TCREUR_Public/091125.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

          Wednesday, November 25, 2009, Vol. 10, No. 233

                            Headlines

A U S T R I A

ARS ECCLESIA: Claims Filing Deadline is December 7
HUETTER HANNES: Claims Filing Deadline is December 7
LADY JAY: Claims Filing Deadline is December 7
PERANOVIC HANDEL: Claims Filing Deadline is December 9


F R A N C E

EUTELSAT COMMUNICATIONS: S&P Raises Corp. Credit Rating From 'BB+'
OLYMPIA: Declares Insolvency; Seeks Judicial Administration


G E R M A N Y

CLAUS-PETER OFFEN: Withdraws Application for State Funding
GENERAL MOTORS: Expected to Outline Opel Strategy This Week
GENERAL MOTORS: To Keep Two Opel Plants; Repays German Bridge Loan
PETER DOEHLE: Withdraws Application for State Aid
WESTLB AG: To Receive EUR4 Billion Aid From German Government


I R E L A N D

ALLIED IRISH: Moody's Corrects Rating on Junior Tranche to 'Ba3'
SMURFIT KAPPA: Fitch Assigns 'BB+' Rating on Senior Secured Notes


K A Z A K H S T A N

AVANGARD COMPANY: Creditors Must File Claims by December 2
BATYS STROY: Creditors Must File Claims by December 2
CONTINENT LLP: Creditors Must File Claims by December 2
ENERGO-AA-07: Creditors Must File Claims by December 2
ENERGO-UG-1: Creditors Must File Claims by December 2

KAZ STANDART: Creditors Must File Claims by December 2
NSHS-TRADING: Creditors Must File Claims by December 2
TRANS KAZ: Creditors Must File Claims by December 2
TRUCK-SERVICE: Creditors Must File Claims by December 2
TURGYN UI: Creditors Must File Claims by December 2


K Y R G Y Z S T A N

ELEX TRADE: Creditors Must File Claims by December 16
MAK MEDIA: Creditors Must File Claims by December 16


R U S S I A

ABSOLUT BANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
AK BARS: Fitch Affirms Individual Rating at 'D/E'
CHISTOPOLSKIY MEAT: Creditors Must File Claims by December 2
DELANCE LTD: S&P Raises Corporate Credit Rating to 'CCC+'
EAST-WIND: Creditors Must File Claims by December 2

GARANTIYA-STROY: Creditors Must File Claims by December 2
GITA LLC: Creditors Must File Claims by December 2
KORENOVSKIY SOYBEAN: Creditors Must File Claims by December 2
KOVINSKAYA FORESTRY: Creditors Must File Claims by December 2
MDM BANK: Moody's Assigns 'Ba2' Long-Term Currency Debt Rating

MONOLIT-STROY: Creditors Must File Claims by December 2
NATIONAL BANK: Fitch Puts 'D/E' Individual Rating on Neg. Watch
PRIMORSKAYA CONSTRUCTION: Creditors Must File Claims by December 2
SEVER-PROM: Creditors Must File Claims by December 2
TEMIRBANK AO: Fitch Downgrades Issuer Default Rating to 'RD'

VELSK-STROY: Creditors Must File Claims by December 2


S E R B I A   &   M O N T E N E G R O

PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'


S P A I N

TDA EMPRESAS: Moody's Assigns 'B3' Initial Rating on B Notes


S W E D E N

GENERAL MOTORS: Koenigsegg Walks Away From Deal to Buy Saab


S W I T Z E R L A N D

ENCOMIO AG: Claims Filing Deadline is November 30
ENP ERNERGY: Claims Filing Deadline is December 10
FRANZ UND GISELA: Claims Filing Deadline is November 30
HP CRS: Claims Filing Deadline is December 21
LAN X: Claims Filing Deadline is December 3

OPPIDIA AG: Claims Filing Deadline is November 30
SKYACHT SERVICES: Claims Filing Deadline is December 2
SMARTPROCUREMENT GMBH: Claims Filing Deadline is December 4
STUDBENJ GMBH: Claims Filing Deadline is November 30
TEXTAKLEEN AG: Claims Filing Deadline is December 21


U K R A I N E

DANTRAG LLC: Creditors Must File Claims by November 27
KOLOS LLC: Creditors Must File Claims by November 27
PETROLEUM-SERVICE: Creditors Must File Claims by November 27
SANITARYWARE INSTALLATION: Creditors Must File Claims by Nov. 27
SORT SEEDS: Creditors Must File Claims by November 27

ULIANA LLC: Creditors Must File Claims by November 27
UKRZALIZNYTSYA: In Debt Restructuring Talks, Dragon Capital Says


U N I T E D   K I N G D O M

BLACKS LEISURE: Landlords Back CVA Proposal; 4,000 Jobs Secured
BORDERS UK: Halts Website Orders; Administration Looms
BRADFORD & BINGLEY: Moody's Maintains Rating Reviews on Debt
LLOYDS BANKING: To Issue Up to US$13 Bln of Enhanced Capital Notes
LLOYDS BANKING: Moody's Takes Rating Actions on Hybrid Instruments

NATIONAL EXPRESS: Cosmen Family Increases Stake to 19.72%
NORTHERN ROCK: S&P Downgrades Rating on US$100 Mil. Debt to 'C'
RELAX GROUP: Placed Into Administration
YELL GROUP: Moody's Confirms Corporate Family Rating at 'B2'


X X X X X X X X

* EUROPE: Fitch Says Auto Suppliers Remain Challenged in 2010


                         *********



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


ARS ECCLESIA: Claims Filing Deadline is December 7
--------------------------------------------------
Creditors of Ars Ecclesia Management Company Limited have until
December 7, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 22, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Anton Aigner
         Wiener Strasse 19
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27 9 25, 21 7 52
         Fax: 02622/ 217 521 8
         E-mail: aigner@ycom.at


HUETTER HANNES: Claims Filing Deadline is December 7
----------------------------------------------------
Creditors of Huetter Hannes 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 17, 2009 at 9:40 a.m.

For further information, contact the company's administrator:

         MMag. Dr. Tobias Gisinger
         Schulgasse 7
         6850 Dornbirn
         Austria
         Tel: 05572/20210
         Fax: 05572/34414
         E-mail: office@ktg.at


LADY JAY: Claims Filing Deadline is December 7
----------------------------------------------
Creditors of Lady Jay Ltd. 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 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Caroline Klus
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39-39
         E-mail: kanzlei@lp-law.at


PERANOVIC HANDEL: Claims Filing Deadline is December 9
------------------------------------------------------
Creditors of Peranovic Handel GmbH have until December 9, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 23, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Bernhard Eder
         Brucknerstrasse 4
         1040 Vienna
         Austria
         Tel: 505 78 61
         Fax: DW 9
         E-mail: eder@rechtsanwaelte.co.at


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


EUTELSAT COMMUNICATIONS: S&P Raises Corp. Credit Rating From 'BB+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it has:

* Raised its long-term corporate credit ratings to 'BBB-' from
  'BB+' on Eutelsat Communications S.A. and related entity
  Eutelsat S.A.  The outlook is stable.

* Raised Eutelsat's and Eutelsat S.A.'s short-term corporate
  credit ratings to 'A-3' from 'B'.

* Affirmed its 'BBB-' debt rating on Eutelsat S.A.'s
  EUR1.3 billion bank loan due 2011, and withdrew its '2' recovery
  rating on the loan, as a result of the upgrade of the long-term
  corporate credit rating to investment grade.

* Removed all corporate credit ratings from CreditWatch where they
  had been placed on June 30, 2009, with positive implications.

"The rating actions mainly reflect Eutelsat Communications' solid
operating performance in fiscal 2009 and in the first quarter of
fiscal 2010, as well as S&P's expectations that the group's
revenues and earnings should continue to grow in the medium term,"
said Standard & Poor's credit analyst Melvyn Cooke.

"Also, S&P believes that the upcoming W7 satellite launch,
together with satellite launches made since the end of 2008, have
reduced the risks linked to the group's high capacity utilization
rate," said Mr. Cooke.

Finally, the rating upgrade also reflects the group's prudent
financial policy over the past few years, especially regarding
acquisitions and dividend distribution, and expectations that this
will continue in the future, resulting in adjusted leverage of
less than 3.5x over the medium term.

The stable outlook reflects S&P's view that the group's improving
leverage, and anticipations of continued revenue and earnings
growth over the next few years should enable the group to have
credit measures commensurate with investment grade ratings in the
medium term.  In order to maintain the current ratings, S&P would
expect the group to post adjusted net debt to EBITDA of less than
3.5x.  The outlook also reflects S&P's expectations that the
group's financial policy will continue to be prudent over the next
few years, particularly in terms of acquisitions and dividend
distribution.

S&P could consider a downgrade if the group were to post
significant operating underperformance, or if it were to suffer
material satellite failures over the next few years.  Downside
rating risk could also materialize if the group's financial policy
were to become more aggressive, in particular through major
acquisitions and/or excessive shareholder distributions resulting
in permanently higher-than-expected adjusted leverage.

Rating upside may, in the future, stem from continued solid
operating performance, coupled with material improvements in free
cash and discretionary cash flow generation, as well as
expectations of a permanent improvement in credit measures.
Continuation of a prudent financial policy would also be an
important factor.


OLYMPIA: Declares Insolvency; Seeks Judicial Administration
-----------------------------------------------------------
Stuart Todd at just-style reports that Olympia has declared itself
insolvent and is seeking to be placed under judicial
administration.

The report recalls in May in this year the French sock
manufacturer lost a judicial appeal on a EUR2.5 million (US$3.74
million) compensation package to 47 workers made redundant in
2006.


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


CLAUS-PETER OFFEN: Withdraws Application for State Funding
----------------------------------------------------------
Robert Wright at The Financial Times reports that Claus-Peter
Offen has withdrawn its application for state support.

The FT relates Claus-Peter Offen previously told Lloyd's List, the
shipping daily, it was no longer planning to rely on state funding
to finance its order book.

According to the FT, Claus-Peter Offen told the newspaper, "The
realization of government funding seemed unlikely right from the
outset, due to the large volume of the application."

The FT notes Claus-Peter Offen, like many other container ship
owners, is struggling to raise money for its ship orders because
investors in KG funds are no longer willing to provide cash
following a series of insolvencies among funds.

Based in Hamburg, Germany, Claus-Peter-Offen --
http://www.offenship.de/eng/index.php-- is one of the world's
largest suppliers of modern container ship tonnage.


GENERAL MOTORS: Expected to Outline Opel Strategy This Week
-----------------------------------------------------------
John Reed, Nikki Tait and Daniel Schafer at The Financial Times
report that European government officials said they expected
General Motors Co. to outline a strategy for its Opel unit within
days, and made plans to discuss the restructuring in depth in the
first week of December.

According to the FT, Kris Peeters, premier of Belgium's Flanders
region, where GM's Antwerp plant is located, said he expected the
U.S. carmaker to present its plan for its European arm by the end
of this week.

The FT discloses after a meeting organized by the European
Commission, European Union industry ministers said they had
"agreed to continue the political discussion" about Opel in the
context of the bloc's competitiveness council, which is due to
meet on December 3 and 4.

The FT relates Neelie Kroes, the EU's industry commissioner, said
at Monday's meeting that the European state aid rules needed to be
respected in any Opel restructuring, and that financial support by
any member state should be based strictly on objective and
economic criteria.

Peppi Kiviniemi, Adam Cohen and Matthew Dalton at the Wall Street
Journal report that European Union governments agreed Monday to
hold off striking individual deals with GM for aid to its Opel
unit, and instead to coordinate their spending plans.

As reported by the Troubled Company Reporter-Europe on Nov. 19,
2009, GM said it planned to cut capacity by 20% to 25% and
headcount by 9,000 to 10,000 at its European brands Opel and
Vauxhall.  The FT disclosed GM is seeking EUR3.3 billion (US$4.9
billion) to restructure Opel and invest in new products.

                       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)


GENERAL MOTORS: To Keep Two Opel Plants; Repays German Bridge Loan
------------------------------------------------------------------
Daniel Schafer, John Reed and Jean Eaglesham at the Financial
Times report that General Motors Co. on Tuesday gave assurances
over the future of two of the four German Opel plants.

The FT relates after meeting regional politicians, Nick Reilly,
interim head of GM's European Opel and Vauxhall operations,
pledged that GM would maintain the Bochum plant and the
Kaiserslautern transmission plant.

"Bochum remains an important site for us, in the future as well,"
the FT quoted Mr. Reilly as saying on Tuesday.

Bochum, Opel's second largest plant in Germany with 4,800
employees, has long been seen as vulnerable, the FT notes.  Before
GM's transit through bankruptcy, talk within the company had
focused on the possible closure of plants in Antwerp, Bochum and
Eisenach, the FT recalls.

                            Bridge Loan

According to the FT, Angela Merkel, the German chancellor, said on
Tuesday that GM had paid back the remainder of a EUR1.5 billion
(US$2.2 billion) bridge loan which had been granted to keep Opel
afloat after GM filed for insolvency this summer.  The FT says in
exchange for the loan, a German trust had been created that held a
65% stake in Opel. The trust will now be dissolved and the stake
will be given back to GM, the FT states.

                           Opel/Vauxhall

The FT discloses Lord Mandelson, Britain's business secretary, on
Tuesday expressed his government's willingness to provide
financial support for Opel/Vauxhall, but declined to give an
amount, saying that the UK had not been asked yet.

                           Restructuring

As reported by the Troubled Company Reporter-Europe on Nov. 19,
2009, GM said it planned to cut capacity by 20% to 25% and
headcount by 9,000 to 10,000 at its European brands Opel and
Vauxhall.  The FT disclosed GM is seeking EUR3.3 billion (US$4.9
billion) to restructure Opel and invest in new products.

Chris Reiter and Brian Parkin at Bloomberg News Opel spokesman
Ulrich Weber said GM plans to present a restructuring plan to
representatives of Opel's 50,000 European workers today, Nov. 25,
at its headquarters in Ruesselsheim, Germany.

Separately, Bloomberg, citing former Continental AG Chief
Executive Officer Manfred Wennemer, reports European government
efforts to prop up Opelare likely to hurt the region's better
performing carmakers.

Bloomberg relates Mr. Wennemer said proposed aid for Opel will
backfire by postponing closures of outdated factories and saddling
rivals including Volkswagen AG and PSA Peugeot Citroen with
uncompetitive costs.

"Whatever restructuring they don't do at Opel today, the others
have to do it," Bloomberg quoted Mr. Wennemer, as saying in an
interview.  "So what we do is weaken the VWs, the Fords, the
Peugeots. They all have to reduce capacity.  They all have to pay
for restructuring."

                       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)


PETER DOEHLE: Withdraws Application for State Aid
-------------------------------------------------
Robert Wright at The Financial Times reports that Jochen Doehle,
president of Peter Doehle Schiffsfahrt, said it had withdrawn its
application for state support last week.

Mr. Doehle told the FT it had withdrawn its application after
receiving "numerous questions" from officials scrutinizing the
request.

"We've simply said: 'We leave it and we wait until the overall
political situation can clarify whether help for shipping is
granted or not'," the FT quoted Mr. Doehle as saying.

The FT recalls Peter Doehle confirmed last month that it was
seeking help from the German government's Deutschlandsfonds, for
companies hit by the economic crisis, to finance its orders for
new ships.  Peter Doehle, as cited by the FT, said the company had
sought state help with funding 20 to 30% of the debt financing for
seven of the 14 container ships it had on order.

Peter Doehle Schiffahrts-KG is the world's fifth-largest
specialist container shipowner.


WESTLB AG: To Receive EUR4 Billion Aid From German Government
-------------------------------------------------------------
Tony Czuczka and Jann Bettinga at Bloomberg News report that
WestLB AG will receive as much as EUR4 billion (US$6 billion) from
the German government and shift a third of its assets into a so-
called bad bank.

Citing two government officials, Bloomberg says the bank will
transfer about EUR85 billion of assets into a new unit, where they
will be run down or sold, with Germany injecting capital into the
remaining entity.  According to Bloomberg, the officials said the
shareholders may face losses of as much as EUR17.5 billion on the
assets that will be shifted into the separate unit.

The agreement ends weeks of negotiations between the government
and WestLB's owners, including two regional savings bank groups
and the state of North Rhine-Westphalia, Bloomberg notes.

Bloomberg recalls WestLB's shareholders had already approved
guarantees of as much as EUR9 billion to cover potential losses
from risky securities.

                           About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 17,
2009, Fitch Ratings affirmed WestLB AG's individual rating at 'E'.
Short-term IDR of WestLB was placed on RWN as well as the Support
Rating Floor of the bank.


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


ALLIED IRISH: Moody's Corrects Rating on Junior Tranche to 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has corrected the rating of the junior
subordinated tranche of Allied Irish Banks plc's US$15 billion US
MTN program to Ba3 (negative outlook) from Baa3 (stable outlook).

The other junior subordinated obligations of Allied Irish Banks
plc were downgraded to Ba3 (negative outlook) from Baa3 (stable
outlook) on September 9, 2009.  This programme tranche should also
be rated Ba3 in line with the other junior subordinated
instruments of the bank, and Moody's has now corrected this
rating.

The last rating action on AIB was on September 9, 2009 when the
bank's junior subordinated debt was downgraded to Ba3 (negative
outlook) from Baa3 (stable outlook).

Based in Dublin, Ireland, Allied Irish Banks plc reported total
assets of EUR 179,540 billion as of 30 June 2009.


SMURFIT KAPPA: Fitch Assigns 'BB+' Rating on Senior Secured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Smurfit Kappa Acquisitions' EUR1.0
billion guaranteed senior secured notes a final 'BB+' rating.

The assignment of the final rating follows the completion of the
issue and the receipt of final documentation conforming to
information already reviewed.  The final rating is in line with
the expected rating assigned on 11 November 2009.

The proposed issuance of EUR500 million was increased to EUR1.0
billion.  The notes, which were offered in a private placement,
have been issued in two series: EUR500m of 7.250% due in 2017 and
EUR500 million of 7.750% notes due in 2019.

The net proceeds from the offering will be used to partially repay
SKA's term loans under the senior secured facilities.  As of 30
September 2009, SKG's gross debt amounted to EUR3.7 billion, of
which EUR2.8 billion represented outstanding amounts under the
senior secured term loans.

The transaction has no material impact on Smurfit Kappa Group
plc's ('BB'/Stable) consolidated debt levels, but improves its
debt maturity profile and reduces the refinancing risk associated
with the term loans.


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


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

         Micro District Jetysu-4, 25/27
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on June 4, 2009, after
finding it insolvent.

The Court is located at:

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


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

         Abai Ave. 44-20
         Astana
         Kazakhstan


CONTINENT LLP: Creditors Must File Claims by December 2
-------------------------------------------------------
LLP Euro Asian Trade-Industrial Company Continent is currently
undergoing liquidation.  Creditors have until December 2, 2009, to
submit proofs of claim to:

         Pavlov Str. 34
         Pavlodar
         Kazakhstan


ENERGO-AA-07: Creditors Must File Claims by December 2
-----------------------------------------------------
Creditors of LLP Energo-AA-07 have until December 2, 2009, to
submit proofs of claim to:

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

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


ENERGO-UG-1: Creditors Must File Claims by December 2
-----------------------------------------------------
Creditors of LLP Energo-Ug-1 have until December 2, 2009, to
submit proofs of claim to:

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

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


KAZ STANDART: Creditors Must File Claims by December 2
------------------------------------------------------
LLP Kaz Standard Pharm is currently undergoing liquidation.
Creditors have until December 2, 2009, to submit proofs of claim
to:

         Jubanovyh Str. 271-35
         Aktobe
         Kazakhstan


NSHS-TRADING: Creditors Must File Claims by December 2
------------------------------------------------------
Creditors of LLP Nshs-Trading 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
September 1, 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


TRANS KAZ: Creditors Must File Claims by December 2
---------------------------------------------------
LLP Trans Kaz Com Invest is currently undergoing liquidation.
Creditors have until December 2, 2009, to submit proofs of claim
to:

         Molodejnaya Str. 2a
         Almaty
         Kazakhstan


TRUCK-SERVICE: Creditors Must File Claims by December 2
-------------------------------------------------------
Creditors of LLP Truck-Service have until December 2, 2009, to
submit proofs of claim to:

         Micro District Jetysu-4, 25/27
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on September 7, 2009,
after finding it insolvent.

The Court is located at:

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


TURGYN UI: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of LLP Turgyn Ui 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
September 1, 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


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


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

         Moskovskaya Str. 121
         Bishkek
         Kyrgyzstan


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

         Frunze Str. 132/34
         Sokuluk
         Chui
         Kyrgyzstan
         Tel: (+996 3134) 4-22-49


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


ABSOLUT BANK: Moody's Cuts Bank Financial Strength Rating to 'E+'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Absolut Bank to E+ from D-, its long-term
global local and foreign currency debt and deposit ratings to Ba3
from Baa3 and its short-term local and foreign currency deposit
ratings to Not Prime from Prime-3.  Absolut Bank's BFSR of E+ and
short-term deposit rating of Not Prime carry a stable outlook,
while long-term debt and deposit ratings of Ba3 carry a negative
outlook.  Concurrently, Moody's Interfax Rating Agency downgraded
Absolut Bank's long-term national scale deposit rating to Aa3.ru
from Aaa.ru.

The downgrade of Absolut Bank's BFSR reflects Moody's concerns
with regard to the actual deterioration in the bank's asset
quality coupled with its modest capitalization levels and weakened
internal capital generation capacity.  The lowering of the deposit
and debt ratings additionally reflects a change in Moody's
assessment of the probability of support from the bank's parent,
KBC Bank N.V. (rated Aa3/C+, negative outlook), following its
recent announcement indicating a shift in its strategy towards
Absolut Bank.

Moody's notes the historically high concentration in the bank's
corporate loan book, where the top 20 credit exposures together
accounted for close to 150% of its Tier 1 capital at the end of
2008, while its aggregate exposure to the risky real estate and
construction sectors amounted to 17% of the total loan portfolio
and 140% of Tier 1 capital at the same date.  Absolut Bank's
reported problem loans (individually defined as impaired and
overdue) represented 5.8% of the loan portfolio, while the loan
loss reserves accounted for just 2.9% at the end of 2008, which,
in Moody's opinion, is a low level of coverage.

The rating agency also observes that the bank's loan book has
deteriorated rapidly in recent months with the non-performing loan
ratio moving into double digits by 1 October 2009 -- close to
anticipated stress-test scenario run by the rating agency.
Moody's believes this negative trend will continue into 2010 and
thus expects the bank's profitability and capital adequacy to come
under further pressure.

Absolut Bank'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 15.4% and 11.2%, respectively, at the end
of 2008.  Moody's expects the increasing loan loss provisioning
charges to continue to adversely affect Absolut Bank's internal
capital generation capacity via the erosion of its operating
profits and to ultimately weigh further on the bank's capital,
while the capital injections from its controlling shareholder KBC
Bank N.V.  have become less certain.  This follows the recently
announced change in the parent's strategy, whereby KBC group has
ceased to consider Russia as a core market for its business and
instead will be focusing on EU markets.

In light of the reduced strategic fit between Absolut Bank and KBC
Bank N.V., Moody's has changed its assumption of the probability
of parental support in case of distress from high to low.  The
reduced support assumption provides a one-notch uplift to Absolut
Bank's deposit and debt ratings to Ba3 from the bank's Baseline
Credit Assessment of B1, in accordance with Moody's Joint-Default
Analysis methodology.  Although KBC has not indicated any plans to
start a divestment process soon, Moody's current support
assumptions could come under pressure if the rating agency
witnesses signs of a lessened readiness to support Absolut Bank's
liquidity profile and capital adequacy.

Moody's previous rating action on Absolut Bank was on 3 July 2009
when the outlook on the bank's BFSR was changed to negative from
stable.

Headquartered in Moscow, Russia, Absolut Bank reported total IFRS
assets of US$5.9 billion at 31 December 2008 and net income of
US$14 million for the full year.


AK BARS: Fitch Affirms Individual Rating at 'D/E'
-------------------------------------------------
Fitch Ratings has affirmed AK BARS Bank's Long-term Issuer Default
rating at 'BB' with Stable Outlook.

The affirmation of the ratings follows the recent RUB9 billion
capital injection by entities controlled by the government of the
Republic of Tatarstan ('BBB-'/Outlook Stable) and an increase in
non-equity funding from government-related entities, demonstrating
both capital and liquidity support from the republic.  In Fitch's
opinion, RT has a strong propensity to support Ak Bars in light of
the government's control of the bank, the longstanding close
relationship between the government and Ak Bars, the servicing by
Ak Bars of RT accounts, the bank's extensive retail franchise in
the republic (1.4 million individual depositors) and its overall
importance to RT's banking system (41% of assets at end-Q309).
Support may also be forthcoming indirectly, from government-
related enterprises.

At the same time, RT's ability to provide support may be
constrained by the relative size of the local budget (the annual
budget is equal to about half of the balance sheet of the bank)
and RT's limited liquidity relative to the size of the bank, while
existing budgetary procedures may impact the timeliness of
support.  Fitch also notes relatively loose corporate governance,
which is reflected in the bank's directed and related-party
lending.  Indirect ownership through affiliated entities
complicates a full assessment of the relationship between the RT
government and Ak Bars, which could be a significant risk factor
in case of changes in the republic's top leadership.  The ability
of local corporates and government-related entities to provide
timely support to the bank may also be constrained (their ratings
are either in line with or lower than Ak Bars).  As a result,
Fitch maintains a two-notch differential between the LT rating of
RT and Ak Bars.

Future movements in Ak Bars' Long-term IDR are likely to be driven
by changes of RT's Long-term IDR or changes in Fitch's view on the
RT's propensity or ability to provide support.

The Individual Rating reflects deteriorated asset quality,
relatively high exposure to the local construction/development
sector and relatively tight liquidity.  At end-H109, loans that
are more than 90 days overdue accounted for 3.2% of gross lending;
and reported loans with extended maturities represented another 7%
(impaired loans under IFRS accounted for 6.7%).  Reported exposure
to the construction sector was a significant 13.4% at end-2008,
and the bank finances sizable development projects in the republic
as the largest creditor.  Highly liquid assets, including cash,
net interbank placements and unpledged securities that are
eligible for refinancing with the CBR, amounted to a moderate 12%
of customer balances at end-October 2009.  However, an unsecured
funding line from the CBR is currently unutilized.

The Individual Rating also factors in Ak Bars' large franchise in
the republic, strengthened loss absorption capacity after the
capital increase (the bank could accumulate impairment reserves
equal to 15% of end-Q309 loans without breaching minimum capital
requirements) and moderate wholesale refinancing risk: foreign and
local bonds represented 9.1% and 4.3% of liabilities,
respectively, at end-H109.

Ak Bars is the largest bank in the republic by assets and was the
16th largest bank in Russia at end-Q309.  The RT controls 96% of
the bank's shares according to end-H109 financial statements
reviewed by auditors.

The rating actions are:

  -- Long-term IDR: affirmed at 'BB'; Outlook Stable

  -- Short-term IDR: affirmed at 'B'

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

  -- Support Rating: affirmed at '3'

  -- National Long-term Rating: affirmed at 'AA-(rus)'; Outlook
     Stable.


CHISTOPOLSKIY MEAT: Creditors Must File Claims by December 2
------------------------------------------------------------
Creditors of OJSC Chistopolskiy Meat-Processing Plant (TIN
1652000044, PSRN 1021607552691) have until December 2, 2009, to
submit proofs of claims to:

         Yu.Stakheev
         Insolvency Manager
         Post User Box 75
         Pushkina Str. 133
         Chistopol
         422989 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?65–5239/2009-SG4–40.

The Debtor can be reached at:

         OJSC Chistopolskiy Meat-Processing Plant
         Zagorodnay Str. 49
         Chistopol
         422981 Tatarstan
         Russia


DELANCE LTD: S&P Raises Corporate Credit Rating to 'CCC+'
---------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Delance Ltd., holding company of
Russian car retailer Rolf Group to 'CCC+' from 'SD'.  The outlook
is negative.

At the same time, S&P withdrew the 'D' issue rating on the US$250
million senior unsecured notes issued by Colgrade Ltd., a finance
vehicle of Delance Ltd.

In addition, S&P assigned a 'CCC' issue rating to the US$150
million of new 13% senior unsecured notes due June 2011, issued by
Colgrade.  The recovery rating on these notes is '5', indicating
S&P's expectation of modest (10%-30%) recovery in the event of a
payment default.

The rating action follows the completion of a distressed debt
exchange of Colgrade's debt, and reflects S&P's assessment of the
group's credit quality post this transaction.  The rating is
restricted by S&P's view of Delance's "highly leveraged" financial
risk profile according to S&P's criteria, reflecting a still very
high debt level coupled with weak liquidity.

"We consider it likely that the group's liquidity will remain
constrained by its demanding debt maturity profile, under which
most maturities fall due in mid 2011," said Standard & Poor's
credit analyst Anna Stegert.  "We also expect that debt leverage
could remain high given S&P's view that the group's EBITDA and
free cash flow generation will be constrained by weak industry
conditions in the Russian car market."

Although S&P believes Russian car sales are unlikely to drop
significantly from the currently low level, and that sales could
rather recover by about 15% in 2010, S&P considers that medium- to
long-term demand is likely to be constrained by low consumer
confidence and rising unemployment in Russia.  Further, S&P
believes that Delance's competitive position will be impaired by
disadvantages resulting from import tariffs on foreign branded
cars, and by a still relatively weak ruble, despite the recent
strengthening, which makes imported cars much more expensive than
domestically manufactured cars.

"The negative outlook reflects the risk, in S&P's view, that
Rolf's ability to deleverage by significantly improving its
operating profitability and cash flow will be impaired by
persistent weak demand in the Russian car market and by the high
interest cost on its debt," said Ms. Stegert.  In S&P's view, the
group's ability to refinance its maturities in 2011 would probably
be supported by a meaningful recovery of demand for imported cars
in the Russian market, but visibility on the timing and magnitude
of a potential recovery is currently relatively low.


EAST-WIND: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of LLC East-Wind Air Carrier (TIN 65001119569) have
until December 2, 2009, to submit proofs of claims to:

         O.Telkov
         Insolvency Manager
         Ladozhskaya Str. 27-100
         680007 Khabarovsk
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?59–530/2009.


GARANTIYA-STROY: Creditors Must File Claims by December 2
---------------------------------------------------------
Creditors of LLC Garantiya Stroy-Invest (TIN 5260171085, PSRN
1065260097418) have until December 2, 2009, to submit proofs of
claims to:

         V. Torgasheva
         Temporary Insolvency Manager
         Pobedy Blvd 17B
         Dzerzhinsk
         606025 Nizhegorodskaya
         Russia

The Arbitration Court of Saint-Petersburg commenced bankruptcy
supervision procedure.  The case is docketed under Case No. ?56–
10732/2009.

The Debtor can be reached at:

         LLC Garantiya Stroy-Invest
         Kondratyevskiy prospect 64
         195197 Saint-Petersburg
         Russia


GITA LLC: Creditors Must File Claims by December 2
--------------------------------------------------
Creditors of LLC Gita (Construction) have until December 2, 2009,
to submit proofs of claims to:

         Yu.Kushchenko
         Insolvency Manager
         Post User Box 9271
         644029 Omsk
         Russia

The Arbitration Court of Omskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?46–16503/2009.

The Debtor can be reached at:

         LLC Gita
         Osoaviakhimovskaya Str. 219
         Omsk
         Russia


KORENOVSKIY SOYBEAN: Creditors Must File Claims by December 2
-------------------------------------------------------------
Creditors of CJSC Korenovskiy Soybean Products and Baby Food
Factory (TIN 2335009915, PSRN 1022304010189)   have until
December 2, 2009, to submit proofs of claims to:

         A. Zaytsev
         Insolvency Manager
         Post user Box 2897
         350004 Krasnodar
         Russia

The Arbitration Court of Krasnodarskiy will convene at 2:00 p.m.
on March 15, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?-32–4419/2009–37/119B.

The Debtor can be reached at:

          CJSC Korenovskiy Soybean Products and Baby Food Factory
          Frunze Str. 184
          353182 Korenovsk
          Russia


KOVINSKAYA FORESTRY: Creditors Must File Claims by December 2
-------------------------------------------------------------
Creditors of LLC Kovinskaya Forestry (TIN 2420069915, PSRN
1052420015867)have until December 2, 2009, to submit proofs of
claims to:

         G. Dmitriev
         Insolvency Manager
         Kirova Str. 124-42
         614000 Perm
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?33–5107/2009.

The Court is located at:

         The Arbitration Court of Krasnoyarskiy
         Prospect Mira 63
         660049 Krasnoyarsk
         Russia

The Debtor can be reached at:

         LLC Kovinskaya Forestry
         Parizhskoy Kommunny Str. 25A
         660049 Krasnoyarsk
         Russia


MDM BANK: Moody's Assigns 'Ba2' Long-Term Currency Debt Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 long-term local
currency debt rating to the local currency-denominated exchange-
traded bond program of MDM Bank (Russia).  Concurrently, Moody's
Interfax Rating Agency assigned a long-term national scale rating
of Aa2.ru to this program.  The outlook on the global scale
programme rating is negative, while the national scale rating
carries no specific outlook.

Given that the notes issued under the program will represent a
senior unsecured claim on the issuer, the assigned Ba2/Aa2.ru debt
ratings are in line with MDM Bank's Ba2 global scale deposit
ratings and Aa2.ru issuer NSR.

The total volume of MDM Bank's program rated by Moody's is
RUB15 billion (approximately US$0.5 billion) and this incorporates
three note issues in the amount of RUB5 billion each with maximum
maturity of three years and semi-annual coupon payments.  Moody's
notes that these bond issues may feature put and/or call options.

Exchange-traded bonds may only be traded through a relevant stock
exchange, which in the case of MDM Bank's exchange-traded bond
program is the MICEX Stock Exchange.  The obligations of MDM Bank
to make payments under the notes will rank -- at all times -- at
least pari-passu with the claims of all other unsecured and
unsubordinated creditors of the bank, except for those claims that
are preferred by any relevant law.

The ratings of the program do not immediately apply to any
individual notes issued under the program.  The assignment of any
such ratings will be subject to Moody's satisfactory review of the
terms and conditions set forth in the final prospectuses,
supplements or offering memorandums of the notes to be issued.

Furthermore, Moody's does not intend to assign the program rating
to any individual notes issued under the program that have
features that are linked either to the performance of another
obligor (credit-linked notes) or to notes for which payment of
principal and/or interest is variable and contractually dependent
on the occurrence of a non-credit-linked event or the performance
of an index (non-credit-linked notes).  A potential exception
relates to notes whose principal and coupon payments are affected
by standard sources of variation (see Moody's Special Comment,
"Moody's Update on Rating Debt Obligations with Variable
Promises," June 2009).

Moody's previous rating action on MDM Bank was on 10 August 2009
when the rating agency upgraded the bank's ratings to Ba2/D/NP
following the merger of MDM Bank and URSA Bank.

Headquartered in the city of Novosibirsk, the Russian Federation,
the merged MDM reported, at end-H1 2009, combined consolidated
assets of RUB414.9 billion (US$13.3 billion) and combined
shareholders' equity of RUB57.0 billion (US$1.8 billion).


MONOLIT-STROY: Creditors Must File Claims by December 2
-------------------------------------------------------
Creditors of CJSC Monolit-Stroy (TIN 1835063612, PSRN
1051802203870) (Construction) have until December 2, 2009, to
submit proofs of claims to:

         M. Luchikhin
         Insolvency Manager
         50 let Oktyabrya Str. 2
         Izhevsk
         426034 Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?71–2828/2009.

The Debtor can be reached at:

         CJSC Monolit-Stroy
         Salyutovskaya Str.9
         Izhevsk
         426000 Udmurtia
         Russia


NATIONAL BANK: Fitch Puts 'D/E' Individual Rating on Neg. Watch
---------------------------------------------------------------
Fitch Ratings has placed Russia-based National Bank TRUST's
ratings on Rating Watch Negative, including its Long-term Issuer
Default Rating of 'B-'.

The RWN reflects heightened credit risks and/or a lack of
transparency in respect to some of the bank's assets, as well as
concerns about weaker performance and the sustainability of recent
developments of the bank's business model.  It also reflects
continued uncertainty relating to the settlement of the bank's
indebtedness to OJSC OC Rosneft (rated 'BBB-'/Negative).

During H109, NBT increased its exposure to the troubled real
estate/construction sector to an estimated 30% of the loan book.
This included a small number of large, long-term facilities, with
the biggest relating to commercial real estate projects in Moscow.
Other loans in the bank's larger corporate segment, relating
mainly to acquisition finance and securities investments, were
also long-term in nature and comprised a further 19% of the
portfolio.  In addition, some of NBT's inter-bank exposures,
representing an amount equal to 14% of the reported loan book, are
not transparent and Fitch believes they may represent an
additional source of considerable credit risk.  Fitch has not been
able to exclude the possibility that NBT's related party exposures
may be significantly higher than the reported 0.2% of the loan
book at end-H109 due to the lack of transparency and the nature of
the bank's relationships with some of the largest borrowers.

Reported NPLs (loans overdue by more than 90 days) stood at 9.4%
of the loan portfolio at end-Q309, mainly driven by the retail
book.  Loan write-offs during 9M09 represented a further 7.0% of
gross average loans, although restructuring was moderate.  In
addition, loan impairment levels should be considered in light of
the long tenors and bullet repayment structures of most of the
largest corporate exposures.  The reported regulatory capital
ratio was 20.8% at end-October, 2009, but should also be viewed
against the level of credit risk.

Retail deposits almost doubled between end-Q109 and mid-November,
2009, when they represented 36% of total liabilities, driven by
increased marketing.  However, the sustainability of this newly
acquired client base has yet to be tested, whilst the high deposit
rates offered, combined with the use of expensive and unsecured
Central Bank of Russia funding, caused a sharp contraction in the
interest margin in H109.  Without accrued (but not received)
interest income, net interest revenues would have been negligible
in this period.

CBR funding increased to a high 27% of liabilities at mid-November
2009, although around 70% of this represented short-term,
collateralized (repo) transactions.  This follows the bank's
significant increase in securities investments in Q309, of which
over 65% could be considered as eligible for refinancing with the
CBR.  Highly liquid assets -- defined as cash and equivalents and
unpledged securities eligible for CBR repo -- represented 9% of
assets or 20% of client accounts at mid-November 2009, while the
unutilized CBR unsecured limit was equal to another 13% of client
accounts.  However, Fitch notes that in light of NBT's active
treasury operations, the liquidity position could change quickly,
and the agency also has underlying concerns about liquidity
management due to increasing funding of long-term credit exposures
with recently acquired retail deposits.  NBT repaid a US$150
million eurobond in October 2009, and has a further US$200 million
eurobond (albeit largely repurchased) to redeem in May, 2010.

Uncertainty remains regarding the settlement of the bank's
outstanding indebtedness (RUB1.6 billion) to the Rosneft oil
company, which could potentially pressure NBT's liquidity or
capital position.

The resolution of the RWN could result in a rating downgrade if
transparency does not improve for some credit exposures, the bank
continues to use newly acquired retail deposits to finance long-
term credit exposures and core operating performance continues to
deteriorate.  The ratings could be affirmed if transparency,
asset/liability imbalances and performance improve.

The ratings actions are:

  -- Long-term IDR: 'B-'; placed on Rating Watch Negative

  -- Senior unsecured debt rating: 'B-'; placed on RWN; Recovery
     Rating at 'RR4'

  -- Short-term IDR: 'B'; placed on RWN

  -- Individual Rating: 'D/E'; placed on RWN

  -- Support Rating: affirmed at '5'

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


PRIMORSKAYA CONSTRUCTION: Creditors Must File Claims by December 2
------------------------------------------------------------------
Creditors of LLC Primorskaya Construction Company (TIN 2524006074)
have until December 2, 2009, to submit proofs of claims to:

         S. Osipov
         Insolvency Manager
         Post User Box 60
         690014 Vladivostok
         Russia

The Arbitration Court of Primorskiy will convene on February 25,
2010, to hear bankruptcy proceedings.  The case is docketed under
Case No. ?51–13696/2008 45–222B.

The Debtor can be reached at:

          LLC Primorskaya Construction Company
          60 let SSSR Str. 10
          Vladimiro-Aleksandrovskoe
          Partizanskiy
          692960 Primorskiy
          Russia


SEVER-PROM: Creditors Must File Claims by December 2
----------------------------------------------------
Creditors of LLC Sever-Prom-Les (TIN 3518004659, PSRN
1023501489681) (Lumbering) have until December 2, 2009, to submit
proofs of claims to:

         L. Likhanova
         Insolvency Manager
         Post User Box 1736
         167011 Syktyvkar
         Komi
         Russia

The Arbitration Court of Vologogskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?13–5715/2009.

The Debtor can be reached at:

         LLC Sever-Prom-Les
         Lenina Str. 62
         Totma
         Vologodskiy
         Russia


TEMIRBANK AO: Fitch Downgrades Issuer Default Rating to 'RD'
------------------------------------------------------------
Fitch Ratings has downgraded Kazakhstan-based Temirbank's Long-
term Issuer Default Rating to 'RD' (Restricted Default) from 'CC',
thereby resolving the Rating Watch Negative on the rating.

The downgrade follows Temir's announcement that it has decided to
cease interest, including default interest, and principal payments
on wholesale financial obligations until it agrees and implements
a restructuring of these obligations.  The restructuring plan is
to involve the restructuring of Temir's international bond
guarantees and domestic bonds, certain trade finance-related
transactions and certain related-party obligations.  The bank's
IDRs will remain on 'RD' until Temir has completed the expected
restructuring of its outstanding debt and, in Fitch's opinion, is
able to comply with new terms negotiated with its creditors.

The rating actions affecting the bank are:

  -- Long-term IDR: downgraded to 'RD' from 'CC'; removed from RWN

  -- Senior unsecured debt: downgraded to 'C' from 'CC'; Recovery
     Rating at 'RR4'

  -- Short-term IDR: downgraded to 'RD' from 'C'; removed from RWN

  -- Individual Rating: downgraded to 'F' from 'E;

  -- Support Rating: affirmed at '5'

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

Temir was the eighth-largest bank in Kazakhstan at end-2008 and
held a 2.5% share of the system's assets.  The bank is
predominantly retail-oriented on the asset side, and wholesale-
funded on the liability side.  BTA directly owns a 69.85% stake


VELSK-STROY: Creditors Must File Claims by December 2
-----------------------------------------------------
Creditors of LLC Velsk-Stroy (TIN 2907012234, PSRN 1072907000363)
(Construction) have until December 2, 2009, to submit proofs of
claims to:

         Yu.Zakharchuk
         Insolvency Manager
         Section 7
         Novgorodskiy prospect 87
         163000 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?05–13717/2008.


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


PROCREDIT BANK: Fitch Affirms Individual Rating at 'D/E'
--------------------------------------------------------
Fitch Ratings has affirmed ProCredit Bank's (Serbia) Long-term
foreign currency Issuer Default Ratings at 'BB-' and its Long-term
local currency IDR at 'BB'.  The agency has also affirmed PCBS's
Short-term foreign and local currency IDRs at 'B', Individual
Rating at 'D/E' and Support Rating at '3'.  The Outlooks on the
Long-term IDRs are Negative.

The IDRs and Support Rating reflect Fitch's view of the potential
support that would be forthcoming from the bank's 83%-owner,
ProCredit Holding AG (rated 'BBB-'/Outlook Stable), in case of
need.  PCH's IDRs and Support Rating in turn reflect Fitch's view
of the high potential support available from its owners, and in
particular from a group of international financial institutions
which are key voting shareholders.  However, the potential support
and PCBS's ratings are constrained by potential country risk which
is captured in Serbia's Country Ceiling of 'BB-'.  Any change in
Serbia's Country Ceiling could thus have implications for PCBS's
IDRs and Support Rating.

PCBS's Individual Rating reflects the significant pressure on the
bank's performance from high loan impairment charges and slowing
revenue growth due to reduced business volumes.  It also reflects
the high proportion of EUR-indexed loans and the pressure on asset
quality from a challenging operating environment.  However, the
rating also reflects that PCBS's asset quality ratios have, to
date, held up better than for the banking sector as a whole.  It
also captures the bank's diversified local funding base, although
the latter has suffered from the significant sector wide outflows
experienced in Q408, and adequate capital ratios supported by
conservative regulatory requirements.

Credit risk represents the bank's largest source of risk.  Whilst
asset quality ratios worsened in 9M09 (loans past due 90 days:
2.2%), they deteriorated from a low base (end-2008:1%).  Coverage
ratios remain strong and write-offs low.  As is typical of the
banking sector as a whole in Serbia, the high proportion of EUR-
indexed loans could pressure asset quality in the event of a
prolonged depreciation of the local currency, the Serbian Dinar.

PCBS had a market share of about 4% of banking sector assets in
Serbia at end-H109.  Frankfurt-based PCH was set up as an equity
investment company in 1998 to invest in the global networks of
ProCredit banks (PCH group).  These banks were established by
private and public investors to provide financing for micro and
SME customers.  As of end-H109, the group had total assets of
EUR4.7 billion and consisted of 22 subsidiaries, primarily banks
in central and eastern Europe (11), Latin America (seven) and
Africa (four).


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


TDA EMPRESAS: Moody's Assigns 'B3' Initial Rating on B Notes
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
these notes:

Issuer: TDA Empresas 1, FTA

  -- EUR214.5M A Notes, Provisional Rating Assigned Aaa
  -- EUR60.5M B Notes, Provisional Rating Assigned B3

TDA Empresas 1, Fondo de Titulizacion de Activos, is a
securitisation of standard loans granted mainly to small- and
medium-sized enterprises and originated by Banco Guipuzcoano
(Baa1/P-2).  The portfolio will be also serviced by Banco
Guipuzcoano.

The provisional pool of underlying assets was, as of October 2009,
composed of a portfolio of 2,049 loans and 1,828 borrowers granted
to Spanish enterprises and self-employed individuals.  The loans
have been originated between 2004 and 2009, with a weighted
average seasoning of 1.3 years and a weighted average remaining
life of 4.3 years.  Around 23.4% of the outstanding of the
portfolio is secured by real guarantees of different types,
including 13% of SGR ("Sociedades de Garantía Recíproca").
Geographically, the pool is concentrated in Basque Country
(36.7%), Madrid (21%) and Valencia (9.45%).  At closing, there
will be no loans more than 30 days in arrears (if more than 5% the
reserve fund will increase from 6% to 7%)

According to Moody's, this deal benefits from several credit
strengths, such as a relatively low concentration in the Building
and Real Estate sector for the Spanish market (below 13% in the
provisional pool) and a relatively short weighted average life of
2.65 years which Moody's took into consideration in its portfolio
analysis.  However, Moody's notes that the transaction features a
number of credit weaknesses, including regional concentration in
the Basque Country, certain relatively large obligor
concentrations, large percentage of bullet loans (18%) and no
mortgage guarantees available.  In addition, the structural
weakness of having no swap in place to protect against interest
rate risk was also tested in various quantitative runs, by
assuming various conservative portfolio and note interest mismatch
scenarios possible during the life of the transaction.
Ultimately, these increased risks were reflected in Moody's
analysis and provisional ratings, where several simulations tested
the available credit enhancement and 6% reserve fund to cover
potential shortfalls in interest or principal envisioned in the
transaction structure.

Moody's initially analyzed and will monitor this transaction using
the rating methodology for EMEA SME ABS transactions as described
in the Rating Methodology reports "Refining the ABS SME Approach:
Moody's Probability of Default assumptions in the rating analysis
of granular Small and Mid-sized Enterprise portfolios in EMEA",
March 2009 and "Moody's Approach to Rating Granular SME
Transactions in Europe, Middle East and Africa", June 2007.
Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the pool spread, the cash reserve and the
subordination of the notes; and (iv) the legal and structural
integrity of the transaction.

Moody's assumed a mean default rate of 9.1% with a coefficient of
variation of 47.3% and a fix recovery rate of 30% as the main
input parameters for Moody's cash-flow model ABSROM.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (March 2043).In Moody's opinion,
the structure allows for timely payment of interest and ultimate
payment of principal on Series A and B at par on or before the
rated final legal maturity date.  Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.

  -- Date of previous rating action: no previous rating action
     since initial rating assignment.

Moody's will monitor this transaction on an ongoing basis.


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


GENERAL MOTORS: Koenigsegg Walks Away From Deal to Buy Saab
-----------------------------------------------------------
The Wall Street Journal's John D. Stoll reports that Koenigsegg
Group AB said Tuesday it was backing out of the deal to acquire
General Motors Co.'s Saab brand, citing a series of costly delays
in closing its planned purchase.

The Journal notes the agreement with Koenigsegg, a Swedish maker
of exotic cars, had won financial backing from the Swedish
government, but in the end, taking on Saab proved to be too costly
for a boutique car maker with no high-volume manufacturing
experience.

The New York Times reports that GM said Tuesday its board planned
to determine next week what to do with Saab.  Closing the brand,
as GM initially planned to do if it could not find a buyer, is a
strong possibility, two people with direct knowledge of the
company's plans said, according to NY Times.  The people spoke on
condition of anonymity because the board had not made its
decision.

NY Times says other options for GM are to seek another buyer or
keep Saab, though both those steps are considered less likely.  NY
Times notes that when Penske Automotive terminated its deal to buy
Saturn in September, GM immediately announced that the brand and
its dealerships would close.

The Journal relates that officials of the Swedish government,
currently the only source of financing for a Saab restructuring,
said the future of the operation and its 4,000 workers hinges on
another buyer surfacing.  In an interview Tuesday, Saab Managing
Director Jan-Ake Jonsson said it is "premature" to speculate on
the company's fate, Mr. Stoll relates.

"Mr. Jonsson said he was informed of Koenigsegg's decision late
Monday. Because he had been dealing exclusively with Koenigsegg
and its partner, China's Beijing Automotive Industry Holding Co.,
for the past several months, he said it is impossible to gauge
whether there remains an appetite among other investors for Saab,"
according to Mr. Stoll.

According to the Journal, many industry observers say the
emergence of another buyer for Saab is unlikely amid the car
business' historic downturn.

Mr. Stoll says the surprise collapse of the Saab deal means GM and
its newly formed board of directors are faced with yet another
tough decision on the company's global product portfolio.  In
recent months, the board approved, then ultimately reversed, Chief
Executive Frederick "Fritz" Henderson's plan to sell majority
control of GM's Germany-based Opel unit.  As part of its
downsizing, GM also is phasing out its Pontiac brand, the Journal
notes.

"If GM chooses to keep Saab, it may have to find a way to replace
at least part of the EUR400 million (US$598 million) loan from the
European Investment Bank that the Swedish government guaranteed to
Saab.  Under its terms, Saab needs to find a private investor to
take it over," according to Mr. Stoll.

According to the Journal, with projected sales of fewer than
50,000 vehicles globally this year, Saab represents less than 1%
of GM's total sales.  Revamping its aging vehicle lineup and
retooling its plants could consume billions of dollars.

NY Times said GM paid US$600 million for half of Saab in 1990 and
$125 million for the rest in 2000.  Terms of the deal with
Koenigsegg have not been revealed, but it was contingent on US$600
million of financing from the European Investment Bank and Swedish
government guarantees, NY Times says.

GM, the Journal recalls, purchased half of Saab about 20 years ago
for US$500 million, and picked up the other half a decade later
for under US$200 million.  GM has said Saab recorded only one year
of black ink during that period.

According to NY Times, analysts believe closing Saab would cost GM
considerably less than it is spending to shut down Saturn, and
failing to sell Saab is not expected to affect GM's post-
bankruptcy recovery.

                       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)


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


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

         lic.iur. Jost M. Frigo
         Chamer Fussweg 11
         6300 Zug
         Switzerland

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


ENP ERNERGY: Claims Filing Deadline is December 10
--------------------------------------------------
Creditors of ENP Energy Network Partners AG are requested to file
their proofs of claim by December 10, 2009, to:

         lic. iur.HSG Thomas Schmid
         Ueberlandstrasse 101
         8600 Duebendorf
         Switzerland

The company is currently undergoing liquidation in Freienbach.
The decision about liquidation was accepted at a general meeting
held on August 31, 2009.


FRANZ UND GISELA: Claims Filing Deadline is November 30
-------------------------------------------------------
Creditors of Franz und Gisela Vetter GmbH are requested to file
their proofs of claim by November 30, 2009, to:

         Franz und Gisela Vetter GmbH
         Schachenstrasse 47
         8645 Jona
         Switzerland

The company is currently undergoing liquidation in Rapperswil-
Jona.  The decision about liquidation was accepted at a
shareholders' meeting held on October 9, 2009.


HP CRS: Claims Filing Deadline is December 21
---------------------------------------------
Creditors of HP CRS (Switzerland) GmbH are requested to file their
proofs of claim by December 21, 2009, to:

         Hewlett-Packard International GmbH
         Boorzin Hodiwalla
         Liquidator
         150 Route du Nant D'Avril
         1217 Meyrin 2
         Switzerland

The company is currently undergoing liquidation in Duebendorf.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 4, 2009.


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

         LAN X GmbH
         Seltisbergerstrasse 6
         4059 Basel
         Switzerland

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


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

         Oppidia AG
         Struebistrasse 8
         5600 Ammerswil
         Switzerland

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


SKYACHT SERVICES: Claims Filing Deadline is December 2
------------------------------------------------------
Creditors of Skyacht Services are requested to file their proofs
of claim by December 2, 2009, to:

         Gohl Treuhand
         In der Rehweid 10
         8907 Wettswil
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on June 9, 2009.


SMARTPROCUREMENT GMBH: Claims Filing Deadline is December 4
-----------------------------------------------------------
Creditors of Smartprocurement GmbH are requested to file their
proofs of claim by December 4, 2009, to:

         Guido Rey
         Bollstrasse 16
         5619 Buettikon
         Switzerland

The company is currently undergoing liquidation in Buettikon.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 14, 2009.


STUDBENJ GMBH: Claims Filing Deadline is November 30
----------------------------------------------------
Creditors of Studbenj GmbH are requested to file their proofs of
claim by November 30, 2009, to:

         Studbenj GmbH
         Mythenstrasse 18
         8331 Auslikon
         Switzerland

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


TEXTAKLEEN AG: Claims Filing Deadline is December 21
----------------------------------------------------
Creditors of Textakleen AG are requested to file their proofs of
claim by December 21, 2009, to:

         Dieter Brunner
         Grossmuensterplatz 8
         8001 Zurich
         Switzerland

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


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


DANTRAG LLC: Creditors Must File Claims by November 27
------------------------------------------------------
Creditors of LLC Dantrag (code EDRPOU 36233144) have until
November 27, 2009, to submit proofs of claim to O. Sharmonov, the
company's insolvency manager.

The Economic Court of Odessa commenced bankruptcy proceedings
against the company on October 22, 2009.  The case is docketed
under Case No. 7/269-09-3785.

The Court is located at:

          The Economic Court of Odessa
          Shevchenko Ave. 29
          65032 Odessa
          Ukraine

The Debtor can be reached at:

          LLC Dantrag
          25th Chapayev Division Str. 8
          Odessa
          Ukraine


KOLOS LLC: Creditors Must File Claims by November 27
----------------------------------------------------
Creditors of LLC Kolos (code EDRPOU 03794874) have until
November 27, 2009, to submit proofs of claim to:

          A. Tsivina
          Insolvency Manager
          Office 12
          Yarmarochnaya Str. 70
          Priluki
          17500 Chernigov
          Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company on October 16, 2009.  The case is docketed
under Case No. 9/117-b.

The Court is located at:

          The Economic Court of Chernigov
          Mir Ave. 20
          14000 Chernigov
          Ukraine

The Debtor can be reached at:

          LLC Kolos
          Lenin Str. 39
          Rubanka
          Bakhmak
          16570 Chernigov
          Ukraine


PETROLEUM-SERVICE: Creditors Must File Claims by November 27
------------------------------------------------------------
Creditors of LLC Petroleum-Service (code EDRPOU 25091848) have
until November 27, 2009, to submit proofs of claim to:

The Economic Court of Volin commenced bankruptcy proceedings
against the company on October 7, 2009.  The case is docketed
under Case No. 8/62-b.

The Court is located at:

          The Economic Court of Volin
          Volia Ave. 54-A
          43010 Lutsk
          Ukraine


SANITARYWARE INSTALLATION: Creditors Must File Claims by Nov. 27
----------------------------------------------------------------
Creditors of CJSC Sanitaryware InstallatioN-558 (code EDRPOU
01415542) have until November 27, 2009, to submit proofs of claim
to:

          N. Zhylenko
          Insolvency Manager
          Post Office Box 3304
          69002 Zaporozhye
          Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on October 20, 2009.  The case is docketed
under Case No. 12/287/08.

The Court is located at:

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

The Debtor can be reached at:

          CJSC Sanitaryware InstallatioN-558
          Tambovskaya Str. 1-a
          69037 Zaporozhye
          Ukraine


SORT SEEDS: Creditors Must File Claims by November 27
-----------------------------------------------------
Creditors of Agricultural OJSC Agricultural Firm Sort Seeds and
Vegetables (code EDRPOU 00492061) have until November 27, 2009, to
submit proofs of claim to:

         V. Bolkhovitin
         Insolvency Manager
         Office 416
         Hmelnitsky highway Str. 2
         Vinnitsa
         Ukraine

The Economic Court of Vinnitsa commenced bankruptcy proceedings
against the company on September 22, 2009.  The case is docketed
under Case No. 5/208-08.

The Court is located at:

         The Economic Court of Vinnitsa
         Hmelnitsky Highway 7
         21100 Vinnitsa
         Ukraine

The Debtor can be reached at:

         Agricultural OJSC Agricultural Firm
         Sort Seeds and Vegetables
         Independency Ave. 309
         Mogilev-Podolsky
         Vinnitsa
         Ukraine


ULIANA LLC: Creditors Must File Claims by November 27
----------------------------------------------------
Creditors of LLC Uliana (code EDRPOU 24135957) have until
November 27, 2009, to submit proofs of claim to:

         A. Rodzinsky
         Insolvency Manager
         50 years of USSR Str. 2-A
         Olkhovka
         62431 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on August 19, 2009.  The case is docketed
under Case No. B-39/84-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Uliana
         Elizarov Str. 16
         Kharkov
         Ukraine


UKRZALIZNYTSYA: In Debt Restructuring Talks, Dragon Capital Says
----------------------------------------------------------------
Laura Cochrane at Bloomberg News, citing Dragon Capital, reports
that Ukrzaliznytsya, the Ukrainian state rail company that missed
a principal payment on a syndicated loan this month, is offering
repayment over three years.

According to Bloomberg, Dragon said Monday in a client note the
company is seeking to swap US$440 million of existing debt that
pays 2.5 percentage points more than the London interbank offered
rate for debt paying annual interest at 8.75%.

Bloomberg relates the Kiev-based brokerage, citing "preliminary
information" from sources it didn't identify, wrote the company
will also make principal payments of US$90 million in the first
year, US$150 million in the second and US$200 million in the
third.

"We expect most debt holders to accept the proposed terms,"
Bloomberg quoted Dragon as saying in the note.  "We do not rule
out selling pressure on Ukraine's sovereign Eurobonds will persist
until the restructuring is completed."

Bloomberg recalls Ukraine's acting Finance Minister Ihor Umanskyi
said Nov. 18 that Ukrzaliznytsya debt restructuring talks are
continuing and that the government expects creditor feedback by
Nov. 30.


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


BLACKS LEISURE: Landlords Back CVA Proposal; 4,000 Jobs Secured
---------------------------------------------------------------
Esther Bintliff at The Financial Times reports that Black Leisure
Group plc's landlords, including Land Securities and British Land,
voted on Monday to accept a company voluntary agreement that will
allow the group to jettison 101 loss-making stores and meet the
terms of a restructuring arrangement with Lloyds Banking Group,
its lender.

According to the FT, more than 97% of Blacks' creditors agreed to
the proposal, saving the group from administration and protecting
up to 4,000 jobs at 290 shops.

The FT relates Neil Gillis, chief executive, said he would now
concentrate on revamping tired stores in order to boost sales.

"It's really about refurbing the estate," the FT quoted Mr. Gillis
as saying.  "A quarter of our stores have had no investment for
over 10 years so it's always been a key part of our strategy . . .
We've trialed two new formats that have proven to grow sales.  The
priority now is to roll those formats out."

                        About Blacks Leisure

Headquartered in Northampton, Blacks Leisure Group plc --
http://www.blacksleisure.co.uk/-- is the parent company of its
subsidiaries, which are engaged in the retail and wholesale of
clothing and camping equipment.  The Company comprises two
segments: Outdoor and Boardwear.  Outdoor trades under the fascias
Blacks and Millets.  The trade is from retail stores in the
British  Isles, and the associated direct sale Internet sites.
Boardwear holds the United Kingdom licenses for O'Neill and Mambo
products to trade as a wholesale operation and from retail stores.
The stores retail brands are Peter Storm and Eurohike.  Other
brands sold include Berghaus, North Face, Merrell, Coleman,
Karrimor, Hi-Tec, Columbia and Craghoppers.  The Company's
subsidiaries include Blacks Outdoor Division Ltd, The Outdoor
Group Ltd and Sandcity Ltd.


BORDERS UK: Halts Website Orders; Administration Looms
------------------------------------------------------
James Hall at The Daily Telegraph reports that Borders UK has
stopped taking orders on its Web site, heightening fears that it
could be put into administration later this week.

As reported by the Troubled Company Reporter-Europe on Nov. 24,
2009, the Sunday Times said Borders UK could be put into
administration this week after WHSmith walked away from a rescue
deal on Friday.  According to the Sunday Times, in an attempt to
stave off administration, the high street retailer is holding
talks with groups including HMV, which owns rival Waterstone's and
Edinburgh Woollen Mill.

As reported by the Troubled Company Reporter-Europe on Aug. 10,
2009, the Financial Times said Ernst & Young, auditors of Borders
UK, raised doubts about the ability of the book retailer to
continue as a going concern.  The FT disclosed Ernst & Young said
the company faced a number of uncertainties, including that it
operated in a highly competitive sector, and the sales performance
was difficult to forecast.  Borders UK's pre-tax loss rose from
GBP10.3 million in 2007 to GBP13.6 million in 2008, while turnover
rose slightly from GBP215 million to GBP218.2 million, the FT
said.

Borders UK Ltd. -- http://www.borders.co.uk/-- offers books,
magazines, music, and DVDs through some 40 Borders stores
throughout the UK.


BRADFORD & BINGLEY: Moody's Maintains Rating Reviews on Debt
------------------------------------------------------------
Moody's Investors Service said that it maintains the review for
possible upgrade for Bradford & Bingley's A2 senior unsecured debt
ratings.  These ratings were upgraded and then put on review for
further upgrade on June 08, 2009.  All the other ratings of the
bank which were not on review remain unchanged: the bank's
subordinated, junior subordinated debt and preference shares are
rated C with a stable outlook; and the short term ratings are P-1.
Bradford & Bingley's Bank Financial Strength Rating of D was
withdrawn on September 29 when the bank was nationalized, ceased
to be a deposit taker and no longer engaged in mortgage lending
operations.

Moody's said that the key driver for the upgrade of the senior
unsecured long term and short term ratings of Bradford & Bingley
in June 2009 was the extension of the UK government guarantee
which covers all unsubordinated and unsecured wholesale deposits
and other borrowings until the full approval of the guarantee by
the European Commission.  The guarantee was initially put in place
for six months with the anticipation that the government would
seek state aid approval from the European Commission to extend the
guarantee.

The review for upgrade of the senior long term ratings reflects
Moody's expectation that the European Commission will allow the
guarantee to be fully implemented.  Importantly, if approved by
the Commission, the guarantee arrangements will continue until the
wind-down of Bradford & Bingley is completed.  The focus of the
review will be on the final form and the enforceability of the
approved guarantee.

In this context, Moody's understands that a business plan was
submitted to the European Commission by Bradford & Bingley in
accordance with state aid approval requirements and that the
guarantee arrangements, which were reviewed in March 2009, will
remain in place while the European Commission considers the
Treasury's request.  While the guarantee remains in place, as of
November 19, 2009, the European Commission has still to approve
the final form of the guarantee for B&B's senior debt and as such
Moody's maintains its review for these securities until the
guarantee is approved.

Moody's last rating action on Bradford & Bingely was on June 8,
2009, when the senior long term and short term ratings were
upgraded to A2/P-1, and the long term ratings were put on review
for further upgrade.

Bradford & Bingley is headquartered in Bingley, Yorkshire,
England, and had assets of GBP56 billion as of year-end 2008.


LLOYDS BANKING: To Issue Up to US$13 Bln of Enhanced Capital Notes
------------------------------------------------------------------
John Glover at Bloomberg News reports that Lloyds Banking Group
Plc will issue about US$13 billion of enhanced capital notes, new
bonds designed to boost the bank’s ability to absorb losses.

Bloomberg relates Lloyds said in a statement Monday it is
exchanging some junior debt for GBP6.99 billion (US$11.6 billion)
of ECNs that convert to equity in certain circumstances, plus
GBP1.48 billion of securities that may take the form of ECNs, new
shares or cash.

According to Bloomberg, under a swap of its U.S. securities, the
London-based bank will issue as much as US$985.6 million of ECNs,
up from the US$800 million planned.

The ECNs, also known as contingent convertible core Tier 1
securities, or CoCos, become equity should the bank's core Tier 1
ratio fall to less than 5 percent, a feature that allows them to
be treated as core capital for regulatory purposes, Bloomberg
says.

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

                  About Lloyds Banking Group PLC

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


LLOYDS BANKING: Moody's Takes Rating Actions on Hybrid Instruments
------------------------------------------------------------------
Moody's has taken rating actions on certain hybrid and junior
subordinated capital instruments of Lloyds Banking Group.  The
actions incorporate the European Commission requirement for Lloyds
to skip coupons from 31 January 2010 to 30 January 2012 on those
hybrid instruments where the terms allow for such a coupon skip.
This requirement was part of Lloyds' restructuring plan formally
approved by the EC on 18 November 2009.  The changes to some of
the ratings also incorporate Moody's revised methodology for
hybrids and subordinated debt.

Elisabeth Rudman, lead analyst for Lloyds at Moody's, explained
that "the instruments are rated between Ba1 and B3 and the rating
actions range from an upgrade of three notches to a downgrade of
one notch, depending on the issuing entity, the type of
instrument, and whether the security will defer/omit coupon
payments or not.  Moody's understanding of whether the securities
will miss coupon payments is in line with the list published by
Lloyds Banking Group on 3 November 2009".

The securities that will skip coupon payments ("May Pay"
securities) will continue to be rated on an expected loss basis,
which factors in the anticipated period of coupon non-payments and
the loss severity.

The securities that are not expected to skip coupons ("Must Pay"
securities) are notched down from the Baseline Credit Assessment,
in line with Moody's revised methodology for hybrids.  The BCA for
Lloyds TSB Bank plc is Baa2 and the adjusted BCA (incorporating
parental support) for Bank of Scotland plc is also Baa2.  The
holding company ratings are one notch lower due to structural
subordination.

The rating actions are summarized, with a full list of ISINs in an
attached document.  All ratings have a negative outlook.

Non-cumulative preference shares/ preferred securities May Pay --
affirmed at B3, outlook changed to negative -- List A:

The B3-rated non-cumulative preference shares/ preferred
securities which will skip two years of coupons over the two- year
period (May Pay) in line with Moody's previous expectations, are
rated on an expected loss basis and are affirmed at B3, but the
outlook has changed from stable to negative.  The negative outlook
highlights the fact that downward pressure on the BFSR (which
already has a negative outlook) would lead to a lower rating.

The two non-cumulative preferred securities issued by Lloyds TSB
Capital 1 and 2 LP, that will only omit one annual coupon, due to
their dividend pusher language related to other preference shares,
have been upgraded to B1 (negative outlook), to reflect the lower
loss for investors.

Non-cumulative preference shares/ preferred securities Must Pay --
upgraded from B3 to Ba2/Ba3 (negative outlook) -- List B:

The B3-rated non-cumulative preference shares/ preferred
securities which do not have optional coupon skip but have
mandatory coupon skip tied to the breach of distributable profit
triggers, are not expected to omit coupons over the two-year
period (Must Pay).  Therefore, those ratings have been upgraded to
Ba2 (negative outlook) for securities issued by Lloyds TSB Bank
plc and Bank of Scotland plc, and Ba3 (negative outlook) for
securities issued by Lloyds Banking Group and HBOS plc.  The
instruments are rated three notches below the adjusted BCA of
Lloyds TSB Bank plc, and Bank of Scotland plc, incorporating an
additional notch for structural subordination.  See List B in the
attached document for further details.

Cumulative preferred securities May Pay -- confirmed at Ba2
(negative outlook) -- List C:

The cumulative preferred securities of Lloyds TSB Bank plc which
are may pay securities were rated Ba2 (under review for possible
downgrade) and have been confirmed at Ba2 (negative outlook) on an
expected loss basis.  See List C in the attached document for
further details.

Cumulative preferred securities Must Pay -- upgraded to Ba1
(negative outlook) -- List D:

The cumulative preferred securities of Lloyds TSB Bank plc and
Bank of Scotland plc which are must pay securities were upgraded
from Ba2 (under review for possible downgrade) to Ba1 (negative
outlook).  The instruments are rated two notches below the
adjusted BCA of Lloyds TSB Bank plc and the Bank of Scotland plc
instruments.

Junior subordinated debt May Pay -- downgraded to Ba2 (negative
outlook) -- List E:

The May Pay junior subordinated debt has been downgraded from Ba1
(under review for possible downgrade) to Ba2 (negative outlook) on
an expected loss basis.

Junior subordinated debt Must Pay -- confirmed at Ba1 / downgraded
to Ba2 (negative outlook) -- List F:

The Must Pay junior subordinated debt of Lloyds TSB Bank plc and
Bank of Scotland plc was confirmed at Ba1 (negative outlook).  The
instruments are rated two notches below the adjusted BCA of Lloyds
TSB Bank plc and Bank of Scotland plc instruments.

The Must Pay junior subordinated debt of HBOS plc was downgraded
to Ba2 (negative outlook), which incorporates an additional notch
for structural subordination.

Correction of Lloyds Banking Group dated subordinated debt
security (ISIN XS0145620281):

Moody's has also corrected the rating of the Lloyds Banking Group
dated subordinated debt security (ISIN XS0145620281) from Ba1 to
Baa3 (negative outlook).  The instrument was rated Ba1, in line
with other Lloyds Banking Group dated subordinated debt
securities.  However, as the instrument benefits from a guarantee
from Lloyds TSB Bank plc, it should have been rated Baa3 (negative
outlook), in line with other Lloyds TSB Bank plc dated
subordinated debt securities.

The last rating action on Lloyds Banking Group was on 3 November
2009 when the Aa3 senior debt rating of Lloyds TSB was affirmed
and the BFSR was downgraded to C-.  The last rating action taken
on the hybrid securities of Lloyds Banking Group was on 9
September 2009, when various instruments were downgraded to
reflect the increased probability of the EC requiring Lloyds to
skip coupons on those instruments.


NATIONAL EXPRESS: Cosmen Family Increases Stake to 19.72%
---------------------------------------------------------
Gill Plimmer at The Financial Times reports that Spain's Cosmen
family, National Express Group plc's biggest shareholder,
has increased its stake for the third in a week in an attempt to
block the company's GBP360 million (US$597 million) rescue rights
issue.

The FT relates the Cosmen family, led by National Express deputy
chairman Jorge Cosmen, has spent about GBP5.84 million in three
share deals in the past three trading days, raising its holding
from 18.5% to 19.72%.

In a Nov. 23 report, the FT disclosed the Cosmens on Monday bought
an additional 750,000 shares in the company, raising the stake to
19.46%.  The family had already increased its holding to 18.96% on
Friday, the FT noted.

According to the FT, Mr. Cosmen is opposed to the rights issue,
believing that it is too large and should only proceed in
conjunction with a refinancing of the company, possibly including
the sale of some of its assets.

National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies.  Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas.  The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions.  Its
subsidiaries include Tayside Public Transport Co. Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU.  In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways


NORTHERN ROCK: S&P Downgrades Rating on US$100 Mil. Debt to 'C'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its rating
on the US$100 million floating rate Upper Tier 2 subordinated debt
instrument issued by Northern Rock PLC (A/Watch Neg/A-1) to 'C'
from 'CC'.  The counterparty credit ratings on Northern Rock are
unaffected by this action.

On Aug. 18, 2009, Northern Rock announced its intention to cease
coupon payments on eight hybrid capital issues, of which seven are
rated by us.  On Aug. 19, 2009, S&P lowered the rated issues to
'CC' from 'CCC' and stated that S&P expected to lower them to 'C'
when coupon payments were actually missed.  A coupon on the
$100 million floating rate issue is due and, in line with Northern
Rock's August 2009 announcement, will not be paid.  S&P has
consequently lowered the rating on this issue to 'C' from 'CC'.

The ratings on three rated hybrid issues mentioned in Northern
Rock's August 2009 announcement remain 'CC'.  S&P expects to
downgrade these issues to 'C' once coupons become due and go
unpaid.  S&P understands that the next scheduled coupon payment
dates on these four instruments range between December 2009 and
June 2010.

                           Ratings List

                            Downgraded

      US$100 mil fltg rate upper tier 2 perp hybrid ser 200
                       (ISIN: XS0125284777)

                     To                From
                     --                ----
                     C                 CC


RELAX GROUP: Placed Into Administration
---------------------------------------
Relax Group plc has been placed into Administration.  Jonathan
Elman Avery-Gee at Kay Johnson Gee was appointed as Administrators
of the Company with immediate effect.

On October 6, 2009, the Company requested a suspension of trading
of its shares with immediate effect pending clarification of the
Company's financial position.

The Company has been notified of the resignation of the Company's
Nominated Adviser and Broker with immediate effect.  If, within
one month of the Company ceasing to have a Nominated Adviser the
Company has failed to appoint a replacement, the trading of its
securities on AIM will be cancelled at 7:00 a.m. on December 24,
2009.

Relax Group PLC, formerly Debts.co.uk plc, --
http://www.relax-group.co.uk/-- is a provider of a range of
solutions, including individual voluntary arrangements, Scottish
trust deeds, debt management plans and secured loans or second
mortgages, to over-indebted individuals. The Company’s
subsidiaries include The Debt Counsellors Limited, Debtcare
Limited, Adie Financial Solutions Limited, Neville Eckley Limited,
Scarlet Loans and Mortgages Limited, The Loan Group Limited,
Switch Mortgages Limited and Relax Finance Limited.  In March
2008, the Company acquired PB Recovery Limited.  In May 2008, the
Company acquired Relax Finance Limited.


YELL GROUP: Moody's Confirms Corporate Family Rating at 'B2'
------------------------------------------------------------
Moody's Investors Service has confirmed Yell's B2 Corporate Family
Rating and B3 Probability of Default Rating.  The outlook is
stable.  This action concludes the review for possible downgrade
initiated on 3 July 2009 following the company's announcement
regarding the commencement of capital restructuring negotiations
to comprehensively refinance the company's debt capital structure,
and the update on its trading.  The B2 CFR incorporates Moody's
assumption under its LGD methodology of an above-average family
recovery, in conjunction with the company's current all first-lien
bank debt capital structure.

Moody's had earlier noted that Yell concluded discussions with its
lenders in relation to its refinancing proposal, and an agreement
had been reached with in excess of 95% of its lenders to revise
its financial covenants and extend a significant portion of its
senior debt to 2014, conditional upon raising at least
GBP500 million in equity, the proceeds of which will be used in
debt reduction at par.  Moody's is now comforted by the recent
announcement that Yell has launched a fully underwritten share
issue to raise GBP660 million, which will enable the group to
complete its refinancing, while providing greater comfort from a
de-leveraging point of view in absolute terms.  The B2 rating
therefore reflects reduced default risk, while cautiously
factoring in the group's still challenging operating environment
due to recessionary and structural pressures, and therefore a
potential delay in the improvement of its credit metrics.

In the event Net Debt/EBITDA (as reported by Yell) exceeds 5.5x,
negative pressure would develop on the rating; and if it exceeds
6.0x, a downgrade would become likely.  Provided that leverage
falls below 5x, improving towards 4.5x, and Yell's free cash flow
generation capacity remains strong, upward pressure on the rating
would develop.

The last rating action on Yell was implemented on 3 July 2009,
when Moody's downgraded the company's CFR to B2 from B1, its PDR
to B3 from B2, and concurrently placed the ratings on review for
further possible downgrade.

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

Yell Group plc is the leading publisher of classified directories
in the UK and, through its subsidiary, Yellow Book, is a leading
independent directories publisher in the US.  Yell also owns 100%
of TPI (renamed "Yell Publicidad"), the largest publisher of
yellow and white pages in Spain with operations in certain
countries in Latin America.  Yell's revenue for the12 months ended
31 March 2009 was GBP2.4 billion and its Adjusted EBITDA (as
defined by the group) was GBP816 million.


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


* EUROPE: Fitch Says Auto Suppliers Remain Challenged in 2010
-------------------------------------------------------------
Fitch Ratings says that the overall credit quality of the European
automotive supply industry will likely remain under pressure in
2010.

The sector continues to face depressed and volatile vehicle
production volumes as state incentives for new cars are phased
out.  This will challenge any marked recovery of the industry's
depressed profitability levels, amid difficult economic
conditions, despite ongoing restructuring and cost-savings
measures.  Moreover, supplier's liquidity will be tested once
production activity ramps up and requires the financing of higher
working capital.

"While the global auto markets should stabilize overall in 2010,
it will be another tough year for European auto suppliers
following the discontinuation of car scrapping schemes which
artificially supported important markets like Germany and France,"
says Markus Leitner, Director in Fitch's European Corporates
group.  "At the same time, diversified suppliers with a strong
global footprint should benefit from growth regions, particularly
in Asia, which will help reduce further rating downside risk."

Although new car registrations in some countries in 2009 are above
the previous year's level, fueled by state incentives, actual
production figures fall significantly short of 2008.  At end-2009,
Fitch expects light vehicle production in Europe to be
approximately 20% below the prior year, whilst sales are expected
to have declined about 5%.  However, this production-sales
mismatch, due to the destocking efforts of car manufacturers,
should decline over time.  Suppliers will benefit from any market
recovery only after a time lag.  The trend towards smaller cars is
another challenge for technology-oriented western European
suppliers, as profit margins are usually higher in the larger and
premium car segments.

The slump in global automotive production has had a persistent
negative impact on the credit quality of auto suppliers which has
translated into several negative rating actions since H208.
Despite ongoing strong liquidity, Fitch downgraded Robert Bosch
GmbH's Short-term Issuer Default Rating to 'F1' from 'F1+' in July
2009 on the expectation that the group's profitability and
financial profile will not recover to pre-crisis levels in the
foreseeable future.

Exacerbated by M&A issues in addition to the economic crisis,
Continental AG's ratings have been downgraded multiple times on
increasing concerns about its financial profile in combination
with ongoing refinancing issues and uncertainties about the main
shareholder's strategy.  Continental AG's present ratings are
'B+'/'B'/Rating Watch Negative.  The company intends to resolve
its August 2010 EUR3.5 billion refinancing risk by end-Q110,
including an intended capital increase of EUR1bn-1.5bn.
Conversely, GKN Holding plc's (rated 'BB+'/'B') Outlook was
revised to Stable from Negative in June 2009 due to a rights issue
strengthening GKN's balance sheet and financial flexibility
reducing the downside risk to the IDR.

While the liquidity profiles of many European suppliers have
suffered in the downturn, the agency expects liquidity for most of
Fitch's European publicly-rated universe to remain adequate,
supported by longer-term financings and the extension of debt
maturity profiles as several issuers have accessed the buoyant
corporate bond market.  However, refinancing risk remains high,
particularly for smaller companies with limited access to capital
markets and because of banks increased risk awareness.  Fitch is
particularly concerned that a pick-up in production levels, which
would require the financing of higher inventories and receivables,
could overburden vulnerable suppliers with already stretched
liquidity.

Fitch also remains concerned about the weak credit quality of
leveraged automotive credits.  This sector, including auto-parts
suppliers and auto-related service providers, has seen the highest
number of negative rating actions among Fitch's shadow rating
universe during the last 15 months.  As of Oct 2009, 87% of
credits in the European leveraged auto sector are shadow-rated 'B-
*' and below, compared with 69% as of July 2009 and 55% at June
2008.  The majority of performing companies continue to have a
Negative Outlook.

The ongoing divergence of credit profiles of well positioned
global players and weaker more local tier-2/tier-3 suppliers will
likely lead to further sector consolidation, propelled by material
structural overcapacities.  Fitch also expects the elevated level
of bankruptcies seen in 2009 to continue into 2010.

                            *********

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

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                 * * * End of Transmission * * *