trying to restructure US$5.6 billion of borrowings after
plunging demand for goods left it in breach of some debt
covenants.

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.


PERNOD RICARD: S&P Changes Outlook to Stable; Affirms 'BB+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Pernod Ricard S.A. to stable from negative.  Standard &
Poor's has affirmed its 'BB+' long-term corporate credit rating
and its 'B' short-term corporate credit rating on Pernod Ricard.

"The outlook revision to stable reflects S&P's expectation that
the currently adverse trading environment is not likely to
interrupt the group's current deleveraging," said Standard &
Poor's credit analyst Michael Seewald.

The stable outlook reflects S&P's view that even in a scenario of
sustained earnings dilution, Pernod Ricard will maintain its
current debt-repayment trends.  Based on management's commitment
to reduce financial indebtedness, S&P expects the company to bring
group financial metrics to a level of 5.0x adjusted debt to
EBITDA, which S&P consider adequate for the current ratings, by
the end of June 2010, and to improve financial metrics further
beyond this date toward a level of about 4.5x.

"We anticipate that Pernod will achieve this through its continued
capacity to generate free operating cash flow and a disciplined
financial policy as reflected in the group's continuing asset
disposal program and its temporary cutback of cash dividends,"
said Mr. Seewald.

Failure to do so, either through a higher-than-expected dilution
in sales and earnings, or through signs of a looser financial
policy, could lead to a downgrade.  Conversely, a sustained level
of adjusted debt to EBITDA of below 4.0x, which appears remote to
us from the perspective, could trigger a positive rating action.

The ratings reflect Pernod's still high financial indebtedness,
resulting from acquisition-led growth.  The ratings continue to
benefit, however, from Pernod's enhanced position as a leading
manufacturer and marketer in the stable and cash-generative
spirits industry.

Pernod's continued focus on cost containment and further synergy
potential from the 2008 V&S acquisition should allow group
profitability to withstand continued sluggish sales trends over
the coming quarters.  For the first quarter of fiscal 2010 (year
ending June 30, 2010) Pernod reported an organic sales decline of
4%, resulting from the difficult economic environment.  Management
expects current sales trends to turn around during the second half
of the fiscal year and intends to support its sales through
increased advertising and promotion investment.  While this
scenario could materialize, S&P does not exclude a scenario of
flat or even continuing negative sales development over the
current fiscal year, based on a longer-lasting reluctance in
consumer spending in Pernod's mature U.S. and European markets.


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


ENTRY FUNDING: Fitch Junks Ratings on Five Classes of Notes
-----------------------------------------------------------
Fitch Ratings has downgraded six classes of notes of Entry Funding
No.1 PLC and kept class A notes on Rating Watch Negative.  The
remaining classes of notes have been removed from RWN.

  -- EUR215.9 million class A secured notes (ISIN: XS0277614532):
     downgraded to 'BBB' from 'AAA'; remain on RWN;

  -- EUR8 million class B secured notes (ISIN: XS0277614706):
     downgraded to 'CCC' from 'AA'; removed from RWN

  -- EUR8 million class C secured notes (ISIN: XS0277614888):
     downgraded to 'CC' from 'A'; removed from RWN

  -- EUR10 million class D secured notes (ISIN: XS0277614961):
     downgraded to 'CC' from 'BBB'; removed from RWN

  -- EUR11 million class E secured notes (ISIN: XS0277615000):
     downgraded to 'CC' from 'BB'; removed from RWN

  -- EUR5 million class F secured notes (ISIN: XS0277615265):
     downgraded to 'CC' from 'B'; removed from RWN

The transaction is a cash securitization of certificates of
indebtedness (Schuldscheindarlehen) of German SMEs originated and
serviced by Landesbank Baden-Wuerttemberg (LBBW, rated 'A+'/'F1+'/
RWN).  The Schuldschein programme was conducted by LBBW in
cooperation with Baden-Wuerttembergische Bank, Landesbank
Rheinland-Pfalz, and several German savings banks.

The notes were placed on RWN on 6 August 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 mainly driven by the negative performance of
the underlying assets and the high obligor concentration in the
pool.  Although the portfolio has amortized since closing, with
the current pool excluding defaulted assets at 58% of the initial
portfolio, the resulting increase in the credit enhancement of the
notes is not sufficient to support the notes' prior ratings.

Fitch is maintaining class A notes on RWN due to uncertainties
over the transaction's restructuring proposed by LBBW.  The bank
has expressed its aim to achieve an investment-grade rating for
class A notes and its commitment to execute the most appropriate
restructuring option.

Fitch will closely monitor the progress of the restructuring and
will review the RWN shortly after the next portfolio determination
date on 16 December 2009.  The resolution of the RWN will
incorporate any changes made to the portfolio or the transaction
along with any additional portfolio migration.  If the
restructuring does not proceed as envisaged, the class A notes
will likely be downgraded to 'B'.

Since closing in December 2006, 23 debtors (9.5% of all borrowers)
have defaulted on EUR36.1 million of loans, implying a performance
of the securitized portfolio that is consistent with ratings in
the range of 'BB-'/'B+'.  The majority of these defaults have
occurred since March 2009.  Based on such underperformance and on
Fitch's expectation of rising defaults and delinquencies, given
the unfavorable economic conditions in Germany, the initial
assumption for the credit quality of the portfolio has been
revised to 'B+'/'B'.

Fitch has examined the current status of the transaction's excess
spread-trapping mechanisms and found they provide limited support.
The reserve account, which provided a buffer of EUR1.5 million at
closing, equaled zero as of the September 2009 investor report.
The balance of the principal deficiency ledger was EUR24.5 million
after the September 2009 payment date, and under Fitch's modeling,
would not be significantly reduced by the notes' maturity even if
no further defaults occur.

Based on the credit enhancement and excess spread available, the
class A notes could absorb new defaults up to 8% of the current
performing portfolio under Fitch's modeling, which covers the
three largest exposures.  The class B notes could withstand new
defaults up to 4.5% and class C notes only up to 1% of the current
performing portfolio.  Based on this analysis, Fitch believes that
the default on class C is probable.  Defaults on the class D, E
and F notes are currently highly probable, and if the envisaged
restructuring does not proceed, they will be inevitable in the
agency's view, since the current PDL amount would not be
significantly reduced by the maturity of the transaction.

Based on the latest available portfolio information as of
September 2009, the number of performing debtors decreased to 194
from 243 at closing.  The largest exposure accounted for 2.1%, and
retail was the dominant industry with 18.1% of the portfolio
excluding defaulted assets.  The weighted average life of the
portfolio decreased to 1.6 years from 3.6 years at issue.


ESCADA AG: US Unit in Talks with LK Advisers on Purchase
--------------------------------------------------------
Escada (USA) Inc., the U.S. branch of Escada AG, is in discussions
with LK Advisers Ltd. regarding an acquisition of the business.
LK is the purchaser designated to buy the assets of the German
parent, Bill Rochelle at Bloomberg News reported.  Escada USA
wants the exclusive right to propose a Chapter 11 plan extended
until March 15.

The ESCADA Group -- http://www.escada.com/-- is an international
fashion group for women's apparel and accessories, which is active
on the international luxury goods market.  It has pursued a course
of steady expansion since its founding in 1976 by Margaretha and
Wolfgang Ley and today has 182 own shops and 225 franchise
shops/corners in more than 60 countries.

As of August 10, 2009, the Escada Group operated 176 owned stores
and so-called shop in shops, of which 26 owned stores are located
in the United States and operated by Escada (USA) Inc. and 2
stores are planned to be opened in the United States before year
end.  Escada Group products are also sold in 163 stores worldwide
which are operated by franchisees.  Escada Group had total assets
of EUR322.2 million against total liabilities of 338.9 million as
of April 30, 2009.

Wholly owned subsidiary Escada (USA) Inc. filed for Chapter 11 on
August 14, 2009 (Bankr. S.D.N.Y. Case No. 09-15008).  Judge Stuart
M. Bernstein handles the case.  O'Melveny & Myers LLP has been
tapped as bankruptcy counsel.  Kurtzman Carson Consultants serves
as claims and notice agent.  Escada US listed US$50 million to
US$100 million in assets and US$100 million to US$500 million in
debts in its petition.

Bankruptcy Creditors' Service, Inc., publishes Escada USA
Bankruptcy News.  The newsletter tracks the Chapter 11 proceedings
of Escada USA, and the insolvency proceedings of ESCADA AG and its
units.  (http://bankrupt.com/newsstand/or 215/945-7000)


GENERAL MOTORS: Wants to Keep All Opel Plants Open
--------------------------------------------------
Mike Gavin at Bloomberg News reports that Frankfurter Allgemeine
Zeitung reported that Nick Reilly, General Motors Co.'s acting
European chief, said in an interview the U.S. carmaker wants to
keep all plants of its Opel unit open in a restructuring.

As reported by the Troubled Company Reporter-Europe on Nov. 19,
2009, the Financial Times said GM planned to cut capacity by 20 to
25% and headcount by 9,000 to 10,000 at its European brands Opel
and Vauxhall.  The FT disclosed Mr. Reilly said the carmaker hoped
to have agreement in principle on loans or guarantees from
governments where it has plants within three weeks, and a
restructuring plan implemented by the end of this year.  GM,
however, denied it would engage in a "bidding war" over jobs with
European governments from which it is seeking aid, the FT noted.
Mr. Reilly, as cited by the FT, said Opel had about US$2.5 billion
of liquidity on hand, enough to last "well into the first quarter
of next year".

                        About General Motors

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

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

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

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

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

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


LANDESBANK BERLIN: Moody's Affirms 'D+' Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the bank financial strength ratings and long-term debt and deposit
ratings of three German banks and associations.  It also affirmed
the BFSR of one financial institution but placed its long-term
debt and deposit ratings on review for possible downgrade, as well
as affirming the BFSRs and long-term debt ratings of 15 other
banks.  Moody's further maintained the review for possible
downgrade on the ratings of three German financial institutions.

The rating actions on all of the above-mentioned entities were
taken within the context of Moody's recalibration exercise on
German bank ratings, which included a stress-testing of banks'
profits and assets.  The completion of the recalibration exercise
did not result in rating actions on any other German banks.

The rating actions are detailed:

Ratings placed on review for possible downgrade:

  -- Deutsche Bank AG: B BFSR and Aa1 long-term debt and deposit
     ratings

  -- Muenchener Hypothekenbank eG: C+ BFSR and Aa3 long-term debt
     and deposit ratings

Ratings affirmed with selected ratings placed on review for
possible downgrade:

  -- DSGV, Deutscher Sparkassen und Giro Verband: B- BFSR on
     review for downgrade, Aa2 corporate family rating affirmed

  -- Stadtsparkasse Dusseldorf: C+ BFSR affirmed but outlook
     changed to negative from stable, Aa1 long-term debt and
     deposit ratings on review for downgrade, prompted by the
     review of DSGV's B- BFSR, which is a key input in Moody's
     support considerations under the Joint Default Analysis
     approach.

The Prime-1 short-term ratings of the above four banks were
affirmed.

Ratings maintained on review for possible downgrade (date of
initiation of review follows):

  -- Deutsche Postbank AG, C / Aa3 ratings on review (4 March
     2009)

  -- Sparkasse KoelnBonn, C / Aa2 ratings on review (3 July 2009)

  -- Landesbank Saar, D+ BFSR on review, A1 long-term rating not
     on review, stable outlook (13 May 2009)

The Prime-1 short-term ratings of these three banks are not
subject to the rating review.

Ratings affirmed:

  -- DekaBank Deutsche Girozentrale, C / Aa2 with a stable outlook

  -- Bayerische Hypo- und Vereinsbank (HVB), C- / A1 with a stable
     outlook

  -- Bausparkasse Mainz AG, C- / A3 with a stable outlook

  -- DZ Bank AG, C- / Aa3 with a stable outlook

  -- DZ-Bank Ireland plc, C- / A2 with a stable outlook

  -- KfW Ipex-Bank GmbH, C- / Aa3 with a stable outlook

  -- Kreissparkasse Koeln, C / Aa2 with a stable outlook

  -- Landesbank Berlin AG, D+ / A1 with a stable outlook

  -- Landesbank Hessen-Thuringen GZ (Helaba), C- / Aa2 with a
     stable outlook

  -- Ostdeutscher Sparkassenverband (OSV), Aa3 with a stable
     outlook

  -- Sparkasse Aachen, C+ / Aa2 with a stable outlook

  -- Sparkasse Spree-Neisse, C+ with the outlook changed to
     positive from stable / Aa2 with a stable outlook

  -- WGZ Bank AG, C / Aa3 with a stable outlook

  -- WGZ Bank Ireland Plc, C / A2 with a stable outlook

  -- Westfaelisch-Lippischer Sparkassen- und Giroverband (WLSGV),
     Aa3 with a stable outlook

The rating actions on the BFSRs were prompted by Moody's
expectation that some German banks will experience increasing
deterioration in asset quality over the coming quarters.  For
those banks whose BFSRs were placed on review for possible
downgrade, this is likely to lead to greater credit-related write-
downs than previously anticipated in the ratings, exerting adverse
pressure on their profitability and capitalization.  Please refer
to Moody's Special Comment published, entitled "Moody's Approach
to Estimating German Banks' Credit Losses", for further details.

The anticipated deterioration in banks' financial strengths
reflects Moody's expectation that the German banking system will
remain under pressure in the short-to-medium term given the
continuation of the worst economic downturn in decades as
reflected by Moody's negative outlook on the German banking system
since April 2008 (please refer to the Banking System Outlook on
Germany published on 30 April 2009).

