TCREUR_Public/100107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, January 7, 2010, Vol. 11, No. 004

                            Headlines



G E R M A N Y

E.CLIPS: Files for Insolvency; Sky, Teleclub Will Drop Channel
HEIDELBERGCEMENT AG: May Renegotiate Debt Next Year, Analysts Warn
SCHMACK BIOGAS: Amberg Court Opens Insolvency Proceedings
TREVIRA: To Relaunch After Capital Injection, Administrator Says

* GERMANY: Economic Minister Calls for Merger of Landesbanks


I C E L A N D

* ICELAND: Won't Default Despite Icesave Depositor Bill Veto
* ICELAND: Fitch Downgrades Issuer Default Ratings to 'BB+'


I R E L A N D

AERGO LEASING: To Be Liquidated on January 12
AERGO OMEGA: To Appoint Liquidator on January 12
ORTHANC GROUP: Liam Carroll to Liquidate Business Today
RESIDENCE MEMBERS: Goes Into Examinership; Case Adjourned Jan. 13


K A Z A K H S T A N

AGRO PROM: Creditors Must File Claims by January 13
BM SERVICE: Creditors Must File Claims by January 13
GLORIYA LLP: Creditors Must File Claims by January 13
KOKTEM CORP: Creditors Must File Claims by January 13
PROM INVEST: Creditors Must File Claims by January 13

REM SERVICE: Creditors Must File Claims by January 13
SAKO+K LLP: Creditors Must File Claims by January 13
SAUDA-COMPANY LTD: Creditors Must File Claims by January 13
SIK I COMP: Creditors Must File Claims by January 13
SNUB STROY: Creditors Must File Claims by January 13


K Y R G Y Z S T A N

ALINEX PLUS: Creditors Must File Claims by January 27


N E T H E R L A N D S

LYONDELLBASELL: Increases Polyethylene Price in Europe
PROLIANCE INTERNATIONAL: To Sell Nederlandse Radiateuren Unit
VAN DER MOOLEN: Sells Assets in Online Auction to Repay Debt


R U S S I A

ENEMSKIY BRICK: Creditors Must File Claims by February 4
GAZ-DOR-STROY: Creditors Must File Claims by February 4
VIP-CONTRUCTION: Creditors Must File Claims by February 5


U K R A I N E

UKRAINIAN FINANCING: Liquidated by Ukraine's Central Bank


U N I T E D   K I N G D O M

BLENHEIM 1862: Faces Second Winding-Up Petition Over Tax Debts
BRITISH AIRWAYS: Traffic Figures Down 4% in December 2009
HIT ENTERTAINMENT: S&P Downgrades Corporate Credit Ratings to 'CC'
LEHMAN BROTHERS: Has Nod for Settlement With Bamburgh, et al.
MANCHESTER UNITED: Loan Price Up After Bond Refinancing Reports

NORTEL NETWORKS: Contemplates Feb. 24 Auction for VOIP Business
PEARL GROUP: Commences Discounted Offer for 6.5864% Notes
PEARL GROUP: Noteholders Balk at Proposed Exchange, Amendments


X X X X X X X X

* Low Order Levels, Lack of Financing to Lead to Yard Closures

* Upcoming Meetings, Conferences and Seminars




                         *********



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G E R M A N Y
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E.CLIPS: Files for Insolvency; Sky, Teleclub Will Drop Channel
--------------------------------------------------------------
Joern Krieger at Rapid TV News reports that German pay-TV channel
e.clips has filed for insolvency at Munich's district court.

The report says pay-TV platform Sky Deutschland will discontinue
carriage of the service today, Jan 7.

In Germany, e.clips is also available on the cable networks of
Unitymedia and Kabel BW, in Austria on Liwest's cable network and
in Switzerland on pay-TV platform Teleclub and IPTV platform
Swisscom TV, according to the report.

In line with Sky, Teleclub will also drop the channel today while
it is not clear yet whether carriage on the other platforms will
continue, the report says.


HEIDELBERGCEMENT AG: May Renegotiate Debt Next Year, Analysts Warn
------------------------------------------------------------------
Daniel Schafer at The Financial Times reports that analysts warn
that HeidelbergCement AG still has a way to go before a full
recovery.

"The banking arrangements HeidelbergCement has at the moment are
restrictive in terms of its financial activity and, although the
debt position is a lot better than it was six months ago, we would
expect that the bank debt will be renegotiated some time next
year," the FT quoted Matthias Hellstern, a corporate finance
specialist at Moody's, as saying.

According to the FT, there are also concerns over the group's high
exposure to the US and European construction markets, both of
which are expected to contract next year, having already endured a
prolonged period of waning activity.

In addition, HeidelbergCement, unlike its European rivals, has a
relatively low exposure to China and India, where the market for
building materials is expected to soar during the next decade, the
FT notes.

                     About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG (FRA:HEI) --
http://www.heidelbergcement.com/-- is a global producer of
cement, concrete and building materials.  The Company's core
activities include the production and distribution of cement and
aggregates, the two raw materials for concrete.  It is also
engaged in the provision of such products as ready-mixed concrete,
as well as concrete products and elements.  It divides its
activities into four group areas: Europe-Central Asia, North
America, Asia-Australia-Africa-Mediterranean and Group Services.
It divides its products into three lines: cement, aggregates and
concrete and building products.  Its products include sand,
gravel, crushed stone, white cement, trass cement, masonry cement,
aquament and portland cement for hydraulic engineering, as well as
light, heavy and aerated concrete building blocks, pavers,
prefabricated ceilings and walls, prefabricated cellar units and
prefabricated sewage works units, among others.  In 2007, the
Company took over Hanson Group.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 23,
2009, Fitch Ratings upgraded Germany-based HeidelbergCement AG's
Long-term Issuer Default and senior unsecured ratings to 'BB-'
from 'B' and 'CCC', respectively.  The ratings had been removed
from Rating Watch Positive where they were placed on October 12,
2009.  The Outlook on the Long-term IDR is Positive.  HC's
Short-term IDR had been affirmed at 'B'.


SCHMACK BIOGAS: Amberg Court Opens Insolvency Proceedings
---------------------------------------------------------
As of January 1, 2010, the local court of Amberg opened the
insolvency proceedings on the assets of Schmack Biogas AG as well
as their subsidiaries Carbotech Engineering GmbH, Hese Biogas GmbH
and Stelzenberger Biogas GmbH.

Attorney at Law Dr. Hubert Ampferl, Chancellery Dr. Beck & Partner
GbR from Nuremberg, who acted so far as preliminary insolvency
administrator, was appointed as insolvency administrator.  Since
January 1, 2010, Mr. Ampferl is authorized to dispose
administrator.  Since January 1, 2010, Mr. Ampferl is authorized
to dispose of the power of administration and control over all
assets and the power of representation of these companies.

Schmack Biogas AG is a German supplier of biogas plants.
Established in 1995, the company provides its services through two
divisions, namely Design and Construction and Service, and is one
of the few full-service providers in the industry.  In addition to
full-service repair and maintenance contracts, the company also
provides comprehensive microbiological support and integrated
plant management services.


