TCREUR_Public/080919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Friday, September 19, 2008, Vol. 9, No. 187

                            Headlines

A U S T R I A

HAGENAU GOLFBETRIEB: Claims Registration Period Ends October 7
LANGECKER BAU: Claims Registration Period Ends October 8
MONTEX MONTAN: Claims Registration Period Ends October 15
MONTEX MONTAN & CO: Claims Registration Period Ends October 15
RAM-BAU-TECH: Claims Registration Period Ends October 8


B O S N I A   &   H E R Z E G O V I N A

* BOSNIA: Faces Political & Economic Challenges, Moody's Says


C Z E C H   R E P U B L I C

CE WOOD: Moody's Downgrades CFR to Ba3.cz from Ba1.cz


G E R M A N Y

ALL BAU: Claims Registration Period Ends Sept. 29
AMPER TRANSPORTBETON: Claims Registration Period Ends Sept. 29
AMTS GMBH: Claims Registration Period Ends September 28
ARGE UPO: Claims Registration Period Ends Sept. 29
EMPRESTIGE MODEVERTRIEB: Claims Registration Ends September 23

EPICEPT CORP: Compensation Panel Okays Grant of 205,000 Options
FRISEURSALON ARENA: Claims Registration Period Ends Sept. 29
GEBAUDE FASSADE: Claims Registration Period Ends Sept. 29
MHB PLANUNGSBUERO: Claims Registration Period Ends September 26
PLANBAU GMBH: Claims Registration Period Ends September 26

PROJEKT-SERVICE-GESELLSCHAFT: Claims Registration Ends Sept. 26
SAR GMBH: Claims Registration Period Ends September 26
STONEX GMBH: Claims Registration Period Ends September 26
STARTONIC VERWALTUNGSGESELLSCHAFT: Claims Period Ends Sept. 26
STRATEGISCHES RISIKO: Claims Registration Period Ends Sept. 26

TELEHAUS TELEKOMMUNIKATIONSSERVICE: Claims Filing Ends Sept. 26
WERRA ABBRUCH: Claims Registration Period Ends September 26
WESTLB AG: Inks Cooperation Agreement with Vocalink on SEPA


I R E L A N D

DUNNE GROUP: To Rebrand Clybaun Hotel Under Ramada Name


I T A L Y

SAFILO SPA: Moody's Confirms Ba3 CFR Rating; Outlook Negative


K A Z A K H S T A N

ATLANT IMPEX: Creditors Must File Claims by October 24
BM TRANS: Claims Deadline Slated for November 4
CASPIAN SERVICES: Claims Filing Period Ends November 4
CHIM TECHNOLOGIES: Creditors' Claims Due on November 4
DELTA GROUP: Claims Registration Ends October 24

GRANIT SERVICE: Creditors Must File Claims by October 24
JALPAKTAL INVEST: Claims Deadline Slated for October 24
MASTER CRAFT: Claims Filing Period Ends October 24
ONIX PRO: Creditors' Claims Due on November 7
SHORO-KORDAI LLP: Claims Registration Ends November 4


K Y R G Y Z S T A N

SULTAN OIL: Creditors Must File Claims by November 3


N E T H E R L A N D S

TRONOX INC: Undecided on NYSE Delisting Notice


R U S S I A

BANK SAINT PETERSBURG: Posts RUR1.8 Bln. Net Income for 1H 2008
GAZ-EKO-OIL: Court Names M. Mazalov as Insolvency Manager
IZHEVSKAYA DRILLING: Creditors Must File Claims by November 4
KIT FINANCE: Moody's Cuts Bank Financial Strength Rating to E
LENINGRADSKAYA CHEMICAL: Creditors Must File Claims by Nov. 4

LES-YUG-EKSPO: Creditors Must File Claims by October 4
MAGNITOGORSK METALLURGICAL: S&P Revises Outlook to Stable
MINING INDUSTRIAL: Court Starts Bankruptcy Supervision Procedure
SISTEMA JSFC: Earns US$289.5 Million for Second Quarter 2008
SLAV-TOM-ARMA: Creditors Must File Claims by October 4

SOGAZ OJSC: S&P Assigns BB Counterparty Credit Rating
STARITSKIY BRICKS: Creditors Must File Claims by November 4
STEEL-MARKET CJSC: Creditors Must File Claims by October 4
STROY-PROFIL LLC: Kirovsk Bankruptcy Hearing Set December 17
VILKOM STROY: Creditors Must File Claims by October 4

* BRATSK CITY: S&P Places B+ Debt Rating on RUR350 Million Bonds
* KRASNODAR KRAI: S&P Lifts Long-Term Issuer Credit Rating to BB
* RUSSIA: Halts Trading at 2 Main Bourses as Stock Market Ails


S W E D E N

FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.7 Billion
FORD MOTOR: Tracinda Corp. Discloses 6.43% Equity Stake


S W I T Z E R L A N D

DREAM & REALITY: Creditors Have Until Oct. 8 to File Claims
EUROPEAN WHOLESALE: Oct. 7 Set as Deadline to File Claims
GENERAL MOTORS: Southeastern Asset Discloses 2.3% Equity Stake
KORAMIS LLC: Creditors Must File Proofs of Claim by  Oct. 10
LAUBER GASTRO: Deadline to File Proofs of Claim Set  Oct. 4

MOVIE-BOX-ERL LLC: Proofs of Claim Filing Deadline is  Oct. 8
MOVIE-BOX GOT: Creditors' Proofs of Claim Due by  Oct. 8
UBERTO JSC: Creditors Have Until Oct. 3 to File Proofs of Claim


T U R K E Y

TURKIYE SINAI: Fitch Affirms Individual Rating at 'C/D'


U K R A I N E

AJEST GROUP: Creditors Must File Claims by September 21
COMPETITION OFFICE: Creditors Must File Claims by September 21
METALLURG MONTAZH-204: Creditors Claims Due September 21
MOGILEV-PODOLSKY OJSC: Creditors Must File Claims by Sept. 21
PAN-TECHNOCOM LLC: Creditors Must File Claims by September 21

PRIORITET LLC: Creditors Must File Claims by September 21
SERVICEOPTIM-T LLC: Creditors Claims Due September 21
STAVISCHE GOODS: Proofs of Claim Filing Deadline Set Sept. 21
SUN MAKS-360: Creditors Must File Claims by September 21
TRIO-777 LLC: Creditors Must File Claims by September 21

UKRSUN-M LLC: Creditors Must File Claims by September 21


U N I T E D   K I N G D O M

ABITIBIBOWATER: NWQ Investment & Lord Abbett Disclose Equity Stake
CALVER PRESS: Felix Press Saves Printer from Liquidation
CHAUCER COVERS: Claims Filing Period Ends December 4
COREL CORP: To Reduce Global Workforce by 90 Employees
ELCOM INTERNATIONAL: Dec. 31 Balance Sheet Upside Down by US$1.2MM

EMPLOYMENT PEOPLE: Claims Filing Period Ends Oct. 2
LEHMAN BROTHERS: Case Summary & 31 Largest Unsecured Creditors
LEHMAN BROTHERS: Bankruptcy Filing Cues S&P to Change Indices
LEHMAN BROTHERS: Fitch Trims 260 Tender Options Bonds Ratings to D
LEHMAN RE: Best Slashes Issuer Credit Rating to 'bb' from 'a-'

MOAT RECRUITMENT: Appoints Peter Hollis as Liquidator
NORTEL NETWORKS: Recent Actions Point to New Restructuring
PERFECT FAST: Joint Liquidators Take Over Operations
PLG 1: Brings in Liquidators from Kroll
SEGURO TRAVEL: Goes Into Administration; Ceases Trading

STORT ELECTRICAL: Calls in Liquidators from Vantis
SUPREME IMPORTS: Appoints Liquidators from KPMG
TRAVEL CITY: Former Staff to Take Legal Action Over Unpaid Wages
ULTIMATE WINDOWS: Claims Filing Period Ends Nov. 3
VEHICLE SERVICE: Taps Liquidators from Tenon Recovery

XL LEISURE: Warned of Financial Irregularities Prior to Collapse
XL LEISURE: CAA and Kroll In Dispute Over Flying Grounded Planes

* UK: Lehman's Downfall Threatens City IT Workers, Analysts Say
* Begbies Traynor Predicts Nine U.K. Airlines Going Under
* LEHMAN: Moody's Rates Certain Transactions with Lehman Exposure
* S&P Takes Rating Actions on 422 Tranches After Lehman Bankruptcy

* BOOK REVIEW: Strategies for Investing in Intellectual Property


                         *********


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


HAGENAU GOLFBETRIEB: Claims Registration Period Ends October 7
--------------------------------------------------------------
Creditors owed money by LLC Hagenau Golfbetrieb have until Oct. 7,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Valentin Piskernik
         Hochstrasse 31
         2380 Perchtoldsdorf
         Austria
         Tel: 01/86 93 888
         Fax: 01/869166033
         E-Mail: anwalt@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 21, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Gumpoldskirchen, Austria, the Debtor declared
bankruptcy on Aug. 19, 2008, (Bankr. Case No. 11 S 92/08b).


LANGECKER BAU: Claims Registration Period Ends October 8
--------------------------------------------------------
Creditors owed money by LLC Langecker Bau & Projektconsult have
until Oct. 8, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Robert Klein
         Spiegelgasse 10
         1010 Wien
         Austria
         Tel: 01/513 99 39
         Fax: 01/513 99 39 30
         E-mail: klein@lawcenter.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at [time] on [date] for the examination of
claims at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Ernstbrunn, Austria, the Debtor declared
bankruptcy on Aug. 21, 2008, (Bankr. Case No. 36 S 97/08v).


MONTEX MONTAN: Claims Registration Period Ends October 15
---------------------------------------------------------
Creditors owed money by LLC MONTEX Montan have until Oct. 15,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Gerhard Strobich
         Roseggergasse 2
         8793 Trofaiach
         Austria
         Tel: 03847-2919
         Fax: 03847-2919-4
         E-mail: ra@strobich.at


Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on Oct. 29, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Kammern im Liesingtal, Austria, the Debtor
declared bankruptcy on Aug. 21, 2008, (Bankr. Case No. 18 S
48/08x).


MONTEX MONTAN & CO: Claims Registration Period Ends October 15
--------------------------------------------------------------
Creditors owed money by LLC Montex Montan & Co KG have until
Oct. 15, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Gerhard Strobich
         Roseggergasse 2
         8793 Trofaiach
         Austria
         Tel: 03847-2919
         Fax: 03847-2919-4
         E-mail: ra@strobich.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on Oct. 29, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Kammern im Liesingtal, Austria, the Debtor
declared bankruptcy on Aug. 21, 2008, (Bankr. Case No. 18 S
47/08z).


RAM-BAU-TECH: Claims Registration Period Ends October 8
-------------------------------------------------------
Creditors owed money by LLC Ram-Bau-Tech have until Oct. 8, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Wien
         Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Oct. 22, 2008, for the
examination of claims at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Korneuburg, Austria, the Debtor declared
bankruptcy on Aug. 19, 2008, (Bankr. Case No. 36 S 96/08x).



=======================================
B O S N I A   &   H E R Z E G O V I N A
=======================================


* BOSNIA: Faces Political & Economic Challenges, Moody's Says
-------------------------------------------------------------
Bosnia and Herzegovina's Ba3 foreign currency bond ceiling and B2
local and foreign currency government bond ratings, with a stable
outlook, reflect the persistent political and economic challenges
facing the country, including multiple layers of government,
ethnic tensions and a narrow economic base.  Nonetheless,
sustained economic growth has been supporting gradual real
convergence, albeit at a slow pace, and the government's debt
burden remains moderate, Moody's Investors Service says in its new
credit report on Bosnia and Herzegovina.

"Although Bosnia and Herzegovina's has undergone a consistent
economic recovery over the past 10 years, it is the second-poorest
country in the Western Balkans and its economic diversification is
weak," says Kenneth Orchard, a Moody's Vice-President/Senior
Analyst and author of the report.  Moody's expects that, at recent
growth rates, it could take 40-50 years for Bosnian incomes to
gradually converge with the Eurozone average, although potential
growth could increase if the pace of reform improves.

The country's institutions remain weak by both global and regional
standards, in Moody's view.  Following the 1992-1995 war,
institution-building was hampered by an unwieldy government
structure and, at times, a lack of cooperation amongst the various
levels of government and ethnic groups.  Although there have been
tentative signs of improvement in recent months, such problems
have persisted and are likely to translate into slow and uneven
progress towards achieving stronger institutions.

Moody's assesses Bosnia and Herzegovina's government as having a
medium degree of financial strength, based on its high debt
affordability combined with a medium access to resources.  Fiscal
policy has been moderately constructive over the past five years,
and 2007 was the fourth year in a row that the general government
primary balance was in surplus.  However, analysis of government
finances is hampered by the lack of clear and timely data.

"While the security situation in Bosnia and Herzegovina has
improved significantly since the war and a return to violence is
deemed highly unlikely, the continued presence of a material
peacekeeping force suggests that the EU has lingering concerns
about the political environment.  In addition, the commitment
required to rebuild trust and strengthen shared institutions is
generally lackluster," cautions Mr. Orchard.

There is a minor risk that heightened political tensions could
lead to economic and financial stress.  However, the
characteristics of the Bosnian banking system are such that a
serious financial crisis appears unlikely.  The banking system is
dominated by the subsidiaries of Western European banks, which
have introduced improved risk management techniques and which
Moody's expects would provide additional capital in the event of
stress.


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


CE WOOD: Moody's Downgrades CFR to Ba3.cz from Ba1.cz
------------------------------------------------------
Moody's Investors Service has downgraded CE WOOD's long-term
national scale corporate family rating to Ba3.cz from Ba1.cz.
The outlook on the rating remains negative.

The rating downgrade reflects: (i) the continuation of the
pressure on the company's financial performance and credit
protection metrics resulting from the low logging volumes awarded
to CE WOOD and the oversupply to the market, which has pushed
logging margins to historically low levels; (ii) negative free
cash flow generation in the past four fiscal periods, which has
forced CE WOOD to draw down new debt; and (iii) the company's
aggressive approach to liquidity management, which relies on the
continued availability of uncommitted short-term credit lines to
meet liquidity needs.

The negative rating outlook primarily reflects CE WOOD's
constrained liquidity profile, which relies on a turnaround in
cash generation to a substantial positive amount this year, driven
by releases of working capital and capital expenditure constraint,
and continued support by its banking group.  Failure to realize
working capital reductions, and significant asset disposals or to
report positive free cash flows over the next two quarters would
place pressure on the rating.

Moody's last rating action on CE WOOD was on June 17, 2008, when
the national scale corporate family rating was downgraded to
Ba1.cz with negative outlook.

Headquartered in Zlin in the Czech Republic, CE WOOD a.s. is a
parent company of a forest and timber holding, the largest timber
group in the Czech Republic and Central Europe with sales of
CZK5.6 billion (EUR224 million) in 2007.


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


ALL BAU: Claims Registration Period Ends Sept. 29
-------------------------------------------------
Creditors of ALL-BAU-SERVICE Dach- und Fassadentechnik GmbH have
until Sept. 29, 2008, to register their claims with court-
appointed insolvency manager Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on Oct. 20, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joerg Riedemann
         Muehlweg 47
         06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

The District Court of Dessau opened bankruptcy proceedings against
ALL-BAU-SERVICE Dach- und Fassadentechnik GmbH on
Aug. 5, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         ALL-BAU-SERVICE Dach- und Fassadentechnik GmbH
         Ziegeleistrasse 9a
         06844 Dessau
         Germany

         Attn: Reiner Lehmann, Manager
         Gtaboer Str. 7b
         06896 Nudersdorf
         Germany


AMPER TRANSPORTBETON: Claims Registration Period Ends Sept. 29
--------------------------------------------------------------
Creditors of Amper Transportbeton GmbH have until Sept. 29, 2008,
to register their claims with court-appointed insolvency manager
Ulrich Cramer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 28, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Cramer
         Heiliggeiststr. 7+8
         c/o RA Floether & Wissing
         80331 Munich
         Germany
         Tel: 089/21 02 88 58
         Fax: 089/23 24 95 03

The District Court of Munich opened bankruptcy proceedings against
Amper Transportbeton GmbH on July 17, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Amper Transportbeton GmbH
         Attn: Norbert Roeck, Manager
         Berthold-Litzmann-Str. 14
         80995 Munich
         Germany


AMTS GMBH: Claims Registration Period Ends September 28
-------------------------------------------------------
Creditors of AMTS GmbH have until Sept. 28, 2008, to register
their claims with court-appointed insolvency manager Knut Thomas
Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 p.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Knut Thomas Hofheinz
         Am Markte 13
         30159 Hannover
         Germany
         Tel: 0511 326099
         Fax: 0511 320255

The District Court of Hannover opened bankruptcy proceedings
against AMTS GmbH on Aug. 28, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AMTS GmbH
         Rendsburger Strasse 34
         30659 Hannover
         Germany


ARGE UPO: Claims Registration Period Ends Sept. 29
--------------------------------------------------
Creditors of ARGE UPO MEDIZIN TECHNIK GmbH & Co. KG have until
Sept. 29, 2008, to register their claims with court-appointed
insolvency manager Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannover opened bankruptcy proceedings
against ARGE UPO MEDIZIN TECHNIK GmbH & Co. KG on Aug. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ARGE UPO MEDIZIN TECHNIK GmbH & Co. KG
         Rendsburger Strasse 34
         30659 Hannover
         Germany


EMPRESTIGE MODEVERTRIEB: Claims Registration Ends September 23
--------------------------------------------------------------
Creditors of Emprestige Modevertrieb GmbH & Co. KG have until
Sept. 23, 2008, to register their claims with court-appointed
insolvency manager Haro Helms.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Haro Helms
         Schillerstr. 10
         28195 Bremen
         Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         E-mail: helms@dr-stankewitz.de
         Web site: www.dr-stankewitz.de

The District Court of Bremen opened bankruptcy proceedings against
Emprestige Modevertrieb GmbH & Co. KG on Sept. 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Emprestige Modevertrieb GmbH & Co. KG
         Erasmusstrasse 11-13
         28217 Bremen
         Germany


EPICEPT CORP: Compensation Panel Okays Grant of 205,000 Options
---------------------------------------------------------------
On September 8, 2008, the Compensation Committee of the Board of
Directors of EpiCept Corporation approved the grant of 205,000
options to purchase shares of the company's common stock, par
value US$0.0001, to certain of the company's executive officers
pursuant to the company's 2005 Equity Incentive Plan.  The Options
expire on September 8, 2018, have an exercise price of US$0.63 per
share, and vest immediately.

The Option grants were given to:

  Executive                                       No. of Options
  ---------                                       --------------
  John V. Talley
  President and Chief Executive Officer                 75,000

  Robert W. Cook
  Chief Financial Officer and
  Senior Vice President, Finance and Administration     15,000

  Stephane Allard
  Chief Medical Officer                                 50,000

  Ben Tseng
  Chief Scientific Officer                              15,000

  Dileep Bhagwat
  Senior Vice President, Pharmaceutical Development     50,000

                    About EpiCept Corporation

Based in Tarrytown, New York, EpiCept Corporation (NASDAQ:EPCT) --
http://www.epicept.com/-- is a specialty pharmaceutical company
focused on the development of pharmaceutical products for the
treatment of cancer and pain.  The company has a portfolio of five
product candidates in active stages of development.  It includes
an oncology product candidate submitted for European registration,
two oncology compounds, a pain product candidate for the treatment
of peripheral neuropathies and another pain product candidate for
the treatment of acute back pain.  The two wholly owned
subsidiaries of the company are Maxim, based in San Diego,
California, and EpiCept GmbH, based in Munich, Germany, which are
engaged in research and development activities.

EpiCept Corp.'s consolidated balance sheet at March 31, 2008,
showed a stockholders' deficit of US$15,570,000, compared to a
deficit of US$14.1 million at Dec. 31, 2007.

                      Going Concern Doubt

Deloitte & Touche LLP, in Parsippany, New Jersey, expressed
substantial doubt about EpiCept Corp.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations and
stockholders' deficit.

The company disclosed in its Form 10-Q for the first quarter ended
March 31, 2008, that to date it has not generated any meaningful
revenues from the sale of products and may not generate any such
revenues for a number of years, if at all.  As a result, the
company has an accumulated deficit of US$176,926,000 as of March
31, 2008, and may incur operating losses for a number of years.


FRISEURSALON ARENA: Claims Registration Period Ends Sept. 29
------------------------------------------------------------
Creditors of Friseursalon Arena GmbH have until Sept. 29, 2008, to
register their claims with court-appointed insolvency manager
Joseph Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Joseph Albers
         Von-der-Recke-Str. 5-7
         45879 Gelsenkirchen
         Germany

The District Court of Essen opened bankruptcy proceedings against
Friseursalon Arena GmbH on Sept. 2, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Friseursalon Arena GmbH
         Attn: Ali Akalin, Manager
         Cranger Str. 264
         45891 Gelsenkirchen
         Germany


GEBAUDE FASSADE: Claims Registration Period Ends Sept. 29
---------------------------------------------------------
Creditors of GFDS Gebaude-Fassade-Denkmal-Sanierungs-GmbH have
until Sept. 29, 2009, to register their claims with court-
appointed insolvency manager Susanne Feige.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 20, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 252
         Second Floor
         Heinitzstr. 42/44
         58097 Hagen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Susanne Feige
         Friedrichstr. 10
         58507 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings against
GFDS Gebaude-Fassade-Denkmal-Sanierungs-GmbH on
Aug. 26, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         GFDS Gebaude-Fassade-Denkmal-Sanierungs-GmbH
         Attn: Siegfried Eckhardt, Manager
         Rittershausstr. 9 a
         58640 Iserlohn
         Germany


MHB PLANUNGSBUERO: Claims Registration Period Ends September 26
---------------------------------------------------------------
Creditors of MHB Planungsbuero GmbH have until Sept. 26, 2008, to
register their claims with court-appointed insolvency manager
Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on Oct. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Heiko Fialski
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against MHB Planungsbuero GmbH on Aug. 20, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         MHB Planungsbuero GmbH
         Attn: Peer Mantowski, Manager
         Holtknebel 30b
         21149 Hamburg
         Germany


PLANBAU GMBH: Claims Registration Period Ends September 26
----------------------------------------------------------
Creditors of PlanBau GmbH have until Sept. 26, 2008, to register
their claims with court-appointed insolvency manager Dr. Ulrich
Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 29, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 24
         Justice Center
         Jagerallee 10 - 12
         14469 Potsdam
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Ulrich Wenzel
         Grossbeerenstrasse 231
         14480 Potsdam
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against PlanBau GmbH on Aug. 5, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PlanBau GmbH
         Grossbeerenstrasse 139
         14482 Potsdam
         Germany

         Attn: Herrn Mario Kiepke
         M.-Hannemann-Strasse 1
         14482 Potsdam
         Germany


PROJEKT-SERVICE-GESELLSCHAFT: Claims Registration Ends Sept. 26
---------------------------------------------------------------
Creditors of Projekt-Service-Gesellschaft mbH have until
Sept. 26, 2008, to register their claims with court-appointed
insolvency manager Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 22, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall AE 26
         House A
         Bielkenhagen 9
         Stralsund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christian Langhoff
         Carl-Heydemann- Ring 55
         18437 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Projekt-Service-Gesellschaft mbH on Aug. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Projekt-Service-Gesellschaft mbH
         Attn: Ingo Doehring, Liquidation
         Elmenhorster Str. 12
         18510 Abtshagen
         Germany


SAR GMBH: Claims Registration Period Ends September 26
------------------------------------------------------
Creditors of SAR GmbH have until Sept. 26, 2008, to register their
claims with court-appointed insolvency manager Dr. Winfrid Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Nov. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Stefanstrasse 2
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against SAR GmbH on Aug. 20, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SAR GmbH
         Attn: Christoph Heitmann, Manager
         Landwehrstrasse 111
         59368 Werne
         Germany


STONEX GMBH: Claims Registration Period Ends September 26
---------------------------------------------------------
Creditors of StoneX GmbH have until Sept. 26, 2008, to register
their claims with court-appointed insolvency manager Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting at 1:55 p.m. on Oct. 8, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Friedberg (Hessen)
         Hall 20a
         Homburger Strasse 18
         61169 Friedberg (Hessen)
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Kraft
         Hanauer Landstrasse 215
         60314 Frankfurt am Main
         Germany
         Tel: (069) 4035 31-0
         Fax: (069) 4035 31-15

The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against StoneX GmbH on Sept. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         StoneX GmbH
         Roter Lohweg 31
         35510 Butzbach
         Germany


STARTONIC VERWALTUNGSGESELLSCHAFT: Claims Period Ends Sept. 26
--------------------------------------------------------------
Creditors of STARTONIC Verwaltungsgesellschaft mbH have until
Sept. 26, 2008, to register their claims with court-appointed
insolvency manager Gregor Schoene.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Gregor Schoene
         Haferweg 22
         22769 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against STARTONIC Verwaltungsgesellschaft mbH on Aug. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         STARTONIC Verwaltungsgesellschaft mbH
         Kaltenkirchener Chaussee 13
         25486 Alveslohe
         Germany

         Attn: Mike Lorentz, Manager
         Memeler Strasse 5
         25335 Elmshorn
         Germany


STRATEGISCHES RISIKO: Claims Registration Period Ends Sept. 26
--------------------------------------------------------------
Creditors of S.R.P.M. GmbH Strategisches Risiko und
Projektmanagement have until Sept. 26, 2008, to register their
claims with court-appointed insolvency manager Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on Oct. 21, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 101
         Infanteriestr. 5
         80097 Munich
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christina Siegert
         Oskar-von-Miller-Ring 34-36
         80333 Muenchen
         Germany
         Tel: 089-24440930
         Fax: 089-244409365

The District Court of COURT opened bankruptcy proceedings against
S.R.P.M. GmbH Strategisches Risiko und Projektmanagement on DATE.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S.R.P.M. GmbH Strategisches Risiko und
         Projektmanagement
         Suedl. Muenchner Str. 55
         82031 Gruenwald
         Germany


TELEHAUS TELEKOMMUNIKATIONSSERVICE: Claims Filing Ends Sept. 26
---------------------------------------------------------------
Creditors of Telehaus Telekommunikationsservice Muensterland GmbH
have until Sept. 26, 2008, to register their claims with court-
appointed insolvency manager Dr. Michael Bien.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Michael Bien
         Goethestr. 2
         59065 Hamm
         Germany
         Tel: 02381/924200
         Fax: +4923819242020

The District Court of Muenster opened bankruptcy proceedings
against Telehaus Telekommunikationsservice Muensterland GmbH
on Sept. 1, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Telehaus Telekommunikationsservice Muensterland GmbH
         Albrecht-Duerer-Str. 18
         59302 Oelde
         Germany


WERRA ABBRUCH: Claims Registration Period Ends September 26
-----------------------------------------------------------
Creditors of Werra Abbruch und Bau GmbH have until Sept. 26, 2008,
to register their claims with court-appointed insolvency manager
Thomas Alter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Alter
         Schillerstrasse 2
         99096 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Werra Abbruch und Bau GmbH on Aug. 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Werra Abbruch und Bau GmbH
         Neumarktstrasse 5
         98639 Metzels
         Germany


WESTLB AG: Inks Cooperation Agreement with Vocalink on SEPA
-----------------------------------------------------------
WestLB AG and VocaLink, the payment transaction specialists,
signed a cooperation agreement for processing of Single Euro
Payment Area (SEPA) payments at the SIBOS international banking
fair in Vienna.  The agreement paves the way for direct routing of
all payments by banks connected to VocaLink in favor of savings
banks in Germany and vice-versa.

WestLB will utilize the opportunities afforded by VocaLink through
its Euro Clearing & Settlement Mechanism.  In return, VocaLink
will profit from the networking of WestLB in the Sparkassen-
Finanzgruppe.  Synergies from the networking ultimately benefit
all customers through low-cost and timely processing of their
payment transfers.

With this agreement WestLB enables VocaLink, in a first step, to
obtain direct access to PAYCE, the Automated Clearing House of the
German savings banks and Landesbanks.  With over 7 billion
transactions PAYCE is one of the largest clearing houses in Europe
for transfers, direct debits and card transactions.  The agreement
therefore represents a further networking of clearing systems.
Going forward further cooperation agreements are planned with the
envisaged launch of the SEPA Direct Debit in November 2009.

Steffen Kowalski, member of the divisional board at WestLB, said,
"The cooperation agreement signed with VocaLink will yield process
and cost advantages for the Sparkassen-Finanzgruppe.  I am
therefore particularly pleased that WestLB not only makes an
important contribution to SEPA but can also further expand its
role in the payments field in partnership with the savings banks."

Martin Wilson, chief commercial officer at VocaLink, said: "We are
delighted that WestLB has joined our community of banks and is
able to send and receive payments in and out of Germany through
our Euro CSM.  This further illustrates the attractiveness of our
SEPA offering to European banks."

Following the introduction of SEPA, the system designed to
harmonize payment transactions in Europe, networking is becoming
increasingly important.  Already today more than 100 million
payments in Europe are processed annually as low-cost,
standardized cross-border transfers.  These numbers will rise
significantly with the progressive implementation of SEPA.

                          About VocaLink

VocaLink -- www.vocalink.com -- is a specialist provider of
transaction services to banks, their corporate customers and
Government departments.  It processes domestic and international
automated payments and provides ATM switching solutions.

                         About WestLB

Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.

In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.

WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).

                         *     *     *

West LB AG continues to carry Fitch's 'F' Individual Rating.
The rating was previously at 'D/E' and was downgraded by Fitch
to its current level in January 2008.


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


DUNNE GROUP: To Rebrand Clybaun Hotel Under Ramada Name
-------------------------------------------------------
Dunne Group's Clybaun Hotel is going to be rebranded under the
Ramada name as part of a rescue package, galwaynews.ie reports.

As reported in the Troubled Company Reporter-Europe, Dunne Group
has entered into a 20-year franchise agreement with Ramada Hotels
after it was placed into examinership in June 2008.

Citing the Sunday Business Post, the report adds that the examiner
is also planning to rebrand the remaining four hotels under the
Ramada name to finalize a rescue package.

Dunne Group Hotels runs a chain of five hotels in Ireland,
including Shannon Shamrock Hotel, Woodstock Hotel, Patrick Punch's
Hotel, the Two Mile Inn Hotel, and Clybaun Hotel.  The hotel chain
incurred a a pre-tax loss of EUR1.1 million in 2006 compared to a
profit of EUR1.1 million in 2005, the Post reveals.


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


SAFILO SPA: Moody's Confirms Ba3 CFR Rating; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has  confirmed Safilo S.p.A.'s Ba3
Corporate Family Rating and the B2 rating on the senior unsecured
EUR195 million notes due 2013 issued by Safilo Capital
International SA and changed the outlook on all ratings to
negative.  The rating action concludes the review for possible
downgrade initiated on Aug. 7, 2008.

"The rating action was prompted by Moody's view that despite the
weakening operating performance reported by the company during the
current FYE December 2008 and the expectation that credit metrics
will remain weak over the medium term, the company's successful
implementation of measures aimed at reducing operating leverage,
should able the company to maintain the existing rating", said
Paolo Leschiutta, lead analyst for Safilo at Moody's Investors
Service.  The analyst added: "Through the negative outlook,
however, Moody's has taken into consideration the challenges
facing management to implement timely and sufficient turn-around
measures at time when consumer spending remains soft and the
concern the rating agency has on the weakening liquidity profile
of the company; in this context Moody's highlights the expected
erosion on covenant headroom and the low expectation in terms of
cash generation during 2008 following the company's acquisition
and dividend payments earlier in the year".

Safilo's Ba3 Corporate Family Rating reflects the leading position
of the company, the good business diversification by geographic
area and by business segment, and the strong portfolio of brands
that compensate for the exposure to the cyclical fashion industry
and to the risk of license termination.  The relatively low
business risk profile is, however, weakened by the current
pressure on operating performances due to soft demand in certain
markets (namely Spain, the UK and Germany), to a shift in
consumers preferences towards low price products, the relatively
high operating leverage and a degree of adverse movements in
foreign exchange rates.  Credit metrics are likely to come under
pressure during the current financial year, with financial
leverage, measured as Debt to EBITDA (adjusted for pension and
operating leases), likely to exceed 4x and RCF to Net Debt to
remain in the low teens.  In this context, Moody's also notes that
the company has to maintain stronger credit metrics than the
rating category would imply to compensate for the seasonality of
the business.

Should the company demonstrate the ability to revert operating
margin deterioration, with EBITA margin raising back to historic
levels of 12% together with financial leverage reducing below 4x,
the outlook could be moved back to stable.  On the other side,
should operating margin further weaken, together with leverage
raising above 4.5x and the company demonstrating poor control of
cash flow generation, with Retained Cash Flow over Net Debt
dropping below low teens could lead to a rating downgrade.  The
rating could also be downgraded in the case of further weakening
of the company's liquidity profile or in the case of a change in
Moody's perception of market conditions.

Ratings affirmed:

   - Safilo S.p.A. Corporate Family Rating of Ba3;

   - Safilo Capital International SA rating on the senior
     unsecured EUR195 million notes due 2013 of B2.

Outlook is negative.

Headquartered in Padua, Italy, Safilo SpA is the world leader in
the high-end and luxury eyewear sector generating EUR1.2 billion
of revenues during FYE December 2007.  It has been listed on the
Italian Stock Exchange since December 2005, with almost 62% of
floating shares.  The company operates in more than 30 countries
and sells its products in over 130 countries, offering a strong
portfolio of both owned and licensed brands.


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


ATLANT IMPEX: Creditors Must File Claims by October 24
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Atlant Impex insolvent.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Room 106
         Manas Str. 2
         Astana
         Kazakhstan
         Tel: 8 (7172) 37-40-09


BM TRANS: Claims Deadline Slated for November 4
-----------------------------------------------
LLP BM Trans Oil has declared liquidation.  Creditors have until
Nov. 4, 2008, to submit written proofs of claims to:

         LLP BM Trans Oil
         Masanchi Str. 86
         Almalinsky District
         Almaty
         Kazakhstan


CASPIAN SERVICES: Claims Filing Period Ends November 4
------------------------------------------------------
Branch of LLP Caspian Services Group has declared liquidation.
Creditors have until Nov. 4, 2008, to submit written proofs of
claims to:

         LLP Caspian Services Group
         Room 205
         Micro District 8, 39a
         Aktau
         130000, Mangistau
         Kazakhstan


CHIM TECHNOLOGIES: Creditors' Claims Due on November 4
------------------------------------------------------
LLP Chim Technologies Ltd. has declared liquidation.  Creditors
have until Nov. 4, 2008, to submit written proofs of claims to:

         LLP Chim Technologies Ltd.
         Micro District 2, 2-7
         Alga
         Aktube
         Kazakhstan


DELTA GROUP: Claims Registration Ends October 24
------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Delta Group insolvent.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


GRANIT SERVICE: Creditors Must File Claims by October 24
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Granit Service insolvent.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Room 106
         Manas Str. 2
         Astana
         Kazakhstan
         Tel: 8 (7172) 37-40-09


JALPAKTAL INVEST: Claims Deadline Slated for October 24
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Jalpaktal Invest insolvent.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Chapaev Str. 2
         Podstepnoye
         Terektinsky
         West Kazakhstan
         Kazakhstan
         Tel: 8 711 323 64-72


MASTER CRAFT: Claims Filing Period Ends October 24
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP MASTER CRAFT insolvent.

Creditors have until Oct. 24, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Astana
         9 May Str. 37/1-102
         Astana
         Kazakhstan
         Tel: 8 (7172) 39-73-00


ONIX PRO: Creditors' Claims Due on November 7
---------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Onix Pro (RNN 090300212576).

Creditors have until Nov. 7, 2008, to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 304
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 21-07-34


SHORO-KORDAI LLP: Claims Registration Ends November 4
-----------------------------------------------------
LLP Kazakh-Kyrgyz Joint Enterprise Shoro-Kordai has declared
liquidation.  Creditors have until Nov. 4, 2008, to submit written
proofs of claims to:

         LLP Kazakh-Kyrgyz Joint Enterprise Shoro-Kordai
         Domalak Ana Str. 19
         Kasyk
         Kordaisky District
         Jambyl
         Kazakhstan


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


SULTAN OIL: Creditors Must File Claims by November 3
----------------------------------------------------
LLC Sultan Oil has shut down.  Creditors have until Nov. 3, 2008,
to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 59-23-44.


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


TRONOX INC: Undecided on NYSE Delisting Notice
----------------------------------------------
Tronox Inc. disclosed in a regulatory filing with the Securities
and Exchange Commission that on Aug. 28, 2008, it was notified by
the New York Stock Exchange that it is not in compliance with the
NYSE's continued listing standard regarding the average closing
price of its Class B Common Stock.  The NYSE's notice indicated
that the average closing price of the Company's Class B Common
Stock was less than US$1.00 over the 30 consecutive trading day
period ended Aug. 27, 2008.

The Company must bring its average share price back above US$1.00
by six months following receipt of the notice and must notify the
NYSE within 10 business days to acknowledge receipt of the notice
and indicate its intent to cure the deficiency or be subject to
delisting or suspension procedures.

On Aug. 21, 2008, the Company informed the Securities and Exchange
Commission regarding its failure to satisfy a different NYSE
listing standard regarding its average market capitalization.

The Company has not decided on what action, if any, it will take
with respect to its failure to satisfy NYSE listing standards.  If
the Company fails to cure its listing deficiencies, the NYSE will
commence suspension and delisting procedures.

Separately, Tronox Incorporated named Gary Pittman vice president
of special projects on September 3, 2008.  The Company entered
into an employment contract that is effective until September 3,
2009, and if not terminated at the end of that term, will
automatically renew for successive one-year periods.  Pursuant to
the agreement, among other things, Mr. Pittman will receive a base
salary of US$350,000 per annum and will be eligible for bonuses.
Mr. Pittman will be entitled to four weeks of vacation and the use
of an apartment leased in Oklahoma City. Upon termination, other
than for "cause," Mr. Pittman is eligible for a payment of twice
his base salary.

Additionally, effective September 5, 2008, Thomas W. Adams
resigned as a Director of Tronox.

                   About Tronox Incorporated

Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX) --
http://www.tronox.com/-- is a producer and marketer of titanium
dioxide pigment.  Titanium dioxide pigment is an inorganic white
pigment used in paint, coatings, plastics, paper and many other
everyday products.  The company's five pigment plants, which are
located in the United States, Australia, Germany and the
Netherlands, supply performance products to approximately 1,100
customers in 100 countries.  In addition, Tronox produces
electrolytic products, including sodium chlorate, electrolytic
manganese dioxide, boron trichloride, elemental boron and lithium
manganese oxide.

The company has US$1.7 billion in total assets, including
US$703.5 million in current assets, as at June 30, 2008.  The
company has US$937.8 million in current debts and US$336.9 million
in total noncurrent debts.


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


BANK SAINT PETERSBURG: Posts RUR1.8 Bln. Net Income for 1H 2008
---------------------------------------------------------------
Bank Saint Petersburg reported a net income of RUR1.755 billion
(US$74 million) for the first half of 2008.  Net income has
doubled compared to net income of first half of 2007.

The company also reported that assets has increased by 31% to
RUR165.7 billion (US$7 billion) from January 1, 2008

Alexander Savelyev, Chairman of the Management Board comments, "In
1H 2008 Bank Saint Petersburg proved its efficiency and
adaptability by responding promptly to unstable market conditions
and cost of funding increase.  It resulted in significant
improvement of financial results accompanied by high assets
quality and impressive operational efficiency."

Mr. Savelyev, added, "While the market liquidity is limited, we
remain confident due to the prevailing volume of customer accounts
in the Bank’s liabilities.  At the same time we remain active on
the capital markets and having attracted more than US$200 million
in first half of 2008.  We decided to move an SPO to 2009 and to
satisfy our capital requirements by means of high profitability
and subordinated debts."

                About Bank Saint Petersburg

Bank Saint Petersburg -- http://en.bspb.ru/-- is one of the
largest banks in the Northwest region of Russia and the third
largest bank in St. Petersburg.  The Bank provides services to
over 660 thousand private customers and 30 thousand companies at
36 offices in Moscow, St. Petersburg, Nizhny Novgorod and
Kaliningrad.

                          *     *     *

Bank Saint Petersburg carries a BB+ issuer default rating from
Fitch with a stable outlook.


GAZ-EKO-OIL: Court Names M. Mazalov as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Volgograd appointed M. Mazalov as
Insolvency Manager for LLC Gaz-Eko-Oil.  He can be reached at:

         M. Mazalov
         Post User Box 3115
         400105 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A12-17868/07-s50.

The Debtor can be reached at:

         LLC Gaz-Eko-Oil
         Druzhby Str. 74
         Volzhskiy
         404133 Volgogradskaya
         Russia


IZHEVSKAYA DRILLING: Creditors Must File Claims by November 4
-------------------------------------------------------------
Creditors of LLC Izhevskaya Drilling Company (TIN 1831086288 )
have until Nov. 4, 2008, to submit proofs of claims to:

         A. Karelin
         Insolvency Manager
         K. Marksa Str. 432/142
         426000 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A71-10326/2007-G26.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya
         Russia

The Debtor can be reached at:

         LLC Izhevskaya Drilling Company
         Micro region Sosnovuy Bor 16
         426000 Izhevsk
         Udmurtia
         Russia


KIT FINANCE: Moody's Cuts Bank Financial Strength Rating to E
-------------------------------------------------------------
Moody's Investors Service has downgraded the following ratings of
KIT Finance Investment Bank (Russia): B2 long-term foreign
currency and local currency deposit ratings to Caa2 and E+ bank
financial strength rating to E.  At the same time, Moody's
Interfax Rating Agency, which is majority-owned by Moody's, has
downgraded KIT's A3.ru long-term National Scale Rating to B2.ru.
Moody's notes that the Caa2 Long-term foreign and local currency
ratings as well as the B2.ru NSR remain on review with direction
uncertain.

The downgrades of the long term deposit ratings as well the bank's
BFSR capture the fact that the bank has defaulted on its
obligations under margin calls on repurchase transactions, and has
incurred significant asset quality problems that have wiped out
most of the bank's capital.  This has mainly been the result of
the current extremely adverse market conditions on the bank's huge
risk positions resulting from its high risk appetite.

The rating review with direction uncertain captures the possible
outcomes of how KIT's situation may develop: i) if the bank is
acquired by a stronger entity that assumes its obligations,
recapitalizes the bank and restores risk management parameters and
financial stability, KIT's deposit ratings are likely to be
upgraded; ii) however, if the bank fails to be supported or to
attract a potential strategic investor and thus defaults on its
other obligations, such failure may merit further rating
downgrade.

Moody's understands that the bank is currently in negotiations
with a potential strategic investor close to the Russian
government.  Subject matters of the negotiations include: i)
acquisition of a major stake in the bank's capital; ii)
recapitalization; and iii) assistance in restructuring of the
liabilities.

Based in Moscow, Russia, KIT Finance Investment Bank is a multiple
business line entity, though dominated by investment and corporate
banking and mortgage activities.  It recorded total assets of
ca.USD6 billion and equity of ca.USD840 million at end-2007 and is
ranked among the 30 largest banks in Russia.


LENINGRADSKAYA CHEMICAL: Creditors Must File Claims by Nov. 4
-------------------------------------------------------------
Creditors of LLC Leningradskaya Chemical Company have until
Nov. 4, 2008, to submit proofs of claims to:

         M. Bryulev
         Insolvency Manager
         Post User Box 119
         191123 Saint-Petersburg
         Russia

The Arbitration Court of St. Petersburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A56-2033/2008.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Leningradskaya Chemical Company
         Kuzmilovskiy 166
         Vsevolozhskiy District
         188663 Leningradskaya
         Russia


LES-YUG-EKSPO: Creditors Must File Claims by October 4
------------------------------------------------------
Creditors of LLC Les-Yug-Ekspo (TIN 6164222155) have until
Oct. 4, 2008, to submit proofs of claims to:

         I. Shirshov
         Temporary Insolvency Manager
         Apt.103
         Entuziastov Str. 7
         Belaya Kalitva
         347042 Rostivskaya
         Russia

The Arbitration Court of St. Petersburg will convene on Oct. 27,
2008, to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A53-7266/08-S1-51.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Les-Yug-Ekspo
         2nd Poselkovuy Pereulok 1a
         Rostov-on-Don
         Russia


MAGNITOGORSK METALLURGICAL: S&P Revises Outlook to Stable
---------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Russian steelmaker OAO Magnitogorsk Metallurgical Kombinat (MMK)
to stable from positive.  At the same time, S&P affirmed the 'BB'
long-term corporate credit rating and the 'ruAA' Russia national
scale rating.  S&P also assigned a 'B' short-term corporate credit
rating.

"The outlook revision reflects MMK's volatile profitability, slow
progress in diversification and vertical integration, and the
ambitious capital expenditure program envisaged for 2009-2011,"
said S&P's credit analyst Andrey Nikolaev.

MMK's profitability weakened in 2007 and the first half of 2008
because of rising raw material costs.  In the first quarter of
2008, the operating margin fell to 22% compared with 28% in the
corresponding period of 2007 because of higher coking coal prices.
Despite improving to 30% in the second quarter, due to a 47%
increase in realized steel prices, it remains below 2007 and 2006
levels and S&P expects it to be much more volatile than operating
margins of vertically integrated Russia-based peers, such as Evraz
Group S.A. (BB-/Positive/--) and OAO Severstal (BB/Positive/--).
Nevertheless, for the first half of 2008, funds from operations
were up 28% year on year at US$1.3 billion.

Progress in vertical integration and diversification was rather
slow in 2007-2008 despite the acquisition of a 41.3% indirect
stake in coal producer Belon that currently supplies about 28% of
the company's coking coal needs, and the 50% plus one share in a
joint venture with Turkish firm Atacas that will produce 2.3
million tons of steel products per year.  MMK is still considering
consolidating its scrap supplier ZAO Profit and developing the
Prioskol iron ore deposit that could potentially cover 80% of its
iron ore requirements.  If successfully implemented, these
measures will likely improve MMK's business risk profile over
time, but not sufficiently within the next 12-18 months to justify
maintaining the positive outlook.

"We expect MMK to need more than 12-18 months to increase the
vertical integration in resources and diversification it needs to
achieve a higher rating," said Mr. Nikolaev.


MINING INDUSTRIAL: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on LLC Mining Industrial and Trade
Association.  The case is docketed under Case No. A76-8819/
2008-36-104.

The Temporary Insolvency Manager:

         S. Veretennikov
         Post User Box 569
         456320 Miass
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Mining Industrial and Trade Association
         Prospect Pobedy 180
         454008 Chelyabinsk
         Russia


SISTEMA JSFC: Earns US$289.5 Million for Second Quarter 2008
------------------------------------------------------------
Sistema JSFC has announced its unaudited consolidated US GAAP
financial results for the second quarter ended June 30, 2008.

The company reported a net income of US$289.5 million for the
second quarter of 2008 compared to a net income of US$124.7
million in the same period of 2007.

In the second quarter of 2008, Sistema JSFC consolidated
revenues increased by 40.2% to US$4.28 billion, up from
US$3.05 billion in the second quarter of 2007.

Consolidated OIBDA for the second quarter of 2008 increased to
US$1.51 billion, compared to US$1.08 billion in the same period
last year.

Leonid Melamed, President and Chief Executive Officer, commented,
"The Group has delivered another quarter of healthy top line and
OIBDA growth, with an OIBDA margin of over 35%.  Sistema also
generated a 40% year on year increase in operating cash flows.
Income from continues operations more than doubled year on year  .
We remain focused on the unlocking of the substantial potential of
the Group's assets, executing on our strategic objectives branded
‘5X5>25', and achieving a return on invested capital of over 25%
within five years and beyond."

                         About Sistema

Headquartered in Moscow, Sistema JSFC -- http://www.sistema.com/
-- develops and manages market-leading businesses in selected
service-based industries, including telecommunications,
technology, insurance, banking, real estate, retail and media.

                         *     *     *

Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with a
positive outlook.

The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings.  S&P said the outlook is
negative.

Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.


SLAV-TOM-ARMA: Creditors Must File Claims by October 4
------------------------------------------------------
Creditors of LLC Slav-Tom-Arma (TIN 7017053701) have until
Oct. 4, 2008, to submit proofs of claims to:

         A. Miftakhov
         Temporary Insolvency Manager
         Post User Box 1795
         634021 Tomsk-21
         Russia

The Arbitration Court of Tomsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A67–3084/08.

The Court is located at:

         The Arbitration Court of Tomsk
         Kirova prospect 10
         634050 Tomsk
         Russia

The Debtor can be reached at:

         LLC Slav-Tom-Arma
         Vershinina Str. 54/53
         634034 Tomsk
         Russia


SOGAZ OJSC: S&P Assigns BB Counterparty Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' long-term
local currency counterparty credit and insurer financial strength
ratings and its 'ruAA' Russia national scale rating to Russia-
based insurer OJSC Sogaz.  The outlook is stable.

The ratings reflect ongoing support from OAO Gazprom
(BBB/Stable/--), the world's biggest natural gas company with
which Sogaz has strong commercial ties, as well as the company's
own good operating performance and good competitive advantages.

These positive factors are offset by the concentration of Sogaz's
investments in affiliated companies, the company's high exposure
to equity and credit risk, and high industry risk associated with
operating in the Russian insurance market.

"Sogaz has a good market position and is one of the leading
insurers in Russia.  The company collaborates extensively with
Gazprom and a number of other big companies.  The ratings on Sogaz
include a one-notch uplift from our stand-alone assessment,
reflecting the company's strong commercial ties with Gazprom,"
said S&P's credit analyst Victor Nikolskiy.

Sogaz's competitive position is largely determined by the current
situation in the insurance and reinsurance markets of the Russian
Federation and the rest of the Commonwealth of Independent States;
namely high industry risk stemming from the relatively immature
state of the region's insurance markets, regulation, and
accounting standards.  It is undermined by the company's high
exposure to risks associated with Gazprom, but is expected to
improve as the company pursues plans to diversify its client base.

The ratings are supported by the strength of Sogaz's operating
performance, as indicated by a low combined ratio and high return
on equity.

The stable outlook reflects our expectation that Sogaz will
maintain its strong relationship with Gazprom and its good
operating performance.  Moreover, Sogaz is expected to reduce its
single-party investment concentration.  Sogaz's capitalization is
expected to strengthen as a result of earnings retention and
improved investment concentration.


STARITSKIY BRICKS: Creditors Must File Claims by November 4
-----------------------------------------------------------
Creditors of LLC Staritskiy Bricks have until Nov. 4, 2008, to
submit proofs of claims:

         M. Muradov
         Insolvency Manager
         Shkolnaya Str. 7A
         Bogorodskoe
         153506 Ivanovo
         Russia
         Tel: (4932)33-68-43

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A66-702/2008.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         LLC Staritskiy Bricks
         Stroiteley Str. 21
         Staritsa
         Russia


STEEL-MARKET CJSC: Creditors Must File Claims by October 4
----------------------------------------------------------
Creditors of CJSC Steel-Market (TIN 7444031268) have until
Oct. 4, 2008, to submit proofs of claims to:

         O. Artemov
         Temporary Insolvency Manager
         Post User Box 5
         620033 Yekaterinburg
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A76-6159/08-55-94.

The Court is located at:

         The Arbitration Court of Chelyabinsk
         Vorovskogo Str. 2
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         CJSC Steel-Market
         Chapayeva Str. 5/23
         Magnitogorsk
         Russia


STROY-PROFIL LLC: Kirovsk Bankruptcy Hearing Set December 17
------------------------------------------------------------
The Arbitration Court of Kirovsk will convene at 9:00 a.m. on
Dec. 17, 2008 to bankruptcy supervision procedure on LLC Stroy-
Profil (TIN 4345193030).  The case is docketed under Case No.
A28-6131/2008-155/10.

The Temporary Insolvency Manager is:

         V. Ryabov
         Apt.2
         Lesnaya Str. 20
         Urzhum
         613530 Kirovskaya
         Russia

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         LLC Stroy-Profil
         Building 1
         Lenina Str. 89
         610000 Kirov
         Russia


VILKOM STROY: Creditors Must File Claims by October 4
-----------------------------------------------------
Creditors of LLC Vilkom Stroy have until Oct. 4, 2008, to submit
proofs of claims to:

         A. Lubyanskiy
         Temporary Insolvency Manager
         Office 306/308
         Bukharetskaya Str. 6
         192102 St. Petersburg
         Russia

The Arbitration Court of St. Petersburg will convene on Nov. 13,
2008, to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A56-17413/2008.

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Vilkom Story
         Room 5H
         Liter B
         Reshetnikova Str. 3
         196105 St. Petersburg
         Russia


* BRATSK CITY: S&P Places B+ Debt Rating on RUR350 Million Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+' senior
unsecured debt ratings and 'ruA+' Russia national scale rating
to the proposed RUR350 million (US$14 million) domestic bond to
be issued by the City of Bratsk (B+/Stable/--; Russia national
scale 'ruA+').  The bond is amortizing, will carry a fixed coupon,
and will mature in 2011.

The bond, which is being issued to fund the city's capital
expenditure program, will be placed on Sept. 23, 2008, and will
have 12 quarterly coupon payments, with 25% of the principal to be
repaid annually in 2009-2010 and another 50% in 2011.

The ratings on Bratsk, located in The Russian Federation (foreign
currency, BBB+/Positive/A-2; local currency, A-/Positive/A-2;
Russia national scale, 'ruAAA') in the Irkutsk Oblast
(B+/Stable/--), reflect the city's high, although slightly
decreasing, economic concentration; expenditure pressures; and
dependence on federal and regional decisions.  These constraints
are mitigated somewhat by the city's improved revenue and
expenditure stability resulting from the recent municipal reform,
low debt, and relatively sophisticated management.


* KRASNODAR KRAI: S&P Lifts Long-Term Issuer Credit Rating to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term issuer
credit rating on the southern Russian Krasnodar Krai to 'BB' from
'BB-'.  The outlook is stable.

"The upgrade reflects massive committed federal and private
investment to the krai, much of it to improve infrastructure ahead
of the 2014 Olympic Winter Games, which will be hosted in the
region," said S&P's credit analyst Irina Pilman.

Like most Russian regions, Krasnodar's infrastructure needs are
high.  New construction and modernization of transportation,
energy, utilities, and housing infrastructure is fundamental to
future economic and tax growth and to close the living-standards
gap with the national average.  The federal government is
committed to financing the necessary sports facilities and
infrastructure in Sochi, host city for the 2014 Olympic Winter
Games.  Preparing for the games was initially estimated at US$12
billion in Sochi's bid, but the amount could ultimately increase
significantly, or even double.  Most of this will be financed by
the federal government via the state Olimpstroy Corporation, the
rest from private investors.

In addition, Krasnodar Krai has adopted a regional program of
Olympic projects and development plans for Sochi of RUR34.3
billion (about US$1.3 billion), which is likely to be almost
equally financed by the federal budget and by the consolidated
krai budget.  The krai also expects federal financing for several
economic zones within the region.

Given this exceptional institutional and financial federal
support, S&P expects that any possible cost increase related to
these programs would have only a marginally negative impact, if
any, on the krai's financial performance and debt.

The administration has no immediate plans to increase debt in the
medium term, except for a possible RUR3 billion bond issue and an
RUR3.4 billion program of guarantees, both planned for 2009.  The
krai's borrowing capacity is high because its total tax-supported
debt is expected to remain below 5% of total revenues by the end
of 2009.

"The stable outlook reflects our view that economic growth will
continue to underpin revenue growth," said Ms. Pilman.  "We expect
this to result in sound, albeit slightly narrowing, budgetary
performance, supported by the administration's control over
expenditure growth and commitment to maintain low to moderate debt
levels."


* RUSSIA: Halts Trading at 2 Main Bourses as Stock Market Ails
--------------------------------------------------------------
Russian was forced to indefinitely close its two main stock
exchanges Wednesday, Sept. 17, to halt a market rout that has led
to the steepest declines since the August 1998 crisis, The
Financial Times reports.

According to the report, trading at the two main bourses, the
MICEX and RTS, were suspended after shares began to tumble again
as investors faced a new wave of forced equity sales on margin
calls and a dearth of cash.  The recent market collapse, the FT
says, has wiped nearly US$800 billion (GBP440 billion) off the
country’s stock exchanges in a matter of months and sent stocks
spinning down to levels last seen in 2005.

The FT discloses that government and central bank officials were
locked in talks with the chief executives of Russia’s biggest
investment banks throughout most of the day on Sept. 17, on ways
to halt the market collapse.

The report relates rumors are spreading that more than one bank
was failing to make payments to counterparties.  Also, the FT says
investors were waiting on Wednesday night, Sept. 17, for the
completion of a bail-out plan for KIT Finance, which confirmed
Sept. 15 it had failed to meet several obligations and is in the
final stages of talks to sell a controlling stake to Leader, an
asset management company.

Meanwhile, a senior investment banker told the FT a mid-sized
commercial bank began to fail to make payments on Sept. 17,
causing the government to pull the plug on the stock exchanges.
Traders and analysts also told the FT that settlement systems at
both exchanges had failed as panic set in.

The finance ministry, according to the FT, pledged to pump a
further US$60 billion into short-term deposits in the three main
state-controlled banks, however, earlier injections had failed to
be transferred into the broader system as interbank lending froze.

The International Herald Tribune relates that dropping oil prices,
the U.S. financial turmoil, as well as the consequences of its
conflict with Georgia are dragging Russia's stocks.

The IHT says, citing Steven Dashevsky, chief analyst at Moscow
brokerage Aton, the average price-to-earnings ratio for Russian
stocks on Sept. 17 was 4, compared to 10 in developed markets.


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


FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.7 Billion
-------------------------------------------------------------
Ford Motor Co., in a Securities and Exchange Commission filing,
disclosed US$265.3 billion in total assets, US$265.52 billion in
total liabilities, resulting in US$1.7 billion in total
shareholders' deficit, as of June 2008.

Ford posted US$8.67 billion in net losses on US$41.51 billion in
net revenues for the second quarter ended June 30, 2008, compared
with US$750 million in net profit on US$44.24 billion in net
revenues for the same period in 2007.

Ford posted US$8.57 billion in net losses on US$85.04 billion in
net revenues for the first half ended June 30, 2008, compared with
US$468 million in net profit on US$87.26 billion in net revenues
for the same period in 2007.

                     About Ford Motor Co.

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


FORD MOTOR: Tracinda Corp. Discloses 6.43% Equity Stake
-------------------------------------------------------
Tracinda Corporation and Kirk Kerkorian disclosed in a Schedule
13D filing with the U.S. Securities and Exchange Commission that
they may be deemed to beneficially own 140,800,000 shares of Ford
Motor Co. common stock or 6.43% of the outstanding shares.
Percentage calculated on the basis of 2,190,498,174 shares of
common stock issued and outstanding as of July 29, 2008.

As of Aug. 28, 2008, Tracinda entered into Value Sharing
Agreements with Christensen, Glaser, Fink, Jacobs, Weil & Shapiro,
LLP, Jerome B. York and Alex Yemenidjian.  The Value Sharing
agreement for Mr. York references an existing Agreement for
Services between Tracinda and Mr. York pursuant to which Mr. York
provides consulting services.

Copies of the Value Sharing Agreements are available for free at:

     -- Value Sharing Agreement between Tracinda and
        Christensen

         http://researcharchives.com/t/s?3202

     -- Value Sharing Agreement between Tracinda and
        Jerome B. York

         http://researcharchives.com/t/s?3203

     -- Value Sharing Agreement between Tracinda and
        Alex Yemenidjian

         http://researcharchives.com/t/s?3204

      -- Agreement for Services between Tracinda and
         Jerome B. York

         http://researcharchives.com/t/s?3205

                     About Ford Motor Co.

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the issuer default rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'.
The Rating Outlook remains Negative.  The downgrade reflects: the
further deterioration in Ford's U.S. sales as a result of economic
conditions, an adverse product mix and the most recent jump in gas
prices; portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to support financing
requirements; and escalating commodity costs that will remain a
significant offset to cost reduction efforts.


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


DREAM & REALITY: Creditors Have Until Oct. 8 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Dream & Reality Music Production are
requested to file their proofs of claim by Oct. 8, 2008, to:

         Christian Gantenbein
         Hohfurrenstrasse 10
         8617 Monchaltorf
         Switzerland

The company is currently undergoing liquidation in Hombrechtikon.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 21, 2007.


EUROPEAN WHOLESALE: Oct. 7 Set as Deadline to File Claims
---------------------------------------------------------
Creditors owed money by LLC European Wholesale Group are requested
to file their proofs of claim by Oct. 7, 2008, to:

         JSC Also Holding
         Christoph Muller
         Meierhofstrasse 5
         6032 Emmen
         Switzerland

The company is currently undergoing liquidation in Hergiswil NW.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 18, 2008.


GENERAL MOTORS: Southeastern Asset Discloses 2.3% Equity Stake
--------------------------------------------------------------
Southeastern Asset Management, Inc. discloses in a regulatory
filing with the Securities and Exchange Commission that it may be
deemed to beneficially own as of August 31, 2008, 34,174,000
shares of Series B Convertible Senior Debentures, which represents
32.9% of the 104,000,000 shares outstanding.

Longleaf Partners Fund, in the same filing, disclosed that it may
be deemed to beneficially own 17,230,000 shares of Series B
Convertible Senior Debentures, which represents 16.6% of the
104,000,000 shares outstanding.

The 34,174,000 shares of Series B Convertible Senior Debentures
are convertible into 13,163,825 shares of common stock.

In a separate filing, Southeastern Asset Management said that the
13,163,825 shares of General Motors Corporation common stock
represents 2.3% of outstanding common shares.  There are
566,162,606 shares of common stock outstanding.

Southeastern Asset Management is a registered investment adviser.
All of the securities disclosed are owned legally by
Southeastern's investment advisory clients and none are owned
directly or indirectly by Southeastern.  O. Mason Hawkins is the
chairman of the board and C.E.O. of Southeastern Asset Management,
Inc.

Southeastern Asset Management has sole power to vote or to direct
the vote of 5,238,720 common shares.  It has shared power to vote
or to direct the vote of 6,636,996 common shares, with Longleaf
Partners Fund.  Southeastern Asset Management has no power to vote
1,288,109 common shares -- this figure does not include 201,845
common shares held by completely non-discretionary accounts over
which Southeastern Asset Management and Mr. Hawkins have neither
voting nor dispositive power and for which they disclaim
beneficial ownership.  Southeastern Asset Management has the sole
power to dispose or to direct the disposition of 6,520,280 common
shares and the shared power to dispose or to direct the
disposition of 6,636,996 common shares, with Longleaf Partners
Fund.  It does not have the power to dispose of 6,548 common
shares.

                     About General Motors

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

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


At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period last year.


KORAMIS LLC: Creditors Must File Proofs of Claim by  Oct. 10
------------------------------------------------------------
Creditors owed money by LLC KORAMIS are requested to file their
proofs of claim by Oct. 10, 2008, to:

         JSC Finoreco
         Alpenstrasse 1
         6304 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 12, 2008.


LAUBER GASTRO: Deadline to File Proofs of Claim Set  Oct. 4
-----------------------------------------------------------
Creditors owed money by LLC Lauber Gastro are requested to file
their proofs of claim by Oct. 4, 2008, to:

         Paul Lauber
         Kreuzmattwald 4
         6074 Kastanienbaum (Horw)
         Switzerland

The company is currently undergoing liquidation in Stansstad.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 13, 2008.


MOVIE-BOX-ERL LLC: Proofs of Claim Filing Deadline is  Oct. 8
-------------------------------------------------------------
Creditors owed money by LLC Movie-Box ERL are requested to file
their proofs of claim by Oct. 8, 2008, to:

         Peter Gott
         Ausserwies 7
         8618 Oetwil am See
         Switzerland

The company is currently undergoing liquidation in Oetwil am See.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 5, 2008.


MOVIE-BOX GOT: Creditors' Proofs of Claim Due by  Oct. 8
--------------------------------------------------------
Creditors owed money by LLC Movie-Box GOT are requested to file
their proofs of claim by Oct. 8, 2008, to:

         Peter Gott
         Ausserwies 7
         8618 Oetwil am See
         Switzerland

The company is currently undergoing liquidation in Oetwil am See.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 5, 2008.


UBERTO JSC: Creditors Have Until Oct. 3 to File Proofs of Claim
---------------------------------------------------------------
Creditors owed money by JSC Uberto are requested to file their
proofs of claim by Oct. 3, 2008, to:

         Hedwig Uberto
         Obertorplatz 4
         4310 Rheinfelden
         Switzerland

The company is currently undergoing liquidation in Lupfig.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 25, 2008.


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


TURKIYE SINAI: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has upgraded Turkiye Sinai Kalkinma Bankasi A.S.'s
Long-term foreign currency Issuer Default Rating to 'BB' from
'BB-', in line with the agency's Country Ceiling methodology.
TSKB's other ratings are affirmed at Long-term local currency IDR
'BB+', Short-term foreign and local currency IDR 'B', Long-term
National 'AA+(tur)', Individual 'C/D' and Support '3'.  The
Outlooks for the LT IDRs and the National rating remain Stable.

The LT IDRs and National rating reflect the support TSKB could
expect to receive from its parent, Turkiye Is Bankasi AS (Isbank;
'BB'/'BBB-' (BBB minus/Stable), in case of need.  Isbank, which
holds 50.1% of TSKB's shares, is Turkey's largest private
commercial bank, controlling a deposit market share of around 14%.
TSKB is a strategic investment for Isbank and, in Fitch's opinion,
it would receive support from Isbank, if needed.  However,
Isbank's ability to provide this support is constrained by
Turkey's 'BB' Country Ceiling.  The Support rating is therefore
'3', reflecting a moderate probability of support, as reflected by
its Long-term foreign currency 'BB' IDR, which is at the same
level as Turkey's Country Ceiling.

TSKB focuses on financing key economic sectors such as energy,
infrastructure and construction.  Corporate loans are extended
directly by the bank but loans to SMEs are channeled through local
commercial banks and leasing companies.  Profitability ratios are
acceptable and TSKB has a well-established track record in
managing credit risk.  Asset quality remains sound (impaired loans
were just 0.7% of loans at end-2007 and fully reserved).  Matching
the maturity profile of assets and liabilities is a challenge but
TSKB has built up strong relationships with supranational agencies
and international banks, and access to long-term funding, most of
which is guaranteed by the Turkish Treasury, has proved easy.

Like most Turkish banks, TSKB holds a large portfolio of
government securities (about 35% of assets), 43% of which was
invested in floating-rate instruments at end-2007.  Turkish
interest rates can be volatile, and derivatives, VaR models and
stress-testing are used to assist in the management of the
interest rate risk in the fixed-rate portion of the government
bond portfolios.  Capital ratios are ample, considering the bank's
risk profile.

TSKB, Turkey's leading development and investment bank, was
established in 1950 to provide long-term financing to private-
sector companies and to contribute to the development of the
Turkish capital markets.


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


AJEST GROUP: Creditors Must File Claims by September 21
-------------------------------------------------------
Creditors of LLC Ajest Group (code EDRPOU 35121686) have until
Sept. 21, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against company after finding it insolvent on Aug. 14, 2008.  The
case is docketed 24/178-b.

The Debtor can be reached at:

         LLC Ajest Group
         Bulgakov Str. 16
         03134 Kiev
         Ukraine


COMPETITION OFFICE: Creditors Must File Claims by September 21
--------------------------------------------------------------
Creditors of LLC Competition Office (code EDRPOU 34937443) have
until Sept. 21, 2008 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against company after finding it insolvent on Aug. 7, 2008.  The
case is docketed as 50/128.

The Debtor can be reached at:

         LLC Competition Office
         P. Lumumba Str. 21
         Kiev
         Ukraine


METALLURG MONTAZH-204: Creditors Claims Due September 21
--------------------------------------------------------
Creditors of CJSC Metallurg Montazh-204 (code EDRPOU 01415157)
have until Sept. 21, 2008, to submit proofs of claim to:

         The Economic Court of Zaporozhje
         Shaumiana Str. 4
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against company after finding it insolvent on July 31, 2008.  The
case is docketed as 21/66(08).

The Debtor can be reached at:

         CJSC Metallurg Montazh-204
         Kalibrov Str. 15
         69008 Zaporozhje
         Ukraine


MOGILEV-PODOLSKY OJSC: Creditors Must File Claims by Sept. 21
-------------------------------------------------------------
Creditors of OJSC Mogilev-Podolsky (code EDRPOU 00444493) have
until Sept. 21, 2008, to submit proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against company after finding it insolvent on Aug. 12, 2008.  The
case is docketed as 10/32-08.

The Debtor can be reached at:

         OJSC Mogilev-Podolsky
         Pushkinskaya Str. 146
         Mogilev-Podolsky
         Vinnica
         Ukraine


PAN-TECHNOCOM LLC: Creditors Must File Claims by September 21
-------------------------------------------------------------
Creditors of LLC Pan-Technocom (code EDRPOU 34818083) have until
Sept. 21, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against company after finding it insolvent on Aug. 14, 2008.
The case is docketed as 24/235-b.

The Debtor can be reached at:

         LLC Pan-Technocom
         Frunze Str. 20-22
         04080 Kiev
         Ukraine


PRIORITET LLC: Creditors Must File Claims by September 21
---------------------------------------------------------
Creditors of LLC Consulting Firm Prioritet (code EDRPOU 34575518)
have until Sept. 21, 2008 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against company after finding it insolvent on Aug. 7, 2008.
The case is docketed as 50/130.

The Debtor can be reached at:

         LLC Consulting Firm Prioritet
         P. Lumumba Str. 21
         Kiev
         Ukraine


SERVICEOPTIM-T LLC: Creditors Claims Due September 21
-----------------------------------------------------
Creditors of LLC Production Company Serviceoptim-T (code EDRPOU
35557243) have until Sept. 21, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against company after finding it insolvent on Aug. 14, 2008.
The case is docketed as 24/180-b.

The Debtor can be reached at:

         LLC Production Company Serviceoptim-T
         Sosneny Family Str. 3
         Ukraine
         Kiev


STAVISCHE GOODS: Proofs of Claim Filing Deadline Set Sept. 21
-------------------------------------------------------------
Creditors of OJSC Stavische Goods (code EDRPOU 05583319) have
until Sept. 21, 2008 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed as B11/195-08.

The Debtor can be reached at:

         OJSC Stavische Goods
         Sovetsky Lane 3
         Stavische
         Kiev
         Ukraine


SUN MAKS-360: Creditors Must File Claims by September 21
--------------------------------------------------------
Creditors of LLC Sun Maks-360 (code EDRPOU 35139101) have until
Sept. 21, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against company after finding it insolvent on Aug. 14, 2008.  The
case is docketed as 24/171-b.

The Debtor can be reached at:

         LLC Sun Maks-360
         Liatoshynsky Str. 4A/289
         03191 Kiev
         Ukraine


TRIO-777 LLC: Creditors Must File Claims by September 21
--------------------------------------------------------
Creditors of LLC Trio-777 (code EDRPOU 32829287) have until Sept.
21, 2008 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against company after finding it insolvent on Feb. 12, 2008.
The case is docketed as 23/41-b.

The Debtor can be reached at:

         LLC Trio-777
         V. Vasilevskaya Str. 18
         04116 Kiev
         Ukraine


UKRSUN-M LLC: Creditors Must File Claims by September 21
--------------------------------------------------------
Creditors of LLC Ukrsun-M (code EDRPOU 30440694) have until Sept.
21, 2008 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against company after finding it insolvent on Aug. 7, 2008.
The case is docketed as 28/90-b.

The Debtor can be reached at:

         LC Ukrsun-M
         Moscow Avenue 21-A
         04073 Kiev
         Ukraine


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


ABITIBIBOWATER: NWQ Investment & Lord Abbett Disclose Equity Stake
------------------------------------------------------------------
NWQ Investment Management Company, LLC, disclosed in a regulatory
filing with the Securities and Exchange Commission that it may be
deemed to beneficially own 2,792,842 shares of Abitibibowater
Inc.'s common stock, which represents 4.96% of the outstanding
shares.

In a separate filing, Lord, Abbett & Co. LLC also disclosed that
it may be deemed to beneficially own 3,801,260 shares of
Abitibibowater Inc.'s common stock, which represents 6.75% of the
outstanding shares.

                    About AbitibiBowater Inc.

Headquartered in Montreal, Canada, AbitibiBowater Inc. --
http://www.abitibibowater.com/-- produces a wide range of
newsprint, commercial printing papers, market pulp and wood
products.  It is the eighth largest publicly traded pulp and paper
manufacturer in the world.  AbitibiBowater owns or operates 27
pulp and paper facilities and 34 wood products facilities located
in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, the company is
also among the world's largest recyclers of old newspapers and
magazines, and has more third-party certified sustainable forest
land than any other company in the world.  AbitibiBowater's shares
trade under the stock symbol ABH on both the New York Stock
Exchange and the Toronto Stock Exchange.

AbitibiBowater Inc. still carries Fitch's 'CCC+' Issuer Default
Rating assigned on April 1, 2008.  Outlook is Negative.


CALVER PRESS: Felix Press Saves Printer from Liquidation
--------------------------------------------------------
Felix Press Limited bought Calver Press Limited preventing Calver
from going into voluntary liquidation after its collapse last
August 2008, Tim Sheahan writes for printweek.com.

According to the report, a deal to purchase Calver was completed
on Sept. 12 after its liquidator Ensors Chartered Accountants
conducted a local sales campaign.

Calver's previous owner, Keith Gostling, blamed modern offices,
technology and the poor economic climate for the company's
demise.

A 150-year-old Ipswich, U.K. printer, Calver Press Limited prints
a range of products including leaflets, letters and calendars.


CHAUCER COVERS: Claims Filing Period Ends December 4
----------------------------------------------------
Creditors of Chaucer Covers and Autographs Ltd. have until
Dec. 4, 2008, to send their full names, address and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         David Elliott
         Liquidator
         Moore Stephens LLP
         Victory House
         Admiralty Place
         Chatham Maritime
         Kent
         ME4 4QU
         England

David Elliott of Moore Stephens was appointed liquidator of the
company on Sept. 4, 2008, for the creditors' voluntary winding-up
procedure.


COREL CORP: To Reduce Global Workforce by 90 Employees
------------------------------------------------------
Corel Corporation (NASDAQ:CREL) (TSX:CRE) is streamlining its
global operations in order to become more operationally efficient
and to increase its investment in key growth opportunities,
including emerging markets and eCommerce.  As part of this effort,
the Company will reduce its global workforce by approximately 8%
or 90 employees worldwide.

The Company estimates that, as a result of these actions, it will
incur a one-time restructuring charge in the fourth quarter in the
amount of US$2.8 million.  Subject to completion of usual review
procedures regarding quarterly financial results, the Company also
announced its expectation to report revenue and non-GAAP adjusted
net income and earnings per share, consistent with its Q3 guidance
communicated on July 3, 2008.

"Corel, like any company, must make periodic adjustments to ensure
we are running as efficiently as possible and that we are focusing
our teams and resources on the areas we believe offer the best
opportunities for growth,"said Kris Hagerman, Interim CEO of
Corel.  "The actions we are taking today will enable us to expand
our sales and marketing activity in emerging markets and enhance
our eCommerce offerings – just two of the areas where we believe
incremental investment will improve both our financial performance
and our long-term competitive position in the market."

As indicated in a statement issued on August 20, 2008, the Company
is in discussions with a third party regarding a potential sale of
Corel.  No agreement has been reached regarding a potential sale
and there can be no assurance that such an agreement will be
reached.  In addition, there can be no assurance that any
transaction will be completed or, if completed, of its terms,
price or timing.

        Will Release Third Quarter Financials on Oct. 3

The Company will issue its earnings release for the third quarter
ended August 31, 2008, before markets open on Friday, October 3,
2008.  Corel will host a conference call to discuss its financial
results at 8:00 AM Eastern time on the same day.

                       About Corel Corp.

Corel Corp. (NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is
one of the world's top software companies with more than 100
million active users in over 75 countries.  The company provides
high quality, affordable and easy-to-use Graphics and Productivity
and Digital Media software.  The company's products products are
sold through a scalable distribution platform comprised of
Original Equipment Manufacturers (OEMs), the company's global e-
Stores, and the company's international network of resellers and
retail vendors.

The company's award-winning product portfolio includes some of the
world's most widely recognized and popular software brands,
including CorelDRAW(R) Graphics Suite, Corel(R) Paint Shop Pro(R)
Photo, Corel(R) Painter(TM), VideoStudio(R), WinDVD(R), Corel(R)
WordPerfect(R) Office and WinZip(R).  The company's global
headquarters are in Ottawa, Canada, with major offices in the
United States, United Kingdom, Germany, China, Taiwan and Japan.


ELCOM INTERNATIONAL: Dec. 31 Balance Sheet Upside Down by US$1.2MM
------------------------------------------------------------------
Elcom International Inc. reported that for the year ended
Dec. 31, 2007, it posted a net loss of US$3,765,000 on revenues of
US$5,377,000.

At Dec. 31, 2007, the company's balance sheet showed total assets
of US$3,851,000, total liabilities of US$5,041,000, and
stockholders' deficit of US$1,190,000.

Malone Bailey, PC, in Houston, Texas, expressed substantial doubt
about Elcom International Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations and
accumulated deficit.

Elcom has incurred net losses every year since 1998.  As of
December 31, 2007, Elcom had approximately US$947,000 of cash and
cash equivalents and current assets of approximately US$3,166,000.
Current liabilities amounted to approximately US$4,858,000.  Elcom
has incurred significant losses and has used cash in operating
activities in each of the last several years, including
US$3,744,000 in 2007, which raises substantial doubt about Elcom's
ability to continue as a going concern.

Elcom's ability to continue as a going concern is primarily
dependent upon its ability to grow revenue and attain further
operating efficiencies and, if necessary, to also attract
additional capital.  Elcom believes that as a result of its recent
issuances of convertible loan notes, that it has the funds
required to perform under its current contracts.  During October
and November 2007, Elcom received bridge loans from a non-US
investor of GBP750,000 -- approximately US$1,551,000.  The loans
are repayable upon demand and convertible at the option of the
Payee into shares of common stock, at the price of 3.5p per share,
subject to adjustment, downwards only, in the event that Common
Stock or any equity instruments are issued at a price lower than
3.5p at anytime.  The loans are expected to be converted into
shares at some stage in the future.  The convertible notes that
were issued in connection with these bridge loans were issued in
reliance on the exemption from registration under Regulation S
promulgated under the Securities Act of 1993, as amended.  A
discount of US$653,969 was recorded for the imputed interest rate
upon issuance of the convertible notes.  The discount is amortized
utilizing the effective interest method over the period commencing
on the issuance date to the stated maturity date.

                   About Elcom International

Elcom International Inc. -- http://www.elcom.com/-- develops
online managed services for eProcurement and eMarketplaces that
enable buyers and sellers to transact seamlessly over the Internet
and create additional sources of revenue and increase market share
for partners.  Its core products and services include application
software designed to automate the entire procurement process from
sourcing to spend analysis, hosting and application management
services including all hardware and software required to operate
an eProcurement and eMarketplace system and ongoing support to
manage catalogues and designated end users.

Elcom is headquartered outside of Boston, in Norwood,
Massachusetts.  Its main country of operation is the U.S., however
it also provides additional support to its U.K. customer base
through home based employees.  Elcom International Inc.'s stock
trades on the Pink Sheets in the United States under the symbol
ELCO.


EMPLOYMENT PEOPLE: Claims Filing Period Ends Oct. 2
---------------------------------------------------
Creditors of Employment People Group Ltd. have until
Oct. 2, 2008, to send in their names and addresses, with
particulars of their debts or claims, to:

         Lindsey J. Cooper
         Joint Liquidator
         Baker Tilly Restructuring and Recovery LLP
         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England

Lindsey Cooper and Philip Pierce of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of the company on
Aug. 27, 2008.


LEHMAN BROTHERS: Case Summary & 31 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lehman Brothers Holdings Inc.
       745 Seventh Avenue
       New York, NY 10019

Bankruptcy Case No.: 08-13555

Type of Business: The Debtor is an investment bank.  The
                  company serves the financial needs of
                  corporations, governments and municipalities,
                 institutional clients, and high net worth
                 individuals worldwide.  Founded in 1850, Lehman
                 Brothers is involved in equity and fixed income
                 sales, trading and research, investment banking,
                 private investment management, asset management
                 and private equity.  The company operates in
                 three segments: Capital Markets, Investment
                 Banking, and Investment Management.  It has
                 regional headquarters in London and Tokyo, and
                 operates in a network of offices around the
                 world.  It has about 28,000 full-time employees.

                 See: http://www.lehman.com/

Debtor-affiliates filing separate Chapter 11 petitions:

       Entity                                     Case No.
       ------                                     --------
LB 745 LLC                                         08-13600

Chapter 11 Petition Date: September 15, 2008

Court: Southern District of New York (Manhattan)

Debtor's Counsel: Harvey R. Miller, Esq.
                 harvey.miller@weil.com
                 Richard P. Krasnow, Esq.
                 Lori R. Fife, Esq.
                 Shai Y. Waisman, Esq.
                 Jacqueline Marcus, Esq.
                 Weil, Gotshal & Manges, LLP
                 767 Fifth Avenue
                 New York, NY 10153
                 Tel: (212) 310-8000
                 Fax: (212) 310-8007
                 http://www.weil.com/

The Debtor's financial condition as of May 31, 2008:

Total Assets: US$639 billion

Total Debts: US$613 billion

A. Lehman Brothers' 30 Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Citibank, N.A., as indenture  bond debt        US$138,000,000,000
trustee, and The Bank of New
York Mellon Corporation (with
respect to the Euro Medium
Term Notes only, as indenture
trustee, under the Lehman
Brothers Holdings. Senior
Notes.

Citibank, N.A.
399 Park Avenue
New York, NY 10043
Attn: Wafaa Orfy
Tel: (800) 422-2066
Fax: (212) 816-5773

The Bank of New York
One Canada Square
Canary Wharf, London E14 5AL
Attn: Raymond Morison
Tel: 44-207-964-8800

The Bank of New York         bond debt          US$15,000,000,000
Mellon Corporation, as
indenture trustee under the
Lehman Brothers Holdings
Inc. subordinated debt.

The Bank of New York
Mellon Corporation
101 Barclay Street
New York, NY 10286
Attn: Chris O'Mahoney
Tel: (212) 815-4107
Fax: (212) 815-4000

AOZORA                         bank loan          US$463,000,000
1-3-1 Kudan-Minami
Chiyoda-ku, Tokyo 102-8660
Tel: 81-3-5212-9631
Fax: 81-3-3265-9810

Mizuho Corporate Bank Ltd.     bank loan          US$289,000,000
Global Syndicated Financi
Division
1-3-3, Marunochi, Chiyoda-ku
Tokyo, Japan 100-8210

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360
Fax: (212) 282-4487

Citibank N.A. Hong Kong        bank loan          US$275,000,000
Branch
Financial Institutions Group
Asia Pacific
44f Citibank Tower
3 Garden Rd.
Central Hong Kong

Michael Mauerstein
MD - FIG
388 Greenwich Street
New York, NY 10013
Tel: (212) 816-3431

BNP Paribas                    bank loan          US$250,000,000
787 7th Avenue
New York, NY 10019
Tel: (212) 841-2084

Shinesi Bank Ltd.              bank loan          US$231,000,000
1-8, Uchisaiwaicho 2-
Chome
Chiyoda-ku, Tokyo 100-8501
Tel: 81-3-5511-5377
Fax: 81-3-4560-2834

UFJ bank Limited               bank loan          US$185,000,000
2-7-1, Marunouchi
Chiyoda-ku, TKY 100-8388

Stephen Small
vice president
head of financial
institutions
Bank of Tokyo-Mitsubishi
UFJ Trust Company
1251 Avenue of the Americas
New York, New York
10020-1104
Tel: (212) 782-4352
Fax: (212) 782-6445

Sumitomo Mitsubishi            bank loan          US$177,000,000
Bank Corp.
13-6 Nihobashi-
Kodenma-Cho, Chuo-ku,
Tokyo, 103-0001

Yas Imai
Senior Vice President
Head of Financial
Institution Group
Sumitomo Mistui Banking
Corporation
277 Park Avenue
New York, NY 10172
Tel: (212) 224-4031
Fax: (212) 224-4384

Svenska Handelsbanken          letter of credit   US$140,610,543
153 E. 53rd St., 37th floor
New York, NY 10022
Tel: (212) 258,9487

KBC Bank                      letter of credit   US$100,000,000
125 W. 55th St.
New York, NY 10019
Tel: (212) 258-9487

Mizuho Corporate Bank Ltd.     bank loan          US$93,000,000
1-3-3, Marunouchi
Chiyoda-ku, TKY 100-8219

Timothy White
Managing Director - Head of
Originations Corporate and
Investment Bank Department
1251 Avenue of the Americas
32nd floor
New York, NY 10020-1104
Tel: (212) 282-3360

Shinkin Central Bank           bank loan          US$93,000,000
8-1, Kyobashi 3-Chome
Chuo-ku, Tokyo 104-0031

Shuji Yamada
Deputy General Manager
Financial Institution Dept.
Shinkin Central Bank
3-7, Yaesu 1-chome, Chuo-ku
Tokyo 104-0028
Tel: 81-3-5202-7679
Fax: 81-3-3278-7051

The Bank of Nova Scotia        bank loan          US$93,000,000
Singapore Branch
1 Raffles Quay #201-01
One Raffles Quay North
Tower
Singapore 0485583

George Neofitidis
Director Financial
Institutions Group
One Liberty Plaza
New York, NY 10006
Tel: (212) 225-5379
Fax: (212) 225-5254

Chuo Mitsui Trust & Banking   bank loan           US$93,000,000
3-33-1 Shiba, Minato-ku,
Tokyo, 105-0014
Tel: 81-3-5232-8953
Fax: 81-3-5232-8981

Lloyds Bank                   letter of credit    US$75,381,654
1251 Avenue of the Americas
39th Floor
P.O. Box 4873
New York, NY 10163
Tel: (212) 930-8967
Fax: (212) 930-5098

Hua Nan Commercial Bank       bank loan           US$59,000,000
Ltd.
38 Chung-King South
Road Section 1
Taipei, Taiwan

Bank of China                 bank loan           US$50,000,000
New York Branch
410 Madison Avenue
New York, NY 10017
Tel: (212) 936-3101
Fax: (212) 758-3824

Nippon Life Insurance Co.     bank loan           US$46,000,000
1-6-6, Marunouchi,
Chiyoda-ku, Tokyo 100-8288

Takayuki Murai
Deputy General Manager
Corporate Finance Dept. #1
Nippon Life Insurance Co.
Tel: 81-3-5533-9814
Fax: 81-3-5533-5208

ANZ Banking Group             bank loan           US$44,000,000
Limited
18th Floor Kyobo Building
1 Chongro 1 Ku,
Chongro Ka,
Seoul, Korea

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Standard Chartered Bank       bank loan           US$41,000,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

Standard Chartered Bank       letter of credit    US$36,114,000
One Madison Avenue
New York, NY 10010-3603

Bill Hughes
SVP-FIG
Standard Chartered bank
One Madison Avenue
New York, NY 10010-3603
Tel: (212) 667-0355
Fax: (212) 667-0273

First Commercial Bank         bank loan           US$25,000,000
Co. Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017

Jason C. Lee
Deputy General Manager
First Commercial Bank Co.
Ltd.
New York Agency
750 3rd Avenue, 34th Floor
New York, NY 10017
Tel: (212) 599-6868
Fax: (212) 599-6133

Bank of Taiwan                bank loan           US$25,000,000
New York Agency
100 Wall Street, 11th Floor
New York, NY 1005

Eunice S.J. Yeh
Senior Vice President &
General Manager
100 Wall Street, 11th floor
New York, NY 10005
Tel: (212) 968-0580
Fax: (212) 968-8370

DnB NOR Bank ASA              bank loan           US$25,000,000
NO-0021, Olso, Norway
Stranden 21, Aker Brygge
Tel: 47 22 9487 46
Fax: 47 22 48 29 84

Australia and New Zealand     bank loan           US$25,000,000
Banking Group Limited
Melbourne Office
Level 6, 100 Queen
Street Victoria
Melbourne, VIC 3000
Australia

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Australia National Bank       letter of credit    US$12,588,235
1177 Avenue of the
Americas, 6th Floor
New York, NY 10036

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

National Australia Bank       letter of credit    US$10,294,163
245 Park Avenue, 28th Fl.
New York, NY 10167

Michael Halevi
Director, Financial
Institutions
ANZ Banking Group
1177 Avenue of Americas
New York, NY 10036
Tel: (212) 810-9871
Fax: (212) 801-9715

Taipei Fubon Bank, New        bank loan           US$10,000,000
York Agency
100 Wall Street, 14th floor
NY NY 10005
Tel: (212) 968-9888
Fax: (212) 968-9800

B. LB 745's Largest Unsecured Creditors:

  Entity                      Nature of Claim   Claim Amount
  ------                      ---------------   ------------
Rocky-Forty-Ninth LLC          ground lease      US$0
c/o The Rockefeller Group
1221 Avenue of the Americas
New York, NY 10020


LEHMAN BROTHERS: Bankruptcy Filing Cues S&P to Change Indices
-------------------------------------------------------------
Standard & Poor's made these changes to the S&P 100, S&P 500 and
S&P MidCap 400 indices:

  -- Lehman Brothers Holdings Inc. has been removed from the
     S&P 100 and S&P 500 indices on September 16.  The company
     has filed for Chapter 11 bankruptcy protection.

  -- Lehman's place in the S&P 100 will be taken by S&P 500
     constituent Occidental Petroleum Corp.

  -- Lehman's place in the S&P 500 will be taken by S&P MidCap
     400 constituent Harris Corp., and Harris Corp. will be
     replaced by Greif Inc.  in the S&P MidCap 400, all after the
     close of trading on Friday, September 19.


LEHMAN BROTHERS: Fitch Trims 260 Tender Options Bonds Ratings to D
------------------------------------------------------------------
Fitch has short-term ratings on approximately 260 tender option
bonds, based on liquidity provided by Lehman Brothers Holding Inc.
Of those, some also have long-term ratings based on credit
enhancement provided by LBHI.  The short-term rating on those TOBs
will all be downgraded to 'D', based on LBHI's current short-term
rating, which was downgraded to 'D' on September 15, 2008.

For the TOBs whose long-term rating is based on credit enhancement
from LBHI, the long-term rating will be revised to either the
long-term rating of the underlying security within the TOB trust,
if rated by Fitch, or withdrawn in those cases where Fitch does
not rate the underlying security.  The long-term ratings on the
TOBs that are not based on LBHI will remain the same.

The CUSIPs of the affected securities and the rating changes will
be announced as soon as they are processed.


LEHMAN RE: Best Slashes Issuer Credit Rating to 'bb' from 'a-'
--------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to
B(Fair) from A-(Excellent) and issuer credit rating to "bb" from
"a-" of Lehman Re Limited (Hamilton, Bermuda).  The outlook for
both ratings is negative.  Lehman Re is a wholly owned reinsurance
subsidiary of Lehman Brothers Holding Inc, and the decision of
Lehman Brothers to petition for Chapter 11 bankruptcy protection
has prompted these rating actions.

While Lehman Re is not included in the bankruptcy petition, A.M.
Best believes that the pending reorganization of Lehman Brothers
could have a significant adverse impact on Lehman Re.  A.M. Best
had expected that the balance sheet of Lehman Brothers would be a
source of capital for Lehman Re, if needed.  A.M. Best also is
concerned about the future of ongoing operating ties such as the
securities activity between Lehman Re and other Lehman Brothers'
affiliates, the administrative and investment management services
provided to Lehman Re by other subsidiaries of Lehman Brothers and
the inability of Lehman Brothers to refer potential insurance
clients to Lehman Re.

A.M. Best will continue to evaluate the impact of the Lehman
Brothers' bankruptcy reorganization on Lehman Re.  The ratings
and/or outlook of Lehman Re could change as new information
becomes available.


MOAT RECRUITMENT: Appoints Peter Hollis as Liquidator
-----------------------------------------------------
Peter Hollis of Vantis was appointed liquidator of Moat
Recruitment Ltd. on Aug. 29, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Moat Recruitment Ltd.
         c/o Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Herts
         AL1 1HD
         England


NORTEL NETWORKS: Recent Actions Point to New Restructuring
----------------------------------------------------------
Nortel Networks Corp. maybe in the verge of restructuring again as
indicated by its current actions.  The company cut its revenue
forecasts by 2% - 4% compared to 2007.  It is now preparing for
another round of layoffs and has said it is selling its Metro
Ethernet business, Wojtek Dabrowski and Susan Taylor of Reuters
report.

The company had its bouts with several restructuring and efforts
at turning the company around cost thousands of jobs and billion
dollars in losses, the report added.

Mr. George Riedel, Chief Strategy Officer was very positive in an
interview, "We certainly have our challenges, but I think we've
got momentum as well, and if we stay focused on the growth areas
with more firepower, we feel confident we can power through this."

Nortel reported a cash outflow from operating activities of US$74
million in the second quarter of 2008.

                      About Nortel Networks

Nortel Networks Corporation -- http://www.nortel.com--
(NYSE/TSX: NT) is a global supplier of networking solutions
serving both service provider and enterprise customers.  It
supplies end-to-end networking products and solutions that help
organizations enhance and simplify communications.  Nortel
operates in four segments: Carrier Networks, Enterprise
Solutions, Metro Ethernet Networks and Global Services.  Nortel
Networks Limited is the company’s principal operating
subsidiary.

The company's executive offices are located in Toronto and has
operations in the United Kingdom, China, Australia, Argentina
and Brazil, among others.

                          *     *     *

In May 2008, Standard & Poor's Ratings Services revised its
outlook on Toronto-based telecommunications equipment provider
Nortel Networks Ltd. to positive from stable.  At the same time,
S&P affirmed the ratings, including the 'B-' long-term corporate
credit rating, on the company.  The ratings on NNL are based on
the consolidation with parent Nortel Networks Corp.

At the same time, S&P assigned a 'B-' bank loan rating to NNL's
proposed US$500 million 10.75% senior unsecured notes due 2016.
The notes are being issued as an add-on to the existing
US$450 million 10.75% senior unsecured notes due 2016, issued
July 2006.  S&P also assigned a recovery rating of '4' to the
notes, indicating the expectation for average (30%-50%) recovery
in the event of payment default.  Nortel will use the net
proceeds from the new debt issuance, together with cash
balances, to repay Nortel Network Corp.'s US$675 million 4.25%
convertible notes maturing Sept. 1.

At the same time, Moody's Investor Service said Nortel Network
Corp.'s Senior Unsecured Convertible, Exchange Bond, Debenture
ratings remains unchanged at B3 with LGD assessment changed to
LGD4, 66% from LGD4, 67%.


PERFECT FAST: Joint Liquidators Take Over Operations
----------------------------------------------------
Mark Newman and Vincent John Green of Vantis Business Recovery
Services were appointed joint liquidators of Perfect Fast Food
Poultry Ltd. on Sept. 4, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England


PLG 1: Brings in Liquidators from Kroll
---------------------------------------
Scott Innes Gailie and Anne Clare O'Keefe of Kroll Limited were
appointed joint liquidators of PLG 1 Ltd. (formerly  PLG Holdings
Ltd.) on Sept. 3, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         PLG 1 Ltd.
         454 Chester Road
         Old Trafford
         Manchester
         M16 9HD
         England


SEGURO TRAVEL: Goes Into Administration; Ceases Trading
-------------------------------------------------------
Seguro Travel Ltd. and its subsidiary Seguro Aviation Ltd. which
trade under the style Seguro Holidays and Kent Escapes ceased
trading on Sept. 10, 2008.

David Thornhill, Ian David Green and Ian Oakley-Smith were
appointed as joint administrators of the companies on Sept. 12,
2008.  They manage the affairs, business and property of the
companies as agents.  They are all licensed to act as insolvency
practitioners by the Institute of Chartered Accountants in England
and Wales.

The closure of the business has been brought about by the failure
of Futura Airlines.

The directors of Seguro have no involvement in the management of
Futura Airlines.

The Civil Aviation Authority was called in to protect customers
booked with Seguro.

The CAA, under its ATOL (Air Travel Organiser's Licensing) scheme,
is making arrangements for customers abroad to complete their
holidays and return to the UK and to fully refund those with
forward bookings.

Seguro operated air package holidays and flights out of Glasgow,
Prestwick and Kent airports to Spain, the Canary Islands and
Portugal and sold mainly through travel agents.


STORT ELECTRICAL: Calls in Liquidators from Vantis
--------------------------------------------------
Glyn Mummery and Darren Wilson of Vantis Business Recovery
Services were appointed joint liquidators of Stort Electrical
Wholesalers Ltd. on Sept. 3, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Stort Electrical Wholesalers Ltd.
         c/o Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


SUPREME IMPORTS: Appoints Liquidators from KPMG
-----------------------------------------------
Brian Green and Richard Dixon Fleming of KPMG LLP were appointed
joint liquidators of Supreme Imports (Wholesale) Ltd. on
Sept. 3, 2008, for the creditors' voluntary winding-up proceeding.


TRAVEL CITY: Former Staff to Take Legal Action Over Unpaid Wages
----------------------------------------------------------------
Robin Turner of Western Mail reports that former Travel City
Direct staff in Swansea's Enterprise Zone are contemplating legal
action against their former bosses to recover wages.

The report relates around 150 staff at Travel City Direct lost
their jobs after parent XL Leisure Group Plc went into
administration.

According to the report, Travel City Direct, which sold XL holiday
packages, failed to pay wages to staff this month.

As reported in the TCR-Europe, XL Leisure Group Plc, XL Airways UK
Limited, Excel Aviation Limited, Explorer House Limited, Aspire
Holidays Limited, Freedom Flights Limited, Freedom Flights
(Aviation) Limited, The Really Great Holiday Company plc, Medlife
Hotels Limited, Travel City Flights Limited, and Kosmar Villa
Holidays plc have been put into administration.

On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell
and Stuart Mackellar were appointed as joint administrators of the
companies by the Court.

The companies entered into administration having suffered as a
result of volatile fuel prices, the economic downturn, and were
unable to obtain further funding.

Headquartered in Crawley, XL Leisure Group Plc --
http://www.xl.com/-- is the third largest tour operating group in
the UK.  The company also has operations in France, Germany,
Ireland, Australia and Cyprus.


ULTIMATE WINDOWS: Claims Filing Period Ends Nov. 3
--------------------------------------------------
Creditors of Ultimate Windows (Southern) Ltd. have until
Nov. 3, 2008, to detail their names and addresses (and solicitors
if applicable) together with particulars of their debts or claims,
in writing, or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of
Ultimate Windows (Southern) Ltd. on Sept. 1, 2008, for the
creditors' voluntary winding-up procedure.


VEHICLE SERVICE: Taps Liquidators from Tenon Recovery
-----------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Vehicle Service Centre Ltd. on Aug. 22, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Vehicle Service Centre Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


XL LEISURE: Warned of Financial Irregularities Prior to Collapse
----------------------------------------------------------------
XL Leisure Group plc was warned of "financial irregularities" by
its auditor almost two years before it collapsed into
administration, Mark Kleinman and Richard Fletcher of The Sunday
Telegraph report.

According to the report, XL Leisure, formerly Excel Airways,
blocked KPMG from conducting a "comprehensive independent
investigation" into alleged misrepresentations by directors,
prompting them to resign in October 2006.

The allegations, the report discloses, centered on the timing of
invoices from Alpha Airports, which supplied the company with
airline catering services.  XL Leisure allegedly persuaded Alpha
Airports to "hold back" invoices until the end of the financial
year, thereby boosting profits in the year to October 2005.

In its resignation letter, KPMG stated the tour operator's
accounts did not "give a true and fair view of the profit and the
state of affairs of the company," the report relates.

The report notes that following a short investigation KPMG
concluded "the supplier arrangements had been misrepresented to us
by certain directors of the company.  The financial statements
were likely to contain material errors as a result."

As reported in the TCR-Europe, XL Leisure Group Plc, XL Airways UK
Limited, Excel Aviation Limited, Explorer House Limited, Aspire
Holidays Limited, Freedom Flights Limited, Freedom
Flights (Aviation) Limited, The Really Great Holiday Company plc,
Medlife Hotels Limited, Travel City Flights Limited, and Kosmar
Villa Holidays plc have been put into administration.

On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell
and Stuart Mackellar were appointed as joint administrators of the
companies by the Court.

The companies entered into administration having suffered as a
result of volatile fuel prices, the economic downturn, and were
unable to obtain further funding.

Headquartered in Crawley, XL Leisure Group Plc --
http://www.xl.com/-- is the third largest tour operating group in
the UK.  The company also has operations in France, Germany,
Ireland, Australia and Cyprus.


XL LEISURE: CAA and Kroll In Dispute Over Flying Grounded Planes
----------------------------------------------------------------
The UK Civil Aviation Authority and Kroll have clashed over a
rescue plan to use XL Leisure Group Plc's 19 planes to return
85,000 stranded holidaymakers to Britain, Amanda Vermeulen of The
Financial Times reports.

The report notes that while both Kroll and CAA considered the
option of allowing the grounded planes to continue flying to bring
holidaymakers home, each has blamed the other for resorting to
other measures.

The CAA, the report discloses, claimed that although it had
offered to extend the plane's operating licenses and arrange
payment for fuel and crew, Kroll did not allow the XL planes to
fly.

Kroll however argued "the CAA was not in a position to offer
reasonable terms," the report relates.

                  Repatriation Operation

The CAA, on Sept. 16, 2008, said it had successfully completed the
first phase of its repatriation operation to bring back customers
over the weekend.  Currently, 158 flights have been arranged which
have carried or will carry 37,150 passengers back to the UK from a
total of 38 destinations.

ATOL-protected customers of the failed XL Leisure Group tour
operators who are still abroad are reminded that their holidays
are financially protected from the moment the company went into
administration on Sept. 12, 2008.  The CAA, which manages the ATOL
scheme, told XL holidaymakers they should not need to pay hotel
bills at the end of their stays.

Hoteliers who have charged XL package tourists directly, because
of fears that they will not be paid, are being contacted by the
CAA and UK tour operators with reassurance that bills from the
time of XL's collapse will be settled in full by ATOL.  Customers
who are asked to settle bills at hotels and resorts are advised to
immediately contact the resort holiday representatives of Thomson,
First Choice, Thomas Cook or Virgin Holidays who are liaising
closely with the CAA.

Passengers who booked directly with XL Airways or the XL
subsidiary, Medlife, which sold only accommodation, are not
covered by ATOL.

Richard Jackson, CAA Director of Consumer Protection, said: "ATOL
offers complete financial protection covering both flights and
accommodation.  If you are covered then you should not have to pay
for anything that was covered under your original package.  The
CAA and tour operators are contacting hoteliers to remind them
that ATOL will be picking up the bills from the point of XL's
collapse."

The flights currently organized by the CAA are from Alicante,
Malaga (Spain); Palma (Majorca); Athens, Chania, Corfu, Heraklion,
Kalamata, Kavala, Kefalonia, Kos, Mykonos, Preveza, Rhodes, Samos,
Santorini, Skiathos, Zante (Greece); Bodrum, Dalaman (Turkey);
Cagliari (Sardinia); Faro (Portugal); Hurghada, Sharm El Sheikh
(Egypt); Bridgetown (Barbados); Antigua, Grenada, St Kitts, St
Lucia (Caribbean); Larnaca, Paphos (Cyprus); Orlando, Sanford
(Florida); Arrecife (Lanzarote); Fuerteventura, Las Palmas,
Tenerife (Canaries); Mahon (Minorca).

Arrival airports in the UK are Belfast, Birmingham, Bristol, East
Midlands, Gatwick, Glasgow, Heathrow, Leeds Bradford, Manchester
and Newcastle.

As reported in the TCR-Europe, XL Leisure Group Plc, XL Airways UK
Limited, Excel Aviation Limited, Explorer House Limited, Aspire
Holidays Limited, Freedom Flights Limited, Freedom
Flights (Aviation) Limited, The Really Great Holiday Company plc,
Medlife Hotels Limited, Travel City Flights Limited, and Kosmar
Villa Holidays plc have been put into administration.

On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell
and Stuart Mackellar were appointed as joint administrators of the
companies by the Court.

The companies entered into administration having suffered as a
result of volatile fuel prices, the economic downturn, and were
unable to obtain further funding.

Headquartered in Crawley, XL Leisure Group Plc --
http://www.xl.com/-- is the third largest tour operating group in
the UK.  The company also has operations in France, Germany,
Ireland, Australia and Cyprus.


* UK: Lehman's Downfall Threatens City IT Workers, Analysts Say
---------------------------------------------------------------
Staff working in centralized back offices at large banks "have to
be worried" in the aftermath of Lehman Brothers bankruptcy and the
dramatic takeover of Merrill Lynch by Bank of America,
Computerworld UK's Leo King relates, citing Ralph Silva, senior
analyst at financial services advisory firm Tower Group.

Mr. Silva added that there will be a drive to cut costs and
outsource work, according to Computerworld UK.  He predicted that
there will be smaller reductions in the number of front office IT
jobs in the City of London.

According to Mr. Silva, "it can be very difficult to decouple the
business until the functions are split," Computerworld UK says.
He highlighted the need to decentralize banks by splitting IT
roles per division to simplify any future business break up, the
report notes.

Mr. Silva, based on the report, added that he expected IT
investment by banks to continue to be squeezed.

The problems at investment banks have been a "difficult subject"
for IT workers, Computerworld UK reports, citing Iain Smith,
founder of IT human resources consultancy Diaz Research.

"For some months now, the prime thrust has been cutting
contractors," Mr. Smith told Computerworld UK.  He said that
contractors have to prove being indispensible, the report adds.

Mr. Smith revealed that investment banks take control over the
cost of IT staffing by "not replacing people when they go,"
Computerworld UK reports.


* Begbies Traynor Predicts Nine U.K. Airlines Going Under
---------------------------------------------------------
Experts at Begbies Traynor warned that nine U.K. airlines could be
in danger of going bust in the near future following the collapse
of XL Leisure Group, Karl West writes for Mail Online.  Begbies
Traynor partner, Nigel Atkinson, disclosed that the nine U.K.
airlines, both charter and scheduled are under their insolvency
watchlist, Mail Online relates.

British Airways Plc said that a GBP1 billion rise in its fuel
costs this year may wipe out its profits, Mail Online reports.  BA
CEO Willie Walsh had told 150 senior workers last week about its
plan to cut jobs, Mail Online notes.

Begbies Traynor, which recently undertook the administration of
stricken business-only carrier Silverjet, also reckons that as
many as 30% of the top 30 European charter airlines "may be unable
to make it through to next summer," the report says.

"Red flag alert" statistics at the firm show a 288% rise in the
number of transport and communications companies "facing critical
problems, Mail Online quotes Mr. Atkinson as saying.

Mail Online comments that the airlines and holiday firms have been
hit hard by the double whammy of high fuel prices and decline in
consumer spending.  The report notes Zoom, Silverjet, EOS, MaxJet,
and Spanish charter airline Futura, as among those which have
filed for administration in the past days.

            BA CEO Sees 30 More Airlines Going Bankrupt

As reported by the Troubled Company Reporter on Sept. 18, 2008,
Mr. Walsh, warned that up to 30 more airlines will go bankrupt
before Christmas as the biggest rescue of stranded passengers in
travel industry history began.  The airline industry is vulnerable
due to the crippling rise in fuel prices, declining bookings, and
economic slowdown.

                        About XL Leisure

Headquartered in Crawley, XL Leisure Group -- http://www.xl.com/
-- is the third largest tour operating group in the UK.  The
company also has operations in France, Germany, Ireland, Australia
and Cyprus.

As reported by the Troubled Company Reporter on Sept. 15, 2008,
XL Leisure Group Plc has gone into administration.  XL Airways UK
Limited, Excel Aviation Limited, Explorer House Limited, Aspire
Holidays Limited, Freedom Flights Limited, Freedom Flights
(Aviation) Limited, The Really Great Holiday Company plc, Medlife
Hotels Limited, Travel City Flights Limited, and Kosmar Villa
Holidays plc are also in administration.

On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell
and Stuart Mackellar were appointed as joint administrators of the
companies by the Court.

                          About Silverjet

Headquartered in Luton, United Kingdom, Silverjet Plc --
http://www.flysilverjet.com/-- operates flights between London
and New York and London and Dubai.

                        About Zoom Airlines

Headquartered in Ottawa, Ontario, Zoom Airlines Inc. --
http://www.flyzoom.com/-- is a low-fare transatlantic airline
that flies between Canada and Europe.

As reported by the Troubled Company Reporter on Sept. 3, 2008,
Zoom Mile High Airlines' Website suspended operations with effect
from 7:00 p.m., on Aug. 28, 2008.  Both Zoom Airlines Inc. and
Zoom Airlines Ltd., the Canadian and U.K. airlines, have started
administration proceedings in their home countries.

                          About Futura

Based in Palma de Mallorca, Spain, Futura International Airways --
http://www.futura.aero/-- was founded in 1989.   The airline has
a fleet of 38 B-737 jets.

The Troubled Company Reporter related on Sept. 11, 2008, that
Spain-based charter carrier Futura International Airways has filed
for creditor protection with a court in Palma de Majorca after
being hit by soaring fuel prices.  Futura suspended flights for 24
hours on Sept. 8, 2008, and sought bankruptcy protection.

                      About MAXjet Airways

Headquartered in Dulles, Virginia, MAXjet Airways Inc. --
http://www.maxjet.com/-- is an all-business class, long-haul
airline company.  It has introduced scheduled services with
flights from London Stansted Airport to New York.  As of
December, 2006, it leased five B767 aircraft.  Its customers are
both business and leisure travelers.  At the airport, its
product features check-in facilities located in primary
terminals, security and a business class departure lounge and
arrivals facility.  Its flights features deep-recline seats (170
degree) spaced at a 60 inch pitch, portable entertainment
systems, stowage space and business class catering.

The Debtor filed for chapter 11 protection on Dec. 24, 2007
(Bankr. D. Del. Case No. 07-11912).  The Debtor selected
Pachulski Stang Ziehl & Jones LLP and Pillsbury Winthrop Shaw
Pittman LLP as its bankruptcy counsels.  The Debtor selected
Epiq Bankruptcy Services LLC as claims, noticing and claims
agent.  Arent Fox LLP represents the Official Committee of
Unsecured Creditors.  The Debtor's summary of schedules shows
assets of US$14,836,147 and debts of US$23,601,824.

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd.  and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.

                         *     *     *

British Airways Plc continues to carry a "Ba1" senior
unsecured debt rating from Moody's with a stable outlook.


* LEHMAN: Moody's Rates Certain Transactions with Lehman Exposure
-----------------------------------------------------------------
Moody's Investors Service announced that is has placed its ratings
of certain credit derivative transactions listed below  that have
exposure to Lehman Brothers Holdings Inc. and certain UK Lehman
companies, including Lehman Brothers International (Europe), on
watch for possible downgrade.  Additionally, certain other
Transactions were downgraded and left under review for further
possible downgrade.  Moody's explained that its rating action is
based upon LBHI seeking protection under Chapter 11 of the U.S.
Bankruptcy Code and LB-UK being placed into administration, a
procedure governed by the Insolvency Act of 1986, on September 15,
2008.

The exposure of the Transactions to LBHI Entities arises from
various roles performed by them in the Transactions, including
(without limitation):

-counterparty under interest rate and currency swaps

-counterparty under credit default swaps

-guarantor

-liquidity provider

-repo counterparty

-remarketing agent

-depositor

-collateral manager

-servicer

-sponsor

-cash manager

-calculation agent

-paying agent

-collateral provider

-issuer

The Moody's ratings of the following Transactions have been placed
on review for possible downgrade:

Arosa Funding Limited:

(1) 3 Tranches of Series 2006-2 Dynaso 2006-1 Notes

   Current Rating: Baa3, on review for downgrade

   Prior Rating: Baa3

Elva Funding Plc:

(1) Series 2006-6 through Series 2006-47 Credit Linked Notes

   Current Rating: All on review for downgrade

   Prior Rating: Various

Onyx Funding Limited:

(1) Series 2004-1 Class A Credit Linked Synthetic Portfolio
    Notes

    Current Rating: Aa2, on review for downgrade

    Prior Rating: Aa2

(2) Series 2004-1 Class B Credit Linked Synthetic Portfolio
    Notes

    Current Rating: A3, on review for downgrade

    Prior Rating: A3

(3) Series 2006-1 Credit Linked Synthetic Portfolio Notes

    Current Rating: A2, on review for downgrade

    Prior Rating: A2

(4) Series 2008-1 Credit Linked Synthetic Portfolio Notes

    Current Rating: Aaa, on review for downgrade

    Prior Rating: Aaa

Phoenix 2002-1 Limited:

(1) Class A Notes

    Current Rating: Aa3, on review for downgrade

    Prior Rating: Aa3

(2) Class B Notes

    Current Rating: A1, on review for downgrade

    Prior Rating: A1

(3) Class C Notes

    Current Rating: Ba3, on review for downgrade

     Prior Rating: Ba3

Quartz Finance Plc

(1) Series 2003-1 Eldon Street Class A Notes

     Current Rating: Aa3, on review for downgrade

     Prior Rating: Aa3

(2) Series 2003-1 Eldon Street Class B Notes

    Current Rating: Baa1, on review for downgrade

    Prior Rating: Baa1

(3) Series 2003-4 Kingsway Floating Rate Credit Linked Notes

    Current Rating: Ba2, on review for downgrade

    Prior Rating: Ba2

(4) Series 2003-5 Kingsway II Credit Linked Synthetic Portfolio
    Notes

    Current Rating: Ba2, on review for downgrade

    Prior Rating: Ba2

(5) Series 2005-1 Class A Kingsbury Credit Linked Synthetic
    Portfolio Notes

    Current Rating: A3, on review for downgrade

    Prior Rating: A3

(6) Series 2005-1 Class B Kingsbury Credit Linked Synthetic
    Portfolio Notes

    Current Rating: Baa2, on review for downgrade

    Prior Rating: Baa2

(7) Series 2005-2 Kingsway Credit Linked Synthetic Portfolio
    Notes

    Current Rating: Ba2, on review for downgrade

    Prior Rating: Ba2

Ruby Finance Plc:

(1) 2004-3 Credit Linked Synthetic Portfolio Notes

    Current Rating: A3, on review for downgrade

    Prior Rating: A3

(2) 2006-2 Orion Enhanced Return Notes

    Current Rating: Baa1, on review for downgrade

    Prior Rating: Baa1

(3) 2006-3 RIESLING Credit Linked Notes

    Current Rating: Baa2, on review for downgrade

    Prior Rating: Baa2

(4) 2006-4 Credit Linked Synthetic Portfolio Notes

    Current Rating: A1, on review for downgrade

    Prior Rating: A1

(5) 2006-5 Bison Notes

    Current Rating: A3, on review for downgrade

    Prior Rating: A3

(6) 2006-6 Capital Protected Notes

    Current Rating: Aa1, on review for downgrade

    Prior Rating: Aa1

(7) 2007-1 Credit Linked Synthetic Portfolio Notes

    Current Rating: A2, on review for downgrade

    Prior Rating: A2

(8) 2007-3 Class A-1 Snowden Swap Agreement

    Current Rating: Aaa, on review for downgrade

    Prior Rating: Aaa

(9) 2007-3 Class A-2 Snowden Notes

    Current Rating: Aaa, on review for downgrade

    Prior Rating: Aaa

(10) 2007-3 Class B Snowden Notes

     Current Rating: Aa2, on review for downgrade

     Prior Rating: Aa2

(11) 2007-3 Class C Snowden Notes

     Current Rating: A2, on review for downgrade

     Prior Rating: A2

(12) 2007-3 Class D Snowden Notes

     Current Rating: Baa2, on review for downgrade

     Prior Rating: Baa2

(13) 2007-3 Class E Snowden Notes

     Current Rating: Ba2, on review for downgrade

     Prior Rating: Ba2

(14) 2007-5 Capital Protected Notes

     Current Rating: Aa1, on review for downgrade

     Prior Rating: Aa1

(15) 2007-6 Spirit Capital Protected Notes

     Current Rating: Aaa, on review for downgrade

     Prior Rating: Aaa

(16) 2008-2 Class A1 Notes (Collateralised Fund Obligation)

     Current Rating: Aa1, on review for downgrade

     Prior Rating: Aa1

Saphir Finance Plc:

(1) Series 2006-9 Perpetual Non-Cumulative Securities

    Current Rating: Aa3, on review for downgrade

    Prior Rating: Aa3

The Moody's ratings of the following Transactions have been
downgraded and remain under review:

Crediop Overseas Bank Limited

(1) Series 63 Credit Linked Notes linked to Lehman Brothers
    Holdings Inc.

    Current Rating: Caa2, on review for downgrade

    Prior Rating: A2

Lehman Brothers Treasury Co BV

(1) Series 1767 Credit Linked Notes linked to General Electric

    Current Rating: Caa2, on review for downgrade

    Prior Rating: B3, under review for downgrade

Ruby Finance Plc:

(1) 2007-7 Dynamic Capital Protected Notes

    Current Rating: B3, on review for downgrade

    Prior Rating: A2


* S&P Takes Rating Actions on 422 Tranches After Lehman Bankruptcy
------------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating actions
on 422 tranches in European securitizations following recent
rating actions on Lehman Brothers Holdings Inc. and related
entities.  Lehman performs a wide range of roles in various
structured finance transactions, some of which have a bearing on
the credit risk of the rated notes in the transactions.

On Sept. 15, 2008, Lehman Brothers Holdings Inc., the
parent/holding company of the Lehman Brothers group, filed for
protection under Chapter 11 of the U.S. Bankruptcy Code.  As a
result, on the same day S&P lowered its long-term counterparty
credit rating on Lehman Brothers to 'SD' (selective default,
meaning payments may not be made on some financial obligations),
from 'A'.  S&P also lowered the long-term counterparty credit and
issue ratings on most of Lehman Brothers' subsidiaries to 'BB-' or
'R'.  Some of these ratings remain on CreditWatch with developing
implications.  On Sept. 16, S&P lowered its counterparty credit
rating on Lehman Brothers to 'D' from 'SD'.

Full details of the rating actions on different subsidiaries and
debt issues are available in the related research updates "Lehman
Bros. Holdings Downgraded To 'Selective Default'; Other Lehman
Entities To 'BB-' Or 'R'" (published on Sept. 15) and "Research
Update: Lehman Brothers Holdings Inc. Rating Lowered To 'D'"
(published Sept. 16).

Lehman provides some form of credit and/or liquidity support, or
otherwise acts as the participant in the operation of several
European structured finance transactions.  In these cases, the
credit risk on the rated notes may be a function of Lehman's
credit risk.  For example, the rating actions cover transactions
where Lehman performs the role of:

  * Bank account provider;
  * Derivatives counterparty;
  * Guarantor;
  * Liquidity provider;
  * Issuer; or
  * Seller.

In addition, the actions cover certain European CMBS transactions
backed by real estate where Lehman is a major tenant.

Resolution of the CreditWatch negative actions will depend on
whether solutions will be presented to replace Lehman in the
mentioned transactions, as well as further analysis to assess and
quantify the dependency on Lehman.

Furthermore, two transactions had their ratings lowered to 'D';
one in which the rating of the issuing entity was lowered to 'D'
and the other in which the bond purchased as an eligible
investment had been lowered to 'D'.

Separate to these transactions covered in this release, some
transactions (notably certain CDOs) are also directly exposed to
the credit risk of Lehman since they hold debt issued by such
entities or have sold credit protection on them via credit default
swaps.  Any rating actions that may result from such exposures are
not covered in this release and will be detailed in further
releases over the next few days.

It should be noted that the rating actions on Lehman do not, in
and of themselves, affect the current ratings assigned to any
European asset-backed commercial paper (ABCP) conduits.  Of the
conduits identified with exposure to Lehman, some have promptly
removed such exposure, while others have mitigated the exposure
through program-wide enhancement or liquidity support from other
sources.

In the coming weeks S&P expects to publish further media releases,
detailing its assessment of any further rating impact on a case-
by-case basis.

Ratings Placed on CreditWatch Negative:

Class        To               From

Clio European CLO B.V.
EUR555 million floating-rate and EUR161.3 million subordinated
notes
A1      A/Watch Neg            A
A2      A/Watch Neg            A
B       BBB/Watch Neg          BBB
C       BB/Watch Neg           BB

Consumer Unsecured Reperforming Loans (CURL) PLC
GBP147.36 million asset-backed floating-rate notes
A       AA/Watch Neg          AA
B       AA/Watch Neg          AA
C       A/Watch Neg           A
D       BBB/Watch Neg         BBB
E       BB/Watch Neg          BB

Eurosail 2006-1 PLC
GBP462.978 million EUR60.7 million and US$437.5 million (plus an
overissuance of GBP11.025 million) mortgage-backed floating-rate
notes
A2c       AAA/Watch Neg      AAA
B1a       AA/Watch Neg       AA
B1c       AA/Watch Neg       AA
C1a       A/Watch Neg        A
C1c       A/Watch Neg        A
D1a       BBB/Watch Neg      BBB
D1c       BBB/Watch Neg      BBB
E         BB/Watch Neg       BB

Eurosail 2006-2BL PLC
EUR60.8 million , GBP406.28 million and US$318 million mortgage-
backed floating-rate notes
A1b       AAA/Watch Neg     AAA
A1c       AAA/Watch Neg     AAA
A2c       AAA/Watch Neg     AAA
B1a       AA+/Watch Neg     AA+
B1b       AA+/Watch Neg     AA+
C1a       A+/Watch Neg      A+
C1c       A+/Watch Neg      A+
D1a       BBB/Watch Neg     BBB
D1c       BBB/Watch Neg     BBB
E1c       BB-/Watch Neg     BB-
F1c       B/Watch Neg       B

Eurosail 2006-3NC PLC
EUR227.85 million, GBP269.913 million and US$205 million
mortgage-backed floating-rate notes, an overissuance of GBP18.360
million mortgage-backed floating-rate notes and GBP1.173 million
mortgage-backed deferrable-interest notes
A2b       AAA/Watch Neg       AAA
A2c       AAA/Watch Neg       AAA
A3a       AAA/Watch Neg       AAA
A3c       AAA/Watch Neg       AAA
A3c DACs  AAA/Watch Neg       AAA
B1a       AA/Watch Neg        AA
C1a       A+/Watch Neg        A+
C1c       A+/Watch Neg        A+
D1a       BB+/Watch Neg       BB+
D1c       BB+/Watch Neg       BB+
E1c       B/Watch Neg         B
ETc       B/Watch Neg         B

Eurosail 2006-4NP PLC
GBP489 million, US$64 million and EUR327.5 million mortgage-backed
floating-rate notes and an overissuance of GBP7.45 million excess
spread backed floating-rate notes
A2c       AAA/Watch Neg      AAA
A3a       AAA/Watch Neg      AAA
A3c       AAA/Watch Neg      AAA
B1a       AA/Watch Neg       AA
C1a       A/Watch Neg        A
C1c       A/Watch Neg        A
D1a       BBB/Watch Neg      BBB
D1c       BBB/Watch Neg      BBB
E1c       BB/Watch Neg       BB
M1a       AAA/Watch Neg      AAA
M1c       AAA/Watch Neg      AAA

Eurosail-NL 2007-1 B.V.
EUR350 million mortgage-backed floating-rate notes and an
overissuance of EUR11.2 million excess spread backed floating-rate
notes
A        AAA/Watch Neg      AAA
B        AA/Watch Neg       AA
C        A/Watch Neg        A
D        BBB/Watch Neg      BBB
E1       BB/Watch Neg       BB

Eurosail-UK 2007-2NP PLC
EUR480.7 million and GBP258.8 million mortgage-backed floating-
rate notes and an overissuance of GBP8.775 million excess spread
backed floating-rate notes
A1a      AAA/Watch Neg      AAA
A1c      AAA/Watch Neg      AAA
A2a      AAA/Watch Neg      AAA
A2c      AAA/Watch Neg      AAA
A3a      AAA/Watch Neg      AAA
A3c      AAA/Watch Neg      AAA
B1a      AA/Watch Neg       AA
B1c      AA/Watch Neg       AA
C1a      A+/Watch Neg       A+
D1a      BBB-/Watch Neg     BBB-
D1c      BBB-/Watch Neg     BBB-
E1c      BB/Watch Neg       BB
ETc      BB/Watch Neg       BB
M1a      AAA/Watch Neg      AAA
M1c      AAA/Watch Neg      AAA

Eurosail-UK 2007-3BL PLC
EUR345 million GBP268.53 million US$300 million mortgage-backed
floating-rate notes and an overissuance of GBP9.75 million excess-
spread-backed floating-rate notes
A1b      AAA/Watch Neg      AAA
A1c      AAA/Watch Neg      AAA
A2a      AAA/Watch Neg      AAA
A2b      AAA/Watch Neg      AAA
A2c      AAA/Watch Neg      AAA
A3a      AAA/Watch Neg      AAA
A3c      AAA/Watch Neg      AAA
B1a      AA/Watch Neg       AA
B1c      AA/Watch Neg       AA
C1a      A/Watch Neg        A
C1c      A/Watch Neg        A
D1a      BBB-/Watch Neg     BBB-
E1c      BB/Watch Neg       BB
ETc      BB/Watch Neg       BB

Eurosail-UK 2007-4BL PLC
EUR696 million and GBP251.11 million mortgage-backed floating-rate
notes
A1a      AAA/Watch Neg      AAA
A1c      AAA/Watch Neg      AAA
A2a      AAA/Watch Neg      AAA
A3a      AAA/Watch Neg      AAA
A3c      AAA/Watch Neg      AAA
B1a      AA/Watch Neg       AA
C1a      A/Watch Neg        A
D1a      BBB-/Watch Neg     BBB-
E1c      BB/Watch Neg       BB

Gazprombank Mortgage Funding 2 S.A.
EUR147 million and RUB2,082.8 million mortgage-backed floating-
and fixed-rate notes (Gazprombank Mortgage Backed Securities
Series 2007-1)
A1      BBB+/Watch Neg     BBB+
A2      BBB+/Watch Neg     BBB+
B       BBB-/Watch Neg     BBB-
C       BB-/Watch Neg      BB-

Italfinance Securitisation Vehicle S.r.l.
EUR191.765 million asset-backed floating-rate notes series 2006-1
A       BB+/Watch Neg      BB+
B       BB/Watch Neg       BB

Lehman Brothers Treasury Co. B.V.
EUR30 million Artemis Capital CDO of CDO variable-rate credit-
linked synthetic portfolio series 4103
        BB+/Watch Neg      BB+

Marble Arch Residential Securitisation No. 4 PLC
EUR100.55 million GBP518.2 million and US$479 million mortgage-
backed floating-rate notes an overissuance of GBP14.28 million
mortgage-backed floating-rate notes and GBP0.42 million mortgage-
backed deferrable-interest notes
A2b       AAA/Watch Neg      AAA
A2c       AAA/Watch Neg      AAA
A3c       AAA/Watch Neg      AAA
A3c DACs  AAA/Watch Neg      AAA
B1a       AA/Watch Neg       AA
B1b       AA/Watch Neg       AA
B1c       AA/Watch Neg       AA
C1a       A/Watch Neg        A
C1c      A/Watch Neg        A
D1a      BBB/Watch Neg      BBB
D1c       BBB/Watch Neg      BBB
E1c      B/Watch Neg        B

Phoenix 2002-2 Ltd.
EUR239 million credit-linked floating-rate notes
A       AAA/Watch Neg      AAA
B       AA+/Watch Neg      AA+
C       A/Watch Neg        A
D       BB+/Watch Neg      BB+

Portfolio GREEN German CMBS GmbH
EUR585.411 million secured floating-rate notes
A       AAA/Watch Neg      AAA
B       AA/Watch Neg       AA
C       A/Watch Neg        A
D       BBB/Watch Neg      BBB
E       BB/Watch Neg       BB
F       B/Watch Neg        B
G       B/Watch Neg        B


Preferred Residential Securities 06-1 PLC
GBP288.432 million and EUR107.6 million and US$145 million
mortgage-backed floating-rate notes
A2a        AAA/Watch Neg    AAA
A2b        AAA/Watch Neg    AAA
A2c        AAA/Watch Neg    AAA
A2c DACs   AAA/Watch Neg    AAA
B1a        AA/Watch Neg     AA
B1c        AA/Watch Neg     AA
C1a        A/Watch Neg      A
C1c        A/Watch Neg      A
D1a        BBB/Watch Neg    BBB
D1c        BBB/Watch Neg    BBB
E1c        BB/Watch Neg     BB
ETc        BB/Watch Neg     BB
FTc        B/Watch Neg      B

Preferred Residential Securities 8 PLC
EUR108.5 million, GBP336.2 million and US$100 million mortgage-
backed floating-rate notes
A1a1      AAA/Watch Neg      AAA
A1a2      AAA/Watch Neg      AAA
A1b       AAA/Watch Neg      AAA
A1c       AAA/Watch Neg      AAA
B1a       AA/Watch Neg       AA
B1c       AA/Watch Neg       AA
C1a       A/Watch Neg        A
C1c       A/Watch Neg        A
D1a       BBB+/Watch Neg     BBB+
D1c       BBB+/Watch Neg     BBB+
E         BB/Watch Neg       BB

Ruby Finance PLC
EUR84.5 million class A-1 swap agreement and EUR67.5 million
credit-linked synthetic portfolio notes series 2007-3
A-1      AAAsrp/Watch Neg     AAAsrp
A-2      AAA/Watch Neg        AAA
B        AA/Watch Neg         AA
C        A/Watch Neg          A
D        BBB/Watch Neg        BBB
E        BB/Watch Neg         BB

Windermere VII CMBS PLC
EUR782.25 million commercial mortgage-backed floating-rate notes
A2      AAA/Watch Neg     AAA
B       AA/Watch Neg      AA
C       A/Watch Neg       A
D       BBB+/Watch Neg    BBB+
E       BBB/Watch Neg     BBB
F       BB/Watch Neg      BB
X       AAA/Watch Neg     AAA

Windermere X CMBS Ltd.
EUR1.497 billion commercial mortgage-backed floating-rate notes
A       AAA/Watch Neg     AAA
B       AAA/Watch Neg     AAA
C       AA/Watch Neg      AA
D       A/Watch Neg       A
E       BBB/Watch Neg     BBB
F       BB/Watch Neg      BB
X       AAA/Watch Neg     AAA

Windermere XI CMBS PLC
GBP707.767 million commercial mortgage-backed floating-rate notes
A        AAA/Watch Neg     AAA
B        AA/Watch Neg      AA
C        A/Watch Neg       A
D        BBB/Watch Neg     BBB
E        BB/Watch Neg      BB

Ratings Remaining On CreditWatch Negative:

Berica 6 Residential MBS S.r.l.
EUR1,427.65 million mortgage-backed floating-rate notes (plus as
overissuance of EUR8.565 million mortgage-backed deferrable-
interest class D notes)
D        BB/Watch Neg

Eurosail-UK 2007-1NC PLC
GBP328.6 million and EUR552.15 million mortgage-backed floating-
rate notes plus an overissuance of GBP28.7 million excess-spread-
backed floating-rate notes
D1a      BBB/Watch Neg
D1c      BBB/Watch Neg
DTc      BBB+/Watch Neg
E1c      BB/Watch Neg
ETc      BB-/Watch Neg
FTc      B/Watch Neg

Southern Pacific Securities 05-3 PLC
GBP135 million and EUR304.3 million and US$100 million mortgage-
backed floating-rate notes plus an over issuance of GBP14 mil
mortgage-backed fltg-rate nts & GBP4 mil mortgage-backed
deferrable-interest nts
E1c      BB/Watch Neg
ETc      BB/Watch Neg
FTc      B/Watch Neg

Southern Pacific Securities 06-1 PLC
GBP140.45 million, EUR157.85 million and US$199.15 million
mortgage-backed floating-rate notes, plus an overissuance of
GBP13.68 million and GBP2.88 million deferrable interest notes
E1c      BB/Watch Neg
ETc      BB/Watch Neg
FTc      B/Watch Neg

Windermere VIII CMBS PLC
GBP1,037.79 million commercial mortgage-backed floating-rate notes
E       BB/Watch Neg

Ratings Affirmed:

Class     Rating

Eurosail 2006-3NC PLC
EUR227.85 million, GBP269.913 million and US$205 million mortgage-
backed floating-rate notes, an overissuance of GBP18.360 million
mortgage-backed floating-rate notes and GBP1.173 million mortgage-
backed deferrable-interest notes
FTc        CCC

Ratings Lowered

Class     To              From

Lehman Brothers Bankhaus AG
EUR50 million Chablis credit-linked synthetic portfolio
schuldschein
           D              A+

Saphir Finance PLC
EUR10 million credit-linked synthetic portfolio notes (Lennox II)
series 2005-3 Class C
C          D             BBB+


* BOOK REVIEW: Strategies for Investing in Intellectual Property
----------------------------------------------------------------
Author:     David S. Ruder
Publisher:  Beard Books
Softcover:  172 pages
List Price: $79.95

Order your personal copy at:
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This book, Strategies for Investing in Intellectual Property by
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This book is also of particular help to corporate and intellectual
property lawyers that want to understand current trends relating
to intellectual property investing.

Among the topics covered are: accounting and valuation,
intellectual property analytics, equity investment strategies,
arbitrage, and securitization.

The book also provides guidance as to why intellectual property
assets continue to be of interest to investors, how investors
might establish investment criteria, and provides some commentary
as to whether intellectual property should be viewed as a discrete
asset class.


                            *********

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.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
Agravante, Melanie Pador, Marie Therese V. Profetana and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

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

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

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


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