---

        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, August 17, 2009, Vol. 10, No. 161

                            Headlines

A R M E N I A

* ARMENIA: Fitch Downgrades Issuer Default Ratings to 'BB-'


A U S T R I A

ABC GMBH: Claims Filing Deadline is August 20
BITUMEN COMPLETE: Claims Filing Deadline is August 20
CONCORDIA COMMUNICATION: Claims Filing Deadline is August 20
CREATIVE MEDIA: Claims Filing Period Ends August 20
DAWKINS FASSADEN KG: Claims Filing Deadline is August 20

EINKAUFSZENTRUMSENTWICKLUNG: Claims Filing Deadline is August 20
ILDA FASHION: Creditors Must File Claims by August 20
ST & T GMBH: Claims Filing Deadline is August 20
UNISLIM VENTURES: Claims Filing Deadline is August 20
WIEMAR-BAU GMBH: Creditors Must File Claims by August 20


B E L G I U M

KBC BANK: Moody's Cuts Rating on Hybrid Instruments to 'Ba3'


C Y P R U S

EGLAN INVESTMENTS: Creditors Have Until Sept. 14 to File Claims
ENGLEWOOD LIMITED: Creditors Must File Claims by September 14


C Z E C H   R E P U B L I C

BALTIKA RETAIL: Estonian Parent Initiates Liquidation Procedure


G E R M A N Y

ARCANDOR AG: Ends Search for Investor; To Cut Jobs at Quelle
CONTINENTAL AG: Schaeffler to Replace CEO Karl-Thomas Neumman
CONTINENTAL AG: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
ESCADA AG: Commences Insolvency Proceeding in Munich
ESCADA (USA) INC: Case Summary & 20 Largest Unsecured Creditors

GENERAL MOTORS: Seeks Aid Pledge for Magna's Revised Opel Bid
HAPAG-LLOYD AG: Owners Agree Rescue Deal; To File German State Aid
PORSCHE: VW to Pay EUR3.3BB for 42% Stake; Qatar to Take 10% Stake
SCHAEFFLER KG: To Replace Continental CEO Karl-Thomas Neumman
TALISMAN-3 FINANCE: Fitch Junks Ratings on Three Classes of Notes

TUI AG: Posts EUR524 Mln 2Q09 Net Loss on Hapag Loan Exposure


I R E L A N D

CORDATUS CLO: Moody's Cuts Rating on Class E Notes to 'Caa2'
OMEGA CAPITAL: Moody's Withdraws Ratings on Four Classes of Notes
SMURFIT KAPPA: Mulls Cardboard Price Hike; Avoids Debt Breach

* IRELAND: Experian Says Businesses Face Late Payment Issue


I T A L Y

CASSA DI RISPARMIO: Moody's Cuts Bank Strength Rating to 'D+'


K A Z A K H S T A N

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


K Y R G Y Z S T A N

ASIA-2-IU TRADING: Creditors Must File Claims by August 29
INTERNATIONAL TRADE: Creditors Must File Claims by August 29


N E T H E R L A N D S

DECO 14: Fitch Junks Ratings on Three Classes of Notes
ELM BV: Moody's Downgrades Rating on Series 42 Notes to 'B1'
HEAD N.V.: Unveils Results of Private Exchange Offer


R U S S I A

DEGTYARSKIY MACHINE: Court Names L. Antonova as Insolvency Manager
IZHAVTO OAO: Files for Bankruptcy; More Than 5,000 Jobs at Risk
LESNAYA LINIYA: Court Names A. Grishko as Insolvency Manager
NIKOLAEVSK: Under External Management Bankruptcy Procedure


S W E D E N

SAS AB: S&P Changes Outlook to Negative; Affirms 'B' Corp. Rating


S W I T Z E R L A N D

AARE BACKEREI: Claims Filing Deadline is August 20
AJZ AG: Creditors Must File Claims by August 31
ALCONSA FINANZ: Claims Filing Deadline is August 19
BELAIR FEUSISBERG: Claims Filing Deadline is August 19
DELFINUSS GMBH: Claims Filing Deadline is August 21

DISCOPHON AG: Claims Filing Deadline is August 31
EARTHBOUND PRODUCTIONS: Creditors Must File Claims by August 31
FZ ORO: Claims Filing Deadline is August 19
HOTEL OWNERS: Claims Filing Deadline is August 20
IMMOFIRST AG: Claims Filing Deadline is August 21

INTEGRY TRUSTEE: Claims Filing Deadline is August 19
PASCAL HOLDING: Claims Filing Deadline is August 31
PELEUS AG: Claims Filing Deadline is August 25
POWAS GMBH: Claims Filing Deadline is August 20
QUALICON PERSONALZERTIFIZIERUNG: Claims Filing Deadline is Aug. 19

RAJA GOLDSCHMUCK: Creditors Must File Claims by August 31
VELO GASSER: Claims Filing Deadline is August 31


U K R A I N E

AGROCOM OJSC: Court Starts Bankruptcy Supervision Procedure
AGRONAFTA LLC: Court Starts Bankruptcy Supervision Procedure
OLYMPIC ENTERTAINMENT: Files Bankruptcy for Ukrainian Units
ROVNO TRADING: Court Starts Bankruptcy Supervision Procedure
SOLOKHA LLC: Court Starts Bankruptcy Supervision Procedure

UKRAINIAN METAL: Court Starts Bankruptcy Supervision Procedure


U N I T E D   K I N G D O M

ANGLESEY ALUMINIUM: To Halt Smelting Activities; 250 Jobs Affected
AROSA FUNDING: Moody's Junks Rating on EUR75 Mil. 2005-5 Notes
BOX HILL: Moody's Cuts Ratings on Two Classes of Notes to 'Ba3'
BRIXTON PLC: Hearing on Claim for Sanction of Scheme Set August 24
ENTERPRISE INNS: May Breach Debt Covenants as Rental Value Slumps

HAYMILLS GROUP: Sold to Vinci; 430 Jobs Saved
INDUSTRIOUS GROUP: Warehouse Deal with Max Faces Complication
ING RE (UK): Scheme of Arrangement Terminated on August 7
LADBROKES PLC: Fitch Shifts Outlook to Neg.; Affirms 'BB+' Rating
LEGGETTS TRANSPORT: Administrator Finds Buyer; About 70 Jobs Saved

LLOYDS BANKING: Sells Insight Business to BNY for GBP235 Million
LUNAR FUNDING: Moody's Junks Ratings on Two Classes of Notes
O' BRIEN'S: Two British Units Face Liquidation
TAYLOR WIMPEY: Fitch Lifts Long-Term Issuer Default Rating to 'B'

* UK: English Football Clubs Struggles to Stay Solvent, PKF Says

* BOND PRICING: For the Week August 10 to August 14, 2009


                         *********


=============
A R M E N I A
=============


* ARMENIA: Fitch Downgrades Issuer Default Ratings to 'BB-'
-----------------------------------------------------------
Fitch Ratings has downgraded Armenia's Long-term foreign and local
currency Issuer Default Ratings to 'BB-' from 'BB'.  The Outlooks
are Stable.  The agency has also downgraded the Country Ceiling to
'BB' from 'BB+' and affirmed the Short-term foreign currency IDR
at 'B'.

"Despite a strong policy response supported by the international
community, the severity of the shock has materially weakened
Armenia's credit fundamentals and medium-term prospects," said
Andrew Colquhoun, Director in Fitch's Sovereigns Group.
"Unlocking Armenia's economic potential and restoring strong and
sustained growth necessary to reduce poverty and raise incomes
will be much harder as a result of the crisis."

The Stable Outlook reflects Fitch's assessment that the near-term
risks to macroeconomic and financial stability are relatively low
given the policy response and support from the international
financial community.  Armenia's 'BB-' ratings remain supported by
still moderate levels of public and external indebtedness and a
more favorable business environment than many 'BB' rated peers.
However, the severity of the shock --  Armenia's economy is
estimated to have shrunk 16.3% year-on-year in the first half of
2009 -- underscores the narrow base of economic activity, exposure
to economic volatility in Russia in particular and very limited
financing flexibility.  The re-dollarization of bank deposits also
highlights the damage the crisis has wrought to the efforts of the
authorities in recent years to increase confidence in the Armenian
dram.

Fitch projects GDP will contract 15% in 2009, the third-worst
outcome expected for any Fitch-rated sovereign, highlighting the
vulnerability of the small, narrowly-based and remittance-
dependent economy.  Remittance inflows (worth some 9% of GDP in
2008) have fallen sharply as the Russian economy, where many
Armenians work, has suffered a severe recession.  Inflows of
foreign direct investment were just US$27 million in Q109, less
than one-quarter the level in Q108, while exports almost halved in
H109, despite a 20% devaluation of the Armenian dram against the
US dollar in March 2009.

The devaluation coincided with Armenia's agreement with the IMF on
a stand-by arrangement, since augmented to about US$820 million,
supplemented by fiscal support from other international financial
institutions and Russia worth a further US$1.2 billion.  This
assistance mitigates the risk to the economy and the sovereign in
funding a fiscal deficit projected to reach 7.5% of GDP in 2009,
and a current account deficit projected at 13% of GDP.  However,
this assistance will see Armenia's public and external debt ratios
rise sharply in 2009, exacerbated by falls in GDP, exports and tax
revenues.  The country faces higher ongoing public and external
financing needs if, as Fitch expects, the budget deficit and CAD
take time to narrow, while higher debt levels will need to be
serviced.  Armenia's funding options beyond official-sector
creditors are limited, partly owing to the small size of the
domestic financial system.

Although external official creditors helped Armenia to avoid a
full-blown balance of payments crisis in early 2009, the episode
has eroded financial stability and therefore sovereign credit-
worthiness by encouraging a re-dollarization of the financial
system; about 67% of deposits in the banking system were FX-
denominated by May 2009, up from about 35% in September 2008.  Re-
dollarization negatively affects the sovereign credit profile by
rendering macro-financial stability more vulnerable to shocks and
impairing the effectiveness of domestic monetary and exchange rate
policy.

Prolonged and severe balance of payments pressures or intensified
stress in the financial system could lead to a further negative
rating action.  Conversely, if evidence builds that the economy
has embarked on a balanced and sustainable recovery with a
narrowing fiscal deficit and CAD and stabilization of public and
external indebtedness, as well as a reduction in dollarization,
Armenia's ratings could be upgraded.


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


ABC GMBH: Claims Filing Deadline is August 20
---------------------------------------------
Creditors of ABC GmbH have until August 20, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 3, 2009 at 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Hannelore Pitzal
         Paulanergasse 9
         1040 Wien
         Austria
         Tel: 587 31 11, 587 31 12, 587 87 50
         Fax: 587 87 50-50
         E-mail: office@pitzal-partner.at


BITUMEN COMPLETE: Claims Filing Deadline is August 20
------------------------------------------------------
Creditors of Bitumen Complete Solutions AG have until August 20,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 3, 2009 at 12:30 p.m.

For further information, contact the company's administrator:

         Dr. Richard Proksch
         Am Heumarkt 9/I/11
         1030 Wien
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at


CONCORDIA COMMUNICATION: Claims Filing Deadline is August 20
------------------------------------------------------------
Creditors of Concordia Communication GmbH have until August 20,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 3, 2009 at 10:10 a.m.

For further information, contact the company's administrator:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 533 28 55
         Fax: DW 28
         E-mail: office@anwaltwien.at


CREATIVE MEDIA: Claims Filing Period Ends August 20
---------------------------------------------------
Creditors of creative media interactive GmbH have until August 20,
2009, to file their proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Andreas Alzinger
         Karntner Ring 12
         1010 Wien
         Austria
         Tel: 515 50 333
         Fax: 515 50 50
         E mail: a.alzinger@baierboehm.at


DAWKINS FASSADEN KG: Claims Filing Deadline is August 20
-------------------------------------------------------
Creditors of Dawkins Fassaden Kg have until August 20, 2009, to
file their proofs of claim.

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

For further information, contact the company's administrator:

         Mag. Stefan Kohlfürst
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: kohlfuerst@hofstaetter.co.at


EINKAUFSZENTRUMSENTWICKLUNG: Claims Filing Deadline is August 20
----------------------------------------------------------------
Creditors of Einkaufszentrumsentwicklung GmbH have until
August 20, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 3, 2009 at 10:30 a.m.

For further information, contact the company's administrator:

         Dr. Eva Riess
         Zeltgasse 3/13
         1080 Wien
         Austria
         Tel: 402 57 01-0 Serie
         Fax: DW 21
         E-mail: law@riess.co.at


ILDA FASHION: Creditors Must File Claims by August 20
-----------------------------------------------------
Creditors of Ilda Fashion GmbH have until August 20, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 2, 2009 at 11:00 a.m.

For further information, contact the company's administrator:

         Mag. Andrea Prochaska
         Elisabethstrasse 2
         2340 Moedling
         Austria
         Tel: 02236/42210-0
         Fax: 02236/42210-25
         E-mail: anwalt@andrea-prochaska.at


ST & T GMBH: Claims Filing Deadline is August 20
------------------------------------------------
Creditors of ST & T GmbH have until August 20, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 3, 2009 at 9:45 a.m.

For further information, contact the company's administrator:

         Mag. Judith Eisenberg-Mirecki
         Reisnerstrasse 25/2
         1030 Wien
         Austria
         Tel: 714 82 44
         Fax: 714 82 44
         E-mail: ra.eisenberg-mirecki@aon.at


UNISLIM VENTURES: Claims Filing Deadline is August 20
-----------------------------------------------------
Creditors of Unislim Ventures Limited have until August 20, 2009,
to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for September 3, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Stefan Jahns
         Gonzagagasse 15
         1010 Wien
         Austria
         Tel: 532 17 11
         Fax: 532 17 11 11
         E-mail: kanzlei@jahns.co.at


WIEMAR-BAU GMBH: Creditors Must File Claims by August 20
--------------------------------------------------------
Creditors of WIEMAR-Bau GmbH have until August 20, 2009, to file
their proofs of claim.

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

For further information, contact the company's administrator:

         Dr. Michael Lesigang
         Landstrasser Hauptstrasse 14-16/8
         1030 Wien
         Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at


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


KBC BANK: Moody's Cuts Rating on Hybrid Instruments to 'Ba3'
------------------------------------------------------------
Moody's Investors Service has downgraded the hybrid instruments
issued directly and indirectly by KBC Bank N.V. following the
group's announcement last week of a coupon deferral on its
sterling perpetual issue.

KBC Bank's directly issued cumulative perpetual securities were
downgraded to Ba3 with a negative outlook from Baa1 on review for
possible downgrade.

KBC Bank's indirectly issued non-cumulative perpetual trust
preferred securities were downgraded to Caa1 on review for
possible downgrade from B1 on review with direction uncertain.

There has been no change either to KBC Bank's bank financial
strength rating of C+ with a negative outlook or to KBC Bank's Aa3
and KBC Group's A1 long term senior debt and deposit ratings (both
with negative outlooks).

The downgrade of the cumulative instruments to Ba3 reflects the
request by the European Commission to skip H2 2009 coupon payments
as a result of KBC requiring state aid.  While this only affects
the sterling cumulative instruments where the coupon payment is
still due this year, Moody's downgraded all cumulative instruments
as the agency factors in further coupon deferral risk at least
over the next 18 months on all of these instruments.  However, due
to the cumulative character, the expected loss should be moderate,
underpinning the Ba3 rating.

The downgrade of the non-cumulative instruments to Caa1 and the
ongoing review for downgrade incorporates the significantly
greater expected loss that would result from non-cumulative coupon
deferrals at least over the next 18 months.  The review will
assess the risk that the period of non-payment on these coupons is
extended beyond the currently incorporated 18 months horizon.

          KBC's Announcement on Its Perpetual Securities

As a result of its ongoing discussions with the EU on its state
support package, KBC made these announcements on its hybrid debt
instruments on Thursday August 6, 2009, applicable for the
remainder of the year:

1) Announcement on non-cumulative hybrid instruments

  -- KBC will pay 2009 annual coupons on the non-cumulative
     perpetual securities issued by KBC Funding Trust III and KBC
     Funding Trust IV as coupon payment has been deemed mandatory;
     KBC said that this has been cleared by the EU Commission;

  -- KBC and the Commission have not agreed yet on the payment of
     2009 quarterly coupons on the non-cumulative perpetual
     securities issued by KBC Funding Trust II

  -- KBC will not exercise its call options on any of its hybrids
     (KBC Bank Funding Trust II, III and IV are all callable in
     2009)

2) Announcement on cumulative hybrid instruments (euro and
sterling issues)

  -- KBC has committed to skip the 2009 coupon payment on its
     directly issued cumulative sterling perpetual securities as
     the coupon payment has been deemed discretionary

  -- KBC did not comment on both tranches of its directly issued
     cumulative euro perpetual securities, for which no coupon
     payment is due this year

       Rationale for the Downgrade of the Indirectly Issued
               Non-Cumulative Perpetual Securities

The Caa1 rating on the non-cumulative perpetual preference
securities issued by KBC Bank Funding Trust II, III, and IV is
based on an expected-loss approach and reflects the rating
agency's assumptions of a very high likelihood of the omissions of
coupons at least over six quarters and the high loss severity
resulting thereof given the non-cumulative nature of these
instruments.

Based on the communication released by KBC, Moody's understanding
of the EU interpretation of the legal documentation on these
instruments is:

  -- coupon payments on these instruments will be paid until the
     first call date (June 2009 for KBC Funding Trust II and
     November 2009 for KBC Funding Trust III and IV)

  -- coupon payments after the first call date are optional and
     likely to be skipped

Moody's also understands that KBC is in discussion with the EU
regarding the potentially mandatory payment for KBC Funding Trust
II.  The payment of KBC Funding Trust III and IV's mandatory
coupons in November 2009 would act as a dividend pusher for KBC
Funding Trust II's 2009 quarterly coupons, provided all three
perpetual trust preferred issues are deemed parity securities.

In either case, Moody's assumes that coupons on all three
perpetual trust preferred issues are likely to be deemed optional
by the EU after November 2009.  As Moody's also makes the
assumption that a dividend on KBC Group's ordinary shares is
unlikely in 2010, the probability of at least 6 quarterly coupons
(KBC Funding Trust II, III and IV) being missed is high.

The review for possible downgrade on KBC's perpetual trust
preferred securities will focus on assessing the potential
duration of the deferral i.e. the probability that KBC maintains a
dividend suspension beyond 2010:

  -- either because of a lack of profitability
  -- or because of constraints from regulatory authorities

Regarding the latter point, the terms of the final agreement
between KBC and the EU commission on the support package will be
important.  The discussion is expected to be finalised before
year-end and Moody's will closely review the conditions to
determine whether there are clauses detrimental to the hybrid debt
holders such as limiting the group's capacity to resume dividend
and coupon payments when public aid has not been fully reimbursed.

        Rationale for the Downgrade of the Directly Issued
                  Cumulative Perpetual Securities

KBC Bank's directly issued perpetual debt securities were
downgraded to Ba3, negative outlook.  The wider notching of these
instruments from the banks' long-term debt and deposit ratings
reflects the certainty of one coupon omission on the sterling
instruments and Moody's assumption of near-certain coupon
omissions on both sterling and euro issues in 2010 and H1 2011
based on:

-- the lack of parity securities outstanding that could trigger
    the dividend pusher, according to KBC, thus limiting the
    dividend pusher to dividend payments on ordinary shares in the
    case of the sterling instruments

-- Moody's expectation that a dividend on ordinary shares is
    unlikely to be paid in 2010

-- the similarity of the legal documentation between the sterling
    and euro instruments

The rating agency notes that the coupon payments on these
instruments are cumulative and have to be paid in accordance with
an Alternative Coupon Settlement Mechanism (referred to as
Alternative Coupon Payment Method -- ACPM -- in KBC's
documentation), thereby limiting the loss severity of coupon
deferrals.  Moody's cautions however about the potential delays
for the ACSM to kick in: given the EU's stance on parity
securities, the ACSM will not be activated before the Group
resumes dividend payment on its ordinary shares.

The negative outlooks on theses instruments reflects both the
negative outlooks on the bank's BFSR and long-term debt and
deposit rating as well as the possibility that coupon deferrals
last beyond H1 2011 (please refer above to the rationale for the
review for downgrade on the non-cumulative instruments).

The last rating action on KBC Bank N.V. and KBC Group N.V. was on
May 20, 2009, when Moody's affirmed KBC Bank's BFSR at C+ with
negative outlook, its deposits and debt ratings at Aa3/Prime-1
with negative outlook and affirmed KBC Group's long-term debt
rating at A1 with negative outlook.  Simultaneously, Moody's
downgraded KBC Bank's directly issued perpetual debt securities to
Baa1 under review for possible downgrade and downgraded KBC Bank's
indirectly issued non-cumulative trust preferred securities to B1
under review with direction uncertain.

Based in Brussels, KBC Group had total assets amounting to
EUR344.4 billion at end-June 2009.  KBC Group's consolidated total
income for the first half of 2009 stood at EUR583 million, down
from EUR4,360 million for the first half of 2008.  In the same
period, the net profit group share stood at minus EUR3,298 million
(H1 2008: EUR1,047 million).  At end-June 2009, KBC Bank's Tier 1
ratio stood at 10.8% (core Tier 1: 8.1%).


===========
C Y P R U S
===========


EGLAN INVESTMENTS: Creditors Have Until Sept. 14 to File Claims
---------------------------------------------------------------
In a legal notice dated August 14, 2009, Nicos C. Nicolaides,
liquidator of Eglan Investments Limited, which is being
voluntarily wound up under the Cyprus Companies Law Cap 113,
informs creditors to send in their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their solicitors (if any), no later than
September 14, 2009.

Proofs of debts or claims must be delivered on or before the
September 14 deadline, addressed to:

         Nicos C. Nicolaides
         Abacus Limited
         Elenion Building
         Second Floor
         5 Th. Dervis Street
         Nicosia CY-1066
         Cyprus

If so required by notice in writing from the said liquidator,
creditors must come in and prove their debts or claims, or in
default therof, will be excluded from the benefit of any
distribution made before said debts are proved.


ENGLEWOOD LIMITED: Creditors Must File Claims by September 14
-------------------------------------------------------------
In a legal notice dated August 14, 2009, Costas Hadjicosti,
liquidator of Englewood Limited, which is being voluntarily wound
up under the Cyprus Companies Law Cap 113, informs creditors to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any), no later than September 14, 2009.

Proofs of debts or claims must be delivered on or before the
September 14 deadline, addressed to:

         Costas Hadjicosti
         Abacus Limited
         Arianthi Court
         Second Floor
         5 Agias Zonis Street
         Limassol CY-3090
         Cyprus

If so required by notice in writing from the said liquidator,
creditors must come in and prove their debts or claims, or in
default therof, will be excluded from the benefit of any
distribution made before said debts are proved.


===========================
C Z E C H   R E P U B L I C
===========================


BALTIKA RETAIL: Estonian Parent Initiates Liquidation Procedure
---------------------------------------------------------------
In 2007 AS Baltika established the subsidiary Baltika Retail Czech
Republic s.r.o. for operating in the Czech market.  To date, two
stores have been opened and the introduction of the Monton brand
to the Czech consumers has proceeded according to plan.  As
anticipated, throughout the start-up period the subsidiary
has been generating a loss.  The global economic crisis that
emerged at the end of 2008 has lessened the parent company's
ability to continue supporting the loss-generating subsidiary and,
regrettably, negotiations with the local shopping malls with a
view to lowering the entity's operating costs did not yield
expected results.

Accordingly, on August 13, 2009, AS Baltika started the
liquidation of Baltika Retail Czech Republic s.r.o., a process
that is expected to last 6 months.  According to management's
estimates, non-recurring liquidation expenses may amount to up to
10 million kroons (0,6 million euros).  At the same time, the
discontinuance of the Czech operations is expected to improve AS
Baltika's financial performance in 2010 by around 15 million
kroons ( 0.9 million euros).

Baltika Retail Czech Republic s.r.o. is a subsidiary of Baltika AS
-- http://www.baltikagroup.com/-- an Estonia-based company that
specializes in the production, retail sale and wholesale of
clothing.


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


ARCANDOR AG: Ends Search for Investor; To Cut Jobs at Quelle
------------------------------------------------------------
Angela Cullen and Holger Elfes at Bloomberg News report that
Arcandor AG ended its search for an "anchor" investor to keep its
businesses together, prompting the company's likely breakup.

Bloomberg relates the German retailer said chances of finding an
"investor allowing the group to continue as a going concern are by
now considered to be extremely low".

According to Bloomberg, Arcandor's managers, led by Chief
Executive Officer Karl-Gerhard Eick, gave up trying to save the
company from a breakup last week.  Bloomberg says some Arcandor
creditors have already seized shares of its most profitable asset,
the controlling stake in travel company Thomas Cook Group Plc.

                              Quelle

Holger Elfes at Bloomberg News reports Klaus Hubert Goerg,
Arcandor's administrator, said he'll reduce the Quelle, the
company's mail-order chain, to 1,000 stores from 1,450 and close
all 109 Quelle electronics centers.  The job cuts, which will be
implemented through January, account for about a third of Quelle's
10,000 workers, Bloomberg notes.

                             Karstadt

According to Bloomberg, Arcandor will close 19 Karstadt department
stores under plans unveiled Thursday by the company's
administrator.

Citing Mr. Georg, Bloomberg discloses Merrill Lynch & Co. is
searching a buyer for Karstadt, while Bankhaus Metzler is seeking
an investor for Quelle.  Mr. Goerg, as cited by Bloomberg, said
he's also examining whether the Arcandor holding-company office,
with its 94 employees in Essen, Germany, is still needed, and will
cancel leases, forcing landlords to take back unprofitable stores.

                        Thomas Cook Shares

Bloomberg relates the company's insolvency administrator also said
he's in talks with banks about the future of the Thomas Cook Group
AG shares held as loan collateral.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

As previously reported in the Troubled Company Reporter-Europe, on
June 9, 2009, Arcandor filed for bankruptcy protection after the
German government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


CONTINENTAL AG: Schaeffler to Replace CEO Karl-Thomas Neumman
-------------------------------------------------------------
James Wilson at The Financial Times reportt that Continental AG's
chief executive officer, Karl-Thomas Neumann, and its chairman
Rolf Koerfer will step down as part of a compromise.

The FT relates the compromise was confirmed at a Conti board
meeting on Wednesday and followed an attempt last month by
Schaeffler KG to remove Mr. Neumann.

According to the FT, Elmar Degenhart, head of Schaeffler's motor
division, will replace Mr. Neumann and take over Conti's power-
train division.  Mr. Neumann will receive a EUR7.4 million
(US$10.5 million) pay-off.

The FT says Mr. Koerfer will remain as chairman until a chief
financial officer is appointed, and he intends to remain as a
member of the Conti board.  Citing Werner Bischoff, the deputy to
Mr. Koerfer on Conti's board, the FT notes the severance pay for
Mr. Neumann would be partly borne by Schaeffler.

The FT discloses Wednesday's board meeting confirmed a EUR1.5
billion capital increase for Conti, which will dilute the stakes
of shareholders including Schaeffler.  Schaeffler holds just under
half of Conti's shares as part of an investor agreement, but it
has another 40% of stock sitting with banks.

Juergen Geissinger, the chief executive of Schaeffler, as cited by
the FT, said the moves "clear the way for a trust-based
collaboration between the two companies in the interest of their
customers".

Schaeffler, the FT states, is struggling with EUR11 billion of net
debt and banks have threatened to take over the company, while
Conti has EUR9.75 billion of net debt.

                       About Schaeffler KG

Germany-based Schaeffler KG a.k.a Schaeffler Group --
http://www.schaeffler.com/-- manufactures a vast array of
bearings, from cylindrical roller bearings to needle roller
bearings, used in the aerospace, automotive, machine tool, and
semiconductor industries.  Its three main brands are INA, FAG, and
LuK, and though the entities are treated separately within the
company, they also work collaboratively on specific product
development.  The company is owned by Maria-Elisabeth Schaeffler,
the widow of a co-founder, and her son, Georg F. W. Schaeffler.

                       About Continental AG

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

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 5,
2009, Fitch Ratings is maintaining Continental AG's Long-term
Issuer Default Rating and senior unsecured rating of 'BB' on
Rating Watch Negative.  This follows Continental's announcement
that its board approved an increase in its capital base,
despite opposition from its majority shareholder, Schaeffler KG.


CONTINENTAL AG: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on German automotive supplier Continental
AG to 'B+' from 'BB'.  The rating remains on CreditWatch with
negative implications, where it was placed on June 10, 2009.  At
the same time, the 'B' short-term rating was affirmed.

"The rating action reflects S&P's substantially heightened
concerns about the influence that Continental's major shareholder
Schaeffler has on its strategy and credit quality, following
management changes at Continental," said Standard & poor's credit
analyst Werner Staeblein.  "We are also increasingly concerned
about Continental's liquidity position, notably the EUR3.5 billion
bank debt maturity in August 2010, and about its narrow covenant
headroom in the second half of 2009."

Yesterday's resignation of Continental's CEO, who had assumed
office only a few months ago, has heightened S&P's concerns of a
negative influence of Schaeffler on Continental.  The outgoing CEO
will be replaced by a former chairman of the management board of
the Automotive unit in the Schaeffler Group.  In view of this
change and the continuing absence of a CFO on Continental's
executive board, S&P believes that Continental will now find it
even more difficult to address the refinancing of the
EUR3.5 billion debt maturing in August 2010.  Given these
substantial liquidity concerns, the rating is no longer consistent
with the 'BB' rating category.

On July 31, 2009, Continental's supervisory board approved the
preparation of an equity issue of up to EUR1.5 billion from
authorized capital.  At the same time, Continental said that
refinancing talks with creditor banks to deal with the
EUR3.5 billion maturity are planned.  S&P believes that a
successful completion of a rights issue has now become
considerably less likely.  S&P does not expect to factor in any
proceeds from a rights issue in S&P's financial risk assessment
until a successful completion is assured.  S&P also believe that
refinancing discussions with lending banks could prove to be more
protracted than if the existing management board had stayed in
place.

Separately, S&P is also concerned that the headroom under
financial covenants for Continental's EUR11.8 billion syndicated
loan facility, which forms the bulk of the group's debt, may prove
to be narrow in the second half of 2009.

S&P's resolution of the CreditWatch will depend on S&P's view of
these aspects:

  -- Progress on the refinancing of the EUR3.5 billion maturity in
     August 2010;

  -- Assessment of the company's new structure, if any, with a
     particular focus on the financial profile resulting from a
     potential closer tie-up with Schaeffler; and

  -- The effects of the continued tough market conditions that S&P
     expects in the automotive sector in 2009 and 2010 and its
     impact on Continental's covenant headroom.


ESCADA AG: Commences Insolvency Proceeding in Munich
----------------------------------------------------
Following a combination of sharp declines in sales over the past
two years, weakened demand for luxury goods as a result of the
global financial crisis and unsuccessful efforts to restructure
its indebtedness out-of-court, Escada AG filed on August 13 a
petition to commence an insolvency proceeding in Munich District
Court, Germany on August 13, 2009, in order to continue operations
and effect a restructuring of the Escada Group businesses either
through an insolvency plan under German insolvency law or by a
structured sales process of Escada Group's assets.

Dr. jur. Christian Gerloff, appointed by the Munich Court as
preliminary insolvency administrator, said following a meeting
with Escada's board of management, said, "My first impression is
that ESCADA AG is very well prepared for insolvency proceedings.
From today's perspective these careful preparations would suggest
that there are chances to maintain the going concern."

In order to alleviate disruption to the ESCADA business as a
result of the insolvency filing of Escada AG, and as part of the
implementation of the Escada Group global restructuring and
investor process, Escada USA determined to file the Chapter 11
case.

The Chapter 11 petition filed in the U.S. Bankruptcy Court for the
Southern District of New York, in Manhattan, listed US$50 million
to US$100 million in assets and US$100 million to US$500 million
in debts.

A document attached to a Court filing said that Escada US had
total assets of US$61,702,500 against total debts of US$82,398,500
as of July 2009.  The debts do not include the EUR200,000,000 in
senior notes issued by Escada AG and EUR13,000,000 owed by Escada
AG to Bayerische Hypo-und Vereinsbank-led lenders.  The senior
notes and the bank debt are guaranteed by subsidiaries, including
Escada US.

In Escada US's list of 20 largest unsecured creditors, the three
largest were Bank of New York Mellon Corp., as indenture trustee
for the senior notes, with its EUR200,000,000 ($285.7 million)
claim on account of the guaranty, Bayerische Hypo-und Vereinsbank
AG EUR13,000,000 (US$18.4 million) on account of the bank debt
guaranty, and the U.S. Customs and Border Protection with its
US$13,711,000 trade claim.  A copy of Escada US's Chapter 11
petition and list of largest unsecured creditors is available for
free at http://bankrupt.com/misc/sdny09-15008.pdf

The meeting of creditors of Escada US pursuant to Section 341 of
the Bankruptcy Code has been scheduled for Thursday, September 24,
2009 at 3:00 p.m. (EST).  All creditors are invited, but not
required, to attend.  This Meeting of Creditors offers the one
opportunity in a bankruptcy proceeding for creditors to question a
responsible office of the Debtor under oath about the company's
financial affairs and operations that would be of interest to the
general body of creditors.

Within the next 30 days, Escada US expects cash receipts to be
US$6,082,058 and cash disbursements at US$7,068,562 for a net cash
deficit of US$986,504.  Escada US expects to pay employees a total
of US$726,000 and officers a total of US$156,000 within the next
30 days.

                       Road to Bankruptcy

ESCADA Group suffered a net loss of approximately US$130 million
in the six months ended April 30, 2009, and a net loss of
US$99.5 million in the fiscal year ended October 31, 2008, Escada
US suffered a net loss of approximately US$22.6 million in the six
months ended April 30, 2009, and a net loss of US$23.97 million in
the fiscal year ended October 31, 2008.

These losses were due primarily to the sharp declines in sales of
the Escada Group's products over the past two years, due in part
to lower than expected market acceptance of the Escada Group's
collections in recent fiscal years and weaker demand for luxury
apparel resulting from the deep recession in the Escada Group's
key markets.

In December 2008, Escada Group launched a restructuring plan
involved in refocusing operations on the ESCADA brand, reducing
costs and improving the liquidity position for the Escada Group.
In addition, other measures to improve liquidity were taken
generating a total of approximately EUR42 million (US$60 million)
in cash, including sales of property owned by Escada AG and
certain subsidiaries, the amendment of Escada US's lease for its
flagship store on New York's Fifth Avenue, the sale of certain
receivables of ESCADA AG and the sale of certain trademarks and
future receivables.

As a material part of the restructuring effort to decrease
indebtedness and increase liquidity, in June 2009, Escada AG
launched an offer to exchange EUR200 million in senior notes for
(a) 10% Senior Secured Cash-Pay Notes due 2014, (b) 17.5% Senior
Secured PIK Notes due 2016, (c) 10 shares of Escada AG per
approximately EUR1,000 (US$1,416) of debt tendered and (d) certain
cash consideration.  The exchange offer expired August 11, 2009
with Escada AG failing to obtain the minimum tender condition of
at least 80% of the aggregate principal amount of senior notes.
This derailed a plan to obtain to issue new shares to raise at
least EUR29 million, and a Dec. 31, 2009 extension to a
EUR13 million existing guarantee facility.

As reported in the Troubled Company Reporter-Europe on Aug. 12,
2009, Bloomberg News said only 46% of bondholders backed the
offer, short of the target of 80%.

Escada follows German companies including 128-year-old retailer
Arcandor AG and porcelain maker Rosenthal AG into bankruptcy.
More than 2,200 workers are affected by the collapse of what was
once the world's largest maker of women's fashion, says Bloomberg
News.

                       About Escada AG

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

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

ESCADA AG filed of an insolvency petition in Munich, Germany, on
August 13, 2009.  The competent Municipal Court of Munich has
appointed Dr. jur. Christian Gerloff as preliminary insolvency
administrator.

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


ESCADA (USA) INC: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Escada (USA) Inc.
        aka ESCADA Company Stores
        aka ESCADA The Americas
        aka ESCADA Sport
        aka ESCADA Retail Inc.
        aka ESCADA (USA) Retail Inc.
        1412 Broadway
        New York, NY 10018

Bankruptcy Case No.: 09-15008

Type of Business: The Debtor owns a fashion house offering
                  coordinated apparel, accessories and fragrance
                  collections for day, weekend, evening and sport.

                  See http://www.escada.com/

Chapter 11 Petition Date: August 14, 2009

Court: Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Debtor's Counsel: Gerald C. Bender, Esq.
                  gbender@omm.com
                  Shannon Lowry Nagle, Esq.
                  snagle@omm.com
                  O'Melveny & Myers LLP
                  Times Square Tower
                  7 Times Square
                  New York, NY 10036
                  Tel: (212) 326-2000
                  Fax: (212) 326-2061

Claims and Noticing Agent: Kurtzman Carson Consultants LLC
                           2335 Alaska Avenue
                           El Segundo, CA 90245

Estimated Assets: US$50 million to US$100 million

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

The Debtor's Largest Unsecured Creditors:

   Entity                      Nature of Claim   Claim Amount
   ------                      ---------------   ------------
The Bank of New York           Guaranty          EUR200,000,000
One Canada Square                                US$285,700,000
London EI4 5AL
United Kingdom
Tel: 44-020-7964-8790
Fax: 44-020-7964-2336

Bayerische Hypo-und            Guaranty          EUR13,000,000
Vereinsbank, as Agent                            US$18,400,000
HVB Banque
Luxembourg Societe
Anonyme US$ 18,400,000.003
4, rue Alphonse
Weicker
L-272 1 Luxembourg
Tel: 089/378-3 1773
Fax: 089/378-31885

U.S. Customs and Border        Trade             US$13,711,412
Protection
Building 77
Jamaica , NY 11430
Tel: (718) 487-5110

Deutsche Bank AG                                 EUR3,500,000
60 Wall Street, 25th Fl.                         US$4,840,950
New York, NY 10005
Tel: (212) 250-9639
Fax: 797-4420

United Healthcare              Trade             US$177,566

Retail Portfolio Solutions     Trade             US$25,000

Century Direct                 Trade             US$20,000

ACR Paper Products             Trade             US$19,000

Gruen Associates               Trade             US$15,409

UPS Supply Chain Solutions     Trade             US$12,179

One Stop Facilities            Trade             US$11,259
Maintenance Corp.

Roth Bros, Inc.                Trade             US$8,533

Schaeffer Trans, Inc.          Trade             US$7,892

Carlos E. Florat               Trade             US$6,250

Specialty Transport Solutions  Trade             US$5,280

Mangia                         Trade             US$4,818

Savino Del Bene USA, Inc.      Trade             US$4,691

Gibson Dunn & Crutcher LLP     Trade             US$3,909

Atmosphere Group F12           Trade             US$3,412

A-llntemational, Inc.          Trade             US$3,313

The petition was signed by Christian D. Marquez, EVP, chief
financial officer, and treasurer.


GENERAL MOTORS: Seeks Aid Pledge for Magna's Revised Opel Bid
-------------------------------------------------------------
Laurence Frost and Ryan Chilcote at Bloomberg News report that
General Motors Co. has received a revised bid from Magna
International Inc. and Russia's Sberbank.

Bloomberg relates Christopher Preuss, a spokesman for GM, said the
U.S. carmaker requested an "outline of the financing package" that
Germany and other European governments are prepared to offer under
the revised proposal.

According to Bloomberg, Siegfried Wolf, co-chief executive officer
of Magan, said Thursday the the Canadian car-parts manufacturer
and Sberbank are offering to pay about EUR500 million (US$714
million) for a combined 55% stake in Opel.  Bloomberg says each of
the partners would own 27.5%, leaving GM with 35% and Opel workers
holding the remaining 10%.  Mr. Wolf, as cited by Bloomberg said
Magna's revised bid addresses cooperation with GM's Chevrolet
division and answers any intellectual property questions.

Bloomberg notes Mr. Wolf and GM officials stressed that the
Detroit-based carmaker’s board hasn't yet decided on a buyer for
Opel, which has headquarters near Frankfurt.

Once the government aid pledges have been outlined, "the options
for Opel will be discussed with GM's board of directors,"
Bloomberg quoted the U.S. manufacturer as saying in a statement.

                      About General Motors

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

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

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

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, is the Debtors'
restructuring officer.  GM is also represented by Jenner & Block
LLP and Honigman Miller Schwartz and Cohn LLP as counsel.

Cravath, Swaine, & Moore LLP is providing legal advice to the GM
Board of Directors.  GM's financial advisors are Morgan Stanley,
Evercore Partners and the Blackstone Group LLP.

General Motors changed its name to Motors Liquidation Co.
following the sale of its key assets to a company 60.8% owned by
the U.S. Government.

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


HAPAG-LLOYD AG: Owners Agree Rescue Deal; To File German State Aid
------------------------------------------------------------------
James Wilson at The Financial Times reports that TUI AG has agreed
a rescue deal for Hapag-Lloyd AG, paving the way for the container
shipping line to file an application for EUR1.2 billion (US$1.7
billion) in German state aid.

According to the FT, TUI, owner of a 43% stake in Hapag-Lloyd, and
the Albert Ballin consortium, holder of a 57%  stake, have agreed
to inject a further EUR420 million into the company on top of
EUR330 million already agreed.  The FT relates the container line
had said it needed financing of EUR1.95 billion, including state
guarantees of EUR1.2 billion, and a EUR750 million injection from
its owners.

The FT says TUI's exposure to Hapag-Lloyd's debts had weighed on
the German travel group's balance sheet.

Rainer Feuerhake, TUI's chief financial officer, as cited by the
FT, said the company would get EUR350 million in repayments from
Hapag-Lloyd next year.

Hapag-Lloyd AG -- http://www.hapag-lloyd.com/-- is the
transportation arm of German tourism giant TUI.  Subsidiary Hapag-
Lloyd Container Line, which accounts for most of Hapag-Lloyd's
sales, operates a fleet of about 135 containerships.  Overall,
Hapag-Lloyd Container Line's vessels have a capacity of more than
490,000 twenty-foot equivalent units (TEU).  The unit's routes
link Europe, Asia, the Americas, and Africa.  In addition to
freight transportation, Hapag-Lloyd offers luxury ocean and river
cruises under its Hapag-Lloyd Cruises brand.  TUI sold Hapag-
Lloyd's container operations to a German investment group in March
2009.


PORSCHE: VW to Pay EUR3.3BB for 42% Stake; Qatar to Take 10% Stake
------------------------------------------------------------------
Mariajose Vera at Bloomberg News reports that Volkswagen AG will
pay about EUR3.3 billion (US$4.7 billion) for a 42% stake in
Porsche Automobil Holding SE's automotive unit.

According to Bloomberg, Volkswagen plans to issue new preferred
shares in the first half of next year to help pay for the
purchase, which values Stuttgart, Germany-based Porsche's car
division at EUR12.4 billion.

Bloomberg says Volkswagen Chief Executive Officer Martin
Winterkorn will be CEO of the Porsche SE holding company as of
Sept. 15 and VW's chief financial officer, Hans Dieter Poetsch,
will take the same role at the company.

Bloomberg relates Mr. Winkentorn said the combined carmaker will
have sales of 6.4 million vehicles and more than 400,000
employees.  Mr. Winterkorn, as cited by Bloomberg, said Porsche
will become the 10th brand in the Volkswagen stable and will
continue to have all of its production sites.

Bloomberg notes Volkswagen, whose brands include the Audi luxury
division and the cheaper Seat and Skoda marques, said the founding
Porsche and Piech families will remain the largest VW shareholders
and the German state of Lower Saxony will be the second-biggest
investor.  Bloomberg states the family owners will sell Porsche
Holding Salzburg, an automotive trading company in Austria, to
Volkswagen as part of the deal.  Volkswagen said proceeds from the
sale of the Austrian business, which has an enterprise value of
EUR3.55 billion and sells 474,000 vehicles a year, will be used to
improve Porsche's financial condition through the issuance of
common shares, Bloomberg discloses.

According to Bloomberg, Volkswagen said Lower Saxony will receive
two seats on the VW supervisory board and will continue to hold a
blocking minority on key decisions.

                           VW Options

Tom Lavell and Alexis Xydias at Bloomberg News reports Porsche
said Qatar will buy a 10% stake and take over most of the
company's options for Volkswagen shares as part of an agreement
for the two German manufacturers to merge.

Bloomberg relates Porsche said Friday in a statement Qatar Holding
LLC will acquire ordinary shares from the Porsche and Piech
families, who own the voting stock.  According to Bloomberg,
Porsche said the Persian Gulf emirate also agreed to provide
EUR265 million (US$376 million) to participate in a syndicated
loan that includes 16 banks.

Bloomberg says the transaction will help finance the combination
of Wolfsburg, Germany-based Volkswagen, Europe's largest carmaker,
with Porsche.

The Doha-based state investment company, as cited by Bloomberg,
said Friday in a statement the Qatari financial commitment to the
merger amounts to EUR7 billion.

Bloomberg discloses Mr. Poetsch said Qatar will hold 17% of the
combined company and the Porsche and Piech families will have 35%
to 39%.  Qatar will become the company's third- largest
shareholder, after the families and the German state of Lower
Saxony, which holds 20%, Bloomberg states.  Bloomberg notes
Bernd Osterloh, VW's chief labor representative, said at a news
conference in Wolfsburg employees are considering taking a 1% to
5% stake.

                           Net Debt

On July 27, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Porsche said its net debt is about EUR10
billion (US$14 billion).  Bloomberg disclosed Der Spiegel
magazine, citing Deutsche Bank AG's Chief Executive Officer Joseph
Ackermann, said that a capital increase wouldn't be enough, and
that the families which control the company should consider
urgently injecting their own capital into the company.  As
reported in the Troubled Company Reporter-Europe on June 18, 2009,
Bloomberg News said Porsche's net debt tripled after the
company increased its stake in VW to 50.8% at the beginning of
this year from a 42.6% holding in October.

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


SCHAEFFLER KG: To Replace Continental CEO Karl-Thomas Neumman
-------------------------------------------------------------
James Wilson at The Financial Times reportt that Continental AG's
chief executive officer, Karl-Thomas Neumann, and its chairman
Rolf Koerfer will step down as part of a compromise.

The FT relates the compromise was confirmed at a Conti board
meeting on Wednesday and followed an attempt last month by
Schaeffler KG to remove Mr. Neumann.

According to the FT, Elmar Degenhart, head of Schaeffler's motor
division, will replace Mr. Neumann and take over Conti's power-
train division.  Mr. Neumann will receive a EUR7.4 million
(US$10.5 million) pay-off.

The FT says Mr. Koerfer will remain as chairman until a chief
financial officer is appointed, and he intends to remain as a
member of the Conti board.  Citing Werner Bischoff, the deputy to
Mr. Koerfer on Conti's board, the FT notes the severance pay for
Mr. Neumann would be partly borne by Schaeffler.

The FT discloses Wednesday's board meeting confirmed a EUR1.5
billion capital increase for Conti, which will dilute the stakes
of shareholders including Schaeffler.  Schaeffler holds just under
half of Conti's shares as part of an investor agreement, but it
has another 40% of stock sitting with banks.

Juergen Geissinger, the chief executive of Schaeffler, as cited by
the FT, said the moves "clear the way for a trust-based
collaboration between the two companies in the interest of their
customers".

Schaeffler, the FT states, is struggling with EUR11 billion of net
debt and banks have threatened to take over the company, while
Conti has EUR9.75 billion of net debt.

                       About Continental AG

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

                        About Schaeffler KG

Germany-based Schaeffler KG a.k.a Schaeffler Group --
http://www.schaeffler.com/-- manufactures a vast array of
bearings, from cylindrical roller bearings to needle roller
bearings, used in the aerospace, automotive, machine tool, and
semiconductor industries.  Its three main brands are INA, FAG, and
LuK, and though the entities are treated separately within the
company, they also work collaboratively on specific product
development.  The company is owned by Maria-Elisabeth Schaeffler,
the widow of a co-founder, and her son, Georg F. W. Schaeffler.


TALISMAN-3 FINANCE: Fitch Junks Ratings on Three Classes of Notes
-----------------------------------------------------------------
Fitch Ratings has downgraded four classes of Talisman-3 Finance
p.l.c. and affirmed the transaction's remaining notes.  Fitch has
assigned Recovery Ratings to the class D, E, and F notes.  The
rating actions are:

  -- EUR35.7 million class A (XS0256114033) affirmed at 'AAA';
     Stable Outlook

  -- EUR10,000 class X (XS0256114546) affirmed at 'AAA'; Stable
     Outlook

  -- EUR19.6 million class B (XS0256114892) affirmed at 'AAA';
     Stable Outlook

  -- EUR19.6 million class C (XS0256115436) downgraded to 'A' from
     'AA'; Stable Outlook


  -- EUR42.7 million class D (XS0256115865) downgraded to 'CCC'
     from 'BBB'; assigned 'RR2'

  -- EUR10 million class E (XS0256116327) downgraded to 'CC' from
     'BB'; assigned 'RR6'

  -- EUR5 million class F (XS0256116673) downgraded to 'CC' from
     'B'; assigned 'RR6'

The downgrades are driven by the ongoing downturn in the German
commercial real estate market, which has affected most of the
remaining loans in the pool, particularly the largest loan.  The
loan portfolio had a reported weighted-average loan-to-value ratio
of 78.3% at the July 2009 interest payment date.  This compares to
a WA Fitch LTV of 112%, reflecting an overall market value decline
of 28%.

The Berlin & Dresden loan is the largest loan in the portfolio,
accounting for 52.3% by loan balance.  It is secured by two office
properties, located in Berlin and Dresden respectively.  To date,
the loan remains current with regard to all principal and interest
payments.  However, it was placed on the servicer's watchlist in
July 2009 due to its scheduled maturity in January 2010 (there are
no extension options).  The loan will have slightly amortised to a
reported exit LTV of 80.4% by January 2010, compared with its
current LTV of 81.0% based on December 2005 valuations.  Fitch
estimates that a re-valuation under current market conditions
would result in a MVD of 40%, implying a Fitch exit LTV of 133%.
The magnitude of this decline primarily reflects Fitch's view that
the weighted average property yield for the two assets of 4.4% is
not reflective of current market conditions.  The high balloon
risk to which the loan is exposed --  highlighted by the low exit
debt yield of 5.8% --  is only partially mitigated by the nature
of the collateral.  The loan benefits from high property quality,
strong tenants and a long WA remaining lease term of 13 years.

Talisman-3 Finance plc was a securitization of 13 commercial
mortgage loans originated by ABN AMRO Bank N.V.  Since closing in
June 2006, eight loans, accounting for approximately 80% of the
original loan balance, have prepaid.  The five remaining loans
(the Berlin and Dresden loans are cross-defaulted and therefore
combined for servicing purposes) have a current total principal
balance of EUR132.7 million.  The collateral securing the
transaction is located in Germany and consists of office (50.5% by
market value), retail (27.9%) and multifamily housing (21.6%)
properties.

Fitch will continue to monitor the performance of the transaction.


TUI AG: Posts EUR524 Mln 2Q09 Net Loss on Hapag Loan Exposure
-------------------------------------------------------------
James Wilson at The Financial Times reports that TUI AG posted a
net loss of EUR524 million in the second quarter of 2009, compared
with a EUR127 million loss in the same period last year due to its
loan exposure to Hapag-Lloyd AG.

According to the FT, TUI booked EUR371 million of charges because
of loans given to Hapag-Lloyd.  The FT relates Rainer Feuerhake,
TUI’s chief financial officer, said Hapag Lloyd was close to
applying for state guarantees for EUR1.2 billion of loans.
Mr. Feuerhake, as cited by the FT, also said TUI would get
EUR350 million (US$498 million) in repayments from Hapag-Lloyd
next year.

TUI, the FT says, values its financial commitment to Hapag-Lloyd
at EUR2.4 billion, including its equity stake as well as almost
EUR1.5 billion in credit lines.

                              Tourism

The FT discloses revenues in TUI's main tourism business fell
almost 12%, with fewer bookings because of the recession and a
fall in sterling, affecting revenues from the UK.

TUI AG -- http://www.tui-group.com/en/-- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe.  TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland.  It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others.  The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises.  TUI Travel comprises the Company’s distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries.  The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others.  The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.

                            *    *    *

As reported in the Troubled Company Reporter-Europe on Aug. 3,
2009, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit rating on German tourism and shipping
group TUI AG to 'B-' from 'B'.  At the same time, the senior
unsecured debt ratings on TUI were lowered to 'CCC+' from 'B-' and
the junior subordinated debt rating was lowered to 'CCC-' from
'CCC'.  All ratings remain on CreditWatch, where they were placed
with negative implications on July 13, 2009

The Troubled Company Reporter-Europe reported on July 30, 2009,
that Moody's Investors Service lowered to B3 from B2 the Corporate
Family Rating and Probability of Default Rating of TUI AG; the
unsecured and subordinated ratings have been lowered to Caa1 from
B3 and to Caa2 from Caa1, respectively.  All ratings remain under
review for further possible downgrade.


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


CORDATUS CLO: Moody's Cuts Rating on Class E Notes to 'Caa2'
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of seven
classes of notes and confirmed the ratings of three classes of
notes issued by Cordatus CLO II P.L.C.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loan exposure.  This
transaction also features a multi-currency variable funding note,
a Euro Class A1 and a Sterling Class A2.

The rating action reflects Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs." These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion (approximately 76%)
of the collateral pool consists of debt obligations whose credit
quality has been assessed through Moody's Credit Estimates.  As
credit estimates do not carry credit indicators such as ratings
reviews and outlooks, a stress of a quarter notch-equivalent
assumed downgrade was applied to each of these estimates.

According to Moody's, the rating action taken on the notes is also
a result of slight credit deterioration of the underlying
portfolio.  This is observed in, among other measures as per
Trustee Report dated June 30, 2009, a decline in the average
credit rating as measured through the weighted average rating
factor (currently 2706).  Moody's also performed a sensitivity
analysis, including amongst others, a further decline in portfolio
WARF quality .

Moody's has observed that according to the Trustee Report dated
June 30, 2009, the outstanding balance of the portfolio (at
initial FX rate) including cash (EUR442,825,986.20) is higher than
the target par amount of the CLO (EUR439,000,000).  This input has
been used in the quantitative analysis performed by Moody's prior
to these rating actions.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.

Moody's initially analysed and continues to monitor this
transaction using primarily the methodology and its supplements
for cash flow CLOs as described in Moody's Special Reports and
press releases below:

  -- Moody's Approach to Rating Collateralized Loan Obligations
     (December 2008)

The rating actions are:

Cordatus CLO II P.L.C.:

(1) EUR101.25M Senior Secured Floating Rate Variable Funding Notes
    due 2024 Notes, Downgraded to Aa1; previously on August 31,
    2007 Aaa

(2) EUR60M Euro Class A1 Senior Secured Floating Rate Delayed Draw
    Notes due 2024 Notes, Downgraded to Aa1; previously on August
    31, 2007 Aaa

(3) EUR97.5M Euro Class A1 Senior Secured Floating Rate Term Notes
    due 2024 Notes, Downgraded to Aa1; previously on August 31,
    2007 Aaa

(4) GBP 22.83M Sterling Class A2 Senior Secured Floating Rate
    Notes due 2024 Notes, Downgraded to Aa1; previously on August
    31, 2007 Aaa

(5) EUR38.7M Class B Deferrable Secured Floating Rate Notes due
    2024 Notes, Downgraded to Baa1; previously on August 31, 2007
    Aa2 and Placed Under Review for Possible Downgrade

(6) EUR28.35M Class C Deferrable Secured Floating Rate Notes due
    2024 Notes, Downgraded to Ba1; previously on March 17, 2009
    Downgraded to Baa3 and Placed Under Review for Possible
    Downgrade

(7) EUR27M Class D Deferrable Secured Floating Rate Notes due 2024
    Notes, Confirmed at B1; previously on March 17, 2009
    Downgraded to B1 and Placed Under Review for Possible
    Downgrade

(8) EUR16.2M Class E Deferrable Secured Floating Rate Notes due
    2024 Notes, Downgraded to Caa2; previously on March 17, 2009
    Downgraded to Caa1 and Placed Under Review for Possible
    Downgrade

(9) EUR5.5M Class F1 Deferrable Secured Floating Rate Notes due
    2024 Notes, Confirmed at Caa3; previously on March 17, 2009
    Downgraded to Caa3 and Placed Under Review for Possible
    Downgrade

(10) EUR1.25M Class F2 Deferrable Secured Floating Rate Notes due
    2024 Notes, Confirmed at Caa3; previously on March 17, 2009
    Downgraded to Caa3 and Placed Under Review for Possible
    Downgrade


OMEGA CAPITAL: Moody's Withdraws Ratings on Four Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has withdrawn its ratings of four
classes of notes issued by Omega Capital Plc Europe series 46 and
47-Pf1.

The rating action follows the repurchase in full of the notes on
13 August 2009.

The rating action is:

Omega Capital Europe p.l.c. Series 46 (Sycamore 2):

(1) EUR7,000,000 Class C Notes Due March 2050

    -- Current Rating: WR

    -- Prior Rating: C

    -- Prior Rating Date: 23 April 2009, downgraded to C from Caa2
      under review for possible downgrade

Omega Capital Europe p.l.c. Series 47 (Sycamore 3 -- Pf 1) :

(1) JPY1,200,000,000 Class AJBis-10 Notes Due 2050

    -- Current Rating: WR

    -- Prior Rating: Ca

    -- Prior Rating Date: 11 September 2008, downgraded to Ca from
       Ba3 under review for possible downgrade

(2)JPY1,000,000,000 Class BJ-10 Notes Due 2050

    -- Current Rating: WR

    -- Prior Rating: C

    -- Prior Rating Date: 11 September 2008, downgraded to C from
       Caa2 under review for possible downgrade

(3) JPY3,000,000,000 Class CJ-10 Notes Due 2050

    -- Current Rating: WR

    -- Prior Rating: Ca

    -- Prior Rating Date: 11 September 2008, downgraded to Ca from
       B2 under review for possible downgrade


SMURFIT KAPPA: Mulls Cardboard Price Hike; Avoids Debt Breach
-------------------------------------------------------------
Scott Hamilton at Bloomberg News reports that Smurfit Kappa Group
Plc plans to increase cardboard packaging price, the first in
Europe since the global recession began.

According to Bloomberg, Smurfit said it will raise the price of
its brown containerboard grades in the region by EUR60 (US$85) a
ton, a hike of about 25%, starting next month.  The company, as
cited by Bloomberg, said the effects of the increase will be felt
in early 2010.

Bloomberg relates the company said falling inventory levels across
the industry and capacity cuts by rivals such as International
Paper Co. and Svenska Cellulosa AB will support the move.

                             Revenues

Michael Kavanagh at The Financial Times reports Smurfit saw
second-quarter revenue fall from EUR1.85 billion (GBP1.6 billion)
to EUR1.5 billion as pre-tax profit fell from EUR83 million to
EUR19 million.  The FT discloses over the six months to June 30
revenue fell 18% to EUR3 billion as profits dipped 73% to EUR39.3
million.

                          Debt Covenants

The FT relates Smurfit reached agreement with its banks aimed at
avoiding the risk of breaching covenants on debt facilities during
a downturn in demand for paper packaging.   The FT says the
revised terms are expected to cost Smurfit a one-off EUR29 million
plus an additional EUR36 million in annualized charges in exchange
for extending debt maturity on costlier terms.  According to the
FT, Gary McGann, Smurfit's chief executive, said fears over a
possible covenant breach, on debts that edged down EUR23 million
to EUR3.16 billion over the quarter, had now been removed.

Headquartered in Dublin, Ireland, Smurfit Kappa Group Plc --
http://www.smurfitkappa.com/-- is paper-based packaging company.
The Company operates in 22 countries in Europe and is in to
containerboard, solidboard, corrugated and solidboard packaging
and in other paper packaging market segments.  The Company also
operates in nine countries in Latin America.  The Company's
operations are divided into packaging and specialties.  The
packaging segment includes a system of paper mills that produce a
full line of containerboard that is converted into corrugated
boxes by its converting operations.  The Specialties segment
primarily consists of graphicboard and solidboard businesses,
along with paper sack and bag-in-box operations.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 12,
2009, Fitch Ratings said that the proposed amendments to Smurfit
Kappa Acquisitions' senior secured facilities would have no impact
on its ratings.  Smurfit Kappa Group's ratings are:

  -- Smurfit Kappa Group plc's Long-term Issuer Default Rating:
     'BB'; Outlook Stable.

  -- Smurfit Kappa Acquisitions' senior secured facilities: 'BB+'

  -- Smurfit Kappa Funding's senior subordinated notes due 2015:
     'BB-'

  -- Smurfit Kappa Treasury Funding's debenture notes due 2025:
     'BB+'

On June 3, 2009, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that it had lowered
its long-term issuer credit ratings on Ireland-based paper and
packaging company Smurfit Kappa Group PLC to 'BB-' from 'BB'.  S&P
said the outlook is stable.


* IRELAND: Experian Says Businesses Face Late Payment Issue
------------------------------------------------------------
Late payment continues to be an issue for businesses in Ireland,
according to the latest Payment Performance insight from Experian,
the global information services company.  During April to June
2009 Irish businesses settled their bills, on average, 26 days
beyond credit terms.  Although this represents a one day
improvement on Q1, it continues to be slower than companies in
Northern Ireland, which manage to pay their bills on average 22
days beyond terms.

By analysing the payment records of tens of thousands of
businesses in Ireland and Northern Ireland, including those owned
by overseas companies, Experian is able to identify both if and,
crucially, when they are going to pay their debts.  The latest
Experian payment performance analysis reveals that:

Irish businesses paid their bills on average 26.56 days beyond
terms in the second quarter of 2009, compared with 26.86 days
beyond terms in the first quarter. However in the second quarter
of 2008, Irish businesses were paying their bills on average 24.85
days beyond terms - two days earlier than Q2 2009.

In comparison, businesses in Northern Ireland paid their bills on
average 22.44 days beyond terms in the second quarter of 2009 and
20.41 in the first quarter of 2009.  In the second quarter of
2008, Northern Irish businesses were paying their bills on average
22.70 days beyond terms.

Cavan businesses are the quickest in the country to pay their
bills, averaging just 20.59 days beyond terms since January 2009.

At the other end of the scale, businesses in Kildare are still the
slowest to settle bills, paying on average 30.71 days beyond
terms.

Paula Carney, Payment Performance Manager at Experians Business
Information division, explains: "Late payments can have very
damaging consequences for businesses, leading to a strain on
administrative resources and cash flow.  There are a large
percentage of businesses in Ireland that have yet to review their
credit policies in light of the current climate and are continuing
to extend credit terms to customers who do not have the means to
pay on time.

"This is very unhealthy business practice and can lead to dire
consequences if a debt turns bad.  We urge businesses to carefully
consider their credit policies and procedures to ensure they are
only extending credit to those customers that are in a position to
pay.

Experians payment performance data helps organizations to identify
whether they should be doing business with a customer in the first
place.  It also allows them to identify whether a customer is
simply a serial late payer, or one whose payment performance is
rapidly deteriorating, indicating it may struggle to meet future
commitments.

Armed with this information, companies can change their terms of
business for individual customers, request at least some payment
upfront and even, in extreme cases, sever the business
relationship.  At the very least, businesses can take steps to
ensure their cash flow is strong enough to survive the late
payment of a large invoice.

Experian has the largest database of up-to-date commercial payment
data in Ireland, which is extracted from more than 6,500 ledgers
processed every month.

Counties with Latest Paying Businesses

Rank Average Days Beyond Term County

1 30.71 Kildare
2 30.66 Monaghan
3 30.43 Carlow
4 28.72 Offaly
5 28.56 Meath
6 28.02 Wexford
7 27.77 Louth
8 27.49 Dublin
9 27.14 Donegal
10 26.81 Tipperary

Counties with Fastest Paying Businesses

Rank Average Days Beyond Term County
1 20.59 Cavan
2 22.22 Roscommon
3 22.38 Sligo
4 22.42 Westmeath
5 23.81 Longford
6 23.88 Mayo
7 23.93 Cork
8/9 24.19 Kilkenny/ Limerick
10 24.62 Kerry


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


CASSA DI RISPARMIO: Moody's Cuts Bank Strength Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt and
deposit ratings of Cassa di Risparmio di Ferrara to Baa2 from A3,
its short-term bank deposit rating to Prime-2 from Prime-1 and its
bank financial strength rating to D+ from C-.  The bank's baseline
credit assessment was lowered to Ba1 (deriving from the D+ BFSR)
from Baa1 (which derived from its previous C- BFSR).  At the same
time the bank's subordinated debt rating was downgraded to Baa3
from Baa1.  The outlook on all ratings is negative.  These rating
actions conclude the review for possible downgrade initiated on 18
June 2009.

Simone Zampa, Vice President at Moody's and lead analyst for
Cariferrara, commented that: "The downgrade reflects Moody's
expectation that Cariferrara's financial fundamentals will face
significant pressure as a result of the deterioration of the
operating environment faced by the Italian banking system.  In
addition, the more pronounced downgrade of the BFSR and the long-
term deposit rating, when compared with other recent rating
actions on Italian banks, reflects Cariferrara's significant
expansion strategy outside its home region in recent years,
including the acquisition of a leasing and factoring company and
several newly established local retail banks, which have created
additional risks in the currently unfavorable macroeconomic
environment".

Moody's notes that most of these retail banks have not yet reached
break-even and that the leasing and factoring subsidiary -- which
accounts for about 20% of the banking group's total assets --
operates mainly in the less dynamic regions of the south of Italy,
and is currently seeing a significant contraction in new business
volumes, especially in the real estate sector.

The rating action also takes into consideration Moody's
expectation that Cariferrara's asset quality will continue to
deteriorate, leading to higher credit losses than previously
incorporated in the institution's ratings and straining its
capitalization.  The D+ BFSR reflects Moody's view that
Cariferrara's business and financial fundamentals would face
challenges in withstanding both the rating agency's anticipated
and stressed scenarios for the Italian banking system.

At year-end 2008, Cariferrara reported problem loan ratio of 6.3%,
up from 5% in 2007.  Moody's however acknowledged Cariferrara's
recent trend change in its capital adequacy following a EUR84
million capital increase between December 2008 and March 2009,
which was subscribed mainly by the bank's existing shareholders
that include the local charitable foundation.  As a result, pro-
forma Tier 1 ratio improved to 6.54% in March 2009 from 5.96% in
December 2008.  However, current capital ratios and modest
profitability represent a major rating constraint - even more so
taking into account Moody's expectations of an ongoing
deterioration in asset quality indicators in a context of
depressed revenues in the leasing business.  Moody's added that
the significant reduction in capital adequacy ratios in recent
years (Tier 1 ratio of 9.9% in 2004) has left the group
vulnerable, and lacking a sufficient buffer to absorb potential
losses in the current recession.

Moody's said that it continues to see a moderate likelihood of
systemic support for Carriferrara, however, in the current crisis,
and at Cariferra's now lower BCA, the rating agency said that this
now results in a two-notch uplift from its BCA of Ba1 to its Baa2
long-term deposit rating, compared to the previous one-notch
uplift.

The negative outlook on all ratings reflects Moody's view that
Cariferrara could still come under pressure if loss assumptions
increase significantly from the rating agency's current
expectations or if the bank is unable to improve its risk
absorption capacity through stronger capital adequacy.

Moody's previous rating action on Cariferrara was on June 18,
2009, when all the bank's ratings were put under review for
possible downgrade.

These ratings were downgraded:

* Cassa di Risparmio di Ferrara: BFSR to D+ from C- (mapping to a
  BCA of Ba1), long-term deposit rating to Baa2 from A3, senior
  unsecured debt to Baa2 from A3, subordinated debt to Baa3 from
  Baa1, short-term deposits to Prime-2 from Prime-1.

Cassa di Risparmio di Ferrara is headquartered in Ferrara, Italy.
At December 31, 2008 it had total assets of EUR8.3 billion.


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


BANK CENTERCREDIT: Fitch Affirms Individual Rating at 'D/E'
-----------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Bank Centercredit's
Long-term Issuer Default Rating at 'B' and maintained the rating
Outlook as Evolving.

The rating action follows clarifications received by Fitch from
BCC and Kookmin Bank (rated 'A+'/Negative Outlook) on the planned
acquisitions of BCC shares by Kookmin and the International
Finance Corporation.  These transactions are expected by the
parties to be completed in H209-H110.  Fitch's current
understanding is that Kookmin will likely increase its stake in
BCC's total share capital to 40.1% from the current 30.6%, but
that this will be partly achieved through the issuance of
preference shares, while the IFC would acquire a 10% stake.  Fitch
has also been informed that Kookmin would receive the right to
convert its preferred stock into common shares, which could result
in Kookmin and the IFC jointly holding a controlling stake in BCC.
Fitch also understands that the IFC may contribute US$85 million
of subordinated debt, which together with a planned equity
injection of a similar size would result in around a 15% increase
to end-H109 regulatory capital.

As Kookmin is now apparently unlikely to consolidate a majority
stake in BCC in the short term, a multi notch upgrade of BCC's
ratings is not anticipated in the near future.  However, the
upcoming share transactions, if completed, would further increase
Kookmin's stake in BCC, strengthen BCC's capital and support
further operational integration between Kookmin and BCC, all of
which Fitch would regard as positive for BCC's credit profile.

The Evolving Outlook reflects the potential for some uplift to
BCC's ratings should Kookmin's participation in BCC's ownership
and management continue to increase without significant
deterioration in other aspects of BCC's credit profile.  At the
same time, the Outlook also takes into account the potential for a
rating downgrade should asset quality continue to deteriorate
without Kookmin increasing its role at BCC.

Although BCC's reported loan impairment has increased, asset
quality continues to be less bad than at most peers.  BCC's
statutory reporting indicates that loans overdue by 90 days rose
to 4.7% at end-H109 from 2.5% at end-2008, while one day overdues
stood at 11.7%, up from 7.7% at the beginning of the year.
Restructured loans were 10.5% at end-H109, according to management
figures.  BCC's loss absorption capacity looked solid at end-H109,
with a regulatory capital ratio of 20.1% and reserves/loans ratio
of 11.7%.  However, the large tier 2 component (33.2% of total
capital at end-H109) undermines somewhat the quality of capital.

The rating actions are:

  -- Long-term IDR: affirmed at 'B'; Outlook Evolving

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '5'

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

  -- Senior unsecured debt affirmed at 'B', Recovery Rating at
     'RR4'


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


ASIA-2-IU TRADING: Creditors Must File Claims by August 29
----------------------------------------------------------
LLC Asia-2-Iu Trading is currently undergoing liquidation.
Creditors have until August 29, 2009, to submit proofs of claim
to:

         Ak-Chyi
         FEZ Bishkek
         Bishkek
         Kyrgyzstan


INTERNATIONAL TRADE: Creditors Must File Claims by August 29
------------------------------------------------------------
LLC International Trade Consulting Company is currently undergoing
liquidation.  Creditors have until August 29, 2009, to submit
proofs of claim to:

         Ak-Chyi
         FEZ Bishkek
         Bishkek
         Kyrgyzstan


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


DECO 14: Fitch Junks Ratings on Three Classes of Notes
-------------------------------------------------------
Fitch Ratings has downgraded seven classes of DECO 14 - Pan Europe
5 B.V.  The class A-1 notes have been affirmed and the Outlook has
been revised to Negative from Stable.  At the same time, Fitch has
revised the Outlooks on the class A-2, A-3, B and C notes to
Negative from Stable and assigned Recovery Ratings to the class D,
E and F notes.  The rating actions are:

  -- EUR928.7 million class A-1 (XS0291363272) affirmed at 'AAA';
     Outlook revised to Negative from Stable

  -- EUR159.1 million class A-2 (XS0292121802) downgraded to 'AA'
     from 'AAA'; Outlook revised to Negative from Stable

  -- EUR64.6 million class A-3 (XS0292122289) downgraded to 'AA-'
     from 'AAA'; Outlook revised to Negative from Stable

  -- EUR99.4 million class B (XS0291365137) downgraded to 'A' from
     'AA'; Outlook revised to Negative from Stable

  -- EUR64.6 million class C (XS0291365566) downgraded to 'BB'
     from 'A'; Outlook revised to Negative from Stable

  -- EUR100.8 million class D (XS0291367182) downgraded to 'CCC'
     from 'BBB'; assigned 'RR3'

  -- EUR25.8 million class E (XS0291367422) downgraded to 'CCC'
     from 'BBB-'; assigned 'RR6'

  -- EUR11.9 million class F (XS0291368156) downgraded to 'CC'
     from 'BBB-'; assigned 'RR6'

The downgrade reflects the impact on the 12 remaining loans in the
portfolio of the downturn in the European commercial real estate
market.  The total loan portfolio had a reported weighted-average
loan-to-value ratio of 69% at the April 2009 interest payment
date.  This compares to a Fitch WA LTV of 97%, reflecting an
overall market value decline of 26%.  In particular, the Arcadia
and DD Karstadt Hilden loans are the main drivers of the downgrade
of the junior tranches.

The Arcadia portfolio (7.4% of the portfolio) comprises 28 retail
warehouse assets located throughout Germany, primarily in small-
and medium-sized towns located around larger cities.  The largest
tenants in the portfolio are German discount retailers.  Due to a
combination of decreasing occupancy and increasing costs, the
borrower has failed to meet its debt service obligations on the
loan for four consecutive quarters.  While the first two defaults
were cured by the subordinated lender (which has now exhausted its
ability under the intercreditor agreement to make cure payments),
and the third by the borrower, the most recent payment default
remains outstanding.  Should the borrower not cure this most
recent shortfall by September 4, 2009, the loan will be
transferred to special servicing.  The servicer, Deutsche Bank AG,
London Branch ('CPS2-'), currently has no indication whether the
borrower will cure the payment breach.

In order to address the deteriorating portfolio income, the
servicer appointed Mayfield Property Management GmbH to better
manage the portfolio and review the reasons behind the increased
operating costs.  The servicer expects Mayfield to provide its
first assessment within the next four weeks.  The combination of
weaker property income and a weakening property market results in
a Fitch LTV of 141% on the A-note, compared to the reported LTV of
82%.

The DD Karstadt Hilden loan (0.4% of the portfolio) is secured by
a single department store that was previously wholly occupied by
the now insolvent German retailer, Hertie.  Interest and scheduled
amortization have been covered from funds held in a reserve
account since the October 2008 reporting period.  However, having
covered the July 2009 debt service payments, the reserve account
is now fully depleted.  The servicer is working closely with the
borrower, with possible outcomes including an asset sale, but it
is unlikely this will occur prior to the October 2009 IPD.  As a
result, Fitch expects a payment default on the loan to occur on
the October 2009 IPD.  Based on the original June 2006 valuation,
the LTV stands at 78%.  Fitch estimates the value to have fallen
significantly due to the tenant insolvency.

The two largest loans in the portfolio, WOBA and GA 1 MF (41% and
11% of the portfolio, respectively), are secured over multi-family
housing portfolios.  Both portfolios are operated by experienced
property managers and have the same sponsor, GAGFAH S.A., a real
estate company that is 70% owned by Fortress.  To date, the
portfolios' stable income streams have demonstrated their
respective property managers' expertise for operating such
portfolios.

Fitch will continue to monitor the performance of the transaction.


ELM BV: Moody's Downgrades Rating on Series 42 Notes to 'B1'
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of one class
of notes issued by ELM BV.

The transaction is a managed synthetic CDO referencing corporate
entities.  The rating action is a response to credit deterioration
in the underlying portfolio which includes entities such as CIT
and Ambac Assurance Corporation which have experienced a rapid
deterioration, greater than what have been anticipated by its
forward looking measures.  CIT, for example, was investment grade
at the time of the February review and is modelled at Ca.

Moody's monitors this transaction using primarily the methodology
and its supplements for corporate synthetic CDOs as described in
Moody's Special Reports and press releases below:

  -- Moody's updates key assumptions for rating corporate
     synthetic CDOs (April 2009)

The rating action is:

ELM BV:

(1) Series 42 NOK606,000,000 Secured Fixed Rate Notes due 2016

    -- Current Rating: B1
    -- Prior Rating: Baa3
    -- Prior Rating Date: 10 March 2009, downgraded to Baa3 from
       Aa3


HEAD N.V.: Unveils Results of Private Exchange Offer
----------------------------------------------------
HEAD and HTM, a subsidiary of Head N.V., announced Friday the
results of the private exchange offer to exchange HTM's
outstanding EUR135,000,000 8 1/2% Senior Notes due 2014 for HTM's
newly issued secured notes and Head N.V. ordinary shares.  The
private offer was not made to all holders of Existing Notes, but
exclusively to certain holders.

The Existing Notes were, and the Secured Notes will be, issued by
HTM.  The Secured Notes will be jointly and severally guaranteed
by Head N.V. and Head Holding Unternehmensbeteiligung GmbH, HTM's
indirect and direct parent companies, respectively, and certain of
HTM's subsidiaries, and will be secured by pledges or charges, as
applicable, over certain inventory and trade receivables of HTM
and certain subsidiaries of HTM, and cash under certain
circumstances.

The Exchange Offer, which is subject to the terms and conditions
described in the the offering circular dated April 21, 2009, as
supplemented by the first supplement thereto dated May 7, 2009 and
the second supplement thereto dated July 30, 2009, expired at 5:00
p.m., London time, on August 13, 2009.  As of the expiration date,
EUR85,723,000 in aggregate principal amount of the Existing Notes
had been validly tendered in the Exchange Offer and will be
accepted for exchange into approximately EUR43,738,000 in
aggregate principal amount of Secured Notes and 22,491,278 Head
N.V. ordinary shares.

An application will be made to admit the Secured Notes to listing
on the Official list of the Luxembourg Stock Exchange and to
trading on the Euro MTF Market of that exchange and to admit the
Head N.V. shares issued in the Exchange Offer to trading on the
Vienna Stock Exchange.

Head N.V. and HTM anticipate that the settlement date for the
Exchange Offer will be August 19, 2009.

Head N.V. (Head) -- http://www.head.com/-- is a global
manufacturer and marketer of branded sporting goods serving the
skiing, tennis and diving markets.  Head operates in the sporting
goods segment.  The Company's portfolio of brands include Head
(principally alpine skis, ski boots, ski bindings and snowboard
products and tennis, racquetball and squash racquets, tennis
balls, tennis footwear and badminton products), Penn (tennis balls
and racquetball balls), Tyrolia (ski bindings), and Mares and
Dacor (diving equipment).  The Company conducts business in Europe
(primarily in Austria, Italy, Germany, France, Switzerland, the
Netherlands, Spain and the United Kingdom), North America and
Asia.  Its operations are organized into four divisions: Winter
Sports, Racquet Sports, Diving and Licensing.  The Company's
products are sold through over 29,000 customers, including pro
shops, specialty sporting goods stores and mass merchants in over
85 countries worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 3,
2009, Standard & Poor's Ratings Services said that the
announcement by Head N.V. (CC/Negative/--) that it does not intend
to make the interest payment due on August 1, 2009, in respect of
the EUR111.6 million 8.5% senior unsecured notes issued by related
entity HTM Sport und Freizeitgeraete AG (which have an issue
rating of 'C') will not immediately affect current ratings.


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


DEGTYARSKIY MACHINE: Court Names L. Antonova as Insolvency Manager
------------------------------------------------------------------
The Arbitration Court of Sverdlovskaya appointed L. Antonova as
insolvency manager for CJSC Degtyarskiy Machine-Building Plant.
The case is docketed under Case No. ?60–18466/06-S11.  He can be
reached at:

         Post User Box 717
         620000 Yekaterinburg
         Russia

The Debtor can be reached at:

         CJSC Degtyarskiy Machine-Building Plant
         Ozernaya Str. 27
         Degtyarsk
         Sverdlovskaya
         Russia


IZHAVTO OAO: Files for Bankruptcy; More Than 5,000 Jobs at Risk
---------------------------------------------------------------
The Associated Press reports that IzhAvto OAO has filed for
bankruptcy, putting more than 5,000 jobs at risk.

An IzhAvto official told AP that the company will try to
restructure its financing rather than fold its operations.
The official spoke on condition of anonymity because the company
is withholding comment until proceedings commence.

Citing the Russian Audit Chamber, AP relates IzhAvto has been
incurring losses since the third quarter of 2008.  As of April,
its debt stood at RUR11.3 billion (US$354 million), AP discloses.
Sberbank, the car plant's major creditor, keeps IzhAvto's
controlling stake as a collateral, AP notes.

Citing a report by the Russian Audit Chamber, which checked the
company's activity from 2007 to the first quarter of 2009,
Itar-Tass says the poor situation in which IzhAvto found itself is
explained by both internal and external factors, including the
company's irrational financial policy, diversion of money from
turnover, and defaulted payments.

According to Itar-Tass, to put the car maker back online, some
RUR500 million of loans are needed.  The resumption of the
assembly line operation will help repay the company's debt,
Itar-Tass states.


LESNAYA LINIYA: Court Names A. Grishko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Arkhangelskaya appointed A.Grishko as
Insolvency Manager for LLC Lesnaya Liniya (TIN 2920008734, PSRN
102290467930) (Lumbering).  The case is docketed under Case No.
?05-4060/2009.  He can be reached at:

         R. Luksemburg Str. 7/48
         163000 Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Lesnaya Liniya
         Lenina Str. 1
         Plesetsk
         164500 Arkhangelsk
         Russia


NIKOLAEVSK: Under External Management Bankruptcy Procedure
----------------------------------------------------------
The Arbitration Court of Khabarovskiy will convene at 2:40 a.m. on
November 24, 2009, to hear external management bankruptcy
procedure on OJSC Nikolaevsk-on-Amur Ship-building Plant (TIN
2705060034, PSRN 1022700615904).  The Case is docketed under
No. ?73–13626/2006–38.

The External Insolvency Manager is:

         V. Legalov
         Dzerzhinskogo Str. 28
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         OJSC Nikolaevsk-on-Amur Ship-building Plant
         Sovetskaya Str. 126
         Nikolaevsk-on-Amur
         Russia


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


SAS AB: S&P Changes Outlook to Negative; Affirms 'B' Corp. Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Scandinavian airline group SAS AB to negative from
stable.  At the same time, the 'B' long-term corporate credit
rating on SAS was affirmed.

"The outlook revision reflects S&P's view that trading conditions
in SAS's European and Nordic markets are weakening and are likely
to constrain profit recovery in 2009," said Standard Poor's credit
analyst Leigh Bailey.  "In S&P's opinion, recessionary market
conditions are likely to depress the demand for passenger traffic
and increase pressure on yields for at least the second half of
the year, which in turn may place further pressure on the group's
credit profile."

Uncertainty as to when recovery will begin remains considerable.
SAS management plans additional cost savings to improve an
uncompetitive cost base.  Nevertheless, these savings are, in
S&P's view, subject to some execution risk since substantial
payroll reductions are envisaged from a highly unionized
workforce.

On June 30, 2009, SAS reported interest-bearing liabilities of
Swedish krona (SEK) 13.1 billion.  Credit protection measures were
weak for the 'B' rating, with funds from operations to adjusted
debt of just 5%.

Underlying trading conditions in SAS's markets weakened in the
first half of 2009, as passenger traffic reduced sharply.  In the
six months ended June 30, 2009, SAS recorded a loss before
recurring items of SEK851 million, compared with a loss of
SEK351 million in the first six months of 2008.  Furthermore, in
the first six months of 2009, passenger traffic fell by around 17%
and currency-adjusted yield dropped 2.2%, hitting profitability.

In S&P's view, SAS's financial profile will come under pressure
from slowing passenger traffic growth, depressed demand from
business travelers, and a weakening yield trend as fare
competition intensifies.  The group's improved liquidity position,
following the conclusion of a rights issue in April 2009, together
with relatively limited capital expenditure commitments, help
support its credit profile.  Even so, SAS's capital structure is
in S&P's view weak for the rating.

The rating could come under pressure if SAS were to prove unable
to satisfactorily adapt its cost base to offset weakening
revenues, and/or achieve a sustained level of cash outflows.
Similarly, the rating could come under pressure if the group's
cash and unutilized loan commitments were to fall below
SEK9 billion (that is, less than 18% of operating revenues) or
credit metrics weaken further from current levels.  The 'B' rating
factors in S&P's expectation that SAS will progressively improve
its ratio of funds from operations to debt to around 10%.


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


AARE BACKEREI: Claims Filing Deadline is August 20
--------------------------------------------------
Creditors of Aare Bäckerei GmbH are requested to file their proofs
of claim by August 20, 2009, to:

         Hanspeter and Monika Walter-Mueller
         Liquidators
         Liebeggerweg 4
         5502 Hunzenschwil
         Switzerland


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


AJZ AG: Creditors Must File Claims by August 31
-----------------------------------------------
Creditors of AJZ AG are requested to file their proofs of claim by
August 31, 2009, to:

         Dr. Beat Schultheiss
         Mail Box: 2879
         4002 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 4, 2009.


ALCONSA FINANZ: Claims Filing Deadline is August 19
---------------------------------------------------
Creditors of Alconsa Finanz AG are requested to file their proofs
of claim by August 19, 2009, to:

         Urs Christen
         Liquidator
         Achereggstrasse 10
         6362 Stansstad
         Switzerland

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


BELAIR FEUSISBERG: Claims Filing Deadline is August 19
------------------------------------------------------
Creditors of Belair Feusisberg AG are requested to file their
proofs of claim by August 19, 2009, to:

         Belair Feusisberg AG
         Dorfstrasse 27
         8835 Feusisberg
         Switzerland

The company is currently undergoing liquidation in Feusisberg.
The decision about liquidation was accepted at the district court
of Hoefe on May 6, 2009.


DELFINUSS GMBH: Claims Filing Deadline is August 21
---------------------------------------------------
Creditors of Delfinuss GmbH are requested to file their proofs of
claim by August 21, 2009, to:

         Juerg Greter
         General Guisan-Quai 22
         8002 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 2, 2009.


DISCOPHON AG: Claims Filing Deadline is August 31
-------------------------------------------------
Creditors of Discophon AG are requested to file their proofs of
claim by August 31, 2009, to:

         Peter A. Iten
         Neugasse 4
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
general meeting held on March 10, 2009.


EARTHBOUND PRODUCTIONS: Creditors Must File Claims by August 31
---------------------------------------------------------------
Creditors of Earthbound Productions GmbH are requested to file
their proofs of claim by August 31, 2009, to:

         Lorenz Manuel Kern
         Unterholzstrasse 7
         3045 Meikirch
         Switzerland

The company is currently undergoing liquidation in Meikirch.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 8, 2009.


FZ ORO: Claims Filing Deadline is August 19
-------------------------------------------
Creditors of FZ Oro GmbH are requested to file their proofs of
claim by August 19, 2009, to:

         Kurt Fiechter
         Riedenerstrasse 80
         8304 Wallisellen
         Switzerland

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


HOTEL OWNERS: Claims Filing Deadline is August 20
-------------------------------------------------
Creditors of Hotel Owners Services GmbH are requested to file
their proofs of claim by August 20, 2009, to:

         Hotel Owners Services GmbH
         Seestrasse 39
         8700 Kuesnacht
         Switzerland

The company is currently undergoing liquidation in Kuesnacht.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 19, 2009.


IMMOFIRST AG: Claims Filing Deadline is August 21
-------------------------------------------------
Creditors of ImmoFirst AG are requested to file their proofs of
claim by August 21, 2009, to:

         Andre R. Fehr
         Oberi Bleiki 9
         8197 Rafz
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted by the notary's office of
Oerlikon-Zurich, Lukas Hinder, notary on March 17, 2009.


INTEGRY TRUSTEE: Claims Filing Deadline is August 19
----------------------------------------------------
Creditors of Integry Trustee Company AG are requested to file
their proofs of claim by
August 19, 2009, to:

         Urs Steiger
         Oberer Muehlacker 11
         9450 Altstatten
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on April 16, 2009.


PASCAL HOLDING: Claims Filing Deadline is August 31
---------------------------------------------------
Creditors of Pascal Holding AG are requested to file their proofs
of claim by August 31, 2009, to:

         Parade Treuhand + Consulting GmbH
         Poststrasse 6
         Mail Box: 1283
         8610 Uster
         Switzerland

The company is currently undergoing liquidation in Pontresina.
The decision about liquidation was accepted at an extraordinary
general meeting held on May 13, 2009.


PELEUS AG: Claims Filing Deadline is August 25
----------------------------------------------
Creditors of Peleus AG are requested to file their proofs of claim
by August 25, 2009, to:

         Dr. Bernhard Christen
         Liquidator
         Hirschgasslein 11
         4010 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at a general meeting held
on June 4, 2009.


POWAS GMBH: Claims Filing Deadline is August 20
-----------------------------------------------
Creditors of POWAS GmbH are requested to file their proofs of
claim by August 20, 2009, to:

         POWAS GmbH
         Langwattstrasse 40
         8125 Zollikerberg
         Switzerland

The company is currently undergoing liquidation in Zollikon.  The
decision about liquidation was accepted at a shareholders' meeting
held on February 27, 2009.


QUALICON PERSONALZERTIFIZIERUNG: Claims Filing Deadline is Aug. 19
------------------------------------------------------------------
Creditors of Qualicon Personalzertifizierung AG are requested to
file their proofs of claim by August 19, 2009, to:

         Peter Luethi
         Spuehlirain 24
         3098 Schliern
         Switzerland

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


RAJA GOLDSCHMUCK: Creditors Must File Claims by August 31
---------------------------------------------------------
Creditors of Raja Goldschmuck GmbH are requested to file their
proofs of claim by August 31, 2009, to:

         Peter D. Hofer
         Sagestrasse 6a
         8952 Schlieren
         Switzerland

The company is currently undergoing liquidation in Wittenbach SG.
The decision about liquidation was accepted at a shareholders'
meeting held on May 7, 2009.


VELO GASSER: Claims Filing Deadline is August 31
------------------------------------------------
Creditors of Velo Gasser GmbH are requested to file their proofs
of claim by August 31, 2009, to:

         Gasser Fritz
         Sonneggstrasse 6
         8865 Bliten
         Switzerland

The company is currently undergoing liquidation in Nafels.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 26, 2009.


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


AGROCOM OJSC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on OJSC Agrocom (code EDRPOU 05504857).

The Insolvency Manager is:

         V. Voychuk
         Zavodskaya Str. 35
         Shepetovka
         30400 Hmelnitsky
         Ukraine

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
        01032 Kiev
        Ukraine

The Debtor can be reached at:

         OJSC Agrocom
         Stepovaya Str. 8
         Mironovka
         08800 Kiev
         Ukraine


AGRONAFTA LLC: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on LLC Company Agronafta (code EDRPOU 33684448).

The Insolvency Manager is:

         R. Gurin
         Office 191
         Gagarin Str. 95
         Cherkassy
         Ukraine

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Boulevard 307
         18004 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Company Agronafta
         Office 191
         Kazatskaya Str. 9
         18000 Cherkassy
         Ukraine


OLYMPIC ENTERTAINMENT: Files Bankruptcy for Ukrainian Units
------------------------------------------------------------
On July 9, OEG initiated the liquidation process of subsidiaries
Olympic Casino Ukraine TOV, Ukraine Leisure Company and Eldorado
Leisure Company due to "Ukrainian gaming activities suspension"
law, which was issued by Ukrainian parliament on May 15 and
entered in force since the moment of publication on June 25.  The
law canceled all licenses issued to casino operators and
terminated all casino activities in Ukraine for unknown time
period.

On August 12, OEG's Ukrainian subsidiaries Olympic Casino Ukraine
TOV, Ukraine Leisure Company and Eldorado Leisure Company
submitted the bankruptcy petition as the following step of the
liquidation process.

OEG is planning to demand investments compensation from the
Ukrainian state basing on investments propitiation and mutual
protection agreement signed between Estonian and Ukrainian
governments.

Olympic Entertainment Group AS -- http://www.olympic-casino.com--
is an Estonia-based company principally engaged in the provision
of casinos and gaming services under the brand of Olympic Casino.
The Company operates slot and table casinos, as well as casino
bars.  Olympic Entertainment Group AS is the Group's ultimate
holding company, which deals with the Group's strategic management
and financing.  The Group's casinos are operated through such
subsidiaries as: Olympic Casino Eesti AS in Estonia, Olympic
Casino Latvia SIA in Latvia, Olympic Casino Group Baltija UAB in
Lithuania, Olympic Casino Ukraine TOV in Ukraine, Olympic Casino
Bel IP in Belarus, Casino Polonia-Wroclaw sp. z o.o. in Poland,
Olympic Casino Bucharest Srl in Romania and Olympic Entertainment
Slovakia Sro in Slovakia.  As of December 31, 2008, the Group had
133 casinos: 36 in Estonia, 33 in Latvia, 16 in Lithuania, 24 in
Ukraine, five in Belarus, nine in Poland, nine in Romania, and one
in Slovakia.


ROVNO TRADING: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Rovno commenced bankruptcy supervision
procedure on LLC Rovno Trading Networks (code EDRPOU 33167252).

The Insolvency Manager is:

         L. Tikhonchuk
         Bokovaya Str. 12
         Rovno
         Ukraine

The Court is located at:

         The Economic Court of Rovno
         Yavornitsky Str. 59
         33001 Rovno
         Ukraine

The Debtor can be reached at:

         LLC Rovno Trading Networks (
         O. Teliga Str. 2A
         33005 Rovno
         Ukraine


SOLOKHA LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Zaporozhye commenced bankruptcy supervision
procedure on LLC Agro-Industrial Company Solokha (code EDRPOU
32096165).

The Insolvency Manager is:

         P. Chulakov
         Uritsky Str. 15
         69027 Zaporozhye
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Industrial Company Solokha
         Promishlennaya Str. 1
         Kamianka-Dneprovskaya
         71300 Zaporozhye
         Ukraine


UKRAINIAN METAL: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Economic Court of Kiev commenced bankruptcy supervision
procedure on LLC Ukrainian Metal Distribution (code EDRPOU
34361653).

The Insolvency Manager is:

         N. Titarenko
         Officr 18
         Saksagansky Str. 24
         Kiev
         Ukraine

The Court is located at:

         The Economic Court of Kiev
          Komintern Str. 16
          01032 Kiev
          Ukraine

The Debtor can be reached at:

         LLC Ukrainian Metal Distribution
         Shevchenko Str. 67
         Tarasovka
         08161 Kiev
         Ukraine


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


ANGLESEY ALUMINIUM: To Halt Smelting Activities; 250 Jobs Affected
------------------------------------------------------------------
Times Online reports that Anglesey Aluminium Metal Ltd. will cease
its smelting activities next month with the loss of 250 jobs.

Times Online recalls last month 140 people at the firm took
voluntary redundancy following a consultation exercise about the
company's future.  According to Times Online, a further 250 people
were given compulsory redundancy after negotiations to secure the
firm's future failed, despite the offer of a GBP48 million
Government rescue package.

Times Online relates an AMM spokesman said negotiations with the
Nuclear Decommissioning Authority to extend their existing power
contract had failed.

Headquartered near the community of Holyhead in Wales, United
Kingdom on the Isle of Anglesey, Anglesey Aluminium Metal Limited
(AAM) -- http://www.angleseyaluminium.co.uk/-- is jointly owned
by Rio Tinto (51%) and Kaiser Aluminum & Chemical Corporation
(49%) and began operating in 1971.


AROSA FUNDING: Moody's Junks Rating on EUR75 Mil. 2005-5 Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of one class
of notes issued by Arosa Funding Ltd.

The transaction is a lightly managed synthetic CDO referencing a
portfolio of 50 corporate names mainly financials.  The rating
action is a response to credit deterioration in the underlying
portfolio which includes Ambac Finanical Group Inc which was
recently downgraded multiple notches.  Further the transaction has
0.55% subordination and contains other names which have been
subject to large credit migration such as MBIA.  The underlying
portfolio also consists of over 50% exposure to Banking, Insurance
and Finance sectors.

Moody's monitors this transaction using primarily the methodology
and its supplements for corporate synthetic CDOs as described in
Moody's Special Reports and press releases below:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

The rating action is:

Arosa Funding Ltd:

(1) Series 2005-5 EUR75,000,000 Secured Floating Rate Credit-
    Linked Notes due December 2010.

  -- Current Rating: Caa2
  -- Prior Rating: Ba1
  -- Prior Rating Date: 10 March 2009, downgraded to Ba1 from Baa2


BOX HILL: Moody's Cuts Ratings on Two Classes of Notes to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service has taken this rating action on two
classes of notes issued by Box Hill Life Finance plc:

-- GBP280 Million Class A-1 Floating Rate Secured Notes due
    2016, Downgraded to Ba3 from Baa1, previously on 17 November
    2008 Downgraded to Baa1 from Aa3.

-- GBP100 Million Class A-2 Floating Rate Secured Notes due
    2019, Downgraded to Ba3 from Baa1, previously on 17 November
    2008 Downgraded to Baa1 from Aa3.

The structured finance transaction employs both securitization and
financial reinsurance techniques to raise non-recourse financing
against the future emerging surplus expected to emerge from a
defined book of life insurance and pension polices originated in
the UK by Friends Provident Life and Pensions Limited (IFSR - A3).
The Class A-1 Notes have been in repayment since December 2004 and
have an outstanding balance of GBP23 million.

In 2008, there was a deficit arising on the defined book of
GBP216 million as a result of the significant further widening of
corporate bond spreads on assets backing annuities.  The
conservative valuation rules used by Friends Provident prevent
annuity liabilities being valued totally in line with the
currently high yields on matching assets, whereas the matching
assets are marked- to-market.  The assets backing annuities are
generally held to maturity, and hence it should be expected that
this adverse impact of widening credit spreads will be recovered
over time unless there are defaults on the assets.

Under revised base case projections provided by Friends Provident
Life and Pensions Limited to Moody's, it seems likely that all
emerging surplus will be utilized exclusively to reduce this
deficit until the end of 2013, after which point the notes will be
paid down.  However, the liquidity in the transaction only allows
for interest payments to be made until 2011.  Thereafter
noteholders will have to rely on Ambac Assurance UK Limited (Caa2)
to make such payments until the deficit is cleared.

Moody's notes that such projections can be extremely volatile and
a tightening of credit spreads could result in the deficit being
cleared earlier and a significant reduction in the likelihood of a
default on interest payments to the Notes.  On the other hand,
higher lapse rates, increased mortality improvements or
deteriorating investment performance could have further negative
effects.

The reliance on Ambac to make interest payments on the notes,
coupled with the uncertainty surrounding the projections of
emerging surplus are the main drivers of the rating action.  This
rating action is limited to the Notes issued by Box Hill Life
Finance plc, and does not, in and of itself, have any impact on
the ratings of the Friends Provident Group.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


BRIXTON PLC: Hearing on Claim for Sanction of Scheme Set August 24
------------------------------------------------------------------
In a legal notice dated August 14, 2009, Clifford Chance LLP,
solicitors of Brixton plc, discloses that a Claim was issued at
Her Majesty's High Court of Justice, Chancery Division, Companies
Court, on July 13, 2009, for the sanction of a Scheme of
Arrangement and the confirmation of the reduction of share capital
of the Company.

The said Claim is directed to be heard before a Judge of the High
Court at the Royal Courts of Justice, Strand, London WC2A 2LL on
August 24, 2009.  Any creditor or shareholders of the Company
desiring to oppose the making of an order for the confirmation of
the said reduction of share capital should appear at the time of
the hearing in person or by counsel for that purpose.

A copy of the said Claim will be furnished to any person requiring
the same by the solicitors on payment of the Regulated Charge for
the same.

Brixton plc -- http://www.brixton.plc.uk/-- is a United Kingdom-
based Company.  The Company and its subsidiaries are engaged in
property investment and development, together with the management
of its properties.  The Company owns nearly 90 estates with over
1,300 units.  The Company's wholly owned subsidiary B-Serv Ltd is
responsible for asset management and customer service.  The
Company owns 19 millions square feet of industrial and warehouse
property in the United Kingdom.  Approximately 72% of the
Company's portfolio is located in the markets of Heathrow and Park
Royal.


ENTERPRISE INNS: May Breach Debt Covenants as Rental Value Slumps
-----------------------------------------------------------------
Richard Fletcher at The Daily Telegraph reports that Enterprise
Inns plc is at risk of breaching debt covenants as the rental
value of its estate slumps.

The report relates in a note to clients analysts at Goldman Sachs
have warned that the falling values pose "a threat to the group's
financial structure".

According to the report, Oliver Neal, a Goldman Sachs analyst
wrote "We remain concerned that declining asset values and
cashflows will limit the group's ability to extend its bank
facilities and that it will need to raise extra capital."
Mr. Neal, who has advised clients to sell their shares, goes on to
warn that more than half of Enterprise's debt facilities would
have to be renegotiated if the 20% fall in rental values was
repeated across the estate, the report discloses.

Enterprise Inns plc -- http://www.enterpriseinns.com/-- is a
leased and tenanted pub operator in the United Kingdom.  As of
September 30, 2008, it owned 7,763 pubs. T he Company's wholly
owned subsidiaries include Unique Pub Properties Limited, which is
engaged in the ownership of licensed properties; The Unique Pub
Finance Company plc, which is engaged in the financing
acquisitions of licensed property, and Voyager Pub Group Limited,
which is a borrower of secured bank facility.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 29,
2009, Moody's Investors Service affirmed Enterprise Inns plc Ba3
Corporate Family Rating, B1 Probability of Default Rating and the
Ba1 rating of GBP275 million senior secured floating-rate notes
due 2031 and changed the outlook to negative from stable.


HAYMILLS GROUP: Sold to Vinci; 430 Jobs Saved
---------------------------------------------
Stephen Oldfield, Matthew Hammond and Colin Haig of
PricewaterhouseCoopers LLP were appointed as joint administrators
of Haymills Group Limited, Haymills Contractor Limited and
Haymills Property Solutions (the Haymills group) on August 13,
2009.  Following their appointment, majority of the Haymills group
were sold to VINCI Construction UK Limited, a part of VINCI, a
global concession and construction group, saving around 430 jobs
predominantly across East Anglia.

Based in East Anglia, the Haymills group specialized in new build,
refurbishment and property maintenance within public and private
sectors including education, healthcare, commercial, arts/leisure,
conservation and residential. Employing over 500 people, the group
had offices in Huntingdon, London, Stowmarket and Gibraltar.

Stephen Oldfield, joint administrator and partner at
PricewaterhouseCoopers LLP said:  "We are very pleased to announce
the sale of the majority of the Haymills group to VINCI
Construction UK Limited.  The last few days have seen an intensive
period of activity as we worked with the group to explore the
options available to them.  We feel that this represents the best
outcome for the business and will ensure the Haymills brand
continues to exist and provide this well known East Anglian
business with a more secure future.

"The group was facing severe difficulties meeting their financial
obligations and losses in its Gibraltar subsidiary.  As a deal
with a potential purchaser could not be concluded in time, we
immediately initiated an urgent search for a buyer.  The claim
from Gibraltar rendered the UK group insolvent which left no
alternative but to conclude a sale out of administration.

"This is a prime example of when a pre-pack sale can be the best
option.  In this case, as this is a contracting company, any
attempt to sell this type of business after an administration
appointment is fraught with legal and operational difficulties
which would have likely caused the business to collapse."

David Joyce, managing director of VINCI Construction UK limited
said: "The acquisition is a significant step in our strategy of
consolidating our presence in the sectors of facilities management
and maintenance, as well as giving us a presence in the East
Anglian region through the contracting side of the Haymills
business."


INDUSTRIOUS GROUP: Warehouse Deal with Max Faces Complication
-------------------------------------------------------------
Graham Ruddick at The Daily Telegraph reports that a
GBP245.4-million deal by Nicke Leslau's newly listed Max Property
to acquire Industrious Group's collection of distressed warehouses
is under threat.

The report relates that in a stock exchange statement on
Wednesday, Max said it had been informed by Ernst & Young, the
receivers for the Industrious Group, a fund managed by privately-
owned Dunedin Property which collapsed last year, that "they have
not yet been able to satisfy the conditions to completion of the
sale".

According to the report, the complication is understood to have
arisen after bondholders linked to the portfolio, including
Citigroup subsidiaries, took up their pre-emption rights which
were offered after Mr. Leslau's deal was agreed.

The property company is "seeking clarification" from the
receivers, the report says.

As reported in the Troubled Company Reporter-Europe on Aug. 7,
2009, The Daily Telegraph said Max Property will acquire 86
properties with more than 800 tenants from Ernst & Young.
The Industrious portfolio deal will be backed by a GBP128.3
million five-year facility with the European bank Eurohypo.
Properties are, by value, 46pc in London and the South East, with
a rental income of around GBP22.7 million after empty rates and
costs.  Max said it believes the fully let rental value is GBP32.5
million.


ING RE (UK): Scheme of Arrangement Terminated on August 7
---------------------------------------------------------
ING Re (UK), Limited disclosed in a legal notice Friday that
following the implementation of its  scheme of arrangement on
February 1, 2008, and the subsequent payment of all Scheme
Creditors' Claims, the scheme of arrangement terminated on
August 7, 2009.

No futher payment will be made to Scheme Creditors by the Company
in respect of Scheme Claims.

For any questions regarding this notice, please address them to:

         ING Re (UK) Limited
         The London Underwriting Centre
         3 Minister Court
         Mincing Lane
         London EC34 7DD

As reported in the TCR Europe on February 8, 2008, the solvent
scheme of arrangement between ING Re (U.K.), Ltd., and its Scheme
Creditors became effective on Feb. 1, 2008.

The scheme was voted on and approved by the Scheme Creditors at
a meeting dated Dec. 19, 2007.  The scheme was then sanctioned
by the High Court of Justice of England and Wales through an
order dated Jan. 23, 2008.

                     About ING Re (U.K.), Ltd.

ING Re (U.K.), Ltd. -- http://www.ing-re.co.uk/-- provided
accident and health reinsurance services and was also engaged in
the retrocession business in the U.K. since 1997.

ING Re (U.K.), Ltd. ceased its business and went into run-off in
2002.  However, since it expected the run-off of its business to
continue for a number of years, it had proposed a solvent scheme
of arrangement under Section 425 of the U.K. Companies Act of 1985
as the most efficient and effective method of making full payment
to its creditors in the shortest practical time.

On Sept. 21, 2007, the ING Re (U.K.), Ltd. sought permission
from the High Court of Justice of England and Wales in the U.K. to
convene a meeting with the creditors to allow them to vote on the
Scheme of Arrangement.  On Oct. 31, 2007, the court gave the
sought permission.  On Dec. 19, 2007, the meeting between the ING
Re (U.K.), Ltd. and the creditors was convened.

The company filed for Chapter 15 bankruptcy on Jan. 4, 2008
(Bankr. S.D.N.Y. Case No. 08-10018).  Michael Larry Emerson is the
petitioner for ING.  Jennifer C. DeMarco, Esq. and Sara M.
Tapinekis, Esq., at Clifford Chance LLP, represent the Debtor in
its foreign proceeding.  The company's financial condition as of
Dec. 31, 2006, reflected total assets of US$90,932,273, and total
debts of US$68,476,853.


LADBROKES PLC: Fitch Shifts Outlook to Neg.; Affirms 'BB+' Rating
-----------------------------------------------------------------
Fitch Ratings has changed UK-based betting operator Ladbrokes
PLC's Outlook to Negative from Stable.  The ratings have been
affirmed at Long-term Issuer Default 'BB+' and Short-term IDR 'B'.

"The rating action follows Fitch's revised financial forecasts in
the wake of Ladbrokes' interim results and assessment of the
remedies management may deploy to protect the company's cash flow
generation and balance sheet, should trading continue to be
difficult," said Giulio Lombardi, Senior Director in Fitch's
European Retail, Leisure and Consumer Products Group.  "Fitch has
concluded that these measures could be insufficient to return
Ladbrokes' leverage to levels compatible with the current 'BB+' by
FYE10".

Fitch acknowledges that further out in FY10, Ladbrokes may benefit
from the sale of its Italian retail business, improvements to its
gaming machines and actions to moderately reduce capex, operating
costs and, potentially dividends.  Management has also indicated
the intention to gradually reduce debt levels.  However, concerns
about the deterioration of profit, free cash flow and leverage
expected for FY09, coupled with the lack of visibility over a
sustainable recovery of cash flow in FY10, have prevailed, leading
to the Outlook change.

After a difficult 1H09 in which operating profit fell by 26%,
partly due to one-off issues, trading is expected to be
challenging for Ladbrokes in H209 also.  UK and Irish consumer
spending remains constrained and, although the company intends to
scale down its expensive marketing investments in 2H09, Fitch
believes this may not be sustainable in the face of competitors'
actions.  Also, the weakness of the UK horseracing industry
continues to weigh on betting results for bookmakers.  Finally, as
demonstrated by their respective H109 results, Fitch notes that
Ladbrokes seems to be suffering more heavily from these industry
dynamics than its main competitor William Hill, which has taken
more aggressive actions to strengthen its internet unit and
benefits from a more profitable UK retail unit.

Following the publication of the H109 results and meetings with
management, Fitch has now adjusted downwards its FY09 and FY10
financial forecasts for Ladbrokes.  As a result of the potential
contraction of FY09 EBITDA (excluding High Rollers) by between 15%
and 20% compared to FY08's GBP298 million and a, possibly
material, reduction of free cash flow (FY08: GBP138 million),
Fitch now estimates that Ladbrokes's lease adjusted leverage could
increase to up to approximately 4.5x at FYE09 (FYE08: 4.1x),
compared to a previous expectation of only slightly above 4x.
While a decline might be achievable in FY10 on planned asset
disposals, cost savings and, if dividends were cut further, there
are also risks that these benefits could be offset by the strongly
competitive operating environment, weak consumer spending and the
temptation to raise again marketing costs in the pursuit of
retaining customers.


LEGGETTS TRANSPORT: Administrator Finds Buyer; About 70 Jobs Saved
------------------------------------------------------------------
A long-established road haulage business in Suffolk has been sold
out of administration by Smith & Williamson.

The accountancy and business advisory practice has found a buyer
for Leggetts Transport Ltd. after it went into administration last
month putting nearly 70 jobs at risk.

At short notice the potential buyer had loaned the administrators
over 500,000 to allow trading to continue while a sale was
negotiated.

Greg Palfrey of Smith & Williamson said: "It is very unusual in a
company of this size for someone to be prepared to risk so much to
save a business."

The 91-year-old Bury St. Edmonds haulier was hit hard by the
recession having already reported pre-tax losses over four
financial years.

Following the administration, the few owned assets and right to
use the Leggetts name have been sold to Marmex Ltd trading as
Leggetts Transport.  Most of the company's assets had been sold
before the administrators involvement, including the property, to
finance continued trading.

Mr. Palfrey said: "Saving almost 70 jobs is good news given the
severe difficulties the haulage industry is facing in the
recession.

"Throughout the process of administration, our focus has been on
finding a new owner who could take over and safeguard Leggetts
Transport while maximizing the return for creditors.

"Working with the purchaser we have been able to achieve this and
greatly enhance recoveries from existing contracts.  We are
pleased with the outcome."

Leggetts provides a range of logistics services including general
and container haulage, container storage and distribution and
total fleet management.

Before administration, the company had taken a series of steps to
reduce costs including voluntary redundancies, pay cuts and the
conversion of part of its Bury St Edmonds depot into a truck park.

Leggett's was able to continue trading while Mr Palfrey negotiated
the sale following his appointment on July 3.

In a statement, Marmex Ltd. thanked Smith & Williamson and said
the new company was intent upon delivering a very high level of
wide ranging professional logistical services to support a variety
of industrial sectors.

The statement said the immediate focus was to continue to satisfy
our existing customers, and use that as a platform to develop and
grow the business so that the brand of Leggetts Transport is
instantly recognized as being a top quality provider within its
sector, and a good partner with everyone associated with it.

Smith & Williamson is an independent professional and financial
services group employing over 1,500 people.  The group is a
leading provider of investment management, financial advisory and
accountancy services to private clients, professional practices
and mid-to-large corporates . The group operates from offices in
London, Belfast, Birmingham, Bristol, Dublin, Glasgow, Guildford,
Maidstone, Salisbury, Southampton, and Worcester.


LLOYDS BANKING: Sells Insight Business to BNY for GBP235 Million
----------------------------------------------------------------
Kate Burgess and John O'Doherty at The Financial Times report that
Lloyds Banking Group has agreed to sell its Insight asset
management business to Bank of New York Mellon for GBP235 million.

According to the FT, BNY is taking on GBP80 billion in funds
managed by Insight for clients outside the Lloyds group, as well
as the Insight management team led by Abdallah Nauphal.  The FT
says the GBP235 million price tag consists of GBP200 million in
cash and the remainder in equity.

The FT says Insight's remaining GBP57 billion of in-house funds --
Clerical Medical branded insurance policies and the Bank of
Scotland wealth management division -- are being transferred to
Scottish Widows Investment Partnership, based in Edinburgh,
increasing Swip's assets under management from GBP83 billion to
about GBP125 billion.

                              Loss

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Lloyds posted a loss of GBP3.1 billion
(US$5.2 billion) in the first half of 2009 compared with a profit
of GBP1.95 billion in the year-earlier period.  According to
Bloomberg, the bank set aside GBP13.4 billion in the period to
cover souring commercial and real estate loans.  Lloyds Chief
Executive Officer Eric Daniels, as cited by Bloomberg, said about
GBP10 billion of the provisions will be covered by the
government's asset protection program.

Lloyds sought a GBP17-billion bailout from taxpayers after it
agreed to buy HBOS in September in a government- brokered deal to
prevent the collapse of Britain's biggest mortgage lender.  The
U.K. government owns 43% of Lloyds.

                             Share Sale

Mark Herlihy at Bloomberg News, citing The Sunday Times, said that
Lloyds is considering plans for a multi-billion pound share sale
to lower its dependency on the U.K. Taxpayer.  According to
Bloomberg, the newspaper said the bank is mulling a partial
withdrawal from the government's asset protection program as Mr.
Daniels believes fees of GBP16 billion (US$26.7 billion) are too
high.

                  About Lloyds Banking Group PLC

Lloyds Banking Group PLC (LON:LLOY) --
http://www.lloydsbankinggroup.com/-- formerly Lloyds TSB Group
plc, is United Kingdom-based financial services company, whose
businesses provide a range of banking and financial services in
the United Kingdom and a limited number of locations overseas.
The operations of Lloyds TSB Group in the United Kingdom were
conducted through over 2,000 branches of Lloyds TSB Bank, Lloyds
TSB Scotland plc and Cheltenham & Gloucester plc during the year
ended December 31, 2007.  Cheltenham & Gloucester plc (C&G) is the
Company's specialist mortgage arranger.  Following the transfer of
its mortgage lending and deposits to Lloyds TSB Bank, during 2007,
C&G arranges mortgages for Lloyds TSB Bank rather than for its own
account.  International business is conducted mainly in the United
States and continental Europe.  Lloyds TSB Group's services in
these countries are offered through branches of Lloyds TSB Bank.
In January 2009, the Company acquired HBOS plc.


LUNAR FUNDING: Moody's Junks Ratings on Two Classes of Notes
------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of two
classes of notes issued by Lunar Funding I Limited.

These transactions represent the repackaging of Euro-Transferable
Custody Receipts.  The Receipts are transferable custodial
receipts issued under Ambac Assurance UK Limited's secondary
market financial guarantee programme which is currently rated
Caa2.

These rating actions are a result of the downgrade to Caa2 from
Ba3 of the Insurance Financial Strength Rating of Ambac Assurance
UK Limited.

Moody's monitors this transaction using primarily the methodology
and its supplements for repackaged securities as described in
Moody's Special Reports below:

  -- Repackaged Securities (October 2001)

  -- Moody's Refines Its Approach to Rating Structured Notes
     (July 1997)

The rating actions are:

Lunar Funding I Limited:

(1) Series 5 GBP15,000,000 Secured Asset-Backed Deferrable Fixed
    Rate Instalment Notes due 2031

    -- Current Rating: Caa2

    -- Prior Rating: Ba3

    -- Prior Rating Action Date: 17 April 2009, downgraded to Ba3
       from Baa1 under review for possible downgrade

(2)Series 6 GBP80,000,000 Secured Asset-Backed Deferrable Fixed
   Rate Instalment Notes due 2032

   -- Current Rating: Caa2

   -- Prior Rating: Ba3

   -- Prior Rating Action Date: 17 April 2009, downgraded to Ba3
      from Baa1 under review for possible downgrade


O' BRIEN'S: Two British Units Face Liquidation
----------------------------------------------
Barry O' Halloran at The Irish Times reports that O'Brien's Irish
Sandwich Bars (UK) and its sister company, O'Brien's Irish
Sandwich Bars (UK Property), are facing the prospect of
liquidation.

The report recalls the companies were placed under the protection
of the English high court in mid-June after the group ran into
difficulties on both sides of the Irish Sea.  Both are in
administration, a company rescue mechanism used under British law.

Citing figures lodged with the British Companies Office by
administrator Cameron Gunn, of corporate reorganization specialist
Resolve, the report discloses the sandwich bar business has a
GBP4.8 million shortfall, while the property company has a GBP3.4
million (EUR3.94 million) deficit.

According to the report, the British sandwich bars will continue
to trade as the group transferred the franchise agreements for
those businesses to a new company on June 1.  The report relates
the new company, O'Brien's Franchising UK Ltd, took over the
franchise agreements from the group's Irish parent, O'Brien's
Irish Sandwich Bars.

O'Brien's Sandwich Bars -- http://www.obriensonline.com/-- has
more than 300 stores providing healthy food option in 13 countries
across Europe, Asia, Australia and Africa.  The company sells
made-to-order hot or cold sandwiches -- ShambosTM, Tripledecker,
Wrappos and Toosties.  The extensive selection includes gourmet
coffees, fresh soups, patisseries, deli dishes, salads, snacks and
a wide range of soft drinks, including freshly made smoothies and
juices from the in-store juice bar offerings.


TAYLOR WIMPEY: Fitch Lifts Long-Term Issuer Default Rating to 'B'
-----------------------------------------------------------------
Fitch Ratings has upgraded Taylor Wimpey plc's Long-term Issuer
Default rating to 'B' from 'B-' and senior unsecured rating to
'B-' from 'CCC'.  Fitch has simultaneously removed both ratings
from Rating Watch Positive.  The Recovery Rating on the debt is
'RR5'.  The Short-term IDR has been affirmed at 'B'.  The Outlook
on the Long-term IDR is Stable.

The upgrade of the ratings reflects TW's improved credit profile,
largely due to debt amendments in April which avoided an imminent
covenant breach and aligned all bank and bond maturities to 2012,
a GBP510 million equity raising in May which reduced debt levels,
and evidence of positive free cash flow (GBP233 million at H109,
on a LTM basis).  These measures were achieved despite a severe
downturn in TW's key UK and US housing markets.  TW's ratings had
been on RWP pending receipt of information and a review of TW's
updated strategy and forecasts, which has now been completed.

The ratings are nonetheless constrained by significant concerns
that TW may not be sufficiently cash-generative over the coming
three years to repay or support the refinancing of up to GBP1,875
million (if fully drawn) of debt maturities in 2012, especially if
housing market conditions remain weak.  Despite the reduction in
debt following the equity issuance, TW remains over-leveraged with
net debt of GBP1,034 million relative to funds from operations
(FFO) of GBP58.2 million as of H109, on an LTM basis.

TW's ability to deleverage and position itself for a refinancing
remains highly dependent on market conditions.  Despite tentative
signs of a stabilization in the UK housing market, fundamental
indicators, such as unemployment, affordability, mortgage lending
and interest rate expectations point to risks of further market
weakness over the coming 1-3 years.  Weak market conditions, or
even a secondary downturn, could stress TW's cash flows to the
point where material deleveraging is not achievable.

The ability of TW to reduce debt will also depend on its
management of working capital.  The recent contraction in the
business, which has caused working capital to unwind, has helped
TW generate significant FCF, and boosted key credit metrics such
as CFO/net debt (to 33% at H109, versus 10% at FY08).  However,
the company must reinvest in the business going forward, and to
this end, TW may increase the number of active sites and resume
land purchases in H209.  This will likely reduce future working
capital inflows, thus diminishing FCF and limiting further debt
reduction over the near term.  While investing in sites and new
land is essential to drive growth, doing so could also heighten
TW's exposure to further market weakness.

Covenant headroom may also be a concern going forward, with Fitch
forecasting that TW could struggle to comply with its operational
cash flow covenant by as early as 2011 as covenant levels tighten.
Thus although TW's current liquidity position appears strong (with
cash balances of GBP73 million and access to GBP806 million of
committed undrawn facilities at H109, relative to zero scheduled
debt maturities until 2012), liquidity issues could re-emerge if
covenant compliance becomes problematic.

The Outlook on TW's Long-term IDR is Stable.  In rating TW, Fitch
has assumed a period of stagnation for the UK housing market; but
should market conditions surprise on either the up or downside,
this could affect the ratings.  TW's ability to deleverage and
repair its balance sheet to support a refinancing before 2012 will
also be a key rating driver.  If TW can significantly deleverage
over the next 18-24 months, the ratings could be upgraded further,
although similarly a downgrade could also occur if deleveraging is
slow to materialize and/or covenant headroom diminishes.

TW's senior unsecured debt continues to be notched down from the
IDR to reflect subordination concerns.  Fitch believes that up to
GBP1,804 million of creditors could effectively rank ahead of TW's
senior unsecured obligations under a default scenario, including
GBP1,453 million of pension liabilities (valued on FY08's full
buyout cost), GBP150 million of secured land creditors (as of
H109) and approximately GBP200 million of currently undrawn
overdrafts and bonding lines.  Fitch estimates that senior
unsecured creditors would recover only approximately 11% ('RR5').


* UK: English Football Clubs Struggles to Stay Solvent, PKF Says
----------------------------------------------------------------
Football clubs across all the English Leagues are having to juggle
their finances to stay solvent in the current economic climate,
according to an in-depth survey of football club Finance Directors
published Wednesday by PKF Accountants & business advisers.

PKFs eighth annual survey, Staying on the ball how clubs are
responding to the credit crunch, shows that all leagues are
suffering from the recession, but in different ways.

Philip Long, head of corporate recovery at PKF and football sector
specialist, said: "Given the cataclysmic financial and economic
events over the last 12 months, it is not surprising that the
results of our survey reflect the predominant themes affecting the
UK economy.  More clubs are finding it harder to raise funding,
more are digging deep into their overdraft facilities to keep
going, and fewer expect to make a profit this season."

"Finance directors are also clamping down on the size of the
squads and trying to curb both player salaries and transfer fees
although the recent EPL signings suggest that the big clubs are
still immune from some of the financial pressures on the smaller
leagues."

Credit crunch affects all revenue streams

Merchandising and corporate hospitality show the largest falls in
the last year for both, 38% of clubs reported reductions of
greater than 5%.

For the year ahead, three quarters of the EPL respondents are
anticipating a reduction in income of between 5% and 20% for
corporate hospitality, but appear largely confident that match and
season ticket sales will hold up.  The EFLC, however, is concerned
about match and season ticket revenue, while the FL1 is most
concerned about a fall in merchandising revenue.

At the same time, more than a third of clubs are under more
pressure from their banks an overall increase from 24% last year
and half of all respondents envisage using more than 90% of the
bank overdraft facility in the year ahead up from 41% in 2008.
But the league under the most financial pressure appears to be the
EFLC with more than three quarters of its respondents intending to
use more than 90% of their facility this year up from 44% last
year.

Mr. Long, head of corporate recovery at PKF and a football sector
specialist, said: "Arguably, it is clubs in the EFLC that have the
biggest gamble, do they spend to try to reach the EPL (the Holy
Grail) or spend to avoid relegation?

"Either way, the price of failure could be catastrophic.  Clubs
must plan for all eventualities and unsuccessful speculation using
bank debt could be a one-way ticket to insolvency."

Mr. Long continued, "What is surprising and moreover, concerning,
is that across each revenue stream around 1/3 of clubs do not
believe the credit crunch will have any impact on their
operations.  In my view this is wishful thinking.  Clubs must
appreciate that the continuing economic uncertainty and rise in
unemployment will affect their supporters ability to spend over
the coming season."

Further squeeze on first team size and costs but not for EPL
Finance directors control over player costs tightened again this
year.  Nearly two thirds (62%) plan to have a smaller squad size
this year compared with 35% in 2008 and just 25% in 2007.

Only 12% are planning on increasing the size of the squad while
27% of the total sample but 75% of EPL respondents are budgeting
for the same size squad as last year.

Half the respondents will also be spending less on the first team
payroll next season compared with just 19% in 2008.  This is the
first time that the trend for increasing the payroll costs has
been reversed.

The EPL clubs restraint on squad size, however, does not extend to
payroll costs with 75% budgeting for a larger payroll perhaps
indicating a strategy to concentrate on quality rather than
quantity.

Stuart Barnsdall, Audit Partner, Football Industry Group said,
"The overall trend appears to be that clubs are cutting down on
the size of their squad in order to spend more on their star
players.  In particular, none of the EPL respondents are
increasing the size of their first team squad but three quarters
of them will be spending more on their payroll."

"Again, the product is everything with only the EPL bucking the
downward trend which indicates that the financial gap between the
haves and have nots is widening.  The EPL is the promised land
with everyone wanting to be there."


* BOND PRICING: For the Week August 10 to August 14, 2009
---------------------------------------------------------

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

AUSTRIA
-------
CONWERT IMMO INV       1.500   11/12/2014     EUR    74.97
ERSTE GROUP            8.000    8/31/2009     EUR    69.29
HTM SPORT FREIZE       8.500     2/1/2014     EUR    30.38
HTM SPORT FREIZE       8.500     2/1/2014     EUR    30.38
IMMOFINANZ IMMOB       2.750    1/20/2014     EUR    62.56
IMMOFINANZ             1.250   11/19/2017     EUR    60.02
KOMMUNALKREDIT         0.500    3/15/2019     CAD    63.14
OESTER VOLKSBK         5.450     8/2/2019     EUR    62.59
OESTER VOLKSBK         4.810    7/29/2025     EUR    47.25
OESTER VOLKSBK         5.270     2/8/2027     EUR    90.03

BELGIUM
-------
FORTIS BANK            8.750    12/7/2010     EUR    26.05

CZECH REPUBLIC
--------------
CZECH REPUBLIC         2.750    1/16/2036     JPY    53.08

FINLAND
-------
MUNI FINANCE PLC       1.000   11/21/2016     NZD    69.23
MUNI FINANCE PLC       1.000   10/30/2017     AUD    58.00
MUNI FINANCE PLC       1.000    2/27/2018     AUD    56.44
MUNI FINANCE PLC       0.500    9/24/2020     CAD    51.47
MUNI FINANCE PLC       0.250    6/28/2040     CAD    21.68

FRANCE
------
AIR FRANCE-KLM         4.970     4/1/2015     EUR    13.41
ALCATEL SA             4.750     1/1/2011     EUR    15.91
ATARI SA               4.000     4/1/2020     EUR     0.63
CALYON                 6.000    6/18/2047     EUR    46.87
CAP GEMINI SA          2.500     1/1/2010     EUR    51.71
CAP GEMINI SOGET       1.000     1/1/2012     EUR    43.96
CAP GEMINI SOGET       3.500     1/1/2014     EUR    42.70
CLUB MEDITERRANE       4.375    11/1/2010     EUR    48.61
DEXIA MUNI AGNCY       4.680     3/9/2029     CAD    63.98
EUROPCAR GROUPE        8.125    5/15/2014     EUR    71.75
EUROPCAR GROUPE        8.125    5/15/2014     EUR    72.67
SOC AIR FRANCE         2.750     4/1/2020     EUR    19.77

GERMANY
-------

ARCANDOR AG            8.875    7/11/2013     EUR    70.71
DEPFA PFANDBRIEF       3.435    3/16/2011     EUR    99.20
DEPFA PFANDBRIEF       5.886    2/22/2019     EUR    65.81
DEUTSCHE BK LOND       3.000    5/18/2012     CHF    72.56
DEUTSCHE BK LOND       3.250    5/18/2012     CHF    48.80
DEUTSCHE BK LOND       1.000    3/31/2027     USD    42.87
ESCADA AG              7.500     4/1/2012     EUR    16.50
ESCADA AG              7.500     4/1/2012     EUR    20.00
GOTHAER ALLG VER       5.527    9/29/2026     EUR    59.61
GROHE HOLDING          8.625    10/1/2014     EUR    64.73
GROHE HOLDING          8.625    10/1/2014     EUR    63.38
HSH NORDBANK AG        4.375    2/14/2017     EUR    62.90
HVB REAL ESTATE        6.570    3/18/2022     EUR    85.16
HYPO REAL ESTATE       5.440    4/13/2034     EUR    89.75
HYPOREAL INTL AG       4.050     2/8/2016     EUR    90.99
HYPOREAL INTL AG       4.560    3/28/2021     EUR    72.40
IKB DEUT INDUSTR       4.500     7/9/2013     EUR    73.11
IKB DEUT INDUSTR       5.670    2/27/2023     EUR    74.51
IKB DEUT INDUSTR       5.760    3/31/2023     EUR    75.10
IKB DEUT INDUSTR       4.080   12/20/2035     EUR    73.39
IWKA FINANCE           3.750    11/9/2011     EUR    73.95
L-BANK FOERDERBK       0.500    5/10/2027     CAD    40.63

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

IRELAND
-------
ALFA BANK              8.635    2/22/2017     USD    80.75
ALLIED IRISH BKS       7.875     7/5/2023     GBP    76.13
ALLIED IRISH BKS       5.250    3/10/2025     GBP    55.17
ALLIED IRISH BKS       5.625   11/29/2030     GBP    52.61
BANESTO FINANC         6.120    11/7/2037     EUR     6.12
BANK OF IRELAND        4.875    1/22/2018     GBP    70.28
DEPFA ACS BANK         0.500     3/3/2025     CAD    32.04
DEPFA ACS BANK         3.250    7/31/2031     CHF    95.79
DEPFA ACS BANK         4.900    8/24/2035     CAD    69.55
DEPFA ACS BANK         5.125    3/16/2037     USD   107.89
DEPFA BANK PLC        11.000     2/7/2011     BRL    70.90
GE CAP EUR FUND        4.625    2/22/2027     EUR    83.39
IRISH LIFE & PER       4.625     5/9/2017     EUR    62.11
IRISH NATIONWIDE       5.500    1/10/2018     GBP    42.40
UT2 FUNDING PLC        5.321    6/30/2016     EUR    51.22

ITALY
-----
CIR SPA                5.750   12/16/2024     EUR    74.45
COMUNE DI MILANO       4.019    6/29/2035     EUR    71.74

LUXEMBOURG
----------
BANK OF MOSCOW         6.807    5/10/2017     USD    82.77
BANQUE INTL LUX        2.500    7/14/2025     JPY    71.86
BREEZE                 4.524    4/19/2027     EUR    91.68
CERRUTI FINANCE        6.500    7/26/2004     EUR     8.49
CODERE FIN LUX         8.250    6/15/2015     EUR    74.63
CODERE FIN LUX         8.250    6/15/2015     EUR    74.38
CRC BREEZE             5.290     5/8/2026     EUR    68.72
GLENCORE FINANCE       7.125    4/23/2015     EUR    97.73
GLOBUS CAPITAL         8.500     3/5/2012     USD    71.56
HELLAS III             8.500   10/15/2013     EUR    63.01
IT HOLDING FIN         9.875   11/15/2012     EUR    17.46

NETHERLANDS
-----------
ABN AMRO BANK NV       4.650     6/4/2018     USD    74.87
ABN AMRO BANK NV       4.650     6/4/2018     USD    74.87
ABN AMRO BANK NV       7.540    6/29/2035     EUR    61.83
AIR BERLIN FINAN       1.500    4/11/2027     EUR    52.97
ALB FINANCE BV         9.000   11/22/2010     USD    23.49
ALB FINANCE BV         8.750    4/20/2011     USD    22.48
ALB FINANCE BV         7.875     2/1/2012     EUR    22.94
ALB FINANCE BV         9.250    9/25/2013     USD    22.45
ASTANA FINANCE         7.875     6/8/2010     EUR    20.00
ASTANA FINANCE         9.000   11/16/2011     USD    18.97
BK NED GEMEENTEN       0.500    6/27/2018     CAD    68.49
BK NED GEMEENTEN       0.500    2/24/2025     CAD    43.61
EM.TV FINANCE BV       5.250     5/8/2013     EUR     3.26
GIVAUDAN NEDER         5.375     3/1/2010     CHF    71.67
GMAC INTL FIN BV       5.000    8/15/2010     EUR    73.75
HALYK SAVINGS BK       7.250     5/3/2017     USD    74.18
HEIDELCEMENT FIN       5.625     1/4/2018     EUR    73.69
INDAH KIAT INTL       11.875    6/15/2002     USD     7.13
ING BANK NV            4.200   12/19/2035     EUR    69.55
IVG FINANCE BV         1.750    3/29/2017     EUR    49.56
JP MORGAN STRUCT      15.000     9/4/2009     USD    74.91
KAZKOMMERTS FIN        8.625    7/27/2016     USD    53.29
KAZKOMMERTS FIN        8.500    6/13/2017     USD    49.50
KAZKOMMERTS INTL       5.125    3/23/2011     EUR    69.90
KAZKOMMERTS INTL       7.625    2/13/2012     GBP    66.01
KAZKOMMERTS INTL       8.500    4/16/2013     USD    69.81
KAZKOMMERTS INTL       7.875     4/7/2014     USD    64.84
KAZKOMMERTS INTL       8.000    11/3/2015     USD    65.13
KAZKOMMERTS INTL       7.500   11/29/2016     USD    61.08
KAZKOMMERTS INTL       7.500   11/29/2016     USD    60.96
KAZKOMMERTS INTL       6.875    2/13/2017     EUR    57.66
KBC IFIMA NV           6.004     2/7/2025     USD    62.42
MAGYAR TELECOM        10.750    8/15/2012     EUR    72.75
MAGYAR TELECOM        10.750    8/15/2012     EUR    74.74
TURANALEM FIN BV       7.875     6/2/2010     USD    21.99
TURANALEM FIN BV       6.250    9/27/2011     EUR    19.99
TURANALEM FIN BV       7.750    4/25/2013     USD    20.96
TURANALEM FIN BV       8.000    3/24/2014     USD    21.05
TURANALEM FIN BV       8.500    2/10/2015     USD    20.99
TURANALEM FIN BV       8.250    1/22/2037     USD    19.95

NORWAY
------
EKSPORTFINANS          0.500     5/9/2030     CAD    32.48

SPAIN
-----
BALEAR GOV'T           4.063   11/23/2035     EUR    74.63
COMUN AUTO CANAR       3.900   11/30/2035     EUR    71.67
GENERAL DE ALQUI       2.750    8/20/2012     EUR    50.21
XUNTA DE GALICIA       4.025   11/28/2035     EUR    74.73

SWITZERLAND
-----------
CYTOS BIOTECH          2.875    2/20/2012     CHF    42.77

UNITED KINGDOM
--------------
3I GROUP PLC           5.750    12/3/2032     GBP    73.93
ALPHA CREDIT GRP       2.940     3/4/2035     JPY    62.79
AMDOCS LIMITED         0.500    3/15/2024     USD    74.00
AMLIN PLC              6.500   12/19/2026     GBP    76.84
ANGLIAN WAT FIN        2.400    4/20/2035     GBP    56.19
ASPIRE DEFENCE         4.674    3/31/2040     GBP    74.99
ASPIRE DEFENCE         4.674    3/31/2040     GBP    74.99
BANK OF SCOTLAND       6.000    2/22/2017     EUR    73.68
BANK OF SCOTLAND       2.000    2/22/2021     JPY    72.97
BANK OF SCOTLAND       2.860   12/13/2021     CHF    74.77
BANK OF SCOTLAND       2.189    3/12/2022     JPY    72.26
BANK OF SCOTLAND       2.340   12/28/2026     JPY    64.76
BANK OF SCOTLAND       2.408     2/9/2027     JPY    65.04
BANK OF SCOTLAND       2.359    3/27/2029     JPY    61.04
BANK OF SCOTLAND       6.200     2/7/2035     EUR    59.42
BARCLAYS BK PLC       11.650    5/20/2010     USD    46.38
BARCLAYS BK PLC        7.610    6/30/2011     USD    49.91
BRADFORD&BIN BLD       7.625    2/16/2010     GBP     4.00
BRADFORD&BIN BLD       5.500    1/15/2018     GBP     5.99
BRADFORD&BIN BLD       5.750   12/12/2022     GBP     4.75
BRADFORD&BIN BLD       4.910     2/1/2047     EUR    68.86
BRADFORD&BIN PLC       6.625    6/16/2023     GBP     5.99
BRIT INSURANCE         6.625    12/9/2030     GBP    62.66
BRIXTON PLC            6.000    9/30/2019     GBP    70.73
BROADGATE FINANC       5.098     4/5/2033     GBP    65.71
CATTLES PLC            7.875    1/17/2014     GBP     9.50
CITY OF KIEV           8.000    11/6/2015     USD    66.73
CITY OF KYIV           8.250   11/26/2012     USD    69.25
CLERICAL MED FIN       6.450     7/5/2023     EUR    73.00
CJSC FIRST UKRAI       9.750    2/16/2010     USD    53.48
CO-OPERATIVE BNK       5.625   11/16/2021     GBP    76.22
CO-OPERATIVE BNK       5.750    12/2/2024     GBP    67.63
CO-OPERATIVE BNK       5.875    3/28/2033     GBP    61.57
DAILY MAIL & GEN       5.750    12/7/2018     GBP    72.59
DAILY MAIL & GEN       6.375    6/21/2027     GBP    65.64
EFG HELLAS PLC         2.760    5/11/2035     JPY    57.59
ENTERPRISE INNS        6.500    12/6/2018     GBP    76.05
ENTERPRISE INNS        6.875    2/15/2021     GBP    70.57
ENTERPRISE INNS        6.875     5/9/2025     GBP    72.11
ENTERPRISE INNS        6.375    9/26/2031     GBP    70.24
F&C ASSET MNGMT        6.750   12/20/2026     GBP    61.67
GREENE KING FIN        5.106    3/15/2034     GBP    74.08
GREENE KING FIN        5.702   12/15/2034     GBP    57.86
HANSON LTD             6.125    8/15/2016     USD    80.00
HBOS PLC               4.500    3/18/2030     EUR    62.17
HBOS PLC               6.000    11/1/2033     USD    62.22
HBOS PLC               6.000    11/1/2033     USD    62.22
INEOS GRP HLDG         7.875    2/15/2016     EUR    45.36
INEOS GRP HLDG         7.875    2/15/2016     EUR    45.25
INEOS GRP HLDG         8.500    2/15/2016     USD    45.76
INEOS VINYLS FIN       9.125    12/1/2011     EUR    59.63
INEOS VINYLS FIN       9.125    12/1/2011     EUR    59.63
NBG FINANCE PLC        2.755    6/28/2035     JPY    67.24
PRUDENTIAL BANK        6.875   12/29/2021     GBP    68.55
UNIQUE PUB FIN         7.395    3/28/2024     GBP    72.43
UNIQUE PUB FIN         5.659    6/30/2027     GBP    73.82
UNIQUE PUB FIN         6.464    3/30/2032     GBP    57.13

                            *********

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 * * *