MoodysEconomy.com expects Germany's real GDP to contract by 4.5% -
5.5% in 2009 and the unemployment rate to increase to above 10% by
the end of 2010.  Adverse prospects for the labour market, coupled
with Moody's expectation of deterioration in the creditworthiness
of banks' retail and corporate customers, are likely to result in
increased defaults in consumer finance, professionals and micro-
SME loans.  Even stronger implications are expected for several
areas of asset-based finance, e.g. for the cyclical real estate
sector.

Moody's has already taken several individual rating actions since
the start of this year to reflect its expectation of pressure on
the intrinsic financial strength of some German financial
institutions in a deteriorating macro-economic environment.  Those
rating actions reflected the rating agency's concerns about the
banks' exposures to complex structured credit portfolios and
international lending activities that suffered from rapid
deterioration early on in the global economic crisis as well as
deteriorating asset quality indicators of their domestic
operations.  For the latter exposures, the estimates of expected
losses used by Moody's at the time have subsequently been fine-
tuned, as described in Moody's Special Comment (the appendices of
this report provide a list of rating actions taken earlier in the
financial crisis).

Moody's explained that, partly as a result of the various rating
actions it took earlier in 2009, the ratings of the majority of
the German banks have not been affected by the refinement of its
methodology.  However, the completion of Moody's recalibration
exercise entailing the stress-testing of German assets has
resulted in the ratings of four additional issuers being placed on
review for possible downgrade.

Those German banks with ratings placed on review for possible
downgrade -- either or earlier in 2009 -- have key credit drivers
that are vulnerable to weaker performance in their BFSR
categories, under the rating agency's anticipated (baseline) and
worse-than-expected (stressed) scenarios.  Among the key credit
drivers, Moody's focuses in particular on current capital adequacy
levels in relation to the banks' specific asset composition and
their respective anticipated loss levels.  The rating agency's
expected macroeconomic scenario, briefly described above, is used
to establish its baseline expectations for a bank's performance,
while its worse-than-expected case helps to measure a bank's
potential vulnerability in the event of a shift to a more adverse
environment.

More specifically, the banks that are most likely to have their
BFSRs downgraded are those with lower capital adequacy levels in
relation to their exposures to asset classes with the highest
expected losses, in accordance with Moody's published assumptions
in the aforementioned Special Comment.  These asset classes
include, for example, exposures to commercial loans, real estate,
construction and consumer finance.

                         Review of BFSRs

Moody's BFSR reviews will focus on the extent to which factors
such as more modest profitability, weaker asset quality and, in
particular, lower capital adequacy leave banks more exposed to the
ongoing economic downturn, particularly where this may also be
combined with exposure to riskier sectors, such as residential and
commercial real estate or consumer finance.

Moody's BFSR methodology is unchanged, although the weight
attached to certain rating considerations, particularly capital
and future earnings prospects, has been increased to better
reflect the effects of the current crisis.  This refinement to
Moody's approach to rating banks in the current environment is
discussed in a Special Comment entitled "Calibrating Bank Ratings
in the Context of the Global Financial Crisis", which was
published in February 2009.

            Review of Senior Debt and Deposit Ratings

Moody's expects any downgrades of the senior debt and deposit
ratings resulting from the reviews to be limited to one or, at
most, two notches and notes that the probability of government
support continues to underpin these ratings.  This is in line with
the rating agency's expectation that banks in highly rated
countries will receive, or are likely to receive, support in case
of need depending on their level of systemic importance.

In reviewing the deposit and senior debt ratings, Moody's will
consider:

     (i) the support currently available to the banks, as well as
         the probability of support once stability returns to the
         markets and the system;

    (ii) the systemic importance of the rated institutions;

   (iii) the banks' intrinsic financial strength; and

    (iv) other sources of external support, in particular group
         support for members of a co-operative group, i.e.
         benefiting from mutual support, and parental support.

            Implications of the Review of DSGV's BFSR

Moody's notes that DSGV's BFSR is a key input into its assessment
of the strength of underlying support for all German public sector
banks under the rating agency's Joint Default Analysis approach,
as this partly determines the uplift that each of these banks'
supported ratings can enjoy from their own respective BFSRs.  Any
downgrade of DSGV's BFSR could thus principally affect all German
public sector banks' debt and deposit ratings.

However, according to Moody's calculations, a downgrade of DSGV's
B- BFSR by one or two notches would affect the supported ratings
of only one institution that is a member of the association,
namely Stadtsparkasse Dusseldorf's Aa1 debt and deposit ratings.

The review of other public sector banks' ratings announced earlier
in 2009, i.e. on Landesbank Saar and Sparkasse KoelnBonn, was
prompted by the recalibration of their individual BFSRs.

For the key drivers of the review of DSGV's BFSR, please refer to
the brief rationale outlined further below.

      List of Rating Actions: Reviews for Possible Downgrade

The rating action on Deutsche Bank -- BFSR and long-term ratings
placed on review for possible downgrade -- is commented on a
separate press release, published.

Deutscher Sparkassen und Giroveroband (DSGV / S-Group")

  -- BFSR of B- on review for possible downgrade;

  -- Aa2 corporate family rating affirmed with unchanged stable
     outlook;

The review for downgrade of the BFSR reflects the impact of the
substantial financial deterioration of several Landesbanken groups
on S-Group's aggregated financial fundamentals.  While the 438
savings banks (taken together) still appear well capitalised at
the B- rating level, the financial weakness of some of the larger
members that are in part indirectly owned by the savings banks
exerts significant downward pressure on DSGV's BFSR.  Moreover, a
worse-than-expected deterioration of the German macro-economic
environment could place rating pressure on all member banks that
are part of the association.  As the Aa2 corporate family rating
remains underpinned by Moody's assumptions of a high probability
of systemic support, it remains unaffected by the review and has
been affirmed.

The last rating action on DSGV was on 24 January 2008, when
Moody's assigned the B- / Aa2 ratings.

Munchener Hypothekenbank eG:

  -- BFSR of C+ on review for possible downgrade;

  -- Aa3 long-term senior unsecured debt and deposit ratings on
     review for possible downgrade;

  -- A1 subordinate ratings on review for possible downgrade;

  -- P-1 short-term deposit rating affirmed.

The review for downgrade of the BFSR reflects Moody's view that
the bank's economic and regulatory capitalization is weak at the
C+ rating level.  Moreover, Moody's recalibration has shown that
the bank's recurring earnings and current capital levels leave
only limited room for losses on the bank's concentrated exposures
to the commercial and residential real estate sectors.  At
unchanged support assumptions, a downgrade of the BFSR could
trigger a downgrade of the Aa3 senior unsecured debt and deposit
ratings.

The last rating action on Munchener Hypothekenbank eG was on 18
November 2009, when Moody's placed the ratings on Tier 1
securities issued by GFW Capital GmbH (an SPV established for the
sole purpose of acquiring a silent participation in Munchener
Hypothekenbank AG) under review for downgrade.  This review
followed the rating agency's announcement that it had changed the
way in which it rates these securities to take into account recent
experience and market observations.

Stadtsparkasse Dusseldorf:

  -- BFSR of C+ affirmed, but outlook on the BFSR changed to
     negative from stable;

  -- Aa1 long-term senior unsecured debt and deposit ratings on
     review for possible downgrade;

  -- Aa2 subordinate ratings on review for possible downgrade;

  -- P-1 short-term deposit rating affirmed.

The change in outlook on the C+ BFSR to negative from stable
reflects the bank's weaker positioning at this rating level than
other C+ rated banks, and the likelihood that a decline in its
risk profile -- in particular in the areas of asset quality and
capitalization -- over the next 12 to 18 months would likely
result in a downgrade.  The review of the bank's Aa1 senior
unsecured debt and deposit ratings, however, is unrelated to the
bank's own BFSR, but prompted by the review of the B- BFSR of DSGV
(see comment above), as a downgrade of the latter would have
adverse implications for the savings bank's support that is
currently factored into the Aa1 ratings.

The last rating action on Stadtsparkasse Dusseldorf was on 11 May
2007, when Moody's affirmed the C+ BFSR and upgraded the senior
unsecured debt and deposit ratings to Aa1 from Aa3.

The ratings of other German banks are unaffected by the completion
of Moody's recalibration exercise, except for those already placed
on review for downgrade.

(Please note that this press release does not address possible
implications for the covered bond ratings of German banks.)

Bausparkasse Mainz AG, headquartered in Mainz, had total assets of
EUR2.5 billion as of 31 December 2008.

Bayerische Hypo- und Vereinsbank, headquartered in Munich, had
total assets of EUR458.6 billion as of 31 December 2008.

DekaBank, headquartered in Frankfurt, had total assets of
EUR138.6 billion as of 31 December 2008.

Deutsche Bank, headquartered in Frankfurt, had total assets of
EUR2,202 billion as of 31 December 2008.

Deutsche Postbank, headquartered in Bonn, had total assets of
EUR231.3 billion as of 31 December 2008.

Deutscher Sparkassen und Giroverband (DSGV), headquartered in
Berlin, represented total aggregate assets of EUR2,685 billion as
of 31 December 2008.

DZ Bank AG, headquartered in Frankfurt, had total assets of
EUR427.1 billion as of 31 December 2008.

DZ Bank Ireland plc, headquartered in Dublin, had total assets of
EUR7.1 billion as of 31 December 2008.

KfW IPEX GmbH, headquartered in Frankfurt, had total assets of
EUR53.3 billion as of 31 December 2008.

Kreissparkasse Koeln, headquartered in Cologne, had total assets
of EUR23.9 billion as of 31 December 2008.

Landesbank Berlin AG, headquartered in Berlin, had total assets of
EUR145.4 billion as of 31 December 2008.

Landesbank Hessen-Thueringen GZ, headquartered in Frankfurt, had
total assets of EUR184.6 billion as of 31 December 2008.

Landesbank Saar, headquartered in Saarbruecken, had total assets
of EUR20.6 billion as of 31 December 2008.

Munchener Hypothekenbank, headquartered in Munich, had total
assets of EUR36.2 billion as of 31 December 2008.

Sparkasse Aachen, headquartered in Aachen, had total assets of
EUR9.7 billion as of 31 December 2008.

Sparkasse KoelnBonn, headquartered in Cologne, had total assets of
EUR30.8 billion as of 31 December 2008.

Sparkasse Spree-Neisse, headquartered in Cottbus, had total assets
of EUR2.4 billion as of 31 December 2008.

Stadtsparkasse Dusseldorf, headquartered in Dusseldorf, had total
assets of EUR12.3 billion as of 31 December 2008.

WGZ Bank AG, headquartered in Dusseldorf, had total assets of
EUR92.7 billion as of 31 December 2008.

WGZ Bank Ireland plc, headquartered in Dublin, had total assets of
EUR3.9 billion as of 31 December 2008.


LANDESBANK SAAR: Moody's Puts D+ BFSR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the bank financial strength ratings and long-term debt and deposit
ratings of three German banks and associations.  It also affirmed
the BFSR of one financial institution but placed its long-term
debt and deposit ratings on review for possible downgrade, as well
as affirming the BFSRs and long-term debt ratings of 15 other
banks.  Moody's further maintained the review for possible
downgrade on the ratings of three German financial institutions.

The rating actions on all of the above-mentioned entities were
taken within the context of Moody's recalibration exercise on
German bank ratings, which included a stress-testing of banks'
profits and assets.  The completion of the recalibration exercise
did not result in rating actions on any other German banks.

The rating actions are detailed:

Ratings placed on review for possible downgrade:

  -- Deutsche Bank AG: B BFSR and Aa1 long-term debt and deposit
     ratings

  -- Muenchener Hypothekenbank eG: C+ BFSR and Aa3 long-term debt
     and deposit ratings

Ratings affirmed with selected ratings placed on review for
possible downgrade:

  -- DSGV, Deutscher Sparkassen und Giro Verband: B- BFSR on
     review for downgrade, Aa2 corporate family rating affirmed

  -- Stadtsparkasse Dusseldorf: C+ BFSR affirmed but outlook
     changed to negative from stable, Aa1 long-term debt and
     deposit ratings on review for downgrade, prompted by the
     review of DSGV's B- BFSR, which is a key input in Moody's
     support considerations under the Joint Default Analysis
     approach.

The Prime-1 short-term ratings of the above four banks were
affirmed.

Ratings maintained on review for possible downgrade (date of
initiation of review follows):

  -- Deutsche Postbank AG, C / Aa3 ratings on review (4 March
     2009)

  -- Sparkasse KoelnBonn, C / Aa2 ratings on review (3 July 2009)

  -- Landesbank Saar, D+ BFSR on review, A1 long-term rating not
     on review, stable outlook (13 May 2009)

The Prime-1 short-term ratings of these three banks are not
subject to the rating review.

