TCREUR_Public/091130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, November 30, 2009, Vol. 10, No. 236

                            Headlines

A U S T R I A

100WAENDE INNENAUSBAU: Claims Filing Deadline is December 24
H. & C. ILC: Claims Filing Deadline is December 30
M. &. H. YILDIZ: Claims Filing Deadline is December 24
WEBER & PETROVIC: Claims Filing Deadline is December 24


D E N M A R K

TDC A/S: S&P Changes Outlook to Positive; Affirms 'BB-' Ratings
TDC A/S: Fitch Upgrades Long-Term Issuer Default Rating to 'BB'


F R A N C E

COMPAGNIE FINANCIERE: Fitch Affirms Hybrid Bond Rating at 'BB+'


G E R M A N Y

CONTINENTAL AG: Offers Interest Higher Rate for EUR2.5BB Loan
PORSCHE SE: Volkswagen Merger Will Eliminate Debt
TALLYGENICOM LP: U.S. Case Dismissed This Month on Request


G R E E C E

DRYSHIPS INC: Closes Offering of US$460MM Convertible Senior Notes
HELLAS TELECOMMUNICATIONS: Courts Approves Administration Order


I R E L A N D

ANGLO IRISH: Opts for Restructuring Over Liquidation

* IRELAND: Creditors' Meetings Up, Construction Sector Dominates


I T A L Y

FIAT SPA: Weak Macroeconomic Conditions Cue Moody's FGA Rtng. Cut
PIAGGIO & C: Moody's Assigns 'Ba2' Rating on EUR150 Mil. Notes


K A Z A K H S T A N

A TRADE: Creditors Must File Claims by December 9
ALLIANCE BANK: Deadline to Complete Restructuring Extended
DOSTAR BEER: Creditors Must File Claims by December 9
EKIBASTUZSKAYA TEPLOTSENTRAL: Creditors Must File Claims by Dec. 9
ELAMAN RD: Creditors Must File Claims by December 9

KOMMESK-OMIR JSC: Moody's Assigns 'B3' Insurance Strength Rating
KOSTANAI STROY: Creditors Must File Claims by December 9
LAD COMPANY: Creditors Must File Claims by December 9
RAHAT PRINT: Creditors Must File Claims by December 9
SHANS LLP: Creditors Must File Claims by December 9

VNUTRIDOMOVYE ELECTRICHESKIYE: Claims Filing Deadline is Dec. 9
ZATOBOLSKY MELZAVOD: Creditors Must File Claims by December 9


K Y R G Y Z S T A N

JANGAK: Creditors Must File Claims by December 23
SHERHAN-INVEST: Court Names M. Abduvasilov as Insolvency Manager


L U X E M B O U R G

INTELSAT CORP: Bank Debt Trades at 7.3% Off in Secondary Market
INTELSAT LTD: Launches Exchange Offer for Sr. Notes, PIK Notes
INTELSAT LTD: Moves Headquarters to Luxembourg


P O R T U G A L

QIMONDA AG: Creditors Hear Rescue Plan for Portugal Unit


R O M A N I A

BANCA COMERCIALA: Moody's Affirms D Bank Financial Strength Rating
BRD - GROUPE: Moody's Cuts Bank Financial Strength Rating to 'D'
PROCREDIT BANK: Fitch Downgrades Individual Rating to 'D/E'
RAIFFEISEN BANK: Moody's Affirms D Bank Financial Strength Rating


R U S S I A

AMUR-LES: Creditors Must File Claims by December 9
BRYANSK AIRPORT: Creditors Must File Claims by December 9
DIAL-STROY: Creditors Must File Claims by December 9
MUKHTOLOVSKIY LES: Creditors Must File Claims by December 9
ORION-MONTAZH: Creditors Must File Claims by December 9

OLYMPIC LLC: Creditors Must File Claims by December 9
SCRAP PROCESSING: Creditors Must File Claims by December 9
SIBIRSKIY CONSRUCTION: Creditors Must File Claims by December 9
SPETS-MONTAZH: Creditors Must File Claims by December 9
TK-STROY LLC: Creditors Must File Claims by December 9

UC RUSAL: Hong Kong Stock Exchange Postpones Decision on IPO


S P A I N

TDA EMPRESAS: Moody's Assigns 'B3' Rating on EUR60.5 Mil. Certs.


S W E D E N

AUTOLIV INC: S&P Raises Rating on US$165MM Equity Units to 'BB+'
GENERAL MOTORS: Sweden Unlikely to Relax State Loan Rules for Saab


S W I T Z E R L A N D

FERIENHEIM SOLARIA: Claims Filing Deadline is December 14
FREIZAG AG: Claims Filing Deadline is December 14
HMC HELALY: Claims Filing Deadline is December 11
MATRIX GMBH: Claims Filing Deadline is December 14
MENTOR PLAN: Claims Filing Deadline is December 14

NNK CONSULTING: Claims Filing Deadline is December 11
REALINI AG: Claims Filing Deadline is December 14
THOMAS KOCH: Claims Filing Deadline is December 14
WEBE INVEST: Claims Filing Deadline is December 14
WONDERPIZZA SCHWEIZ: Claims Filing Deadline is December 14


T U R K E Y

* MUNICIPALITY OF ISTANBUL: Fitch Maintains 'BB-' Rating


U K R A I N E

MHP SA: Fitch Affirms Long-Term Issuer Default Rating at 'B-'

* UKRAINE: No Mass Bankruptcies in Banking Sector, NBU Gov. Says


U N I T E D   K I N G D O M

BORDERS GROUP: Borders U.K. Insolvency Could Cost US$140 Million
GORDON RAMSAY: Two Companies Face Debt Payments, Receivership
LLOYDS BANKING: Shareholders Back GBP13.5 Bln Rights Offer
NATIONAL EXPRESS: East Anglia Rail Franchise Not Extended


X X X X X X X X

* BOND PRICING: For the Week November 23 to November 27, 2009


                         *********



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A U S T R I A
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100WAENDE INNENAUSBAU: Claims Filing Deadline is December 24
------------------------------------------------------------
Creditors of 100Waende Innenausbau GmbH have until December 24,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 7, 2010 at 10:15 a.m.

For further information, contact the company's administrator:

         Mag. Petra Diwok
         Landstrasser Hauptstrasse 34
         1030 Vienna
         Austria
         Tel: 715-44-55
         Fax: 715 47 00
         E-mail: diwok@aon.at


H. & C. ILC: Claims Filing Deadline is December 30
--------------------------------------------------
Creditors of H. & C. Ilc GmbH have until December 30, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 13, 2010 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Annemarie Kosesnik-Wehrle
         Oelzeltgasse 4/6
         1030 Vienna
         Austria
         Tel.: 713 61 92
         Fax: DW 22
         E-mail: kanzlei@kosesnik-langer.at


M. &. H. YILDIZ: Claims Filing Deadline is December 24
------------------------------------------------------
Creditors of M. &. H. Yildiz GmbH have until December 24, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 7, 2010 at 9:45 a.m.

For further information, contact the company's administrator:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 4060551
         Fax: 406 96 01
         E-Mail: kanzlei@jus.at


WEBER & PETROVIC: Claims Filing Deadline is December 24
-------------------------------------------------------
Creditors of Weber & Petrovic Bau GmbH have until December 24,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 7, 2010 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Andrea Fruhstorfer
         Seilerstaette 17
         1010 Vienna
         Austria
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: a.fruhstorfer@fg-lawyers.at


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D E N M A R K
=============


TDC A/S: S&P Changes Outlook to Positive; Affirms 'BB-' Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Danish telecom operator TDC A/S and its immediate parent company
Nordic Telephone Co. Holding ApS to positive from stable.  At the
same time, the 'BB-' long-term and 'B' short-term corporate credit
ratings on TDC and the 'BB-' long-term corporate credit rating on
NTCH were affirmed.

The outlook revision follows the announcement by TDC A/S and
France Telecom S.A. (A-/Stable/A-2) that they intend to combine
their respective Swiss subsidiaries.  "In S&P's view this will
potentially have positive effects for TDC's financial risk profile
in the near to medium term if the combination is completed and if
it receives consent from the Swiss competition and regulatory
authorities, which is expected in the first half of 2010," said
Standard & Poor's credit analyst Matthias Raab.

TDC will receive at closing a net amount of EUR1.5 billion from
France Telecom, which S&P believes will be fully applied toward
debt reduction.  TDC will become a 25% shareholder in the combined
entity, while France Telecom will hold a 75% stake.  In addition,
S&P understand TDC will receive a minimum additional payment of
EUR1.2 billion for its remaining 25% stake in the medium term as
determined by several exit-route mechanisms.  Furthermore, TDC
reported solid operating results in the first nine months of 2009,
despite the current macroeconomic downturn and very competitive
domestic environment.

Pro forma the deconsolidation of EBITDA generated at TDC's Swiss
subsidiary Sunrise, the EUR1.5 billion debt reduction, and
excluding the preference shares sitting at TDC's ultimate parent
company Nordic Telephone Co. Investment ApS., the adjusted total
debt to last-12-months EBITDA on Sept. 30, 2009, improves slightly
to 4.0x from 4.1x, according to S&P's calculations.

The ratings remain constrained by the group's substantial adjusted
leverage coupled with the limited revenue growth prospects in the
mature, very competitive, and regulated Danish market.  In
addition, TDC's FOCF generation is compressed by the adverse
Danish tax regime for highly leveraged companies.  These credit
risks are mitigated by the group's positions as the leading
operator in the Danish telecoms market, as well as its strong
track record of improving operating efficiencies and good control
over the Danish access, mobile, and broadband markets.

"The positive outlook reflects the potential for an upgrade in the
next 12 months based on S&P's expectations that TDC is likely to
improve its free cash flow generation through lower interest
expenses and improve its credit measures following the closure of
the proposed transaction," said Mr. Raab.


TDC A/S: Fitch Upgrades Long-Term Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has upgraded Danish telecoms operator TDC A/S's
Long-term Issuer Default Rating to 'BB' from 'BB-' and affirmed
its Short-term IDR at 'B'.  The Outlook on the Long-term rating is
Positive.  TDC's senior secured facilities are affirmed at 'BB+'.
The company's senior unsecured notes have been upgraded to 'BB'
from 'BB-' in line with the IDR.  Fitch has also upgraded the
senior notes issued by TDC's parent company, NTC Holding ApS, to
'BB-' from 'B+'.

"The rating upgrade is supported by the company's deleveraging to
date, which reached 3.2x on a net debt to EBITDA basis at Q309,
and its improving cost base which has enabled growth in EBITDA and
margins in the core Nordic business despite revenue declines,"
says Michelle De Angelis, Senior Director in Fitch's Leveraged
Finance team.  "There is also potential for further deleveraging
from both organic free cash flow as well as inorganic sources,
which supports the Positive Outlook."

The company has continued its deleveraging path since Fitch
assigned a Positive Outlook to TDC's Long-term IDR in January 2009
and reached a debt/EBITDA level (excluding Invitel) of 3.6x (3.2x
net) at Q309 compared with 4.1x at Q308 (including the proceeds of
the Polkomtel disposal).  This level of leverage is commensurate
with a high speculative grade rating, and if the progress in free
cash flow (generation and debt paydown continues, TDC's rating
could experience further upward pressure.

TDC announced on 25 November 2009 that it had reached an agreement
with France Telecom (FT, rated 'A-'/Stable) to combine their
respective Swiss businesses, Sunrise and Orange, into a single
merged business.  TDC would receive an upfront cash payment of
EUR1.5 billion (DKK11.2 billion) from FT and would own 25% of the
combined business, whilst FT would own the remaining 75%.  The
combined business is expected to generate significant synergies
and create the leading alternative operator in the Swiss telecoms
market, with 3.4m mobile subscribers (35% market share) and 1.1m
fixed subscribers.  The deal is still subject to due diligence,
regulatory and competition approvals and approvals from TDC's
lenders.

TDC has stated that the EUR1.5 billion proceeds from the proposed
business combination of TDC's Sunrise with Orange Switzerland will
be used to optimize NTCH's capital structure, and Fitch thus
expects further deleveraging to occur if the deal gains the
necessary approvals.  Pro forma for the proposed (partial)
disposal, Fitch calculates that TDC's last twelve months EBITDA at
Q309 would be DKK10.4 billion (compared to DKK12.8 billion actual
excluding Invitel) and Fitch-calculated net leverage for NTCH
could fall as low as 3.0x from 3.2x if all proceeds are used to
pay down debt.

The proposed disposal of Sunrise leaves TDC with only its core
Nordic business, where it has struggled to generate growth in
recent years.  TDC has nonetheless managed to grow EBITDA within
the core business through cost efficiencies and headcount
reductions.  Nonetheless, it remains a much smaller player than
its western European incumbent peers, all of which also have
investments outside of their core domestic markets.  As a result,
TDC's rating may ultimately be capped below its peers (but not
below investment grade) due to its smaller scale and lack of
geographical diversification.


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F R A N C E
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COMPAGNIE FINANCIERE: Fitch Affirms Hybrid Bond Rating at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed France-based Compagnie Generale des
Etablissements Michelin's and Compagnie Financiere Michelin's
Long-term Issuer Default Ratings and senior unsecured ratings at
'BBB-' respectively.  The Outlooks on the Long-term IDRs have been
revised to Stable from Negative.  Fitch has simultaneously
affirmed both entities' Short-term IDRs at 'F3' and Michelin's
hybrid bond rating at 'BB+'.

CFM is the group's finance arm and the intermediate holding entity
for Michelin's non-domestic operations.

The Outlook change reflects Fitch's view that the downside risk to
Michelin's IDR has been significantly reduced due to its
relatively resilient performance amid the sharp downturn of the
global vehicle and tyre markets.  The group's expected improvement
in profitability during H209, combined with positive free cash
flow generation, help to mitigate the agency's ongoing concerns
about depressed volumes and the highly uncertain recovery
prospects of the vehicle markets, particularly the European
passenger car and truck markets.  However, Michelin's financial
profile remains weaker than it was prior to the onset of the
recession, and leverage is still somewhat high for the ratings.
Fitch anticipates the group's lease adjusted net leverage will be
at around 3x at FYE09 and that it will then gradually decline to
below 2.5x by FYE11.

In the wake of the slump in tyre demand, Michelin's sales
decreased by 12.5% in the first nine months of 2009 year-on-year
although stabilization trends were evident in some markets during
Q309.  The decline was impacted by negative volume effects of
20.1%, which were partly offset by a 7.6% positive price-mix
effect and a beneficial currency effect of 1.8%.  At end-H109
Michelin reported a drop of its operating margin, before non-
recurring items, to 4% compared with 8.6% at end-H108.  At the
same time FCF generation sharply increased by nearly EUR1.2
billion to EUR510 million (after dividends) boosted by lower
working capital, particularly inventory reductions, and scaled
back capital expenditure.

Fitch expects Michelin's profitability to recover in H209 due to
raw material cost relief of some EUR500 million, ongoing good
pricing power, the benefit of cost cutting measures, the positive
impact of car scrapping incentives and a technical rebound of
dealer restocking.  Free cash flow generation in H209 is a key
objective for Michelin, which Fitch considers likely.  However,
the agency expects any market rebound to be fragile, primarily due
to the ongoing weakness of truck markets, the payback effects from
the phase-out of state incentives, and because of high raw
material cost volatility.

Michelin improved its financial flexibility and debt maturity
profile by issuing a EUR750 million five-year bond in April 2009.
In addition to cash and equivalents of EUR740 million at end-H109
(EUR456 million at FYE08), the group has a EUR1.5 billion
syndicated revolving credit facility in place which matures in
2012.  The company reduced its short-term debt to EUR981 million
at H109 compared to EUR1,440 million at FYE08.  Net debt was
reduced by approximately EUR0.5 billion to EUR3.9 billion at end-
H109 compared to FYE08 and supported by strong free cash flow
during H109.

Michelin's ratings continue to be supported by its strong market
position as a leading tyre manufacturer in the passenger car/light
truck and truck segments, as well as in specialty operations such
as earthmovers.  The group's end-market diversification has helped
to mitigate some of the pressures affecting the automotive
industry.  In line with its tyre sector peers, Michelin generates
the bulk of its revenues in the generally less cyclical
replacement market.  The company will continue to benefit from its
good reputation and brand recognition, which support Michelin's
pricing power.


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G E R M A N Y
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CONTINENTAL AG: Offers Interest Higher Rate for EUR2.5BB Loan
-------------------------------------------------------------
Continental AG is offering interest of at least 4 percentage
points more than benchmark rates on a EUR2.5-billion (US$3.8
billion) loan that starts next year and matures in 2012, Patricia
Kuo at Bloomberg News reports, citing three people with knowledge
of the transaction.

Bloomberg reports people, who declined to be identified because
the talks are private, said Continental is seeking the forward-
start loan to help refinance EUR3.5 billion of debt coming due in
August.  The new loan will mature in August 2012 and help
refinance debt Continental used to buy Siemens AG's VDO auto-parts
unit in 2007, Bloomberg notes.

Bloomberg relates the people said the company is also proposing to
raise EUR1 billion from a share sale.

Continental, Bloomberg discloses, is also seeking lenders'
approval to ease conditions on its borrowing, including looser
limits on its debt levels and the minimum cash flows it must
maintain.

                        About Continental AG

Hanover, Germany-based Continental AG (OTC:CTTAY) --
http://www.conti-online.com/-- is an automotive industry
supplier.  The Company focuses its activities on the development,
production and distribution of products that improve driving
safety, driving dynamics and ride comfort.  It operates in six
divisions.  Chassis and Safety provides active and passive driving
safety, safety and chassis sensor systems, as well as chassis
components.  Powertrain focuses on engine systems, hybrid electric
drives, injection technology, and sensors and actuators, among
others.  Interior manufactures information management modules and
wireless mobile devices.  Passenger and Light Truck Tires provides
tires for passenger cars, motorcycles and bicycles.  Commercial
Vehicle Tires offers tires for trucks, as well as industrial and
off-the-road vehicles.  ContiTech specializes in the rubber and
plastics technology, offering parts, components and systems for
the automotive industry and other sectors.  In January 2009,
Schaeffler KG acquired 49.9% interest in the Company.

                           *     *     *

On Aug. 20, 2009, the Troubled Company Reporter-Europe reported
Fitch Ratings downgraded Continental AG's Long-term Issuer
Default Rating and senior unsecured ratings to 'B+' from 'BB',
respectively.  Fitch simultaneously maintained the IDR and
senior unsecured ratings on Rating Watch Negative.  The agency
affirmed Continental's Short-term IDR at 'B'.  Fitch said the
rating action reflects the considerable refinancing risk faced by
Continental for its EUR3.5 billion tranche, related to its Siemens
VDO acquisition facility, maturing in August 2010, and the
increased risk of a breach in covenants.  Fitch is concerned about
tightened financial covenant headroom due to Continental's
weakened operating performance amid the severe global auto
downturn.  While Continental has stated that it will be able to
comply with financial covenants as of end-H109, Fitch believes
that ongoing compliance will remain challenging if no agreement is
reached with its banks.

As reported in the Troubled Company Reporter-Europe on Aug. 18,
2009, Moody's Investors Service downgraded Continental AG's
Corporate Family Rating to B1 from Ba3.  Moody's said the rating
outlook remains negative.


PORSCHE SE: Volkswagen Merger Will Eliminate Debt
-------------------------------------------------
Porsche SE's EUR11.4 billion (US$17.2 billion) of debt will be
mostly eliminated after the sports-car maker completes its merger
with Volkswagen AG, Ryan Chilcote and Andreas Cremer at Bloomberg
News report, citing Martin Winterkorn, chief executive officer of
both companies.

Mr. Winterkorn said in an interview with Bloomberg Television
"By the time the merger is done, the level of more or less zero
will certainly be reached."

Bloomberg recalls Volkswagen and Porsche agreed in August to
merge, ending a four-year feud for control.  The accord was
reached after debt at Porsche tripled to more than EUR10 billion
in six months following the company's failed takeover of VW,
Bloomberg recounts.

According to Bloomberg, Porsche said the company will reduce
interest payments by replacing a EUR10.75-billion credit facility
with one of as much as EUR8.5 billion that's available in three
tranches with maturities of two to three years.

Bloomberg relates Porsche posted a net loss of EUR2.52 billion for
the 12 months through July 31, its first annual deficit since
1994, after writing down the value of options on VW shares.
Sales continued to decline in the fiscal first quarter, while
orders jumped 25% to 20,000 vehicles, Bloomberg says.

"Our business will remain very difficult in the coming months,”
Bloomberg quoted Porsche CEO Michael Macht as saying.  "However,
I'm cautiously optimistic on the outlook for 2010."

                              Merger

Volkswagen will ask shareholders on Dec. 3 to approve a sale of
preferred stock to help finance the Porsche purchase, Bloomberg
discloses.  VW plans to pay EUR3.9 billion for a 49.9% stake by
the end of this year and complete the merger by 2011, Bloomberg
notes.

Headquartered in Stuttgart, Germany, Porsche Automobil Holding SE
-- http://www.porsche-se.com/-- is a holding company engaged in
the car manufacture industry.  The Company's core products are
sports cars and all-terrain vehicles.  The Porsche sports car
range includes the Boxster, the Cayman, the 911 and the Carrera
GT.  The Boxster and the Boxster S are contemporary
reinterpretations of the Company's original roadsters, the 356/1
and the 550 Spyder.  There are several varieties of the 911,
representing the model's continuous evolution.  The Carrera GT has
the race-derived chassis construction and minimum weight.  The
Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo
and Cayenne Turbo S are balanced, four-wheel drive vehicles for
on-road and off-road use.  Porsche Automobil Holding SE also
offers financing services, spare parts and accessories for new and
classic models, as well as an approved used car service.


TALLYGENICOM LP: U.S. Case Dismissed This Month on Request
----------------------------------------------------------
TallyGenicom LP had its Chapter 11 case dismissed this month,
Bloomberg News' Bill Rochelle reported.  The case wasn't a
complete wipeout for unsecured creditors, Mr. Rochelle said.
Under a settlement with lenders, US$300,000 was set aside in a
trust for unsecured creditors.  The Company said the remaining
assets weren't sufficient to pay off the loan financing the
reorganization.  Dismissal therefore became the preferred ending.

As reported by the Troubled Company Reporter on April 22, the
Delaware Court approved the sale of U.S. based TallyGenicom LP's
business to Printronix Inc. for US$36.6 million, including the
assumption of US$23 million in secured debt, US$6.75 million in
warranty claims and US$4 million in accounts payable.  Michale
Pluta, the preliminary insolvency administrator of TallyGenicom
A.G. sought a stay of the sale pending its appeal, citing that it
has rights to some of the property.  The Delaware Court, however,
refused to issue a stay order.

                   About TallyGenicom L.P.

Headquartered in Chantilly, Virginia, TallyGenicom L.P. aka
Datacom Manufacturing LP -- http://www.tallygenicom.com-- provide
an array of business and industrial imaging devices and printer
parts.

TallyGenicom L.P. and two of its affiliates filed for Chapter 11
protection on January 27, 2009 (Bankr. D. Del. Lead Case No. 09-
10266).  Ann C. Cordo, Esq., and Gregory Thomas Donilon, Esq., at
Morris Nichols Arsht & Tunnell LLP, represent the Debtors in their
restructuring efforts.  The Debtors propose Proskauer Rose LLP as
their special corporate counsel; CRG Partners Group LLC as
financial advisor; and Donlin Recano & Company Inc. as their
claims agent.  Suzzanne Uhland, Esq., at O'Melveny & Myers LLP,
and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A.,
represent Printronix Inc., the stalking horse bidder.  Randall L.
Klein, Esq., at Goldberg Kohn Bell Black Rosenbloom & Moritz,
Ltd., and Steven K. Kortanek, Esq., at Womble Carlyle Sandridge &
Rice, PLLC, represent Dymas Funding Company LLC, agent to
Printronix' lenders.  When the Debtors filed for protection from
their creditors, they listed assets and debts between US$10
million to US$50 million each.

Tallygenicom AG is a Germany based subsidiary of TallyGenicom L.P.
Its German liquidator filed a Chapter 15 petition for the comapny
on March 19, 2009 (Banrk. D. Mass., Case No. 09-12253).  The
petitioner, Michale Pluta is the Preliminary Insolvency
Administrator and putative foreign representative of TallyGenicom
AG under Germany's Insolvenzordnung Insolvency Act pending before
the Amtsgericht, the Local Court of Ulm.  The petitioner's
counsel, is Steven T. Hoort, Esq., at Ropes & Gray, in Boston,
Massachusetts.  The company estimated assets and debts of US$10
million to US$50 million.


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DRYSHIPS INC: Closes Offering of US$460MM Convertible Senior Notes
------------------------------------------------------------------
DryShips Inc. said in connection with its offering of US$400
million aggregate principal amount of convertible senior notes due
2014, the underwriter has exercised in full its over-allotment
option granted by the Company and has purchased an additional
US$60 million aggregate principal amount of convertible notes on
the same terms on which the US$400 million convertible were sold
to the underwriter.

The Company also announced that the closing of the convertible
notes offering and the over-allotment option took place
simultaneously on November 25, 2009.  Accordingly, US$460 million
in aggregate principal amount of convertible notes have been sold
by the Company to the underwriter, resulting in aggregate net
proceeds to the Company of approximately US$448 million.  Deutsche
Bank Securities Inc. acted as the sole book-running manager for
the offering.

Concurrently with the offering of the convertible notes, the
Company delivered 26.1 million shares of its common stock to
Deutsche Bank AG, London Branch, pursuant to a share lending
agreement.  Deutsche Bank AG or its affiliates intend to sell
shares of the Company's common stock that they are entitled to
borrow from the Company under the share lending agreement.

These shares were offered in an underwritten offering registered
under the Securities Act of 1933, as amended, pursuant to the
Company's existing shelf registration statement in order to
facilitate hedging transactions undertaken by the purchasers of
the convertible notes.  The Company did not receive any of the
proceeds from this sale of common stock but received a nominal
lending fee from Deutsche Bank AG under the share lending
agreement.

The convertible notes and the common stock are being offered only
by means of a prospectus, forming a part of the Company's shelf
registration statement, related prospectus supplements and other
related documents.

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

                       About DryShips Inc.

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

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


HELLAS TELECOMMUNICATIONS: Courts Approves Administration Order
---------------------------------------------------------------
Paul Armstrong and James Lumley at Bloomberg News report the
English High Court approved an order to place Hellas
Telecommunications II into administration.

According to Bloomberg, Weather Investments SpA will be able to
purchase Hellas II's assets including Greek mobile-phone company
Wind Hellas Telecommunications SA, following Justice Kim Lewison's
order Thursday.  Bloomberg says the bid was backed by senior
bondholders of Hellas II, which is seeking to restructure as much
as EUR3 billion (US$4.5 billion) of debt.

Ernst & Young's Maggie Mills and Alan Hudson were appointed by the
court as joint administrators to Hellas II, Bloomberg says.

As reported by the Troubled Company Reporter-Europe on Nov. 27,
2009, Bloomberg News said Hellas II subordinated bondholders
seeking to buy the company's assets said they were "disappointed"
after failing to secure the consent required from senior creditors
to make the purchase.  Bloomberg disclosed Adrian Flook, a
spokesman for the subordinated bondholders committee, said in a
statement Wednesday the subordinated bondholders, who also made an
offer to be a preferred bidder, now intend to take action through
the courts to defend their interests.  Bloomberg recalled the
bondholders' committee, led by hedge fund Aladdin Capital Holdings
LLC, last week offered to pay EUR450 million (US$678 million) to
buy Hellas II's assets, including Wind Hellas.  The bid included a
fee of as much as 4 percentage points for the first 51% of secured
bondholders agreeing to the deal, Bloomberg said.


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


ANGLO IRISH: Opts for Restructuring Over Liquidation
----------------------------------------------------
Simon Carswell at The Irish Times reports that Mike Aynsley, Anglo
Irish Bank's the chief executive, told the bank's staff that the
bank plans to divide into a good bank and bad bank in "a radical
corporate restructuring".

According to the report, the restructuring plan is expected to
involve additional government capital injections to cover both
rising loan losses within the bank as well as new investment into
Anglo's new bank division.  Anglo's restructuring plan and the
government's EUR4 billion capital injection have to be approved by
the EU Commission under state aid rules, the report states.  The
bank must prove that it has a viable future or else show plans to
be wound down, the report notes.  The bank is to submit the plan
to the commission on November 30th and then "conduct an initial
fact-finding process", the report discloses.

The report relates Anglo hired accountants KPMG to cost the
various options facing the bank including liquidation and
continuing as a going concern.  KPMG concluded that Anglo
continuing as a going concern was the least expensive option for
the state as winding down the entire bank over a five-year period
may damage the wider economy and property valuations within Nama's
planned 11-year lifespan, the report says.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2009, Fitch Ratings affirmed Anglo Irish Bank's individual rating
at 'E'.


* IRELAND: Creditors' Meetings Up, Construction Sector Dominates
----------------------------------------------------------------
Niamh Hennessy at Irish Examiner reports that there continues to
be a surge in the number of creditors' meetings being held in
Ireland, with the construction sector still dominating.

According to the report, almost a quarter of the 238 creditors
meetings that were held in the three months to the end of
September concerned the construction industry.

The companies that held meetings have creditors of nearly
EUR280 million, an increase of just under EUR80 million from
quarter two 2009, the report says.

The report notes after analysis of the companies involved ICC
Information found that there were several common indicators of
failure.

"Only 32% of these companies had a positive working capital while
only 40% had a positive net worth. Typically companies with
multiple indicators of insolvency are the ones at greatest risk,"
the report quoted Michael Gannon, head of account and business
development at ICC Information, as saying.


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


FIAT SPA: Weak Macroeconomic Conditions Cue Moody's FGA Rtng. Cut
-----------------------------------------------------------------
Moody's Investors Service downgraded the long-term issuer rating
of FGA Capital to Baa3 from Baa2.  The outlook on the rating is
negative.

"The rating action reflects the greater pressure FGA Capital is
facing as a result of the weak macroeconomic conditions in all of
the group's markets and the impact that this is having on its
profitability and asset quality.  The magnitude of the downgrade
is broadly in line with Moody's recent recalibration of Italian
banks' ratings, where the downgrade of the deposit ratings
averaged one notch," says Simone Zampa, a Moody's Vice President
and lead analyst for FGA Capital.

The negative outlook on the long-term issuer rating reflects
Moody's further concern that, under a more severe scenario, FGA
Capital's financial fundamentals could deteriorate below a level
compatible with its current rating.  Furthermore, the negative
outlook also incorporates the negative outlook on the Ba1 long-
term rating of Fiat S.p.A., one of the parents of FGA Capital and
one of the largest European-based automobile manufacturers.

As an auto captive financial institution and a 50/50 joint venture
between Fiat Group Automobiles S.p.A. and Credit Agricole S.A.
(rated Aa1/B-/P-1/negative outlook), FGA Capital has a significant
commercial dependence on the brand name and business success of
Fiat Group Automobiles S.p.A.  "In Moody's view, credit
institutions that are concentrated on a single industry segment
face particular risks, especially given the current challenging
environment in the European automobile sector.  Therefore, the
auto captive financial institution's issuer rating is inherently
linked to Fiat S.p.A.'s performance and ratings," adds Mr. Zampa.

Moody's also notes that FGA Capital benefits from significant
funding support from CASA -- particularly valuable in the
currently challenging and more expensive wholesale market
conditions -- and from the agency's opinion of a moderate
probability of extraordinary support from the French group in the
event of need, which provides an uplift to FGA Capital's rating
from the company's level of standalone strength.

Moody's expectations regarding asset quality deterioration are
derived from its scenario analysis, which it has carried out on
all the European markets in which FGA Capital operates including
major markets like Italy, Germany, Spain and France.  The rating
agency notes that FGA Capital's credit profile shows some
resilience under the baseline scenario, which is the key
determinant for Moody's ratings, but that the more stressed
scenario exerts significant further pressure on the company's
asset quality and capital adequacy.

FGA Capital's capital ratios and modest profitability represent
major rating constraints given Moody's expectation of an ongoing
deterioration in asset quality, in the context of challenged
business volumes.  The rating agency adds that current regulatory
capital -- a Tier 1 ratio of 8.4% at the end of June 2009 --
provides the group with limited loss absorption capacity under a
more severe scenario.

FGA Capital reported net income of EUR45.4 million in the first
half of 2009, down by 18% from the first half of 2008.  An
increase of 23% in loan loss charges to EUR74 million was the main
driver for the result in the analyzed period.

The institution's average outstanding credit volumes have
decreased only slightly in recent months thanks to the increase in
the retail financing business (underpinned by government
incentives schemes in Western European countries), which almost
compensated for the decline in dealer financing activities.  In
addition, the funding support from CASA has helped FGA Capital to
maintain reasonable credit volumes, although the cost of funding
has structurally increased.  Going forward, Moody's expects FGA
Capital's profitability to be particularly challenged in the
current environment and the institution's capacity to trim costs
will be an important rating factor.

The previous rating action was on 5 February 2007 when Moody's
upgraded the Baa3 long-term issuer rating of FGA Capital (formerly
known as Fiat Auto Financial Services S.p.A.) to Baa2.

Headquartered in Turin, FGA Capital had total assets of
EUR17.3 billion and shareholders' equity of EUR1.3 billion as of
30 June 2009.


PIAGGIO & C: Moody's Assigns 'Ba2' Rating on EUR150 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Ba2
rating to the proposed EUR150 million senior unsecured notes to be
issued by Piaggio & C. S.p.A.  The outlook on Piaggio's ratings is
negative.

The notes will be senior unsecured obligation, ranking pari passu
in right of payment with all other senior debt of the company and
will not benefit (initially) from guarantees from operating
subsidiaries.  The notes will be issued by Piaggio & C. S.p.A.,
main operating company of the group, where most of the other
group's debt is also located.  Therefore the notes will have the
same ranking as the main other bank facilities, and hence the same
rating as Piaggio's Corporate Family Rating, reflecting both the
overall probability of default of the company, to which Moody's
has assigned a probability-of-default rating of Ba2, and a loss-
given-default assessment of LGD 4, 50% (expressed through a six-
point symbol system that orders expected loss severity from lowest
to highest in percentage points), reflective of the relative
position of the notes compared with the Group's capital structure.

Proceeds of the notes issuance will be used to repay existing debt
and, in particular, the approximately EUR60 million remaining
outstanding of the notes issued in 2005 (and due in 2012) and
other short term bank debt maturing between the reminder of 2009
and during 2010.

The negative outlook on Piaggio's ratings reflects Moody's
expectations that operating performances are likely to remain
subdued over the next few months and that weak demand resulting in
under-utilization of Piaggio's main plants is likely to result in
weakening credit metrics.  Moody's recognizes, nevertheless, the
resilience of the group showed in recent months and particularly
the profitability improvements during the third quarter period
ending September 2009.  The company reported an EBITDA margin of
17.1% during Q3 ending September 2009 and of 14.7% for the nine
months, up respectively from 13.2% and 13.9% for the comparable
periods in 2008.  Moody's notes, however, the ongoing negative
pressure on volumes, and in the European two wheels segment in
particular, down 16% over the nine months period to September
2009.  The outlook on the ratings could be stabilized following
recovery in volumes trend and the company's capability to maintain
a financial leverage, measured as total debt over EBITDA (adjusted
for operating leases) below 4x and a Retained Cash Flow over net
debt above 10%.

Piaggio's current CFR of Ba2 reflects the company's broad and well
recognized brand portfolio, the group's leading market position
across Europe, and the relatively good headroom the company had to
accommodate deterioration in credit metrics.  However, Piaggio's
rating also reflects the currently soft consumer spending, the
capital expenditure programme that is likely to limit free cash
flow generation and Moody's expectation that Piaggio's metrics are
likely to return to their historical boundaries in the medium
term.

The last rating action on Piaggio was on 11 May 2009, when Moody's
changed the outlook to negative on Piaggio's ratings following
weaker than expected operating performances towards the end of
2008 and the beginning of 2009 and Moody's expectation that key
credit metrics were likely to remain weak for the rating category
over the short to medium term.

Based in Italy, Piaggio is a leading global manufacturer and
distributor of light mobility vehicles for both personal and
business purposes.  During the nine months period, ending
September 2009, the company reported EUR1.173 million of revenues,
EUR172,1 million of EBITDA and sold approximately 475,100
vehicles.  With a global widespread presence of production plants
and R&D centres and nine names under its brand portfolio, the
company ranks as one of the world's top four players in its core
business.


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


A TRADE: Creditors Must File Claims by December 9
-------------------------------------------------
Creditors of LLP A Trade have until December 9, 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


ALLIANCE BANK: Deadline to Complete Restructuring Extended
----------------------------------------------------------
Pursuant to a court order dated November 20, 2009, the Specialized
Financial Court of Almaty extended several  deadlines in respect
of the  Restructuring proposed by JSC Alliance Bank, including
the deadline for completion of the Restructuring, which has been
extended to March 15, 2010.

However, the Bank confirmed that, as set out in the  Information
Memorandum dated November 5, 2009 (as supplemented by the
Supplemental Information Memorandum dated November 24, 2009), the
date of the Creditors' Meeting will still be December 15, 2009.

Any dates for events scheduled to take place after the Creditors'
Meeting (but before the completion of the Restructuring) are
indicative only and may change as required by the preparations for
the Restructuring.

Based in Almaty, Kazakhstan, Alliance Bank OA (LI:ALLB) --
http://www.alb.kz/-- a.k.a Alliance Bank JSC, is a commercial
bank.  As at December 31, 2007, Alliance had 24 branches and 199
mini-branches in the Republic of Kazakhstan.  The Bank is
organized on the basis of three main segments: Retail banking,
which represents private banking services, private customer
current accounts, savings, deposits, investment savings products,
custody, credit and debit cards, consumer loans and mortgages;
Corporate banking, which represents direct debit facilities,
current accounts, deposits, overdrafts, loan and other credit
facilities, foreign currency and derivative products, and
Investment banking, which represents financial instruments
trading, structured financing, corporate leasing, and merger and
acquisitions advice.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 9,
2009, Standard & Poor's Ratings Services said that it lowered its
short-and long-term counterparty credit ratings on Kazakhstan-
based Alliance Bank JSC to 'D/D' (default) from 'SD/SD' (selective
default).


DOSTAR BEER: Creditors Must File Claims by December 9
-----------------------------------------------------
Creditors of LLP Dostar Beer have until December 9, 2009, to
submit proofs of claim to:

         Makataev Str. 127
         050000 Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 28, 2009,
after finding it insolvent.

The Court is located at:

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


EKIBASTUZSKAYA TEPLOTSENTRAL: Creditors Must File Claims by Dec. 9
------------------------------------------------------------------
Creditors of LLP Ekibastuzskaya Teplotsentral have until
December 9, 2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 14, 2009.


ELAMAN RD: Creditors Must File Claims by December 9
---------------------------------------------------
Creditors of LLP Elaman Rd have until December 9, 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.


KOMMESK-OMIR JSC: Moody's Assigns 'B3' Insurance Strength Rating
----------------------------------------------------------------
Moody's Investors Service announced that it had assigned a
national scale insurance financial strength rating of B3.kz to
Kommesk-Omir JSC.  The rating outlook is stable.  The company
already has a B3 global scale IFSR.

Kommesk-Omir is a Kazakhstan based insurance company primarily
focused on retail and small corporate risks in Kazakhstan.  It is
owned by a private equity fund that is controlled by the Centras
group -- a financial conglomerate.  Kommesk-Omir is the 20th
largest insurer in Kazakhstan with gross written premiums of
KZT1,709 million in 2008 (US$14 million) and total assets of
KZT2,704 million (US$23 million).

The national scale rating has been assigned in accordance with
Moody's policy as published in the special comment "Mapping
Moody's National Scale Ratings to Global Scale Ratings" published
in December 2008.  Moody's National Scale Ratings are intended as
relative measures of creditworthiness within a narrowly defined
peer group, as compared to the full universe of Moody's rated
entities, and thus differ from Moody's global scale ratings.  The
NSR peer group is typically limited to those issuers active within
a single domestic capital market.

The rating is based on Kommesk-Omir's adequate position within the
Kazakhstan insurance market supported by its relatively low risk
investment strategy -- with limited exposure to equities, its long
history of insurance provision in Kazakhstan and its ownership by
Centras group, which could provide risk management expertise.
These positives are offset by the company's exposure to a
relatively weak economy (Kazakhstan, rated Baa2/Neg), the
competitive pressures it is under within compulsory insurance
lines in Kazakhstan, the company's low market share, and the
uncertainty over the long-term ownership of the company as a
result of private equity ownership.

Moody's said that upward rating pressure for Kommesk-Omir may
evolve over time from 1) a significant improvement in the market
position of Kommesk-Omir, as indicated by sustained market share
improvements 2) improvement in the Kazakhstan economic and
Sovereign environment, evidenced by an upgrade in the Government
rating or 3) through a improved investment portfolio, with greater
exposure to more diversified and higher rated bonds and deposits.

On the other hand, the rating may experience downward pressure
from 1) a deterioration in the Sovereign environment or reductions
in premium levels and market position, 2) protracted poor claims
environment resulting in continued significant losses or 3) an
increased investment risk such as investments in illiquid assets
or volatile equities.

This rating was assigned:

* Kommesk Omir JSC -- B3.kz National Scale insurance financial
  strength rating, stable outlook.

The previous rating action was on 16 November 2009 when a B3
Global scale IFSR was assigned.

Based in Almaty Kazakhstan, Kommesk-Omir had total assets
KZT2,704 million as at 31 December 2008 and total equity of
KZT1,739 million.


KOSTANAI STROY: Creditors Must File Claims by December 9
--------------------------------------------------------
Creditors of LLP Kostanai Stroy 2003 have until December 9, 2009,
to submit proofs of claim to:

         Gogol Str. 61/56
         Kostanai
         Kazakhstan

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

The Court is located at:

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


LAD COMPANY: Creditors Must File Claims by December 9
-----------------------------------------------------
Creditors of LLP Lad Company have until December 9, 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.


RAHAT PRINT: Creditors Must File Claims by December 9
-----------------------------------------------------
Creditors of LLP Rahat Print have until December 9, 2009, to
submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Brusilovsky Str. 60
         Petropavlovsk
         North Kazakhstan
         Kazakhstan

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


SHANS LLP: Creditors Must File Claims by December 9
---------------------------------------------------
Creditors of LLP Shans have until December 9, 2009, to submit
proofs of claim to:

         Makataev Str. 127
         050000 Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on December 30, 2008,
after finding it insolvent.

The Court is located at:

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


VNUTRIDOMOVYE ELECTRICHESKIYE: Claims Filing Deadline is Dec. 9
---------------------------------------------------------------
Creditors of LLP Vnutridomovye Electricheskiye Seti have until
December 9, 2009, to submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 14, 2009.


ZATOBOLSKY MELZAVOD: Creditors Must File Claims by December 9
-------------------------------------------------------------
Creditors of LLP Zatobolsky Melzavod have until December 9, 2009,
to submit proofs of claim to:

         Gogol Str. 61/56
         Kostanai
         Kazakhstan

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

The Court is located at:

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


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


JANGAK: Creditors Must File Claims by December 23
-------------------------------------------------
Manufacturing-Commercial Firm Jangak is currently undergoing
liquidation.  Creditors have until December 23, 2009, to submit
proofs of claim to:

         Akmuz Str. 36
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 24-73-56


SHERHAN-INVEST: Court Names M. Abduvasilov as Insolvency Manager
----------------------------------------------------------------
The Inter-District Court of Osh for Economic Issues appointed
M. Abduvasilov as Insolvency Manager of LLC Sherhan-Invest on
April 22, 2009.  He can be reached at:

         Tadjikskaya Str. 80
         Osh
         Kyrgyzstan
         Tel: (0-3222) 3-61-15, (0-555) 18-56-52

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


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


INTELSAT CORP: Bank Debt Trades at 7.3% Off in Secondary Market
---------------------------------------------------------------
Participations in three syndicated loans under which PanAmSat
Corporation is a borrower traded in the secondary market at 92.70
cents-on-the-dollar each during the week ended Friday, Nov. 27,
2009, according to data compiled by Loan Pricing Corp. and
reported in The Wall Street Journal.  This represents decreases of
0.47 percentage points each from the previous week, The Journal
relates.  The loans mature on Jan. 3, 2014.  The Company pays 250
basis points above LIBOR to borrow under each of the three
facilities.  The bank debts are not rated by Moody's and Standard
& Poor's.  The debts are three of the biggest gainers and losers
among 173 widely quoted syndicated loans with five or more bids in
secondary trading in the week ended Nov. 27.

Intelsat Corporation, formerly known as PanAmSat Corporation, is a
global provider of video, corporate, Internet, voice and
government communications services with a fleet of 25 satellites
in-orbit.  The Company provides transponder capacity to customers
on Company-owned and operated satellites, and deliver third-party
entertainment and information to cable television systems,
television broadcasters, direct-to-home, television operators,
Internet service providers, telecommunications companies,
governments and other corporations.  It also provides satellite
services and related technical support for live transmissions for
news and special events coverage.  In addition, the Company
provides satellite services to telecommunications carriers,
corporations and Internet service providers for the provision of
satellite-based communications networks, including private
corporate networks.

Intelsat Ltd.'s balance sheet showed total assets of
US$12.05 billion, total debts of US$12.77 billion and
stockholders' deficit of US$722.3 million as of March 31, 2008.


INTELSAT LTD: Launches Exchange Offer for Sr. Notes, PIK Notes
--------------------------------------------------------------
Intelsat, Ltd., and Intelsat (Bermuda), Ltd., are offering to
exchange any of Intelsat (Bermuda), Ltd.'s:

     -- 11-1/4% Senior Notes due 2017 for newly issued 11-1/4%
        Senior Notes due 2017, and

     -- 11-1/2% / 12-1/2% Senior PIK Election Notes due 2017 for
        newly issued 11-1/2% / 12-1/2% Senior PIK Election Notes
        due 2017.

The offer will expire at 5:00 p.m. New York City time on [______],
2009, unless extended.

Intelsat said it does not currently intend to extend the
expiration date.

The exchange of outstanding original notes for exchange notes in
the exchange offer will not constitute a taxable event for U.S.
federal income tax purposes.  The terms of the exchange notes to
be issued in the exchange offer are substantially identical to the
original notes, except that the exchange notes will be freely
tradeable and will not benefit from the registration and related
rights pursuant to which the Company is conducting the exchange
offer.  All untendered original notes will continue to be subject
to the restrictions on transfer set forth in the original notes
and in the indenture.

Intelsat said there is no existing public market for the original
notes, and there is currently no public market for the new notes
to be issued in the exchange offer.

A full-text copy of the prospectus is available at no charge at:

               http://ResearchArchives.com/t/s?4ab0

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- provides fixed satellite services
worldwide.  Intelsat provides service on a global fleet of 51
satellites and seven owned teleports and terrestrial facilities.
Intelsat supplies video, data and voice connectivity in roughly
200 countries and territories for roughly 1,800 customers, many of
which Intelsat has had relationships with for over 30 years.
Intelsat has one of the largest, most flexible and one of the most
reliable satellite fleets in the world, which covers over 99% of
the world's population.

Intelsat had US$17,052,043,000 in total assets against total
current liabilities of US$659,614,000, long-term debt, net of
current portion of US$15,087,524,000, deferred satellite
performance incentives, net of current portion of US$115,607,000,
deferred revenue, net of current portion of US$226,198,000,
deferred income taxes of US$531,913,000, accrued retirement
benefits of US$238,385,000, other long-term liabilities of
US$343,554,000 and noncontrolling interest of US$7,058,000,
resulting in stockholders' deficit of US$157,810,000.


INTELSAT LTD: Moves Headquarters to Luxembourg
----------------------------------------------
Intelsat, Ltd., reports that on November 25, 2009, it filed Pro
Forma Transfer of Control Applications with the US Federal
Communications Commission for each of its five FCC licensee
entities, reflecting the company's intention to migrate the
jurisdictions of organizations of Intelsat, Ltd. and certain of
its parent holding companies and subsidiaries from Bermuda to
Luxembourg.  The migration is designed to domicile Intelsat in a
stable jurisdiction that is familiar with the fixed satellite
services sector and has established tax treaties with the
countries in which Intelsat does business.  The migration is
subject to receipt of FCC approval and other contingencies, but is
expected to be completed in the next few months.  At completion,
the headquarters of the company will be in Luxembourg.  All of
Intelsat's satellite and ground station assets are directly held
by subsidiaries that will not be migrating to Luxembourg.

                          About Intelsat

Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- provides fixed satellite services
worldwide.  Intelsat provides service on a global fleet of 51
satellites and seven owned teleports and terrestrial facilities.
Intelsat supplies video, data and voice connectivity in roughly
200 countries and territories for roughly 1,800 customers, many of
which Intelsat has had relationships with for over 30 years.
Intelsat has one of the largest, most flexible and one of the most
reliable satellite fleets in the world, which covers over 99% of
the world's population.

Intelsat had US$17,052,043,000 in total assets against total
current liabilities of US$659,614,000, long-term debt, net of
current portion of US$15,087,524,000, deferred satellite
performance incentives, net of current portion of US$115,607,000,
deferred revenue, net of current portion of US$226,198,000,
deferred income taxes of US$531,913,000, accrued retirement
benefits of US$238,385,000, other long-term liabilities of
US$343,554,000 and noncontrolling interest of US$7,058,000,
resulting in stockholders' deficit of US$157,810,000.


===============
P O R T U G A L
===============


QIMONDA AG: Creditors Hear Rescue Plan for Portugal Unit
--------------------------------------------------------
Peter Clarke at EE Times reports that creditors on Wednesday heard
a rescue plan for Qimonda AG's Portuguese DRAM test and assembly
operation subsidiary that will provide the unit with EUR15 million
(about US$22.5 million) in capital.

According to EE Times, local reports said the Portuguese state
will hold 18% and two local banks -- BCP and BES -- will hold 41%
each.

                          About Qimonda AG

Qimonda AG (NYSE: QI) -- http://www.qimonda.com/-- is a leading
global memory supplier with a diversified DRAM product portfolio.
The company generated net sales of EUR1.79 billion in financial
year 2008 and had -- prior to its announcement of a repositioning
of its business -- approximately 12,200 employees worldwide, of
which 1,400 were in Munich, 3,200 in Dresden and 2,800 in Richmond
(Virginia, USA).  The company provides DRAM products with a focus
on infrastructure and graphics applications, using its power
saving technologies and designs.  Qimonda is an active innovator
and brings high performance, low power consumption and small chip
sizes to the market based on its breakthrough Buried Wordline
technology.

Qimonda AG commenced insolvency proceedings with a local court in
Munich, Germany, on January 23, 2009.

Qimonda North America Corp., an indirect and wholly owned
subsidiary of QAG, is the North American sales and marketing
subsidiary of QAG.  QNA is also the parent company of Qimonda
Richmond LLC.  QNA and QR filed for Chapter 11 before the Delaware
bankruptcy court on February 20 (Bankr. D. Del. Lead Case No. 09-
10589).  Mark D. Collins, Esq., at Richards Layton & Finger PA,
has been tapped as counsel.  Roberta A. DeAngelis, the United
States Trustee for Region 3, appointed seven creditors to serve on
an official committee of unsecured creditors.  Jones Day and Ashby
& Geddes represent the Committee.  In its bankruptcy petition,
Qimonda estimated assets and debts of more than US$1 billion.

On June 15, 2009, QAG filed a petition for relief under Chapter 15
of the Bankruptcy Code (Bankr. E.D. Virginia Case No. 09-14766).


=============
R O M A N I A
=============


BANCA COMERCIALA: Moody's Affirms D Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
Romanian commercial banks in light of its global review of
systemic support indicators for the country's banking system, and
also because of the asset quality challenges faced by Romanian
banks in the currently difficult operating environment.  The
ratings of the affected banks are:

i) Banca Comerciala Romana SA (Erste Group)

   -- Bank financial strength rating (BFSR) of D remains unchanged
      with stable outlook.

   -- Global local currency (GLC) deposit ratings downgraded to
      Baa2/P-2 with a stable outlook from Baa1/P-2.

   -- Foreign currency (FC) deposit ratings of Baa3/P-3 remain
      unchanged with stable outlook.

ii) BRD -- Groupe Societe Generale

    -- BFSR of D+ (which maps to a Ba1 baseline credit assessment)
       downgraded to D with stable outlook.

    -- GLC deposit ratings downgraded to Baa2/P-2 with a stable
       outlook from A2/P-1.

    -- FC deposit ratings of Baa3/P-3 remain unchanged with stable
       outlook.

iii) Raiffeisen Bank SA

    -- BFSR of D remains unchanged with stable outlook.

    -- GLC deposit ratings downgraded to Baa3/P-3 with stable
       outlook from Baa2/P-2.

    -- FC deposit ratings of Baa3/P-3 remain unchanged with stable
       outlook.

Earlier this year, Moody's published a Special Comment on its
review of the capacity of governments and central banks to support
their banking systems, entitled "Financial Crisis More Closely
Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", available on moody.com.

Consistent with the analytical criteria specified in the Special
Comment, and given Romania's current situation and future
prospects, Moody's has changed the systemic support input for
Romanian banks' ratings to Baa2 from the Aa3 local currency
deposit ceiling.  The new Baa2 systemic support anchor for
Romanian banks is placed one notch above the Baa3 local currency
government debt rating.  As a result of this, the local currency
deposit ratings of Romanian banks have been downgraded, affecting
each bank differently.

In the Special Comment, Moody's noted that the appropriate
reference rating for the capacity of a national government to
provide support to banks during a prolonged and widespread crisis
would be aligned with or constrained by the government's own debt
rating.  However, Moody's also believes that this rating could be
adjusted, usually positively, to reflect the non-fiscally
dependent measures that many central banks and governments can
deploy to support banks.

In deciding whether the systemic support anchor can be higher than
the local-currency debt rating of the national government, Moody's
considered a number of factors for each banking system.  These
are: the size of the banking sector relative to the government's
resources; the level of stress in the banking system and in the
economy; the FC obligations of the banking system relative to the
government's own FC resources; political and historical patterns;
and the possibility of any drastic shift in government priorities.

Moody's regards the systemic importance of the Romanian banking
system as moderate given the ratio of banking assets to GDP of
around 63%, with a weighted average bank financial strength rating
of D for the rated Romanian commercial banks.  The level of stress
in the Romanian banking system has increased due to the deep
recession in the country, with the proportion of non-performing
loans growing steeply in recent quarters, reaching around 13.4% as
of August 2009 based on local standards (loans classified as
doubtful and loss).

Moody's notes that the impact of the downturn on the Romanian
economy is significant given the slump on export-oriented sectors
and on local retail demand for goods and services.  The rating
agency also notes that the banking system's FC obligations
relative to the overall economy and the central bank's FC reserves
are quite significant, mainly in the form of deposits denominated
in FC as well as FC borrowings that banks usually obtain from
their European parent banks.

Political and historical evidence suggests that Romania's
government is likely to show moderate support towards its banking
system, although in Moody's opinion its stance towards supporting
the systemically important banks has not changed and is not likely
to change in the foreseeable future.  That said, Moody's notes
that Romania is currently facing presidential elections which will
determine the stability and functioning of the country's
government.  The new government will need to regain the confidence
of international investors.  At the same time, the government will
also need to undertake the necessary economic reforms to ensure
the timeliness of a EUR20 billion international aid package,
mainly coming from the International Monetary Fund and the
European Commission.

The Baa2 systemic support input for Romanian banks is one notch
above the Baa3 local currency government debt rating.  This uplift
is predicated on Moody's view of a "medium" risk of a system-wide
banking crisis as well as a "medium" likelihood of the government
ring-fencing its own fiscal position from the banking system.  In
addition, NBR's good regulatory and supervisory framework provides
some added comfort about Romania's ability to provide systemic
support to its banking system.  In addition, it should be noted
that all three Romanian banks' deposit ratings continue to benefit
from external support coming from their European parent banks.

The BFSR of D+ for BRD, the majority-owned subsidiary of the
French Group Societe Generale, was downgraded to D in the wake of
the deep economic recession in Romania and its impact on the
bank's asset quality and earnings.  The rating action was driven
by the bank's reduced financial flexibility, as reflected in
depressed profitability, deteriorating asset quality and reducing
provision coverage levels.  Although BRD remains well capitalized
with a capital adequacy ratio of 12.3% as of September 2009, its
net profits for the first nine months of 2009 declined 19% year-
on-year, mainly due to higher provisioning costs that increased by
almost 200%.  During 2009, the bank's ratio of gross NPLs to gross
loans has increased significantly based on local standards
(classified as doubtful and loss), excluding any restructured
loans, while the NPL provisioning coverage without considering any
collaterals was relatively low at the end of September 2009.

Moody's believes that these challenges are better captured in
BRD's new BFSR of D (mapping to a Ba2 baseline credit assessment)
in line with the BFSR of the other two rated Romanian banks.
Despite BRD's more prudent lending practices over the past few
months, its relatively high exposure to the small and medium-sized
enterprises segment makes its loan book vulnerable to the effects
of the economic recession.  Looking ahead, Moody's expects the
elevated credit risk in Romania to continue exerting pressure on
all banks' earnings capacity and capitalization levels.

Moody's previous rating action for all rated Romanian banks named
above was implemented on 22 June 2009 when the ratings were placed
on review for a possible downgrade.

Headquartered in Bucharest, Banca Comerciala Romana reported total
assets of RON70.8 billion (EUR16.9 billion) as of the end of
September 2009.

Headquartered in Bucharest, BRD -- Groupe Societe Generale posted
total assets of RON47.9 billion (EUR11.4 billion) as of the end of
September 2009.

Headquartered in Bucharest, Raiffeisen Bank had total assets of
RON18 billion (EUR4.3 billion) as of the end of September 2009.


BRD - GROUPE: Moody's Cuts Bank Financial Strength Rating to 'D'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
Romanian commercial banks in light of its global review of
systemic support indicators for the country's banking system, and
also because of the asset quality challenges faced by Romanian
banks in the currently difficult operating environment.  The
ratings of the affected banks are:

i) Banca Comerciala Romana SA (Erste Group)

   -- Bank financial strength rating (BFSR) of D remains unchanged
      with stable outlook.

   -- Global local currency (GLC) deposit ratings downgraded to
      Baa2/P-2 with a stable outlook from Baa1/P-2.

   -- Foreign currency (FC) deposit ratings of Baa3/P-3 remain
      unchanged with stable outlook.

ii) BRD -- Groupe Societe Generale

    -- BFSR of D+ (which maps to a Ba1 baseline credit assessment)
       downgraded to D with stable outlook.

    -- GLC deposit ratings downgraded to Baa2/P-2 with a stable
       outlook from A2/P-1.

    -- FC deposit ratings of Baa3/P-3 remain unchanged with stable
       outlook.

iii) Raiffeisen Bank SA

    -- BFSR of D remains unchanged with stable outlook.

    -- GLC deposit ratings downgraded to Baa3/P-3 with stable
       outlook from Baa2/P-2.

    -- FC deposit ratings of Baa3/P-3 remain unchanged with stable
       outlook.

Earlier this year, Moody's published a Special Comment on its
review of the capacity of governments and central banks to support
their banking systems, entitled "Financial Crisis More Closely
Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", available on moody.com.

Consistent with the analytical criteria specified in the Special
Comment, and given Romania's current situation and future
prospects, Moody's has changed the systemic support input for
Romanian banks' ratings to Baa2 from the Aa3 local currency
deposit ceiling.  The new Baa2 systemic support anchor for
Romanian banks is placed one notch above the Baa3 local currency
government debt rating.  As a result of this, the local currency
deposit ratings of Romanian banks have been downgraded, affecting
each bank differently.

In the Special Comment, Moody's noted that the appropriate
reference rating for the capacity of a national government to
provide support to banks during a prolonged and widespread crisis
would be aligned with or constrained by the government's own debt
rating.  However, Moody's also believes that this rating could be
adjusted, usually positively, to reflect the non-fiscally
dependent measures that many central banks and governments can
deploy to support banks.

In deciding whether the systemic support anchor can be higher than
the local-currency debt rating of the national government, Moody's
considered a number of factors for each banking system.  These
are: the size of the banking sector relative to the government's
resources; the level of stress in the banking system and in the
economy; the FC obligations of the banking system relative to the
government's own FC resources; political and historical patterns;
and the possibility of any drastic shift in government priorities.

Moody's regards the systemic importance of the Romanian banking
system as moderate given the ratio of banking assets to GDP of
around 63%, with a weighted average bank financial strength rating
of D for the rated Romanian commercial banks.  The level of stress
in the Romanian banking system has increased due to the deep
recession in the country, with the proportion of non-performing
loans growing steeply in recent quarters, reaching around 13.4% as
of August 2009 based on local standards (loans classified as
doubtful and loss).

Moody's notes that the impact of the downturn on the Romanian
economy is significant given the slump on export-oriented sectors
and on local retail demand for goods and services.  The rating
agency also notes that the banking system's FC obligations
relative to the overall economy and the central bank's FC reserves
are quite significant, mainly in the form of deposits denominated
in FC as well as FC borrowings that banks usually obtain from
their European parent banks.

Political and historical evidence suggests that Romania's
government is likely to show moderate support towards its banking
system, although in Moody's opinion its stance towards supporting
the systemically important banks has not changed and is not likely
to change in the foreseeable future.  That said, Moody's notes
that Romania is currently facing presidential elections which will
determine the stability and functioning of the country's
government.  The new government will need to regain the confidence
of international investors.  At the same time, the government will
also need to undertake the necessary economic reforms to ensure
the timeliness of a EUR20 billion international aid package,
mainly coming from the International Monetary Fund and the
European Commission.

The Baa2 systemic support input for Romanian banks is one notch
above the Baa3 local currency government debt rating.  This uplift
is predicated on Moody's view of a "medium" risk of a system-wide
banking crisis as well as a "medium" likelihood of the government
ring-fencing its own fiscal position from the banking system.  In
addition, NBR's good regulatory and supervisory framework provides
some added comfort about Romania's ability to provide systemic
support to its banking system.  In addition, it should be noted
that all three Romanian banks' deposit ratings continue to benefit
from external support coming from their European parent banks.

The BFSR of D+ for BRD, the majority-owned subsidiary of the
French Group Societe Generale, was downgraded to D in the wake of
the deep economic recession in Romania and its impact on the
bank's asset quality and earnings.  The rating action was driven
by the bank's reduced financial flexibility, as reflected in
depressed profitability, deteriorating asset quality and reducing
provision coverage levels.  Although BRD remains well capitalized
with a capital adequacy ratio of 12.3% as of September 2009, its
net profits for the first nine months of 2009 declined 19% year-
on-year, mainly due to higher provisioning costs that increased by
almost 200%.  During 2009, the bank's ratio of gross NPLs to gross
loans has increased significantly based on local standards
(classified as doubtful and loss), excluding any restructured
loans, while the NPL provisioning coverage without considering any
collaterals was relatively low at the end of September 2009.

Moody's believes that these challenges are better captured in
BRD's new BFSR of D (mapping to a Ba2 baseline credit assessment)
in line with the BFSR of the other two rated Romanian banks.
Despite BRD's more prudent lending practices over the past few
months, its relatively high exposure to the small and medium-sized
enterprises segment makes its loan book vulnerable to the effects
of the economic recession.  Looking ahead, Moody's expects the
elevated credit risk in Romania to continue exerting pressure on
all banks' earnings capacity and capitalization levels.

Moody's previous rating action for all rated Romanian banks named
above was implemented on 22 June 2009 when the ratings were placed
on review for a possible downgrade.

Headquartered in Bucharest, Banca Comerciala Romana reported total
assets of RON70.8 billion (EUR16.9 billion) as of the end of
September 2009.

Headquartered in Bucharest, BRD -- Groupe Societe Generale posted
total assets of RON47.9 billion (EUR11.4 billion) as of the end of
September 2009.

Headquartered in Bucharest, Raiffeisen Bank had total assets of
RON18 billion (EUR4.3 billion) as of the end of September 2009.


PROCREDIT BANK: Fitch Downgrades Individual Rating to 'D/E'
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign and local
currency Issuer Default Ratings of ProCredit Bank (Romania) at
'BB+'.  The bank's Short-term foreign and local currency IDRs are
affirmed at 'B' and its Support Rating is affirmed at '3'.  The
Outlooks on the Long-term IDRs are Stable.  Fitch has
simultaneously downgraded the bank's Individual Rating to 'D/E'
from 'D'.

PCBR's Long-term IDRs and Support Rating reflect Fitch's view of
the potential support that would likely be forthcoming, in case of
need, from its main shareholder, ProCredit Holding AG (rated
'BBB-'/Stable Outlook).  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.

The downgrade of the bank's Individual Rating reflects its limited
internal capital generation capability which led to operational
losses during H109.  The Individual Rating also captures its small
size and high cost base.  These factors are counterbalanced by the
bank being part of the ProCredit network, its close monitoring of
risks and group supervision, and well-diversified lending and
funding.

PCBR's high cost base, due to its labor-intensive micro lending
business and a lack of scale, and the continued rise in the cost
of funding led to pre-impairment operating losses in H109, and the
bank recorded net EUR5 million losses in H109 as a result of
higher loan impairment charges.  PCBR mainly lends in Romanian lei
to micro-, small- and medium-sized enterprises with a focus on
agricultural and rural loans.  Despite an increase in NPLs, asset
quality remains better than the Romanian sector average, although
it has markedly deteriorated.  Loans in arrears by more than 30
days represented 3.34% of gross loans at end-H109, which were
comfortably covered by reserves.

PCBR is not reliant on shareholder funding and mainly funded by a
large number of small depositors and IFIs.  PCBR's total
regulatory capital ratio, which has declined as a result of the
losses, was 13.01% at end-H109.  Shareholders increased share
capital by EUR3 million in October 2009 in order to improve
capitalization and maintain the bank's lending capacity.  Fitch
believes that additional cash capital injections will likely be
needed given limited internal capital generation capability due to
weak operational efficiency and potential asset-quality problems
in a worsening operating environment.

PCBR provides banking services though 43 branches and agencies in
Romania.  It is part of a global network of 22 ProCredit banks in
central and eastern Europe, Latin America and Africa.

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


RAIFFEISEN BANK: Moody's Affirms D Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
Romanian commercial banks in light of its global review of
systemic support indicators for the country's banking system, and
also because of the asset quality challenges faced by Romanian
banks in the currently difficult operating environment.  The
ratings of the affected banks are:

i) Banca Comerciala Romana SA (Erste Group)

   -- Bank financial strength rating (BFSR) of D remains unchanged
      with stable outlook.

   -- Global local currency (GLC) deposit ratings downgraded to
      Baa2/P-2 with a stable outlook from Baa1/P-2.

   -- Foreign currency (FC) deposit ratings of Baa3/P-3 remain
      unchanged with stable outlook.

ii) BRD -- Groupe Societe Generale

    -- BFSR of D+ (which maps to a Ba1 baseline credit assessment)
       downgraded to D with stable outlook.

    -- GLC deposit ratings downgraded to Baa2/P-2 with a stable
       outlook from A2/P-1.

    -- FC deposit ratings of Baa3/P-3 remain unchanged with stable
       outlook.

iii) Raiffeisen Bank SA

    -- BFSR of D remains unchanged with stable outlook.

    -- GLC deposit ratings downgraded to Baa3/P-3 with stable
       outlook from Baa2/P-2.

    -- FC deposit ratings of Baa3/P-3 remain unchanged with stable
       outlook.

Earlier this year, Moody's published a Special Comment on its
review of the capacity of governments and central banks to support
their banking systems, entitled "Financial Crisis More Closely
Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", available on moody.com.

Consistent with the analytical criteria specified in the Special
Comment, and given Romania's current situation and future
prospects, Moody's has changed the systemic support input for
Romanian banks' ratings to Baa2 from the Aa3 local currency
deposit ceiling.  The new Baa2 systemic support anchor for
Romanian banks is placed one notch above the Baa3 local currency
government debt rating.  As a result of this, the local currency
deposit ratings of Romanian banks have been downgraded, affecting
each bank differently.

In the Special Comment, Moody's noted that the appropriate
reference rating for the capacity of a national government to
provide support to banks during a prolonged and widespread crisis
would be aligned with or constrained by the government's own debt
rating.  However, Moody's also believes that this rating could be
adjusted, usually positively, to reflect the non-fiscally
dependent measures that many central banks and governments can
deploy to support banks.

In deciding whether the systemic support anchor can be higher than
the local-currency debt rating of the national government, Moody's
considered a number of factors for each banking system.  These
are: the size of the banking sector relative to the government's
resources; the level of stress in the banking system and in the
economy; the FC obligations of the banking system relative to the
government's own FC resources; political and historical patterns;
and the possibility of any drastic shift in government priorities.

Moody's regards the systemic importance of the Romanian banking
system as moderate given the ratio of banking assets to GDP of
around 63%, with a weighted average bank financial strength rating
of D for the rated Romanian commercial banks.  The level of stress
in the Romanian banking system has increased due to the deep
recession in the country, with the proportion of non-performing
loans growing steeply in recent quarters, reaching around 13.4% as
of August 2009 based on local standards (loans classified as
doubtful and loss).

Moody's notes that the impact of the downturn on the Romanian
economy is significant given the slump on export-oriented sectors
and on local retail demand for goods and services.  The rating
agency also notes that the banking system's FC obligations
relative to the overall economy and the central bank's FC reserves
are quite significant, mainly in the form of deposits denominated
in FC as well as FC borrowings that banks usually obtain from
their European parent banks.

Political and historical evidence suggests that Romania's
government is likely to show moderate support towards its banking
system, although in Moody's opinion its stance towards supporting
the systemically important banks has not changed and is not likely
to change in the foreseeable future.  That said, Moody's notes
that Romania is currently facing presidential elections which will
determine the stability and functioning of the country's
government.  The new government will need to regain the confidence
of international investors.  At the same time, the government will
also need to undertake the necessary economic reforms to ensure
the timeliness of a EUR20 billion international aid package,
mainly coming from the International Monetary Fund and the
European Commission.

The Baa2 systemic support input for Romanian banks is one notch
above the Baa3 local currency government debt rating.  This uplift
is predicated on Moody's view of a "medium" risk of a system-wide
banking crisis as well as a "medium" likelihood of the government
ring-fencing its own fiscal position from the banking system.  In
addition, NBR's good regulatory and supervisory framework provides
some added comfort about Romania's ability to provide systemic
support to its banking system.  In addition, it should be noted
that all three Romanian banks' deposit ratings continue to benefit
from external support coming from their European parent banks.

The BFSR of D+ for BRD, the majority-owned subsidiary of the
French Group Societe Generale, was downgraded to D in the wake of
the deep economic recession in Romania and its impact on the
bank's asset quality and earnings.  The rating action was driven
by the bank's reduced financial flexibility, as reflected in
depressed profitability, deteriorating asset quality and reducing
provision coverage levels.  Although BRD remains well capitalized
with a capital adequacy ratio of 12.3% as of September 2009, its
net profits for the first nine months of 2009 declined 19% year-
on-year, mainly due to higher provisioning costs that increased by
almost 200%.  During 2009, the bank's ratio of gross NPLs to gross
loans has increased significantly based on local standards
(classified as doubtful and loss), excluding any restructured
loans, while the NPL provisioning coverage without considering any
collaterals was relatively low at the end of September 2009.

Moody's believes that these challenges are better captured in
BRD's new BFSR of D (mapping to a Ba2 baseline credit assessment)
in line with the BFSR of the other two rated Romanian banks.
Despite BRD's more prudent lending practices over the past few
months, its relatively high exposure to the small and medium-sized
enterprises segment makes its loan book vulnerable to the effects
of the economic recession.  Looking ahead, Moody's expects the
elevated credit risk in Romania to continue exerting pressure on
all banks' earnings capacity and capitalization levels.

Moody's previous rating action for all rated Romanian banks named
above was implemented on 22 June 2009 when the ratings were placed
on review for a possible downgrade.

Headquartered in Bucharest, Banca Comerciala Romana reported total
assets of RON70.8 billion (EUR16.9 billion) as of the end of
September 2009.

Headquartered in Bucharest, BRD -- Groupe Societe Generale posted
total assets of RON47.9 billion (EUR11.4 billion) as of the end of
September 2009.

Headquartered in Bucharest, Raiffeisen Bank had total assets of
RON18 billion (EUR4.3 billion) as of the end of September 2009.


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


AMUR-LES: Creditors Must File Claims by December 9
--------------------------------------------------
Creditors of OJSC Amur-Les-Prom-LKKH (TIN 2801013012, PSRN
1025403189790) (Forestry) have until December 9, 2009, to submit
proofs of claims to:

         D.Gumirov
         Insolvency Manager
         Office 412
         Sv.Innokentiya pereulok 1
         675000 Blagoveshchensk
         Russia

The Arbitration Court of Amurskaya will convene on December 24,
2009, to hear bankruptcy proceedings.  The case is docketed under
Case No. ?04–1683/2007.

The Debtor can be reached at:

          OJSC Amur-Les-Prom-LKKH
          Relochyy pereulok 3
          Blagoveshchensk
          Russia


BRYANSK AIRPORT: Creditors Must File Claims by December 9
---------------------------------------------------------
Creditors of OJSC Bryansk Airport have until December 9, 2009, to
submit proofs of claims to:

         I. Sabirov
         Insolvency Manager
         Post User Box 57
         ChernyshevskogoStr. 43/2
         420202 Kazan
         Russia

The Arbitration Court of Bryanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?09–665/2009.

The Debtor can be reached at:

         OJSC Bryansk Airport
         AviatorovStr. 1
         Oktyabrskoe
         241522 Bryanskaya
         Russia


DIAL-STROY: Creditors Must File Claims by December 9
----------------------------------------------------
Creditors of LLC Dial-Stroy (TIN 1650149176, PSRN  1061650064167)
(Construction) have until December 9, 2009, to submit proofs of
claims to:

         A. Kuznetsov
         Insolvency Manager
         Taktasha Str. 26-25
         423806 Naberezhnye Chelny
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?65–7342/2009-SG4–27.

The Debtor can be reached at:

         LLC Dial-Stroy
         NaberezhnyeChelny
         Russia


MUKHTOLOVSKIY LES: Creditors Must File Claims by December 9
-----------------------------------------------------------
Creditors of OJSC Mukhtolovskiy Les-Prom-Khoz (Forestry) have
until December 9, 2009, to submit proofs of claims to:

         A. Romanov
         Insolvency Manager
         Post User Box 22
         Lyskovo 2
         606210 Nizhegorodskaya
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?43–5095/2009 27–48.

The Debtor can be reached at:

         OJSC Mukhtolovskiy Les-Prom-Khoz
         Kosmodemyanskoy Str. 81
         Mukhtolovo
         Ardatovskiy
         Nizhegorodskaya
         Russia


ORION-MONTAZH: Creditors Must File Claims by December 9
-------------------------------------------------------
Creditors of LLC Orion-Montazh (TIN 5258054440, PSRN
1055233040653) (Construction) have until December 9, 2009, to
submit proofs of claims to:

         L. Shevarenkov
         Insolvency Manager
         Post User Box 32
         Dzerzhinsk
         606000 Nizhegorodskaya
         Russia

The Arbitration Court of Nizhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?43–6480/2009 33–83.

The Debtor can be reached at:

         LLC Orion-Montazh
         ShekspiraStr. 10A
         Nizhnyy Novgorod
         603058 Nizhegorodskaya
         Russia


OLYMPIC LLC: Creditors Must File Claims by December 9
-----------------------------------------------------
Creditors of LLC Olympic (TIN 3663064420, PSRN 1073667018061)
(Construction) have until December 9, 2009, to submit proofs of
claims to:

         S. Lebedev
         Insolvency Manager
         PostUser Box 52
         394030 Voronezh
         Russia

The Arbitration Court of Voronezhskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?14–1762/2009–7/7B.

The Debtor can be reached at:

         LLC Olympic
         Leningradskaya Str. 2
         Voronezh
         Russia


SCRAP PROCESSING: Creditors Must File Claims by December 9
----------------------------------------------------------
Creditors of CJSC Scrap-Processing (TIN 2901082676)  have until
December 9, 2009, to submit proofs of claims to:

         M. Snarskiy
         Temporary Insolvency Manager
         KomsomolskayaStr. 161/3-9
         450096 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Arkhangelskaya commenced bankruptcy
supervision procedure. The case is docketed under Case No.
?05–5767/2009.


SIBIRSKIY CONSRUCTION: Creditors Must File Claims by December 9
---------------------------------------------------------------
Creditors of LLC Sibirskiy Construction Complex (TIN 2463083921,
PSRN 1072463000037) have until December 9, 2009, to submit proofs
of claims to:

         L. Yepifanova
         Insolvency Manager
         Post User Box 461
         660021 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A33–13797/2009,.

The Debtor can be reached at:

         LLC Sibirskiy Construction Complex
         Office 305
         Svobodnyy Prospect 68
         660041 Krasnoyarsk
         Russia


SPETS-MONTAZH: Creditors Must File Claims by December 9
-------------------------------------------------------
Creditors of LLC Spets-Montazh-Stroy (TIN 8904041710)
(Construction) have until December 9, 2009, to submit proofs of
claims to:

         O. Zuev
         Insolvency Manager
         Pechorskiy Prospect 110
         Pechora
         169600 Komi
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?81–1996/2009.

The Debtor can be reached at:

         LLC Spets-Montazh-Stroy
         Panel E
         Industrial Zone Zapadnaya
         Novyy Urengoy
         629300 Yamalo-Nenetskiy
         Russia


TK-STROY LLC: Creditors Must File Claims by December 9
------------------------------------------------------
Creditors of LLC TK-Stroy (TIN 2129054239, PSRN 1042129006370)
(Construction) have until December 9, 2009, to submit proofs of
claims to:

         Ye.Yemelin
         Insolvency Manager
         Office 206
         Suvorova Str. 111a
         440000 Penza
         Russia

The Arbitration Court of Chuvashia commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?79–8864/2009.

The Debtor can be reached at:

         LLC TK-Stroy
         Vodoprovodnaya Str.2a
         Cheboksary
         Chuvashia
         Russia


UC RUSAL: Hong Kong Stock Exchange Postpones Decision on IPO
------------------------------------------------------------
The Hong Kong Stock Exchange postponed by at least a week a
decision on whether to approve United Co. Rusal's application to
list its shares as part of an initial public offering, Maria
Kolesnikova and Bei Hu at Bloomberg News report, citing two people
familiar with the situation.

Bloomberg relates the people, who declined to be identified
because the talks are private, said the bourse's listing committee
considered the proposal Thursday and will do so again on Dec. 3.
According to Bloomberg, the people said the committee needs more
time to study the application and wants Rusal to complete a debt
restructuring first.

Bloomberg notes the people said the company is still expected to
sell shares before the year-end.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Rusal plans to sell a 10% stake in Hong Kong this year
to help repay more than US$14 billion of debt.

                           About Rusal

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


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


TDA EMPRESAS: Moody's Assigns 'B3' Rating on EUR60.5 Mil. Certs.
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to these
notes:

Issuer: TDA Empresas 1, FTA

  -- EUR214.5M A Certificate, Definitive Rating Assigned Aaa
  -- EUR60.5M B Certificate, Definitive 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 also be 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
were 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 the notes against
interest rate risk was also tested in various quantitative runs,
by assuming various conservative portfolio and note interest
mismatch scenarios during the life of the transaction.
Ultimately, these increased risks were reflected in Moody's
analysis and definitive ratings.

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 47.5% 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.

The previous rating action relates to the assignment of the
provisional rating on 23 November 2009.

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


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


AUTOLIV INC: S&P Raises Rating on US$165MM Equity Units to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
and short-term corporate credit ratings on Autoliv Inc., the
parent company of Sweden-based auto supplier Autoliv group, to
'BBB/A-2' from 'BBB-/A-3'.  At the same time, the Nordic scale
rating was raised to 'K-2' from 'K-3'.  The outlook is stable.

In addition, S&P raised the senior unsecured debt ratings on the
company's US$1.1 billion revolving credit facility due 2012 to
'BBB' from 'BBB-', and the junior subordinated debt rating on
Autoliv's US$165 million equity units hybrid to 'BB+' from 'BB'.

"The upgrade reflects its view that Autoliv's financial position
and cash generation have been more resilient than S&P had
previously anticipated during the severe downturn in 2009," said
Standard & Poor's credit analyst Andres Albricci.

The company has rapidly implemented what S&P view as a credit-
supportive financial policy by suspending dividend payments and
share buybacks, issuing new equity, and reducing investments.  It
has swiftly and decisively cut costs, demonstrating very strong
cost flexibility and the potential for improved profitability,
while enabling positive cash generation.  S&P considers that
Autoliv's financial risk profile has improved.  Furthermore, S&P
believes that by end-2009 the company's credit metrics are likely
to reach levels that are close to what S&P view as commensurate
with the 'BBB' rating, and that these metrics will improve in
2010.

Autoliv has been severely affected by the global downturn in auto
sales, leading to an estimated 25% reduction in revenues in 2009.
The company reacted quickly with aggressive cost-cutting measures,
including a significant workforce reduction and ongoing relocation
of production.  As a result, 55% of Autoliv's manufacturing
capacity is now in low-cost countries.

These actions returned Autoliv's operating margin to positive
territory as early as the second quarter of 2009, following a loss
in the first quarter.  S&P estimates that the company achieved a
5.8% EBITDA margin for the 12 months ending Sept. 30, 2009 (10.4%
in 2008).

The stable outlook reflects: S&P's view of the resilience
demonstrated by Autoliv during this downturn, S&P's anticipation
of a continued prudent financial policy, and that a recovery in
auto sales and margins should allow the company to achieve credit
ratios that S&P considers commensurate with the 'BBB' rating level
in 2010.  S&P anticipates that Autoliv will achieve FFO to debt of
about 25% in 2009, further improving to about 30% in 2010, and
that the company will maintain FOCF to debt of about 15%.

S&P view upside potential as limited at this point.  Any rating
upside would be contingent on, among other things, a sustained
strong improvement in the company's profitability and better
visibility on long-term market prospects.  S&P could revise the
outlook to positive if Autoliv were to improve its credit metrics
more than S&P anticipate, in particular, if S&P considered the
company capable of reaching and maintaining FFO to debt of about
35%-40% beyond 2009.

Negative pressure on the rating could arise if S&P was to believe
that Autoliv would not be able to achieve and maintain the
anticipated improvement in credit measures.  This could be caused
by lack of recovery in global auto sales over the medium term or
the resumption of aggressive shareholder distributions above the
level of free operating cash flow.


GENERAL MOTORS: Sweden Unlikely to Relax State Loan Rules for Saab
------------------------------------------------------------------
The Swedish government is unlikely to relax the rules of state
rescue loans to provide funding for General Motors Co.'s Saab
Automobile AB, Ola Kinnander at Bloomberg News reports, citing
Hans Pettersson, a deputy director at Sweden's Enterprise
Ministry.

Bloomberg relates Saab, whose future may be decided by owner
General Motors Co. this week, has asked the Swedish government to
make as much as SEK5 billion  (US$717 million) available in
emergency loans, and to inform GM of this before a board meeting
tomorrow, Dec. 1.

"It's easy to propose things, but unfortunately it's not so easy
to carry them out," Bloomberg quoted Mr. Pettersson as saying.
"We are not preparing right now for a new parliamentary decision.
That the parliament would make a decision by Tuesday is not very
likely."

According to Bloomberg, a decision by the Swedish legislature is
necessary to relax rules which stipulate that loans must be repaid
in six months -- a condition Saab and others have criticized as
unrealistic.

                             Guarantees

Bloomberg relates Mr. Pettersson said GM may not welcome a Swedish
emergency loan, considering the guarantees Sweden would impose on
GM.

"The government would not provide a loan to Saab in this situation
if it didn’t know it would get the money back," Bloomberg quoted
Mr. Pettersson as saying.  "That means we must have guarantees
from GM that we get this money back.  The question is if GM would
be willing to risk losing this money.  I don't think GM would
perceive it as a big help from Sweden if we provide a loan with
the conditions that are necessary to secure the tax payers'
money."

GM, Bloomberg says, may shut Saab after a sale to sports-car maker
Koenigsegg Group AB failed.  GM could also decide to keep Saab,
Bloomberg notes.  Beijing Automotive Industry Holding Co.,
Merbanco Inc. and Renco Group Inc. have made approaches to Saab
since Koenigsegg dropped a bid Nov. 24, Bloomberg discloses,
citing two people familiar with the situation.

                        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
=====================


FERIENHEIM SOLARIA: Claims Filing Deadline is December 14
---------------------------------------------------------
Creditors of Ferienheim Solaria AG are requested to file their
proofs of claim by December 14, 2009, to:

         Ferienheim Solaria AG
         Spitalstrasse 1
         7430 Thusis
         Switzerland

The company is currently undergoing liquidation in Thusis.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 16, 2009.


FREIZAG AG: Claims Filing Deadline is December 14
-------------------------------------------------
Creditors of Freizag AG are requested to file their proofs of
claim by December 14, 2009, to:

         Marc Unternaehrer
         Kantonsstrasse 40
         6048 Horw
         Switzerland

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


HMC HELALY: Claims Filing Deadline is December 11
-------------------------------------------------
Creditors of HMC Helaly Medizin Center GmbH are requested to file
their proofs of claim by December 11, 2009, to:

         Dr. Balsiger & Partner AG
         Pfistergasse 38
         4800 Zofingen
         Switzerland

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


MATRIX GMBH: Claims Filing Deadline is December 14
--------------------------------------------------
Creditors of Matrix GmbH are requested to file their proofs of
claim by December 14, 2009, to:

         Manfred Richter
         Liquidator
         Muehlegasse 35
         3283 Kallnach
         Switzerland

The company is currently undergoing liquidation in Kallnach.  The
decision about liquidation was accepted at a regular shareholders'
meeting held on October 13, 2009.


MENTOR PLAN: Claims Filing Deadline is December 14
--------------------------------------------------
Creditors of Mentor Plan AG are requested to file their proofs of
claim by December 14, 2009, to:

         Dr. Balsiger & Partner AG
         Pfistergasse 38
         4800 Zofingen
         Switzerland

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


NNK CONSULTING: Claims Filing Deadline is December 11
-----------------------------------------------------
Creditors of NNK Consulting GmbH are requested to file their
proofs of claim by December 11, 2009, to:

         Shozo Nurishi
         Liquidator
         Herrengasse 14
         6430 Schwyz
         Switzerland

The company is currently undergoing liquidation in Schwyz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on October 19, 2009.


REALINI AG: Claims Filing Deadline is December 14
-------------------------------------------------
Creditors of Realini AG are requested to file their proofs of
claim by December 14, 2009, to:

         Dory Uhlmann-Nyffler
         Zeieweg 27
         4900 Langenthal
         Switzerland

The company is currently undergoing liquidation in Langenthal.
The decision about liquidation was accepted at an extraordinary
general meeting held on October 20, 2009.


THOMAS KOCH: Claims Filing Deadline is December 14
--------------------------------------------------
Creditors of Thomas Koch & Partner AG are requested to file their
proofs of claim by December 14, 2009, to:

         Thomas Koch
         Liquidator
         Finstergaessli 6
         5304 Endinger
         Switzerland

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


WEBE INVEST: Claims Filing Deadline is December 14
--------------------------------------------------
Creditors of Webe Invest AG are requested to file their proofs of
claim by December 14, 2009, to:

         Webe Invest AG
         Hallwilerweg 2
         6003 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 26, 2009.


WONDERPIZZA SCHWEIZ: Claims Filing Deadline is December 14
----------------------------------------------------------
Creditors of Wonderpizza Schweiz AG are requested to file their
proofs of claim by December 14, 2009, to:

         Nick Bonomi
         Huettenbrunnenstrasse 2
         9476 Weite
         Switzerland

The company is currently undergoing liquidation in Wartau.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 22, 2009.


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


* MUNICIPALITY OF ISTANBUL: Fitch Maintains 'BB-' Rating
--------------------------------------------------------
Fitch Ratings is maintaining Metropolitan Municipality of
Istanbul's Long-term foreign and local currency ratings on Rating
Watch Positive and affirmed the other ratings:

  -- Long-term foreign currency rating: at 'BB-'; remains on RWP

  -- Long-term local currency rating: 'BB'; remains on RWP

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

  -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable
     Outlook

The RWP reflects that on Turkey's sovereign Long-term Issuer
Default ratings ('BB-'/'BB').  Istanbul's ratings move in tandem
with the sovereign's due to the city's key role in Turkey's
economy as the country's main financial and commercial centre.
Istanbul's strong fiscal performance is a credit strength but the
ratings are currently constrained by Turkish sovereign's ratings.
If and when the Turkish sovereign's ratings are upgraded, Fitch
would likely take a similar rating action on Istanbul's ratings.

The administration's direct debt increased sharply in 2008,
largely due to continuing transport-related investments, and may
be expected to grow over the medium term to around 1.2x of
projected operating revenues (2008: 0.6x).  Overall public sector
debt also rose considerably when municipally owned companies and
entities are included.  Although high in nominal terms, Istanbul's
total public-sector debt is still manageable given the strength of
the local tax base.  However, its financial position is
considerably stretched, which requires tighter debt and liquidity
management, and there is also significant foreign currency risk.

Istanbul's strong operating performance continued in 2008, with an
operating margin above 50%.  However, difficult economic
conditions this year suggest that current margins (after interest
payment) could retreat towards 40% in 2009, although they are
expected to rebound to close to their long-term average of 50% by
2011.

Istanbul's gross national product accounts for close to 21% of the
national total and about 43% of national tax collection.  It has
wealth indicators above the national average.  Its
responsibilities are focused on investment, primarily in
infrastructure, and the provision of municipal services such as
public transport and water.  Its main source of revenue is taxes
collected by the central government and shared among the
metropolitan municipalities.


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


MHP SA: Fitch Affirms Long-Term Issuer Default Rating at 'B-'
-------------------------------------------------------------
Fitch Ratings has affirmed the Ukraine-based agricultural producer
MHP S.A.'s Long-term foreign currency Issuer Default Rating at
'B-' with a Negative Outlook.  MHP's US$250 million 10.25% senior
notes, maturing in 2011, have also been affirmed at 'B-' with a
Recovery Rating of 'RR4'.  Fitch has simultaneously affirmed the
company's Long-term local currency IDR at 'B', removed it from
Rating Watch Negative and assigned the rating a Negative Outlook.

The affirmation of MHP's Long-term local currency IDR reflects the
company's steady operating performance and credit profile, despite
the significant challenges facing Ukraine's economy and banking
system.  However, the Negative Outlook reflects the pressure on
demand due to the ongoing recession (Fitch estimates Ukraine's GDP
will contract 16% in 2009).  It also captures the potential for a
further depreciation of the hyrvnia, which would effectively raise
the cost to the company of servicing its foreign currency
denominated debt.  MHP's Long-term foreign currency IDR is capped
by Ukraine's country ceiling of 'B-'.

MHP commenced operations at phase 2 of its Myronivka facility in
June 2009, increasing the company's chicken processing capacity by
nearly 50%.  Despite the severe economic contraction in Ukraine,
the company is selling all of the facility's output as consumers
substitute chicken for more expensive pork and beef, and as MHP
takes market share from other producers.  At the same time,
chicken prices have trended higher in UAH terms as prices adjust
to the international price for chicken.

The full-year impact of the weakened hyrvnia has resulted in lower
sales and EBITDA in 2009 in dollar terms, which is expected to
push leverage (adjusted net debt/EBITDAR) higher to around 2x at
end-2009 from 1.6x at end-2008.  Fitch projects that leverage will
decline in 2010 due to higher production levels and a sharp drop
in capital expenditure.  However, even with an additional 50%
depreciation of the hryvnia, the agency estimates that leverage
would be, at worst, flat at end-2010, as growth in production and
cash flow offset the negative effect of a currency devaluation on
EBITDA in US dollar terms.

The ratings continue to reflect MHP's leading position in the
Ukrainian poultry market, supported by its high level of vertical
integration that, together with government subsidies, enables MHP
to generate EBITDA margins in excess of 30%.  Negative rating
factors include the narrow focus of MHP's business on the
Ukrainian poultry market, and the potential for further reductions
in government support of the agricultural sector due to fiscal
constraints.

Fitch has also taken this rating action on MHP's subsidiary OJSC
Myronivsky Hliboproduct:

  -- Long-term foreign currency IDR: affirmed at 'B-'; Negative
     Outlook

  -- Long-term local currency IDR: affirmed at 'B'; removed from
     Rating Watch Negative; assigned a Negative Outlook

  -- National Long-term rating: upgraded to 'AA (ukr)' from 'A-
     (ukr)'; removed from Rating Watch Evolving; assigned a
     Negative Outlook

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the event
of a default.


* UKRAINE: No Mass Bankruptcies in Banking Sector, NBU Gov. Says
----------------------------------------------------------------
There will be no mass bankruptcies in the Ukrainian banking
sector, Ukrainian Journal reports, citing Vasyl Pasichnyk, the
acting vice governor of the National Bank of Ukraine.

"The number of banks where a provisional administration will be
introduced will not grow much in the near future, and there will
be no mass bankruptcies," Ukrainian Journal quoted Mr. Pasichnyk
as saying at a meeting of the financial press club in Kiev Monday
last week.


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


BORDERS GROUP: Borders U.K. Insolvency Could Cost US$140 Million
----------------------------------------------------------------
As widely reported, Borders U.K. (owned by Valco Capital Partners,
which is part of Hilco) entered administration proceedings in the
U.K. last week, and administrators MCR say that the 45 stores will
remain open for business as normal for now as they look for
buyers.

Borders U.K. is a spin-off from Borders Group, Inc.  On Sept. 21,
2007, Borders Group, Inc., sold its U.K. and Ireland bookstore
operations to Bookshop Acquisitions Ltd., a corporation formed by
Risk Capital Partners, a private equity firm in the United Kingdom
for (i) US$20.4 million in cash; (ii) an additional US$14.3
million of contingent deferred consideration [that's unlikely to
be realized]; (iii) a 19.9% equity interest in Bookshop
Acquisitions Ltd.; and (iv) US$2.4 million of 7% notes maturing in
2017 or sooner upon the occurrence of certain [unlikely] events.

Borders Group, Inc., guaranteed some of Borders U.K.'s lease.
Borders Group's maximum exposure is approximately US$134 million
under those lease guarantees, subject to the landlords' duties to
re-lease the stories to mitigate their damages.   Also under the
terms of the sale agreement, Borders Group indemnified the U.K.
and Ireland operations from any tax liability arising from the
forgiveness intercompany debt.  The maximum potential liability is
approximately US$7.7 million.

Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP)
-- <http://www.borders.com/>http://www.borders.com/-- is a
specialty retailer of books as well as other educational and
entertainment items.  The company employs approximately 25,000
workers throughout the U.S., primarily in its Borders(R) and
Waldenbooks(R) stores.  Borders announced the closing of 200
Waldenbooks stores in Nov. 2009.  Online shopping is offered
through borders.com.

Borders Group, Inc., has US$1.125 billion of first-lien loans
maturing in July 31, 2011.  At Aug. 1, 2009, Borders Group,
Inc.'s balance sheet showed US$1.5 billion in assets and
US$136.9 million in shareholder equity.  Borders Group, Inc., has
reported net losses in 2007, 2008 and 2009.


GORDON RAMSAY: Two Companies Face Debt Payments, Receivership
-------------------------------------------------------------
Caterer reports that the High Court could put Gordon Ramsay Plane
Food and Gordon Ramsay Maze Ltd., two of Gordon Ramsay's
companies, into receivership if they fail to settle their debts.

According to the report, Gordon Ramsay Plane Food was given 14
days grace period to allow for a check to clear, while Gordon
Ramsay Maze was given 63 days to pay off its debts.

The report relates four of the celebrity chef's companies were
taken to court Wednesday and faced winding-up petitions from the
Inland Revenue & Customs.  The court dismissed the petitions
brought against Gordon Ramsay Narrow Street Ltd. and Gordon Ramsay
Hospital Road, the report discloses.

Gordon Ramsay Holdings -- http://www.gordonramsay.com/-- operates
restaurants in the United Kingdom. Its menu includes sweetbreads
and mushrooms, sauces, cheeses, ice creams, and wine.  The company
was founded in 1998 and is based in London.


LLOYDS BANKING: Shareholders Back GBP13.5 Bln Rights Offer
----------------------------------------------------------
Jon Menon at Bloomberg News reports that shareholders of Lloyds
Banking Group plc, the 43.4% U.K. government-owned bank, approved
the company's GBP13.5-billion (US$22.3 billion) rights offer.

According to Bloomberg, the rights offer was approved by more that
99% of shareholders and will enable the bank to avoid ceding
majority control to the U.K. government.

The bank, Bloomberg says, is avoiding a government plan to insure
GBP260 billion of assets, including commercial loans and real
estate.  The rights offer also enables Lloyds to escape the
payment of a GBP15.6 billion fee to insure the assets, Bloomberg
notes.

                   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.


NATIONAL EXPRESS: East Anglia Rail Franchise Not Extended
---------------------------------------------------------
John O'Doherty at The Financial Times reports that the Department
for Transport has decided not to extend National Express Group
plc's East Anglia rail franchise beyond 2011.

The FT recalls National Express said during the summer that it
would not be able to meet its obligations to spend GBP1.4 billion
on the East Coast main line franchise after the recession forced a
downgrade in the group's forecasts for passenger numbers.

As reported by the Troubled Company Reporter-Europe on Nov. 25,
2009, the FT said the Spain's Cosmen family, National Express's
biggest shareholder, increased its stake to 18.5% to 19.72% in an
attempt to block the company's GBP360 million (US$597 million)
rescue rights issue.  The FT disclosed National Express deputy
chairman Jorge Cosmen was 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.


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


* BOND PRICING: For the Week November 23 to November 27, 2009
-------------------------------------------------------------


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

AUSTRIA
-------
INVESTKREDIT AG          7.000       3/6/2021        EUR     74.15
KOMMUNALKREDIT           0.500      3/15/2019        CAD     64.62
OESTER VOLKSBK           4.170      7/29/2015        EUR     66.38
OESTER VOLKSBK           5.450       8/2/2019        EUR     74.50
OESTER VOLKSBK           4.810      7/29/2025        EUR     67.75
OESTER VOLKSBK           5.270       2/8/2027        EUR     93.35
RAIFF ZENTRALBK          4.500      9/28/2035        EUR     90.04
SAPPI PAPIER HOL         7.500      6/15/2032        USD     48.25
SAPPI PAPIER HOL         7.500      6/15/2032        USD     48.25

BELGIUM
-------
FORTIS BANK              8.750      12/7/2010        EUR     22.47

BULGARIA
--------
PETROL AD-SOFIA          8.375     10/26/2011        EUR     55.13

CZECH REPUBLIC
--------------
CZECH REPUBLIC           2.750      1/16/2036        JPY     65.84

FINLAND
-------
MUNI FINANCE PLC         1.000     11/21/2016        NZD     69.58
MUNI FINANCE PLC         1.000     10/30/2017        AUD     64.10
MUNI FINANCE PLC         1.000      2/27/2018        AUD     63.02
MUNI FINANCE PLC         0.500      9/24/2020        CAD     60.90
MUNI FINANCE PLC         0.500      3/17/2025        CAD     46.67
MUNI FINANCE PLC         0.250      6/28/2040        CAD     21.28

FRANCE
------
AIR FRANCE-KLM           4.970       4/1/2015        EUR     14.52
ALCATEL SA               4.750       1/1/2011        EUR     16.45
ALCATEL-LUCENT           5.000       1/1/2015        EUR      3.39
ALTRAN TECHNOLOG         6.720       1/1/2015        EUR      4.30
ATARI SA                 4.000       4/1/2020        EUR      0.68
ATOS ORIGIN SA           2.500       1/1/2016        EUR     47.10
CALYON                   6.000      6/18/2047        EUR     42.98
CAP GEMINI SA            2.500       1/1/2010        EUR     51.88
CAP GEMINI SOGET         1.000       1/1/2012        EUR     43.07
CAP GEMINI SOGET         3.500       1/1/2014        EUR     42.86
CLUB MEDITERRANE         4.375      11/1/2010        EUR     48.42
EURAZEO                  6.250      6/10/2014        EUR     54.66
FAURECIA                 4.500       1/1/2015        EUR     17.71
GIE PSA TRESORER         6.000      9/19/2033        EUR     80.29
GROUPE VIAL              2.500       1/1/2014        EUR     25.11
MAUREL & PROM            3.500       1/1/2010        EUR     22.75
MAUREL ET PROM           7.125      7/31/2014        EUR     17.59
NEXANS SA                4.000       1/1/2016        EUR     59.72
PEUGEOT SA               4.450       1/1/2016        EUR     31.01
PUBLICIS GROUPE          3.125      7/30/2014        EUR     33.89
PUBLICIS GROUPE          1.000      1/18/2018        EUR     44.97
RHODIA SA                0.500       1/1/2014        EUR     40.96
SCOR SA                  4.125       1/1/2010        EUR      2.07
SOC AIR FRANCE           2.750       4/1/2020        EUR     20.53
SOITEC                   6.250       9/9/2014        EUR     10.23
TEM                      4.250       1/1/2015        EUR     55.37
THEOLIA                  2.000       1/1/2014        EUR     11.76
VALEO                    2.375       1/1/2011        EUR     46.09
ZLOMREX INT FIN          8.500       2/1/2014        EUR     33.50
ZLOMREX INT FIN          8.500       2/1/2014        EUR     33.50

GERMANY
-------
DEUTSCHE BK LOND         1.000      3/31/2027        USD     48.42
ESCADA AG                7.500       4/1/2012        EUR     17.48
GOTHAER ALLG VER         5.527      9/29/2026        EUR     75.45
HSH NORDBANK AG          4.375      2/14/2017        EUR     62.92
HVB REAL ESTATE          6.480      3/21/2022        EUR    103.21
HYPO REAL ESTATE         4.690     12/14/2026        EUR     74.02
IKB DEUT INDUSTR         4.500       7/9/2013        EUR     74.87
KFW                      5.000     10/17/2035        EUR     73.74
L-BANK FOERDERBK         0.500      5/10/2027        CAD     44.48
LB BADEN-WUERTT          5.250     10/20/2015        EUR     34.90
LB BADEN-WUERTT          2.500      1/30/2034        EUR     58.88
RENTENBANK               1.000      3/29/2017        NZD     68.60
SOLON AG SOLAR           1.375      12/6/2012        EUR     40.30
TUI AG                   2.750       9/1/2012        EUR     73.23
TUI AG                   5.500     11/17/2014        EUR     61.72
VAC FINANZ               9.250      4/15/2016        EUR     38.00
VAC FINANZ               9.250      4/15/2016        EUR     38.00

GREECE
------
YIOULA GLASSWORK         9.000      12/1/2015        EUR     56.38
YIOULA GLASSWORK         9.000      12/1/2015        EUR     55.96

HUNGARY
-------
REP OF HUNGARY           2.110     10/26/2017        JPY     71.93

ICELAND
-------
KAUPTHING BANK           6.125      10/4/2016        USD     24.13

IRELAND
-------
ALLIED IRISH BKS         5.250      3/10/2025        GBP     65.85
ALLIED IRISH BKS         5.625     11/29/2030        GBP     61.19
BANK OF IRELAND          4.875      1/22/2018        GBP     72.47
DEPFA ACS BANK           2.375      2/15/2019        CHF     98.28
DEPFA ACS BANK           0.500       3/3/2025        CAD     30.83
DEPFA ACS BANK           5.250      3/31/2025        CAD     73.55
DEPFA ACS BANK           3.250      7/31/2031        CHF     98.97
DEPFA ACS BANK           4.900      8/24/2035        CAD     62.32
IRISH LIFE & PER         4.625       5/9/2017        EUR     69.50
IRISH NATIONWIDE        13.000      8/12/2016        GBP     64.70
IRISH NATIONWIDE         5.500      1/10/2018        GBP     37.40
UT2 FUNDING PLC          5.321      6/30/2016        EUR     63.05

ITALY
-----
ALITALIA SPA             7.500      7/22/2010        EUR     24.13
ARCELORMITTAL            7.250       4/1/2014        EUR     31.34
COMUNE DI MILANO         4.019      6/29/2035        EUR     74.75
ROMULUS FINANCE          5.441      2/20/2023        GBP     70.66
UNICREDITO ITALI         5.668      2/15/2035        EUR     73.88

LUXEMBOURG
----------
BREEZE                   4.524      4/19/2027        EUR     82.87
CRC BREEZE               5.290       5/8/2026        EUR     74.49
HELLAS III               8.500     10/15/2013        EUR     74.71
LIGHTHOUSE INTL          8.000      4/30/2014        EUR     61.70
LIGHTHOUSE INTL          8.000      4/30/2014        EUR     60.23
SAFILO CAP INTL          9.625      5/15/2013        EUR     70.88
SAFILO CAP INTL          9.625      5/15/2013        EUR     71.60
TALANX FINANZ            4.500      6/30/2025        EUR     77.07

NETHERLANDS
-----------
ABN AMRO BANK NV         6.000      3/16/2035        EUR     65.81
AI FINANCE B.V.         10.875      7/15/2012        USD     53.13
AIR BERLIN FINAN         1.500      4/11/2027        EUR     65.94
ALB FINANCE BV           9.000     11/22/2010        USD     29.49
ALB FINANCE BV           8.750      4/20/2011        USD     27.98
ALB FINANCE BV           9.250      9/25/2013        USD     27.94
ARPENI PR INVEST         8.750       5/3/2013        USD     50.00
ARPENI PR INVEST         8.750       5/3/2013        USD     50.00
BK NED GEMEENTEN         0.500      6/27/2018        CAD     70.54
BK NED GEMEENTEN         0.500      2/24/2025        CAD     48.60
BLT FINANCE BV           7.500      5/15/2014        USD     57.25
BLT FINANCE BV           7.500      5/15/2014        USD     57.25
BSP FINANCE BV          10.750      11/1/2011        USD     72.00
ELEC DE CAR FIN          8.500      4/10/2018        USD     63.63
EM.TV FINANCE BV         5.250       5/8/2013        EUR      4.20
FINANCE & CREDIT        10.375      1/25/2010        USD     67.99
IVG FINANCE BV           1.750      3/29/2017        EUR     67.01
KAZKOMMERTS FIN          8.625      7/27/2016        USD     77.54
KAZKOMMERTS INTL         8.000      11/3/2015        USD     84.13
KAZKOMMERTS INTL         7.500     11/29/2016        USD     80.98
KAZKOMMERTS INTL         6.875      2/13/2017        EUR     75.00
KBC IFIMA NV             6.004       2/7/2025        USD     67.08
NATL INVESTER BK        25.983       5/7/2029        EUR     36.37
NED WATERSCHAPBK         0.500      3/11/2025        CAD     47.40
NIB CAPITAL BANK         4.790     12/17/2043        EUR     74.47
NXP BV/NXP FUNDI         8.625     10/15/2015        EUR     66.88
NXP BV/NXP FUNDI         8.625     10/15/2015        EUR     66.25
NXP BV/NXP FUNDI         8.625     10/15/2015        EUR     66.72
NXP BV/NXP FUNDI         9.500     10/15/2015        USD     74.75
NXP BV/NXP FUNDI         9.500     10/15/2015        USD     74.75
NXP BV/NXP FUNDI         9.500     10/15/2015        USD     75.75
Q-CELLS INTERNAT         1.375      2/28/2012        EUR     67.33
Q-CELLS INTERNAT         5.750      5/26/2014        EUR     70.75
RABOBANK                 4.168      2/25/2020        EUR     88.10
SNS BANK                 5.000      3/15/2019        EUR     69.62
TEMIR CAPITAL            9.000     11/24/2011        USD     29.00
TEMIR CAPITAL            9.500      5/21/2014        USD     17.63
TEMIR CAPITAL            9.500      5/21/2014        USD     18.70
TJIWI KIMIA FIN         13.250       8/1/2001        USD      0.00
TURANALEM FIN BV         7.875       6/2/2010        USD     20.00
TURANALEM FIN BV         6.250      9/27/2011        EUR     19.49
TURANALEM FIN BV         7.750      4/25/2013        USD     19.87
TURANALEM FIN BV         8.000      3/24/2014        USD     21.15
TURANALEM FIN BV         8.500      2/10/2015        USD     20.05
TURANALEM FIN BV         8.500      2/10/2015        USD     19.95
TURANALEM FIN BV         8.250      1/22/2037        USD     19.96
TURANALEM FIN BV         8.250      1/22/2037        USD     20.08

NORWAY
------
EKSPORTFINANS            0.500       5/9/2030        CAD     38.27
NORSKE SKOGIND           7.000      6/26/2017        EUR     64.83

POLAND
------
POLAND GOVT BOND         3.300      6/16/2038        JPY     73.20
POLAND-REGD-RSTA         2.810     11/16/2037        JPY     65.89
REP OF POLAND            2.620     11/13/2026        JPY     73.12
REP OF POLAND            2.648      3/29/2034        JPY     65.53
REP OF POLAND            3.220       8/4/2034        JPY     74.49
REP OF POLAND            4.250      7/20/2055        EUR     69.41

ROMANIA
-------
BUCHAREST                4.125      6/22/2015        EUR     88.64

RUSSIA
------
KAZAN ORGSINTEZ          9.250     10/30/2011        USD     79.93

SPAIN
-----
GENERAL DE ALQUI         2.750      8/20/2012        EUR     56.44
MINICENTRALES            4.810     11/29/2034        EUR     62.74

SWEDEN
------
SWEDISH EXP CRED         0.500     12/17/2027        USD     51.66

SWITZERLAND
-----------
CYTOS BIOTECH            2.875      2/20/2012        CHF     50.65
UBS AG JERSEY            9.000       3/9/2010        USD     53.95
UBS AG JERSEY            9.000      5/18/2010        USD     54.20
UBS AG JERSEY            9.000      6/11/2010        USD     53.19
UBS AG JERSEY            9.000       7/2/2010        USD     53.20
UBS AG JERSEY            9.000      7/19/2010        USD     53.60
UBS AG JERSEY            9.350      7/27/2010        USD     54.40
UBS AG JERSEY            9.000      8/13/2010        USD     58.25
UBS AG JERSEY            9.500      8/31/2010        USD     60.95
UBS AG JERSEY           10.000     10/25/2010        USD     61.95
UBS AG JERSEY           13.900      1/31/2011        USD     37.13
UBS AG JERSEY           14.640      1/31/2011        USD     38.94
UBS AG JERSEY           16.170      1/31/2011        USD     13.87
UBS AG JERSEY           10.000      2/11/2011        USD     61.10
UBS AG JERSEY           15.250      2/11/2011        USD     12.47
UBS AG JERSEY           11.330      3/18/2011        USD     18.40
UBS AG JERSEY           16.160      3/31/2011        USD     44.30
UBS AG JERSEY           10.820      4/21/2011        USD     22.17
UBS AG JERSEY           11.030      4/21/2011        USD     21.72
UBS AG JERSEY           13.000      6/16/2011        USD     47.34
UBS AG JERSEY           10.280      8/19/2011        USD     33.02
UBS AG JERSEY           10.360      8/19/2011        USD     51.70
UBS AG JERSEY           11.150      8/31/2011        USD     36.14
UBS AG JERSEY            9.350      9/21/2011        USD     66.10
UBS AG JERSEY            3.220      7/31/2012        EUR     66.07
UBS AG LONDON            1.500      6/19/2018        JPY     63.52

UNITED KINGDOM
--------------
ALPHA CREDIT GRP         2.940       3/4/2035        JPY     69.59
AMDOCS LIMITED           0.500      3/15/2024        USD     70.00
BANK OF SCOTLAND         2.928      6/10/2020        USD     71.53
BANK OF SCOTLAND         2.340     12/28/2026        JPY     74.09
BANK OF SCOTLAND         2.408       2/9/2027        JPY     74.53
BANK OF SCOTLAND         2.359      3/27/2029        JPY     70.39
BARCLAYS BK PLC         11.650      5/20/2010        USD     40.25
BARCLAYS BK PLC          7.610      6/30/2011        USD     54.32
BARCLAYS BK PLC         10.600      7/21/2011        USD     40.34
BRADFORD&BIN BLD         5.500      1/15/2018        GBP      7.00
BRADFORD&BIN BLD         5.750     12/12/2022        GBP      8.07
BRADFORD&BIN PLC         6.625      6/16/2023        GBP      6.98
BRADFORD&BIN BLD         2.875     10/16/2031        CHF     93.01
BRADFORD&BIN BLD         4.910       2/1/2047        EUR     73.69
BRIT INSURANCE           6.625      12/9/2030        GBP     70.42
BROADGATE FINANC         5.098       4/5/2033        GBP     73.65
CATTLES PLC              7.875      1/17/2014        GBP     13.38
CITY OF KIEV             8.000      11/6/2015        USD     64.52
CITY OF KYIV             8.250     11/26/2012        USD     71.54
CO-OPERATIVE BNK         5.875      3/28/2033        GBP     73.23
EFG HELLAS PLC           2.760      5/11/2035        JPY     65.40
ENTERPRISE INNS          6.500      12/6/2018        GBP     83.25
ENTERPRISE INNS          6.875       5/9/2025        GBP     78.06
ENTERPRISE INNS          6.375      9/26/2031        GBP     74.03
F&C ASSET MNGMT          6.750     12/20/2026        GBP     65.75
GLOBAL CROSS FIN        10.750     12/15/2014        USD     99.75
GRAINGER PLC             3.625      5/17/2014        GBP     48.18
GREENE KING FIN          5.702     12/15/2034        GBP     71.88
HBOS PLC                 4.500      3/18/2030        EUR     70.47
HBOS PLC                 6.000      11/1/2033        USD     73.84
HBOS PLC                 6.000      11/1/2033        USD     73.84
INEOS GRP HLDG           7.875      2/15/2016        EUR     62.33
INEOS GRP HLDG           7.875      2/15/2016        EUR     62.13
INEOS GRP HLDG           8.500      2/15/2016        USD     61.60
INEOS VINYLS FIN         9.125      12/1/2011        EUR     75.00
INEOS VINYLS FIN         9.125      12/1/2011        EUR     75.00
KENSINGTON GROUP         9.000     12/21/2015        GBP     62.25
LBG CAPITAL NO.1         6.439      5/23/2020        EUR     73.25
LBG CAPITAL NO.2         6.385      5/12/2020        EUR     73.50
LOUIS NO1 PLC            8.500      12/1/2014        EUR     72.13
LOUIS NO1 PLC           10.000      12/1/2016        EUR     62.50
MARSTONS ISSUER          5.641      7/15/2035        GBP     71.86
NATL GRID GAS            1.754     10/17/2036        GBP     49.03
NATL GRID GAS            1.771      3/30/2037        GBP     47.46
NBG FINANCE PLC          2.755      6/28/2035        JPY     73.96
NORTHERN ROCK            5.625      1/13/2015        GBP     35.33
NORTHERN ROCK            5.750      2/28/2017        GBP     35.56
NORTHERN ROCK           10.375      3/25/2018        GBP     48.00
NORTHERN ROCK            6.375      12/2/2019        GBP     74.50
NORTHERN ROCK            9.375     10/17/2021        GBP     40.80
OJSC BANK NADRA          9.250      6/28/2010        USD     20.00
PARAGON GROUP            7.000      4/20/2017        GBP     74.50
PRIVATBANK               8.000       2/6/2012        USD     76.16
PRIVATBANK               8.750       2/9/2016        USD     67.25
PUNCH TAVERNS            7.567      4/15/2026        GBP     73.52
PUNCH TAVERNS            6.468      4/15/2033        GBP     68.16
ROYAL BK SCOTLND         4.700       7/3/2018        USD     70.25
ROYAL BK SCOTLND         9.500       4/4/2025        USD     65.29
ROYAL BK SCOTLND         7.540      6/29/2030        EUR     58.66
SPIRIT ISSUER            5.472     12/28/2028        GBP     70.50
TXU EASTERN FNDG         6.450      5/15/2005        USD      0.01
UKRAINE GOVT             4.950     10/13/2015        EUR     69.56
UKRAINE GOVT             4.950     10/13/2015        EUR     68.94
UKRAINE GOVT             6.580     11/21/2016        USD     73.56
UKRAINE GOVT             6.580     11/21/2016        USD     73.11
UKRAINE GOVT             6.750     11/14/2017        USD     72.80
UKRAINE GOVT             6.750     11/14/2017        USD     73.17
UNIQUE PUB FIN           7.395      3/28/2024        GBP     73.23
UNIQUE PUB FIN           6.464      3/30/2032        GBP     59.86
VAB BANK                10.125      6/14/2010        USD     67.47
WESSEX WATER FIN         1.369      7/31/2057        GBP     20.73

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


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