TREVIRA: To Relaunch After Capital Injection, Administrator Says
----------------------------------------------------------------
Deutsche Presse-Agentur reports that Werner Schneider, Trevira's
insolvency administrator, on Dec. 28 said the company is being
relaunched with new investors.

The report recalls Trevira, one of the world's leading polyester-
thread brands, filed in June for insolvency, wiping out Reliance's
investment, after the Indian company failed to inject new funds.

According to the report, Mr. Schneider said the state government
of Bavaria had now guaranteed new equity finance injected by
Bavarian public banks, while banks in the state of Brandenburg
would come on board later.

Trevira is to keep operating its three German factories, at
Bobingen, Guben and Hattersheim.  They employ 1,400 people, the
report says.


* GERMANY: Economic Minister Calls for Merger of Landesbanks
------------------------------------------------------------
Jamie Dunkley at The Telegraph reports that German economic
minister Rainer Bruederle has urged the country's state-owned
Landesbanks to merge into a single unit to avoid more fallout from
the financial crisis.

According to the report, Mr. Bruederle, minister for economics and
technology, said the regional unit of banks needed a "shake-up",
adding that "one Landesbank would be plenty".

There are currently 11 state-owned Landesbanks based across
Germany, the report discloses.

The report notes despite Landesbanks' original aim of boosting
regional industry and financing the family Mittelstand firms, most
became heavily embroiled in the economic downturn by straying into
different forms of leverage.

The financial crisis highlighting weaknesses in their balance
sheets, with several -- including Bayerische Landesbank in Bavaria
-- forced to write down billions of euros worth of investors, the
report says.

Despite this, some state governments, which partly own the
lenders, are still reluctant to usher in a wave of consolidation
as they fear heavy job cuts, the report states.


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I C E L A N D
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* ICELAND: Won't Default Despite Icesave Depositor Bill Veto
------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland's
Finance Minister Steingrimur Sigfusson said his government won't
default after its debt was downgraded to junk following a
presidential veto of a depositor bill that had sought to repair
investor relations.

According to Bloomberg, a settlement of the so-called Icesave
depositor bill is the last milestone toward the island's financial
resurrection.  Bloomberg says failure to pass the bill will
jeopardize an international bailout agreement and has already
triggered ratings downgrades in the western nation hardest hit by
the global credit crisis.

Bloomberg relates President Olafur R. Grimsson on Tuesday vetoed a
U.K. and Dutch depositor bill after receiving a petition signed by
more than 60,000 of Iceland's 320,000 inhabitants urging him to
reject the legislation.  The accord, which obliges Iceland to use
US$5.5 billion in borrowed funds to cover the depositor claims,
will now be put to a referendum, Bloomberg discloses.  Polls show
about 70% of Icelanders oppose the legislation, Bloomberg notes.

Mr. Grimsson's decision doesn't necessarily mean an IMF-led rescue
will collapse, as long as countries that pledged to finance the
emergency loans to Iceland remain committed, Mark Flanagan, the
fund's mission chief for Iceland, said in a statement late
Tuesday, according to Bloomberg.  Mr. Flanagan, as cited by
Bloomberg, said the IMF will consult with countries providing the
money for the program.

Mr. Grimsson's announcement prompted Fitch Ratings to lower
Iceland's credit grade to BB+, one level below investment grade,
Bloomberg discloses.  The rating carries a negative outlook,
Bloomberg states.

Moody's Investors Service and Standard & Poor's both rate Iceland
one notch above junk, Bloomberg says.


* ICELAND: Fitch Downgrades Issuer Default Ratings to 'BB+'
-----------------------------------------------------------
Fitch Ratings has downgraded Iceland's Long-term foreign and local
currency Issuer Default Ratings to 'BB+' and 'BBB+' from 'BBB-'
and 'A-' respectively.  The Outlooks on both Long-term ratings are
Negative.  Fitch has simultaneously downgraded Iceland's Short-
term foreign currency IDR to 'B' from 'F3' and downgraded the
Country Ceiling to 'BB+' from 'BBB-'.

"The decision by Iceland's President to refer the 'Icesave'
agreement to a referendum creates a renewed wave of domestic
political, economic and financial uncertainty.  It also represents
a significant setback to Iceland's efforts to restore normal
financial relations with the rest of the world," said Paul
Rawkins, Senior Director in Fitch's Sovereigns team in London.

The agreement was approved by the Icelandic parliament on
December 30, 2009.

"Consequently, in Fitch's opinion, Iceland's economic and
sovereign credit profile is no longer consistent with an
investment grade foreign currency rating," added Mr. Rawkins.

Fitch has consistently maintained that the resolution of the
'Icesave issue', a bilateral agreement with the UK and Dutch
governments to finance the compensation of 'Icesave' depositors,
is an essential element towards the restoration of sovereign
creditworthiness.

This latest setback raises renewed uncertainties over the
availability of bilateral and multilateral funding for Iceland's
IMF financial rescue program.  Moreover, it threatens to further
stifle progress towards liberalizing capital controls that
continue to trap significant non-resident investments in Icelandic
krona and also the establishment of a credible market-determined
exchange rate regime necessary to restore the economy's access to
international capital over the medium-term.

The Negative Outlook continues to reflect ongoing uncertainty over
the resolution of the 'Icesave' issue, the potential for an
intensification of Iceland's international financial isolation and
the risk that the current economic stabilization and recovery
program will stall.


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


AERGO LEASING: To Be Liquidated on January 12
---------------------------------------------
Caroline Madden at The Irish Times reports that Aergo Leasing and
Aergo Omega Leasing, two subsidiaries of Denis O'Brien's
Dublin-based aircraft leasing company Aergo Capital, are to be
wound up.

Citing notices placed in the Daily Mirror on January 1, the report
says creditors' meetings for the companies will be held on
January 12 for the purposes of appointing a liquidator.

The report relates a spokesman for Aergo Capital on Monday night
said that this was "an administrative procedure which follows on
from the restructuring of the company almost a year ago".

The report recalls Aergo Leasing's "largest lessee" had been
Alitalia, the Italian airline which was placed into bankruptcy
protection last August.  All existing leases with the carrier were
rejected by Alitalia's administrator and as a result Aergo Leasing
was unable to service its debt, the report says.  It then
surrendered aircraft to its lender in return for being released
from any claims which the lender held over the company, which was
incorporated in December 1999, the report recounts.

According to the report, Aergo Capital took a US$15 million
(EUR10 million) hit on the lease arrangement with Alitalia.

Aergo Omega Leasing, which was incorporated in 2006, ceased
trading in August 2009, the report discloses citing latest
directors' report.


AERGO OMEGA: To Appoint Liquidator on January 12
------------------------------------------------
Caroline Madden at The Irish Times reports that Aergo Leasing and
Aergo Omega Leasing, two subsidiaries of Denis O'Brien's Dublin-
based aircraft leasing company Aergo Capital, are to be wound up.

Citing notices placed in the Daily Mirror on January 1, the report
says creditors' meetings for the companies will be held on
January 12 for the purposes of appointing a liquidator.

The report relates a spokesman for Aergo Capital on Monday night
said that this was "an administrative procedure which follows on
from the restructuring of the company almost a year ago".

The report recalls Aergo Leasing's "largest lessee" had been
Alitalia, the Italian airline which was placed into bankruptcy
protection last August.  All existing leases with the carrier were
rejected by Alitalia's administrator and as a result Aergo Leasing
was unable to service its debt, the report says.  It then
surrendered aircraft to its lender in return for being released
from any claims which the lender held over the company, which was
incorporated in December 1999, the report recounts.

According to the report, Aergo Capital took a US$15 million
(EUR10 million) hit on the lease arrangement with Alitalia.

Aergo Omega Leasing, which was incorporated in 2006, ceased
trading in August 2009, the report discloses citing latest
directors' report.


ORTHANC GROUP: Liam Carroll to Liquidate Business Today
-------------------------------------------------------
Liam Carroll is to formally wind up Orthanc Group at a creditors'
meeting today, Jan. 7, Laura Noonan at Irish Independent reports,
citing sources close to the process.

According to the report, BDO's Jim Hamilton is understood to have
been teed up to become liquidator.

The report relates the move comes three months after the High
Court appointed a liquidator to Mr. Carroll's Zoe Group, a move
the developer's legal team argued would lead to the collapse of
all 51 companies within Zoe.

Orthanc, which has debts close to EUR400 million, is best known
for a number of Tallaght developments, including the Tallaght
Cross and the Glashaus hotels, the report says.

Orthanc subsidiary Keenbury Properties is already in the hands of
receiver Paul McCann, who is acting on behalf of Ulster Bank,
while fellow Orthanc company Dez Developments is in the hands of
receiver Ken Fennell, representing AIB, the report discloses.

The report notes the appointment of a liquidator to the Orthanc
group will have no impact on the receiverships, since the banks
have first call on the assets.

According to the report, sources close to the process said it was
"extremely unlikely" that there would be any assets left to be
divided between the creditors of Orthanc, or any of the other
companies.


RESIDENCE MEMBERS: Goes Into Examinership; Case Adjourned Jan. 13
-----------------------------------------------------------------
Ray Managh at The Irish Times reports that Residence Members Club,
owned by Missford Ltd., has gone into examinership.

According to the report, Ross Gorman, counsel for the company,
said the club's main sources of income were membership
subscriptions and sales of food and beverages, but it had failed
to make a profit.  The report relates the counsel said the company
owed about EUR1.2 million to the Revenue Commissioners who, after
receiving payment of about EUR37,000, took over the company's bank
account, which then contained EUR87,000, on December 17.

The report notes despite existing problems, an independent
accountant, who had carried out a review of the company's
financial position, was of the view that it could become
successful in the future if given the protection of the court, and
it secured an acceptable arrangement with creditors and the
proposed injection of new capital.

The report relates Mr. Justice Edwards appointed chartered
accountant Jim Stafford, of Friel Stafford Corporate Recovery, as
interim examiner.  Mr. Stafford is to begin the process of
preparing a scheme of arrangement with creditors and an outside
investor under which the company would survive, the report says.

Mr. Justice Edwards adjourned the case into the Commercial Court
list of Mr. Justice Peter Kelly on Wednesday, January 13, the
report notes.

Residence Members Club is a plush club spread over four floors in
a period building overlooking St. Stephen's Green, Dublin.
Currently, Residence had 1,450 members and employed 58 staff.  The
directors were Simon and Christian Stokes.


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


AGRO PROM: Creditors Must File Claims by January 13
---------------------------------------------------
LLP Joint Enterprise Agro Prom is currently undergoing
liquidation. Creditors have until January 13, 2010, to submit
proofs of claim to:

         Seifullin Str. 498
         Almaty
         Kazakhstan


BM SERVICE: Creditors Must File Claims by January 13
----------------------------------------------------
Creditors of LLP BM Service Co have until January 13, 2010, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
October 30, 2009.


GLORIYA LLP: Creditors Must File Claims by January 13
-----------------------------------------------------
Creditors of LLP Gloriya have until January 13, 2010, to submit
proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on October 9, 2009,
after finding it insolvent.

The Court is located at:

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


KOKTEM CORP: Creditors Must File Claims by January 13
-----------------------------------------------------
LLP Corporation Koktem is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Jeltoksan Str. 115
         Almaty
         Kazakhstan


PROM INVEST: Creditors Must File Claims by January 13
-----------------------------------------------------
LLP Prom Invest Complect is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Rayimbek Ave. 348
         Almaty
         Kazakhstan


REM SERVICE: Creditors Must File Claims by January 13
-----------------------------------------------------
Creditors of LLP Rem Service Contact have until January 13, 2010,
to submit proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke Bi Str. 29
         Kyzylorda
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
October 12, 2009.


SAKO+K LLP: Creditors Must File Claims by January 13
----------------------------------------------------
Creditors of LLP Sako+K have until January 13, 2010, to submit
proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on October 9, 2009,
after finding it insolvent.

The Court is located at:

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


SAUDA-COMPANY LTD: Creditors Must File Claims by January 13
-----------------------------------------------------------
LLP Sauda-Company Ltd. is currently undergoing liquidation.
Creditors have until January 13, 2010, to submit proofs of claim
to:

         Aiteke Bi Str. 100
         Almaty
         Kazakhstan


SIK I COMP: Creditors Must File Claims by January 13
----------------------------------------------------
Creditors of LLP Sik I Comp have until January 13, 2010, to submit
proofs of claim to:

         Tsvetochnaya Str. 11-10
         Micro District Taugul-3
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on October 20, 2009,
after finding it insolvent.

The Court is located at:

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


SNUB STROY: Creditors Must File Claims by January 13
----------------------------------------------------
Creditors of LLP Snub Stroy Montage have until January 13, 2010,
to submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

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

The Court is located at:

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


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


ALINEX PLUS: Creditors Must File Claims by January 27
-----------------------------------------------------
LLC Alinex Plus is currently undergoing liquidation.  Creditors
have until January 27, 2010, to submit proofs of claim to:

         Oshskaya Str. 321
         Osh
         Kyrgyzstan


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


LYONDELLBASELL: Increases Polyethylene Price in Europe
------------------------------------------------------
Effective January 1, LyondellBasell Industries will increase
prices on all of its polyethylene and on all of its polypropylene
grades by EUR100 per tonne in Europe.

"Escalating feedstock costs have necessitated this price
increase," said Anton de Vries, LyondellBasell's president of
Europe, Asia and International.

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


PROLIANCE INTERNATIONAL: To Sell Nederlandse Radiateuren Unit
-------------------------------------------------------------
Proliance International, Inc., disclosed the execution of a
definitive agreement for the sale of 100% of the stock of its
Nederlandse Radiateuren Fabriek B.V. subsidiary to Mentha Capital
for approximately EUR13.5 million in cash.

Established in 1927, NRF is a leading European aftermarket
manufacturer and distributor of automotive, industrial and railway
heat transfer products with a manufacturing and distribution
presence in almost every Western European country.

The sale agreement is subject to higher or otherwise better offers
pursuant to specified bidding procedures and an auction process to
be conducted under the supervision of the U.S. Bankruptcy Court,
District of Delaware, under Section 363 of the U.S. Bankruptcy
Code.  TM Capital Corp. and Holland Corporate Finance are acting
as exclusive advisors with respect to the sale process and will
collect bid submissions on the Company's behalf.

                About Proliance International

Based in New Haven, Connecticut, Proliance International, Inc. --
http://www.pliii.com/-- aka Godan makes automobile parts.  The
Company and its affiliates filed for Chapter 11 on July 2, 2009
(Bankr. D. Del. Lead Case No. 09-12278).  Christopher M. Samis,
Esq., and Daniel J. DeFranceschi, Esq., at Richards, Layton &
Finger PA, represent the Debtors in their restructuring efforts.
The Debtors' financial condition as of June 22, 2009, showed total
assets of US$160.3 million and total debts of US$133.5 million.

The sale of Proliance's North American assets to Centrum Equities
XV, LLC, was consummated under the provisions of Section 363 of
the Bankruptcy Code on August 14, 2009.


VAN DER MOOLEN: Sells Assets in Online Auction to Repay Debt
------------------------------------------------------------
Martijn van der Starre at Bloomberg News reports that Van der
Moolen Holding NV will sell cars, champagne buckets and bronze
statuettes of Mercury, the Roman god of trade, in an online
auction to repay debt.

According to Bloomberg, the auctioneer's Web site said receivers,
appointed by an Amsterdam court to settle about EUR28.3 million
(US$40.8 million) of debt, have hired a company to sell items
including office furniture, flat-panel televisions and dish
washers.

The auction, organized by Troostwijk Veilingen BV, will start
Jan. 8 and end on Jan. 20, Bloomberg says citing the auctioneer's
Web site.

As reported by Troubled Company Reporter-Europe on Dec. 15, 2009,
Bloomberg News said ASR Nederland NV asked the Enterprise Chamber
of the Amsterdam Appeals Court to investigate the management of
Van der Moolen.

                       About Van der Moolen

Headquartered in Amsterdam, Netherlands, Van der Moolen Holding
N.V. -- http://www.vandermoolen.com/-- is an international
securities trading and brokerage firm that specializes in
providing low-cost liquidity in markets worldwide.  Its business
is to make money on financial markets, as a broker and proprietary
trader in securities, futures, derivatives indexes and exchange
traded funds.

Van der Moolen, once the fourth-biggest market maker on the New
York Stock Exchange, was declared bankrupt in September after
posting three consecutive years of losses.


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


ENEMSKIY BRICK: Creditors Must File Claims by February 4
--------------------------------------------------------
Creditors of OJSC Enemskiy Brick Plant (TIN 0107007841, PSRN
1040100667200) have until February 4, 2010, to submit proofs of
claims to:

         R. Khasanov
         Insolvency Manager
         Post User Box 48
         Central Postal Office 11
         Maykop
         Russia

The Arbitration Court of Adygeya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?01?1396/2009.

The Debtor can be reached at:

         OJSC Enemskiy Brick Plant
         Mayakovskogo Str. 1
         Enem
         Takhtamukayskiy
         Adygeya
         Russia


GAZ-DOR-STROY: Creditors Must File Claims by February 4
-------------------------------------------------------
Creditors of CJSC Gaz-Dor-Stroy (Construction) (TIN 1102020495)
have until February 4, 2010, to submit proofs of claims to:

         V. Pochuyev
         Insolvency Manager
         Potrebkooperatsii Str. 6
         610014 Kirov
         Russia

The Arbitration Court of Komi commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?29?3352/2009.

The Debtor can be reached at:

         CJSC Gaz-Dor-Stroy
         Motornaya Str. 8
         Ukhta
         Komi
         Russia


VIP-CONTRUCTION: Creditors Must File Claims by February 5
---------------------------------------------------------
Creditors of LLC VIP-Construction (TIN 1660079979, PSRN
1051641046423) have until February 5, 2010, to submit proofs of
claims to:

         I. Zakirov
         Insolvency Manager
         Post User Box 813
         Zelenodolsk
         422540 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?6365/2009-SG4?49/31.

The Debtor can be reached at:

         LLC VIP-Construction
         Apt. 98
         Volochaevskaya Str. 8
         Kazan
         420073 Tatarstan
         Russia


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


UKRAINIAN FINANCING: Liquidated by Ukraine's Central Bank
---------------------------------------------------------
Sabina Zawadzki at Reuters reports that Ukraine's central bank
said on Tuesday it had liquidated the Ukrainian Financing Group,
the seventh victim of the financial crisis that has gripped
Ukraine for over a year.

According to Reuters, the bank was 170th in assets out of over 180
operating in Ukraine.  It had assets of UAH135 million
(US$17 million), Reuters says

Reuters relates the banking sector has been hit by a sharp
depreciation of the currency -- 60% from a peak last year -- and a
soaring number of non-performing loans as a deep economic
recession hits companies and consumers alike.


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


BLENHEIM 1862: Faces Second Winding-Up Petition Over Tax Debts
--------------------------------------------------------------
Evening Post reports that a winding-up petition has been served
against Notts County parent company Blenheim 1862 Limited.

The petition is the second in three months made by HM Revenue and
Customs, as creditors of the company, the report notes.

The report relates a date has been set at the Royal Courts of
Justice, in London, on January 27, for the petition to be heard.

At the hearing, the judge could dismiss the petition or adjourn
the case, the report notes.

According to the report, if the judge decides against the company,
he would then issue a winding-up order.  At this point the company
would be in compulsory liquidation, although there is an appeals
process, the report says.

The official receiver would be appointed as provisional
liquidator, the report discloses.


BRITISH AIRWAYS: Traffic Figures Down 4% in December 2009
---------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
December 2009.

In December 2009, passenger capacity, measured in Available Seat
Kilometers, was 4.2% below December 2008.  Traffic, measured in
Revenue Passenger Kilometers, fell by 4.0%.  This resulted in a
passenger load factor increase of 0.1 points versus last year, to
76.8%.  Traffic comprised a 0.7% decrease in premium traffic and a
4.6% decrease in non-premium traffic.  Within premium, Club World
was up 1.6%.  Despite severe weather in the month, 98% of flights
operated.

Cargo, measured in Cargo Tonne Kilometers, rose by 7.2%.

                        Market Conditions

Underlying conditions remain as reported last month with longhaul
premium continuing to show signs of improvement.

                      Strategic Developments

British Airways launched a new service from Gatwick to Innsbruck
which operates five times each week.

The airline celebrated 80 years of flying to India and
commemorated the anniversary with a series of local events
including photographic exhibitions in Delhi and Mumbai to
illustrate eight decades of travel.

British Airways launched its winter sale offering savings of up to
GBP350.  The sale will run until January 26, 2010, for travel
dates between January 1 and November 30, 2010.

                      About British Airways

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

                           *     *     *

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


HIT ENTERTAINMENT: S&P Downgrades Corporate Credit Ratings to 'CC'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit ratings on U.K.-headquartered HIT
Entertainment Ltd. and related entities to 'CC' from 'CCC+'.  The
outlook is negative.

At the same time, S&P lowered the issue-level ratings on related
entity HIT Entertainment Inc.'s US$404 million first-lien debt
facilities ($77 million revolving credit facility -- RCF -- and
US$327 million term loan B) to 'CCC-', one notch higher than the
corporate credit rating.  The recovery ratings on these issues are
unchanged at '2', indicating S&P's expectation of substantial
(70%-90%) recovery for lenders in the event of a payment default.
Furthermore, S&P lowered the rating on HIT Entertainment Inc.'s
US$175 million second-lien facility to 'C', one notch lower than
the corporate credit rating.  The recovery rating on this facility
is unchanged at '5', indicating S&P's expectation of modest (10%-
30%) recovery for lenders in the event of a payment default.

"The downgrade mainly reflects S&P's view that the implementation
of a capital restructuring of HIT, and/or an amendment to its
existing credit facilities, is very likely within the next few
months," said Standard & Poor's credit analyst Raam Ratnam.
"Under its criteria, S&P view any distressed exchange offer as
tantamount to default."

S&P understands that HIT is in discussions with its lending agents
regarding a potential restructuring and/or an amendment to its
existing credit facilities.  The group faces more restrictive
financial covenants beginning in the second quarter of fiscal year
2010, and it is likely, in S&P's view, that HIT will not meet the
financial covenants required under its first-lien credit
agreement.  The group's management expect negotiations to be
finalized before March 15, 2010, the deadline for HIT to report
its results for the second quarter of fiscal 2010 to the lenders.
If the discussions with the lending agents are not successful,
there is a risk that due to the current difficult economic
environment, the group's existing credit facilities could be
withdrawn.

Given HIT's high leverage, the downgrade also reflects S&P's
opinion that the group's capital structure is likely to become
unsustainable if its free operating cash flow (Standard & Poor's
adjusted operating cash flow after interest, tax and capital
expenditures) does not materially improve over the medium term.

In S&P's view, HIT's discussions with its lending agents regarding
a potential restructuring and/or an amendment to its existing
credit facilities give rise to a significant risk of a discounted
distressed exchange offer.  At the same time, however, S&P
acknowledge that there is no certainty that the discussions will
result in any specific transactions or outcomes.

Nevertheless, in S&P's opinion, the current market environment,
the group's negative operating trends, and its overleveraged
capital structure increase the risk of a discounted distressed
exchange offer.  S&P would view a discounted distressed exchange
offer as tantamount to a default under its criteria.

Given S&P's view of the continued operating pressures in 2010 and
the difficult trading outlook, S&P believes that a positive rating
action is unlikely over the next few months.


LEHMAN BROTHERS: Has Nod for Settlement With Bamburgh, et al.
-------------------------------------------------------------
Lehman Brother Holdings Inc. and its affiliated debtors obtained
approval from the U.S. Bankruptcy Court for the Southern District
of New York of a settlement that would prevent possible
dissolution of LBHI's subsidiaries in the United Kingdom.

LBHI's subsidiaries -- Alnwick Investments (UK) Ltd., Bamburgh
Investments (UK) Ltd. and Corfe Investments (UK) Ltd. -- are at
risk of being "struck off" the company register in England and
Wales by Companies House in England and Wales, and eventually
dissolved, Shai Waisman, Esq., at Weil Gotshal & Manges LLP, in
New York, says.

A strike off procedure, according to Mr. Waisman, is an
alternative to a formal insolvency procedure in England and Wales
where the company is no longer required.

If the U.K. Lehman units were struck off the register, their
assets including claims against LBHI in the sum of EUR3.6 billion
would become property of the Crown in England and Wales.
Meanwhile, U.K. subsidiaries' debt to LBHI, including a sum of
more than EUR4.8 billion would be extinguished.

The U.K. Lehman units are currently incapable of paying their
debts to LBHI as a result of the Chapter 11 cases of LBHI and its
affiliated debtors, Mr. Waisman tells the Court.

To prevent the strike off, LBHI and the U.K. Lehman units reached
a settlement that would substantially reduce the claims against
LBHI and maximize the return on amounts owed to LBHI.

Under the deal, LBHI agreed to release and discharge up to
EUR4.625 billion of the outstanding debt under the inter-company
unsecured loan facility agreements entered into with Bamburgh in
exchange for Bamburgh discharging and releasing up to
EUR4.625 billion of claims it will acquire against LBHI.  LBHI
also agreed to release and discharge up to EUR180 million in
outstanding inter-company debt under an unsecured loan facility
agreement entered into with Corfe in exchange for Corfe
discharging and releasing up to EUR180 million of claims it will
acquire against LBHI.

                       About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI

The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion.  Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees.  Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.

              International Operations Collapse

Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd.  Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008.  The joint administrators have
been appointed to wind down the business.

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


MANCHESTER UNITED: Loan Price Up After Bond Refinancing Reports
---------------------------------------------------------------
The price of loans to Manchester United Ltd. rose after reports
the Premier League soccer champion is considering selling bonds to
refinance debt, John Glover and Tariq Panja write for Bloomberg
News.

According to Bloomberg, Alex Moss, head of high yield at Insight
Investment Management in London, said the club's GBP520 million
(US$840 million) of senior loans rose about 3 pence to 97 pence in
the pound.

The Glazer family of the U.S., which bought the club in a
GBP790-million buyout in 2005, plans to settle its 14.25%
so-called payment-in-kind loan for which the family is
responsible, Bloomberg says citing reports in the Sunday Times and
the Financial Times.  The outstanding PIKs total about GBP202
million, according to data compiled by Bloomberg.

Manchester United Limited -- http://www.manutd.com/-- operates
Manchester United Football Club, one of the most popular and
successful soccer teams in the world.  Man U is currently the top
soccer team the UK's Premier League, boasting 18 championships and
11 FA Cup titles. Manchester United generates revenue primarily
through ticket sales at venerable Old Trafford stadium, as well as
through broadcasting rights and sales of Red Devils merchandise.
Man U was founded as Newton Heath in 1878 before changing its name
in 1902.  It is owned by American tycoon Malcolm Glazer, whose
holdings include the Tampa Bay Buccaneers NFL team and a majority
stake in Zapata.


NORTEL NETWORKS: Contemplates Feb. 24 Auction for VOIP Business
---------------------------------------------------------------
Nortel Networks Corporation announced that it, its principal
operating subsidiary Nortel Networks Limited, and certain of its
other subsidiaries, including Nortel Networks Inc. and Nortel
Networks UK Limited (in administration), have entered into a
"stalking horse" asset sale agreement with GENBAND, Inc., for the
sale of substantially all of the assets of its North America,
Caribbean and Latin America (CALA) and Asia Carrier VoIP and
Application Solutions (CVAS) business, and an asset sale agreement
with GENBAND for the sale of substantially all of the assets of
the Europe, Middle East and Africa (EMEA) portion of its CVAS
business for a purchase price of US$282 million, subject to
balance sheet and other adjustments currently estimated at
approximately US$100 million.

These agreements include the planned sale of substantially all
assets of the CVAS business globally including softswitching,
gateways and SIP applications.  These agreements also include all
patents and intellectual property that are predominantly used in
the CVAS business.

GENBAND has teamed with one of its existing shareholders, One
Equity Partners III, L.P. (OEP), to assist in financing the
proposed purchase of Nortel's CVAS assets.  OEP manages
investments and commitments for JP Morgan Chase & Co. in private
equity transactions.

Accordingly, Nortel filed with the Bankruptcy Court a Sale Motion
of its CVAS Business on December 23, 2009.  Nortel provided the
Court details of the proposed sale transaction.  Nortel
specifically seek to enter into two separate purchase agreements
in relation to the sale of its CVAS Business: (1) a Stalking
Horse Agreement between the Nortel Debtor Entities and GENBAND,
and (2) an Asset Sale Agreement between the EMEA Nortel Entities
and GENBAND.

The Assets to be acquired by GENBAND include certain inventory
and supplies; unbilled accounts receivable; equipment; contracts;
prepaid expenses; intellectual property; net insurance proceeds
and tax records.  Excluded from the assets to be acquired are
certain cash and cash equivalents; accounts receivable; bank
account balances and petty cash and certain rights.  The Assets
may be sold in a single sale or in parts.

Under the Stalking Horse Agreement, the parties anticipate
entering into ancillary agreements, which include a Transition
Services Agreement, an Intellectual Property License Agreement, a
Trademark License Agreement, a Loaned Employee Agreement, and
Real Estates Terms and Conditions.

A full-text copy of the Stalking Horse Agreement is available for
free at:

    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_1.pdf
    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_2.pdf
    http://bankrupt.com/misc/NORTEL_CVASBizSalePact_3.pdf

Nortel seeks to subject the proposed sale to uniform bidding
procedures.  Among others, Nortel proposes that potential bidders
be required to (i) execute a confidentiality agreement; (ii)
present financial disclosures evidencing their capability to
consummate the transaction; and (iii) submit a preliminary
written proposal.

Bid must be submitted no later than February 16, 2010.  A
potential bid must offer to Nortel a value that is greater than
the value offered by GENBAND, plus the amount of any break-up
fee, plus US$4 million, no later than the Bid Deadline.  If more
than one Qualified Bid is received, Nortel will conduct an
auction of the Assets on February 24, 2010.

In the event GENBAND is not selected as the successful purchaser,
Nortel agrees to entitle GENBAND to a US$5 million break-up fee
and reimbursement of its reasonable expenses in preparing the Sale
Agreements.  Two thirds of the aggregate "Bid Protections" will
be payable by the Nortel Debtor Entities while the remaining one
third will be payable by the Nortel EMEA Entities.

Moreover, the sale parties agree to provide One Equity Partners
an incentive fee to induce its continued participated in the
auction process.  The agreed OEP Incentive Fee is US$3.6 million,
funded as US$1.2 million by each of Nortel Networks Inc., Nortel
Networks Corporation and Nortel Networks UK Limited.  Nortel
acknowledged OEP' good faith efforts to participate in certain
Nortel divestitures.  OEP, which currently holds 35% of GENBAND's
common stock, has committed to provide financing for the payment
of the purchase price of the CVAS Business.  A full-text copy of
the Incentive Letter is available for free at:

       http://bankrupt.com/misc/NORTEL_OEPIncentiveFee.pdf

Nortel seeks to provide notice of the auction details, the sale
hearing and the sale objection deadline to parties-in-interest.
Nortel also intends to publish the Sale Notice in The Wall Street
Journal, The Globe & Mail, and The Financial Times.

To facilitate and effect the sale of the CVAS Business Assets,
Nortel seeks to assume and assign to the Successful Purchaser
certain contracts related to the Assets, including customer
contracts.  Nortel clarifies that it intends to file the list of
Customer Contracts under seal to protect confidential commercial
information.  Nortel intend to send no later than January 15,
2010, an Assumption and Assignment Notice to each contract
counterparty involved.  Nortel will also be filing a cure
schedule in relation to the planned contract assumptions.
Counterparties will be given the opportunity to respond to, or
seek adequate assurance of, the contract assumptions.

A copy of the proposed Bidding Procedures is available for free
at http://bankrupt.com/misc/NORTEL_CVASBizBiddingProc.pdf

In a declaration filed with the Court, NNC Chief Strategy Officer
George Reidel disclosed the efforts Nortel undertook to market
the CVAS Business.  He further related that he believes the
GENBAND deal represents the best proposal available for the CVAS
Business.  He cited that the potential purchase price is likely
to decline over time if the Assets remain unsold.

Nortel urges the Bankruptcy Court to set a sale hearing for
March 3, 2010, where it intends to present the Successful Bid and
Alternate Bid, if any.  All objections to the sale must be filed
no later than February 17.

The Bankruptcy Court is set to convene a hearing on January 6,
2010, to consider approval of the proposed Bidding Procedures.

NNC and its four Canadian affiliates also filed a motion in the
Ontario Superior Court of Justice, seeking approval of the sale
agreement with GENBAND and the proposed process governing the
sale of the CVAS Business Assets.

                        GENBAND's Statement

GENBAND, Inc., a leading developer of next-generation IP
infrastructure solutions, announced that it has entered into an
agreement with Nortel to acquire substantially all of the assets
of its Carrier VoIP and Application Solutions Business (CVAS)
globally, for a purchase price of US$282 million and a total cost
of ownership in excess of US$400 million.  The proposed
transaction combines GENBAND's next-generation access, trunking,
session and security gateway technology and Nortel's widely used
softswitch and application technology, offering global service
providers a comprehensive VoIP portfolio.  GENBAND's vision behind
the acquisition will be to institute open standards, open
interfaces, promote interoperability and continue to build on its
global OEM business partner relationships.

GENBAND has teamed with one of its existing shareholders, One
Equity Partners (OEP), to purchase the Nortel assets.  Established
in 2001, OEP manages $8 billion of investments and commitments for
JPMorgan Chase & Co. in direct private equity transactions.

"From a customer and partner standpoint, we believe our vision
behind this acquisition is aligned with the industry's desired
evolution path to IP," said Charles D. Vogt, Chief Executive
Officer of GENBAND.  "This transaction, although potentially
subject to a competitive bidding process, represents an
opportunity to fuel affordable network migration to cutting-
edge VoIP technology.  As a leader in next generation VoIP
solutions today, our aim will be to empower service providers and
their partners to access a range of leading VoIP solutions to
interoperate with Nortel's installed base, without having to
replace existing infrastructure and investment.

"In addition to our complementary product portfolios and customer
bases, we enjoy common locations such as Texas, India and China;
and, should we succeed in the auction process, we will expand our
operational footprint in Canada and North Carolina.  We expect to
make employment offers to a significant majority of Nortel CVAS
employees."

GENBAND will continue its commitment to OEM partnering activity
and anticipates it will expand product, service and support
relationships following the proposed Nortel CVAS transaction.

This transaction, which encompasses substantially all of the
assets of Nortel's North American, Caribbean and Latin American
(CALA) and Asian CVAS business, as well as substantially all of
the assets of the European, Middle Eastern and African (EMEA)
portion of its CVAS business, is subject to a competitive bidding
process and requires the approval of Canadian and U.S. Courts.
In addition, consummation of the transaction is subject to the
satisfaction of regulatory and other conditions and the receipt
of various approvals, including governmental clearances in Canada
and the United States and the approval of the court in Israel.
The agreements are also subject to purchase price adjustments
under certain circumstances.

GENBAND is a global leader and innovator of next generation IP
media, session border and fixed mobile convergence security
solutions deployed in over two-thirds of the world's 100 largest
service providers.  These high-performance gateway solutions are
at the core of fixed and mobile networks around the world --
evolving, securing and enhancing communications networks.
Headquartered in Plano, Texas, GENBAND has Centers of Excellence
around the world and serves customers and partners in more than
80 countries.  Additional information is available at:

                      http://www.genband.com/

                       About Nortel Networks

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

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

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

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

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

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

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

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


PEARL GROUP: Commences Discounted Offer for 6.5864% Notes
---------------------------------------------------------
Pearl Group on Tuesday said it has invited holders of its
outstanding GBP500,000,000 6.5864% Fixed/Floating Rate Perpetual
Reset Capital Securities to submit offers to Pearl Group to
exchange their Notes for zero coupon senior non-transferable
registered notes due December 17, 2010 issued by Pearl Group.

The maximum aggregate nominal amount of Notes validly offered for
exchange that Pearl Group may accept pursuant to the Exchange
Offer is up to GBP100,000,000.

Concurrently with the Exchange Offer, the Company is (i)
soliciting consents from Noteholders for the adoption of certain
proposed amendments to the Notes and (ii) convening a Meeting of
Noteholders at 10 a.m. (London time) on January 27, 2010, at which
the Extraordinary Resolution to approve the Proposed Amendments
and their implementation will be considered and, if thought fit,
passed.

Pearl Group CEO, Jonathan Moss said: "Pearl Group is emerging from
last year?s market dislocation with a strengthened capital
position, new ownership and a new Chairman in Ron Sandler.  We are
Euronext listed and have a secondary listing on the LSE.  We have
a compelling business model as the leading consolidator of run-off
life assurance books and we have ambitions to move to a primary
listing on the LSE and to acquire new books of business in due
course.  We are very keen to resolve all outstanding issues with
our Tier 1 bondholders and have held extensive discussions with
bondholder representatives over the last few months, which have
been helpful to us in understanding their thinking and which we
hope has helped bondholder representatives to understand our
position.  These proposals represent a good and fair offer to our
Tier 1 bondholders and we believe that they meet our obligation to
respect the interests of all stakeholders.  We very much hope that
these proposals will be accepted and that we will be able to move
forward with these issues fully resolved."

A Noteholder may consent to the Proposed Amendments without
submitting its Notes for exchange pursuant to the Exchange Offer.
However, a Noteholder validly tendering Notes (and not revoking
its consent in the limited circumstances in which such revocation
is permitted) will be consenting to the Proposed Amendments
irrespective of whether or not its offer is accepted in full or in
part by Pearl Group.  Holders of the Notes should note that the
Exchange Offer is not conditional on the passing of the
Extraordinary Resolution at the Meeting.  The Consent Solicitation
is not conditional on Noteholders tendering their Notes to Pearl
Group under the Exchange Offer.

The Exchange Offer and Consent Solicitation are made on the terms
and subject to the conditions set out in the Exchange Offer and
Consent Solicitation Memorandum dated January 5, 2010.

                        The Exchange Offer

The Existing Notes and the new Registered Notes for which they may
be exchanged are comprised as:

  Description of              Common        Exchange    Exchange
  the Existing Notes          Code/ISIN     Price       Ratio
  ------------------          ---------     --------    --------
  GBP500,000,000 6.5864%      023524520/    GBP0.45 per   45:100
  Fixed/Floating Rate         XS0235245205  GBP1.00
  Perpetual Reset
  Capital Securities

  Description of              Maximum New   New Issue   New Issue
  the Registered Notes        Issue Size    Price       Coupon
  --------------------        -----------   ---------   ---------
  Zero coupon senior          Up to            100%     Zero
  Nontransferable             GBP45,000,000             Coupon
  registered notes
  due December 17, 2010

Pearl Group will only accept Notes up to a maximum aggregate
nominal amount of up to GBP100,000,000.  Pearl Group reserves the
right to decrease the Maximum Acceptance Amount in respect of the
Exchange Offer.

If the aggregate nominal amount of Notes validly offered for
exchange pursuant to Exchange and Consent Instructions is greater
than the Maximum Acceptance Amount, Pearl Group intends to accept
such Notes for exchange on a pro rata basis such that the
aggregate nominal amount of such Notes accepted for exchange is no
greater than such Maximum Acceptance Amount.

The Exchange Offer is being presented to Noteholders who would
like an opportunity to exit the Notes as soon as possible.  The
Company believes that some Noteholders may wish to receive short
dated notes with a fixed maturity in return for their Notes rather
than remain holders of the Notes following the Consent
Solicitation.  The Exchange Offer provides such Noteholders with
an opportunity to exchange their Notes into Registered Notes which
offer the ability to receive cash in less than 12 months by virtue
of the redemption of the Registered Notes, subject to the optional
redemption provisions contained in the terms and conditions of the
Registered Notes.

                     The Consent Solicitation

The Consent Solicitation is being offered to give Noteholders the
enhanced protections of an amended alternative coupon satisfaction
mechanism operating at the Company and the Pearl Group levels and
a dividend and capital restriction also applying at the Company
and Pearl Group levels.  In addition, Noteholders are being asked
to consent to a reduction in the principal amount of the Notes of
25% and the irrevocable waiver of the Deferred Coupon and certain
other matters as set out in the Exchange Offer and Consent
Solicitation Memorandum.

The Company is seeking the consent of the holders of the Notes
for:

     (i) the adoption of the Proposed Amendments to the terms and
         conditions of the Notes which include, without
         limitation:

         (a) amending the ACSM so that it operates at both the
             Company and the Pearl Group levels,

         (b) amending the dividend and capital restriction so that
             it operates at the Company and the Pearl Group
             levels,

         (c) the pro rata reduction of the outstanding principal
             amount of the Notes from GBP500,000,000 to
             GBP375,000,000, and

         (d) the scheduled Coupon Payment for April 2010 to be
             calculated by reference to the reduced principal
             amount for the entire Coupon Period applicable to
             that Coupon Payment;

    (ii) the execution of the Supplemental Trust Deed, the
         Calculation Agency Agreement and Paying Agency Agreement
         to reflect the Proposed Amendments if approved;

   (iii) the authorization and instruction of the Trustee to grant
         an irrevocable waiver of any and all (a) Deferred Coupon
         Payments outstanding at the date of the Extraordinary
         Resolution and (b) breaches of the obligations in clause
         7.1.9(a) of the Existing Supplemental Trust Deed and
         condition 17 of the Conditions to maintain a calculation
         agent existing as at the date the Proposed Amendments
         become effective; and

    (iv) to consent to the Company issuing the Balancing
         Instrument (to retain the Company?s regulatory capital
         position).

The Noteholders meeting will be held at 10 a.m. (London time) on
January 27, 2010 at the offices of Clifford Chance LLP, 10 Upper
Bank Street, London E14 5JJ.

Under no circumstances, will the Proposed Amendments be effected
with respect to the Conditions unless the holders of not less than
three-quarters of votes cast at the Meeting at which a valid
quorum is present have consented to the Proposed Amendments.
Holders of the Notes that validly tender their Notes for exchange
into the Exchange Offer will be consenting to the Proposed
Amendments.

The Exchange Offer is not conditional on the passing of the
Extraordinary Resolution.  The Consent Solicitation is not
dependent on Noteholders tendering any Notes to Pearl Group under
the Exchange Offer.  However, a Noteholder validly tendering (and
not validly revoking in the limited circumstances in which such
revocation is permitted) Notes will be consenting to the Proposed
Amendments.

A full-text copy of Pearl Group's statement on the Exchange Offer,
including an expected timetable of events, is available at no
charge at http://ResearchArchives.com/t/s?4ceb

Pearl Group Limited -- http://www.pearlgrouplimited.co.uk/--
operates through two primary operating companies: Pearl Assurance
and Phoenix Life Limited.  It also operates London Life, NPI Ltd,
and Scottish Mutual.  However, its companies don't sell new
policies but instead maintain blocks of life insurance policies
and pension products bought from other insurers (called closed
life funds).  It has more than 7 million such policies in force.
Its asset and risk management business operates as Ignis Asset
Management.  Pearl Group intends to list on the London Stock
Exchange.


PEARL GROUP: Noteholders Balk at Proposed Exchange, Amendments
--------------------------------------------------------------
An ad hoc group of holders of Pearl Group notes are disappointed
by the Company's proposed exchange offer and amendments to the
terms of the notes.

The ad hoc group of holders of the GBP500,000,000 6.5864%
Fixed/Floating Rate Perpetual Reset Capital Securities (ISIN
Number: XS0235245205) issued by Pearl Group Holdings (No. 1)
Limited consists of many of the largest institutional investors in
Pearl's industry in the United Kingdom, holding in excess of 60%
of the outstanding Notes -- members include Abaci Investment
Management, AXA Investment Managers, F&C Investments, Fidelity
International, MSD Capital, Oceanwood Capital Management and
Rathbones Investment Management.  The Noteholder Group formed in
light of material concerns raised by Pearl's private acquisition
and intercompany asset transfers in 2008.  Note holders considered
that these transactions had the effect of depriving them of
fundamental rights and protections.

Since its formation, the Noteholder Group has sought to engage
Pearl on means to address these concerns, including through a
possible Notes amendment or exchange that would restore the
previous rights and that would help protect against a repeat of
the 2008 transactions.  In recent months, Pearl has seemed to be
cooperating with the Noteholder Group's Steering Group.  There has
been a period of due diligence and an exchange of restructuring
proposals.  The Steering Group notes that Pearl's operating
performance and results have improved during this period.

Disappointingly, however, Pearl now appears to have suspended the
cooperative process, and has made an offer to exchange and amend
the Notes that seeks material financial concessions from
Noteholders, but Pearl has not addressed the Steering Group's
stated concerns or objectives.  The Steering Group does not
support Pearl's proposed exchange or amendments, and the Steering
Group urges all holders of the Notes to reject the proposals
unless they are improved to address the Steering Group's concerns
and objectives.  Reasons for this position include:

   1. The Steering Group has been shown no justification
      whatsoever for the proposed waiver of the coupon payment
      that was deferred in April 2009.  All publicly available
      evidence indicates that Pearl has the wherewithal to pay
      such deferred coupon at this time.  In fact, the Steering
      Group understands Pearl plans to pay dividends to its
      shareholders.  As such, there is no basis on which creditors
      such as the Noteholders should agree to relinquish the right
      to payment of any coupons.

   2. The Steering Group has been shown no justification
      whatsoever for the proposed 25% discount to the face amount
      of the Notes.  The Steering Group has no evidence that Pearl
      is insolvent or otherwise unable to sustain the obligation
      evidenced by the Notes.  In the absence of such evidence,
      and in the absence of fair consideration, there is no basis
      on which Noteholders should agree to reduce the amount of
      their claims against Pearl.

   3. The Steering Group has concerns about the structure of the
      proposed transaction and the impact on Noteholders' rights,
      particularly in light of the proposed Noteholder
      concessions.  Noteholders should be cautious about agreeing
      concessions to Pearl in this context.

The Steering Group remains available to discuss alternative
arrangements with Pearl.  In the absence of Pearl's agreement to
address its concerns, the Steering Group will investigate other
means of ensuring that its interests are effectively addressed.
Interested holders of the Notes are encouraged to contact the
Noteholder Group through counsel.  Counsel contact details are as
follows:

               Bingham McCutchen (London) LLP
               41 Lothbury
               London EC2R 7HF

               Attn:   Timothy B. DeSieno
                       +1 212 705 7426
                       tim.desieno@bingham.com

                       Paul Durban
                       +44 20 7661 5419
                       paul.durban@bingham.com

Paul Davies and Anousha Sakoui at The Financial Times report that
Pearl has offered to swap GBP100 million of the bonds for cash at
45p in the pound, as well as improving investor protections on the
remaining bonds, in exchange for a cut in their value to 75p in
the pound.  Pearl will not make good the missed coupon payment,
the FT says.

According to the FT, bondholders are disappointed in the valuation
of the bonds, which were trading at about 55p in the pound before
the offer, and in the new protections and the refusal to pay the
lost coupon.

Pearl Group Limited -- http://www.pearlgrouplimited.co.uk/--
operates through two primary operating companies: Pearl Assurance
and Phoenix Life Limited.  It also operates London Life, NPI Ltd,
and Scottish Mutual.  However, its companies don't sell new
policies but instead maintain blocks of life insurance policies
and pension products bought from other insurers (called closed
life funds).  It has more than 7 million such policies in force.
Its asset and risk management business operates as Ignis Asset
Management.  Pearl Group intends to list on the London Stock
Exchange.


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


* Low Order Levels, Lack of Financing to Lead to Yard Closures
--------------------------------------------------------------
Robert Wright at The Financial Times reports that the shipbuilding
industry looks set for a rash of insolvencies as the collapse in
order levels combines with banks' reluctance to finance ship
construction to starve many yards of cash.

Citing London-based Clarkson shipbrokers, the FT says only 28.8m
deadweight tonnes (dwt) of ships were ordered between January and
November in 2009, against 272m dwt for the whole of 2007, the peak
of the shipping boom.  The dearth of orders means yards are barely
receiving any of the downpayments on new orders that previously
smoothed out their cash flow, the FT discloses.

The FT recalls the past year has already seen three shipyards in
Korea, the world leader, several small yards in China, a yard in
Japan, three German yards and a Norwegian and US yard file for
insolvency.  Denmark's only yard is to be closed, the FT notes.

According to the FT, the crisis looks set not only to force more
yards into insolvency but also to stymie plans to expand
shipbuilding capacity further, with some of the proposed new yards
in China unlikely to be built.

The rush by the governments of major shipbuilding nations to
support failing yards has also led to concerns that the industry
faces years of chronic over-capacity and dependence on subsidy.
Such conditions dogged the industry in the 1970s and 1980s, the FT
states.


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

January 27-29, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Distressed Investing Conference, Bellagio, Las Vegas
       Contact: http://www.turnaround.org/

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

April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    Sheraton New York Hotel and Towers, New York, NY
       Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

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


                            *********

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

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

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

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

                            *********


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

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

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *