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        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, July 16, 2009, Vol. 10, No. 139

                            Headlines

A U S T R I A

AMPEX INDUSTRIESERVICE: Claims Filing Deadline is July 27
AUSTRIAN AIRLINES: May Need Capital Injection if Takeover Fails
MAGNA ENTERTAINMENT: Wants to Sell Austria Racetrack for EUR6.5MM
US BOATS: Claims Filing Deadline is July 31
STRUTZ JOSEF: Creditors Must File Claims by August 5


B E L A R U S

* Moody's Cuts GLC Deposit Ratings of Four Belarus Banks to 'B1'


E S T O N I A

ENTER ITMARKET: Harju Court Starts Bankruptcy Process
ML ARVUTID: Has Until End of August to File Restructuring Plan


G E R M A N Y

AMERICAN AXLE: Mulling Restructuring Options in U.S.
DECO 7: Fitch Junks Ratings on Three Classes of Notes
LEAR CORP: U.S. Parent to Continue Loans to Foreign Units
MERISANT WORLDWIDE: Denies Non-Compete Breach in Heartland Pact


I R E L A N D

ANGLO IRISH: S&P Cuts Ratings on Hybrid Debt Issuance to 'CC'
LARAGAN DEVELOPMENTS: Court to Decide on Examinership Today
MURRAYS GROUP: Examiner Appointed to Three Car Rental Firms


I T A L Y

CARROZZERIA BERTONE: Fiat to Make Formal Bid This Week
FIAT SPA: Eyes Bid for Bertone's Car Design Unit
WIND ACQUISITION: Fitch Assigns 'B+' Rating on 2017 Senior Notes


K A Z A K H S T A N

ALLIANCE BANK: To Get KZT129BB Capital Injection From Kazakh Gov't
BTA BANK: 12 Executives Charged with Embezzlement
JANA TRANS 2004: Creditors Must File Claims by July 24
JANTURA CJSC: Creditors Must File Claims by July 24
U KA TRANSIT: Creditors Must File Claims by July 24

VITARA OIL: Creditors Must File Claims by July 24


K Y R G Y Z S T A N

APS SYNTEZ: Creditors Must File Claims by August 7


N E T H E R L A N D S

HIGHLANDER EURO: S&P Lowers Rating on Class E Notes to 'B'


N O R W A Y

NORDISK TEKSTIL: DnB to Take Over Kid Interioer After Loan Breach


R U S S I A

ALROSA COMPANY: Head Ousted Over Audit Chamber Allegations
FORD MOTOR: Vsevolozhsk Plant Resumes Production


S P A I N

J.L. FRENCH: Seeks Bankruptcy Protection in the U.S.
J.L. FRENCH: Case Summary & 40 Largest Unsecured Creditors


S W E D E N

FORD MOTOR: Could Be Pulled Down by Rising Debt, Says Report


S W I T Z E R L A N D

EICHMOS GMBH: Creditors Must File Claims by July 30
GAMPER INFORMATIK: Claims Filing Deadline is August 3
HAPPY VALLEY: Creditors Must File Claims by July 23
HME LLC: Creditors Must File Claims by August 3
MIHA INTERNATIONAL: Claims Filing Deadline is August 3


U K R A I N E

ACCEPTANCE-77 LLC: Creditors Must File Claims by July 19
AGROVITA-CENTER LLC: Creditors Must File Claims by July 19
COM-STAR LLC: Creditors Must File Claims by July 19
FIESTA AGRO: Creditors Must File Claims by July 19
RONIKS LLC: Creditors Must File Claims by July 19

STANDARD-SIGMA LLC: Creditors Must File Claims by July 19


U N I T E D  K I N G D O M

BRITISH AIRWAYS: Mulls Convertible Bond Issue to Raise Cash
CIT GROUP: Default Poses Risks to 1,881 Rated CDOs, Says S&P
DYNAMOTIVE ENERGY: Net Loss Rises to US$1.6MM in First Quarter
INDEX OIL: RBSM LLP Raises Going Concern Doubt
MICA UK: In Administration; Leonard Curtis Appointed

OWNER HOTELS: In Administration; Ernst & Young Appointed
QUALTRONIC LTD: In Receivership; 33 Jobs Affected
ROYAL BANK: Merges Asian Investment Units; CEO Pay Targets Tougher
U4EATECHNOLOGIES: Placed Into Administration
WELLPRINT LTD: Director Confident of Securing Sale Deal

* UK: Begbies Says Companies With Critical Problems Up 87% in Q109
* Int'l Airplane Industry Deflating, Fairtheworld Says

* Upcoming Meetings, Conferences and Seminars


                         *********



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A U S T R I A
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AMPEX INDUSTRIESERVICE: Claims Filing Deadline is July 27
---------------------------------------------------------
Creditors of AMPEX Industrieservice GmbH have until July 27, 2009
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 3, 2009 at 9:30 a.m.

For further information, contact the company's administrator:

         POGANITSCH & RAGGER Rechtsanwälte GmbH
         Am Weiher 11/3/4
         9400 Wolfsberg
         Austria
         Tel: 04352/36075
         Fax: 04352/36075-15
         E-mail: christian.ragger@poganitsch.at


AUSTRIAN AIRLINES: May Need Capital Injection if Takeover Fails
---------------------------------------------------------------
Gerrit Wiesmann and Nikki Tait at The Financial Times report that
Austrian Airlines AG on Tuesday warned it would need EUR1 billion
(US$1.4 billion) in new funds if a takeover proposed by Deutsche
Lufthansa AG fails as the result of the row between the German
airline and the European Commission over the terms of the deal.

According to the FT, Peter Malanik, Austrian Airline's co-chief
executive, warned that the failure of the deal would result in the
need for a huge capital injection and be followed by a radical
downsizing of the airline -- which would then still need a strong
partner.  The FT relates Peter Michaelis, chairman, told the
carrier's shareholder meeting that if the transaction failed the
company would need "more than twice" the EUR500 million pledged by
the government in Vienna as part of the purchase by Lufthansa.

Austrian Airlines, the FT discloses, lost more than EUR400 million
last year and increased its debt to EUR1 billion, although half of
this would in effect be absorbed by Vienna.

On July 14, 2009, the Troubled Company Reporter-Europe, citing the
FT, reported that the Commission accused Lufthansa of submitting
new antitrust concessions that were inferior to its previous
offer.  The FT said competition officials at the Commission have
concerns about the takeover deal -- in particular, in respect of
routes from Vienna to Frankfurt, Munich, Stuttgart, Cologne,
Zurich, Geneva and Brussels.  The Commission now has until
November to reach a final decision, the FT reported.  The FT
disclosed Commission officials however indicated that they would
try to work quickly -- and meet a July deadline -- if Lufthansa
came back with additional, satisfactory concessions.  Lufthansa
said in February that it has the right to withdraw if the EU
doesn't approve the sale by the end of July.

Austrian Airlines AG -- http://www.austrianairlines.co.at/deu/--
is an Austria-based holding company of Austrian Airlines Group,
operating in the air transportation sector.  The Group is
comprised of Austrian Airlines, an operator of scheduled passenger
flights; Lauda Air, which is engaged in the charter flight sector,
and Tyrolean Airways, which operates as a short-haul carrier under
the consumer brand Austrian arrows.  The Company divides its
activities into three segments: scheduled services, charter and
complementary services.  The scheduled flights of the Group
operate under the brands of Austrian and Austrian arrows, while
charter flights are handled under the Lauda Air brand.  The
Company has six affiliated companies and six wholly owned
subsidiaries, including Lauda Air Luftfahrt GmbH, Austrian
Airlines Lease & Finance Company Ltd., AUA Beteiligungen GmbH,
Austrian Airlines Technik Marketing GmbH, Austrian Airlines
Technik Bratislava sro and Tyrolean Airways TirolerLuftfahrt GmbH.


MAGNA ENTERTAINMENT: Wants to Sell Austria Racetrack for EUR6.5MM
-----------------------------------------------------------------
Magna Entertainment Corp., et al., ask the U.S. Bankruptcy Court
for the District of Delaware for authorization to sell Magna
Racino, a horse racing facility on 650 acres of land in
Ebreichsdorf, Austria, to Bvsarantaexi Beteiligungsverwaltung GmBH
for EUR6,500,001.

The racing facility is owned by MEC Grundstucksentwicklungs GmbH
(Austria)(Magna Racino), an indirect non-debtor subsidiary of
Magna Entertainment.   MEC Magna Racing Veranstaltungs GmbH,
another indirect non-debtor subsidiary, operates the tracks and
other facilities at Magna Racino.

The Debtors want to close the sale of assets no later than
July 31 and have requested the Court to waive the 10-day stay
required pursuant to Bankruptcy Rule 6004(h).

Since Magna Racino and Magna Operations are wholly owned by MEC's
non-debtor subsidiaries, the assets may be sold without an order
of the Court, but out of an abundance of caution and, at the
request of the official committee of unsecured creditors, the
Debtors have requested for the Court's approval of the sale.

Objections to the sale motion are due on July 20, 2009.

                 About Magna Entertainment

Based in Aurora, Ontario, Magna Entertainment Corp. is North
America's largest owner and operator of horse racetracks based on
revenue.  The Company develops, owns and operates horse racetracks
and related pari-mutuel wagering operations, including off-track
betting facilities.  MEC also develops, owns and operates casinos
in conjunction with its racetracks where permitted by law.

MEC owns and operates AmTote International, Inc., a provider of
totalisator services to the pari-mutuel industry, XpressBet(R), a
national Internet and telephone account wagering system, as well
as MagnaBet(TM) internationally.  Pursuant to joint ventures, MEC
has a fifty% interest in HorseRacing TV(R), a 24-hour horse racing
television network, and TrackNet Media Group LLC, a content
management company formed for distribution of the full breadth of
MEC's horse racing content.

Following its failure to meet obligations to lenders led by PNC
Bank, National Association, and Wells Fargo Bank, National
Association, and controlling shareholder MI Developments Inc.'s
decision not to provide further financial backing, Magna
Entertainment Corp. and 24 affiliates filed for Chapter 11 on
March 5, 2009 (Bankr. D. Del. Lead Case No. 09-10720).

Marcia L. Goldstein, Esq., and Brian S. Rosen, Esq., at Weil,
Gotshal & Manges LLP, have been engaged as bankruptcy counsel.
L. Katherine Good, Esq., and Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., are the Debtors' local counsel.  Miller
Buckfire & Co. LLC, has been tapped as financial advisor and
Kurtzman Carson Consultants LLC, as claims agent.

Magna Entertainment Corp. had total assets of US$1.054 billion and
total liabilities of US$947.3 million based on unaudited
consolidated financial statements as of December 31, 2008.


US BOATS: Claims Filing Deadline is July 31
-------------------------------------------
Creditors of US Boats Handel GmbH have until July 31, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 12, 2009 at 10:20 a.m.

For further information, contact the company's administrator:

         Dr. Norbert Scherbaum
         Einspinnergasse 3
         Second Floor
         8010 Graz
         Austria
         Tel: 0316/832460
         Fax: 0316/832460-20
         E-mail: office@scherbaum-seebacher.at


STRUTZ JOSEF: Creditors Must File Claims by August 5
----------------------------------------------------
Creditors of Strutz Josef Panajoti have until August 5, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for August 20, 2009 at 2:00 p.m.

For further information, contact the company's administrator:

         Mag. Helmut Caks
         Friedrichgasse 6/I/8
         8010 Graz
         Austria
         Tel: 0316/811455
         Fax: 0316/811455-14
         E-mail: caks@aon.at


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B E L A R U S
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* Moody's Cuts GLC Deposit Ratings of Four Belarus Banks to 'B1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term global
local currency deposit ratings of four Belarus banks: Belarusbank
-- to B1 from Ba1; Belagroprombank -- to B1 from Ba1;
Belpromstroibank -- to B1 from Ba1; and Belinvestbank -- to B1
from Ba2.  The rating agency has affirmed all of the banks' other
ratings including their E+ bank financial strength ratings, but
has lowered the Baseline Credit Assessment of Belarusbank to B2
from B1; the other banks' BCAs remain unchanged.  The outlook on
the four financial institutions' long-term ratings is stable, in
line with the stable outlook on Belarus's sovereign rating.

These rating actions conclude Moody's review process, which was
initiated on May 26, 2009 and was focused on Belarus's ability to
provide support to its banking system, as outlined in the rating
agency's Special Comment entitled "Financial Crisis More Closely
Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries", published in May 2009.

Moody's has refined its assessment of the ability of the Belarus
state to provide systemic support as the worsening of the local
economy and the resulting reduced financial capacity and policy
flexibility may adversely affect the Belarus government's ability
to support the banking sector.

Moody's previously used the local currency deposit ceiling as the
main input for its assessment of the ability of the national
government to support the banks.  Although anchoring the
probability of support at the LCDC is appropriate in most
circumstances -- regarding the provision of liquidity to a
selected number of institutions over a short period of time --
this might overestimate the capacity, and even willingness, of a
central bank to support financial institutions in the event of a
banking crisis becoming both truly systemic and protracted.

Moody's therefore believes that the government's local currency
debt rating (usually adjusted by no more than two notches of
uplift due to the array of tools available to the central bank to
support the banking system) should have a greater weight when
considering the ability of the government to provide systemic
support.

Moody's refined approach allows two notches of uplift from the
government bond rating as the main input for its assessment of the
ability of the national government to support the banks.  However,
given the weakening economic conditions in Belarus and significant
involvement of the state into the banking sector and the real
economy -- both dominated by state-controlled entities -- Moody's
views Belarus's government bond rating of B1 (stable outlook) as
the most appropriate indicator of the government's ability to
provide systemic support to the local banking sector.

Amid the crisis, the Belarus government has been supportive by
providing unsecured short-term liquidity to the system and some
additional capital to the four state-owned banks, as reflected by
recent capital injection of BYR3 trillion (US$1.4 billion) in
December 2008.  The alignment of the systemic support input with
the government bond rating also reflects Moody's view of the
state's willingness to support the banking system.

The detailed list of rating actions concluded is:

Belarusbank:

  -- GLC long-term deposit rating: downgraded to B1 from Ba1;
  -- Other ratings have been affirmed at their current levels;

  -- The outlook on all long-term ratings is stable;
  -- BCA: lowered to B2 from B1.

Belagroprombank:

  -- GLC long-term deposit rating: downgraded to B1 from Ba1;
  -- Other ratings have been affirmed at their current levels;
  -- The outlook on all long-term ratings is stable.

Belpromstroibank:

  -- GLC long-term deposit rating: downgraded to B1 from Ba1;
  -- Other ratings have been affirmed at their current levels;
  -- The outlook on all long-term ratings is stable.

Belinvestbank:

  -- GLC long-term deposit rating: downgraded to B1 from Ba2;
  -- Other ratings have been affirmed at their current levels;
  -- The outlook on all long-term ratings is stable.

Belarusbank's BFSR remains E+ but Moody's decided to map this to a
lower BCA of B2 rather than B1.  This reflects the deterioration
of the local operating environment, which is likely to lead to
growth in the level of the bank's problem assets (although this
was relatively low at 0.6% as of end-2008), thus exerting pressure
on its profitability, liquidity and, especially, capital adequacy,
which is at the lowest level among the four state-owned banks.
The situation is aggravated by the bank's loan book concentration
on large loans to export-oriented companies, which have recently
faced a significant decrease in demand for their production (e.g.
up to 70% reduction in revenues in some sectors).  Moreover, the
bank's corporate loan book is partly secured by guarantees from
local authorities, and the interest expenses of the bank's retail
lenders -- under the social mortgage program -- is largely
subsidized by the government, thus making Belarusbank increasingly
dependent on the government's ability to fulfil its liabilities.

The BCAs of Belagroprombank, Belpromstroibank and Belinvestbank
are unchanged, largely reflecting their relatively adequate
liquidity cushions, sufficient levels of capital and good
resilience to the asset quality deterioration that is likely to
arise from the currently challenging economic conditions.
However, their significant borrower concentrations and, in the
case of Belagroprombank, industry concentration make the banks'
ratings vulnerable to the duration of the economic crisis.

In Moody's view, the worsening economic conditions in Belarus are
likely to translate into a deterioration in banks' financial
fundamentals. In particular, potential asset quality deterioration
is likely to partially erode the banks' capital cushion and put
some pressure on their liquidity and profitability.  However, the
expected magnitude of such deterioration is consistent with the
banks' current E+ BFSRs and explains the stable outlook on these
ratings.  Nonetheless, Moody's cautions that a significant
deterioration in macroeconomic conditions in Belarus beyond that
currently anticipated by Moody's would be likely to significantly
erode the banks' capital position and, as a result, could lead to
a downgrade of their E+ BFSRs and long-term ratings.

The four state-owned banks comprise the majority of the Belarus
banking system and provide lending to a large extent under the
state development programs and/or to state-owned companies.
Therefore, Moody's expects that the majority of the troubled
lending to the state sector and strategic enterprises will be
assisted via either direct support to the troubled entities or the
injection of capital into the banks as well as by liquidity
support.

At the same time, Moody's notes that the large Belarus public
sector may overall require substantial government support,
resulting in a strain on the government's resources and
undermining its capability to support the banking sector without
triggering adverse macroeconomic effects.  Meanwhile, any change
in the outlook on Belarus's sovereign ratings could trigger
changes in the outlook on the banks' long-term ratings.

Moody's previous rating action on the four banks was on May 26,
2009, when the rating agency placed their GLC long-term deposit
ratings on review for possible downgrade.


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


ENTER ITMARKET: Harju Court Starts Bankruptcy Process
-----------------------------------------------------
Marge Tubalkain-Trell at aripaev.ee reports that the Harju County
Court began a bankruptcy process against Enter ITMarket AS and
restructuring process to ML Arvutid AS.

According to the report, Kadri Lember, secretary of Judge Maie
Seppo, said the first hearing will be on September 3.  ML Arvutid,
the report says, has until the end of August to file a
restructuring plan.

The report discloses Enter and ML Arvutid have tax arrear of
EEK16 million.  Aivar Paalberg holds a significant stake in both
companies, the report states.

Enter and its subsidiary Idream have closed several shops across
Estonia, the report relates.

Enter ITMarket AS is based in Tallin, Estonia.


ML ARVUTID: Has Until End of August to File Restructuring Plan
--------------------------------------------------------------
Marge Tubalkain-Trell at aripaev.ee reports that the Harju County
Court begun a bankruptcy process against Enter ITMarket AS and
restructuring process to ML Arvutid AS.

According to the report, Kadri Lember, secretary of Judge Maie
Seppo, said the first hearing will be on September 3.  ML Arvutid,
the report says, has until the end of August to file a
restructuring plan.

The report discloses Enter and ML Arvutid have tax arrear of EEK16
million.  Aivar Paalberg holds a significant stake in both
companies, the report states.

Enter and its subsidiary Idream have closed several shops across
Estonia, the report relates.

ML Arvutid --  http://www.arvutid.ee/-- is a computer
manufacturer based in Tallin, Estonia.


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


AMERICAN AXLE: Mulling Restructuring Options in U.S.
----------------------------------------------------
American Axle & Manufacturing Holdings, Inc., is working with law
firm Shearman & Sterling as it considers restructuring options
including filing for bankruptcy, Jui Chakravorty Das and Soyoung
Kim at Reuters reported, citing people familiar with the matter.

According to Reuters, American Axle said that its long-term
relationship with Shearman & Sterling, which has included work on
securities law and litigation, was broadened to include advice on
restructuring.  The report quoted American Axle spokesperson Chris
Son as saying, "Shearman & Sterling is our outside legal counsel
and one of the advisers and consultants advising on a
comprehensive restructuring of our company."

As reported by the Troubled Company Reporter on July 10, 2009,
J.P. Morgan said that American Axle might be the next auto
supplier to file for bankruptcy protection.  J.P. Morgan sees
these possibilities for American Axle:

     -- covenant extensions,
     -- aid from General Motors Corp., and
     -- CEO Dick Dauch fighting to avoid Chapter 11.

Reuters also reported that two sources said that American Axle has
also reached out to GM for assistance.

Headquartered in Detroit, Michigan, American Axle & Manufacturing
Holdings Inc. (NYSE: AXL) -- http://www.aam.com/-- is a world
leader in the manufacture, engineering, design and validation of
driveline and drivetrain systems and related components and
modules, chassis systems and metal-formed products for trucks,
sport utility vehicles, passenger cars and crossover utility
vehicles.  In addition to locations in the United States
(Michigan, New York, Ohio and Indiana), the Company also has
offices or facilities in Brazil, China, Germany, India, Japan,
Luxembourg, Mexico, Poland, South Korea, Thailand and the United
Kingdom.

                          *     *     *

As reported by the Troubled Company Reporter on June 11, 2009,
Fitch Ratings said its 'CCC' issuer default ratings on American
Axle & remain on Watch Negative.

According to the TCR on May 14, 2009, Moody's Investors Service
lowered American Axle's Probability of Default Rating to Caa3 from
Caa1, and its Corporate Family Rating to Ca from Caa1.  In a
related action Moody's also lowered the rating on the Company's
secured bank credit facilities to Caa2 from B2, lowered the rating
on the unsecured guaranteed notes to Ca from Caa2, and lowered the
rating on the unsecured convertible notes to Ca from Caa2.  The
Speculative Grade Liquidity Rating was affirmed at SGL-4.  The
outlook is negative.

Deloitte & Touche LLP, American Axle's auditor, has raised
substantial doubt about the ability of the Company to continue as
a going concern.  Deloitte noted the significant downturn in the
domestic automotive industry which has an adverse impact on
American Axle's two largest customers.

American Axle had assets of US$2.073 billion against debts of
US$2.525 billion as of March 31, 2009.


DECO 7: Fitch Junks Ratings on Three Classes of Notes
-----------------------------------------------------
Fitch Ratings has downgraded eight classes of notes from DECO 7 -
Pan Europe 2 plc, a commercial mortgage-backed securitization.
The class A2 has had its Outlook revised to Negative from Stable.
The Rating Watch Negative on all other tranches has been removed
and the classes B, C, D, and E have had Negative Outlooks
assigned. Recovery Ratings (RR) have been assigned to the classes
F, G, and H.

  -- EUR452.7 million Class A2 (XS0246470214) downgraded to 'AA'
     from 'AAA'; Outlook revised to Negative from Stable

  -- EUR108.5 million Class B (XS0244895073) downgraded to 'A'
     from 'AA'; removed from RWN, assigned Negative Outlook

  -- EUR54 million Class C (XS0244895586) downgraded to 'BBB' from
     'A+'; removed from RWN, assigned Negative Outlook

  -- EUR17.6 million Class D (XS0244896048) downgraded to 'BBB-'
     from 'A'; removed from RWN, assigned Negative Outlook

  -- EUR35.8 million Class E (XS0244896394) downgraded to 'B' from
     'BBB'; removed from RWN, assigned Negative Outlook

  -- EUR19.4 million Class F (XS0246471881) downgraded to 'CCC'
     from 'BBB-'; removed from RWN, assigned 'RR4'

  -- EUR16.4 million Class G (XS0246474042) downgraded to 'CCC'
     from 'BB'; removed from RWN, assigned 'RR6'

  -- EUR35.6 million Class H (XS0246475445) downgraded to 'CC'
     from 'BB'; removed from RWN, assigned 'RR6'

Most of the underlying loans in the transaction have been affected
by the ongoing downturn in the continental European commercial
real estate market, although this has not been as pronounced as in
the UK.  The loan portfolio had a reported weighted-average loan-
to-value ratio of 66.3% at the April 2009 interest payment date.
This compares to a WA Fitch LTV of 101.6%, reflecting an overall
market value decline of 34.4% since closing in September 2005.  Of
the six remaining loans, the Karstadt Kompakt and World Fashion
Centre loans are the main drivers of the downgrade of the
transaction.

The Karstadt Kompakt loan is the largest in the portfolio at 32.3%
by loan balance.  The major tenant, Hertie GmbH, filed for
insolvency proceedings due to illiquidity in July 2008.  A loan
event of default occurred on the loan, which was subsequently
cured by the administrator of the borrowers prior to the 45-day
grace period to prevent the loan from being transferred to special
servicing.

The primary servicer, Deutsche Bank AG, London Branch (rated
'CPS2-UK'), working closely with the borrowers, sponsor and
administrator, consented to an out-of-court sales programme which,
to date, has been fairly successful, given current market
conditions.  So far, eight assets (5.2% of market value) have been
sold.  The servicer has recovered over and above the release price
for all but one of these properties and since the sales proceeds
are predominantly being utilized to de-leverage the loan, the loan
balance outstanding at the April 2009 IPD was EUR238.9 million
(compared to EUR305.6 million at closing).

Although asset sales have been positive so far, in its analysis
Fitch assumes that the current trend cannot be sustained and that
asset sales proceeds will stop being sufficient to cover the
release price.  This is reflected in the Fitch LTV of 134% which
implies a MVD of 55.6%, compared to the original level at closing.
In its analysis, Fitch has assumed a gradual re-letting of the
currently vacant/non-income producing assets.  However, given the
size of the department stores, Fitch considers it unlikely that
the higher storeys will be re-let and therefore does not expect
the portfolio to be 100% economically occupied at any time.

The second loan significantly contributing to the negative rating
action is the WFC loan (14.8% of the portfolio).  The loan had a
reported LTV of 74.5% at the April 2009 IPD, based on the
valuation at closing.  This compares to a Fitch LTV of 122%,
reflecting an overall MVD of 39%.  The magnitude of this decline
primarily reflects Fitch's view that the portfolio's current
property yield of 7.5% is unsustainable in current market
conditions.  In addition, the property is significantly exposed to
re-letting risk because its leases are typically one-to-three
years in length.  The loan matures in April 2011.


LEAR CORP: U.S. Parent to Continue Loans to Foreign Units
---------------------------------------------------------
Lear Corp. and its non-debtor foreign affiliates engage in
certain usual and customary business practices in the ordinary
course of their businesses that govern the various intercompany
relationships among them, including, among other practices:

  * participating in certain intercompany trading relationships,
    like certain Non-Debtor Foreign Affiliates' manufacturing
    component parts for assembly by certain Debtors;

  * utilizing certain Debtors' intellectual property and
    corporate resources; and

  * making capital or equity contributions, dividend
    distributions and intercompany loans.

Intercompany Loans are made by and among both the Debtors and
Non-Debtor Foreign Affiliates in the ordinary course of business
to fund operations and to fund capital expenditures.  The Debtors
and Non-Debtor Foreign Affiliates are also in the process of
undertaking certain closures and transfers as part of their
ongoing operational restructuring program, which require
additional funding.

While the Debtors expect that other Non-Debtor Foreign Affiliates
will attempt to assist in providing required short-term financing
to the Non-Debtor Foreign Affiliates who require assistance,
those amounts may not be sufficient to meet all needs, and the
Debtors must be able to provide short-term financing themselves.

Furthermore, under applicable foreign law governing their
jurisdictions, some of the Non-Debtor Foreign Affiliates could be
restricted from providing that financing.

The Debtors forecast that the peak funding requirements of
certain Non-Debtor Foreign Affiliates in 2009 will include, among
others:

  (a) approximately US$126 million for Lear Corporation GmbH, a
      German subsidiary;

  (b) approximately US$16 million for Lear Corporation Holdings
      Spain S.L., a Spanish subsidiary; and

  (c) approximately US$33 million for Lear Corporation (Shanghai)
      Limited, a Chinese subsidiary.

In addition to the Intercompany Loans, the Debtors relate that
they owe net prepetition payables to the Non-Debtor Foreign
Affiliates of approximately US$19.2 million.  The Prepetition
Payables are the result of intercompany transactions made in the
ordinary course of business between the Debtors and the Non-
Debtor Foreign Affiliates, including, among others, minimal
receipts from customers accepted by the Debtors on behalf of Non-
Debtor Foreign Affiliates and payments for services rendered or
products supplied by the Non-Debtor Foreign Affiliates to the
Debtors.  The Debtors relate that payment of the Prepetition
Payables will preserve the Non-Debtor Foreign Affiliates' EBITDAR
and the equity interests of the Debtors in the Non-Debtor Foreign
Affiliates.

According to Marc Kieselstein, Esq., at Kirkland & Ellis LLP, in
New York, without the ability to timely continue the Debtors'
current intercompany practices or pay the Prepetition Payables,
the Debtors may be forced to shut down certain Non-Debtor
Foreign Affiliates because those Non-Debtor Foreign Affiliates
may be unable to procure goods and services from their vendors.
Those foreign vendors may also commence involuntary insolvency
proceedings against the Non-Debtor Foreign Affiliates upon
default of payment obligations, Mr. Kieselstein adds.  The
shutdown of any of the Non-Debtor Foreign Affiliates could
profoundly impact the Debtors' relationships with various
significant customers and impede their reorganization efforts,
Mr. Kieselstein asserts.

Additionally, the inability to provide short-term financing may
cause a number of services currently provided to the Debtors at
reasonable or nominal costs to be disrupted.  Finally, should one
Non-Debtor Foreign Affiliate, due to the commencement of an
insolvency filing or in an attempt to prevent that insolvency
filing, seek the payment of intercompany receivables from a Non-
Debtor Foreign Affiliate in another jurisdiction, that action
could trigger a domino effect throughout the Non-Debtor Foreign
Affiliates.

Accordingly, the Debtors sought and obtained the Court's
authority to continue their Intercompany Practices, on an interim
basis.

A final hearing on the request will be held on July 30, 2009.
Objection deadline is on July 23.

                         About Lear Corp.

Lear Corporation -- http://www.lear.com/-- is one of the world's
leading suppliers of automotive seating systems, electrical
distribution systems and electronic products.  The Company's
products are designed, engineered and manufactured by a diverse
team of 80,000 employees at 210 facilities in 36 countries.
Lear's headquarters are in Southfield, Michigan, and Lear is
traded on the New York Stock Exchange under the symbol [LEA].
Outside the United States, Lear has subsidiaries in Germany,
Luxembourg, Sweden, Singapore, China, India and Mexico, among
others.

Lear Corporation and its affiliates filed for Chapter 11 on
July 7, 2009 (Bankr. S.D.N.Y. Case No. 09-14326).  Affiliates part
of the Chapter 11 filing include Lear South Africa Limited, Lear
Corporation (Germany) Ltd., Lear Corporation Canada Ltd., Lear
Mexican Holdings Corporation, and Lear South American Holdings
Corporation.

Attorneys at Kirkland & Ellis LLP, serve as the Debtors'
bankruptcy counsel.  McCarthy Tetrault LLP has been engaged as
CCAA counsel.  Bodman LLP has been hired as special Michigan
counsel.  Winston & Strawn LLP and Brooks Kushman P.C. have also
been tappes as special counsel.  Alvarez & Marsal North America
LLC, is the Debtors' restrcturing advisors.  Ernst & Young LLP is
the Debtors' auditors and tax advisors.  Kurtzman Carson
Consultants LLC is the Debtors' claims and notice agent.  Simpson
Thacher & Bartlett LLP represents JP Morgan, as admin. agent for
senior secured lenders and DIP lenders.

As of May 30, 2009, Lear has assets of US$1,270,800,000 against
debts of US$4,536,000,000.

Bankruptcy Creditors' Service, Inc., publishes Lear Bankruptcy
News.  The newsletter tracks the Chapter 11 proceedings undertaken
by Lear Corp. (http://bankrupt.com/newsstand/or 215/945-7000)


MERISANT WORLDWIDE: Denies Non-Compete Breach in Heartland Pact
---------------------------------------------------------------
Heartland Sweeteners LLC asks the U.S. Bankruptcy for the District
of Delaware to lift the automatic stay to allow it to serve
notices of potential violations by Merisant U.S., Inc., of their
tolling agreement.

Like Merisant, Heartland is engaged in the business of
manufacturing and distributing artificial sweeteners.  However,
Heartland's products include sucralose as the key ingredient.  The
Heartland sweeteners are marketed and sold using either private
label packaging or packaging that bears the Nevella(R) trademark
owned by Heartland.

Pursuant to a toll agreement scheduled to expire Dec. 31, 2009,
Merisant has agreed to provide certain manufacturing services for
Heartland in the production of some Heartland products.  Under a
distribution agreement, the parties agreed to a  joint marketing
and distribution of the Heartland and Merisant sweeteners.

According to Heartland, both agreements provide for non compete
covenants, under which Merisant may not solicit or sell tabletop
sweetener products containing sucralose in the United States.
Heartland is concerned that Merisant is actively attempting to and
is selling tabletop sweeteners containing sucralose in the United
States. Heartland is further concerned that Merisant's strategy
and plan to exit bankruptcy relies upon selling tabletop sucralose
products in violation of its agreements with Heartland.

Merisant is also obligated to keep certain information from and
about Heartland confidential. Heartland has received reports that
Merisant representatives have disclosed information about
Heartland which Heartland believes is covered by the
confidentiality agreements in place.

According to  Raymond H. Lemisch, Esq., at Benesch, Friedlander,
Coplan & Aronoff, LLP, "cause" exists for lifting the automatic
stay because Heartland merely seeks authority to deliver notices
consistent with the terms of the Toll Agreement and Distribution
Agreement, and it is well settled that a bankruptcy filing does
not enlarge the debtor's contract rights.

                        Merisant's Response

Merisant says that the Distribution Agreement was rescinded on
July 29, 2008, and thus there exists no agremeent pursuant to
which Heartland could properly sent notice.  Merisant also says
that the Toll Agreement was properly terminated on April 29, 2009.

Merisant has commenced an adversary proceeding with the Bankruptcy
Court, seeking a judgment that it has not violated any of the
agreements with Heartland.  Merisant says that Heartland's lift
stay request should be denied since the adversary proceeding will
determine all the issues raised by Heartland.

In the adversary proceeding, Merisant contends that  after
Heartland failed to perform its obligations under the Distribution
Agreement for nearly ayear and then expressly repudiated the
agreement in July 2008, Merisant exercised its legal right to
rescind the Distribution Agreement. Merisant's rescission
extinguished that agreement, and it was excused form performing
under the contract, says Robert S. Brady, Esq., at Young Conaway
Stargatt & Taylor, LLP.

                     About Merisant Worldwide

Headquartered in Chicago, Illinois, Merisant Worldwide Inc. --
http://www.merisant.com/-- sells low-calorie tabletop sweetener.
The Debtor's brands are Equal(R) and Canderel(R).  The Debtor has
principal regional offices in Mexico City, Mexico; Neuchatel,
Switzerland; Paris, France; and Singapore.  In addition, the
Debtor owns and operates manufacturing facilities in Manteno,
Illinois, and Zarate, Argentina, and own processing lines that are
operated exclusively for the Debtor at plants located in Bergisch
and Stendal, Germany and Bangkrason, Thailand.

As of March 28, 2008, the Debtor has 20 active direct and indirect
subsidiaries, including five subsidiaries in the United States,
six subsidiaries in Europe, five subsidiaries in Mexico, Central
America and South America, and three subsidiaries in the Asia
Pacific region, including Australia and India.  Furthermore, the
Debtor's Swiss subsidiary holds a 50% interest in a joint
venture in the Philippines. Merisant Worldwide holds 100%
interest in Merisant Company.

Merisant Worldwide and five of its units filed for Chapter 11
protection on January 9, 2009 (Bankr. D. Del. Lead Case No.
09-10059). Sidley Austin LLP represents the Debtors in their
restructuring efforts. Young, Conaway, Stargatt & Taylor LLP
represents the Debtors' as co-counsel. Blackstone Advisory
Services LLP is the Debtors' financial advisor. Epiq Bankruptcy
Solutions, LLC, is the Debtors' Claims and Noticing Agent.
Winston & Strawn LLP represents the official committee of
unsecured creditors as counsel.  Ashby & Geddes, P.A., is the
Committee's Delaware counsel.  The Debtors had US$331,077,041 in
total assets and US$560,742,486 in total debts as of November 30,
2008.


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


ANGLO IRISH: S&P Cuts Ratings on Hybrid Debt Issuance to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
ratings on hybrid debt issuance of Anglo Irish Bank Corp. Ltd.
(Anglo; BBB+/Negative/A-2) to 'CC' from 'CCC'.  At the same time,
the ratings on the existing five hybrid capital instruments (the
Tier 1 securities), all issued by Anglo subsidiaries, were placed
on CreditWatch with negative implications.  The counterparty
credit ratings on Anglo are unchanged.

The rating action follows Anglo's announcement on July 9, 2009,
that it intends to defer the payment of coupons due on the Tier 1
securities.  Anglo says that it intends to make the coupon
payment, due July 23, 2009, on the GBP250 million variable rate
notes issued by Anglo Irish Asset Finance PLC (the TONICs).
However, it will then defer further coupon payments on the TONICs
and the other Tier 1 securities, the first of which fall due in
late September 2009.

Anglo issued the Tier 1 securities through its subsidiaries.  It
also has capacity to issue further upper Tier 2 hybrid debt
through its EUR30 billion medium-term note and $10 billion s144A
programs.

The Irish government (Republic of Ireland; AA/Negative/A-1+)
nationalized Anglo in January 2009.  On May 20, 2009, S&P lowered
the ratings on the Tier 1 securities to 'CCC' following a review
of the ratings on the hybrid securities of certain European
financial institutions that had received state aid or that
were likely, in S&P's opinion, to receive state aid in the near
future (see related research section).  This was because S&P
concluded that, in light of the European Commission's May 7, 2009,
announcement on the recapitalization of Commerzbank AG
(A/Negative/A-1), the likelihood of suspension of payments on
these securities had increased.

On May 29, 2009, the Irish government announced its intention to
inject up to EUR4.0 billion of new equity capital into Anglo,
following Anglo's reporting of a EUR4.1 billion pretax loss for
the six months to end-March 2009.  This injection was approved by
the EC on June 20, 2009.  The Irish government has since injected
EUR3.0 billion of new equity into Anglo.

On July 9, 2009, Anglo announced that as a condition of its
approval of the government's recapitalization plan, the EC had
required that no further coupon payments be made on any of Anglo's
Tier 1 securities, except for the next payment due on the TONICS.
Anglo said that the first coupon payments to be deferred will be
the coupon payments due in late September 2009.

The CreditWatch placement of the Tier 1 securities relates to
Anglo's additional announcement that it plans to make an exchange
or tender offer in the coming weeks for these securities, and also
for some of its Tier 2 securities.  If this offer proceeds, S&P
would expect to characterize it as a "distressed exchange" for the
deferrable instruments, reflecting S&P's opinion that the exchange
would be equivalent to an immediate payment deferral (see related
research section).  As a result, on the announcement of the offer,
S&P would anticipate lowering the ratings on the Tier 1 securities
to 'C'.

On completion of a "distressed exchange", S&P reviews the ratings
on the affected securities.  In this instance, in view of Anglo's
stated intention to defer coupon payments in late September, S&P
would expect to leave the ratings unchanged at 'C'.

                           Ratings List

              Downgraded; CreditWatch/Outlook Action

                  Anglo Irish Asset Finance PLC*
           GBP200 mil. var rate callable perp jr sub nts
   GBP250 mil. var rate fxd/fltg rate callable perp jr sub nts

                       CC/Watch Neg    CCC

                 Anglo Irish Capital U.K. (2) LP*
  EUR600 mil. var rate fxd/fltg rate callable perp jr sub dtd
                    03/04/2008 due 02/15/2037 nts

                       CC/Watch Neg    CCC

                  Anglo Irish Capital U.K. (3) LP*
GBP350 mil. var rate fxd/fltg-rate non-cum callable perp pfd stk

                        CC/Watch Neg    CCC

                   Anglo Irish Capital U.K. LP*
EUR600 mil. var rate callable perp fxd/fltg rate non-cum pfd stk

                        CC/Watch Neg    CCC

                            Downgraded

                   Anglo Irish Bank Corp. Ltd.
   EUR30 bil. snr unsecd/sub/jr sub/S-T debt med-term note prog

                        CC             CCC

   US$10 bil. snr unsecd/sub/jr sub/S-T debt med-term note prog

                        CC             CCC

            * Guaranteed by Anglo Irish Bank Corp. Ltd.


LARAGAN DEVELOPMENTS: Court to Decide on Examinership Today
-----------------------------------------------------------
RTE Business reports that Mr. Justice Frank Clarke is due to
decide on the examinership of Laragan Developments Ltd. today,
July 16.

RTE relates Judge Clarke delayed a July 14 ruling on the case
because of the serious issues raised.  According to RTE, 95 home
buyers, who paid either EUR15,000 or EUR20,000, as deposits for
apartments in Santry and Carrickmines in Dublin are set to lose
99% of their money under a scheme being recommended by the
examiner, while creditors, including some who are owed EUR1
million, would only get back 6.4%.  Paul McCann of Grant Thornton
was appointed by the High Court to act as examiner to the company
in March 2009.

Laragan Developments has debts of EUR147 million, EUR101 million
of which are owed to Alan Hanley of the Hanly Group, RTE
discloses.  The company, RTE says, has assets of EUR2.35 million.

Laragan Developments Ltd. is part of the Hanly Group --
http://www.hanlygroup.com/-- which comprises six autonomous firms
specializing in six different areas of quarrying and construction.


MURRAYS GROUP: Examiner Appointed to Three Car Rental Firms
-----------------------------------------------------------
Donal Buckley at Independent.ie reports that Michael McAteer of
Grant Thornton has been appointed as interim examiner to
Dublin-based car rental companies Murrays Rent A Car, Murrays
Leasing and Murrays Chauffeur Drive Ltd.

The car rental companies are part of Murray Group Holdings Ltd
which is not included in the examinership.  According to the
report, the group generated a turnover of EUR46.7 million in 2006,
the last year for which accounts are available in the Companies
Office.


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


CARROZZERIA BERTONE: Fiat to Make Formal Bid This Week
------------------------------------------------------
Fiat SpA has expressed interest in Carrozzeria Bertone S.p.A.,
Bertone Group's car design arm, various reports say.

Sara Gay Forden at Bloomberg News reports a spokesman for Fiat
said Tuesday the carmaker will tell a court in Turin, Italy, this
week that it plans a formal bid for Bertone.

According to Reuters' Jo Winterbottom, Italian media has reported
offers have already been made by former manager of Telecom Italia
Giandomenico Rossignolo, by financier Domenico Reviglio and by
Lilli Bertone, wife of the founder Nuccio Bertone.

As reported in the Troubled Company Reporter-Europe on Feb. 15,
2008, the bankruptcy court in Turin, Italy, declared Carrozzeria
Bertone S.p.A. insolvent on Feb. 11, 2008,

                         About Fiat

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                  About Carrozzeria Bertone

Headquartered in Turin, Italy, Carrozzeria Bertone S.p.A. --
http://www.bertone.it/-- manufactures car for the Bertone
Group.  The company does the product and process engineering for
all of its products and handles the entire manufacturing cycle.

As previously reported in the Troubled Company Reporter-Europe,
Bertone filed for bankruptcy protection in November 2007 after
accumulating EUR37.3 million in losses for the past three years.
Bertone filed for concordato preventivo -- similar to a Chapter 11
bankruptcy petition in the U.S. -- which prevents creditors to
collect payments while the company reorganizes.  The filing
foresees Bertone's management overseeing the reorganization.  The
company, however, excluded its design, engineering and glass
businesses from the filing.


FIAT SPA: Eyes Bid for Bertone's Car Design Unit
------------------------------------------------
Fiat SpA has expressed interest in Carrozzeria Bertone S.p.A.,
Bertone Group's car design arm, various reports say.

Sara Gay Forden at Bloomberg News reports a spokesman for Fiat
said Tuesday the carmaker will tell a court in Turin, Italy, this
week that it plans a formal bid for Bertone.

According to Reuters' Jo Winterbottom, Italian media has reported
offers have already been made by former manager of Telecom Italia
Giandomenico Rossignolo, by financier Domenico Reviglio and by
Lilli Bertone, wife of the founder Nuccio Bertone.

As reported in the Troubled Company Reporter-Europe on Feb. 15,
2008, the bankruptcy court in Turin, Italy, declared Carrozzeria
Bertone S.p.A. insolvent on Feb. 11, 2008,

                     About Carrozzeria Bertone

Headquartered in Turin, Italy, Carrozzeria Bertone S.p.A. --
http://www.bertone.it/-- manufactures car for the Bertone
Group.  The company does the product and process engineering for
all of its products and handles the entire manufacturing cycle.

As previously reported in the Troubled Company Reporter-Europe,
Bertone filed for bankruptcy protection in November 2007 after
accumulating EUR37.3 million in losses for the past three years.
Bertone filed for concordato preventivo -- similar to a Chapter 11
bankruptcy petition in the U.S. -- which prevents creditors to
collect payments while the company reorganizes.
The filing foresees Bertone's management overseeing the
reorganization.  The company, however, excluded its design,
engineering and glass businesses from the filing.

                         About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                         *     *     *

As reported in the Troubled Company Reporter-Europe on
June 16, 2009, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA remains on CreditWatch with negative implications,
where it was placed on Jan. 22, 2009.  At the same time, the 'B'
short-term corporate credit rating was affirmed.


WIND ACQUISITION: Fitch Assigns 'B+' Rating on 2017 Senior Notes
----------------------------------------------------------------
Fitch Ratings has assigned Wind Acquisition Finance's SA new
EUR1.25 billion and US$2 billion senior notes due 2017 a final
'B+' rating.  At the same time, the existing WAF EUR950 million
and US$650 million senior notes due 2015 are downgraded to 'B+'
from 'BB' and the Rating Watch Negative is removed.

Fitch has simultaneously affirmed Wind Telecomunicazioni SpA's
Long-term Issuer Default Rating at 'BB-' and its Short-term IDR at
'B'.  The Outlook is Stable.  Fitch has also affirmed Wind's
senior bank facility and the second lien notes issued by Wind
Finance SL S.A. at 'BB+' respectively.

The company yesterday issued the new 2017 notes, which carry a
coupon of 11.75% and which are guaranteed on a senior subordinated
basis by Wind.  The notes have been issued at a discount to par
(96.271% for the EUR1.25 billion notes and 97.492% for the
US$2 billion notes) and net proceeds after expenses plus cash on
balance sheet have been used to prepay the entire outstanding
balance of the PIK loans issued by Wind Acquisition Holdings
Finance, and to pay a EUR500 million dividend to Weather
Investments.

The issue increases the leverage for the WAF senior noteholder
creditor class as a whole to 4.6x (pro forma) from 3.2x at end-
Q109 (the WAHF PIK notes were subordinated to the WAF senior
notes).  As noted in Fitch's commentary of June 18, 2009, this
materially weakens the estimated level of recoveries available for
the senior note creditors, as the creditor class would have
expanded significantly.  As a result, the senior notes (both
existing and new issuance) would be expected to achieve below
average recoveries in a default scenario and this supports the
rating at 'B+', which is one notch below the IDR of 'BB-'.


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


ALLIANCE BANK: To Get KZT129BB Capital Injection From Kazakh Gov't
------------------------------------------------------------------
Olzhas Auyezov at Reuters reports that Alliance Bank JSC said on
Wednesday that the Kazakh government would inject KZT129 billion
(US$856 million) into its capital after the bank completes its
US$4 billion debt restructuring.

Reuters relates Alliance said in a statement as part of deal,
state welfare fund Samruk-Kazyna will take over the bank and
provide necessary funds to restore capital adequacy.

Nariman Gizitdinov at Bloomberg News reports Samruk-Kazyna will
inject KZT24 billion in cash while KZT105 billion will come as
Samruk-Kazyna converts Alliance Bank bonds into preference shares.
Bloomberg notes Gaziz Shakhanov, head of international relations
for Alliance, said the fund aims to take control of the bank with
a stake of at least 51 percent.

                       Debt Restructuring

Bloomerg recalls the bank said last week it will complete debt
restructuring by Nov. 1 after reaching agreement with a creditor
committee.  According to Bloomberg, the Agency for Financial
Supervision said on its Web site that, the bank's liabilities
exceed capital by KZT438 billion after it had a loss of KZT595
billion in the five months through May.

                           Default

On May 21, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Alliance said it failed to make a
principal payment of more than US$10 million on a loan placed with
foreign lenders due May 11.  The bank halted payments to creditors
after discovering US$1.1 billion of liabilities that weren't
reflected on its balance sheet and requested a standstill on
repayments.

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).

As reported in the Troubled Company Reporter-Europe on Feb. 10,
2009, Moody's Investors Service hdowngraded the long-term bank
deposit and unsecured debt ratings of Alliance Bank to B2 from
Ba2.  At the same time, the E+ bank financial strength rating was
lowered to E.  The bank's Not Prime short-term ratings were
affirmed.  Debt and deposit ratings remain on review for possible
further downgrade.


BTA BANK: 12 Executives Charged with Embezzlement
-------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that Kazakh
prosecutors have charged 12 executives at BTA Bank JSC, its
Temirbank unit and some of their corporate clients with embezzling
more than KZT83 billion (US$550 million) from the lender.

Bloomberg relates the Prosecutor General's Office said in a
statement on its Web site on Tuesday that BTA Chairman Mukhtar
Ablyazov and Deputy Chief Executive Officer Zhaksylyk Zharimbetov
are still being investigated, along with another 12 suspects.
According to Bloomberg, the prosecutors said the 14 executives
remain in hiding.

Bloomberg recalls on March 6, prosecutors issued international
arrest warrants for Mr. Ablyazov and some of his associates for
allegedly stealing from BTA and laundering the money via loans to
fictitious companies.  Mr. Ablyazov was removed as chairman on
Feb. 2, the same day the state agreed to take over the bank.

No dates for a court hearing have been set.

BTA, Bloomberg says, is seeking to restructure as much as
US$15 billion of debt after defaulting in April.

                       Debt Restructuring

On July 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported BTA said in April it stopped making
principal payments on its debt after creditors demanded
accelerated payment, triggering a default.  Bloomberg disclosed
Kairat Kelimbetov, the head of Samruk-Kazyna, said June 5 the bank
was in talks with creditors and would probably reach a debt
restructuring agreement by August.  Samruk-Kazyna manages the
state's 75.1 percent stake in BTA.  Bloomberg said the resignation
of the bank's New-York based adviser, Goldman Sachs International
Inc. may hamper debt restructuring efforts.   BTA hired Goldman
Sachs and UBS AG as restructuring consultants after the government
took control of the bank in February.

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO, --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.  The Bank has in its
offer personal banking services, comprised of current accounts,
savings accounts, term deposits, safety deposit boxes, money
transfer services, credit facilities, and corporate banking
services, including business accounts, credit facilities, treasury
services, letters of guarantee, letters of credit, foreign
exchange services, remittances and other solutions, as well as
debt and credit cards, card services and electronic banking
services.  The Bank has 14 subsidiaries and six affiliated
companies.  It offers its services through a network of numerous
regional branches, cash settlement centers throughout Kazakhstan
and international representative offices located in Ukraine,
Russia, China and the United Arab Emirates.


JANA TRANS 2004: Creditors Must File Claims by July 24
------------------------------------------------------
Creditors of LLP Jana Trans 2004 have until July 24, 2009, to
submit proofs of claim to:

         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 47-82-66

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


JANTURA CJSC: Creditors Must File Claims by July 24
---------------------------------------------------
CJSC Jantura is currently undergoing liquidation.  Creditors have
until July 24, 2009, to submit proofs of claim to:

          Karabulakskoye Highway
          Aksu
          Sairamsky
          South Kazakhstan
          Kazakhstan


U KA TRANSIT: Creditors Must File Claims by July 24
---------------------------------------------------
Creditors of LLP U Ka Transit Universal have until July 24, 2009,
to submit proofs of claim to:

         Myzy Str. 29-77
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 47-82-66

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         070000 Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


VITARA OIL: Creditors Must File Claims by July 24
-------------------------------------------------
LLP Vitara Oil is currently undergoing liquidation.  Creditors
have until July 24, 2009, to submit proofs of claim to:

         Promzona
         Pevomaisky
         Ilyisky
         Almaty
         Kazakhstan


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


APS SYNTEZ: Creditors Must File Claims by August 7
--------------------------------------------------
LLC APS Syntez Trade is currently undergoing liquidation.
Creditors have until August 7, 2009, to submit proofs of claim.

Inquiries can be addressed to (0-555) 09-83-15.


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


HIGHLANDER EURO: S&P Lowers Rating on Class E Notes to 'B'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class D and E notes
and also lowered it ratings on the class Q combination note issued
by Highlander Euro CDO III B.V.  S&P has also affirmed the class
A, B, and C notes.

On Feb. 17, S&P placed two tranches in this collateralized debt
obligation transaction on CreditWatch negative following a
preliminary review which showed that in S&P's opinion, there had
been deterioration in the credit quality of the collateral
portfolio and par value losses following the default of portfolio
holdings.

S&P's analysis of the transaction shows that par value losses due
to the defaults of corporate obligors have affected the credit
enhancement levels available to the class D and E notes.  As a
result, in S&P's cash flow analysis, this has resulted in a
decrease in break-even default rates.  In S&P's opinion, the fall
in BDRs are no longer commensurate with the ratings previously
assigned to the downgraded tranches.

According to the latest trustee report available to S&P, the class
C, D and E par value ratios are currently in breach of their
respective trigger levels as set out in the transaction documents.
In S&P's view, this breach in the overcollateralization tests is
primarily due to adjustments to the principal balance of assets
rated 'CCC+' and lower, and to the balance of assets purchased at
a price lower than 85% of the principal amount.

S&P's analysis of the class Q combination note (class Q combo
note), which comprises the rated class B note and the subordinated
class F-1 note, highlighted that the BDRs generated for this
tranche were particularly sensitive to the interest rate scenarios
and cash flows it would potentially receive from the class F-1
note.  For so long as the par value ratios remain in breach, cash
flows will be directed to pay down the most senior outstanding
classes first.  As a result, it is S&P's view that the proceeds
used to repay the class Q combo note is only likely to come from
the class B notes.   Assuming the total cash flow to the class Q
combo note is reduced, it is S&P's opinion that the rating on the
class Q combo note is no longer commensurate with the rating
previously assigned, and has been lowered accordingly.

As recently announced, S&P's criteria for rating cash flow CLOs
are under review.  This may affect S&P's ratings on the notes
issued by Highlander Euro CDO III B.V.  The rating actions are
unrelated to these proposed changes.

                           Ratings List

                   Highlander Euro CDO III B.V.
        EUR727 Million Senior Secured Floating-Rate Notes

                          Rating Lowered

                                    Rating
                                    ------
                 Class        To              From
                 -----        --              ----
                 Q            BB              AA

      Ratings Lowered and Removed From Creditwatch Negative

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

                       Ratings Affirmed

                      Class        Rating
                      -----        ------
                      A            AAA
                      B            AA
                      C            A-


===========
N O R W A Y
===========


NORDISK TEKSTIL: DnB to Take Over Kid Interioer After Loan Breach
-----------------------------------------------------------------
Niklas Magnusson and Bo Nielsen at Bloomberg News report that DnB
NOR ASA, Norway's largest bank, is to take over Kid Interioer AS,
a Norwegian retailer with more than 100 shops, after parent
Nordisk Tekstil Holding AS breached terms of its loan.

"We have said for quite some time now that the private equity
industry is entering a period of lower returns compared to the
'boo' years when credit was readily available and cheap,"
Bloomberg quoted Camilla Telander, a spokeswoman for London-based
IK Investment, the majority owner of Nordisk Tekstil, as saying.

DnB NOR declined to comment on how it will run Kid Interioer,
which had sales of about NOK860 million (US$133 million) last
year.

Morten Skauge DnB NOR spokesman Morten Skauge, as cited by
Bloomberg, said the Oslo-based lender doesn't rule out additional
takeovers if they're necessary to protect the bank's interests.

Bloomberg relates Bjarne Jensen, a financial consultant at Bjarne
Jensen Consult ApS in Copenhagen, said taking over defaulting
borrowers, rather than letting them go bankrupt, may result in
bigger losses if the banks fail to turn around their new
enterprises.


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


ALROSA COMPANY: Head Ousted Over Audit Chamber Allegations
----------------------------------------------------------
Catherine Belton at The Financial Times reports that the Russin
government has fired Sergei Vybornov as head of Alrosa Company
Ltd.

According to the FT, Mr Vybornov, who led the state-controlled
company since 2007, is to be replaced by Fyodor Andreyev, deputy
head of Russian Railways.

                                Probe

The FT discloses Alrosa, which has been hit hard by the financial
crisis, is now facing allegations by the Audit Chamber, the
Russian government's budget watchdog, that it repeatedly refused
it access to documents during a probe into the company's
activities from 2005 to 2007 and 2008.  Sergei Stepashin, the
audit chamber chief and a former Yeltsin-era prime minister, as
cited by the FT, said this was the reason for Mr. Vybornov being
fired.   "Unfortunately during the probe we found a multitude of
violations in the activity of the company and therefore we
recommended the president of Alrosa be replaced," the FT quoted
Mr. Stepashin as saying.

                        About Alrosa

ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's
largest diamond company engaged in the exploration, mining,
manufacture and sales of diamonds and one of the world's major
rough diamond producers.  ALROSA produces about 20% of the world's
rough diamond output and accounts for almost 100% of all rough
diamonds produced in Russia.

                      *     *     *

ALROSA Co. Ltd. continues to carry a 'BB-' long-term corporate
credit rating from Standard & Poor's Ratings Services.  As
reported in the Troubled Company Reporter-Europe on Nov. 27, 2008,
S&P said it lowered its long-term corporate credit rating on
Russian diamond miner ALROSA to 'BB-' from 'BB' on increasing
leverage, weak liquidity, and deteriorating operations.


FORD MOTOR: Vsevolozhsk Plant Resumes Production
------------------------------------------------
RIA Novosti reports that Ford Motor Co.'s Russian unit resumed
production on Monday at the Vsevolozhsk plant in the country's
northwest.

According to RIA Novosti, the plant, which suspended production
for six days on July 1 amid falling demand for cars, will shut
down on July 20 for a three-week holiday.

Ford Russia's PR director Yekaterina Kulinenk, as cited by RIA
Novosti, said production at Vsevolozhsk, which switched to a four-
day working week in June, could be lowered further.  The report
relates a spokesman for Ford Russia's trade union said on Monday
the four-day working week which was initially to run through
October 5 could be extended until February 5.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans.  Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.


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


J.L. FRENCH: Seeks Bankruptcy Protection in the U.S.
----------------------------------------------------
In response to U.S. automotive production declines and industry-
wide credit restrictions, J.L. French Automotive Castings, Inc.,
announced plans to reduce its secured debt from approximately
US$280 million to approximately US$65 million via debt-for-equity
swaps with first and second lien term loan lenders to provide a
stable financial foundation for the Company's future operations.
The Company and its domestic affiliates will complete a
prenegotiated restructuring under Chapter 11 and has filed
voluntary petitions in the U.S. Bankruptcy Court for the District
of Delaware.  The Company intends to file its Chapter 11 Plan of
and Disclosure Statement within the week.

None of the Company's foreign operations, particularly its
subsidiary in Spain and its joint venture in China, are included
in the Chapter 11 filing.  These businesses will remain unaffected
by the filings and will continue operations as usual.

J.L. French also announced an agreement with certain first lien
lenders for a US$15 million debtor-in-possession (DIP) facility to
fund working capital needs that may arise during the
reorganization.  This facility will also serve as the foundation
for the Company's exit financing.

"We are very pleased to have reached sufficient agreement with our
lenders and customers to offer a Plan of Reorganization and
Disclosure Statement very shortly," stated Thomas Musgrave,
Chairman, President, and Chief Executive Officer of J.L. French.
"Our Company has a strong business model with distinct
technological and quality advantages that position us well with
our customer base.  However, sales have dropped commensurate with
the dramatic decline in the North American automotive production
to the extent that we cannot service the existing debt structure."

Mr. Musgrave said, "By significantly reducing our debt, we will
remove the balance sheet barriers that have historically prevented
us from securing awards of certain new business contracts, and
will provide the Company with additional operating liquidity.  The
new financial structure will significantly enhance customer and
vendor confidence and enable J.L. French to focus its resources to
consolidating its operations, research and development, new
customer programs and other strategic initiatives.  In fact our
major customers support the proposed Chapter 11 Plan."

Mr. Musgrave further noted that, "we intend to complete our
reorganization in a matter of months -- we expect to emerge from
Chapter 11 protection within 90 days.  In so doing, we will
contain reorganization costs and minimize any disruption to our
business."

J.L. French is filing motions immediately with the Court to
request permission to pay certain prepetition claims, including
employee wages and benefits, shipping fees, and essential vendor
claims.  Under these "first day motions," the Company is proposing
that the prepetition claims of essential trade creditors be paid
in full in the ordinary course of business.  In addition, under
the Chapter 11 Plan, the Company will assume its contracts with
its essential trade creditors and the customers that entered into
accommodations agreements with the Company.

The Company has executed a lock-up agreement with its first and
second lien lenders; this agreement is reflected in the Chapter 11
Plan, which the lenders have agreed to support.  The Chapter 11
Plan calls for the exchange of more than US$215 million in first
and second lien term loan debt for substantially all of the equity
in the Company.  Under the Chapter 11 Plan, the Company's first
lien lenders would receive 95 percent of the common stock in the
newly reorganized Company.  Second lien term loan lenders would
receive five percent of the common stock in the new Company.
Additionally, the Company's existing first lien revolving lender
will amend and extend its US$50 million credit facility through
November 2013 and convert the revolver to a term loan.

Holders of second lien term loan debt would receive warrants for
up to 15 percent of the common stock in the new Company,
structured in three tranches, each with five-year terms,
exercisable according to individual enterprise valuations.

J.L. French has retained Milbank, Tweed, Hadley & McCloy LLP as
restructuring counsel; Houlihan, Lokey, Howard & Zukin Capital,
Inc., as investment banker and financial advisor; and Conway
McKenzie, Inc., as financial and operational restructuring advisor
in the case.  The first lien lenders who would receive 95 percent
of the equity under the Chapter 11 Plan are represented by Latham
& Watkins LLP as counsel and Huron Consulting Group as financial
advisor.

Andrea Tan at Bloomberg News notes that J.L. French joins auto-
parts suppliers Proliance International Inc. and Visteon Corp. in
filing for bankruptcy as automakers slash production amid slowing
vehicle sales. Recession and rising unemployment pushed down auto
sales by 35 percent in this year's first six months, to the lowest
since at least 1976, according to Bloomberg data.

Based in Sheboygan, Wisconsin, J.L. French Automotive Castings,
Inc., is adesigner and manufacturer of highly engineered aluminum
die cast automotive parts including oil pans, engine front covers,
engine blocks and transmission cases. The company has
manufacturing facilities in Sheboygan, WI.; Glasgow, KY; Ansola,
Spain; as well as a joint venture in, China.  J. L. French
Automotive Castings Inc., makes transmission casings for Ford
Motor Co. and General Motors Co.

The Company, together with six affiliates, filed for Chapter 11 on
July 13, 2009 (Bankr. D. Del. Case No. 09-12445). It listed debt
of as much as US$500 million.

The Company first filed for Chapter 11 protection on Feb. 10, 2006
(Bankr. D. Del. Case No. 06-10119 to 06-06-10127).  Attorneys at
Pachulski Stang Ziehl Young & Jones, and Marc Kiesolstein, P.C.,
at Kirkland & Ellis LLP, represented the Debtors in their
restructuring efforts.  Attorneys at Ashby Geddes, PA, represented
the Official Committee of Unsecured Creditors.  When the Debtor
filed for bankruptcy, it estimated assets and debts of more than
US$100 million.  In June 2006, the Bankruptcy Court confirmed J.L.
French's reorganization plan, and days later the J.L. French
emerged from bankruptcy.


J.L. FRENCH: Case Summary & 40 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: J.L. French Automotive Castings, Inc.
        3101 South Taylor Drive
        P.O. Box 1024
        Sheboygan, WI 53082

Bankruptcy Case No.: 09-12445

Debtor-affiliates filing subject to Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
French Holdings LLC                                09-12446
Nelson Metal Products LLC                          09-12447
Allotech International LLC                         09-12448
J.L. French LLC                                    09-12449
J.L. French Automotive, LLC                        09-12450
Central Die, LLC                                   09-12451

Type of Business: The Debtors supply aluminum die castings
                  specializing in powertrain and automotive
                  components.  The Debtors have four manufacturing
                  locations around the world including plants in
                  the United States, and Spain.  The Debtors have
                  six engineering/customer service offices to
                  globally support their customers near their
                  regional engineering and manufacturing
                  locations.

                  J.L. French is headquartered in Sheboygan,
                  Wisconsin for its North American operations and
                  in Spain for its European operations.  The
                  company began making aluminum die castings in
                  1968 in Sheboygan, Wisconsin as a small, family
                  owned business and is now an industry leader in
                  technical resources.

                  See http://www.jlfrench.com/

Chapter 11 Petition Date: July 13, 2009

Court: District of Delaware (Delaware)

Judge: Kevin Gross

Debtors' Counsel: Curtis A. Hehn, Esq.
                  chehn@pszjlaw.com
                  James E. O'Neill, Esq.
                  jo'neill@pszyj.com
                  Laura Davis Jones, Esq.
                  ljones@pszjlaw.com
                  Mark M. Billion, Esq.
                  mbillion@pszjlaw.com
                  Pachulski Stang Ziehl & Jones LLP
                  919 N. Market Street, 17th Floor
                  Wilmington, DE 19702
                  Tel: (302) 652-4100
                  Fax: (302) 652-4400

                    --- and ---

                  Gregory A. Bray, Esq.
                  gbray@milbank.com
                  Fred Neufeld, Esq.
                  fneufeld@milbank.com
                  Haig M. Maghakian, Esq.
                  hmaghakian@milbank.com
                  Thomas C. Janson, Esq.
                  tjanson@milbank.com
                  Milbank, Tweed, Hadley & McCloy LLP
                  601 South Figueroa Street, 30th Floor
                  Los Angeles, CA  90017-5735
                  Tel: (213) 892-4000
                  Fax: (213) 629-5063

Debtors'
Claim Agent:      BMC Group Inc.
                  18750 Lake Drive East
                  Chanhassen, MN  55317
                  Tel: (816) 218-1401
                  http://www.BMCGroup.com

Debtors'
Financial
Advisor:          Donald S. MacKenzie
                  Patrick T. Flynn
                  Conway MacKenzie & Dunleavy Inc.
                  401 South Old Woodward Avenue, Suite 340
                  Birmingham, MI  48009
                  Tel: (248) 433-3100
                  Fax: (248) 433-3143

Debtors'
Investment
Banker:           Ryan Sandahl
                  Andrew Turnbull
                  Houlihan Lokey Howard & Zukin Capital, Inc.
                  245 Park Avenue, 20th Floor
                  New York, NY 10167-0002
                  Tel: (312) 456-4719

Counsel to the Debtor-in-
Possesion Agent and First
Lien Term Agent:

                  Richard A. Levy Esq.
                  Latham & Watkins LLP
                  Sears Tower Ste. 5800
                  233 South Wacker Dr.
                  Chicago, IL 60606-6401

Counsel to the First Lien
Revolver Agent:

                  Gilbert Backenroth, Esq.
                  Hahn & Hessen LLP
                  488 Madison Avenue 14th Floor
                  New York, NY 10022

Counsel to the First Lien
Revolver Agent:

                  Joseph M. Fischer, Esq.
                  Carson Fischer PLC
                  4111 Andover Road West Bldg., 2nd Floor
                  Bloomfield Hills, MI 48302

Counsel to the Second Lien
Agent:

                  Robb Tretter, Esq.
                  Jennifer Feldsher, Esq.
                  Bracewell & Giuliani LLP
                  117 Avenue of the Americas, 19th Floor
                  New York, NY 10036

Counsel to the Creditors
Committee:

                  Rivian Bell, Esq.
                  Sydney Rosencranz, Esq.
                  The Abernathy MacGregor Group
                  707 Wilshire Blvd. Suite 3950
                  Los Angeles, CA 90017
                  Tel: (213) 630-6550
                  Fax: (213) 489-3443

DIP Financing:    The Debtors have reached an agreement with first
                  lien lenders for a US$15 million debtor-in-
                  possession (DIP) facility to be available to
                  fund its working capital needs that may arise
                  during the reorganization.

Estimated Assets: US$100 million to US$500 million

Estimated Debts: US$100 million to US$500 million

The Debtors' Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
Morgan Stanley Capital         agreement         US$15,000,000
Services Inc.
1585 Broadway
New York, NY 10036-8293
Fax: (212) 507-4622

Strohwig Industries Inc.       vendor            US$1,018,025
3285 Industrial Road
PO Box 38
Richfiled, WI 53076
Tel: (262) 628-447
Fax: (262) 628-4367

Tool North Inc.                vendor            US$585,107
2475 N. Aero Park Court
Traverse City, MI 49686
Fax: (231) 941-4120

Edco Inc.                      vendor            US$531,532
5244 Enterprise
Boulevard Toledo, OH 43612
Tel: (419) 726-1596
Fax: (419) 726-5904

Standard Resources             vendor            US$392,856

Delaware Machinery             vendor            US$359,416

Metal Exchange                 vendor            US$337,623

Intermet Columbus Foundry      vendor            US$335,272

Meredith Machinery             vendor            US$334,392

Alter Trading                  vendor            US$289,365

Farmers Rural Electric         utility           US$206,317

Jus-Rite Engineering Inc.      utility           US$196,426

G W Smith & Sons Inc.          vendor            US$191,155

Jernberg Bolingbrook           vendor            US$158,330

Magneti Marelli Cofap          vendor            US$158,004

Kentucky State Treasurer       tax               US$150,000

INA USA Corporation            vendor            US$148,055

Cana-Datum Moulds Ltd.         vendor            US$142,294

Roush Industries Inc.          vendor            US$136,872

Motion Industries Inc.         vendor            US$114,525

Honold & Lapage                vendor            US$111,376

Litens Automotive – Woodb      vendor            US$103,325

Louis Allis Inc.               vendor            US$98,913

Feichtner Fredrick             vendor            US$97,365

Fischer Tool and Die           vendor            US$88,260

Parker Hannifin- Sealing       vendor            US$82,547

Model Die & Mold               vendor            US$82,250

Constellation Newenergy Gas    utility           US$81,205
Division

Automated Systems and DES      vendor            US$79,284

Cometch Mfg.                   vendor            US$76,040

Schad Boiler Setting Co.       vendor            US$75,596

Jamak Fabrication Inc.         vendor            US$73,894

Mark IV Automotive/DAYC        vendor            US$72,874

Packaging Systems of Wisc.     vendor            US$71,651

Pridgeon and Clay              vendor            US$60,337

Magna Tech Mfg.                vendor            US$56,093

Leader Engr. Inc.              vendor            US$50,200

E. Robert Alley & Assoc.       professional      US$50,040

Benz Oil                       vendor            US$41,757

Veolia Environmental Services  utility           US$39,915

The petition was signed by Thomas Musgrave, president and chief
executive officer.


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


FORD MOTOR: Could Be Pulled Down by Rising Debt, Says Report
------------------------------------------------------------
Brent Snavely at Free Press Business reports that Ford Motor
Company's increasing debt load could pull the Company down, even
if it reaches all of its targets by 2011.

Ford has about US$25.8 billion in automotive debt, much of which
was accumulated to raise cash so that the Company could survive
the economic downturn.

Citing Citibank analyst Itay Michaeli, Free Press states that
Ford's debt level could reach US$36 billion -- about four times
more than Ford's expected earnings -- by 2011.  Free Press notes
that with that high level of debt to earnings, Ford's debt could
strain its finances as payments on it become due.  Ford's high
level of debt compared with competitors is a concern, and "that
creates somewhat of a disadvantage with respect of cost of capital
and financial flexibility," the report states, citing Mood's
Investors Service senior vice president Bruce Clark.

According to Free Press, Ford must find a way to maintain investor
confidence between now and 2011, a period in which it expects to
burn through more cash than it is taking in before making a profit
in that year.

Ford President and Chief Executive Officer Alan Mulally, Free
Press relates, said that the Company hopes to maintain investor
confidence by showing improvement every quarter between now and
2011.  "We gave guidance that our cash burn was US$3.7 billion in
the first quarter, which was substantially less than the fourth
quarter, and we gave guidance that every quarter this year, it
will get lower and lower and lower.  That gives everybody
confidence that we are on a positive track," the report quoted Mr.
Mulally as saying.

Analysts, accoridng Free Press, said that Ford will lose 57 cents
per share for the three months ended June 30, which according to
Free Press equates to a loss of about US$1.5 billion, excluding
onetime charges.

Ford's positive relationship with the UAW is also a factor in
adding confidence in the Company, Free Press states.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The Company provides
financial services through Ford Motor Credit Company.

The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom.  The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'.  The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit.  S&P said that the outlook on all entities is
negative.

Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3.  The outlook is
negative.  The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring to
achieve the same UAW concessions that General Motors and Chrysler
are likely to achieve as a result of the recently-approved
government bailout loans.  Such a balance sheet restructuring
would likely entail a loss for bond holders and would be viewed by
Moody's as a distressed exchange and consequently treated as a
default for analytic purposes.


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


EICHMOS GMBH: Creditors Must File Claims by July 30
---------------------------------------------------
Creditors of eichmos GMBH are requested to file their proofs of
claim by July 30, 2009, to:

         Karl Mosimann-Eicher
         Steinhoelzlistrasse 16
         4563 Gerlafiongen
         Switzerland

The company is currently undergoing liquidation in Wuppenau.  The
decision about liquidation was accepted at a shareholders' meeting
held on April 30, 2009.


GAMPER INFORMATIK: Claims Filing Deadline is August 3
-----------------------------------------------------
Creditors of Gamper Informatik LLC are requested to file their
proofs of claim by August 3, 2009, to:

         Daniel Gamper
         Alte Radhofstrasse 2
         8412 Riet bei Neftenbach
         Switzerland

The company is currently undergoing liquidation in Winterthur.
The decision about liquidation was accepted at a shareholders'
meeting held on March 11, 2009.


HAPPY VALLEY: Creditors Must File Claims by July 23
---------------------------------------------------
Creditors of Happy Valley Wines GmbH are requested to file their
proofs of claim by July 23, 2009, to:

         Marlies Nageli
         Breitfeldstrasse 1
         8593 Kesswil
         Switzerland

The company is currently undergoing liquidation in Wil SG.  The
decision about liquidation was accepted at a shareholders' meeting
held on December 22, 2008.


HME LLC: Creditors Must File Claims by August 3
-----------------------------------------------
Creditors of HmE LLC are requested to file their proofs of claim
by August 3, 2009, to:

         Karin Homberger
         Liquidator
         Untere Dorfstrasse 64
         8957 Spreitenbach
         Switzerland

The company is currently undergoing liquidation in Spreitenbach.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 11, 2009.


MIHA INTERNATIONAL: Claims Filing Deadline is August 3
------------------------------------------------------
Creditors of miha International AG are requested to file their
proofs of claim by August 3, 2009, to:

         Michael Walter
         Bahnhofstrasse 64
         8021 Zurich
         Switzerland

The company is currently undergoing liquidation in Cham.  The
decision about liquidation was accepted at an extraordinary
general meeting held on May 1, 2009.


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


ACCEPTANCE-77 LLC: Creditors Must File Claims by July 19
--------------------------------------------------------
Creditors of LLC Acceptance-77 (code EDRPOU 35320445) have until
July 19, 2009, to submit proofs of claim to:

         M. Tsurika
         Insolvency Manager
         Office 41
         General Karapenko Str. 2/1
         54038 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on June 9, 2009.  The case is docketed under
Case No. 5/157/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Acceptance-77
         Office 22
         Zhovtnevy Avenue 34
         Nikolayev
         Ukraine


AGROVITA-CENTER LLC: Creditors Must File Claims by July 19
----------------------------------------------------------
Creditors of LLC Agrovita-Center (code EDRPOU 35834834) have until
July 19, 2009, to submit proofs of claim to:

         A. Sorokin
         Insolvency Manager
         Office 309
         Nikolaskaya str. 71
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on May 19, 2009.  The case is docketed under
Case No. 5/142/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agrovita-Center
         Nikolaskaya Str. 23/2b
         Nikolayev
         Ukraine


COM-STAR LLC: Creditors Must File Claims by July 19
---------------------------------------------------
Creditors of LLC Com-Star (code EDRPOU 36099589) have until
July 19, 2009, to submit proofs of claim to:

         A. Sorokin
         Insolvency Manager
         Office 309
         Nikolaskaya Str. 71
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on May 19, 2009.  The case is docketed under
Case No. 5/139/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Com-Star
         Admiral Makarov Str. 7
         Nikolayev
         Ukraine


FIESTA AGRO: Creditors Must File Claims by July 19
--------------------------------------------------
Creditors of LLC Fiesta Agro (code EDRPOU 35834860) have until
July 19, 2009, to submit proofs of claim to:

         A. Sorokin
         Insolvency Manager
         Office 309
         Nikolaskaya Str. 71
         Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on May 21, 2009.  The case is docketed under
Case No. 6/158/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Fiesta Agro
         Nikolaskaya Str. 23/2b
         Nikolayev
         Ukraine


RONIKS LLC: Creditors Must File Claims by July 19
-------------------------------------------------
Creditors of LLC Production and Commercial Firm Roniks (code
EDRPOU 22009527) have until July 19, 2009, to submit proofs of
claim to:

         D. Avilov
         Insolvency Manager
         Office 33
         Aleksandrov Str. 1
         83030 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on June 10, 2009.  The case is docketed under
Case No. 27/47B.

The Court is located at:

         The Economic Court of Donetsk
         Artem Str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         LLC Production and Commercial Firm Roniks
         Adigeyskaya Str. 14
         83112 Donetsk
         Ukraine


STANDARD-SIGMA LLC: Creditors Must File Claims by July 19
---------------------------------------------------------
Creditors of LLC Standard-Sigma (code EDRPOU 36057051) have until
July 19, 2009, to submit proofs of claim to:

         M. Tsurika
         Insolvency Manager
         Office 41
         General Karapenko Str. 2/1
         54038 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on June 9, 2009.  The case is docketed under
Case No. 5/158/09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Standard-Sigma
         Office 43
         Silikatnaya Str. 283
         Nikolayev
         Ukraine


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


BRITISH AIRWAYS: Mulls Convertible Bond Issue to Raise Cash
-----------------------------------------------------------
David Robertson at The Times reports that British Airways plc is
considering issuing a convertible bond to enable the airline to
strengthen its balance sheet.

BA, the Times says, would need to pay interest on the bond, and
holders would be entitled to convert the bond into BA shares at an
agreed price.  BA chief executive Willie Walsh, as cited by the
Times, said that no decision had been taken on whether to proceed
with the bond or how much money could be raised.  According to the
Times, Mr. Walsh ruled out a rights as a means of raising cash but
said that other options would be looked at.

The Times relates Martin Broughton, BA's chairman, told
shareholders at its annual meeting in London Tuesday "The world's
major airlines are now facing up to the need to add more liquidity
to their balance sheets to give them sufficient lift to weather
the current storm."

The Financial Times discloses one leading aviation analyst in
London said a BA convertible bond issue was likely to be pitched
in the range of GBP300 million-GBP400 million.

                       Pension Deficit

According to the FT, Mr. Broughton warned the group's pension fund
deficit, estimated by trustees at GBP1.74 billion last September,
had probably worsened by at least GBP1.2 billion.  The triennial
actuarial valuation will be completed in the autumn and is
expected to trigger tough negotiations with the pension fund
trustees on how the deficit can be reduced, the FT notes.

                       Cost-Cutting Plans

BreakingNews.ie reports that more BA workers have rejected plans
to axe thousands of jobs and freeze pay.  BreakingNews.ie disloses
the GMB union, which represents thousands of BA staff including
baggage handlers and check-in workers, said its members had
opposed plans to make huge cost savings.  Members of Unite have
also rejected the company's plans, BreakingNews.ie states.

According to the Times, BA could face a bad summer if its staff
vote to take action over proposals to cut 3,400 jobs, reduce pay
and rewrite contracts.  The Times relates BA on Tuesday said that
it would cut capacity by 3.5 per cent this summer and 5 per cent
in winter.  The airline, the Times says, will ground eight 747
jumbo jets and eight 757s, with a further three 747s being
grounded the following year.

                     About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
(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.
The Company also operates a worldwide air cargo business with its
scheduled passenger services.  The Company operates international
scheduled airline route networks, comprising some 300 destinations
at March 31, 2008.  During the fiscal year ended March 31, 2008
(fiscal 2008), British Airways carried more than 33 million
passengers.  It carried 805,000 tons of cargo to destinations in
Europe, the Americas and worldwide.  At March 31, 2008, it had 245
aircraft in service.  In July 2008, British Airways plc completed
the purchase of French airline L'Avion.

                     *     *     *

As reported in the Troubled Company Reporter-Europe on July 13,
2009, Moody's lowered the Corporate Family and Probability of
Default Ratings of British Airways plc to Ba3; the senior
unsecured and subordinate ratings have been lowered to B1 and B2,
respectively.  Moody's said the outlook is stable.


CIT GROUP: Default Poses Risks to 1,881 Rated CDOs, Says S&P
------------------------------------------------------------
Standard & Poor's Ratings Services stated July 14 that 1,881 rated
synthetic collateralized debt obligation transactions have
exposure to CIT Group Inc.  S&P prepared a table that outlines, by
region, the number of synthetic transactions and tranches with
exposure to CIT.  S&P downgraded CIT to CCC+/Watch Neg/C on
July 13, 2009.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                Synthetic CDO Exposure to CIT

                                             Asia-Pacific
                            U.S.    Europe  (excl. Japan)   Japan
                            ---     -----   ------------    -----
  No. of transactions       701     977      99             104
  No. of tranches           1,003   1,182    129            156

CIT Group reported US$75.7 billion in assets and US$68.2 billion
in liabilities, including US$3 billion in deposits, at the end of
the first quarter of 2009.

                          About CIT Group

CIT Group Inc. is a bank holding company, which provides
commercial financing and leasing products, and management advisory
services to clients in a variety of industries.  CIT bank is its
primary bank subsidiary.  It serves clients in a variety of
industries, including transportation, aerospace and rail,
manufacturing, wholesaling, retailing, healthcare, communications,
media and entertainment, and various service-related industries.
The Company’s products include asset-based loans, secured lines of
credit, leases (operating, finance and leveraged), vendor finance
programs, import and export financing, debtor-in-possession/
turnaround financing, acquisition and expansion financing, letters
of credit/trade acceptances structuring and small business loans.
In Europe, the company has offices in the United Kingdom, Ireland,
Sweden, France, Spain, Germany, Italy and the Netherlands.

As reported by the TCR on July 13, 2009, CIT Group Inc. has hired
bankruptcy specialist Skadden, Arps, Slate, Meagher & Flom, LLP,
as an adviser.  According to Bloomberg News and The Wall Street
Journal, CIT Group hired Skadden after it was unable to persuade
the Federal Deposit Insurance Corp. to guarantee its debt sales.
The Journal said the engagement comes as CIT prepares for a
possible bankruptcy filing.

CIT Group reported US$75.7 billion in assets and US$68.2 billion
in liabilities, including US$3 billion in deposits, at the end of
the first quarter of 2009.


DYNAMOTIVE ENERGY: Net Loss Rises to US$1.6MM in First Quarter
--------------------------------------------------------------
Dynamotive Energy Systems Corporation reported its financial
results for the three months ended March 31, 2009.

At March 31, 2009, the Company's balance sheet showed total assets
of USUS$33,247,363, total liabilities of USUS$12,933,207 and
shareholders' equity of USUS$20,314,156.

For the three months ended March 31, 2009, the Company posted a
net loss of USUS$1,691,199 compared with a net loss of
USUS$1,432,819 for the same period in the previous year.

In a Form 20-F filed with the Securities and Exchange Commission
on July 7, 2009, the Company related that the ability of the
Company to continue as a going concern is in substantial doubt and
is dependent on achieving profitable operations, commercializing
its BioOil production technology and obtaining the necessary
financing in order to develop this technology.  The outcome of
these matters cannot be predicted at this time.  The Company said
its future operations are dependent on the market's acceptance of
its products in order to ultimately generate future profitable
operations, and the Company's ability to secure sufficient
financing to fund future operations.  There can be no assurance
that the Company's products will be able to secure market
acceptance.  Management plans to raise additional equity financing
to enable the Company to complete its development plans.

A full-text copy of the financial result for three months ended
March 31, 2009, is available for free at:

               http://ResearchArchives.com/t/s?3f1d

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider
headquartered in Vancouver, Canada, with offices in the United
States, United Kingdom and Argentina.  Its carbon/greenhouse gas
neutral fast pyrolysis technology uses medium temperatures and
oxygen-less conditions to turn dry waste biomass and energy crops
into BioOil(TM) for power and heat generation.  BioOil(TM) can be
further converted into vehicle fuels and chemicals.


INDEX OIL: RBSM LLP Raises Going Concern Doubt
----------------------------------------------
RBSM LLP in New York City raised substantial doubt about Index
Oil & Gas, Inc.'s ability to continue as a going concern after
auditing financial results for the years ended as of March 31,
2009, and 2008.

The auditors related that the Company suffered recurring losses
from operations and its current liabilities exceeded current
assets as of March 31, 2009,

At March 29, 2009, the Company's balance sheet showed total assets
of US$6,993,987, total liabilities of US$1,119,570 and
stockholders' equity of US$5,874,417.

For the year ended March 31, 2009, the company posted net loss of
US$9,378,621 compared with net loss of US$1,946,430 for the same
period in the previous year.

The Company's management relates that the Company find it very
difficult in the current market conditions to raise any new funds
through debt or equity offerings.  This has forced the Company to
curtail and reconsider any planned growth strategies in the
immediate future and could result in the curtailment of its
operations.

The continuation of the company as a going concern is dependent
upon its attaining and maintaining profitable operations and
raising additional capital.

Based on the Company's current cash resources and other current
assets, and using assumptions that by nature are imprecise,
management believes the Company has available liquidity to fund
only limited operations over the immediate future and do not have
liquidity to participate in new drilling activities in its current
properties.

A full-text copy of the Form 10-K is available for free at:

              http://ResearchArchives.com/t/s?3f14

                   About Index Oil & Gas, Inc.

Index Oil & Gas, Inc. (OTC:IXOG) is an independent oil and natural
gas company engaged in the acquisition, exploration, development
production and sale of oil and natural gas properties in North
America.  The Company has interests in properties in Kansas,
Louisiana and Texas.  It has four subsidiaries: Index Oil & Gas
Limited, a United Kingdom holding company, which provides
management services to the Company, and United States operating
subsidiaries; Index Oil & Gas (USA) LLC, an operating company;
Index Investments North America Inc., and Index Offshore LLC, a
wholly owned subsidiary of Index Investments and also an operating
company.  Index does not operate any of its oil and natural gas
properties and sell its oil and natural gas production to domestic
purchasers through agreements primarily negotiated by the
operators of its oil and natural gas properties.


MICA UK: In Administration; Leonard Curtis Appointed
----------------------------------------------------
Mica UK Ltd has been placed into administration after being hit by
the credit crunch and the recession, diyweek.net reports.

According to the report, in an e-mail to suppliers, the company
said that the launch of the Mica Vault followed by the credit
crunch and recession had made the situation unsustainable.

"Its launch coincided with the current recession that no one could
have predicted.  Despite recruiting new members, enhancing the
product range and achieving record output levels, sales are not
enough to cover costs and will not be for the foreseeable future,"
the report quoted the company as saying in the e-mail.  "Costs
have been pared back . . . however, growing losses and negative
cashflow have made the ongoing situation unsustainable."

The report discloses the company said a member-led national
executive placed the company in the hands of administrators on
July 8.  Kevin Murphy of Leonard Curtis was appointed as
administrator, the report states.

According to the report, the company said a new company, Mica DIY,
has been formed and is now trading, to take the business forward.
Stax Trade Centres will take over the wholesaling responsibility,
replacing the Vault, the report notes.

Mica UK Ltd -- http://www.micahardware.co.uk/-- is a hardware
buying and marketing group based in Stafford.


OWNER HOTELS: In Administration; Ernst & Young Appointed
--------------------------------------------------------
Caterersearch.com reports that Owner Hotels has gone into
administration after closing both its properties in Yorkshire.

The report relates administrators Ernst & Young were called into
Owner Hotels last Friday after the group "incurred significant
trading losses".

Based in Hull, Owner Hotels -- http://www.ownerhotel.com/-- is a
buy-to-let firm.  It owns the freeholds of two hotels in
Yorkshire, the 27-bedroom Owner Hotel on Albion Street in Hull,
and the 22-bedroom The Jorvik Hotel on Marygate in York.


QUALTRONIC LTD: In Receivership; 33 Jobs Affected
-------------------------------------------------
Jane Bradley at The Scotsman reports that Qualtronic Ltd. has gone
into receivership, resulting in the loss of 33 jobs.

According to the report, Johnston Carmichael has been appointed
receiver for the company.

The report relates receiver Matt Henderson said the company
suffered cash-flow problems after customers changed the way they
were ordering products as a result of the credit crunch.

Glenrothes-based Qualtronic Ltd. -- http://www.qualtronic.co.uk/
-- supplies precision machining and assembly facilities to global
technology businesses.


ROYAL BANK: Merges Asian Investment Units; CEO Pay Targets Tougher
------------------------------------------------------------------
Martin Flanagan at The Scotsman reports that Royal Bank of
Scotland Group plc is to merge its various Asia-Pacific investment
banking teams into one group.

According to the Scotsman, the new investment banking group would
be called Asia-Pacific Coverage & Origination Banking and will
include mergers and acquisitions advisory, equity capital markets,
debt markets, the financial institutions group and corporate
finance.  The division, the Scotsman, says will be led by John
Mullins, the Asia-Pacific head of corporate and financial
institutions debt origination.

The Scotsman relates an RBS spokesman confirmed on Tuesday that
the bank was still reviewing all options for its Asian retail
business, which has already been deemed as non-core by RBS chief
executive Stephen Hester.

                         Pay Targets

Patrick Jenkins at The Financial Times reports that Mr. Hester
will be given tougher performance targets to meet next year to
collect his maximum bonus.  The FT discloses people involved in
the decision making said Mr. Hester would next year have to hit
goals on profitability and other measures, not just the RBS share
price target he has been set for his 2009 long-term incentive
plan.  Mr. Hester will only achieve his full GBP9.6 million pay-
out for this year if he doubles the share price to 70p within
three years, the FT states.

As reported in the Troubled Company Reporter-Europe on July 3,
2009, The Times said Mr. Hester agreed to defer by two years
cashing in incentive shares that could be worth GBP3.4 million
following concern that his package was too focused on short-term
performance.  According to the report, free shares under the
bank's medium-term bonus scheme would vest in June 2012, but
Mr. Hester agreed to hold them for at least a further two years
under a deal with institutional shareholders.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

As previously reported in the Troubled Company Reporter-Europe,
risky investing and lending by the previous management brought RBS
close to collapse and required a public bail-out.  RBS is now 70%
owned by the government.


U4EATECHNOLOGIES: Placed Into Administration
------------------------------------------
Ian Kehoe at The Sunday Business Post reports that British
technology company U4EATechnologies has gone into administration.

The report relates the English High Court confirmed the
appointment of an administrator to the company in recent days
following a formal petition.  Roger Isaacs, a partner with Milsted
Landgon, was appointed as joint administrator to the company, the
report discloses.

U4EATechnologies is a subsidiary of U4EA Ltd, which is backed by
Harrington and International Investment and Underwriting (IIU),
the investment vehicle of Irish financier Dermot Desmond.


WELLPRINT LTD: Director Confident of Securing Sale Deal
-------------------------------------------------------
Adam Hooker at printweek.com reports that Nigel Jones, the
director of specialist packaging printer Wellprint Ltd., has said
he is confident the niche value of his company will ensure a sale.

printweek.com relates Mr. Jones however said that, depending who
the buyer is, his services at the GBP2.5 million-turnover company
may no longer be required.

"We are very specialist, working in cardboard engineering, so the
order book is not the most desirable part of the business.  It is
only of any use if you have the skills needed.  It is very labor
intensive and if anyone came in and got it wrong they could end up
losing a lot of money," printweek.com quoted Mr. Jones as saying.
"However, if one of our rivals bought us I wouldn't have thought
they would want me to be here."

Wellprint, printweek.com discloses, went into administration on
July 3.  The company, the report notes, is continuing to trade in
administration while a buyer is sought, with all 27 staff still
employed.

In a July 9 report printweek.com disclosed Simon and Daniel Plant
of corporate recovery firm SFP were appointed as administrators of
the company.  Simon Plant, as cited by printweek.com, said the
firm had experienced financial difficulties last year due to the
negative effects of the severe economic downturn.

Wellprint Ltd -- http://www.wellprint.co.uk/-- is a printing
specialist based in Abbey Wood, in southeast London.


* UK: Begbies Says Companies With Critical Problems Up 87% in Q109
------------------------------------------------------------------
Begbies Traynor, the business rescue, recovery and restructuring
specialist, reveals that the UK's recession continues unabated.
This is according to the latest findings of its Red Flag A!ert
system which monitors early warning signs of corporate stress.

                        Year on Year

The statistics for the first quarter of 2009 show all sectors to
be suffering from substantial growth of both Significant and
Critical adverse actions, in comparison to the same period a year
ago.

With regard to industry sectors the Red Flag statistics indicate
that Property Services, Construction and Financial Services have
been hardest hit when compared to Q1 2008.  Other major sector
casualties include Retail, Advertising, Automotive, Transport &
Communications, and Manufacturing.

The total number of companies showing signs of stress (both
significant and critical problems) has risen to 84,648 in
March 2009 compared to 53,240 a year ago, an increase of 59%.

                     Quarter on Quarter

It is evident, however, from the latest results that the quarter
on quarter rate of growth of adverse signals is slowing in some
sectors.

IT and Financial Services both even show slight declines in the
number of companies with critical problems compared to Q4 2008 and
other sectors such as Print & Packaging, Manufacturing,
Professional Services and Transport & Communications show
increases of less than 5%.

Ric Traynor, Executive Chairman of Begbies Traynor Group,
commented: "The findings of our latest Red Flag Alert echo the
findings of other recent surveys, showing as they do increasing
business failures.

"The reduced rate of decline in quarter on quarter adverse actions
is some good news; however, this is not the same as a recovery.
Last week's Budget tax increases and public spending cuts are
unlikely to make life any easier for struggling companies.

"Regrettably experience tells us that company and personal
insolvencies, like unemployment, are a lagging indicator, and are
therefore likely to continue to rise through the recession."


* Int'l Airplane Industry Deflating, Fairtheworld Says
------------------------------------------------------
Just as the bankruptcy of U.S. auto giants set off a chain of
reactions, in the civil aviation manufacturing area, the shrinking
orders of Boeing and Airbus will probably pose a risk to the whole
supply chain.

Fairtheworld.com points out that the financial crisis has cut
international transactions and tourism activities sharply, worse
still, there's the impact of H1N1 flu pandemic and recent air
crash incidents.  Combined, these factors have dragged down the
number of travelers and the business of airline companies.  Also,
the continued hike of aviation oil products is stressing the
operational cost of airline companies.  Sharp business shrinkage
and rising cost have jointly deal a blow to airline companies,
most of which are now losing money.  This has forced them to
reduce, delay or cancel plane purchasing plans, throwing the evil
to airplane manufactures.

The International Air Transport Association said early in June
that, the passenger traffic of international airlines this year
will be down 8% and the freight volume down 17%.  About a
US$9 billion loss is forecasted for the international airline
transportation industry in the year.  In addition, figures show
that Boeing and Airbus got a lean order amount in the first half
of the year.  Bar those cancelled orders, the newly-acquired order
was 66 units for Airbus and, pitifully, 1 unit for Boeing.

Fairtheworld.com predicts that the global aero manufacturing
industry will be affected; the aero parts makers will produce less
as customers order less.  It bodes ill for the aero parts
manufacturing industry.  Meanwhile the Chinese are lavishing their
strong interest and hiked enthusiasm on big planes.  It is
estimated that at least 50% of the planned airplanes by Chinese
manufactures will need global sourcing.  China is yet to develop
capacities to produce large plane engines and avionic devices.
This presents good opportunity to the global aero manufacturing
industry.  Making early entry into the Chinese market and seizing
cooperative opportunities will help buffer the impact of financial
crisis on these enterprises and will provide a gateway into the
supply chain of a country which is set to become the third largest
airplane manufacturer.

China's Big Plane Plan and its huge helicopter shortfall offer
wide market space for global aircraft manufacturers.  The "Fair N
Fair" 3D Virtual Expo platform, developed by Fairtheworld.com, is
providing a connecting platform for these manufactures, linking
airplane manufactures, aero parts makers, airline companies and
other airplane purchasers together.  Fairtheworld, with its brand-
new concept of "e-commerce matrix" and its strength to integrate
industrial chains, will invite global aero manufacturers to share
the Chinese cake.

On the Net: http://fairtheworld.com/


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

July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Mt. Washington Inn
          Bretton Woods, New Hampshire
             Contact: http://www.abiworld.org/

July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Westin Hilton Head Island Resort & Spa,
       Hilton Head Island, S.C.
          Contact: http://www.abiworld.org/

Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Conference
       Hotel Hershey, Hershey, Pa.
          Contact: http://www.abiworld.org/

Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
    Complex Financial Restructuring Program
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
    17th Annual Southwest Bankruptcy Conference
       Hyatt Regency Lake Tahoe, Incline Village, Nevada
          Contact: http://www.abiworld.org/

Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.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/

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 2009.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *