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

                           E U R O P E

           Monday, October 26, 2009, Vol. 10, No. 211

                            Headlines

A R M E N I A

ACBA-CREDIT AGRICOLE: Moody's Cuts Cur. Deposit Rating to 'Ba2'
ARDSHININVESTBANK: Moody's Cuts Currency Deposit Rating to 'Ba2'


A U S T R I A

BGU UNTERNEHMENSBERATUNG: Claims Filing Deadline is November 9
MOZ GMBH: Claims Filing Deadline is November 9
TAN TRANS: Claims Filing Deadline is November 9
TOMIC-VERPUTZ: Claims Filing Deadline is November 6


B E L G I U M

DE ROUCK: Board to Convene on Oct. 29 to Prepare for EGM


F R A N C E

REMY COINTREAU: Sales Down 0.7% in Six Months Ended June 30
THOMSON SA: CDS Traders Set Debt Recovery Value at 63.25%
VIVENDI UNIVERSAL: Ex-CEO Bronfman Faces Trial for Insider Trading


G E R M A N Y

ARCANDOR AG: Deutsche Post to Lose Jobs Over Quelle Closure
DEUTSCHE POST: To Lose 400 Jobs in Germany Over Quelle Closure
TALISMAN-6 FINANCE: Fitch Junks Ratings on Two Classes of Notes


I C E L A N D

* ICELAND: Inks Deal with UK, Netherlands on Depositor Refund


I R E L A N D

CRYSTAL CREDIT: Transaction Updates Won't Affect S&P's Ratings
FLEMING GROUP: Creditors to Recover Less If ACC Claim Succeeds
ZOE GROUP: Court Awards Costs to ACC Over Appointment of Examiner


K A Z A K H S T A N

ADAMANT LLP: Creditors Must File Claims by October 28
BEK OIL: Creditors Must File Claims by October 28
CONNECT PLUS: Creditors Must File Claims by October 28
GOR PROJECT: Creditors Must File Claims by October 28
KANTAR 8: Creditors Must File Claims by October 28

KAZ ENERGY: Creditors Must File Claims by October 28
STROY INVEST: Creditors Must File Claims by October 28
STROY ZAKAZ: Creditors Must File Claims by October 28
UPRAVLENIYE ENERGO: Creditors Must File Claims by October 28


K Y R G Y Z S T A N

ART-LINE LLC: Creditors Must File Claims by November 11
KAZ TRANS: Creditors Must File Claims by November 11


L U X E M B O U R G

EUROMAX IV: S&P Junks Ratings on F1 Combo Notes From 'BBB-'


N E T H E R L A N D S

DSB BANK: Holding Company Declared Bankrupt
DSB BEHEER: Declared Bankrupt; Companies to Be Sold
FAB CBO: S&P Cuts Ratings on Two Classes of Notes to 'BB+'
FORTIS BANK: Moody's Affirms 'C' Bank Strength Rating
SNS REAAL: Moody's Reviews 'Ba1' Preferred Stock Rating


R U S S I A

CONCRETE PRODUCTS: Creditors Must File Claims by November 2
EKO-LIPETSK LLC: Creditors Must File Claims by November 2
IVANOVSKIY FORESTRY: Creditors Must File Claims by November 2
KOPYEVSKIY DAIRY: Creditors Must File Claims by November 2
MEDNOGORSKIY BREWERY: Creditors Must File Claims by November 2

PREMYER-STROY LLC: Creditors Must File Claims by November 2
ROS-STROY LLC: Creditors Must File Claims by November 2
RUS-STROY LLC: Creditors Must File Claims by November 2
SERGACHSKIY MEAT: Creditors Must File Claims by November 2
TEKH-STROY LLC: Creditors Must File Claims by November 2

TEYKOVSKAYA COTTON: Creditors Must File Claims by November 2
TRANS-PROM LLC: Creditors Must File Claims by November 2


S W E D E N

ARCHANGEL DIAMOND: Stockholm Arbitration Terminated


S W I T Z E R L A N D

ADEWES GMBH: Claims Filing Deadline is December 15
AESCHLIMANN BAUMANAGEMENT: Claims Filing Deadline is December 11
AQUA LUNG: Claims Filing Deadline is March 22
CLUB TOURISM: Claims Filing Deadline is November 30
INTER HABITAT: Claims Filing Deadline is December 11

KUMAG IMMOBILIEN: Claims Filing Deadline is November 16
MELILEO GMBH: Claims Filing Deadline is December 2
TENNIS-CENTER RALPH: Claims Filing Deadline is January 8
TURBO PROP: Claims Filing Deadline is November 30
V. + D. SCHADEGG: Claims Filing Deadline is November 30


U K R A I N E

ALCOPRIM LLC: Creditors Must File Claims by October 29
INDUSTRIAL SERVICE : Creditors Must File Claims by October 29
ITS-CENTER LLC: Creditors Must File Claims by October 29
PRAGA SERVICE: Creditors Must File Claims by October 29
SWEDBANK INVEST: Moody's Withdraws 'E' Bank Strength Rating

TREND LLC: Creditors Must File Claims by October 29


U N I T E D   K I N G D O M

DEVON CIDER: In Administration; Vantis Appointed
MG ROVER: Investors to Face Probe Over Role in Collapse
NATIONAL EXPRESS: Lenders Agree to Reschedule Debt Repayments
NORTHERN ROCK: EU to Approve Restructuring Plan This Week


X X X X X X X X

* Ropes & Gray to Open London Office

* BOND PRICING: For the Week October 19 to October 23, 2009


                         *********



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A R M E N I A
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ACBA-CREDIT AGRICOLE: Moody's Cuts Cur. Deposit Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service downgraded the long-term global local
currency deposit ratings of two Armenian banks -- ACBA-Credit
Agricole and Ardshininvestbank -- to Ba2 from Ba1.  None of the
other ratings assigned to these banks were affected by this
action.  The outlook on all ratings of both banks is now stable.

The rating actions conclude the reviews for possible downgrade
initiated on the affected ratings on May 27, 2009.  The reviews
were prompted by Moody's global reassessment of systemic support
available to banks and in particular a reassessment of the
Armenian government's ability to provide support to its banking
system.

Like most governments, the Armenian authorities are at least as
(if not more) likely to support their banking system as they are
to service their own debt, a view that has traditionally led to
bank ratings benefiting from significant uplift.  However, Moody's
believes it is more appropriate to use the government's debt
rating as a reference rating to measure its ability to provide
public support to banks, instead of the local currency deposit
ceiling, as previously.  Consequently, Armenia's systemic support
indicator is Ba1, one notch above the government's Ba2 local
currency bond rating.  As a result, and in light of Moody's
assessment of a moderate probability of systemic support for the
two banks (constrained by Armenia's highly dollarised economy),
their GLC deposit ratings now receive a one-notch uplift from
their respective Ba3 baseline credit assessments, the measure of
their intrinsic or standalone financial strength.

The bank financial strength ratings of ACBA-Credit Agricole and
Ardshininvestbank are unaffected as Moody's believes that their
adequate capitalisation enables them to absorb a level of stress
in line with current loss assumptions.

The detailed ratings and actions are listed below:

ACBA-Credit Agricole:

  -- Bank financial strength (BFSR): D- (stable outlook)

  -- Long- and short-term global local currency (GLC) deposit
     ratings: Ba2 (downgraded from Ba1)/Not Prime (stable outlook)

  -- Long- and short-term foreign currency deposit ratings:
     Ba3/Not Prime (stable outlook)

Ardshininvestbank:

  -- Bank financial strength (BFSR): D- (stable outlook)

  -- Long- and short-term global local currency (GLC) deposit
     ratings: Ba2 (downgraded from Ba1)/Not Prime (stable outlook)

  -- Long- and short-term foreign currency deposit ratings:
     Ba3/Not Prime (stable outlook)

Moody's previous rating action on both ACBA-Credit Agricole and
Ardshininvestbank was on May 27, 2009, when the rating agency
placed both banks' Ba1 long-term GLC deposit ratings on review for
possible downgrade.

Headquartered in Yerevan, ACBA-Credit Agricole and
Ardshininvestbank had total assets of AMD140 billion
(US$391 million) and AMD115 billion (US$320 million),
respectively, as at the end of June 2009.


ARDSHININVESTBANK: Moody's Cuts Currency Deposit Rating to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service downgraded the long-term global local
currency deposit ratings of two Armenian banks -- ACBA-Credit
Agricole and Ardshininvestbank -- to Ba2 from Ba1.  None of the
other ratings assigned to these banks were affected by this
action.  The outlook on all ratings of both banks is now stable.

The rating actions conclude the reviews for possible downgrade
initiated on the affected ratings on May 27, 2009.  The reviews
were prompted by Moody's global reassessment of systemic support
available to banks and in particular a reassessment of the
Armenian government's ability to provide support to its banking
system.

Like most governments, the Armenian authorities are at least as
(if not more) likely to support their banking system as they are
to service their own debt, a view that has traditionally led to
bank ratings benefiting from significant uplift.  However, Moody's
believes it is more appropriate to use the government's debt
rating as a reference rating to measure its ability to provide
public support to banks, instead of the local currency deposit
ceiling, as previously.  Consequently, Armenia's systemic support
indicator is Ba1, one notch above the government's Ba2 local
currency bond rating.  As a result, and in light of Moody's
assessment of a moderate probability of systemic support for the
two banks (constrained by Armenia's highly dollarised economy),
their GLC deposit ratings now receive a one-notch uplift from
their respective Ba3 baseline credit assessments, the measure of
their intrinsic or standalone financial strength.

The bank financial strength ratings of ACBA-Credit Agricole and
Ardshininvestbank are unaffected as Moody's believes that their
adequate capitalisation enables them to absorb a level of stress
in line with current loss assumptions.

The detailed ratings and actions are listed below:

ACBA-Credit Agricole:

  -- Bank financial strength (BFSR): D- (stable outlook)

  -- Long- and short-term global local currency (GLC) deposit
     ratings: Ba2 (downgraded from Ba1)/Not Prime (stable outlook)

  -- Long- and short-term foreign currency deposit ratings:
     Ba3/Not Prime (stable outlook)

Ardshininvestbank:

  -- Bank financial strength (BFSR): D- (stable outlook)

  -- Long- and short-term global local currency (GLC) deposit
     ratings: Ba2 (downgraded from Ba1)/Not Prime (stable outlook)

  -- Long- and short-term foreign currency deposit ratings:
     Ba3/Not Prime (stable outlook)

Moody's previous rating action on both ACBA-Credit Agricole and
Ardshininvestbank was on May 27, 2009, when the rating agency
placed both banks' Ba1 long-term GLC deposit ratings on review for
possible downgrade.

Headquartered in Yerevan, ACBA-Credit Agricole and
Ardshininvestbank had total assets of AMD140 billion
(US$391 million) and AMD115 billion (US$320 million),
respectively, as at the end of June 2009.


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


BGU UNTERNEHMENSBERATUNG: Claims Filing Deadline is November 9
--------------------------------------------------------------
Creditors of BGU Unternehmensberatung GmbH have until November 9,
2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 23, 2009 at 11:05 a.m.

For further information, contact the company's administrator:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at


MOZ GMBH: Claims Filing Deadline is November 9
----------------------------------------------
Creditors of Moz GmbH have until November 9, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 23, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

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


TAN TRANS: Claims Filing Deadline is November 9
-----------------------------------------------
Creditors of Tan Trans GmbH have until November 9, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 23, 2009 at 10:55 a.m.

For further information, contact the company's administrator:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 406 05 51-Serie
         Fax: 406 96 01
         E-mail: kanzlei@jus.at


TOMIC-VERPUTZ: Claims Filing Deadline is November 6
---------------------------------------------------
Creditors of Tomic-Verputz GmbH have until November 6, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 20, 2009 at 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


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


DE ROUCK: Board to Convene on Oct. 29 to Prepare for EGM
-----------------------------------------------------------
John Martens at Bloomberg News reports that De Rouck Geomatics SA
said its board will convene on Oct. 29 to draw up a report for an
extraordinary meeting "where investors will be asked whether to
pursue activities."

According to Bloomberg, De Rouck Geomatics reported a nine-month
net loss of EUR1.6 million.

As reported in the Troubled Company Reporter-Europe on July 8,
2009, Bloomberg News said De Rouck Geomatics obtained creditor
protection for six months from the commercial court in Nivelles,
allowing the company to reorganize itself.

De Rouck Geomatics SA -- http://www.derouckgeomatics.be-- is a
Belgium-based cartography company that creates maps of Belgium in
different formats, such as guides, maps, atlas, compact disc read
only memory (CD-ROM) or databases.  Its range of products includes
Mapscope, StreetFinder, GeoTwig and VIP Security.  The Mapscope
product allows users to see their location on a color-coded map of
Belgium.  It also markets the software StreetFinder, which is a
tool that helps structuring databases of addresses.  The Company's
products are intended to both professionals and private users.


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


REMY COINTREAU: Sales Down 0.7% in Six Months Ended June 30
-----------------------------------------------------------
Ladka Bauerova at Bloomberg News reported that Remy Cointreau SA
posted a smaller sales decline after demand for cognac in the U.S.
and Asia improved.

According to Bloomberg, the company said sales in the six months
ended June 30 fell 0.7% to EUR362.7 million (US$543 million) from
EUR365.2 million a year earlier.  That was less than the 7.5%
decline reported for the first quarter, Bloomberg notes.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

Remy Cointreau SA continues to carry a Ba2 corporate family rating
and senior unsecured rating from Moody's Investors Service with
negative outlook.

The company still carries 'BB-' long-term corporate credit and
debt ratings from Standard & Poor's Ratings Services with negative
outlook.


THOMSON SA: CDS Traders Set Debt Recovery Value at 63.25%
---------------------------------------------------------
Patricia Kuo at Bloomberg News, citing Markit Group Ltd. and
Creditex Group Inc., reports that credit-default swap traders set
a final recovery value of as low as 63.25% on Thomson SA's bonds
at an auction on Oct. 22.

Bloomberg recalls the credit insurance was triggered after Thomson
deferred payments on US$72.5 million of 6.05% privately placed
notes earlier this year.

Bloomberg relates auctions took place Oct. 22 setting final
recovery values for Thomson bonds in three maturity groups, or
buckets.  Bloomberg, citing administrators Markit and Creditex,
discloses notes with a maturity of 2 1/2 years were given a
recovery value of 96.25%, five-year bonds were valued at 65.125%
and 7 1/2-year debt was valued at 63.25%.

                           Restructuring

Thomson restructured more than EUR2 billion (US$3 billion) of debt
in July to avert bankruptcy, and it said in a statement Oct. 22
that it won more senior creditor backing since then.

"It's the first credit restructuring event in Europe" and "the
fact the company is still negotiating with creditors on the
restructuring adds a lot of uncertainty to the situation,"
Bloomberg quoted Teo Lasarte, a credit strategist at Bank of
America-Merrill Lynch in London, as saying.

                         About Thomson SA

France-based Thomson SA -- http://www.thomson.net/-- provides
technology, services, and systems to Media & Entertainment (M&E)
clients, including content creators, content distributors and
broadcasters.  It has three principal operating divisions:
Services, Systems (previously Systems & Equipment) and Technology.
The remaining activities are regrouped in two additional segments:
Other and Corporate.  The Services Division offers end-to-end
management of video-related services for its customers in the M&E
industries.  Systems division plays a role in supplying hardware
and software technology for the M&E industries in the areas of
production, delivery, management, transmission, and access.
Technology division includes activities, such as corporate
research; Silicon Solutions: Integrated Circuit design and tuners,
and Software & Technology Solutions: video and audio security
solutions, and other technologies.  In December 2008, the Company
sold its digital film equipment product line.

                           *     *     *

On Aug. 3, 2009, the Troubled Company Reporter-Europe reported
that Standard & Poor's Ratings Services said that its ratings on
French technology group Thomson S.A. (SD/--/SD) are not
immediately affected by the company's announcement on July 24,
2009, that it signed an agreement with a majority of its senior
lenders to restructure its balance sheet.  The agreement,
involving primarily a debt-for-equity swap, is conditional on a
number of requirements.  Upon implementation of a restructuring
agreement or the filing, if any, of legal proceedings -- whichever
occurs first -- S&P will revise all of S&P's ratings on Thomson to
'D' (default), in accordance with S&P's criteria.

As reported in the Troubled Company Reporter-Europe on
May 21, 2009, Moody's Investors Service changed to Ca/LD from Ca
the Probability of Default Rating for Thomson S.A. on the
company's failure to repay US$92.5 million private placements due
on May 18, 2009 which the rating agency view constitutes a payment
default.


VIVENDI UNIVERSAL: Ex-CEO Bronfman Faces Trial for Insider Trading
------------------------------------------------------------------
Warner Music Group Corp. reports that APPAC, a minority
shareholder group of Vivendi Universal SA, initiated an inquiry in
the Paris Court of Appeal into various issues relating to Vivendi,
including Vivendi's financial disclosures, the appropriateness of
executive compensation, and trading in Vivendi stock by certain
individuals previously associated with Vivendi.

The inquiry encompassed certain trading by Edgar Bronfman Jr. --
the former Vice Chairman of Vivendi and currently the CEO of
Warner, and the former CEO, CFO and COO of Vivendi -- in Vivendi
stock.

According to The Globe and Mail, with Vivendi on the edge of
financial turmoil in 2002, Mr. Bronfman allegedly began selling
shares in the company using inside knowledge that the business was
in shambles, according to allegations made before the French
court.  In 2000, Vivendi acquired the Bronfman family's Seagram
business in exchange for $30 billion in Vivendi stock and a 7.5%
stake.  Globe and Mail's Grant Robertson says the gamble backfired
when the debt Vivendi took on from acquisitions -- a buyout binge
that included Hollywood film studio and record label Universal,
and the French pay-TV station Canal-Plus -- began to drag down the
company.  With the music industry under attack from online piracy
and songs sold individually online, observers believed the Vivendi
strategy was poorly timed, Mr. Robertson says.

Warner says several individuals, including Mr. Bronfman, had been
given the status of "mis en examen" in connection with the
inquiry.  Although there is no equivalent to "mis en examen" in
the U.S. system of jurisprudence, it is a preliminary stage of
proceedings that does not entail any filing of charges.

Globe and Mail relates the probe began after Vivendi shareholder
complaints in 2002, and has centered around allegations of
misleading balance sheets and financial forecasts issued by the
company in 2000 and 2001.  Globe and Mail says prosecutors believe
former Vivendi chief executive officer Jean-Marie Messier, who
left the company in 2002, and other executives misrepresented the
company's financial health to banks and shareholders.

Globe and Mail says Mr. Bronfman's lawyer, Thierry Marembert,
issued a statement from France denying his client did anything
wrong.  "We are just now reviewing the court filing, but as we've
said all along Mr. Bronfman's transactions have at all times been
proper and at no time did he contravene any French laws or
regulations," Mr. Marambert said.

In January 2009, the Paris public prosecutor formally recommended
that no charges be filed and that Mr. Bronfman not be referred for
trial.

According to Warner, on October 22, 2009, the investigating
magistrate rejected the prosecutor's recommendation and released
an order referring for trial Mr. Bronfman and six other
individuals, including the former CEO, CFO and COO of Vivendi.
While the inquiry encompassed various issues, Mr. Bronfman has
been referred for trial solely with respect to certain trading in
Vivendi stock.  The outcome of any subsequent proceedings with
respect to Mr. Bronfman is uncertain at this time.  Mr. Bronfman
believes that his trading in Vivendi stock was at all times
proper.

                     About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) became the only stand-alone
music company to be publicly traded in the United States in May
2005.  Warner Music Group is home to a collection of the best-
known record labels in the music industry including Asylum,
Atlantic, Bad Boy, Cordless, East West, Elektra, Nonesuch,
Reprise, Rhino, Roadrunner, Rykodisc, Sire, Warner Bros. and Word.
Warner Music International, a leading company in national and
international repertoire, operates through numerous international
affiliates and licensees in more than 50 countries.  Warner Music
Group also includes Warner/Chappell Music, one of the world's
leading music publishers, with a catalog of more than one million
copyrights worldwide.

As of June 30, 2009, Warner had $3.98 billion in total assets and
$4.13 billion in total liabilities, resulting in $142 million
shareholders' deficit.  The company reported a cash balance of
$345 million as of June 30, 2009.  On May 28, 2009, the company
completed a $1.1 billion senior secured bond offering, the
proceeds from which, along with $335 million of existing cash,
were used to retire the company's senior secured credit facility,
which had a maturity date of February 28, 2011.  The June 30, 2009
cash balance reflects the impact of this refinancing, which has
increased the company's financial flexibility by, among other
things, pushing out the company's earliest debt maturities from
2011 to 2014 and eliminating financial maintenance tests from its
debt covenants.  As of June 30, 2009, the company reported total
long-term debt of $1.94 billion and net debt (total long-term debt
minus cash) of $1.59 billion.

                           About Vivendi

Vivendi SA -- http://www.vivendi.com/-- is a France-based company
principally engaged in telecommunications services and media
entertainment.  The Company operates five core subsidiaries:
Activision Blizzard, a 54% subsidiary, is a worldwide pure-play
online and console game publisher; Universal Music Group, a 100%
subsidiary, is a recorded music company; SFR, a telecommunications
operator in France is a 56% subsidiary of Vivendi (the new SFR,
created via a merger with Neuf Cegetel, is a mobile and fixed-line
operator in Europe); Maroc Telecom, a 53% subsidiary, is a mobile
and fixed-line and internet access operator in Morocco; Groupe
Canal+, a 100% subsidiary, offers premium and theme channel
distribution and programming in France.  Vivendi holds 20% of NBC
Universal.  Vivendi Mobile Entertainment was founded as a 100%
subsidiary of Vivendi in 2007, its innovative subscription
service, branded zaOza, was launched in France in 2008.


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


ARCANDOR AG: Deutsche Post to Lose Jobs Over Quelle Closure
-----------------------------------------------------------
Associated Press reports that Bonn-based postal and logistics
company Deutsche Post AG said Thursday that its DHL express unit
is expected to lose 400 jobs in Germany after the closure of
mail-order business Quelle, part of Arcandor AG.

The report relates Post said it planned to close three German
logistics locations in Bochum, Nuremberg and Lehrte that worked as
the sole logistics provider for Quelle.

The closure of Quelle is expected to lead to the further loss of
around 7,000 Quelle jobs across Germany, the report notes.

As reported in the Troubled Company Reporter-Europe on Oct. 21,
2009, Bloomberg News said attempts to sell the operations failed.
Bloomberg disclosed the parties involved were unable to reach an
agreement on the financing of customer credit from Jan. 1.  "After
intensive discussions with several investors, the insolvency
administrators and creditor committee now see no alternative to
the liquidation of Quelle Deutschland," Bloomberg quoted Arcandor
insolvency administrator Klaus Hubert Goerg as saying in a
statement.

                         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.

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

As 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.


DEUTSCHE POST: To Lose 400 Jobs in Germany Over Quelle Closure
--------------------------------------------------------------
Associated Press reports that Bonn-based postal and logistics
company Deutsche Post AG said Thursday that its DHL express unit
is expected to lose 400 jobs in Germany after the closure of
mail-order business Quelle, part of Arcandor AG.

The report relates Post said it planned to close three German
logistics locations in Bochum, Nuremberg and Lehrte that worked as
the sole logistics provider for Quelle.

The closure of Quelle is expected to lead to the further loss of
around 7,000 Quelle jobs across Germany, the report notes.

As reported in the Troubled Company Reporter-Europe on Oct. 21,
2009, Bloomberg News said attempts to sell the operations failed.
Bloomberg disclosed the parties involved were unable to reach an
agreement on the financing of customer credit from Jan. 1.  "After
intensive discussions with several investors, the insolvency
administrators and creditor committee now see no alternative to
the liquidation of Quelle Deutschland," Bloomberg quoted Arcandor
insolvency administrator Klaus Hubert Goerg as saying in a
statement.

Deutsche Post AG -- http://www.deutschepost.de/-- is a global
logistics provider.  It operates through four business divisions.
The MAIL division provides services across the entire mail value
chain, including production facilities at central hubs, sales
offices and production centers on four continents, as well as
direct connections to more than 140 countries.  The EXPRESS
division transports courier, express and parcel shipments all over
the world, combining air and ground transport, under the DHL
brand.  The GLOBAL FORWARDING/FREIGHT division operates through
Global Forwarding and Freight business units, providing a range of
international logistics services, carrying goods by rail, road,
air and sea.  The SUPPLY CHAIN/CORPORATE INFORMATION SOLUTIONS
division provides warehousing, distribution, transport and value-
added services along with corporate information solutions in 65
countries worldwide.  During the fiscal year 2008, Deutsche Post
AG divested 22.9% of its shares in Deutsche Postbank AG to
Deutsche Bank AG.


TALISMAN-6 FINANCE: Fitch Junks Ratings on Two Classes of Notes
---------------------------------------------------------------
Fitch Ratings has downgraded five classes of Talisman-6 Finance
Plc's mortgage-backed notes, due 2013:

  -- EUR810.9 million class A (XS0294187306) downgraded to 'AA'
     from 'AAA'; Outlook Stable

  -- EUR10,000 class X (XS0294187645) affirmed at 'AAA'; Outlook
     Stable

  -- EUR79.9 million class B (XS0294187991) downgraded to 'A' from
     'AA'; Outlook Negative

  -- EUR83.3 million class C (XS0294188882) downgraded to 'BB'
     from 'A'; Outlook Negative

  -- EUR59.9 million class D (XS0294189005) downgraded to 'CCC'
     from 'BBB-'; assigned Recovery Rating (RR) 'RR4'

  -- EUR12.5 million class E (XS0294189427) downgraded to 'CCC'
     from 'BB'; assigned RR6

  -- EUR15.5 million class F (XS0294189690) affirmed at 'CC';
     assigned RR6

The downgrades reflect the impact on the nine 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 76.7% at the July 2009 interest
payment date.  This compares to a Fitch WA LTV of 106%, reflecting
an overall market value decline of 26.1%, since the underlying
collateral was last re-valued.  Fitch's criteria for European CMBS
surveillance were used to analyze the quality of the underlying
commercial loans.

The largest loan, Orange, accounted for 38.4% of the securitized
balance in July 2009.  It is the A-note of a larger facility which
is secured by 165 retail properties located across Germany with a
high level of concentration in North Rhine Westphalia and lower
Saxony.  The income profile is granular as the rent is derived
from leases to approximately 600 tenants, and the largest tenant
(EDEKA) accounts for just 6.2% of current rent.  The vacancy rate
was recently reported at 15.5%, up from 7% at closing.  The ICR
declined to 1.3x in July 2009 from 1.6x at closing, due to rental
arrears (EUR4.3 million in July 2009) and the increased vacancy
ratio.  The loan will mature in July 2011, and the weighted
average lease term is 4.9 years.  Fitch estimates a market value
decline of 29% since the last valuation of the assets, in June
2006, resulting in a securitized Fitch LTV of 105%, compared to
the reported 74%.

The Cherry loan (5.6% of the current portfolio) was transferred
into special servicing in May 2008 following a payment default and
previous ICR covenant breaches.  The special servicer is currently
negotiating with the borrower regarding a potential restructuring
of the loan and an exit strategy for the upcoming maturity in
2011.  A total of EUR2.3 million interest, EUR1 million principal
and a EUR0.4 million swap payment remain unpaid.

The Mango loan (8.2% of the current pool) is secured on 12
commercial assets, predominantly retail and mostly located in east
Germany, and is scheduled to mature in October 2013.  The largest
tenants, Interxion and Real, account for 22% and 15% of the
current rent.  The vacancy rate was 7.8% in July 2009, compared to
4.6% at closing, and the weighted average lease term is 4.3 years.
The reported ICR in Q209 was below the 1.50x covenant (at 1.496x),
and so surplus funds continue to be trapped in the rent account.
As of the July IPD, a total of EUR1.5 million had been trapped,
and the loan remains on the servicer's watchlist.  Fitch estimates
a market value decline of 31% since the last valuation of the
assets, resulting in a Fitch LTV of 112%, compared to the reported
77.5%.

Fitch will continue to monitor the performance of the transaction.


=============
I C E L A N D
=============


* ICELAND: Inks Deal with UK, Netherlands on Depositor Refund
-------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reported that Iceland's
government on Oct. 19 said it reached a deal with the U.K. and the
Netherlands on guaranteeing foreign depositor claims.

Bloomberg disclosed Prime Minister Johanna Sigurdardottir on
Oct. 18 said the U.K. will lend Iceland GBP2.35 billion (US$3.84
billion) and the Netherlands will lend EUR1.2 billion (US$1.79
billion).

"The agreement doesn't stipulate that Iceland is legally obligated
to settle these claims and we retain the right to challenge the
claims," Bloomberg quoted the premier as saying.

Bloomberg recalled thousands of U.K. and Dutch depositors risked
losing their life savings after Landsbanki Islands hf, which
offered high- interest Icesave online accounts, collapsed with the
rest of Iceland's debt-laden banking system a year ago, dragging
the currency down with it.


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


CRYSTAL CREDIT: Transaction Updates Won't Affect S&P's Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its credit ratings
are unaffected on all classes of principal-at-risk variable-rate
notes issued by Crystal Credit Ltd., after S&P received new
information on the transaction.  The actual claim activity for Q3
2009 is broadly in line with S&P's expectations.

S&P has received further information from Swiss Reinsurance Co.
Ltd. (A+/Stable/A-1), including confidential information regarding
its reserving levels and additional analysis of the potential
development of the portfolio under various scenarios.

Crystal Credit involves the securitization of payments related to
an indemnity-based excess-of-loss retrocession agreement between
Swiss Re and Crystal Credit, covering the risk to a defined
portfolio of credit reinsurance treaties for the underwriting
years 2006 to 2008.

Based on this new information, the views S&P reached at its last
review in August remain unchanged.  S&P still believes that losses
on the class C notes are very likely to be higher than the
attachment point, and that the repayment of principal will most
likely not be made in full by the notes' legal maturity.  The
default probability for the other two classes of notes has also
stayed the same.

For the class C notes to incur a loss, aggregate ceded losses must
reach EUR666 million.  Swiss Re's last investor report, based on
information as of Sept. 23, 2009, reported current aggregate
losses to Crystal Credit of EUR663 million for the underwriting
years 2006–2008 to be ceded to Crystal Credit.

The current aggregate gross amount of losses for each underwriting
year is:

  -- EUR209 million for 2006, EUR311 million for 2007, and
     EUR273 million for 2008.

According to the terms of the retrocession agreement, Swiss Re
retains at least 10% of the aggregate losses for each underwriting
year.  The ultimate percentage depends on the gross reinsurance
premium Swiss Re receives for each underwriting year.

The attachment point for the class B notes is EUR729 million of
aggregate ceded losses for the three underwriting years 2006–2008.
Swiss Re has witnessed a longer reporting lag in the current
circumstances as a result of an unusually high number of claims
and exceptionally high claims intensity, which it expects to
continue.  For this reason, Swiss Re's estimate of the loss ratio
for the underwriting year 2008 has significantly increased above
historical claims levels, making it much more likely that the
class B notes will incur a principal loss.

Given the nature of the credit reinsurance business, it will take
about two years for premiums and losses reported to Swiss Re to
reach a stable level.  S&P don't expect much variation in the
figures reported for the underwriting year 2006.  For the
underwriting year 2008, though, the uncertainty remains very high,
as some of the credit reinsurance treaties are still on risk--
meaning losses are still occurring--and Swiss Re's cedants now
report premium and loss numbers to it.

Although the treaties for the underwriting year 2007 are no longer
at risk, the delay in reporting means that there is still
uncertainty regarding the numbers reported to Swiss Re.  Further,
the 2007 losses are already higher than the 2006 losses, and S&P
anticipate that further losses will be reported and that the 2008
losses will be noticeably above the losses for either 2007 or
2006.

The close-out period for the 2008 underwriting year will end on
Dec. 31, 2009, when the loss development period will start.  This
period allows Swiss Re's cedants to report losses and premiums to
it for the reserve component of the retroceded losses to be
converted into paid losses, and for agreeing the ultimate loss
amount to be paid to Swiss Re.  This period enables ultimately
reported losses to develop mostly into paid losses as opposed to
reserves.

Based on the terms of the transaction, it will only be between
April 1 and April 15, 2012, that Swiss Re will be able to deliver
a proof of loss to Crystal Credit to request the payment of the
ultimate amount of losses under the retrocession agreement.

Swiss Re has appointed Towers Perrin Forster & Crosby Inc. (TPFC)
as the professionally recognized actuarial firm to act as the
reserve validation firm according to the terms of the retrocession
agreement.  If Swiss Re delivers a proof of loss containing
reported reserves greater than zero, TPFC will perform a review of
the reported reserves and a report will be due 15 days after the
delivery of proof of loss.  KPMG Cayman Islands is the appointed
claims reviewer.

Following the extension, the maturity of all classes of notes is
June 30, 2012.  Swiss Re has the option to redeem one or more
classes of notes before the extended maturity.

S&P will keep monitoring the quarterly premium and loss reports
and request further information from Swiss Re as S&P sees
necessary until the maturity of the notes.

                          Ratings List

                       Crystal Credit Ltd.
      EUR252 Million Principal-At-Risk Variable-Rate Notes

                        Class    Rating
                        -----    ------
                        A        B+
                        B        CCC+
                        C        CC


FLEMING GROUP: Creditors to Recover Less If ACC Claim Succeeds
--------------------------------------------------------------
Simon Carswell at Irish Times reports that George Maloney of Baker
Tilly Ryan Glennon, the examiner of three companies in the Fleming
Group, has warned creditors that if a legal claim by ACCBank is
successful they will be paid significantly less under the rescue
plan.

The report relates Mr. Maloney said in a letter sent last week he
was disputing ACC's claim that it should be treated as an
unsecured creditor of John J Fleming Construction Company, John
Fleming's main building company, which is also in examinership.
The accountant argued that ACC, which is seeking to recover loans
of EUR21.5 million, is a "contingent creditor" of the construction
company, which would mean that the bank would not be repaid until
2020, the report says.

Under the survival plan, unsecured creditors would be paid 25% of
their outstanding debt on or before December 18, with a second
payment on or before February 28, 2010, the report discloses.

According to the report, the court will decide at the hearing
whether to approve the plan for the group, which has debts of
EUR1 billion, employs 650 people and comprises 31 companies.  The
court will be asked to sanction Mr. Maloney's survival plan, known
as a scheme of arrangement, on Nov. 3, the report notes.


ZOE GROUP: Court Awards Costs to ACC Over Appointment of Examiner
-----------------------------------------------------------------
Business and Leadership reports that the Supreme Court on Oct. 22
awarded costs to ACC Bank covering the final stages of its legal
battle with property developer Liam Carroll over the appointment
of an examiner to the companies in Mr. Carroll’s Zoe group.

According to the report, the costs involved in the Zoe group’s and
ACC Bank’s various court appearance are thought to run to
somewhere in the region of EUR1 million.

The report recalls the Dutch-owned bank had previously been
awarded costs for earlier stages of the Zoe group’s bid to secure
court protection from its creditors.  ACC is owed EUR136 million
by the group.


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


ADAMANT LLP: Creditors Must File Claims by October 28
-----------------------------------------------------
Creditors of LLP Adamant have until October 28, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
June 29, 2009.


BEK OIL: Creditors Must File Claims by October 28
-------------------------------------------------
LLP Bek Oil is currently undergoing liquidation.  Creditors have
until October 28, 2009, to submit proofs of claim to:

          Micro District 16, 16-58
          Enbekshikazahsky District
          160050 Shymkent
          South Kazakhstan
          Kazakhstan


CONNECT PLUS: Creditors Must File Claims by October 28
------------------------------------------------------
Creditors of LLP Connect Plus have until October 28, 2009, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 13, 2009.


GOR PROJECT: Creditors Must File Claims by October 28
-----------------------------------------------------
LLP Gor Project Stroy is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

          Bogenbai Batyr Str. 86/47
          Almaty
          Kazakhstan


KANTAR 8: Creditors Must File Claims by October 28
--------------------------------------------------
Creditors of LLP Kantar 8 have until October 28, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
August 13, 2009.


KAZ ENERGY: Creditors Must File Claims by October 28
----------------------------------------------------
LLP Kaz Energy Snub Bd is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

          Iskanderov Str. 33
          Almaty
          Kazakhstan


STROY INVEST: Creditors Must File Claims by October 28
------------------------------------------------------
LLP Stroy Invest Ltd. Kz is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

          Kuldjinsky Tract 36
          Panfilova
          Panfilovsky Selsky Okrug
          Talgarsky District
          Kazakhstan


STROY ZAKAZ: Creditors Must File Claims by October 28
-----------------------------------------------------
Creditors of LLP Stroy Zakaz have until October 28, 2009, to
submit proofs of claim to:

         Kutuzov Str. 285-214
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on July 30,
2009, after finding it insolvent.

The Court is located at:

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


UPRAVLENIYE ENERGO: Creditors Must File Claims by October 28
------------------------------------------------------------
Creditors of LLP Upravleniye Energo Snubjeniya have until October
28, 2009, to submit proofs of claim to:

         Kutuzov Str. 285-214
         Pavlodar
         Kazakhstan

The Specialized Inter-Regional Economic Court of Pavlodar
commenced bankruptcy proceedings against the company on July 30,
2009, after finding it insolvent.

The Court is located at:

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


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


ART-LINE LLC: Creditors Must File Claims by November 11
-------------------------------------------------------
Representation of LLC Design Studio Art Line is currently
undergoing liquidation.  Creditors have until November 11, 2009,
to submit proofs of claim.

Inquiries can be addressed to (+996 312) 59-19-13.


KAZ TRANS: Creditors Must File Claims by November 11
----------------------------------------------------
Representation of JSC Kaz Trans Gas is currently undergoing
liquidation.  Creditors have until November 11, 2009, to submit
proofs of claim to:

         Baitik Baatyra Str. 3/10
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 56-40-09


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


EUROMAX IV: S&P Junks Ratings on F1 Combo Notes From 'BBB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A2, B, C, D,
F1, and F2 notes issued by EUROMAX IV MBS S.A.  At the same time,
S&P affirmed the ratings on the class A1 single, A1 delayed-draw,
and A1 floating-rate notes.

These rating actions follow S&P's assessment of deterioration in
the credit quality of the underlying portfolio.  The portfolio
currently contains several assets rated 'CC', which S&P treat as
nonperforming in S&P's analysis.  In addition, S&P's analysis
shows that approximately 27% of the portfolio represents assets
currently on CreditWatch negative.

S&P also note that, according to information S&P has received from
the trustee, all overcollateralization ratios currently breach
their respective trigger levels (as set out in the transaction
documents).  These breaches have caused interest proceeds to be
diverted to the repayment of the senior notes to bring the tests
back in compliance, causing a deferral of interest payments on
classes C and D.

S&P's analysis indicates that the continuing deferral of the class
C and D interest payments is likely to significantly lower the
probability of full repayment of principal on the class F1 and F2
combination notes.   S&P has lowered the ratings on the
combination notes, and classes C and D, to speculative grade to
reflect S&P's belief of the increased likelihood of nonpayment.

The combination notes comprise components from the class C, D,
(for class F1 only) and subordinated notes.  As interest payments
from these component classes have been deferred, no interest or
principal payments were made to the combination notes on the
Oct. 6, 2009 payment date.

S&P has lowered the ratings assigned to the class A2 and B notes
to levels S&P views as consistent with current levels of credit
enhancement and portfolio credit quality.

S&P affirmed the rating on the class A1 notes because, in S&P's
view, the credit enhancement available to these notes is currently
commensurate with a 'AAA' rating.

There is an event of default defined in the transaction documents
that would be triggered if the overcollateralization ratio for
classes A1 and A2 were to fall below 100%.  As of Sept. 29, 2009,
the trustee reported a value of 109.23% for this test.  The ratio
value was reported as 120.1% on the effective date in October
2006.

S&P placed the ratings on the class A2, B, C, D, F1, and F2 on
CreditWatch Negative on June 10, 2009.

EUROMAX IV MBS is a CDO of ABS transaction backed primarily by
European retail and commercial mortgage backed assets.  The
underlying portfolio also contains a significant share of CDO
assets.  Geographically, the portfolio is concentrated in Germany,
U.K. and The Netherlands, which together account for over 75% of
the portfolio.  EUROMAX IV MBS closed on Oct. 11, 2005.

                           Ratings List

                        EUROMAX IV MBS S.A.
          EUR200.45 Million Secured Floating-Rate Notes

                         Ratings Affirmed

                      Class          Rating
                      -----          ------
                      A1 single      AAA
                      A1 delayed     AAA
                      A1 floating    AAA

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
             Class      To              From
             -----      --              ----
             A2         AA-             AAA/Watch Neg
             B          BBB             AA/Watch Neg
             C          BB+             A/Watch Neg
             D          B-              BBB/Watch Neg
             F1 combo   CCC             BBB-/Watch Neg
             F2 combo   BB+             A/Watch Neg


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


DSB BANK: Holding Company Declared Bankrupt
-------------------------------------------
Radio Netherlands reports that DSB Beheer BV, the holding company
of DSB Bank NV, has been officially declared bankrupt.

According to the report, alongside the 2,000 job losses from DSB
bank, some 400 people will lose their jobs from the 30 or so
companies owned by DSB Beheer.  The companies and their assets
will be sold to pay off some of the debts of DSB Bank, the report
says.

The report relates the Scheringa Museum in the village of
Spanbroek has also gone into receivership.  The art collection
itself has been taken possession by ABN Amro bank as security
against a EUR32-million for the construction of a lavish new
museum in the nearby village of Opmeer, the report notes.  The
collection assembled by Dick Scheringa and his wife Baukje has an
estimated value of EUR40 million, the report states.

DSB Bank -- http://www.dsbbank.com/-- is a fully licensed bank in
the Netherlands, providing mortgages, consumer loans, savings and
insurance products to retail clients.  The bank has a leading
market share in the Dutch market for consumer loans.  DSB Bank
also has operations in Belgium and Germany.  DSB Bank, established
in 1975, is privately owned by Dirk Scheringa, currently CEO of
DSB Bank, Chairman of the Executive Management Board.
Mr. Scheringa is also 100% owner of AZ Alkmaar football club,
which plays in the Dutch Premier League and president of the
Scheringa Museum for Magic Realism, an international collection of
more than 500 works of art.


DSB BEHEER: Declared Bankrupt; Companies to Be Sold
---------------------------------------------------
Radio Netherlands reports that DSB Beheer BV, the holding company
of DSB Bank NV, has been officially declared bankrupt.

According to the report, alongside the 2,000 job losses from DSB
bank, some 400 people will lose their jobs from the 30 or so
companies owned by DSB Beheer.  The companies and their assets
will be sold to pay off some of the debts of DSB Bank, the report
says.

The report relates the Scheringa Museum in the village of
Spanbroek has also gone into receivership.  The art collection
itself has been taken possession by ABN Amro bank as security
against a EUR32-million for the construction of a lavish new
museum in the nearby village of Opmeer, the report notes.  The
collection assembled by Dick Scheringa and his wife Baukje has an
estimated value of EUR40 million, the report states.


FAB CBO: S&P Cuts Ratings on Two Classes of Notes to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on the class A-2aE, A-2bE,
A-2F, A-3E, and A-3F notes issued by FAB CBO 2003-1 B.V., a cash
flow collateralized debt obligation of asset-backed securities
transaction that closed in July 2003.  At the same time, S&P
removed from CreditWatch negative and affirmed the ratings on the
class A-1E and A-1F notes.

The rating actions on the class A-2aE, A-2bE, A-2F, A-3E, and A-3F
notes follow S&P's assessment of a credit deterioration of the
assets in the transaction's underlying portfolio.  The portfolio
comprises mainly mezzanine tranches of European prime residential
mortgage-backed securities and corporate CDOs.  In S&P's view, the
credit deterioration in the portfolio is partly due to a
significant increase in assets placed on CreditWatch negative,
which in turn is mainly a result of the introduction of S&P's
revised criteria for corporate cash flow CDOs.

According to S&P's analysis, assets on CreditWatch negative
account for about 37% of the portfolio.  In S&P's analysis, in
line with the application of S&P's revised assumptions for the
treatment of structured finance assets that have ratings on
CreditWatch negative and are currently held within CDOs, S&P
lowered its ratings on assets on CreditWatch negative by three
notches.  In S&P's view, these developments have lead to an
increase in scenario default rates for the class A-1E, A-1F, A-
2aE, A-2bE, A-2F, A-3E, and A-3F notes.  S&P's analysis also shows
that there are currently no assets in the portfolio rated 'CCC+'
and below.

At the same time, S&P's cash flow analysis indicates that break-
even default rates for the class A-2aE, A-2bE, and A-2F notes have
improved, while for the class A-3E and A-3F notes they have
deteriorated.  The improvement in BDRs is, in S&P's view,
partially due to the reduction of the weighted-average life of the
assets as the transaction has entered its amortization phase.
However, the improvement in the BDRs for the class A-2aE, A-2bE,
and A-2F notes is not sufficient to compensate for the increase in
SDRs.  As a result of these developments, the ratings on the class
A-2aE, A-2bE, A-2F, A-3E, and A-3F notes are, in S&P's opinion, no
longer commensurate with the available credit enhancement.  S&P
has therefore lowered its ratings on these notes.

S&P affirmed its ratings on the class A-1E and A-1F notes.
Although S&P's analysis shows an increase in SDRs, this increase
is accompanied by an improvement in BDRs for these notes.  As the
transaction is past its reinvestment period, principal payments
from the underlying assets are used to repay sequentially the
rated notes--starting with class A-1E and A-1F notes, followed by
the class A-2aE, A-2bE, and A-2F notes, and subsequently the class
A-3E and A-3F notes.  The repayment of the rated notes is
accelerated by the breach of the additional overcollateralization
test, which according to the transaction documents is primarily
used to determine if interest is paid on the unrated class C notes
or must instead repay the rated notes sequentially.

                           Ratings List

                       FAB CBO 2003-1 B.V.
          EUR308.8 Million Asset-Backed Floating, Fixed
                      and Zero Coupon Notes

       Ratings Lowered and Removed From Creditwatch Negative

                                Rating
                                ------
         Class          To                 From
         -----          --                 ----
         A-2aE          AA                 AAA/Watch Neg
         A-2bE          AA                 AAA/Watch Neg
         A-2F           AA                 AAA/Watch Neg
         A-3E           BB+                AA/Watch Neg
         A-3F           BB+                AA/Watch Neg

      Ratings Removed From Creditwatch Negative And Affirmed

                                Rating
                                ------
         Class          To                 From
         -----          --                 ----
         A-1E           AAA                AAA/Watch Neg
         A-1F           AAA                AAA/Watch Neg


FORTIS BANK: Moody's Affirms 'C' Bank Strength Rating
-----------------------------------------------------
Moody's Investors Service took these rating actions on Benelux-
based banks:

  -- Review for possible downgrade for SNS Bank's and Friesland
     Bank's C BFSRs and A2 long-term ratings;

  -- Affirmation of Fortis Bank (Nederland)'s A1/C ratings with
     outlook changed to negative from positive previously;

  -- Affirmation of Rabobank Nederland's Aaa/B+ ratings with
     outlook changed to negative from stable;

  -- Affirmation of Banque et Caisse d'Epargne de l'Etat's Aaa/C+
     and NIBC's Baa2/C- ratings with outlooks unchanged;

Short-term ratings of the above mentioned banks were affirmed.

These rating actions are taken in the context of Moody's
recalibration exercise on Benelux assets, the completion of which
did not result in rating actions on other Benelux-based banks,
including some already placed under review for possible downgrade.
A full list of the rating actions taken can be found below.

The rating actions were prompted by Moody's expectation that some
Benelux-based banks will experience increasing deterioration in
asset quality over the coming quarters.  This will likely lead to
greater credit-related write-downs than previously anticipated in
the ratings, thereby exerting adverse pressure on banks'
profitability and capitalization.

The anticipated deterioration in banks' financial strength
reflects Moody's expectation that the banking systems of Belgium,
Luxembourg and the Netherlands will remain under pressure in the
short-to-medium term given the continuation of the worst economic
downturn in decades, as reflected in the negative outlooks that
the systems have carried since July 2009 (please refer to the
Banking System Outlooks on Belgium-Luxembourg and the Netherlands
published on 6 July 2009).

MoodysEconomy.com expects the Dutch economy to contract on an
annual basis this year for the first time in over 20 years, before
it starts to expand again next year, but GDP will likely remain
below the long-term average until 2012.  For Belgium and
Luxembourg, MoodysEconomy.com expects the real GDP of both
countries to decrease by approximately 3% in 2009 and to be
slightly positive in 2010.  Simultaneously, MoodysEconomy.com
forecasts the unemployment rate in Belgium to rise by 1.1% in 2009
to 8.1% at the end of the year and to 9.3% at the end of 2010,
while in Luxembourg it is expected to rise by 1% in 2009 to 5.9%
at the end of the year and to 7.0% at the end of 2010.

Moody's has already taken several individual rating actions since
the start of this year.  They reflected the rating agency's
concerns about the banks' exposures to structured credit assets,
exposures to CEE and the CIS, and deteriorating asset quality
indicators of their domestic operations.  For the latter
exposures, the estimates of expected losses used by Moody's at the
time have since then been fine-tuned, as described in the two
Special Comments (A list of rating actions taken earlier in the
financial crisis is available in the appendices to each report).
These rating actions also reflected its expectation of pressure on
the intrinsic financial strength of some Benelux financial
institutions in the deteriorating macro-economic environment.

As a consequence of the rating actions earlier in 2009, the
ratings of the majority of Benelux banks have not been affected by
the refinement of Moody's methodology.  However, the completion of
Moody's recalibration exercise on Benelux assets resulted in two
ratings being placed on review for possible downgrade where its
fine-tuned expectation of losses exceeded its earlier estimates.
Moody's expects the downgrades of the senior debt and deposit
ratings to be limited and believes that banks in highly rated
countries are likely to continue to receive support depending on
their level of systemic importance.

The banks with ratings placed on review for possible downgrade
have key credit drivers that are vulnerable to weaker performance
in their BFSR categories, under the rating agency's anticipated
(baseline) and worse-than-expected (stressed) scenarios.  Among
the key credit drivers, Moody's focuses in particular on current
capital adequacy levels in relation to banks' specific asset
composition and their respective anticipated loss levels.  The
rating agency's expected macroeconomic scenario, as described in
the two Special Comments, is used to establish its baseline
expectations for a bank's performance, while its worse-than-
expected case helps to measure a bank's potential vulnerability in
the event of a shift to a more adverse environment.

More specifically, the banks that are most likely to have their
BFSRs downgraded are those with lower capital adequacy levels in
relation to their exposures to the riskier asset classes, in
accordance with Moody's published assumptions in the two Special
Comments.  These asset classes include, for example, exposures to
commercial loans, real estate, construction and shipping.

                         Reviews of BFSRs

Moody's BFSR reviews will focus on the extent to which factors
such as more modest profitability, weaker asset quality and, in
particular, lower capital adequacy leave banks more exposed to the
ongoing economic downturn, particularly where this may also be
combined with exposure to riskier sectors, such as commercial real
estate (real estate developers, construction companies, etc.).

Moody's BFSR methodology remains unchanged, although the weight
attached to certain rating considerations, particularly capital
and future earnings prospects, has been increased to better
reflect the effects of the current crisis.  This refinement to
Moody's approach to rating banks in the current environment is
discussed in a Special Comment entitled "Calibrating Bank Ratings
in the Context of the Global Financial Crisis", which was
published in February 2009.

            Reviews of Senior Debt And Deposit Ratings

Moody's expects the downgrades of the senior debt and deposit
ratings to be limited to one, or at most two notches, and notes
that the probability of government support continues to underpin
deposit and senior debt ratings for the banks.  This is in line
with the rating agency's expectation that banks in highly rated
countries will receive, or are likely to receive, support
depending on their level of systemic importance.

In reviewing the deposit and senior debt ratings, Moody's will
consider:

     (i) the support currently available to the banks, as well as
         the probability of support once stability returns to the
         markets and the banking system;

    (ii) the systemic importance of the rated institutions;

   (iii) the banks' intrinsic financial strength; and

    (iv) other sources of external support, in particular group
         support for the co-operative credit banks and parental
         support.

      List of Rating Actions: Reviews For Possible Downgrade

Friesland Bank N.V.:

  -- BFSR of C on review for possible downgrade;

  -- A2 long-term deposit and senior unsecured ratings on review
     for possible downgrade;

  -- A3 subordinate ratings on review for possible downgrade;

  -- Baa1 preferred stock ratings on review for possible
     downgrade;

  -- P-1 short-term deposit rating affirmed.

The rating action is triggered by the outcome of Moody's stress-
tests on Friesland Bank's assets and by the volatility of the
banks' results stemming from its participations in financial
institutions.  Friesland Bank's loans portfolio mainly comprises
Dutch residential mortgages and commercial loans with some
exposure to the real estate industry.  Moody's therefore expects
an increase in the bank's cost of risk.  Moody's adds that
Friesland Bank's results may also be affected by its investments
in financial institutions.

The previous rating action on Friesland Bank N.V. was in April
2007, when Moody's Joint Default Analysis and BFSR methodologies
were implemented.

SNS Bank N.V.:

  -- BFSR of C on review for possible downgrade;

  -- A2 long-term deposit and issuer ratings on review for
     possible downgrade;

  -- A3 subordinate ratings on review for possible downgrade;

  -- Baa1/Baa3 junior subordinate ratings remain on review for
     possible downgrade;

  -- P-1 short-term deposit rating affirmed.

The rating action is triggered by the outcome of Moody's stress-
tests on SNS Bank's assets and in particular by the potential
losses stemming from its property finance activities.  While SNS
Bank's loan portfolio mainly comprises Dutch residential loans,
the bank has some exposure to property finance and notably to
international project finance.  Although the bank has publicly
stated that it would stop investing in new international project
finance in the future and reduce this portfolio in a controlled
and gradual manner over the coming years.  Moody's estimates that
significant losses may stem from the existing portfolio.

The previous rating action on SNS Bank N.V. was in September 2009,
when Moody's downgraded some perpetual subordinated notes issued
by SNS Bank N.V. to Baa3 from A3.

       List of Rating Actions: Affirmations And Changes Of
                        Outlook on Ratings

Fortis Bank (Nederland) N.V.:

  -- Outlook on C- BFSR changed to negative from positive;

  -- Outlook on A1 long-term deposit and senior unsecured ratings
     changed to negative from positive;

  -- Outlook on A2 subordinate and junior subordinate ratings
     changed to negative from positive;

  -- Review for possible downgrade maintained on B2 preferred
     stock rating;

  -- P-1 short-term deposit rating affirmed.

Fortis Capital Company Limited:

  -- Outlook on A3 preferred stock ratings changed to negative
     from positive.

The change of outlook is triggered by the longer than expected
completion of Fortis Bank (Nederland)'s merger with the Dutch
retail and commercial banking and international private banking
businesses of ABN AMRO Bank and by remaining uncertainties on the
timing of this merger.  Additionally, the outcome of Moody's
stress-test on Fortis Bank (Nederland)'s assets shows some
pressure on its capitalisation resulting from its substantial
exposure to commercial loans.

The previous rating action on Fortis Bank (Nederland) N.V. was in
December 2008, when Moody's changed the outlook to positive on the
bank's C- BFSR and A1 long-term debt and deposit ratings, while
affirming its Prime-1 short-term debt and deposit ratings.

The previous rating action on Fortis Capital Company Limited was
on 29th June 2009, when Moody's confirmed the A3 rating of its
Non-cumulative Non-voting Class A Series 1 Preference Shares while
assigning a positive outlook to the rating, thereby concluding the
review initiated on June 12, 009.

Rabobank Nederland:

  -- Outlook on B+ BFSR changed to negative from stable;

  -- Outlook on Aaa long-term deposit and senior unsecured ratings
     changed to negative from stable;

  -- Outlook on Aa1 subordinate ratings changed to negative from
     stable;

  -- Outlook on Aa2 junior subordinate and preferred stock ratings
     changed to negative from stable;

  -- P-1 short-term deposit rating affirmed.

The affirmation of Rabobank's B+ BFSR reflects the bank's strong
capital buffers, the outstanding stability and resilience of its
financial ratios and credit profile, and the strength of
Rabobank's cooperative model in a deteriorating economic
environment.  Rabobank's superior intrinsic financial strength and
Moody's continued expectation of a very high probability of
systemic support also led to the affirmation of the bank's Aaa
long-term ratings.  The negative outlooks on the Aaa/B+ ratings
indicate that Rabobank is not immune to its macro-economic
environment.  In particular Moody's expects some negative pressure
stemming from Rabobank's corporate loan portfolio and from some of
its subsidiaries or affiliates.

The previous rating action on Rabobank Nederland was an
affirmation of all ratings in April 2007, when Moody's Joint
Default Analysis and BFSR methodologies were implemented.

          List of Rating Actions: Affirmations of Ratings

Banque et Caisse d'Epargne de l'Etat:

  -- BFSR of C+ affirmed with stable outlook;

  -- Aaa long-term deposit and senior unsecured ratings affirmed
     with stable outlook;

  -- Aa1 subordinate and junior subordinate ratings affirmed with
     stable outlook;

  -- P-1 short-term deposit rating affirmed.

The affirmation of BCEE's C+ BFSR reflects the bank's strong
capital buffers when compared with its low risk profile and the
overall resilience of its business model in a deteriorating
economic environment.  The affirmation of BCEE's Aaa long term and
deposit ratings is supported by the bank's above average intrinsic
financial strength alongside Moody's continuous assessment of a
very high probability of systemic support from the Grand Duchy of
Luxembourg if needed.  The latter is underpinned by the full
ownership of the bank by the Grand Duchy of Luxembourg (rated Aaa)
as well as by BCEE's role and importance within the Luxembourg
economy.

The previous rating action on BCEE was in April 2007, when Moody's
Joint Default Analysis and BFSR methodologies were implemented.

NIBC Bank N.V.:

  -- BFSR of C- affirmed with negative outlook;

  -- Baa2 long-term deposit and senior unsecured ratings affirmed
     with negative outlook;

  -- Baa3 subordinate and junior subordinate ratings affirmed with
     negative outlook;

  -- Ba1 preferred stock ratings affirmed with negative outlook;

  -- P-2 short-term deposit rating affirmed.

The affirmation of NIBC Bank's ratings with negative outlooks is
based on Moody's stress-tests on NIBC Bank's assets and the bank's
high loss absorption capacity resulting from its high
capitalization levels.  However, the negative outlook is
maintained due to the bank's risky business profile combined with
its low earning capacity.

The previous rating action on NIBC Bank N.V. was in December 2008,
when Moody's changed the outlook on bank's BFSR to negative from
stable, while downgrading the long-term debt and deposit ratings
to Baa2 from Baa1.

The ratings of other Benelux-based banks are unaffected by the
completion of Moody's recalibration exercise.

(Please note that this press release does not deal with possible
implications for the covered bond ratings of Benelux banks.)

                      Moody's Methodologies

The ratings of bank subordinated capital securities are assigned
in line with Moody's existing methodology entitled "Guidelines for
Rating Bank Junior Securities", dated April 2007.  Moody's notes
that it released a Request for Comment on 16 June 2009 in which it
has requested market feedback on potential changes to its rating
methodology for bank subordinated capital.  If the revised
methodology is implemented as proposed, the rating on bank
subordinated capital securities may be negatively affected.
Please refer to Moody's Request for Comment, entitled "Moody's
Proposed Changes to Bank Subordinated Capital Ratings", for
further details regarding the implications of the proposed
methodology changes on Moody's ratings.

Friesland Bank NV, headquartered in Leeuwarden, had total assets
of EUR10 billion as of December 31, 2008.

SNS Bank N.V., headquartered in Utrecht, had total assets of
EUR76 billion as of December 31, 2008.

Fortis Bank (Nederland) N.V., headquartered in Amsterdam, had
total assets of EUR184 billion as of December 31, 2008.

Rabobank Nederland, headquartered in Utrecht, had total assets of
EUR612 billion as of December 31, 2008.

Banque et Caisse d'Epargne de l'Etat , headquartered in
Luxembourg, had total assets of EUR37 billion as of December 31,
2008.

NIBC Bank N.V., headquartered in the Hague, had total assets of
EUR28 billion as of December 31, 2008.


SNS REAAL: Moody's Reviews 'Ba1' Preferred Stock Rating
-------------------------------------------------------
Moody's has placed SNS REAAL N.V.'s long term debt ratings (Baa1
for senior debt rating) as well as SNS REAAL's insurance
operations ratings (A2 insurance financial strength ratings for
REAAL Schadeverzekeringen N.V. and REAAL Levensverzekeringen N.V.)
under review for possible downgrade.  The rating action follows
the announcement by the rating agency that SNS Bank's long term
ratings have been placed under review for possible downgrade.
Moody's also affirmed the P-2 short-term rating of SNS REAAL N.V.
A list of all the ratings impacted by the rating action follows at
the end of this press release.

The rating action reflects Moody's anticipation of adverse
pressure on SNS Bank's profitability and capitalisation, as
reflected in the review for possible downgrade for the bank's
long-term debt ratings, and the potential contagion risk on the
holding and insurance company's ratings, mainly through additional
pressure on the Group's fixed charge coverage and financial
flexibility.

Moody's said that the review would focus on establishing the long
term profitability of the insurance company and of the Group as a
whole, in light of (i) the rating agency's assumptions on the
Dutch economic environment and its impacts on the demand for
banking and insurance products and (ii) Moody's new assumptions
for credit losses.  Moody's added that it will determine to what
extent the recent improvement in the underlying profitability of
the insurance operations is sustainable and if it can offset the
additional pressure at the bank level.

The agency said that it expects to conclude the review at the same
time as the conclusion of the review on SNS Bank's ratings.
According to Moody's, the ratings of the insurance companies could
be lowered if the rating agency believes that the Group's fixed
charge coverage ratio would remain weak for a prolonged period of
time, and if the Group's financial flexibility would be weaker
going forward.  The rating agency also mentioned that a downgrade
of both the banking long term ratings and the insurance ratings
would likely result in a downgrade of the holding company ratings.

These ratings were placed under review for possible downgrade:

* REAAL Levensverzekeringen N.V. -- insurance financial strength
  rating at A2;

* REAAL Schadeverzekeringen N.V. -- insurance financial strength
  rating at A2;

* SNS REAAL N.V. -- senior unsecured debt rating at Baa1;

* SNS REAAL N.V. -- subordinated debt rating at Baa2;

* SNS REAAL N.V. -- preferred stock rating at Ba1.

This rating was affirmed:

* SNS REAAL N.V. -- short-term rating at Prime-2.

The last rating action on SNS REAAL N.V. was on September 8, 2009.
The last rating action on REAAL Levensverzekeringen N.V. and REAAL
Schadeverzekeringen N.V was on November 14, 2008, when the ratings
were assigned a negative outlook.

SNS REAAL is a bancassurance group headquartered in Utrecht, the
Netherlands.  Focusing on the Dutch market, it reported total
income of EUR5.2 billion in 2008 and had shareholders' equity of
EUR4.9 billion as of December 31, 2008.


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


CONCRETE PRODUCTS: Creditors Must File Claims by November 2
-----------------------------------------------------------
Creditors of LLC Concrete Products Plant (TIN 0253014124, PSRN
1020201436177) have until November 2, 2009, to submit proofs of
claims to:

         A. Kochetovskiy
         Temporary Insolvency Manager
         Post User Box 1234
         450000 Ufa-Centre
         Russia

The Arbitration Court of Bashkortostan will convene at 10:30 a.m.
on February 25, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?07–15906/2009.

The Debtor can be reached at:

         LLC Concrete Products Plant
         Avtozavodskaya Str. 2
         Neftekamsk
         452683 Bashkortostan
         Russia


EKO-LIPETSK LLC: Creditors Must File Claims by November 2
---------------------------------------------------------
Creditors of LLC Eko-Lipetsk (TIN 4825039165, PSRN 1044800187838)
(Rubber Waste Processing) have until November 2, 2009, to submit
proofs of claims to:

         Yu.Serdyukov
         Insolvency Manager
         Office 311
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia

The Arbitration Court of Lipetskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?36–1748/2009.

The Debtor can be reached at:

         LLC Eko-Lipetsk
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia


IVANOVSKIY FORESTRY: Creditors Must File Claims by November 2
-------------------------------------------------------------
Creditors of LLC Ivanovskiy Forestry (TIN 3702515214, PSRN
1073702003517) have until November 2, 2009, to submit proofs of
claims to:

         A. Gamichev
         Temporary Insolvency Manager
         Chekhova Str.4-90
         116009 Vologda
         Russia

The Arbitration Court of Ivanovskaya will convene at 10:00 a.m. on
January 11, 2010, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?17–4183/2009.

The Debtor can be reached at:

         LLC Ivanovskiy Forestry
         Semenchikova Str. 13
         Ivanovo
         Ivanovskaya
         Russia


KOPYEVSKIY DAIRY: Creditors Must File Claims by November 2
----------------------------------------------------------
Creditors of LLC Kopyevskiy Dairy Plant (TIN 1908003110, PSRN
1051903019211) have until November 2, 2009, to submit proofs of
claims to:

         V.Kharitonov
         Temporary Insolvency Manager
         Post User Box 3038
         660079 Krasnoyarsk
         Russia

The Arbitration Court of Khakasiya will convene at 10:30 a.m. on
December 17, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?74–3180/2009.

The Debtor can be reached at:

         LLC Kopyevskiy Dairy Plant
         Somovykh Str. 1
         Kopyevo
         Ordzhonokidzevskiy
         655250 Khakasia
         Russia


MEDNOGORSKIY BREWERY: Creditors Must File Claims by November 2
--------------------------------------------------------------
Creditors of LLC Mednogorskiy Brewery (TIN 5606004891, RVC
560601001) have until November 2, 2009, to submit proofs of claims
to:

         M. Abrosimov
         Temporary Insolvency Manager
         Gaya Str. 23A
         460000 Orenburg
         Russia

The Arbitration Court of Orenburgskaya will convene at 11:00 a.m.
on December 22, 2009, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?47–7098/2009.

The Court is located at:

         The Arbitration Court of Orenburgskaya
         Volodarskogo Str. 39
         460000 Orenburgskaya
         Russia

The Debtor can be reached at:

         LLC Mednogorskiy Brewery
         Komsomolskaya Str. 33
         Mednogorsk
         462281 Orenburgskaya
         Russia


PREMYER-STROY LLC: Creditors Must File Claims by November 2
-----------------------------------------------------------
Creditors of LLC Premyer-Stroy (TIN 2635085995, PSRN
1062635005190) (Construction) have until November 2, 2009, to
submit proofs of claims to:

         D. Odikadze
         Insolvency Manager
         Office 4
         Lermontova Str. 343
         Stavropol
         Russia

The Arbitration Court of Stavropolskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?63–9427/09-S5–11.

The Debtor can be reached at:

         LLC Premyer-Stroy
         Selektsionnaya Str. 4
         355008 Stavropol
         Russia


ROS-STROY LLC: Creditors Must File Claims by November 2
-------------------------------------------------------
Creditors of LLC Ros-Stroy (TIN 6501154877,  PSRN 1046500653198)
(Construction) have until November 2, 2009, to submit proofs of
claims to:

         O.Butuzova
         Insolvency Manager
         Office 21
         Sakhalinskaya Str.32A
         Yuzhno-Sakhalinsk
         693000 Sakhalinskaya
         Russia

The Arbitration Court of Sakhalinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?59–3270/2009.

The Debtor can be reached at:

         LLC Ros-Stroy
         Prospect Mira 5
         Yuzhno-Sakhalinsk
         Sakhalinskaya
         Russia


RUS-STROY LLC: Creditors Must File Claims by November 2
-------------------------------------------------------
Creditors of LLC Rus-Stroy (TIN 7202103210) (Construction) have
until November 2, 2009, to submit proofs of claims to:

         V. Elkis
         Insolvency Manager
         Kokhryakova Str. 71/11
         Tumen
         Russia

The Arbitration Court of Tumenskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?70–8822/2009.

The Debtor can be reached at:

         LLC Rus-Stroy
         Respubliki Str. 61
         Tumen
         Russia


SERGACHSKIY MEAT: Creditors Must File Claims by November 2
----------------------------------------------------------
Creditors of LLC Sergachskiy Meat Processing Plant (TIN
5229006361, PSRN 1045206543469) have until November 2, 2009, to
submit proofs of claims to:

         S. Gromoglasov
         Temporary Insolvency Manager
         Post User Box 602
         603000 Nizhny Novgorod
         Russia

The Arbitration Court of Nizhegorodskaya will convene at 1:00 p.m.
on January 19, 2010, to hear bankruptcy supervision procedure.
The case is docketed under Case No. ?43–22563/2009 33–174.

The Debtor can be reached at:

         LLC Sergachskiy Meat Processing Plant
         Lugovaya Str. 2B
         Sergach
         607500 Nizhegorodskaya
         Russia


TEKH-STROY LLC: Creditors Must File Claims by November 2
--------------------------------------------------------
Creditors of LLC Tekh-Stroy (TIN 7727574868, RVC 772701001, PSRN
1067746557306) (Construction) have until November 2, 2009, to
submit proofs of claims to:

         K. Tedeev
         Insolvency Manager
         B. Tishinskiy pereulok 38
         123557 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?40–76850/09–103-348B.

The Debtor can be reached at:

         LLC Tekh-Stroy
         Checherenskiy proezd 52
         117042 Moscow
         Russia


TEYKOVSKAYA COTTON: Creditors Must File Claims by November 2
------------------------------------------------------------
Creditors of LLC Teykovskaya Cotton Recycling Factory (TIN
3704005071, PSRN 1043700470417, RVC 3700401001) have until
November 2, 2009, to submit proofs of claims to:

         M. Chernyaev
         Insolvency Manager
         Office 312
         Varetsovoy Str. 9/18
         153000 Ivanovo
         Russia

The Arbitration Court of Ivanovskaya will convene at 9:30 a.m. on
March 17, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?17–6637/2009–14B.

The Debtor can be reached at:

          LLC Teykovskaya Cotton Recycling Factory
          Shestaginskiy proezd 1
          Teykovo
          155040 Ivanovskaya
          Russia


TRANS-PROM LLC: Creditors Must File Claims by November 2
--------------------------------------------------------
Creditors of LLC Trans-Prom-Zhil-Stroy (Construction) have until
November 2, 2009, to submit proofs of claims to:

         V. Elkis
         Temporary Insolvency Manager
         Kokhryakova Str. 71/11
         Tumen
         Russia

The Arbitration Court of Tumenskaya will convene on December 24,
2009, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ? 70–7614/2009.


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


ARCHANGEL DIAMOND: Stockholm Arbitration Terminated
---------------------------------------------------
Archangel Diamond Corporation has been notified by the Stockholm
Arbitration Tribunal that Uncitral Arbitration Case 074/2006 v.
Arkhangelskoye Geologodobychnoe Predpriyatye has been terminated.
The termination is without prejudice and each party shall bear its
own costs with respect to its legal representation and assistance.

The corporation's re-structuring under Chapter 11 of the US
Bankruptcy Code is proceeding in Colorado, USA.  The disclosure
statement to the Plan for creditors and shareholders is scheduled
to be presented to the Court for approval on October 30 and mailed
to creditors and shareholders shortly thereafter.

The Plan describes ADC's plan to protect its assets, including its
litigation against Lukoil in Colorado state court through the
operation of a liquidating trust established for the benefit of
its creditors and shareholders.  This trust will be funded by exit
financing provided by Firebird Global Master Fund, Ltd., on terms
that have generally been approved by a number of ADC's major
creditors and equity holders.  If the Disclosure Statement that
will be filed regarding the Plan is approved by the court,
appropriate details concerning the Plan will be timely sent to
creditors and shareholders.

Additionally, ADC is currently involved in an arbitration against
Arkhangelskgeoldobycha in Stockholm, Sweden.  ADC is in the
process of making representations to the arbitral tribunal in view
of the current situation of the Company.

                      About Archangel Diamond

Archangel Diamond (NEX BOARD:AAD.H) is a Canadian diamond company
focused on exploration and mining in Russia.  The company is
listed on the Toronto Venture Exchange (trading symbol AAD).

Three creditors filed a petition to send Archangel Diamond
Corporation to liquidation under Chapter 7 of the U.S. Bankruptcy
Code on June 26, 2009 (Bankr. D. Colo. Case No. 09-22621).

Archangel Diamond Corporation said August 27, 2009, its board
approved a proposal to negotiate with interested parties the
filing of a notice to convert its involuntary Chapter 7 proceeding
to a Chapter 11 bankruptcy.


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


ADEWES GMBH: Claims Filing Deadline is December 15
--------------------------------------------------
Creditors of Adewes GmbH are requested to file their proofs of
claim by December 15, 2009, to:

         Adewes GmbH
         Baarerstrasse 63
         6302 Zug
         Switzerland

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


AESCHLIMANN BAUMANAGEMENT: Claims Filing Deadline is December 11
----------------------------------------------------------------
Creditors of Aeschlimann Baumanagement GmbH are requested to file
their proofs of claim by December 11, 2009, to:

         Aeschlimann Baumanagement GmbH
         Baumgartenstrasse 8
         4917 Melchnau
         Switzerland

The company is currently undergoing liquidation in Melchnau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 12, 2009.


AQUA LUNG: Claims Filing Deadline is March 22
---------------------------------------------
Creditors of Aqua Lung AG are requested to file their proofs of
claim by March 22, 2010, to:

         B. Forster
         Viaduktstrasse 7
         8840 Einsiedeln
         Switzerland

The company is currently undergoing liquidation in Ramsen.  The
decision about liquidation was accepted at a general meeting held
on July 27, 2009.


CLUB TOURISM: Claims Filing Deadline is November 30
---------------------------------------------------
Creditors of Club Tourism Reinsurance Ltd. are requested to file
their proofs of claim by November 30, 2009, to:

         Dr. Hans J. Rohrer
         Dufourstrasse 101
         8008 Zurich
         Switzerland

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


INTER HABITAT: Claims Filing Deadline is December 11
----------------------------------------------------
Creditors of Inter Habitat AG are requested to file their proofs
of claim by December 11, 2009, to:

         Juerg Schoch
         Rebhalde 15
         6340 Baar
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
general meeting held on July 28, 2009.


KUMAG IMMOBILIEN: Claims Filing Deadline is November 16
-------------------------------------------------------
Creditors of Kumag Immobilien AG are requested to file their
proofs of claim by November 16, 2009, to:

         Wiget Treuhand AG
         Muhenstrasse 1
         5036 Oberentfelden
         Switzerland

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


MELILEO GMBH: Claims Filing Deadline is December 2
--------------------------------------------------
Creditors of Melileo GmbH are requested to file their proofs of
claim by December 2, 2009, to:

         Melileo GmbH
         Schwandenholzstrasse 266
         8046 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a shareholders' meeting
held on June 5, 2009.


TENNIS-CENTER RALPH: Claims Filing Deadline is January 8
--------------------------------------------------------
Creditors of Tennis-Center Ralph Zepfel AG are requested to file
their proofs of claim by January 8, 2010, to:

         Th. Maurer Treuhand AG
         Neugutstrasse 52
         8600 Duebendorf
         Switzerland

The company is currently undergoing liquidation in Flawil.  The
decision about liquidation was accepted at a general meeting held
on February 13, 2009.


TURBO PROP: Claims Filing Deadline is November 30
-------------------------------------------------
Creditors of Turbo Prop Investments AG are requested to file their
proofs of claim by November 30, 2009, to:

         Turbo Prop Investments AG
         Bahnhofstrasse 32
         6301 Zug
         Switzerland

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


V. + D. SCHADEGG: Claims Filing Deadline is November 30
-------------------------------------------------------
Creditors of V. + D. Schadegg AG are requested to file their
proofs of claim by November 30, 2009, to:

         V. + D. Schadegg AG Ufhofen
         9203 Niederwil
         Switzerland

The company is currently undergoing liquidation in Oberbueren SG.
The decision about liquidation was accepted at a general meeting
held on August 18, 2009.


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


ALCOPRIM LLC: Creditors Must File Claims by October 29
------------------------------------------------------
Creditors of LLC Alcoprim (code EDRPOU 33447252) have until
October 29, 2009, to submit proofs of claim to:

         I. Golovachev
         Insolvency Manager
         Office 12
         40 years of October Ave. 106/2
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 27, 2009.  The case is docketed
under Case No. 28/303-b.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Str. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Alcoprim
         Zhylianskaya Str. 120-b
         01032 Kiev
         Ukraine


INDUSTRIAL SERVICE : Creditors Must File Claims by October 29
-------------------------------------------------------------
Creditors of LLC Industrial Service (code EDRPOU 35862196) have
until October 29, 2009, to submit proofs of claim to:

         R. Talan
         Insolvency Manager
         Post Office Box 158
         49000 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on September 16, 2009.  The case
is docketed under Case No. B24/346-09.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev Str. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Industrial Service
         Novodzerzhynskaya Str. 68
         49000 Dnepropetrovsk
         Ukraine


ITS-CENTER LLC: Creditors Must File Claims by October 29
--------------------------------------------------------
Creditors of LLC ITS-Center (code EDRPOU 32489878) have until
October 29, 2009, to submit proofs of claim to:

         CJSC Joint Stock Commercial
         Industrial and Investment Bank
         Insolvency Manager
         Yanovsky Str. 2
         Okhtirka
         42700 Sumy
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on December 18, 2008.  The case is docketed
under Case No. 15/73-B.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Str. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC ITS-Center
         Grodnenskaya Str. 14
         02090 Kiev
         Ukraine


PRAGA SERVICE: Creditors Must File Claims by October 29
-------------------------------------------------------
Creditors of LLC Praga Service (code EDRPOU 31629434) have until
October 29, 2009, to submit proofs of claim to:

         V. Letskan
         Insolvency Manager
         Office 42
         Dovzhenko Str. 16-v
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 5, 2009.  The case is docketed under
Case No. 50/579.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Str. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Praga Service
         Melnikov Str. 12
         04053 Kiev
         Ukraine


SWEDBANK INVEST: Moody's Withdraws 'E' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service announced that it has withdrawn all
ratings of Private Joint Stock Company "Swedbank Invest".  At the
time of withdrawal, Swedbank Invest's ratings were: long-term
local currency debt and deposit ratings of B1, long-term foreign
currency deposit rating of B3, short-term local and foreign
currency ratings of Not Prime and Bank Financial Strength Rating
of E, each with a negative outlook, and a National Scale Rating of
Aa3.ua with no specific outlook.

The withdrawal of Swedbank Invest's ratings follows the
announcement that the planned merger with its parent Public Joint
Stock Company "Swedbank" (Ukraine) has been finalised with
Swedbank Invest ceasing to exist as a separate legal entity.

Moody's notes that, as of the date of the ratings withdrawal,
Swedbank Invest had no outstanding debts rated by Moody's.

Moody's most recent rating action on Swedbank Invest was on
May 28, 2009, when the rating agency downgraded the bank's local
currency debt and deposit ratings to B1 from Ba2 and the BFSR to E
from E+.

Headquartered in Kiev, Ukraine, Swedbank Invest, reported total
assets of UAH5.2 billion (US$685 million) according to local
accounting standards on July 1, 2009.


TREND LLC: Creditors Must File Claims by October 29
---------------------------------------------------
Creditors of LLC Optima Service Trend (code EDRPOU 34190539) have
until October 29, 2009, to submit proofs of claim to:

         V. Letskan
         Insolvency Manager
         Office 42
         Dovzhenko Str. 16-v
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on August 5, 2009.  The case is docketed under
Case No. 50/580.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Str. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Optima Service Trend
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


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


DEVON CIDER: In Administration; Vantis Appointed
------------------------------------------------
Nicola Collenette at Off Licence News reports that Devon Cider has
gone into administration.

The report relates Vantis Business Recovery Services has been
appointed as administrator for the company.  The administrator is
seeking to sell it as a going concern and no redundancies have
been made, the report says.

Based in Tiverton, Devon Cider produces own-label ciders and
brands including Old Moors, Three Hammers and Ice White.
The company employs 50 people and turnover is around
GBP20 million, according to the report.


MG ROVER: Investors to Face Probe Over Role in Collapse
-------------------------------------------------------
Thomas Penny at Bloomberg News reports that Peter Beale, John
Edwards, Nick Stephenson and John Towers are to be quizzed by
lawmakers over their role in the collapse of MG Rover Group Ltd.

The four have been asked to appear before Parliament's Business,
Innovation and Skills Committee to explain their actions and
answer issues raised by a report into the company's demise,
Bloomberg says, citing a statement posted on the committee's Web
site.  Bloomberg relates the executives were criticized in a
government-commissioned report published Sept. 11 that said they
took GBP42 million (US$70 million) in pay and benefits out of the
company over five years.

                         About MG Rover

Headquartered in Birmingham, United Kingdom, MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles under
the Rover and MG brands, together with engine maker Powertrain
Ltd.  Previously owned by Phoenix Venture Holdings, the company
faced huge losses in recent years, reaching GBP64.1 million in
2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  Ian Powell, Tony Lomas and Rob Hunt, partners in
PricewaterhouseCoopers, were appointed as joint administrators.
The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.  Days
later, eight European subsidiaries -- MG Rover Deutschland GmbH;
MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover
Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- were placed into administration.


NATIONAL EXPRESS: Lenders Agree to Reschedule Debt Repayments
-------------------------------------------------------------
Beth Mellor at Bloomberg News reports that National Express Group
Plc said it:

     -- will sell shares in the next two months; and

     -- has won agreement from lenders to reschedule debt
        repayments.

Bloomberg relates National Express Chief Operating Officer Ray
O'Toole said a share sale will take place before the end of the
year.  National Express Finance Director Jez Maiden, as cited by
Bloomberg, said no decision has been taken on the amount to be
raised in the offering, which Shore Capital Group analyst
Karl Burns estimates may amount to about GBP400 million.

According to Bloomberg, National Express said in a statement
subject to the fundraising taking place, lenders have agreed to
extend the maturity on as much as 50% of the company's
EUR540 million of debt due next September by six months.
Bloomberg says the interest rate on the company's borrowings will
increase again in January.

National Express, Bloomberg discloses, said third-quarter sales
fell 1%and that full-year pretax profit is likely to miss its
forecasts.

As reported in the Troubled Company Reporter-Europe on Oct. 21,
2009, Bloomberg News said National Express received a "highly
preliminary" proposal from Stagecoach Group Plc for a GBP1.7-
billion (US$2.8 billion) all-share transaction in which its
shareholders would hold no more than 40% of the enlarged U.K. bus
and rail company.

Bloomberg notes Mr. O'Toole said there are "no immediate plans" to
grant Stagecoach due diligence.

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


NORTHERN ROCK: EU to Approve Restructuring Plan This Week
---------------------------------------------------------
Sharlene Goff and George Parker at The Financial Times report that
the European Commission is expected this week to approve a radical
restructuring of Northern Rock plc.

The FT recalls Northern Rock's proposal to split itself into two
-- in effect creating a "good" and a "bad" bank -- was submitted
to Brussels for state aid approval this year.

According to the FT, the Commission is expected to authorize the
plan next Wednesday when it holds its final formal session before
its five-year term expires at the end of the month.  The
restructuring of Northern Rock will ultimately lead to the bulk of
its retail deposits and low-risk mortgage loans being separated
into a good bank and sold off, the FT says.

                        About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 24,
2009, Standard & Poor's Ratings Services said that it lowered its
ratings on the GBP300 million 8.399% Reserve Capital Instruments
and GBP200 million 7.053% Tier One Notes issued by Northern Rock
PLC (A/Watch Neg/A-1) to 'C' from 'CC'.


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


* Ropes & Gray to Open London Office
------------------------------------
Ropes & Gray LLP disclosed that finance lawyers Maurice Allen and
Michael Goetz will join the firm and spearhead the launch of its
London office in January 2010.  Mr. Allen and Mr. Goetz will
enhance the firm's ability to serve its sophisticated private
equity, private investment fund, and finance-sector clients in the
United Kingdom and Europe.  Senior U.S. partners Newcomb Stillwell
and David Chapin will be helping their new colleagues launch and
grow the London office, demonstrating Ropes & Gray's commitment to
establishing a world-class service center in an important market.

"We are delighted that Maurice and Mike have decided to join Ropes
& Gray, but our clients are the real beneficiaries," said Brad
Malt, the chairman of Ropes & Gray.  "Our expansion into the
United Kingdom gives us coverage to execute on our clients' global
mandates, and Maurice and Mike have the experience, service
orientation, and business acumen to provide the cutting-edge
advice for which our private equity and debt practices are
renowned."

Ropes & Gray has globally recognized private equity and debt
practices, offering an ideal platform for the experienced London
practitioners.  The firm's Private Equity practice group is
consistently rated among the top PE practices and in 2009 garnered
the Chambers Award for Excellence in the category of "Investment
Funds."  The firm's clients include 11 of the 25 so-called "mega
fund" firms and more than 20 "mid-market" firms that routinely do
transactions in the $100 million to $1 billion range.  In the past
12 months, the firm represented private equity sponsors in a third
of major North American buyouts.

"Ropes & Gray is an elite firm with an extraordinary platform in
the global equity and debt marketplace," said Allen.  "Drawing on
our familiarity with the sophisticated London finance market, Mike
and I will bring our wealth of experience to bear on behalf of the
firm's clients.  This is a terrific fit for us and the firm."

"With their background in private equity and debt, as well as
their proven track record in the competitive London market,
Maurice and Mike are uniquely qualified to lead our expansion into
the United Kingdom," said David Chapin, a private equity and M&A
partner.  "To help our new partners launch and expand the London
office, Newcomb Stillwell, a former head of Ropes & Gray's Private
Equity Practice Group, and I will devote a significant amount of
time to our London office."

Mr. Allen and Mr. Goetz are well-suited to lead Ropes & Gray's
private equity and debt-focused London office, which will open in
January 2010.  The two lawyers were co-heads of the banking and
capital markets practice groups of White & Case, leading that
firm's London office as it grew from 65 to 400 fee earners.

The opening of a London office marks Ropes & Gray's fourth move
into key geographic markets in the past two years, following
openings in Tokyo, Hong Kong and Chicago.  With a new office in
London, Ropes & Gray will be in a better position to serve its
existing clients, as well as the clients of the firm's new
partners.

"This is a marvelous opportunity for Maurice and me," said Goetz.
"Ropes & Gray has demonstrated its commitment to growth in markets
like London that are a center of existing and prospective clients.
We, in turn, are committed to helping the firm continue its upward
trajectory."

Mr. Allen has practiced law for more than 25 years in the London
finance market, focusing on complex transactions and cross-border
financings.  He has advised extensively on matters such as
acquisition finance, telecom financings, restructurings and
workouts.  Mr. Goetz, one of the City's most prominent lawyers,
represents clients in leveraged lending and acquisition finance
matters, among other complex transactions. He also brings
considerable experience in bankruptcies and business
reorganizations.

Ropes & Gray is a full-service, global law firm that works with
clients across a wide variety of industries to successfully
address their greatest legal challenges and achieve their business
goals.  With more than 1,000 professionals located in leading
centers of finance, technology and government, we bring an
unparalleled passion for excellence, new ideas and a true team
spirit to every project.


* BOND PRICING: For the Week October 19 to October 23, 2009
-----------------------------------------------------------

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


AUSTRIA
-------
KOMMUNALKREDIT           0.500    3/15/2019      CAD     64.01
OESTER VOLKSBK           5.450     8/2/2019      EUR     64.09
OESTER VOLKSBK           4.810    7/29/2025      EUR     43.50
OESTER VOLKSBK           5.270     2/8/2027      EUR     95.05
RAIFF ZENTRALBK          4.500    9/28/2035      EUR     88.50
SAPPI PAPIER             6.750    6/15/2012      USD     61.88
SAPPI PAPIER HOL         6.750    6/15/2012      USD     61.88
SAPPI PAPIER HOL         7.500    6/15/2032      USD     47.88
SAPPI PAPIER HOL         7.500    6/15/2032      USD     47.88

BELGIUM
-------
FORTIS BANK              8.750    12/7/2010      EUR     24.67

BULGARIA
--------
PETROL AD-SOFIA          8.375   10/26/2011      EUR     50.76

CYPRUS
------
INTERPIPE LTD            8.750     8/2/2010      USD     77.95

CZECH REPUBLIC
--------------
CZECH REPUBLIC           2.750    1/16/2036      JPY     65.36

FINLAND
-------
MUNI FINANCE PLC         1.000   11/21/2016      NZD     69.09
MUNI FINANCE PLC         1.000   10/30/2017      AUD     60.64
MUNI FINANCE PLC         1.000    2/27/2018      AUD     59.49
MUNI FINANCE PLC         0.500    9/24/2020      CAD     58.72
MUNI FINANCE PLC         0.500    3/17/2025      CAD     44.71
MUNI FINANCE PLC         0.250    6/28/2040      CAD     20.55

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015      EUR     15.54
ALCATEL SA               4.750     1/1/2011      EUR     16.46
ALCATEL-LUCENT           5.000     1/1/2015      EUR      4.01
CALYON                   6.000    6/18/2047      EUR     47.11
CAP GEMINI SA            2.500     1/1/2010      EUR     51.86
CAP GEMINI SOGET         1.000     1/1/2012      EUR     45.35
CAP GEMINI SOGET         3.500     1/1/2014      EUR     45.64
CLUB MEDITERRANE         4.375    11/1/2010      EUR     49.52
CMA CGM                  5.500    5/16/2012      EUR     52.04
EURAZEO                  6.250    6/10/2014      EUR     56.93
GROUPE VIAL              2.500     1/1/2014      EUR     24.18
MAUREL & PROM            3.500     1/1/2010      EUR     22.69
MAUREL ET PROM           7.125    7/31/2014      EUR     18.95
NEXANS SA                4.000     1/1/2016      EUR     64.94
PEUGEOT SA               4.450     1/1/2016      EUR     30.65
PUBLICIS GROUPE          3.125    7/30/2014      EUR     35.44
PUBLICIS GROUPE          1.000    1/18/2018      EUR     44.83
RHODIA SA                0.500     1/1/2014      EUR     40.18
SCOR SA                  4.125     1/1/2010      EUR      2.20
SOC AIR FRANCE           2.750     4/1/2020      EUR     20.88
SOITEC                   6.250     9/9/2014      EUR     12.40
THEOLIA                  2.000     1/1/2014      EUR     10.87
VALEO                    2.375     1/1/2011      EUR     46.16
WENDEL INVEST            4.375     8/9/2017      EUR     74.67
ZLOMREX INT FIN          8.500     2/1/2014      EUR     32.00
ZLOMREX INT FIN          8.500     2/1/2014      EUR     32.00

GERMANY
-------
DEPFA PFANDBRIEF         5.886    2/22/2019      EUR     65.81
DEUTSCHE BK LOND         3.250    5/18/2012      CHF     49.81
DEUTSCHE BK LOND         1.000    3/31/2027      USD     47.86
ESCADA AG                7.500     4/1/2012      EUR     34.79
HSH NORDBANK AG          4.375    2/14/2017      EUR     69.58
HVB REAL ESTATE          6.480    3/21/2022      EUR    104.44
HYPO REAL ESTATE         4.690   12/14/2026      EUR     74.67
IKB DEUT INDUSTR         4.500     7/9/2013      EUR     78.25
IWKA FINANCE             3.750    11/9/2011      EUR     73.90
KFW                      6.588    8/10/2030      EUR     79.61
L-BANK FOERDERBK         0.500    5/10/2027      CAD     43.03
LB BADEN-WUERTT          5.250   10/20/2015      EUR     35.35
LB BADEN-WUERTT          2.500    1/30/2034      EUR     57.75
RENTENBANK               1.000    3/29/2017      NZD     67.83
SOLON AG SOLAR           1.375    12/6/2012      EUR     40.94
VAC FINANZ               9.250    4/15/2016      EUR     42.63
VAC FINANZ               9.250    4/15/2016      EUR     42.63

GREECE
------
YIOULA GLASSWORK         9.000    12/1/2015      EUR     50.50
YIOULA GLASSWORK         9.000    12/1/2015      EUR     51.56

HUNGARY
-------
REP OF HUNGARY           2.110   10/26/2017      JPY     68.24
ZAGREBACKI HOLD          5.500    7/10/2017      EUR     82.12

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

IRELAND
-------
ALLIED IRISH BKS         5.250    3/10/2025      GBP     67.80
ALLIED IRISH BKS         5.625   11/29/2030      GBP     67.63
BANESTO FINANC           6.120    11/7/2037      EUR      6.12
BANK OF IRELAND          4.875    1/22/2018      GBP     71.34
DEPFA ACS BANK           0.500     3/3/2025      CAD     34.03
DEPFA ACS BANK           5.250    3/31/2025      CAD     72.57
DEPFA ACS BANK           4.900    8/24/2035      CAD     69.74
DEPFA ACS BANK           5.125    3/16/2037      USD     72.20
DEPFA ACS BANK           5.125    3/16/2037      USD     75.80
IRISH LIFE & PER         4.625     5/9/2017      EUR     70.30
IRISH NATIONWIDE         5.500    1/10/2018      GBP     42.40
ONO FINANCE II           8.000    5/16/2014      EUR     64.25
ONO FINANCE II           8.000    5/16/2014      EUR     64.93
UT2 FUNDING PLC          5.321    6/30/2016      EUR     63.32

ITALY
-----
COMUNE DI MILANO         4.019    6/29/2035      EUR     70.90
ROMULUS FINANCE          5.441    2/20/2023      GBP     66.52

LITHUANIA
---------
LITHUANIA GOVT           3.750    2/10/2016      LTL     69.86

LUXEMBOURG
----------
ARCELORMITTAL            7.250     4/1/2014      EUR     31.53
BREEZE                   4.524    4/19/2027      EUR     81.00
CRC BREEZE               5.290     5/8/2026      EUR     72.28
LIGHTHOUSE INTL          8.000    4/30/2014      EUR     66.83
LIGHTHOUSE INTL          8.000    4/30/2014      EUR     68.44
NELL AF SARL             8.375    8/15/2015      EUR     17.45
SAFILO CAP INTL          9.625    5/15/2013      EUR     64.20
SAFILO CAP INTL          9.625    5/15/2013      EUR     63.25
TECNOST INTL NV          3.550    5/14/2032      JPY     69.51

NETHERLANDS
-----------
ABN AMRO BANK NV         6.000    3/16/2035      EUR     67.52
AI FINANCE B.V.         10.875    7/15/2012      USD     31.25
AIR BERLIN FINAN         1.500    4/11/2027      EUR     65.24
ALB FINANCE BV           9.000   11/22/2010      USD     31.49
ARPENI PR INVEST         8.750     5/3/2013      USD     67.25
ARPENI PR INVEST         8.750     5/3/2013      USD     67.25
ASTANA FINANCE           7.875     6/8/2010      EUR     22.50
ASTANA FINANCE           9.000   11/16/2011      USD     22.47
BLT FINANCE BV           7.500    5/15/2014      USD     57.00
BLT FINANCE BV           7.500    5/15/2014      USD     56.88
BK NED GEMEENTEN         0.500    6/27/2018      CAD     69.28
BK NED GEMEENTEN         0.500    2/24/2025      CAD     45.81
BSP FINANCE BV          10.750    11/1/2011      USD     71.75
ELEC DE CAR FIN          8.500    4/10/2018      USD     71.53
EM.TV FINANCE BV         5.250     5/8/2013      EUR      3.71
FINANCE & CREDIT        10.375    1/25/2010      USD     70.99
IVG FINANCE BV           1.750    3/29/2017      EUR     71.35
KAZKOMMERTS FIN          8.625    7/27/2016      USD     68.92
KAZKOMMERTS FIN          8.500    6/13/2017      USD     66.00
KAZKOMMERTS INTL         7.500   11/29/2016      USD     74.88
KAZKOMMERTS INTL         7.500   11/29/2016      USD     74.38
KAZKOMMERTS INTL         6.875    2/13/2017      EUR     73.91
KBC IFIMA NV             6.004     2/7/2025      USD     69.63
LEASEPLAN CORP           4.500    11/8/2016      EUR     72.11
NATL INVESTER BK        25.983     5/7/2029      EUR     37.65
NED WATERSCHAPBK         0.500    3/11/2025      CAD     45.52
NIB CAPITAL BANK         4.790   12/17/2043      EUR     63.39
NXP BV/NXP FUNDI        10.000    7/15/2013      EUR     73.25
NXP BV/NXP FUNDI        10.000    7/15/2013      EUR     73.25
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     62.25
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     59.50
NXP BV/NXP FUNDI         8.625   10/15/2015      EUR     62.43
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     73.88
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     73.88
NXP BV/NXP FUNDI         9.500   10/15/2015      USD     74.00
Q-CELLS INTERNAT         1.375    2/28/2012      EUR     71.62
TEMIR CAPITAL            9.000   11/24/2011      USD     29.00
TEMIR CAPITAL            9.500    5/21/2014      USD     28.24
TEMIR CAPITAL            9.500    5/21/2014      USD     29.13
TJIWI KIMIA FIN         13.250     8/1/2001      USD      0.01
TURANALEM FIN BV         7.125   12/21/2009      GBP     24.50
TURANALEM FIN BV         7.875     6/2/2010      USD     24.50
TURANALEM FIN BV         6.250    9/27/2011      EUR     24.48
TURANALEM FIN BV         7.750    4/25/2013      USD     24.29
TURANALEM FIN BV         8.000    3/24/2014      USD     24.00
TURANALEM FIN BV         8.500    2/10/2015      USD     24.54
TURANALEM FIN BV         8.250    1/22/2037      USD     24.46

NORWAY
------
EKSPORTFINANS            0.500     5/9/2030      CAD     34.41
NORSKE SKOGIND           7.000    6/26/2017      EUR     65.71

POLAND
------
POLAND-REGD-RSTA         2.810   11/16/2037      JPY     63.57
POLAND GOVT BOND         3.300    6/16/2038      JPY     69.15
REP OF POLAND            2.620   11/13/2026      JPY     71.99
REP OF POLAND            2.648    3/29/2034      JPY     61.87
REP OF POLAND            3.220     8/4/2034      JPY     70.31
REP OF POLAND            4.250    7/20/2055      EUR     65.43

RUSSIA
------
KMB BANK                15.000   11/30/2011      RUB      0.01
ROSSELKHOZBANK          13.350     2/9/2018      RUB      0.01
RUSSIAN STANDARD        14.750     9/9/2010      RUB      0.01
RUSSIAN STANDARD        15.000     2/9/2011      RUB     60.33
VOLGATELECOM             8.500   11/30/2010      RUB     98.63
VOLGATELECOM            13.000   11/30/2010      RUB     99.98

SPAIN
-----
MINICENTRALES            4.810   11/29/2034      EUR     60.42

SWEDEN
------
SWEDISH EXP CRED         0.500   12/17/2027      USD     45.79

SWITZERLAND
-----------
UBS AG JERSEY            9.000     3/9/2010      USD     60.56
UBS AG JERSEY            9.000    5/18/2010      USD     60.14
UBS AG JERSEY            9.000    6/11/2010      USD     58.74
UBS AG JERSEY            9.000     7/2/2010      USD     58.85
UBS AG JERSEY            9.000    7/19/2010      USD     59.10
UBS AG JERSEY            9.350    7/27/2010      USD     59.90
UBS AG JERSEY            9.000    8/13/2010      USD     63.85
UBS AG JERSEY            9.500    8/31/2010      USD     66.25
UBS AG JERSEY           10.000   10/25/2010      USD     66.80
UBS AG JERSEY           14.640    1/31/2011      USD     37.33
UBS AG JERSEY           16.170    1/31/2011      USD     14.04
UBS AG JERSEY           10.000    2/11/2011      USD     58.57
UBS AG JERSEY           15.250    2/11/2011      USD     12.68
UBS AG JERSEY            8.250    2/28/2011      USD     70.80
UBS AG JERSEY           11.330    3/18/2011      USD     18.15
UBS AG JERSEY           16.160    3/31/2011      USD     44.05
UBS AG JERSEY           10.820    4/21/2011      USD     21.79
UBS AG JERSEY           11.030    4/21/2011      USD     20.52
UBS AG JERSEY           10.650    4/29/2011      USD     16.18
UBS AG JERSEY           10.500    6/16/2011      USD     69.80
UBS AG JERSEY           13.000    6/16/2011      USD     48.38
UBS AG JERSEY           10.280    8/19/2011      USD     33.02
UBS AG JERSEY           10.360    8/19/2011      USD     52.80
UBS AG JERSEY           11.150    8/31/2011      USD     36.70
UBS AG JERSEY            9.350    9/21/2011      USD     66.10
UBS AG JERSEY            9.450    9/21/2011      USD     49.73
UBS AG JERSEY            3.220    7/31/2012      EUR     64.26
UBS AG LONDON            1.500    6/19/2018      JPY     45.02

UNITED KINGDOM
--------------
ALPHA CREDIT GRP         2.940     3/4/2035      JPY     72.21
AMDOCS LIMITED           0.500    3/15/2024      USD     70.00
ANGLIAN WAT FIN          2.400    4/20/2035      GBP     57.21
BANK OF SCOTLAND         2.928    6/10/2020      USD     57.40
BARCLAYS BK PLC          7.610    6/30/2011      USD     52.85
BARCLAYS BK PLC         10.600    7/21/2011      USD     39.04
BEAZLEY GROUP LT         7.250   10/17/2026      GBP     79.09
BRADFORD&BIN BLD         5.500    1/15/2018      GBP      6.99
BRADFORD&BIN BLD         5.750   12/12/2022      GBP      7.17
BRADFORD&BIN BLD         4.910     2/1/2047      EUR     72.86
BRIT INSURANCE           6.625    12/9/2030      GBP     67.34
BROADGATE FINANC         5.098     4/5/2033      GBP     69.80
CATTLES PLC              7.875    1/17/2014      GBP      9.63
CITY OF KIEV             8.000    11/6/2015      USD     71.00
CITY OF KYIV             8.250   11/26/2012      USD     79.18
CJSC FIRST UKRAI         9.750    2/16/2010      USD     74.98
CO-OPERATIVE BNK         5.750    12/2/2024      GBP     76.34
CO-OPERATIVE BNK         5.875    3/28/2033      GBP     72.59
DAILY MAIL & GEN         6.375    6/21/2027      GBP     73.28
EFG HELLAS PLC           2.760    5/11/2035      JPY     67.25
ENTERPRISE INNS          6.500    12/6/2018      GBP     79.88
ENTERPRISE INNS          6.875    2/15/2021      GBP     75.82
ENTERPRISE INNS          6.875     5/9/2025      GBP     74.41
ENTERPRISE INNS          6.375    9/26/2031      GBP     71.22
EXIM OF UKRAINE          8.400     2/9/2016      USD     76.52
F&C ASSET MNGMT          6.750   12/20/2026      GBP     67.29
GRAINGER PLC             3.625    5/17/2014      GBP     52.14
GREENE KING FIN          5.702   12/15/2034      GBP     65.37
HBOS PLC                 4.500    3/18/2030      EUR     67.77
HBOS PLC                 6.000    11/1/2033      USD     54.18
HBOS PLC                 6.000    11/1/2033      USD     54.18
INEOS GRP HLDG           7.875    2/15/2016      EUR     49.61
INEOS GRP HLDG           7.875    2/15/2016      EUR     49.23
INEOS GRP HLDG           8.500    2/15/2016      USD     48.51
INEOS GRP HLDG           8.500    2/15/2016      USD     47.75
INEOS VINYLS FIN         9.125    12/1/2011      EUR     67.83
INEOS VINYLS FIN         9.125    12/1/2011      EUR     68.75
LONGSTONE FINANC         4.896    4/19/2031      GBP     73.54
MARSTONS ISSUER          5.641    7/15/2035      GBP     70.07
MITCHELLS & BUTL         6.469    9/15/2030      GBP     73.69
NATL GRID GAS            1.754   10/17/2036      GBP     48.12
NATL GRID GAS            1.771    3/30/2037      GBP     46.69
NATL GRID GAS            1.893     5/1/2037      GBP      9.99
NATL GRID GAS            1.921     5/1/2037      GBP     10.14
NORTHERN ROCK            5.625    1/13/2015      GBP     39.75
NORTHERN ROCK           10.375    3/25/2018      GBP     43.63
NORTHERN ROCK            6.375    12/2/2019      GBP     74.28
NORTHERN ROCK            9.375   10/17/2021      GBP     43.86
ONO FINANCE PLC         10.500    5/15/2014      EUR     64.13
ONO FINANCE PLC         10.500    5/15/2014      EUR     67.96
PRIVATBANK               8.750     2/9/2016      USD     66.63
PUNCH TAVERNS            7.567    4/15/2026      GBP     70.85
PUNCH TAVERNS            6.468    4/15/2033      GBP     62.41
ROYAL BK SCOTLND         9.500     4/4/2025      USD     60.31
ROYAL BK SCOTLND         7.540    6/29/2030      EUR     58.93
SPIRIT ISSUER            5.472   12/28/2028      GBP     65.25
TXU EASTERN FNDG         6.450    5/15/2005      USD      0.01
UKRAINE GOVT             4.950   10/13/2015      EUR     74.25
UKRAINE GOVT             4.950   10/13/2015      EUR     74.21
UNIQUE PUB FIN           7.395    3/28/2024      GBP     72.73
UNIQUE PUB FIN           6.464    3/30/2032      GBP     60.23
VAB BANK                10.125    6/14/2010      USD     60.97
WESSEX WATER FIN         1.369    7/31/2057      GBP     19.10
WESSEX WATER FIN         1.499   11/29/2058      GBP      0.16

                            *********

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 * * *