Ratings affirmed:

  -- DekaBank Deutsche Girozentrale, C / Aa2 with a stable outlook

  -- Bayerische Hypo- und Vereinsbank (HVB), C- / A1 with a stable
     outlook

  -- Bausparkasse Mainz AG, C- / A3 with a stable outlook

  -- DZ Bank AG, C- / Aa3 with a stable outlook

  -- DZ-Bank Ireland plc, C- / A2 with a stable outlook

  -- KfW Ipex-Bank GmbH, C- / Aa3 with a stable outlook

  -- Kreissparkasse Koeln, C / Aa2 with a stable outlook

  -- Landesbank Berlin AG, D+ / A1 with a stable outlook

  -- Landesbank Hessen-Thuringen GZ (Helaba), C- / Aa2 with a
     stable outlook

  -- Ostdeutscher Sparkassenverband (OSV), Aa3 with a stable
     outlook

  -- Sparkasse Aachen, C+ / Aa2 with a stable outlook

  -- Sparkasse Spree-Neisse, C+ with the outlook changed to
     positive from stable / Aa2 with a stable outlook

  -- WGZ Bank AG, C / Aa3 with a stable outlook

  -- WGZ Bank Ireland Plc, C / A2 with a stable outlook

  -- Westfaelisch-Lippischer Sparkassen- und Giroverband (WLSGV),
     Aa3 with a stable outlook

The rating actions on the BFSRs were prompted by Moody's
expectation that some German banks will experience increasing
deterioration in asset quality over the coming quarters.  For
those banks whose BFSRs were placed on review for possible
downgrade, this is likely to lead to greater credit-related write-
downs than previously anticipated in the ratings, exerting adverse
pressure on their profitability and capitalization.  Please refer
to Moody's Special Comment published, entitled "Moody's Approach
to Estimating German Banks' Credit Losses", for further details.

The anticipated deterioration in banks' financial strengths
reflects Moody's expectation that the German banking system will
remain under pressure in the short-to-medium term given the
continuation of the worst economic downturn in decades as
reflected by Moody's negative outlook on the German banking system
since April 2008 (please refer to the Banking System Outlook on
Germany published on 30 April 2009).

MoodysEconomy.com expects Germany's real GDP to contract by 4.5% -
5.5% in 2009 and the unemployment rate to increase to above 10% by
the end of 2010.  Adverse prospects for the labour market, coupled
with Moody's expectation of deterioration in the creditworthiness
of banks' retail and corporate customers, are likely to result in
increased defaults in consumer finance, professionals and micro-
SME loans.  Even stronger implications are expected for several
areas of asset-based finance, e.g. for the cyclical real estate
sector.

Moody's has already taken several individual rating actions since
the start of this year to reflect its expectation of pressure on
the intrinsic financial strength of some German financial
institutions in a deteriorating macro-economic environment.  Those
rating actions reflected the rating agency's concerns about the
banks' exposures to complex structured credit portfolios and
international lending activities that suffered from rapid
deterioration early on in the global economic crisis as well as
deteriorating asset quality indicators of their domestic
operations.  For the latter exposures, the estimates of expected
losses used by Moody's at the time have subsequently been fine-
tuned, as described in Moody's Special Comment (the appendices of
this report provide a list of rating actions taken earlier in the
financial crisis).

Moody's explained that, partly as a result of the various rating
actions it took earlier in 2009, the ratings of the majority of
the German banks have not been affected by the refinement of its
methodology.  However, the completion of Moody's recalibration
exercise entailing the stress-testing of German assets has
resulted in the ratings of four additional issuers being placed on
review for possible downgrade.

Those German banks with ratings placed on review for possible
downgrade -- either or earlier in 2009 -- have key credit drivers
that are vulnerable to weaker performance in their BFSR
categories, under the rating agency's anticipated (baseline) and
worse-than-expected (stressed) scenarios.  Among the key credit
drivers, Moody's focuses in particular on current capital adequacy
levels in relation to the banks' specific asset composition and
their respective anticipated loss levels.  The rating agency's
expected macroeconomic scenario, briefly described above, is used
to establish its baseline expectations for a bank's performance,
while its worse-than-expected case helps to measure a bank's
potential vulnerability in the event of a shift to a more adverse
environment.

More specifically, the banks that are most likely to have their
BFSRs downgraded are those with lower capital adequacy levels in
relation to their exposures to asset classes with the highest
expected losses, in accordance with Moody's published assumptions
in the aforementioned Special Comment.  These asset classes
include, for example, exposures to commercial loans, real estate,
construction and consumer finance.

                         Review of BFSRs

Moody's BFSR reviews will focus on the extent to which factors
such as more modest profitability, weaker asset quality and, in
particular, lower capital adequacy leave banks more exposed to the
ongoing economic downturn, particularly where this may also be
combined with exposure to riskier sectors, such as residential and
commercial real estate or consumer finance.

Moody's BFSR methodology is unchanged, although the weight
attached to certain rating considerations, particularly capital
and future earnings prospects, has been increased to better
reflect the effects of the current crisis.  This refinement to
Moody's approach to rating banks in the current environment is
discussed in a Special Comment entitled "Calibrating Bank Ratings
in the Context of the Global Financial Crisis", which was
published in February 2009.

            Review of Senior Debt and Deposit Ratings

Moody's expects any downgrades of the senior debt and deposit
ratings resulting from the reviews to be limited to one or, at
most, two notches and notes that the probability of government
support continues to underpin these ratings.  This is in line with
the rating agency's expectation that banks in highly rated
countries will receive, or are likely to receive, support in case
of need depending on their level of systemic importance.

In reviewing the deposit and senior debt ratings, Moody's will
consider:

     (i) the support currently available to the banks, as well as
         the probability of support once stability returns to the
         markets and the system;

    (ii) the systemic importance of the rated institutions;

   (iii) the banks' intrinsic financial strength; and

    (iv) other sources of external support, in particular group
         support for members of a co-operative group, i.e.
         benefiting from mutual support, and parental support.

            Implications of the Review of DSGV's BFSR

Moody's notes that DSGV's BFSR is a key input into its assessment
of the strength of underlying support for all German public sector
banks under the rating agency's Joint Default Analysis approach,
as this partly determines the uplift that each of these banks'
supported ratings can enjoy from their own respective BFSRs.  Any
downgrade of DSGV's BFSR could thus principally affect all German
public sector banks' debt and deposit ratings.

However, according to Moody's calculations, a downgrade of DSGV's
B- BFSR by one or two notches would affect the supported ratings
of only one institution that is a member of the association,
namely Stadtsparkasse Dusseldorf's Aa1 debt and deposit ratings.

The review of other public sector banks' ratings announced earlier
in 2009, i.e. on Landesbank Saar and Sparkasse KoelnBonn, was
prompted by the recalibration of their individual BFSRs.

For the key drivers of the review of DSGV's BFSR, please refer to
the brief rationale outlined further below.

      List of Rating Actions: Reviews for Possible Downgrade

The rating action on Deutsche Bank -- BFSR and long-term ratings
placed on review for possible downgrade -- is commented on a
separate press release, published.

Deutscher Sparkassen und Giroveroband (DSGV / S-Group")

  -- BFSR of B- on review for possible downgrade;

  -- Aa2 corporate family rating affirmed with unchanged stable
     outlook;

The review for downgrade of the BFSR reflects the impact of the
substantial financial deterioration of several Landesbanken groups
on S-Group's aggregated financial fundamentals.  While the 438
savings banks (taken together) still appear well capitalised at
the B- rating level, the financial weakness of some of the larger
members that are in part indirectly owned by the savings banks
exerts significant downward pressure on DSGV's BFSR.  Moreover, a
worse-than-expected deterioration of the German macro-economic
environment could place rating pressure on all member banks that
are part of the association.  As the Aa2 corporate family rating
remains underpinned by Moody's assumptions of a high probability
of systemic support, it remains unaffected by the review and has
been affirmed.

The last rating action on DSGV was on 24 January 2008, when
Moody's assigned the B- / Aa2 ratings.

Munchener Hypothekenbank eG:

  -- BFSR of C+ on review for possible downgrade;

  -- Aa3 long-term senior unsecured debt and deposit ratings on
     review for possible downgrade;

  -- A1 subordinate ratings on review for possible downgrade;

  -- P-1 short-term deposit rating affirmed.

The review for downgrade of the BFSR reflects Moody's view that
the bank's economic and regulatory capitalization is weak at the
C+ rating level.  Moreover, Moody's recalibration has shown that
the bank's recurring earnings and current capital levels leave
only limited room for losses on the bank's concentrated exposures
to the commercial and residential real estate sectors.  At
unchanged support assumptions, a downgrade of the BFSR could
trigger a downgrade of the Aa3 senior unsecured debt and deposit
ratings.

The last rating action on Munchener Hypothekenbank eG was on 18
November 2009, when Moody's placed the ratings on Tier 1
securities issued by GFW Capital GmbH (an SPV established for the
sole purpose of acquiring a silent participation in Munchener
Hypothekenbank AG) under review for downgrade.  This review
followed the rating agency's announcement that it had changed the
way in which it rates these securities to take into account recent
experience and market observations.

Stadtsparkasse Dusseldorf:

  -- BFSR of C+ affirmed, but outlook on the BFSR changed to
     negative from stable;

  -- Aa1 long-term senior unsecured debt and deposit ratings on
     review for possible downgrade;

  -- Aa2 subordinate ratings on review for possible downgrade;

  -- P-1 short-term deposit rating affirmed.

The change in outlook on the C+ BFSR to negative from stable
reflects the bank's weaker positioning at this rating level than
other C+ rated banks, and the likelihood that a decline in its
risk profile -- in particular in the areas of asset quality and
capitalization -- over the next 12 to 18 months would likely
result in a downgrade.  The review of the bank's Aa1 senior
unsecured debt and deposit ratings, however, is unrelated to the
bank's own BFSR, but prompted by the review of the B- BFSR of DSGV
(see comment above), as a downgrade of the latter would have
adverse implications for the savings bank's support that is
currently factored into the Aa1 ratings.

The last rating action on Stadtsparkasse Dusseldorf was on 11 May
2007, when Moody's affirmed the C+ BFSR and upgraded the senior
unsecured debt and deposit ratings to Aa1 from Aa3.

The ratings of other German banks are unaffected by the completion
of Moody's recalibration exercise, except for those already placed
on review for downgrade.

(Please note that this press release does not address possible
implications for the covered bond ratings of German banks.)

Bausparkasse Mainz AG, headquartered in Mainz, had total assets of
EUR2.5 billion as of 31 December 2008.

Bayerische Hypo- und Vereinsbank, headquartered in Munich, had
total assets of EUR458.6 billion as of 31 December 2008.

DekaBank, headquartered in Frankfurt, had total assets of
EUR138.6 billion as of 31 December 2008.

Deutsche Bank, headquartered in Frankfurt, had total assets of
EUR2,202 billion as of 31 December 2008.

Deutsche Postbank, headquartered in Bonn, had total assets of
EUR231.3 billion as of 31 December 2008.

Deutscher Sparkassen und Giroverband (DSGV), headquartered in
Berlin, represented total aggregate assets of EUR2,685 billion as
of 31 December 2008.

DZ Bank AG, headquartered in Frankfurt, had total assets of
EUR427.1 billion as of 31 December 2008.

DZ Bank Ireland plc, headquartered in Dublin, had total assets of
EUR7.1 billion as of 31 December 2008.

KfW IPEX GmbH, headquartered in Frankfurt, had total assets of
EUR53.3 billion as of 31 December 2008.

Kreissparkasse Koeln, headquartered in Cologne, had total assets
of EUR23.9 billion as of 31 December 2008.

Landesbank Berlin AG, headquartered in Berlin, had total assets of
EUR145.4 billion as of 31 December 2008.

Landesbank Hessen-Thueringen GZ, headquartered in Frankfurt, had
total assets of EUR184.6 billion as of 31 December 2008.

Landesbank Saar, headquartered in Saarbruecken, had total assets
of EUR20.6 billion as of 31 December 2008.

Munchener Hypothekenbank, headquartered in Munich, had total
assets of EUR36.2 billion as of 31 December 2008.

Sparkasse Aachen, headquartered in Aachen, had total assets of
EUR9.7 billion as of 31 December 2008.

Sparkasse KoelnBonn, headquartered in Cologne, had total assets of
EUR30.8 billion as of 31 December 2008.

Sparkasse Spree-Neisse, headquartered in Cottbus, had total assets
of EUR2.4 billion as of 31 December 2008.

Stadtsparkasse Dusseldorf, headquartered in Dusseldorf, had total
assets of EUR12.3 billion as of 31 December 2008.

WGZ Bank AG, headquartered in Dusseldorf, had total assets of
EUR92.7 billion as of 31 December 2008.

WGZ Bank Ireland plc, headquartered in Dublin, had total assets of
EUR3.9 billion as of 31 December 2008.


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


DRYSHIPS INC: Secures Debt Waiver From Deutsche Schiffsbank
-----------------------------------------------------------
DryShips Inc. has signed an agreement with Deutsche Schiffsbank on
waiver terms for two facilities with an aggregate of
$117.5 million of its outstanding debt.

George Economou, Chairman and Chief Executive Officer, commented,
"I am delighted to report that with the signing of the Deutsche
Schiffsbank waiver, we have now obtained all the necessary waivers
for all of our outstanding debt.  This resolves all cross default
issues and is expected to result in the normal classification of
our long term debt on our balance sheet.  We would like to thank
our banks for being extremely supportive of the company.  DryShips
is in a strong position to take advantage of the distressed
opportunities that are emerging from banks, shipyards and other
sources."

As reported by the TCR on Nov. 10, 2009, DryShips Inc. has signed
an agreement with Commerzbank and West LB on waiver terms for $70
million of its outstanding debt.

                       About DryShips Inc.

DryShips Inc. -- http://www.dryships.com/-- based in Greece, is
an owner and operator of drybulk carriers and offshore oil deep
water drilling that operate worldwide.  As of the day of this
release, DryShips owns a fleet of 39 drybulk carriers comprising 7
Capesize, 30 Panamax and 2 Supramax, with a combined deadweight
tonnage of over 3.4 million tons, 2 ultra deep water
semisubmersible drilling rigs and 4 ultra deep water newbuilding
drillships.  DryShips Inc.'s common stock is listed on the NASDAQ
Global Market where trades under the symbol "DRYS".

As of September 30, 2009, the Company had US$5,404,843,000 in
total assets against US$1,900,444 in total current liabilities and
US$836,760,000 in total non-current liabilities, resulting in
US$2,667,639,000 in stockholders' equity.


DRYSHIPS INC: Unveils US$300MM Convertible Senior Notes Offering
----------------------------------------------------------------
DryShips Inc. has commenced a public offering of US$300 million
aggregate principal amount of convertible senior notes.  The
underwriter for the offering will also have the option to purchase
up to $45 million principal amount of additional notes solely to
cover any over-allotments.  The Company intends to use the
proceeds from the offering for vessel acquisitions, working
capital and other general corporate purposes.

Concurrently with the offering of the convertible notes, the
Company intends to enter into a share lending agreement with
Deutsche Bank AG, London Branch, under which it will loan to
Deutsche Bank AG shares of its common stock having a market value
of approximately $150 million.  The Company also intends to enter
into an equity underwriting agreement with Deutsche Bank
Securities Inc. pursuant to which Deutsche Bank AG or its
affiliates intend to sell shares of the Company’s common stock
that they will be entitled to borrow from the Company under the
share lending agreement.  These shares will be offered in an
underwritten offering registered under the Securities Act of 1933,
as amended, pursuant to the Company’s existing shelf registration
statement to facilitate hedging transactions undertaken by the
purchasers of the convertible notes.

The Company will not receive any of the proceeds from this sale of
common stock but will receive a nominal lending fee from Deutsche
Bank AG under the share lending agreement.  Deutsche Bank AG will
generally be required to return the borrowed shares on or about
the maturity of the convertible notes or, if earlier, upon the
conversion, repurchase, cancellation or redemption of all of the
convertible notes and upon the occurrence of certain other events.
The delivery of common stock pursuant to the share lending
agreement will be contingent upon the closing of the convertible
notes offering, and the closing of the convertible notes offering
will be contingent upon the delivery of common stock pursuant to
the share lending agreement.

Deutsche Bank Securities Inc. is acting as Sole Book-running
Manager for the offerings.

The convertible notes and the common stock will be offered only by
means of a prospectus, forming a part of the Company’s shelf
registration statement, related prospectus supplements and other
related documents.  Copies may be obtained from Deutsche Bank
Securities Inc., Attention: Prospectus Department, 100 Plaza One,
Jersey City, New Jersey 07311 or at 800-503-4611.

A full-text copy of the PRELIMINARY PROSPECTUS SUPPLEMENT is
available at no charge at http://ResearchArchives.com/t/s?49e5

The Company also filed with the U.S. Securities and Exchange
Commission a copy of its Form of Indenture Dated November 17,
2009, with Law Debenture Trust Company of New York, as Trustee.  A
full-text copy of the Form of Indenture is available at no charge
at http://ResearchArchives.com/t/s?49e7

As reported by the Troubled Company Reporter, DryShips this month
signed an agreement with Deutsche Schiffsbank on waiver terms for
two facilities with an aggregate of US$117.5 million of its
outstanding debt.  DryShips also signed a separate agreement with
Commerzbank and West LB on waiver terms for US$70 million of its
outstanding debt.

                       About DryShips Inc.

DryShips Inc. -- http://www.dryships.com/-- based in Greece, is
an owner and operator of drybulk carriers and offshore oil deep
water drilling that operate worldwide.  As of the day of this
release, DryShips owns a fleet of 39 drybulk carriers comprising 7
Capesize, 30 Panamax and 2 Supramax, with a combined deadweight
tonnage of over 3.4 million tons, 2 ultra deep water
semisubmersible drilling rigs and 4 ultra deep water newbuilding
drillships.  DryShips Inc.'s common stock is listed on the NASDAQ
Global Market where trades under the symbol "DRYS".

As of September 30, 2009, the Company had US$5,404,843,000 in
total assets against US$1,900,444 in total current liabilities and
US$836,760,000 in total non-current liabilities, resulting in
US$2,667,639,000 in stockholders' equity.


DRYSHIPS INC: Acquires Two Panamax Vessels for US$75.76 Million
---------------------------------------------------------------
DryShips Inc. has an agreement to acquire two Panamax vessels for
an aggregate price of US$75.76 million.  The vessels, a 76,635 dwt
Panamax built in 2007, and a 76,635 dwt Panamax built in 2006, are
expected to be delivered charter-free within the first quarter of
2010.  This transaction is subject to the approval of the Board of
Directors of DryShips.

As reported by the Troubled Company Reporter, DryShips this month
signed an agreement with Deutsche Schiffsbank on waiver terms for
two facilities with an aggregate of US$117.5 million of its
outstanding debt.  DryShips also signed a separate agreement with
Commerzbank and West LB on waiver terms for US$70 million of its
outstanding debt.

                       About DryShips Inc.

DryShips Inc. -- http://www.dryships.com/-- based in Greece, is
an owner and operator of drybulk carriers and offshore oil deep
water drilling that operate worldwide.  As of the day of this
release, DryShips owns a fleet of 39 drybulk carriers comprising 7
Capesize, 30 Panamax and 2 Supramax, with a combined deadweight
tonnage of over 3.4 million tons, 2 ultra deep water
semisubmersible drilling rigs and 4 ultra deep water newbuilding
drillships.  DryShips Inc.'s common stock is listed on the NASDAQ
Global Market where trades under the symbol "DRYS".

As of September 30, 2009, the Company had US$5,404,843,000 in
total assets against US$1,900,444 in total current liabilities and
US$836,760,000 in total non-current liabilities, resulting in
US$2,667,639,000 in stockholders' equity.


HELLAS TELECOM: CDS to Be Settled at Auction After Credit Event
---------------------------------------------------------------
Abigail Moses at Bloomberg News reports that the International
Swaps & Derivatives Association said default swap contracts linked
to about US$568 million of Hellas Telecommunications II debt will
be settled at auction after the company triggered a credit event.

Bloomberg relates ISDA said in a statement on its Web site a
committee of default swaps dealers and investors ruled Thursday
Hellas II caused a so-called bankruptcy credit event when it filed
for administration in the English High Court Nov. 17.

The date of the auction will be published in due course, Bloomberg
notes.

Hellas II is the owner of Wind Hellas Telecommunications SA.
As reported by 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'.


=============
I C E L A N D
=============


DECODE GENETICS: Files Chapter 11 to Sell Business
--------------------------------------------------
deCODE genetics, Inc., filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code with the United
States Bankruptcy Court for the District of Delaware to facilitate
the sale of substantially all of its assets.  deCODE is continuing
to operate its business and manage its properties as a debtor-in-
possession pursuant to Sections 1107 and 1108 of the Bankruptcy
Code.

In recent months, deCODE and its advisors have explored multiple
restructuring alternatives, including the sale of specific
portions of deCODE's operations, the sale or license of its drug
discovery programs, the restructuring of its outstanding
convertible notes and the obtaining of new equity financing.  As a
result of these efforts, deCODE has entered into and filed
concurrently with its Chapter 11 petition an asset purchase
agreement with Saga Investments LLC to sell its Iceland-based
subsidiary Islensk Erfdagreining, and its drug discovery and
development programs.  This agreement, pursuant to Section 363 of
the Bankruptcy Code, is subject to a number of contingencies,
including a competitive bidding procedure and court approval in
accordance with bankruptcy law.  IE conducts deCODE's human
genetics research, manages its population genetics resources and
provides its personal genome scans, DNA-based risk assessment
tests, and genomics services for contract customers.

deCODE expects that if the asset sale is consummated it would be
liquidated pursuant to a plan of liquidation which would be
subject to the approval of the bankruptcy court.  In the event of
a liquidation, any recovery for stockholders of deCODE would be
highly unlikely.

deCODE has also entered into a secured loan agreement with Saga
which, subject to bankruptcy court approval, will provide the
Company with interim financing to fund post-petition operating
expenses.  deCODE expects this debtor-in-possession financing, if
consummated, to allow the delivery of services to deCODE's
customers and clients to continue without interruption during the
bankruptcy process.  Saga's investors include Polaris Venture
Partners and Arch Venture Partners.

deCODE has filed various "first day" motions with the bankruptcy
court to ensure its ability to conduct normal business operations.
This Chapter 11 filing is for deCODE genetics, Inc. only and does
not include IE or deCODE's former U.S.-based subsidiaries deCODE
Biostructures Inc. and Emerald BioSystems Inc., recently sold to
an unrelated third party.

                     Sale to Saga Investments

deCode plans to sell the business for US$14 million to Saga
Investments LLC, absent higher and better bids at an auction.
DeCode proposes a Dec. 17 deadline for competing bids, followed by
a Dec. 21 auction and a hearing on Dec. 22 for approval of the
sale.

According to Bill Rochelle at Bloomberg, Saga will provide $11
million in financing for the Chapter 11 case.  The purchase price
includes an exchange for the financing plus US$3 million cash at
closing. In addition, Saga is to pay 25 percent from reselling the
assets within two years less US$3 million.  It will also give
DeCode US$7.2 million of its junior preferred stock.

                       About deCODE genetics

deCODE Genetics Inc. is a global leader in analysing and
understanding the human genome.  deCODE has identified key
variations in the sequence of the genome conferring increased risk
of major public health challenges from cardiovascular disease to
cancer, and employs its gene discovery engine to develop DNA-based
tests to assess individual risk of common diseases; to license its
tests and intellectual property to partners; and to provide
comprehensive, leading- edge contract services to companies and
research institutions around the globe.  The Company was founded
in 1996 and is headquartered in Reykjavik, Iceland.

deCODE's balance sheet at June 30, 2009, showed total assets of
US$69.85 million and total liabilities of US$313.92 million,
resulting in a stockholders' deficit of US$244.07 million.

The Company filed for Chapter 11 on November 16, 2009 (Bankr. D.
Del. Case No. 09-14063).  The petition listed assets of US$69.9
million against debt of US$314 million.  Liabilities include
US$230 million on 3.5 percent senior convertible notes.


DECODE GENETICS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: deCODE genetics, Inc.
        P.O. Box 1267
        Groton, MA 01450

Case No.: 09-14063

Type of Business: The Debtor operates a pharmaceutical company.

Chapter 11 Petition Date: November 16, 2009

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Debtor's Counsel: Christopher M. Samis, Esq.
                  Richards, Layton & Finger, P.A.
                  920 N. King Street, One Rodney Square
                  Wilmington, De 19801
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  Email: samis@rlf.com

                  Drew G. Sloan, Esq.
                  Richards Layton & Finger, P.A.
                  920 North King Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7612
                  Fax: (302) 651-7701
                  Email: dsloan@rlf.com

                  Mark D. Collins, Esq.
                  Richards Layton & Finger
                  One Rodney Square, PO Box 551
                  Wilmington, DE 19899
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  Email: collins@RLF.com

Estimated Assets: US$50,000,001 to US$100,000,000

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

The petition was signed by Dr. Kari Stefansson, the company's
president and chief executive officer.

Debtor's List of 20 Largest Unsecured Creditors:

  Entity                   Nature of Claim        Claim Amount
  ------                   ---------------        ------------
The Bank of New York,         3.5% Senior           US$230,000,000
As Indenture Trustee          Convertible Notes      (plus
                              due April 15,2011       interest)

First Insurance Funding        trade                  US$293,875

William Gallagher              trade                  US$52,817
Associates Insurance
Brokers, Inc.

Stevens & Lee                  trade                  US$49,275

Merrill Corporation, Ltd       trade                  US$42,829

Cowen & Company                trade                  US$31,220

Broadridge                     trade                  US$30,121

Carpenter Moore                trade                  US$28,125

Melon Investors                trade                  US$20,973

Alexander Aronson Finning      trade                  US$17,125

Caturano & Co                  trade                  US$14,401

State of Delaware              trade                  US$8,009

Dialog                         trade                  US$6,750

Premiere Global Services       trade                  US$4,894

AT&T                           trade                  US$3,208

Georgeson, Inc.                trade                  US$2,105

Minolta                        trade                  US$1,794

Fedex                          trade                  US$151

CSC Corporation                trade                  US$0

Deloitte & Touche LLP          trade                  US$0


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


AER LINGUS: Says Future Bleak If Plan Is Not Implemented
--------------------------------------------------------
BreakingNews.ie reports that Aer Lingus said it "will face a very
bleak future" if its latest restructuring plan is not implemented.

The report relates Aer Lingus Director of Coporate Affairs, Enda
Corneille, said operational costs at the airline are "too high".

As reported in the Troubled Company Reporter-Europe on Oct. 9,
2009, The Financial Times said Aer Lingus plans to cut a fifth of
its workforce in a EUR97 million (GBP90 million) cost-cutting
program.  The FT disclosed the company, which has been hit by
falling fares and higher fuel bills, is launching a two-stage
"transformational restructuring plan" in an effort to restore
profitability.  According to the FT, the plan, involves 676
redundancies, including 489 among pilots, cabin crew and ground
staff, and 187, or 40% of its back-office staff.

Aer Lingus Group Plc and its subsidiaries --
http://www.aerlingus.com/-- operates as a low fares Irish airline
primarily providing passenger and cargo transportation services
from Ireland to the United Kingdom and Europe (short haul) and
also to the United states (long haul).  The Company is primarily
organized into two segments: passenger, which includes revenues
and costs relating to the carriage of passengers, and cargo, which
relates to the revenues and costs from the transportation of
cargo.  During the year ended December 31, 2008, three group
companies (Seres Limited, Duneast Limited and Crodley Limited)
were put into liquidation and dissolved.


CLOGHRAN MOTOR: Creditors' Meeting Scheduled for December 4
-----------------------------------------------------------
Suzanne Lynch at The Irish Times reports that Cloghran Motor
Company Ltd., which trades as Airport Kia, has called a meeting of
creditors at which a liquidator is to be appointed.

According to the report, the meeting will take place on December 4
at the Skylon Hotel in Dublin.

The report relates Patrick Shanahan, Airport Kia's largest
creditor, said Thursday the company had fallen victim to the
adverse trading conditions in the motor sector.

Airport Kia, located on the Old Airport Road, had been a Kia
dealer since 2000.  It has also held an Isuzu franchise.


* IRELAND: Corporate Failures in Hospitality Sector Up to 68
------------------------------------------------------------
The number of Insolvent Liquidations, High Court Liquidations,
Receiverships and Examinerships in the Hospitality Services has
more than doubled in the first nine months of this year compared
to the same period in 2008, from 32 last year to 68 this year,
BarKeeper reports, citing FGS's Corporate Restructuring &
Insolvency Partner, Declan Taite.

According to the report, FGS said notable trends in the industry
sectors in which the failures have occurred include the
significant increase in failures in the hospitality sector such as
pubs, restaurants and suppliers to the industry which represent
14% of the total number of business failures.


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


ITALFINANCE SECURITIZATION: S&P Cuts Rating on Class D Notes to B-
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Italfinance
Securitization Vehicle S.r.l.'s class B, C, and D series 2005-1
notes.  At the same time, S&P affirmed and removed from
CreditWatch negative its rating on the class A notes.

On Sept. 29, S&P placed all the ratings on CreditWatch negative
due to deterioration in the collateral performance.

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

Arrears and defaults have started to follow a substantial upward
trend, which began in the second quarter of 2008.  Delinquencies
reached 10.2% at the end of 2008 and stand at 8.8% as of September
2009.  Of these, 7.02% relate to the real estate pool.

Cumulative gross defaults as a percentage of the initial
collateral balance are now 6.64%.  Of these defaults, 68.9% were
generated by the real estate pool.  Cumulative net defaults are
2.15%, thanks to the high level of recoveries recorded.  The
recovery amounts benefit from the number of defaulted loans the
originator repurchased.

The collateral pool shows high concentration in the real estate
assets, which as of September represent 78.7% of the total
collateral pool, up from 54.0% at closing.  Concentration in the
top 10 borrowers is now 8.3%.

The notes are being repaid pro rata, as all the pro rata
amortization conditions (among which the delinquency level being
lower than 10% and the net cumulative default level being lower
than 3.25%) are satisfied.

Interest payments on the class B, C, and D notes can be deferred
if the cumulative net default ratio rises above 7.8% for the class
C and D notes, and 14.4% for the class B notes.  Given the amount
of recoveries recorded in the transaction, none of these triggers
has been breached so far.

The credit quality of Banca Italease, one of the originators and
servicers in the transaction, supports the rating on the class D
notes.  S&P lowered its rating to 'BBB-'on the class C notes,
which the credit quality of Banca Italease originally supported,
in June 2007 and delinked it from the rating on Banca Italease.
Even by giving credit to the credit quality of Banca Italease, the
class C notes would not achieve a higher rating than 'BB-' under
the current relevant stress scenarios.

Subordination and excess spread provide credit enhancement in the
transaction.

The debt service reserve provides liquidity support, being
available to meet shortfalls in the payment of senior expenses and
interest on the notes.

Banca Italease and Mercantile Leasing originated a pool of Italian
lease receivables that back this EUR1,127.8 million transaction,
which closed in December 2005.  The structure featured an 18-month
revolving period, during which the originator could sell new loans
to the issuer.  The issuer then added these to the collateral
portfolio.

                           Ratings List

             Italfinance Securitisation Vehicle S.r.l.
EUR1,127.8 Million Asset-Backed Floating-Rate Notes Series 2005-1

      Ratings Lowered and Removed From CreditWatch Negative

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

      Rating Affirmed and Removed From CreditWatch Negative

                              Rating
                              ------
           Class        To              From
           -----        --              ----
           A            AAA             AAA/Watch Neg


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


ENERGETICHESKAYA STRAHOVAYA: Creditors Must File Claims by Dec. 2
------------------------------------------------------------------
Kazakh Representation of OJSC Energeticheskaya Strahovaya
Companiya is currently undergoing liquidation.  Creditors have
until December 2, 2009, to submit proofs of claim to:

         Bekhojyn Str. 1-35
         Pavlodar
         Kazakhstan


FINA CAPITAL: Creditors Must File Claims by December 2
------------------------------------------------------
LLP Fina Capital Management is currently undergoing liquidation.
Creditors have until December 2, 2009, to submit proofs of claim
to:

         Vihrev Str. 26
         Almaty
         Kazakhstan


IRTYSH STROY: Creditors Must File Claims by December 2
------------------------------------------------------
LLP Irtysh Stroy Pavlodar is currently undergoing liquidation.
Creditors have until December 2, 2009, to submit proofs of claim
to:

         Post Office Box 99
         TETS-2
         Micro District Severnaya Promzona
         Pavlodar
         Kazakhstan


KRAMDS INTERNATIONAL: Creditors Must File Claims by December 2
--------------------------------------------------------------
Creditors of CJSC State Corporation Kramds International have
until December 2, 2009, to submit proofs of claim to:

         Makataev Str. 127
         050000 Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 12, 2009,
after finding it insolvent.

The Court is located at:

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


MOTIV BOLASHAK: Creditors Must File Claims by December 2
--------------------------------------------------------
Creditors of LLP Motiv Bolashak have until December 2, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Djambulskaya Str. 6
         Pavlodar
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
September 11, 2009.


PROM SERVICE: Creditors Must File Claims by December 2
------------------------------------------------------
Creditors of LLP Prom 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


SILK WAY: Creditors Must File Claims by December 2
--------------------------------------------------
Creditors of LLP Silk Way Professional have until December 2,
2009, to submit proofs of claim to:

         Almatinskaya Str. 35
         Pokrovka
         Ilyisky District
         Kazakhstan

The Specialized Inter-Regional Economic Court of Taldykorgan
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 Taldykorgan
         Tauelsyzdyk Str. 53
         Taldykorgan
         Kazakhstan


SOUTH TRADE: Creditors Must File Claims by December 2
-----------------------------------------------------
Creditors of LLP South Trade System have until December 2, 2009,
to submit proofs of claim to:

         Makataev Str. 127
         050000 Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 25, 2009,
after finding it insolvent.

The Court is located at:

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


SOUTH VENTURES: Creditors Must File Claims by December 2
--------------------------------------------------------
Creditors of LLP South Ventures 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


STROITELSTVO PODZEMNYH: Creditors Must File Claims by December 2
----------------------------------------------------------------
LLP Stroitelstvo Podzemnyh Soorujenyi is currently undergoing
liquidation.  Creditors have until December 2, 2009, to submit
proofs of claim to:

         Satpaev Str. 1
         Tekeli
         Kazakhstan


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


ALPENA LLC: Court Names D. Kadinov as Insolvency Manager
--------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues appointed
D. Kadinov as Insolvency Manager for LLC Alpena on September 11,
2009. He can be reached at:

         Lev Tolstoy Str. 2a
         Bishkek
         Kyrgyzstan
         Tel: (0-772) 51-27-24

The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
ED-940/09mbs9.


DECOLUX LLC: Creditors Must File Claims by December 16
------------------------------------------------------
LLC Decolux is currently undergoing liquidation.  Creditors have
until December 16, 2009, to submit proofs of claim:

Inquires can be addressed to (0-555) 32-95-04


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


PSB FINANCE: Fitch Assigns 'B-' Rating on Subordinated Loans
------------------------------------------------------------
Fitch Ratings has assigned PSB Finance S.A.'s upcoming issue of
subordinated loan participation notes expected Long-term rating
'B-' and Recovery Rating 'RR4'.

The notes with an expected maturity of 5.5 years will be the first
subordinated debt issue under the US$3 billion loan participation
notes program, which allows for borrowings in the form of both
senior unsecured and subordinated notes.  The final rating of the
notes is contingent upon the receipt of final documentation
conforming to information already received.

PSB Finance S.A., a Luxemburg-domiciled special-purpose vehicle,
will use the proceeds from the notes to finance a subordinated
loan to Promsvyazbank ('B+'/Negative Outlook) and will only pay
noteholders principal and interest received from the bank.

Fitch also rates senior unsecured notes issued under the program
for a total amount of US$350 million at 'B+'.

PSB was the second-largest Russian privately owned bank by assets
(the 11th largest overall) at end-Q309 with 240 points-of-sale.
It is majority-owned by the Ananiev brothers.  Commerzbank AG
('A+'/Outlook Stable) holds a 15% stake and EBRD is expected to
acquire a minority stake so that the two foreign shareholders
together will control a blocking stake in PSB.


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


ABN AMRO: Netherlands to Inject Additional EUR4.4 Bln Capital
-------------------------------------------------------------
Michael Steen at The Financial Times reports the Dutch state plans
to provide ABN Amro and Fortis Bank Nederland, two nationalized
banks, with a further EUR4.4 billion in capital to keep their
merger on track in what the government said would be the groups'
final bail-out.

The FT recalls the government stepped in to nationalize FBN and
the Dutch assets of ABN for EUR16.8 billion a year ago when
Fortis, their former owner, collapsed.

According to the FT, the finance ministry said EUR1.2 billion was
needed to integrate FBN and ABN and EUR1.26 billion was needed to
bolster FBN's tier one capital ratio, a measure of financial
strength.

The capital injection must be approved by parliament, the FT
notes.

ABN AMRO Bank N.V., headquartered in Amsterdam, the Netherlands,
had total assets of EUR666.8 billion and reported shareholders'
equity (including minority interest) of EUR20.4 billion as of
December 31, 2008.


FORTIS BANK: Netherlands to Inject Additional EUR4.4 Bln Capital
----------------------------------------------------------------
Michael Steen at The Financial Times reports the Dutch state plans
to provide ABN Amro and Fortis Bank Nederland, two nationalized
banks, with a further EUR4.4 billion in capital to keep their
merger on track in what the government said would be the groups'
final bail-out.

The FT recalls the government stepped in to nationalize FBN and
the Dutch assets of ABN for EUR16.8 billion a year ago when
Fortis, their former owner, collapsed.

According to the FT, the finance ministry said EUR1.2 billion was
needed to integrate FBN and ABN and EUR1.26 billion was needed to
bolster FBN's tier one capital ratio, a measure of financial
strength.

The capital injection must be approved by parliament, the FT
notes.

ABN AMRO Bank N.V., headquartered in Amsterdam, the Netherlands,
had total assets of EUR666.8 billion and reported shareholders'
equity (including minority interest) of EUR20.4 billion as of
December 31, 2008.

Headquartered in Amsterdam, Fortis Bank Nederland (Holding) had
total assets of EUR184.203 billion and reported shareholders'
equity (including minority interest) of EUR2.944 billion as of
December 31, 2008.


QUEEN STREET: Moody's Cuts Rating on Class E Notes to 'Caa2'
------------------------------------------------------------
Moody's Investors Service took rating actions on notes issued by
Queen Street CLO I B.V.  The Class A1 Notes remain Aaa mainly due
to the current over collateralization.

  -- EUR66,500,000 Class A2 Senior Secured Floating Rate Notes due
     2023 Downgraded to Aa2; previously on March 4, 2009 Aa1
     Placed Under Review for Possible Downgrade;

  -- EUR38,750,000 Class B Senior Secured Floating Rate Notes due
     2023, Downgraded to A2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- EUR41,300,000 Class C1 Senior Secured Deferrable Floating
     Rate Notes due 2023, Downgraded to Ba2; previously on
     March 17, 2009 downgraded to Ba1 and Placed under Review for
     Possible Downgrade;

  -- EUR1,200,000 Class C2 Senior Secured Deferrable Fixed Rate
     Notes due 2023, Downgraded to Ba2; previously on March 17,
     2009 downgraded to Ba1 and Placed under Review for Possible
     Downgrade;

  -- EUR12,950,000 Class D1 Senior Secured Deferrable Floating
     Rate Notes due 2023, Downgraded to B3; previously on
     March 17, 2009 downgraded to B1 and Placed under Review for
     Possible Downgrade;

  -- EUR5,800,000 Class D2 Senior Secured Deferrable Fixed Rate
     Notes due 2023, Downgraded to B3; previously on March 17,
     2009 downgraded to B1 and Placed under Review for Possible
     Downgrade;

  -- EUR20,000,000 Class E Senior Secured Deferrable Floating Rate
     Notes due 2023 Downgraded to Caa2; previously on March 17,
     2009 downgraded to Caa1 and Placed under Review for Possible
     Downgrade;

  -- EUR7,000,000 Class X Combination Notes due 2023 Downgraded to
     Ba3; previously on March 4, 2009 Baa1 Placed under Review for
     Possible Downgrade;

  -- EUR10,000,000 Class Y Combination Notes due 2023 Downgraded
     to B3; previously on March 4, 2009 Baa3 Placed under Review
     for Possible Downgrade.

Moody's also confirms the rating on this note:

  -- EUR33,140,000 Class Z Combination Notes due 2023 Confirmed at
     Aa2; previously on March 4, 2009 Aa2 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 2706), and an increase in the amount of
defaulted securities (currently 2.68% of the portfolio).  These
measures were taken from the recent trustee report dated 5 October
2009.  Moody's also performed a number of sensitivity analyses,
including consideration of a further decline in portfolio WARF
quality.  Due to the impact of all the aforementioned stresses,
key model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, and weighted average recovery
rate, may be different from trustee's reported numbers.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in 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
===========


ALFA-STROY: Creditors Must File Claims by November 30
-----------------------------------------------------
Creditors of LLC Alfa-Stroy-Proekt (Construction)have until
November 30, 2009, to submit proofs of claims to:

         V. Khalikov
         Temporary Insolvency Manager
         Office 35
         Kharkovskaya str. 129
         450078 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Orenburgskaya will convene on February 9,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?47-6339/2009.

The Debtor can be reached at:

         LLC Alfa-Stroy-Proekt
         Apt. 8
         Chicherina Str. 16
         460000 Orenburg
         Russia


DOMOSTROY LLC: Creditors Must File Claims by November 30
--------------------------------------------------------
Creditors of LLC Domostroy (TIN 7328508800, PSRN 1077328002124)
(Construction) have until November 30, 2009, to submit proofs of
claims to:

         M. Suleymanova
         Temporary Insolvency Manager
         Post User Box 20010
         432980 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovskaya will convene at 2:30 p.m. on
January 18, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?72–13098/2009,.

The Debtor can be reached at:

         LLC Domostroy
         1-y Inzhenernyy Prospect 17-607
         432072 Ulyanovsk
         Russia


EAST-EUROPEAN: Creditors Must File Claims by November 30
--------------------------------------------------------
Creditors of OJSC East-European Commercial Bank (TIN 4027019285,
Registration No. 2844)  have until November 30, 2009, to submit
proofs of claims to:

         Investment Insurance Agency
         Acting as Insolvency Manager
         Post User Box 40
         115088 Moscow
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?23–4619/09?-7–207.

The Debtor can be reached at:

         OJSC East-European Commercial Bank
         Georgievskaya Str. 5
         248600 Kaluga
         Russia


INTERREGIONAL INVESTMENT: Moody's Junks National Scale Rating
-------------------------------------------------------------
Moody's Interfax Rating Agency has downgraded the national scale
rating of Interregional Investment Bank to C.ru from Baa1.ru.
Moscow-based Moody's Interfax is majority owned by Moody's, a
leading global rating agency.

Moody's downgrade of the NSR rating for Interregional Investment
Bank is a result of the withdrawal of its banking license by the
Central Bank of Russia on 18 November 2009.  According to the
press release published by the CBR, the license withdrawal was due
to violation of banking laws, failure to conduct client
transactions, failure to create adequate loan loss and general
provisions, as well as substantial manipulation with the
regulatory reporting to the CBR.  The Interregional Investment
Bank is currently under temporary administration.  According to
Moody's estimates and historical experience in Russia, the
recovery value for the bank's creditors is likely to be very low.

As a result of the withdrawal of its banking license, the bank is
no longer a deposit taking institution and can no longer attract
retail deposits.

Before the bank lost its license, Moody's had identified these
credit challenges for Interregional Investment Bank: (1) very high
information risk, (2) weak liquidity position, (3) significant
industry and single-name concentrations on both sides of the
balance sheet, (4) significant exposure to related parties, and
(4) sensitivity of the business model to political developments,
with core clients and markets being state-controlled and heavily
state-regulated.

We note that, as of the date of this rating action, the bank had
no senior unsecured, subordinate or structured finance obligations
rated by Moody's Interfax.

Until November 19, the Baa1.ru NSR rating on the bank has remained
unchanged since it was first assigned in July 2005.

Domiciled in Moscow, Russia, Interregional Investment Bank
reported -- as of 1 October 2009 (under Russian GAAP) -- total
assets of RUB 6.6 billion and total shareholders' equity of RUB
1.6 billion.  Those figures could be substantially misstated and
differ from the real numbers, as indicated by the CBR.


IZHEVSK RAILWAY: Creditors Must File Claims by November 30
----------------------------------------------------------
Creditors of OJSC Izhevsk Railway Industrial Transport Enterprise
(TIN 1834028407, PSRN 1025900508985) have until November 30, 2009,
to submit proofs of claims to:

         Ye.Volk
         Temporary Insolvency Manager
         Post User Box 609
         Kongratovo
         614506 Permskiy
         Russia

The Arbitration Court of Permskiy will convene on March 3, 2010,
to hear bankruptcy supervision procedure.  The case is docketed
under Case No. ?50–27469/2009.

The Debtor can be reached at:

         OJSC Izhevsk Railway Industrial Transport Enterprise
         Pushkina Str. 110
         614000 Perm
         Russia


KOMPLEKT-STROY: Creditors Must File Claims by November 30
---------------------------------------------------------
Creditors of LLC Komplekt-Stroy (TIN 6318152743, PSRN
1066318013190, RVC 631801001)(Construction)have until November 30,
2009, to submit proofs of claims to:

         A. Safronov
         Temporary Insolvency Manager
         Buyanova Str. 62-3
         443041 Samara
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?55–
14905/2009.

The Debtor can be reached at:

         LLC Komplekt-Stroy
         Apt. 1
         Pobedy Str. 1
         443083 Samara
         Russia


KURSK FUEL: Creditors Must File Claims by November 30
-----------------------------------------------------
Creditors of OJSC Kursk Fuel Gas Equipment Plant (TIN 4632042570,
PSRN 1044637011935) have until November 30, 2009, to submit proofs
of claims to:

         V. Konev
         Temporary Insolvency Manager
         2-i Litovskiy Pereulok 4
         305023 Kursk
         Russia

The Arbitration Court of Kurskaya will convene at 10:20 a.m. on
March 10, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?35–8901/2009.

The Debtor can be reached at:

         OJSC Kursk Fuel Gas Equipment Plant
         Engelsa Str. 115A
         305000 Kursk
         Russia


LALSKAYA PAPER: Creditors Must File Claims by November 30
---------------------------------------------------------
Creditors of OJSC Lalskaya Paper Factory (TIN 4316000156, PSRN
1024300861815) have until November 30, 2009, to submit proofs of
claims to:

         S. Omelyusik
         Temporary Insolvency Manager
         Office 14
         Gertsena Str. 15
         610002 Kirov
         Russia

The Arbitration Court of Kirovskaya will convene on February 17,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?28–13670/2009–365/10.

The Debtor can be reached at:

         OJSC Lalskaya Paper Factory
         Gagarina Str. 36
         Fabrichnyy
         613967 Kirovskaya
         Russia


MONOLIT CONSTRUCTION: Creditors Must File Claims by November 30
---------------------------------------------------------------
Creditors of LLC Monolit Construction Company (TIN 0814164199)
have until November 30, 2009, to submit proofs of claims to:

         S. Zelenchenkov
         Insolvency Manager
         Apt .23
         Prospect Lenina 373
         Volzhskiy
         404133 Volgogradskaya
         Russia

The Arbitration Court of Kalmykia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?22–795/2009.

The Debtor can be reached at:

         LLC Monolit
         Gerasimenko Str. 5A
         Elista
         Kalmykia
         Russia


PNEVMO-STROY: Creditors Must File Claims by November 30
-------------------------------------------------------
Creditors of OJSC Pnevmo-Stroy-Mashina (TIN 6608000453, PSRN
1026605412415) (Mechanical and Heat Processing of Metallic
Parts)have until November 30, 2009, to submit proofs of claims to:

         E. Chu
         Temporary Insolvency Manager
         Posadskaya Str. 21-312
         620086 Yekaterinburg
         Russia
         Tel: 233-75-61
         Fax: 233-75-79

The Arbitration Court of Sverdlovskaya commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?60–
40651/09-S11.

The Debtor can be reached at:

         OJSC Pnevmo-Stroy-Mashina
         Sibirskiy Trakt 8
         620100 Yekaterinburg
         Russia


REM-STROY: Creditors Must File Claims by November 30
----------------------------------------------------
Creditors of LLC Rem-Stroy-Partner (TIN 3811115329, PSRN
1073811008116, RVC 381101001) (Construction) have until
November 30, 2009, to submit proofs of claims to:

         A. Bazhenov
         Temporary Insolvency Manager
         Post User Box 51
         Lyzina Str. 28
         664009 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene at 10:00 a.m. on
March 11, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?19–16925/09–49.

The Debtor can be reached at:

         LLC Rem-Stroy-Partner
         Donskaya Str. 21-3
         664081 Irkutsk
         Russia


ROSBANK AKB: Moody's Reviews 'D' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade these global scale ratings of Rosbank: bank financial
strength rating of D, long-term and short-term global local and
foreign currency deposit ratings of Baa3/Prime-3 and local
currency senior unsecured debt rating of Baa3.  Concurrently,
Moody's Interfax Rating Agency placed on review for possible
downgrade Rosbank's Aaa.ru long-term national scale issuer rating
and the Aaa.ru NSR of the bank's local currency senior unsecured
debt.

This rating action has been prompted by Moody's concerns with
regard to the significant deterioration in Rosbank's asset quality
coupled with its modest capitalization levels.  The bank's
internal capital generation capacity is not sufficient to outweigh
the increasing loan loss provisioning charges, while the plans of
Rosbank's shareholders to inject fresh capital to the bank need to
be clarified.

Moody's said that Rosbank's reported level of loan impairment has
been historically high.  Although 2009 mid-year IFRS results have
not been disclosed yet, the rating agency notes the substantial
concentration in the bank's corporate loan book, where the top 20
credit exposures together account for almost 200% of its Tier 1
capital.  The industry diversification of the corporate portfolio
has also weakened in the past 18 months with the aggregate loans
to the risky real estate and construction sectors having increased
significantly in comparison with Tier 1 capital.  The overall
quality of the retail loan book also displays a deteriorating
trend.

At the same time, Rosbank's capitalization indicators are
relatively weak for a bank of this risk profile.  Its Basel I
total CAR and Tier 1 capital ratios stood at 14.2% and 9.2%,
respectively, at YE2008.  The capital level was somewhat boosted
in March 2009, when the bank's shareholders made a fresh capital
injection in the total amount of RUB4 billion (approximately
US$125 million).  Nonetheless, Moody's is of the opinion that the
increasing loan loss provisioning charges will continue to erode
the bank's operational profits and will ultimately be weighing
further on Rosbank's capital.  The rating agency also notes that a
significant component of Rosbank's total capital is the
subordinate loan provided to the bank by its parent, Societe
Generale group, which does not offer a comfortable cushion for
loss absorption.

Moody's currently applies an assumption of a high probability of
support to Rosbank from Societe Generale (rated Aa2/P-1/C+ with
negative outlook), in case of distress, which is reflected in a
two-notch uplift of Rosbank's deposit ratings to Baa3/Prime-3 from
the bank's Baseline Credit Assessment of Ba2 in accordance with
Moody's Joint-Default Analysis Methodology.  Although Societe
Generale has re-affirmed its commitment to its Russian
subsidiaries, Moody's current support assumptions could come under
pressure if the rating agency does not witness the parent's
readiness to maintain Rosbank's capital adequacy at a more
comfortable level.  The review for possible downgrade of Rosbank's
long-term deposit ratings reflects the possibility of a multi-
notch downgrade of Rosbank's BFSR if the deterioration in the
bank's financial fundamentals is not offset, on a timely basis, by
additional capital from the shareholders, as well as Moody's
intention to examine whether its assessment of Societe Generale's
current parental support for Rosbank is consistent with the uplift
incorporated in Rosbank's deposit ratings.

Moody's previous rating action on Rosbank was on 21 October 2009
when the rating agency assigned Baa3 long-term local currency debt
rating and Aaa.ru NSR to the bank's local currency-denominated
bond programme.

Headquartered in Moscow, Russia, Rosbank reported -- at
31 December 2008 -- total consolidated assets of US$17.2 billion
(YE2007: US$16.6 billion), total shareholders' equity of
US$1.481 billion (YE2007: US$1.666 billion), and net income for
the period of US$21.4 million (2007: US$251 million).


SHULGINSKIY BREWERY: Under External Mngt Bankruptcy Procedure
-------------------------------------------------------------
The Arbitration Court of Novosibirskaya has commenced external
management bankruptcy procedure on CJSC Shulginskiy Brewery (TIN
2272004069, PSRN 1022202668597).  The Case is docketed under Case
No. ?45–2614/2009.

The External Insolvency Manager is:

         A. Zaykov
         Building 1
         Lubyanskiy Proezd 5
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Shulginskiy Brewery
         Office 18
         Yadrintsevskaya Str. 55
         630099 Novosibirsk
         Russia


SREDNEURALSKIY METAL: Creditors Must File Claims by November 30
---------------------------------------------------------------
Creditors of CJSC Sredneuralskiy Metal Structures Plant (TIN
6672168439, PSRN 1046604401117) have until November 30, 2009, to
submit proofs of claims to:

         A. Katrushin
         Temporary Insolvency Manager
         Gorkogo Str. 31
         620075 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya will convene at 4:30 p.m.
on March 10, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No.?60–42005/2009-S11.

The Court is located at:

         The Arbitration Court of Sverdlovskaya
         Courtroom 501
         Lenina Prospect 34
         620075 Yekaterinburg

The Debtor can be reached at:

         CJSC Sredneuralskiy Metal Structures Plant
         Office 112
         Lunacharskogo Str. 194
         620026 Yekaterinburg
         Russia


STROY-MONOLIT: Creditors Must File Claims by November 30
--------------------------------------------------------
Creditors of LLC Stroy-Monolit (TIN 4632074759, PSRN
1074632000376) (Construction) have until November 30, 2009, to
submit proofs of claims to:

         P. Blagochev
         Temporary Insolvency Manager
         Apt. 10
         Zavodskaya Str. 29
         305047 Kursk
         Russia

The Arbitration Court of Kurskaya will convene at 10:40 a.m. on
March 10, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?35–9264/2009.

The Debtor can be reached at:

         LLC Stroy-Monolit
         Pereulok Gogolya 6A/1
         305004 Kursk
         Russia


TOMSKIY LABORATORY: Creditors Must File Claims by November 30
-------------------------------------------------------------
Creditors of CJSC Tomskiy Laboratory Equipment Plant have until
November 30, 2009, to submit proofs of claims to:

         B. Zharkov
         Insolvency Manager
         Post User Box 4231
         Krasnoarmeyskaya Str. 48
         634061 Tomsk
         Russia

The Arbitration Court of Tomskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?67–6960/09.

The Debtor can be reached at:

         CJSC Tomskiy Laboratory Equipment Plant
         Akademicheskiy Prospect 3
         634050 Tomsk
         Russia


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


EMBAS GMBH: Claims Filing Deadline is December 3
------------------------------------------------
Creditors of Embas GmbH are requested to file their proofs of
claim by December 3, 2009, to:

         Bruno Gerber
         Liquidator
         Dufourstrasse 32
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at a shareholders' meeting
held on September 18, 2009.


GEBR. VILLANO: Claims Filing Deadline is December 7
---------------------------------------------------
Creditors of Gebr. Villano GmbH are requested to file their proofs
of claim by December 7, 2009, to:

         Angelo Villano
         Bahnhofringstrasse 6
         3113 Rubigen
         Switzerland

The company is currently undergoing liquidation in Rubigen.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 4, 2008.


GUGLER KAESEHANDEL: Claims Filing Deadline is December 7
--------------------------------------------------------
Creditors of Gugler Kaesehandel GmbH are requested to file their
proofs of claim by December 7, 2009, to:

         Ferdinand Gugler
         Liquidator
         Kapellacker 52
         3182 Ueberstorf
         Switzerland

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


LR GMBH: Claims Filing Deadline is December 7
---------------------------------------------
Creditors of LR GmbH are requested to file their proofs of claim
by December 7, 2009, to:

         Anne-Catherine Kaeppeli
         Liquidator
         Drusatschastrasse 3
         7265 Davos Wolfgang
         Switzerland

The company is currently undergoing liquidation in Davos.  The
decision about liquidation was accepted at a shareholders' meeting
held on May 28, 2009.


MATHIS TRANSPORT: Claims Filing Deadline is December 7
------------------------------------------------------
Creditors of Mathis Transport GmbH are requested to file their
proofs of claim by December 7, 2009, to:

         Peter Mathis
         Taelfscherstrasse 151
         7240 Kueblis
         Switzerland

The company is currently undergoing liquidation in Kueblis.  The
decision about liquidation was accepted at a shareholders' meeting
held on July 6, 2009.


RESIDENTIAL GMBH: Claims Filing Deadline is December 7
------------------------------------------------------
Creditors of Residential GmbH are requested to file their proofs
of claim by December 7, 2009, to:

         Residential GmbH
         Fluehgasse 17
         8008 Zurich
         Switzerland

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


SARTEX INTERNATIONAL: Claims Filing Deadline is December 3
----------------------------------------------------------
Creditors of Sartex International GmbH are requested to file their
proofs of claim by December 3, 2009, to:

         Bruno Gerber
         Liquidator
         Dufourstrasse 32
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at a shareholders' meeting
held on September 15, 2009.


STREBEL ELECTRONICS: Claims Filing Deadline is December 7
---------------------------------------------------------
Creditors of Strebel Electronics AG are requested to file their
proofs of claim by December 7, 2009, to:

         Beat Strebel
         Liquidator
         Blumenweg 13
         5643 Sins
         Switzerland

The company is currently undergoing liquidation in Risch.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 14, 2009.


TEXCLOTHING GMBH: Claims Filing Deadline is December 3
------------------------------------------------------
Creditors of Texclothing GmbH are requested to file their proofs
of claim by December 3, 2009, to:

         Besnik Qelaj
         Gliserallee
         3900 Brig-Glis
         Switzerland

The company is currently undergoing liquidation in Brig-Glis.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 21, 2009.


UNIOPTIC AG: Claims Filing Deadline is December 3
-------------------------------------------------
Creditors of uniOptic AG Vision 3000 are requested to file their
proofs of claim by December 3, 2009, to:

         Felix Matthey
         Liquidator
         Murtenstrasse 10
         2501 Biel/Bienne
         Switzerland

              --or--

         Francis-Ulysse Rufi
         Liquidator
         Avenue de la Gare 48
         2800 Delemont
         Switzerland

The company is currently undergoing liquidation in Port.  The
decision about liquidation was accepted at an extraordinary
general meeting held on August 25, 2009.


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


DOGAN YAYIN: Axel Springer Plans to Buy 29% Stake
-------------------------------------------------
Delphine Strauss and Gerrit Wiesmann at The Financial Times report
that Axel Springer plans to buy a 29% stake in Dogan Yayin,
provided the Turkish media group's troubles with regulators and a
US$3.3 billion tax fine are "resolved successfully".

According to the FT, Thursday's deal helps Axel Springer protect
its existing investment in Dogan TV, even if the tax row is not
resolved.

"What's important is that Dogan Holding has agreed to reduce its
stake in Dogan Yayin to under 50 per cent," the FT quoted a person
familiar with the transaction as saying.

The deal replaces an earlier agreement, which had not taken
effect, for Axel Springer to buy a 9.1% stake, the FT notes.

As reported by the Troubled Company Reporter-Europe on Sept. 14,
2009, The FT said Turkish tax authorities wanted companies Dogan
Yayin Holding controls to pay a total of TRY3.76 billion (US$2.5
billion) in unpaid taxes and penalties.  The FT disclosed the tax
fine is equivalent to more than four-fifths of the combined market
value of Dogan Holding and Dogan Yayin.  The FT, citing a banker,
said the fine was big enough to threaten the group's survival.

Dogan Yayin Holding AS -- http://www.dyh.com.tr/-- is a Dogan
Group holding company based in Istanbul, Turkey, established as a
media-entertainment conglomerate, active in the newspaper,
magazine and book publishing, television and radio broadcasting,
printing and news media sectors through its subsidiaries.  Its
publishing and broadcasting products include magazines, daily
newspapers, national and international television stations,
thematic and interactive television channels and radio stations.
DYH also runs a television production and a record label company,
as well as two printing companies.  It operates websites designed
for various purposes, and offers a digital television platform, in
addition to other online and digital services.  DYH is active in
the retail sector through D&R and Yaysat, which distribute the
Holding's products.  It also provides foreign trade, factoring and
mortgage services.  DYH holds international partnerships with such
companies as AOL-Time Warner, the Universal Music Group and Burda
GmbH.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 14,
2009, Fitch Ratings downgraded Turkey-based Dogan Yayin Holding's
Long-term foreign and local currency Issuer Default ratings to 'B'
from 'B+' respectively.  Both ratings remain on Rating Watch
Negative.


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


ADONIS LLC: Creditors Must File Claims by November 25
----------------------------------------------------
Creditors of LLC Adonis (code EDRPOU 32117750) have until
November 25, 2009, to submit proofs of claim to:

         V. Peychev
         Insolvency Manager
         Office 55
         Architect Starov Str. 6
         54046 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on October 13, 2009.  The case is docketed
under Case No. 5/241/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Adonis
         Central Square 1
         Taborovka
         Voznesensky
         56520 Nikolayev
         Ukraine


AGRO-MAK LLC: Creditors Must File Claims by November 25
-------------------------------------------------------
Creditors of LLC Agro-Mak (code EDRPOU 36433950) have until
November 25, 2009, to submit proofs of claim to:

         O. Tomashevsky
         Insolvency Manager
         Office 72
         Rabochaya Str. 7
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on October 21, 2009.  The case is docketed
under Case No. 5/275/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Street 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Agro-Mak
         Office 314
         Artilleriyskaya Str. 19
         Nikolayev
         Ukraine


BUILDING DEPARTMENT-145: Creditors Must File Claims by November 25
------------------------------------------------------------------
Creditors of LLC Building Department-145 (code EDRPOU 31510154)
have until November 25, 2009, to submit proofs of claim to:

         T. Tarasenko
         Insolvency Manager
         Office 49
         Dobrokhotov Str. 17
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on October 14, 2009.  The case is docketed
under Case No. 15/408-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building Department-145
         Zhmerinskaya Str. 1
         03134 Kiev
         Ukraine


ETALON-VIN LLC: Creditors Must File Claims by November 25
----------------------------------------------------
Creditors of LLC Etalon-Vin (code EDRPOU 33762570) have until
November 25, 2009, to submit proofs of claim to:

         S. Desiak
         Insolvency Manager
         Talakhinin Str. 3/32
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on August 31, 2009.  The case is docketed
under Case No. 10/126-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Etalon-Vin
         600 years Str. 22/30
         Vinnitsa
         Ukraine


GORA LLC: Creditors Must File Claims by November 25
---------------------------------------------------
Creditors of LLC Gora (code EDRPOU 35054348) have until
November 25, 2009, to submit proofs of claim to:

         S. Severin
         Insolvency Manager
         Kotsiubinsky Str. 37/48
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. 10/143-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Gora
         600 years Str. 21
         Vinnitsa
         Ukraine


KOLOS-SOUTH LLC: Creditors Must File Claims by November 25
----------------------------------------------------------
Creditors of LLC Kolos-South (code EDRPOU 36578903) have until
November 25, 2009, to submit proofs of claim to:

         O. Tomashevsky
         Insolvency Manager
         Office 72
         Rabochaya Str. 7
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on October 21, 2009.  The case is docketed
under Case No. 5/276/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kolos-South
         Office 314
         Bolshaya Morskaya Str. 63/2
         Nikolayev
         Ukraine


PODOLSKY REGISTER: Creditors Must File Claims by November 25
------------------------------------------------------------
Creditors of LLC Podolsky Register (code EDRPOU 23110501) have
until November 25, 2009, to submit proofs of claim to:

         O. Cheshkovskaya
         Insolvency Manager
         G. Uspensky Str. 69/26
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. 10/144-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Podolsky Register
         Pirogov Str. 109b
         Vinnitsa
         Ukraine


RADIKS LLC: Creditors Must File Claims by November 25
----------------------------------------------------
Creditors of LLC Radiks (code EDRPOU 23102507) have until
November 25, 2009, to submit proofs of claim to:

         S. Severin
         Insolvency Manager
         Kotsiubinsky Str. 37/48
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on September 10, 2009.  The case is docketed
under Case No. 10/142-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Radiks
         Hmelnitsky Highway 2a/613
         Vinnitsa
         Ukraine


RESPECT-TRADE LLC: Creditors Must File Claims by November 25
------------------------------------------------------------
Creditors of LLC Respect-Trade (code EDRPOU 34606891) have until
November 25, 2009, to submit proofs of claim to:

         O. Tomashevsky
         Insolvency Manager
         Office 72
         Rabochaya Str. 7
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on October 21, 2009.  The case is docketed
under Case No. 5/277/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Respect-Trade
         Budenny Str. 44/1
         Nikolayev
         Ukraine


UKRACTIVE LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on LLC Ukractive (code EDRPOU 33221576).  The company's
insolvency manager is L. Nesvit.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Ukractive
         Pushkin Str. 30
         83050 Donetsk
         Ukraine


UKRAINIAN GROUP: Creditors Must File Claims by November 25
----------------------------------------------------------
Creditors of LLC Ukrainian Group Capital (code EDRPOU 32883178)
have until November 25, 2009, to submit proofs of claim to:

         N. Morozov
         Insolvency Manager
         Frunze Str. 63/7
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on September 22, 2009.  The case is docketed
under Case No. 10/150-09.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Group Capital
         Hmelnitsky Highway 13/404
         Vinnitsa
         Ukraine


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


DONINGTON PARK: Enters Administration; Begbies Called In
--------------------------------------------------------
The company which held the lease over the Donington Park motor
racing circuit has entered administration.

The affairs of Donington Ventures Leisure Limited (DVLL) are being
handled by partners Nigel Price, John Kelly and James Martin from
the Birmingham office of corporate recovery specialists Begbies
Traynor.

DVLL had a 17-year contract with Formula One Administration to
host the British Grand Prix round of the Formula One World Motor
Racing Championship, signed in July 2008.  It also had a 150-year
lease on the circuit, with landlord, Wheatcroft & Son Limited,
signed in January 2007, which also hosts the likes of pop
concerts, corporate days and markets as well as motor sport.

Work has already begun to develop the circuit to Formula One Grand
Prix standard.

Mr. Price said: "This need not be the end of Formula One racing at
Donington.

"We are certainly hopeful that a 2011 Grand Prix could take place
at the site.  We are looking for a purchaser for the business and
the potential opportunity to bring Formula One to this part of the
Midlands by funding the work that needs to be carried out to the
circuit.

"It still remains a fantastic location next to an airport and main
motorway connections.

"It needs people of vision to get the dream to the starting grid
and we would be very interested in talking to interested parties."

Mr. Price said Begbies Traynor was still assessing how much was
owed to creditors.


HOLIDAY OPTIONS: Goes Into Administration
-----------------------------------------
Charles Starmer-Smith at the Daily Telegraph reports that Holiday
Options has gone into administration.

According to the report, all 1,100 forward bookings have been
taken over by Light Blue Travel, a Cambridge-based operator.
Light Blue Travel is due to write to all Holiday Options customers
in the next few days, the report says.

The report relates Holiday Options' collapse follows a report the
Office of National Statistics last week which showed that the
number visits abroad made by British travelers in the year to
September fell 14% to 60.8 million.

Holiday Options is a specialist tour operator.


LADBROKES PLC: To Close Aintree Call Center; 263 Jobs at Risk
-------------------------------------------------------------
Alistair Osborne at The Daily Telegraph reports that Ladbrokes plc
said it would close its Aintree call center, putting 263 jobs at
risk.

According to the report, the company said it had begun a three-
month consultation with staff at the biggest of its two call
centers, offering them "redeployment and relocation opportunities
to minimize redundancies".

"Telephone betting is a very competitive market and one that is
becoming increasingly difficult for UK-based operators who face
significantly higher levels of tax than those operating from
offshore jurisdictions," the report quoted Ciaran O'Brien, a
spokesman for the company, as saying.

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

                           *      *      *

As reported in the Troubled Company Reporter-Europe on Oct. 14,
2009, Fitch Ratings affirmed UK-based betting operator Ladbrokes
PLC's Long-term Issuer Default and senior unsecured ratings at
'BB+' respectively and Short-term IDR at 'B'.  Fitch said the
Outlook on the Long-term IDR is Negative.


LLOYDS BANKING: Commission Approves Restructuring Plan
------------------------------------------------------
The European Commission has approved under EC Treaty state aid
rules the restructuring plan of Lloyds Banking Group.  Under a
package of financial support measures approved by the Commission
on October 13, 2008, the Lloyds Banking Group received a state
recapitalization of GBP17 billion (some EUr19 billion).  The
approval of this recapitalization was conditional upon the
submission of a restructuring plan.  This plan was submitted to
the Commission on July 16, 2009 and contained additional state aid
measures.  Having assessed the past and new aid on the basis of
the notified plan, and in view of amendments agreed by the UK
authorities, the Commission is satisfied that it is in line with
its restructuring communication and as such compatible with EU
rules on state aid to remedy a serious disturbance in a Member
State's economy Article 87(3)(b) of the EC Treaty.  In particular,
the measures foresee that Lloyds will pay a significant proportion
of the restructuring costs, ensure a sustainable future for Lloyds
without continued state support and that there will not be undue
distortions of competition.

Competition Commissioner Neelie Kroes said: "This plan effectively
addresses the Commission's competition concerns and at the same
time ensures the return of Lloyds Banking Group to long term
viability.  This decision once again demonstrates the important
role that the EU's state aid rules play in facilitating
sustainable bank restructuring while preventing undue distortions
of competition.  This is to the clear benefit of both customers
and taxpayers".

The Lloyds Banking Group is the entity resulting from the
acquisition of HBOS by Lloyds TSB in January 2009.  In 2008, HBOS
was close to bankruptcy as a result of risky lending practices and
high dependence on wholesale funding.  In light of the systemic
importance of HBOS to the UK financial system, the UK Government
facilitated the takeover of HBOS by Lloyds TSB, notably by making
a GBP17 billion (EUR19billion) capital injection in the bank,
which gave the UK State 43.5% ownership of Lloyds Banking Group.

On March 7, 2009, the UK authorities and Lloyds announced that the
bank would take part in the UK's Asset Protection Scheme, under
which the State would commit to refund losses exceeding a certain
level on a pool of assets of GBP265 billion (EUR296 billion).  At
the same time, the State committed to underwrite and to
participate in a share offer of GBP4 billion (EUR4.6 billion),
which was completed in June 2009.  On November 3, 2009, as an
alternative to Lloyd's participation in the UK Asset Protection
Scheme, a capital raising share offer of GBP20.5 billion capital
was announced.  The Commission found that the State's
participation in this share offer for an amount of GBP5.9 billion
(EUR6.6 billion) constitutes a state aid element, since it
facilitated the placing of the shares.  This was therefore also
assessed in the framework of the restructuring plan.

The overall assessment was carried out on the basis of the
Commission's Communication on restructurings in the financial
sector in the current crisis.

The Commission considers that the proposed measures are
appropriate.  They are targeted at ensuring Lloyds Banking Group's
return to long term viability by exiting all non-core business
lines and risky portfolios (mainly inherited from HBOS) and
implementing Lloyds TSB's prudent risk management practices.

The Commission also found that the plan ensures a fair burden
sharing of past losses and that the bank and its capital providers
make a significant contribution to the financing of the
restructuring costs.  These elements are important to limit moral
hazard (the risk that a company may take excessive risks if it
considers it will not have to pay for the consequences) and
distortions of competition.

In addition, the plan contains a divestment package in Lloyds
Banking Group's core business of UK retail banking as a measure to
limit the impact of the aid on competition.  The divested entity
will have a 4.6% market share in the personal current account
market gained through a network of at least 600 branches.  This
proposed divestment package will facilitate the entry of a new
competitor or the reinforcement of a smaller existing competitor
on the UK retail banking market and will therefore remove the
distortions of competition created by the aid.

Finally, the Commission found that the exit fee which will be paid
by Lloyds Banking Group for not participating in the Asset
Protection Scheme is sufficiently high to compensate for the
advantage the bank gained from its announced participation of
March 7, 2009.

                  About Lloyds Banking Group PLC

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


NORTEL NETWORKS: EU Signs Off On Avaya-Nortel Deal
--------------------------------------------------
Law360 reports that the European Union's antitrust watchdog has
given its blessing to Avaya Inc.'s proposed US$915 million
purchase of Nortel Networks Corp.'s enterprise solutions business.

Avaya announced November 11 it was granted early termination o
the antitrust waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, for the company's proposed
acquisition of Nortel's enterprise solutions business.

Avaya also received regulatory clearance for the proposed
transaction from the Canadian Competition Bureau.  The Competition
Bureau issued a no action letter, indicating that it does not have
grounds to challenge the proposed transaction under the
Competition Act.

Avaya expects to close the transaction in December 2009.

U.S. and Canadian bankruptcy courts on September 16 approved the
sale of Nortel Networks' Enterprise Solutions business to Avaya
Inc.  Avaya emerged the winning bidder at the auction where it
offered to pay US$900 million in cash to Nortel, with an
additional pool of US$15 million reserved for an employee
retention program.  Avaya originally offered US$475 million.

                      About Avaya Inc.

Avaya, Inc., based in Basking Ridge, New Jersey, is a supplier of
communications systems and software for enterprise customers.
The company -- http://www.avaya.com/-- provides unified
communications, contact centers, and related services directly and
through its channel partners to leading businesses and
organizations around the world.

The Troubled Company Reporter stated on Sept. 16, 2009, that
Standard & Poor's Ratings Services said it placed its ratings,
including the 'B' corporate credit rating, on Avaya, Inc., on
CreditWatch with negative implications, following the Company's
announcement that it has been accepted as the buyer of Nortel
Networks Corp.'s Enterprise Solutions businesses.

                   About Nortel Networks

Nortel Networks (OTCBB:NRTLQ) -- http://www.nortel.com/--
delivers communications capabilities that make the promise of
Business Made Simple a reality for our customers.  The Company's
next-generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications.  Nortel's technologies are designed to help
eliminate the barriers to efficiency, speed and performance by
simplifying networks and connecting people to the information they
need, when they need it.

Nortel Networks Corp., Nortel Networks Inc., and other affiliated
corporations in Canada sought insolvency protection under the
Companies' Creditors Arrangement Act in the Ontario Superior Court
of Justice (Commercial List).  Ernst & Young has been appointed to
serve as monitor and foreign representative of the Canadian Nortel
Group.  The Monitor also sought recognition of the CCAA
Proceedings in the Bankruptcy Court under Chapter 15 of the
Bankruptcy Code.

Nortel Networks Inc. and 14 affiliates filed separate Chapter 11
petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138).
Judge Kevin Gross presides over the case.  James L. Bromley, Esq.,
at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as
general bankruptcy counsel; Derek C. Abbott, Esq., at Morris
Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware
counsel.  The Chapter 11 Debtors' other professionals are Lazard
Freres & Co. LLC as financial advisors; and Epiq Bankruptcy
Solutions LLC as claims and notice agent.

The Chapter 15 case is Bankr. D. Del. Case No. 09-10164.  Mary
Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll
& Rooney PC, in Wilmington, Delaware, serves as Chapter 15
petitioner's counsel.

Certain of Nortel's European subsidiaries have also made
consequential filings for creditor protection.  The Nortel
Companies related in a press release that Nortel Networks UK
Limited and certain subsidiaries of the Nortel group incorporated
in the EMEA region have each obtained an administration order
from the English High Court of Justice under the Insolvency Act
1986.  The applications were made by the EMEA Subsidiaries under
the provisions of the European Union's Council Regulation (EC)
No. 1346/2000 on Insolvency Proceedings and on the basis that
each EMEA Subsidiary's centre of main interests is in England.
Under the terms of the orders, representatives of Ernst & Young
LLP have been appointed as administrators of each of the EMEA
Companies and will continue to manage the EMEA Companies and
operate their businesses under the jurisdiction of the English
Court and in accordance with the applicable provisions of the
Insolvency Act.

Several entities, particularly, Nortel Government Solutions
Incorporated have material operations and are not part of the
bankruptcy proceedings.

As of September 30, 2008, Nortel Networks Corp. reported
consolidated assets of US$11.6 billion and consolidated
liabilities of US$11.8 billion.  The Nortel Companies' U.S.
businesses are primarily conducted through Nortel Networks Inc.,
which is the parent of majority of the U.S. Nortel Companies.  As
of September 30, 2008, NNI had assets of about US$9 billion and
liabilities of US$3.2 billion, which do not include NNI's
guarantee of some or all of the Nortel Companies' about US$4.2
billion of unsecured public debt.

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


* Sidley Austin Launches London Dispute Resolution Practice
-----------------------------------------------------------
Sidley Austin* is pleased to announce the formal launch of its
London Dispute Resolution practice, headed by partner Dorothy
Cory-Wright.  The practice will focus on complex, high value
commercial disputes, international arbitration and internal
investigations.  Members of the Dispute Resolution team have
participated in recent high profile financial services sector
cases, such as Perpetual and Orion and advised the Federation
Internationale de l'Automobile in the Formula One Race-Fixing
investigation.

Approximately half of Sidley's 1700 lawyers, worldwide, are
involved in dispute resolution practices -- trial and appellate
litigation; regulatory matters; commercial and trade arbitration;
and internal investigations.  The London Dispute Resolution
practice will collaborate closely with the firm's global Complex
Commercial Litigation and Insurance and Reinsurance Disputes
practices.  The team will continue to partner with colleagues in
London in the International Finance, the Corporate Reorganisation
& Bankruptcy and the Financial Institutions Regulatory practices,
and colleagues in Brussels in the Antitrust/Competition and
International Trade/Arbitration practices.

"With the expansion of cross-border disputes and the increasing
requests from our clients to serve the entire range of their legal
needs, the firm has long planned to establish a Dispute Resolution
practice in London," said Charles W. Douglas, chair of the firm's
Management Committee.  "Dorothy and her distinguished colleagues
will serve our clients well in resolving those types of disputes."

Dorothy Cory-Wright, who joined the firm in 2007, is a Barrister
and Solicitor-Advocate, who has practiced commercial litigation,
international arbitration and dispute resolution for 25 years, in
the UK and overseas. Other members of the team include Steven
Pitt, Brett Rowland, Simon Fawell and Abby Stern.

Sidley's London office has approximately 120 lawyers, both English
and U.S.-qualified, who advise on domestic and cross-border
matters and have been involved in many highly complex and
pioneering transactions.  The principal areas of practice are
international finance, including securitization, mergers and
acquisitions, capital markets, corporate reorganization and
insolvency, investment funds, insurance and insurance/reinsurance
litigation, arbitration and litigation, and are supported by the
tax, regulatory, real estate finance and real estate, competition,
employment and intellectual property practices.

Sidley Austin LLP is one of the world's largest full-service law
firms practicing in 16 US and international cities, including
Beijing, Brussels, Frankfurt, Geneva, Hong Kong, London, Shanghai,
Singapore, Sydney and Tokyo.  Every year since 2003, Sidley has
been named to Legal Business' Global Elite, its designation for
the 18 firms "that define the pinnacle of the legal profession."

                   About Sidley Austin LLP

Sidley Austin LLP, a Delaware limited liability partnership which
operates at the firm's offices other than Chicago, London, Hong
Kong, Singapore and Sydney, is affiliated with other partnerships,
including Sidley Austin LLP, an Illinois limited liability
partnership (Chicago); Sidley Austin LLP, a separate Delaware
limited liability partnership (London); Sidley Austin LLP, a
separate Delaware limited liability partnership (Singapore);
Sidley Austin, a New York general partnership (Hong Kong); Sidley
Austin, a Delaware general partnership of registered foreign
lawyers restricted to practicing foreign law (Sydney); and Sidley
Austin Nishikawa Foreign Law Joint Enterprise (Tokyo).  The
affiliated partnerships are referred to herein collectively as
Sidley Austin, Sidley, or the firm.


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


* EUROPE: Wellink Says Banks Should Be Allowed to Go Bankrupt
-------------------------------------------------------------
Jurjen van de Pol at Bloomberg News reports that  European Central
Bank Governing Council member Nout Wellink said banks are private
enterprises and should be able to go bankrupt.

"The regulator can lower the chances on that, but there are limits
to this," Bloomberg quoted Mr. Wellink, who also heads the Dutch
central bank, as saying at an event in Amsterdam Thursday.


* BOND PRICING: For the Week November 16 to November 20, 2009
-------------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *