TCREUR_Public/080923.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

          Tuesday, September 23, 2008, Vol. 9, No. 189

                            Headlines

A U S T R I A

ADARNA LLC: Claims Registration Period Ends Oct. 15
ALCYON VAN: Claims Registration Period Ends Oct. 16
LSH LLC: Claims Registration Period Ends Oct. 8
PFEIFER LLC: Claims Registration Period Ends Oct. 9
PFEIFER & CO: Claims Registration Period Ends Oct. 9


F R A N C E

DELPHI CORP: Reaches Settlement & Restructuring Pacts With GM
EUROPCAR GROUPE: Moody's Affirms B1 CFR, Outlook Negative
LEHMAN BROTHERS: France's Scor SE has EUR35 Million Exposure


G E R M A N Y

AUTOHAUS HILDEBRANDT: Creditors' Meeting Set Oct. 1
IGNIS VERTRIEBS: Claims Registration Period Ends Sept. 29
NB STAHLBAU: Claims Registration Period Ends Sept. 29
OEZLEM DOENERPRODUKTION: Claims Registration Period Ends Sept. 29
PARTNER GMBH: Claims Registration Period Ends Oct. 1

PLANJET FLUGREISEN: Claims Registration Period Ends Sept. 30
PROBEMA GMBH: Claims Registration Period Ends Sept. 29
SELECTRONICA GMBH: Claims Registration Period Ends Sept. 30
SHZ ZERSPANUNGSTECHNIK: Claims Registration Period Ends Sept. 30
SPEICHER GASTRONOMIE: Claims Registration Period Ends Sept. 30

SUNDREAM FREIZEITMOEBEL: Claims Registration Period Ends Sept. 30
SYBRESCO BETEILIGUNGS: Claims Registration Period Ends Sept. 29
TOSCANA IMMOBILIEN: Claims Registration Period Ends Sept. 30
WESTSTADTHALLE GMBH: Claims Registration Period Ends Sept. 30

* Orrick and Holters & Elsing Agree to Merger


I R E L A N D

ACTIVANT SOLUTIONS: Makes Changes to Management Team
BALLANTYNE RE: S&P Junks Ratings on Class A-1, B-1 and B-2 Notes


K A Z A K H S T A N

BTA BANK: Units Name Aizhulov Anuar Tursunovich as Chair
BUSINESS WORLD: Creditors Must File Claims by Nov. 11
EURO ASIA-CONSTRUCTION: Claims Deadline Slated for Nov. 11
I-B-CC LLP: Claims Filing Period Ends Nov. 11
INVEST STROY-LTD: Creditors' Claims Due on Nov. 11

MANU-KYZYLORDA LLP: Claims Registration Ends Nov. 12
O. BIRLESTIK LLP: Creditors Must File Claims by Nov. 12
STROY SNUB: Claims Deadline Slated for November 11
TERMO-ASIA LLP: Claims Filing Period Ends November 11
TSEMENT STROY: Creditors' Claims Due on November 11


K Y R G Y Z S T A N

INTER OIL: Creditors Must File Claims by Nov. 3


N E T H E R L A N D S

LEHMAN BROTHERS: Dutch Arm Granted Suspension of Payments


R U S S I A

AVTOMAG INTER: Creditors Must File Claims by Oct. 11
BERATON OJSC: Creditors Must File Claims by Oct. 11
ELEMENT LEASING: S&P Assigns B/C Counterparty Credit Ratings
GOFRA LLC: Creditors Must File Claims by Nov. 11
IMPREGNIROVANIE LLC: Tumen Bankruptcy Hearing Set Dec. 18

INTRAST LLC: Creditors Must File Claims by Oct. 11
SISTEMA JSFC: Appoints New CFO for Indian Unit Shyam Telelink

* RUSSIA: Breaks Two Trade Pacts per Day, Says PIIE Critic
* RUSSIA: Ratings Not Yet Affected by Financial Turmoil


S P A I N

IM FTPYME: S&P Assigns BB- Rating on EUR35 Million Class C Notes


S W E D E N

* SWEDEN: Nordic Banks May Face Write-Offs in Next Quarters


S W I T Z E R L A N D

A + M LOCATIONS: Creditors Have Until Oct. 3 to File Claims
CSM ENGINEERING: Oct. 5 Set as Deadline to File Proofs of Claim
EURODIS MICRODIS: Creditors' Proofs of Claim Due by Oct. 4
FRIEDMANN GROSSKUCHENEINRICHTUNGEN: Claims Due by Oct. 3
GENERAL MOTORS: To Use Remaining US$3.5 Bln. in Credit Facility

GENERAL MOTORS: Exchanges 28.3MM Shares for Series D Debentures
GENERAL MOTORS: Enters into Amended Settlement with Delphi
METTLER COMNET: Deadline to File Proofs of Claim Set  Oct. 5
MOVI BENE: Oct. 4 Set as Deadline to File Proofs of Claim
SWISS REINSURANCE: Stock Dives, Admits Exposures to Lehman and AIG

TRAIECTORIA LLC: Proofs of Claim Filing Deadline is  Oct. 4
UBS AG: Plug Power Can Continue Lawsuit Against Firm
UBS AG: Top Client Sues Bank Over Deceptive Investment Scheme


U K R A I N E

ALL-UKRAINIAN ALLIANCE: Creditors Must File Claims by Sept. 27
DONETSK CEMENT: Creditors Must File Claims by Sept. 27
INTERFISH LLC: Creditors Must File Claims by Sept. 27
MAK-OIL-DELIVERY: Creditors Must File Claims by Sept. 26
MEZHOVAYA SEED: Creditors Must File Claims by Sept. 27

RENAISSANCE LLC: Creditors Must File Claims by Sept. 27
START LLC: Creditors Must File Claims by Sept. 27
YUVSTAR LLC: Creditors Must File Claims by Sept. 27


U N I T E D   K I N G D O M

AMERICAN INTERNATIONAL: Investors Want Redemption of EUR7.2B Funds
AMERICAN INTERNATIONAL: Insolvency Covers UK Investors' Losses
ATKINS WHOLESALE: Joint Liquidators Take Over Operations
AVONDALE SOUTH: Lloyds TSB Calls in KPMG as Administrators
CODE NINE: Brings in Liquidators from Tenon Recovery

CORSAIR NO. 2: S&P Puts BB- Rating on EUR25MM Series 95 Notes
ECCTVS LTD: Appoints Jeremy Willmont as Liquidator
IT SOLUTIONS: Calls in Liquidators from KPMG
LANE LOGISTICS: Taps Liquidators from Grant Thornton
LEHMAN BROTHERS: Wins Court OK on Sale of U.S. Units to Barclays

LEHMAN BROTHERS: SIPC Starts Liquidation Proceedings Against LBI
LEHMAN BROTHERS: Provides Guide on LBIE Europe Clients' Recovery
LEHMAN BROTHERS: In Talks to Sell Two Businesses
LEHMAN BROTHERS: Reviews LBUKRE Portfolio
MG BUILDING: Brings in Liquidators from Vantis

ROBERT CAIN: Brewery Business Sold as Going Concern
TITAN EUROPE: S&P Junks Rating on Class F Notes, Keeps Watch Neg.

* S&P Puts Lehman-Related European CMBS Ratings on Negative Watch
* S&P Cuts Ratings on Various CDPO Transactions, Retains WatchNeg

* Large Companies with Insolvent Balance Sheet


                         *********


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


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

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30 Serie
         Fax: DW 33
         E-mail: ra-stampfer@utanet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on Oct. 29, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 22, 2008, (Bankr. Case No. 2 S 106/08p).


ALCYON VAN: Claims Registration Period Ends Oct. 16
---------------------------------------------------
Creditors owed money by OEG Alcyon Van Waard have until Oct. 16,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at

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

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Aug. 22, 2008, (Bankr. Case No. 5 S 85/08x).


LSH LLC: Claims Registration Period Ends Oct. 8
-----------------------------------------------
Creditors owed money by LLC LSH have until Oct. 8, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Mag. Michael Ludwig Lang
         Schuettelstrasse 55
         Carre Rotunde
         1020 Wien
         Austria
         Tel: 01/72 577
         Fax: 01/72 577 577
         E-mail: michael.lang@blw-legal.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 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 Orth an der Donau, Austria, the Debtor declared
bankruptcy on Sept. 1, 2008, (Bankr. Case No. 36 S 98/08s).


PFEIFER LLC: Claims Registration Period Ends Oct. 9
---------------------------------------------------
Creditors owed money by LLC Pfeifer have until Oct. 9, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Herwig Ernst
         Hauptplatz 32
         2100 Korneuburg
         Austria
         Tel: 02262/72 3 17, 75 1 29
         Fax: 02262/756 57
         E-mail: lawoffice@mack-ernst.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Oct. 23, 2008, for the
examination of claims at:

         The Land Court of Korneuburg
         Hall II
         First Floor
         Korneuburg
         Austria

Headquartered in Haugsdorf, Austria, the Debtor declared
bankruptcy on Aug. 22, 2008, (Bankr. Case No. 32 S 33/08b).


PFEIFER & CO: Claims Registration Period Ends Oct. 9
----------------------------------------------------
Creditors owed money by LLC Pfeifer & Co KG have until Oct. 9,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Herwig Ernst
         Hauptplatz 32
         2100 Korneuburg
         Austria
         Tel.: 02262/72 3 17, 75 1 29
         Fax: 02262/756 57
         E-mail: lawoffice@mack-ernst.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on Oct. 23, 2008, for the
examination of claims at:

         The Land Court of Korneuburg
         Hall II
         First Floor
         Korneuburg
         Austria

Headquartered in Haugsdorf, Austria, the Debtor declared
bankruptcy on Aug. 22, 2008, (Bankr. Case No. 32 S 32/08f).


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


DELPHI CORP: Reaches Settlement & Restructuring Pacts With GM
-------------------------------------------------------------
Delphi Corp., as part of its efforts in completing the successful
restructuring of its U.S. operations, is entering into amended
settlement and restructuring agreements with General Motors Corp.

Delphi will receive support from GM that Delphi estimates to be
valued at approximately US$10.6 billion for its transformation --
increased from approximately US$6.0 billion in the January 2008
settlement.  The agreement will modify the mechanics and expand
the amount of Delphi's net hourly pension liability transfer to GM
pursuant to section 414(l) of the Internal Revenue Code from
US$1.5 billion under the original GSA to approximately US$3.4
billion.

Delphi is taking action to preserve and fund Delphi's hourly and
salaried pension plans and completing the reaffirmation process
for its 2008-2011 business plan in the Revised Plan of
Reorganization (RPOR), a summary of which is included in filings
with the U.S. Bankruptcy Court for the Southern District of New
York.

Delphi will report on material additional progress with respect to
Delphi's transformation plan announced in March 2006.  It will
establish its intent to enter the capital markets with its
reaffirmed business plan, and to file in the Bankruptcy Court
proposed modifications to its previously confirmed First Amended
Joint Plan of Reorganization (POR).

Delphi will file several expedited motions with the Bankruptcy
Court that will be considered by the Court on Sept. 23, 2008,
including:

    -- a motion to implement an amended and restated Global
       Settlement Agreement (Amended GSA) and Master
       Restructuring Agreement (Amended MRA) with GM.  The
       original GSA and MRA were previously approved by the
       Bankruptcy Court on Jan. 25, 2008.  The terms of the
       proposed amendments would authorize the GSA and MRA to
       become effective independent of and in advance of the
       effective date of the company's POR.  The filing states
       that the Amended GSA and Amended MRA reflect GM's
       continuing and immediate support for Delphi's
       reorganization efforts -- including the transfer of
       certain hourly pension obligations -- and will enable
       Delphi to take the next steps in its transformation,
       including the actions that should allow it to emerge
       from chapter 11 as soon as practicable.

    -- a motion to freeze its hourly and salaried defined
       benefit pension plans and provide, as applicable,
       replacement cash balance or defined contribution
       pension benefits, a salaried retirement, and
       equalization savings program, and a supplemental
       executive retirement plan.

Considerations in the Amended GSA and Amended MRA

Implementation of the Amended GSA and Amended MRA at this time is
necessary to preserve the substantial progress Delphi has made,
and to position Delphi to emerge from chapter 11 as soon as
practicable.  Unlike the original GSA and MRA, in which GM
required that its performance under those agreements be tied to
Delphi's emergence from chapter 11, the Amended GSA and Amended
MRA accelerate substantially all of GM's obligations in the
original agreements (estimated by Delphi to be approximately
US$6.0 billion in value to Delphi's transformation), which will be
implemented immediately upon the effective date of the Amended GSA
and Amended MRA.

In addition, a substantial portion of GM's incremental net support
(estimated by Delphi to be approximately US$4.6 billion in value
to Delphi's transformation) also will become immediately and
unconditionally effective.  In exchange for GM's willingness to
undertake these obligations, Delphi has agreed to treatment of
GM's claims in the chapter 11 cases, and to release GM from
certain claims and causes of action upon the effectiveness of the
Amended GSA and the Amended MRA.

Under the Amended GSA, GM would assume responsibility for the
pensions of certain of Delphi's hourly retirement plan
participants.  The liabilities would be transferred in two steps,
pursuant to section 414(l) of the Internal Revenue Code, and would
be increased from US$1.5 billion to approximately
US$3.4 billion.  The liability transfers are subject to GM and
Delphi receiving consent from a sufficient number of unions to
complete the first step of the transfer.  Through the
implementation of the Amended GSA and Amended MRA, GM's financial
support of Delphi -- which previously was to be received upon
Delphi#s emergence from chapter 11 -- is being pulled forward to
the effectiveness of the amendments.  As a result, GM will make
payments to Delphi of approximately US$1.2 billion in connection
with the effectiveness of the Amended GSA and Amended MRA, and
through the remainder of 2008.  The payments by GM combined with
Delphi's existing cash on hand -- which totaled in excess of
US$1 billion at June 30, 2008, and amounts available under
Delphi's DIP revolving credit facility, provide ample liquidity
over the course of 2008.

By immediately implementing the Amended MRA, Delphi will be in a
position to pursue exit financing in the capital markets,
including through an equity-based rights offering, to support what
it believes to be a viable, reaffirmed emergence business plan
that incorporates current market conditions and increased GM
support.

Delphi's Chief Restructuring Officer John Sheehan said that it is
in the best interests of the company to seek approval to implement
the Amended GSA and Amended MRA independent of and in advance of
the effectiveness of the POR.  He said the company has been
advised by the Creditors' Committee that it may no longer support
a settlement with GM and related transactions, if these
transactions are approved in advance of the filing and approval of
potential modifications to Delphi's POR which are acceptable to
the committee.  Absent consensual resolution of the Creditors'
Committee concerns, the Committee may file objections to one or
more of the motions and seek other relief from the Bankruptcy
Court.  Sheehan said Delphi will continue working toward a
consensus among its principal stakeholders, including the
committees, but that the likelihood of achieving consensus is
speculative and not assured.

                   Pension Plan Modifications

The motion to modify the pension plans would authorize a freeze of
the Delphi hourly pension plan following union consent and a
freeze of the U.S. salaried plans.  If approved by the Court,
Delphi would then provide, subject to the union agreement,
replacement cash balance or defined contribution pension benefits
to its hourly employees; and for eligible salaried employees,
Delphi would provide defined contribution pension benefits, a
salaried retirement and equalization savings program, and a
supplemental executive retirement plan.

"We have remained committed to fully funding our pension plans and
to being well-planned, well organized, and well-financed from the
beginning of our chapter 11 cases," said Mr. Sheehan.  "If
approved by the Court, these actions and the additional operating
support provided in the Amended GSA and Amended MRA are
significant milestones in completing the final phases of the
reorganization of our U.S. operations and positioning us to
complete the financing required for our emergence from chapter 11
as soon as practicable."

           Transformed Delphi Poised to Complete Plans

Delphi CEO and President Rodney O'Neal said the company has
achieved remarkable progress in its overall transformation, and
several elements of the transformation are outlined in the motions
being filed today with the Court.

"Despite recent challenges -- including difficult credit markets,
the downturn in the U.S. auto industry, and other cost pressures
-- our operating performance has improved significantly," Mr.
O'Neal said.  "Our team has accomplished this global
transformation in the face of a complete restructuring of a
significant portion of our operations."

Mr. O'Neal said Delphi is on track to complete its transformation
plan by the end of this year.  The key tenets of that plan were
to:

    -- modify U.S. labor agreements to create a competitive
       arena in which to conduct business;

    -- conclude Delphi's negotiations with GM to finalize GM's
       financial support for Delphi's legacy and labor costs
       and confirm GM's business commitment to Delphi;

    -- streamline Delphi's global product portfolio to
       capitalize on its technology and market strengths, and
       align its manufacturing and engineering footprint and
       capabilities with this new focus;

    -- transform Delphi's salaried workforce to ensure that
       the company's organizational and cost structure is
       competitive and aligned with its product portfolio and
       manufacturing footprint; and

    -- devise a workable solution to Delphi's U.S. pension
       situation.

In addition to working to achieve the key tenets of the
transformation plan, Mr. O'Neal said that Delphi has diversified
its customer base by growing its business in Europe, Asia, and
South America.

A summary of Delphi's Reaffirmed 2008-2011 POR Business Plan
(RPOR) is included in the Sept. 20, 2008 Court filings.  When the
closing on Delphi's POR was suspended on April 4, 2008, following
Delphi's plan investors refusal to close on their Investment
Agreement, Delphi undertook a reaffirmation process with respect
to the business plan in the POR as part of Delphi's consideration
of potential modifications to the POR in order to emerge from
chapter 11 as soon as practicable.  The RPOR includes:

    -- revised actual and expected volumes for the North
       American automotive market;

    -- significant increases in certain commodity costs;

    -- changes in the under-funded status of its pension plans
       as a result of negative plan asset returns; and

    -- substantial incremental financial support from GM
       committed to as part of the modified settlement.

Assuming that the Bankruptcy Court approves Delphi's modified
settlement with GM and the pension plan modification motion at a
hearing scheduled to begin on Sept. 23, 2008, Delphi expects to
enter the capital markets later this year with the RPOR and
anticipates filing a motion seeking approval of modifications to
the POR.

"Our progress throughout this transformation has been tremendous
and could not have been achieved without the diligence and
commitment of our employees, suppliers and customers," Mr. O'Neal
said.  "We have maintained uninterrupted supply to our customers,
and have booked record business with many of them.  The approval
of these amended agreements will help us continue our solid march
toward becoming a completely transformed and more competitive
company."

                   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.

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


EUROPCAR GROUPE: Moody's Affirms B1 CFR, Outlook Negative
---------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
of Europcar Groupe S.A. , as well as the B2 rating of the
company's senior subordinated secured notes and the B3 rating of
its senior subordinated unsecured notes.  However, the outlook on
all ratings was changed to negative from stable.

"Moody's rating affirmation recognizes the relative resilience of
Europcar's operating performance in recent quarters in an
increasingly challenging competitive and macroeconomic environment
for rental car operators, supported by a continued top-line
revenue growth driven by rising rental days, a more efficient
utilisation of the fleet and cost reduction measures, but also
considering the company's solid financial flexibility," says
Christian Hendker, Moody's lead analyst for Europcar. "However,
Moody's notes that the company's performance is under constant
pressure from cost inflation, particularly rising fleet holding
and interest costs, and the industry's limited tolerance to adjust
rental prices," Mr. Hendker adds.

"The negative outlook thus reflects Moody's concerns that -- in
light of (i) continued cost inflation combined with limited
pricing power and (ii) the potential for lower rental volumes
given a more depressed macroeconomic environment in Europe and its
negative impact on travel activity -- Europcar may be unable to
further improve its credit metrics over the coming quarters to
mitigate the downward pressure on its weakly positioned B1
corporate family rating," Mr. Hendker says.  As outlined in
Moody's last rating action on the company in October 2007,
Europcar's B1 rating incorporated Moody's expectation that
Europcar would continue to improve its operating profitability,
with interest cover moving towards the 1.5 times level during the
course of 2008 -- and beyond -- by realizing cost reduction
measures and generating the benefits of the recent acquisitions
and also through successful pricing management and good fleet
utilization levels.

Moody's may change the rating outlook back to stable within the
next 12 to 18 months provided the following scenarios are met: (i)
the company demonstrates an ability to restore its credit ratios,
as reflected in an increase in the ratio of retained cash flow
(RCF) to net debt towards 15% and EBIT to interest expenses
towards 1.3x, (ii) it preserves its solid liquidity cushion and
maintains a solid headroom in line with the financial covenants of
its revolving credit facility, and (iii) there are no additional
acquisitions.

The rating could come under downward pressure within the same
period if: (i) the group's credit metrics fall rather than rise --
indicated, for instance, by a decline in RCF to net debt towards
10% and EBIT to interest expense below 1.1x; or (ii) Europcar's
financial flexibility weakens with regard to access to asset-
backed financing or credit lines.

Europcar's B1 corporate family rating reflects: (i) the company's
strong brand and market position in the key European rental car
markets based on a balanced level of segmental diversification in
the business, private and replacement market segments; (ii) a
solid degree of regional diversification enhanced by stable
earning contributions from its global franchise network; (iii)
margin protection from residual value risks of purchased cars due
to a substantial degree of buyback agreements; (iv) a track record
of relatively stable operating performance levels through the
cycle, given Europcar's cost structure flexibility thanks to rapid
vehicle turnover rates allowing for continuous fleet size
adjustments, which also ensures a continuous debt repayment
ability; and (v) solid financial flexibility with on-balance-sheet
cash of around EUR339.8 million and sufficient availability under
a EUR350 million revolving credit facility.

However, the ratings also reflect the following challenges: (i)
Europcar's limited absolute scale; (ii) its highly leveraged
capital structure evidenced by credit metrics which are weak for
the B1 rating category and the prospect of increasing debt levels
in line with a further expansion of the fleet size; (iii) its high
exposure to rising interest rates and to volatile fleet purchase
conditions; (iv) limited ability to pass on cost inflation in the
form of rising rental prices; and (v) translation FX exposure of
the UK subsidiary, whose profit contribution is on a decreasing
trend.

Rating affected by today's rating action:

Outlook actions:

    * Issuer: Europcar Groupe S.A.

         -- Outlook, Changed to Negative From Stable

The LGD assessment for the senior subordinated secured floating
rate notes was changed from LGD 4, 69% to LGD 5, 71%.

The LGD assessment for the senior subordinated unsecured notes was
changed from LGD 6, 93% to LGD 6, 92%.

The last rating action was on Oct. 15, 2007, when Moody's
downgraded Europcar's corporate family rating from Ba3 to B1.

Headquartered in Paris (France), Europcar is one of the leading
European rental car companies with reported sales of EUR2.1
billion in 2007.


LEHMAN BROTHERS: France's Scor SE has EUR35 Million Exposure
------------------------------------------------------------
Scor SE has EUR35,000,000 exposure to Lehman Brother Holdings
Inc., reports Fabio Benedetti-Valentini of Bloomberg News.

"Our exposure towards Lehman is not material.  We have 35 million
euros, mainly in senior notes.  At this point in time, we expect
significant recoveries in these notes," Scor said in a statement,
according to Bloomberg.

With headquarters in Paris-France, SCOR SE provides treaty and
facultative reinsurance on a worldwide basis to property-casualty
and life insurers.  SCOR SE operates in over 20 countries through
its subsidiaries, branches and representative offices, and
provides services in more than 130 countries.

                   About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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


AUTOHAUS HILDEBRANDT: Creditors' Meeting Set Oct. 1
---------------------------------------------------
The court-appointed insolvency manager for Autohaus Hildebrandt
GmbH, Christian Koehler-Ma will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 11:50
a.m. on Oct. 1, 2008.

The meeting of creditors and other interested parties will be held
at:

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:40 a.m. on Oct. 14, 2008, at the same
venue.

Creditors have until Nov. 7, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Autohaus Hildebrandt GmbH on Aug. 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Autohaus Hildebrandt GmbH
         Australias 74
         85100 Rhodos
         Germany


IGNIS VERTRIEBS: Claims Registration Period Ends Sept. 29
---------------------------------------------------------
Creditors of IGNIS Vertriebsgesellschaft mbH have until
Sept. 29, 2008, to register their claims with court-appointed
insolvency manager Dr. Boris A. Schmidt-Burbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Giessen
         Hall 415
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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. Boris A. Schmidt-Burbach
         Wilhelmstrasse 17
         35037 Marburg
         Germany
         Tel: 06421/304990
         Fax: 06421/3049920

The District Court of Giessen opened bankruptcy proceedings
against IGNIS Vertriebsgesellschaft mbH on Aug. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IGNIS Vertriebsgesellschaft mbH
         Ernst-Diegel-Strasse 6
         36304 Alsfeld
         Germany

         Attn: Michael Reinhard Dirk Grigoleit, Manager
         Dieffenbachweg 2
         36304 Alsfeld
         Germany


NB STAHLBAU: Claims Registration Period Ends Sept. 29
-----------------------------------------------------
Creditors of NB Stahlbau Verwaltungsgesellschaft mbH have until
Sept. 29, 2008, to register their claims with court-appointed
insolvency manager Raimund Schafmeister.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Raimund Schafmeister
         Moltkestr. 12
         32756 Detmold
         Germany

The District Court of Detmold opened bankruptcy proceedings
against NB Stahlbau Verwaltungsgesellschaft mbH on Aug. 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NB Stahlbau Verwaltungsgesellschaft mbH
         Attn: Harald Beyer, Manager
         Heinrich Heine Str. 28 d
         32657 Lemgo
         Germany


OEZLEM DOENERPRODUKTION: Claims Registration Period Ends Sept. 29
-----------------------------------------------------------------
Creditors of Oezlem Doenerproduktion GmbH have until
Sept. 29, 2008, to register their claims with court-appointed
insolvency manager Steuerberaterin Manuela Branz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Steuerberaterin Manuela Branz
         Bismarckstrasse 106
         74074 Heilbronn
         Germany
         Tel: 07131/7642-0
         Fax: 07131/7642-23

The District Court of Heilbronn opened bankruptcy proceedings
against Oezlem Doenerproduktion GmbH on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Oezlem Doenerproduktion GmbH
         Rudolf-Diesel-Strasse 28
         71711 Murr

         Attn: Mehmet Ok, Manager
         Albert-Schweitzer-Strasse 15
         73061 Ebersbach
         Germany


PARTNER GMBH: Claims Registration Period Ends Oct. 1
----------------------------------------------------
Creditors of partner GmbH - Kommunikation & Marketing have until
Oct. 1, 2008, to register their claims with court-appointed
insolvency manager Karsten Sauter.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.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 Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil
         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:

         Karsten Sauter
         Berner Feld 74
         78628 Rottweil
         Germany
         Tel: 0741-175400
         Fax: 0741-1754020

The District Court of Rottweil opened bankruptcy proceedings
against partner GmbH - Kommunikation & Marketing on July 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         partner GmbH - Kommunikation & Marketing
         Attn: Valentin Kuhn, Manager
         Alpirsbachstr. 11
         78628 Rottweil-Goellsdorf
         Germany


PLANJET FLUGREISEN: Claims Registration Period Ends Sept. 30
------------------------------------------------------------
Creditors of PLANJET Flugreisen GmbH have until Sept. 30, 2008, to
register their claims with court-appointed insolvency manager Dr.
Bruno Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 31, 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:

         Dr. Bruno Kuebler
         Konrad-Zuse-Platz 1
         81829 Munich
         Germany
         Tel: 99299-0
         Fax: 99299-299

The District Court of  Munich opened bankruptcy proceedings
against PLANJET Flugreisen GmbH on July 15, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         PLANJET Flugreisen GmbH
         Attn: Elisabeth Bochnig and Margot Floesser, Managers
         Waltherstr. 34
         80337 Munich
         Germany


PROBEMA GMBH: Claims Registration Period Ends Sept. 29
------------------------------------------------------
Creditors of Probema GmbH Produktion von Betten und Matratzen have
until Sept. 29, 2008, to register their claims with court-
appointed insolvency manager Dr. Reinhard Urbanczyk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 30, 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 Nuernberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuernberg
         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. Reinhard Urbanczyk
         Creussnerstr. 5
         90409 Nuernberg
         Germany
         Tel: 0911/7660080

The District Court of Nuernberg opened bankruptcy proceedings
against Probema GmbH Produktion von Betten und Matratzen on Sept.
1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Probema GmbH Produktion von
         Betten und Matratzen
         Attn: Harald Scholl, Manager
         Steinbacher Str. 51
         90559 Burgthann
         Germany


SELECTRONICA GMBH: Claims Registration Period Ends Sept. 30
-----------------------------------------------------------
Creditors of Selectronica GmbH have until Sept. 30, 2008, to
register their claims with court-appointed insolvency manager
Hildegard A. Hoevel.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 18, 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 Frankfurt (Main)
         Hall I
         Building E
         Hammelsgasse 1
         60313 Frankfurt (Main)
         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:

         Hildegard A. Hoevel
         Raimundstr. 98, D
         60320 Frankfurt (Main)
         Germany
         Tel: 069/9454846-0
         Fax: 069/945484677
         Web site: www.rahuc.de

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

The Debtor can be reached at:

         Selectronica GmbH
         Attn: Stephan Meyer, Manager
         Hanauer Landstrasse 523
         60386 Frankfurt (Main)
         Germany


SHZ ZERSPANUNGSTECHNIK: Claims Registration Period Ends Sept. 30
----------------------------------------------------------------
Creditors of SHZ Zerspanungstechnik GmbH have until Sept. 30,
2008, to register their claims with court-appointed insolvency
manager Ralf Hemmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Saarbruecken
         Meeting Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will verify the claims set out in the insolvency
manager's report at 9:05 a.m. on the same date at the same time at
the same venue, while creditors may constitute a creditors'
committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Ralf Hemmer
         Saarbruecker Strasse 58
         66292 Riegelsberg
         Germany
         Tel: (06806) 440 481
         Fax: (06806) 447 80

The District Court of Saarbruecken opened bankruptcy proceedings
against SHZ Zerspanungstechnik GmbH on Aug. 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SHZ Zerspanungstechnik GmbH
         Attn: Elmar Harion and Alex Schug, Managers
         Saarstrasse
         66359 Bous
         Germany


SPEICHER GASTRONOMIE: Claims Registration Period Ends Sept. 30
--------------------------------------------------------------
Creditors of Speicher Gastronomie GmbH have until Sept. 30, 2008,
to register their claims with court-appointed insolvency manager
Dr. Christian Willmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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. Christian Willmer
         Georgstrasse 5
         27283 Verden/Aller
         Germany
         Tel: (04231) 884 45
         Fax: (04231) 884 55

The District Court of Walsrode opened bankruptcy proceedings
against Speicher Gastronomie GmbH on Sept. 1, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Speicher Gastronomie GmbH
         Grosse Strasse 21a
         27356 Rotenburg/Wuemme
         Germany


SUNDREAM FREIZEITMOEBEL: Claims Registration Period Ends Sept. 30
-----------------------------------------------------------------
Creditors of Sundream Freizeitmoebel GmbH have until Sept. 30,
2008, to register their claims with court-appointed insolvency
manager Michael Pluta.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on Oct. 14, 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 Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg
         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:

         Michael Pluta
         Karlstr. 33
         89073 Ulm
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against Sundream Freizeitmoebel GmbH on Aug. 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sundream Freizeitmoebel GmbH
         Argen 40
         88316 Isny i.A.
         Germany


SYBRESCO BETEILIGUNGS: Claims Registration Period Ends Sept. 29
---------------------------------------------------------------
Creditors of SYBRESCO Beteiligungs-GmbH have until
Sept. 29, 2008, to register their claims with court-appointed
insolvency manager Stefan Denkhaus.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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:

         Stefan Denkhaus
         Jungfernstieg 30
         20354 Hamburg
         Germany
         Tel: (0 40) 3 50 06 - 188
         Fax: (0 40) 3 50 06 - 176

The District Court of Walsrode opened bankruptcy proceedings
against SYBRESCO Beteiligungs-GmbH on July 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SYBRESCO Beteiligungs-GmbH
         Worthstrasse 8
         27374 Visselhoevede
         Germany

         Attn: Hans-Heinrich von Wieding, Manager
         Kleine Fischerstrasse 26
         27283 Verden/Aller
         Germany


TOSCANA IMMOBILIEN: Claims Registration Period Ends Sept. 30
------------------------------------------------------------
Creditors of Toscana Immobilien GmbH have until Sept. 30, 2008, to
register their claims with court-appointed insolvency manager
Peter Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         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:

         Peter Klein
         Bahnhofstrasse 27-33
         65185 Wiesbaden
         Germany
         Tel: 0611-166 66 0
         Fax: 0611-166 66 77

The District Court of Wiesbaden opened bankruptcy proceedings
against Toscana Immobilien GmbH on July 7, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Toscana Immobilien GmbH
         Rheinstrasse 30-32
         65185 Wiesbaden
         Germany


WESTSTADTHALLE GMBH: Claims Registration Period Ends Sept. 30
-------------------------------------------------------------
Creditors of Weststadthalle GmbH have until Sept. 30, 2008, to
register their claims with court-appointed insolvency manager
Prof. Dr. Jens M. Schmittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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:

         Prof. Dr. Jens M. Schmittmann
         Zweigertstrasse 28-30
         45130 Essen
         Germany


The District Court of Essen opened bankruptcy proceedings against
Weststadthalle GmbH on Aug. 3, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Weststadthalle GmbH
         Thea-Leymann-Str. 23
         45127 Essen
         Germany


* Orrick and Holters & Elsing Agree to Merger
---------------------------------------------
Orrick, Herrington & Sutcliffe, LLP, and Holters & Elsing
(Partnerschaft von Rechtsanwalten) said that the partnerships of
both firms have agreed to merge.  The partners of Holters & Elsing
and Orrick voted in favor of the merger of their two firms with
the effect that Orrick will operate in Germany as Orrick Holters &
Elsing.

At the outset, the combined firm will have 55 lawyers in three
offices in Germany.  The firm will have 1,100 lawyers-- over 250
throughout Europe alone #-in 21 offices across Asia, Europe and
North America.  Over one-third of the firm's lawyers will work
outside North America.

"We are strategically expanding our global platform with the
addition of one of the last major, independent law firms in
continental Europe's leading economy," said Ralph Baxter, Chairman
and CEO of Orrick.  "In Holters & Elsing, Orrick has found
partners with compatible work ethics, long-term goals and culture
# crucial elements to a successful merger.  This merger adheres to
Orrick's tradition of simultaneously providing clients with
integrated global reach and local expertise."

"Increasingly, our clients have been requiring the scale and scope
that only a global law firm can provide," said Prof. Dr. Siegfried
H. Elsing, co-founding partner of Holters & Elsing.  "We have had
a number of offers to merge with other elite global firms, and
Orrick offered the most attractive pan-European platform and the
right mix of high-end legal work, visionary leadership, cultural
compatibility and sophisticated management," said Dr. Wolfgang
Holters.

Dr. Arno Frings, formerly managing partner of Holters & Elsing,
will serve in the newly created position of Partner-in-Charge of
Germany and will have a seat on Orrick's European Supervisory
Committee.  Prof. Elsing will have a seat on Orrick's European
Supervisory Committee, as will he participate in Orrick's
Executive Committee meetings.

Both firms had significant growth in 2007.  Orrick posted its 18th
consecutive year of improved economic performance, with record
revenue of $772 million (¬546,293,413 at current conversion rate),
a 16 percent increase over the previous year.   In 2007, Holters &
Elsing's total revenue was  ¬24,000,000 ($33,865,920 at current
conversion rate), a 19.5% increase over the previous year.

Since 2002, Orrick has opened or considerably expanded several
offices.  The firm opened an office in Paris in 2002, in Milan in
2003 and in Rome in 2004.  In 2005, Orrick doubled the size of its
London office with the addition of partners from Coudert Brothers
and also opened offices in Moscow, Taipei and Hong Kong.  In 2006,
the firm opened in Beijing and Shanghai.  Also in 2006, Orrick
greatly expanded its Paris office by merging with Rambaud Martel.

                          About Orrick

Orrick, Herrington & Sutcliffe LLP is a global law firm with more
than 1,000 lawyers in North America, Europe and Asia. The firm
focuses on litigation, complex and novel finance and innovative
corporate transactions. Orrick clients include Fortune 100
companies, major industrial and financial corporations, commercial
and investment banks, high-growth companies, governmental
entities, start-ups and individuals. The firm's 21 offices are
located in Beijing, Berlin, Düsseldorf, Frankfurt, Hong Kong,
London, Los Angeles, Milan, Moscow, New York, Orange County,
Pacific Northwest, Paris, Rome, Sacramento, San Francisco,
Shanghai, Silicon Valley, Taipei, Tokyo and Washington, D.C.


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


ACTIVANT SOLUTIONS: Makes Changes to Management Team
----------------------------------------------------
Activant Solutions, Inc., has appointed Stephen A. McLaughlin as
Senior Vice President, Corporate Strategic Accounts.  Mr.
McLaughlin previously held the office of Senior Vice President and
General Manager of Wholesale Distribution.

On that same day, Sept. 10, 2008, Activant also announced certain
other changes to its management team.  Kevin V. Roach will succeed
Mr. McLaughlin and his title will be Executive Vice President of
Wholesale Distribution. Mr. Roach most recently served as
President of Rockwell Software, a division of Rockwell Automation,
Inc.

In addition, Paul H. Salsgiver, Jr. will succeed Stephen L.
Bieszczat, who had been serving as Activant's Senior Vice
President and Acting General Manager of Hardlines & Lumber, and
his title will be Executive Vice President of Hardlines & Lumber.
Mr. Salsgiver most recently served as President and Chief
Executive Officer of Compassoft, Inc.  From 1990 to 1999 Mr.
Salsgiver was an executive with PeopleSoft, Inc., where he served
as President of the Education and Government division from 1994 to
1999. Mr. Bieszczat will resume his former position of Senior Vice
President of Marketing of Hardlines & Lumber.

On Aug. 11, the company delivered to the Securities and Exchange
Commission its Form 10-Q for the period ended June 30, 2008.
A full-text copy of Activant's financial statements is available
for free at http://researcharchives.com/t/s?325b

Activant reported net income of US$829,000 for the three months
ended June 30, 2008, on revenues of US$103,723,000, compared with
net income of US$1,346,000 on revenues of US$100,249,000 for the
same period in 2007.

As of June 30, 2008, Activant's balance sheet showed total assets
of US$1,045,779,000, total liabilities of US$789,421,000 and total
stockholders' equity of US$256,358,000.

                    About Activant Solutions

Headquartered in Livermore, California, Activant Solutions Inc.
-- http://www.activant.com/-- is a technology provider of
vertical business management solutions serving small and medium-
sized retail and wholesale distribution businesses.  The company
serves three primary vertical markets: automotive aftermarket;
hardlines and lumber; and wholesale distribution.

Founded in 1972, Activant provides customers with industry
tailored proprietary software, professional services, content,
supply chain connectivity, and analytics.  Activant has operations
in California, Colorado, Connecticut, Illinois, New Jersey,
Pennsylvania, South Carolina, Texas, Utah, Canada, Ireland, and
the United Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on June 6, 2008,
Moody's Investors Service affirmed its Caa1, LGD5 (88%) rating on
Activant Solutions Inc.'s US$175 million senior subordinated notes
due 2016.


BALLANTYNE RE: S&P Junks Ratings on Class A-1, B-1 and B-2 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its senior debt
rating on Ballantyne Re plc's Class A-1 notes to 'CCC-' from 'B-'.
The rating on the notes remains on CreditWatch, where it was
placed with negative implications on Nov. 21, 2007.  At the same
time, S&P lowered its subordinated debt rating on the Class B-1
and B-2 notes to 'CC' from 'CCC-'.  S&P removed the rating from
CreditWatch, where it had been placed with negative implications
on Sept. 14, 2007.

"We are taking this action in response to the continuing mark-to-
market losses experienced on the assets in the underlying
collateral accounts," said S&P's credit analyst Gary Martucci.
"Since our most recent downgrade in August, mark-to-market losses
have increased, putting additional strain on the structure."

S&P will continue to monitor the developments related to this
latest disclosure and will take ratings actions as warranted.

Ballantyne Re plc and Orkney Re II plc are public limited
companies established in Ireland as special purpose vehicles
associated with Scottish Re (US), Inc., a subsidiary of Scottish
Re Group Limited.  Scottish Re Group Ltd. is a Cayman Islands
company with principal executive offices located in Bermuda.


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


BTA BANK: Units Name Aizhulov Anuar Tursunovich as Chair
--------------------------------------------------------
The boards of directors of BTA Bank's subsidiaries BTA Life and
BTA Zabota have named Mr. Aizhulov Anuar Tursunovich their
chairperson.

Concurrently, Mr. Aizhulov has headed the board of directors of
BTA Insurance since July 18, 2008.

Speaking to the top managers of the insurance companies, Mr
Aizhulov, said, "Insurance companies included into the group of
the major bank of the country cannot be content with any market
share, but the biggest.  That is what BTA Bank's brand and
accumulated professional experience of companies bind us to."

BTA Zabota JSC with KZT2,598,159 assets focuses on medical
insurance.  It collected KZT840,459,000 in premiums.

BTA Life JSC is a top life insurance company in Kazakhstan with
more than 100,000 clients.  Its assets total KZT7,282,915,000,
capital makes KZT2,895,850,000 and insurance reserves stand at
KZT4,212,277,000.

                         About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en/-- is among the biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

Bank TuranAlem carries a BB+ long-term foreign currency IDR
from Fitch with a stable outlook.

The company also carries Ba1 foreign currency subordinate debt
ratings, Ba2 foreign currency junior subordinate debt rating and
a D- bank financial strength rating from Moody's Investors
Service.


BUSINESS WORLD: Creditors Must File Claims by Nov. 11
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Business World insolvent.

Creditors have until Nov. 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


EURO ASIA-CONSTRUCTION: Claims Deadline Slated for Nov. 11
----------------------------------------------------------
LLP Euro Asia-Construction has declared liquidation.  Creditors
have until Nov. 11, 2008, to submit written proofs of claims to:

         LLP Euro Asia-Construction
         Kabanbai batyr ave. 7-23
         Astana
         Kazakhstan


I-B-CC LLP: Claims Filing Period Ends Nov. 11
---------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP I-B-CC insolvent.

Creditors have until Nov. 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (71222) 32-90-02


INVEST STROY-LTD: Creditors' Claims Due on Nov. 11
--------------------------------------------------
LLP Invest Stroy-Ltd. has declared liquidation.  Creditors have
until Nov. 11, 2008, to submit written proofs of claims to:

         LLP Invest Stroy-Ltd.
         Suyunbai ave. 2
         Almaty
         Kazakhstan


MANU-KYZYLORDA LLP: Claims Registration Ends Nov. 12
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Manu-Kyzylorda insolvent.

Creditors have until Nov. 12, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahayev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 24-98-56


O. BIRLESTIK LLP: Creditors Must File Claims by Nov. 12
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP O. Birlestik insolvent.

Creditors have until Nov. 12, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahayev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 24-98-56


STROY SNUB: Claims Deadline Slated for November 11
--------------------------------------------------
LLP Prom Stroy Snub Ltd. has declared liquidation.  Creditors have
until Nov. 11, 2008, to submit written proofs of claims to:

         LLP Prom Stroy Snub Ltd.
         Jubanovyh Str. 275-53
         Aktobe
         Aktube
         Kazakhstan


TERMO-ASIA LLP: Claims Filing Period Ends November 11
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Termo-Asia insolvent.

Creditors have until Nov. 11, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         P.O. Box 72
         Main Post Office
         Almaty
         Kazakhstan
         Tel: 8 777 241 79-98


TSEMENT STROY: Creditors' Claims Due on November 11
---------------------------------------------------
LLP Tsement Stroy Engineering has declared liquidation.  Creditors
have until Nov. 11, 2008, to submit written proofs of claims to:

         LLP Tsement Stroy Engineering
         Suyunbai ave. 2
         Almaty
         Kazakhstan


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


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

         LLC Inter Oil
         Razzakov Str. 32/8
         Osh
         Kyrgyzstan
         Tel: (+996 3222) 2-22-08


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


LEHMAN BROTHERS: Dutch Arm Granted Suspension of Payments
---------------------------------------------------------
The District Court in Amsterdam has granted suspension of payments
to Lehman Brothers Treasury Co BV, effective, Saturday, Sept. 20,
2008, Martijn van der Starre of Bloomberg News reports.

Lehman Brothers Treasury is a unit of Lehman Brothers Holdings
Inc.

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. History.

The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
Sept. 16 (Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.

The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


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


AVTOMAG INTER: Creditors Must File Claims by Oct. 11
----------------------------------------------------
Creditors of LLC Avtomag Inter Lada have until Oct. 11, 2008 to
submit proofs of claims to:

         P. Zhdankov
         Temporary Insolvency Manager
         Building 1
         Novaya Basmannaya Str. 13/2
         1070708 Moscow
         Russia

The Arbitration Court of Volgograd will convene on Dec. 10, 2008,
to hear the company's bankruptcy supervision procedure
The case is docketed under Case No. A12-11039/08-S50.

The Debtor can be reached at:

         LLC Avtomag Inter Lada
         Avtoremontnaya Str. 10
         Volgograd
         Russia


BERATON OJSC: Creditors Must File Claims by Oct. 11
---------------------------------------------------
Creditors of OJSC Beraton (TIN 5911029691, PSRN 1025901706720)
have until Oct. 11, 2008 to submit proofs of claims to:

         D. Bostan
         Temporary Insolvency Manager
         Bereznikovskaya Str. 202
         Berezniki
         618414 Permskiy
         Russia

The Arbitration Court of Permskiy will convene at 10:30 a.m.m on
Jan. 6, 2009, to hear the company's bankruptcy supervision
procedure. The case is docketed under Case No. A50–10965/
2008-B6.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         OJSC Beraton
         Bereznikovskaya Str. 202
         Berezniki
         618414 Permskiy
         Russia


ELEMENT LEASING: S&P Assigns B/C Counterparty Credit Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B' long-term
and 'C' short-term counterparty credit ratings to Russian leasing
company Element Leasing LLC (EL).  The outlook is stable.  S&P
also assigned a Russian national scale rating of 'ruA-'.

"The ratings on EL are constrained by its small size and limited
franchise, weak funding profile, and the relatively weak and
deteriorating quality of the leasing portfolio," said S&P's credit
analyst Victor Nikolskiy.

Positive rating factors include strong links with the Basic
Element (not rated) group companies, which provide funding and
continuous business flows, EL's adequate core profitability and
capitalization, and increasing demand for leasing in Russia.

The long-term rating on EL is one notch above the company's stand-
alone creditworthiness to reflect the ongoing and expected support
from Basic Element.

With assets of RUR5.8 billion (US$250 million) at March 31, 2008,
EL is a small Moscow-based leasing company, ultimately owned by
one of Russia's largest financial and industrial groups, Basic
Element.  The largest group member is leading global aluminum
producer and exporter United Company RUSAL (not rated).  Basic
Element also controls major Russian insurer Ingosstrakh Insurance
Co. (BBB-/Stable/--); Bank Soyuz (B/Positive/B); car producer GAZ
Group (not rated); and a number of other large companies in
various sectors.

Although S&P does not consider EL to be a strategically important
subsidiary of Basic Element, group membership strengthens EL's
credit profile because it provides the company with advantages in
funding and business flows.

EL specializes in small-ticket leasing transactions.  Its leasing
book is concentrated on commercial trucks and construction
machinery, with a significant portion of leasing equipment
produced by affiliated GAZ Group.

"The stable outlook reflects our expectation that EL will continue
to develop its leasing franchise, while maintaining adequate
profitability and adequate capitalization," said Mr. Nikolskiy.
Margins are likely to compress, but growing business volumes
should support bottom-line results.  The expected capital increase
through conversion of subordinated loans from the shareholder has
already been factored in the current ratings.

The ratings could be raised if the company shows progress in
diversifying its funding profile, improves its asset quality, and
strengthens its business profile.  Conversely, any significant and
sustained deterioration in earnings, capitalization, asset
quality, or weakening ties to Basic Element could lead to negative
rating actions.


GOFRA LLC: Creditors Must File Claims by Nov. 11
------------------------------------------------
Creditors of LLC Gofra have until Nov. 11, 2008 to submit proofs
of claims to:

         V. Doluda
         Insolvency Manager
         2nd Kurskaya Str. 90
         302004 Orel
         Russia

The Arbitration Court of Orlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A48–1000/08–16b.

The Debtor can be reached at:

         LLC Gofra
         Grazhdanskaya Str. 23
         Livnyu
         Orlovskaya
         Russia


IMPREGNIROVANIE LLC: Tumen Bankruptcy Hearing Set Dec. 18
---------------------------------------------------------
The Arbitration Court of Tumen will convene at 9:15 a.m. on
Dec. 18, 2008, to hear bankruptcy supervision procedure on LLC
Imprenirovanie (TIN 7203139219).  The case is docketed under
Case No. A70-4239/3-2008.

The Temporary Insolvency Manager is:

         D. Yenbayev
         Office 305
         Stroiteley Str. 1
         625048 Tumen
         Russia

The Debtor can be reached at:

         LLC Imprenirovanie
         Kamchatskaya Str. 194
         625000 Tumen
         Russia


INTRAST LLC: Creditors Must File Claims by Oct. 11
--------------------------------------------------
Creditors of LLC Intrast (TIN 4703057311) have until Oct. 11,
2008 to submit proofs of claims to:

         B. Remnev
         Insolvency Manager
         Shpalrenaya Str. 60
         191015 St. 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. A56–14963/2008.

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 Intrast
         Sovetskaya Str. 1
         Dubrovka
         Rabochiy
         Vsevolozhskiy
         188684 Leningradskaya
         Russia


SISTEMA JSFC: Appoints New CFO for Indian Unit Shyam Telelink
-------------------------------------------------------------
Sistema has announced the appointment of Sergey Savchenko as Chief
Financial Officer of Shyam Telelink Ltd., a subsidiary of Sistema
in India.  Mr. Savchenko previously held the position of Deputy
General Director at Aton, the Russian investment group.

Vsevolod Rozanov, President and CEO of Shyam Telelink, commented,
"Sergey Savchenko is a well regarded professional in the
telecommunications and finance sectors who has firsthand knowledge
and experience of managing Sistema's telecommunications assets.
We are confident that his appointment as CFO of Shyam Telelink
will help us to implement best practices of management and
control, as well as to facilitate the development of Shyam
Telelink."

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

Sistema JSFC still carries a BB- issuer default rating from Fitch,
with a stable outlook.


* RUSSIA: Breaks Two Trade Pacts per Day, Says PIIE Critic
----------------------------------------------------------
Anders Aslund at the Peterson Institute for International
Economics in Washington, a critic of the current Kremlin, says:
"Russia has been breaking [trade] agreements at the rate of about
two a day," Alan Beattie and Charles Clover of the Financial Times
write.  Trade officials and experts find Russia unprepared to make
the needed sacrifices and Moscow has a distinctly mixed record of
binding itself with rules that constrain trade and investment
dealings with foreigners, FT relates.

President Dmitry Medvedev, however, said last week that Moscow,
the only big trading power outside the World Trade Organization,
still wants to join the club, FT notes.

Since the August 2008 Georgian crisis, Moscow appeared to have
been abrogating international economic rules, FT notes.  Moscow,
according to the report, held up several Turkish trucks at customs
posts, declared suspension of commitments as part of joining the
WTO, banned poultry imports from 19 American companies, and
declared probe on trade privileges it currently extends to
Ukraine.

FT reports that since Vladimir Putin reign, Moscow's enthusiasm
for international trade and investment rules has diminished
sharply.  Some irate investors are trying to hold Moscow to
account, the report notes.  FT points to the Russian government's
seizure of Yukos Oil's assets in 2004, when shareholders in Europe
commenced the largest investment arbitration claim in history.

However, FT notes that Russia's application to join the WTO had
been encountering problems even before the Georgian crisis.

Mr. Medvedev maintained that Russia had no wish to be an outcast,
according to FT.  He stated that "unless Moscow's hand is forced
by turbulence in its banking system or by a collapse in the demand
for oil, the price of acquiring all the badges of international
propriety may be more than it wants to pay.


* RUSSIA: Ratings Not Yet Affected by Financial Turmoil
-------------------------------------------------------
Moody's Investors Service commented that the recent financial
turmoil in the Russian financial markets has not yet undermined
the government's Baa1 local and foreign currency bond ratings.
These lower-level investment grade ratings reflect a very strong
government balance sheet, relatively consistent macroeconomic
policies, and the benefits of rapid economic growth.

The confluence of recent events -- the BP-TNK contract dispute,
the prime minister's statements regarding steel company Mechel,
and finally the military confrontation in Georgia -- have
undermined confidence on the part of some investors concerning the
predictability of Russia's economic as well as political
strategies.  The extended intensity of this reaction has taken
Russian policymakers by surprise.

"In spite of a precipitous decline in local stock markets and a
substantial outflow of capital in recent weeks," said Jonathan
Schiffer, Moody's lead sovereign analyst for Russia and the CIS,
"the government's foreign exchange assets are still extremely
large and can withstand the substantial costs of financial
intervention."

Mr. Schiffer said the government and central bank have taken
policy actions to free up liquidity and to inject cash into the
banking system, although these efforts have so far failed to reach
some of the cash-strapped firms and have not, as yet, mitigated
market participants' concerns.  To date, the liquidity crunch
extant in Russia has mainly affected the activities and status of
some second- and third-tier banks and small- and medium-sized
enterprises.

According to Mr. Schiffer, "As the efforts of the government and
central bank have not yet had the desired effect, the authorities
are expected to work on additional mechanisms and incentives in
the coming days to insure that available funds reach those
entities desperately in need of liquidity."

Moody's will continue to monitor these developments to ascertain
the degree to which the negative consequences of the current
financial problems in Russia can be contained and potentially
redressed.


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


IM FTPYME: S&P Assigns BB- Rating on EUR35 Million Class C Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its preliminary
credit ratings to the floating-rate notes to be issued by IM
FTPYME SABADELL 7 Fondo de Titulizacion de Activos.

This transaction will be the 14th SME transaction to be completed
by Banco de Sabadell S.A. (A+/Stable/A-1) of its loans to SME
corporate clients.  This securitization will comprise a mixed pool
of underlying mortgage-backed and other guarantee assets.

At closing, Banco de Sabadell will sell to IM FTPYME SABADELL 7 a
EUR1 billion closed portfolio of secured and unsecured loans
granted to Spanish SMEs.

To fund this purchase, InterMoney Titulizacion S.G.F.T., S.A. as
trustee, will issue three classes of floating-rate, quarterly-
paying notes on the issuer's behalf.

The class A2 (G) notes will benefit from an irrevocable and
unconditional guarantee for principal and interest payments from
the Kingdom of Spain (AAA/Stable/A-1+).  On receipt of a notice
of a shortfall in the available funds to meet either the interest
or principal repayment obligations, or both, the Spanish Treasury
must cover the shortfall at the relevant payment date.  The
guarantee will be implemented under the annual FTPYME program
administered by the Spanish Treasury.

The preliminary ratings on the notes to be issued by IM FTPYME
SABADELL 7 reflect the subordination of the respective classes of
notes below them, the reserve fund, the presence of the interest
rate swap (which will provide excess spread of 25 basis points),
comfort provided by various other contracts, and the rating on
Banco Sabadell.

IM FTPYME SABADELL 7 Fondo de Titulización de Activos:

  -- EUR1 Billion Floating-Rate Notes

Class    Preliminary Rating     Preliminary Amount (EUR)
-----    ------------------     ------------------------
A1              AAA                  497.5 million
A2 (G)          AAA                  402.5 million
B                A                   65 million
C               BB-                  35 million


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


* SWEDEN: Nordic Banks May Face Write-Offs in Next Quarters
-----------------------------------------------------------
Several of the Nordic region's largest banks face possible write-
offs in the coming quarters due to the bankruptcy of Lehman
Brothers Holdings, Inc. and its affiliates, Dow Jones & Company,
Inc. relates.

LBCP lent money to 70 different types of commercial real-estate
debtors across the U.S., which had a maximum loan-to-value ratio
of 72% at the last appraisal, according to the report.

Swedbank AB (SWED-A.SK) said last week that it has US$1.35 billion
in secured claims against Lehman Brothers Commercial Paper Inc.,
and SEK202 million (US$30.1 million) in unsecured derivatives and
bonds related to six Lehman entities, Dow Jones says.

Swedbank chief financial officer Mikael Inglander, according to
the report, assured that the bank's investments with Lehman is
"performing well."  He added that his company isn't considering
the securities distressed.  He also denied any discussions for
provisions.  Based on Mr. Inglander's assessment, it's too early
for Swedbank to make write-offs on unsecured custody financing
trading, Dow Jones reports.  He said that home values would have
to drop another 30% for Swedbank's holdings to be jeopardized, Dow
Jones notes.

Cheuvreux analyst Rodney Alfven, who has a SEK150 target price and
buy rating on the stock, expects about 30% to 50% of its unsecured
claims to be written off in the coming quarterly report, Dow Jones
relates.

In its petition, Lehman disclosed that it owe Svenska
Handelsbanken US$140,610,543 in letters of credit, and DnB NOR
Bank ASA US$25,000,000 in bank loans.

Handelsbanken's letters of credit is in favor of a third party,
US$16 million of which were from Lehman units, Dow Jones relates.
Short-term derivatives without collateral, Handelsbanken's
exposure is US$19 million, the report says.

Swedish lender Skandinaviska Enskilda Banken AB (SEB-A.SK)
asserted EUR64 million in bond claims against Lehman Brothers
Group, but said none of this is related to securities issued by
the parent company, Dow Jones reports.

Both Nordea Bank AB (NDA.SK) and Danske Bank A/S (DANSKE.KO) said
their exposure to Lehman are insignificant or not worth
mentioning, Dow Jones notes.

                       About Swedbank AB

Swedbank AB -- http://www.swedbank.com/-- was founded in 1820, as
Sweden's first savings bank was established.  Swedbank has 9
million retail customers and 530,000 corporate customers, with
more than 450 branches in Sweden, 300 branches in the Baltic
countries and 190 branches in Ukraine.  The Group is also present
in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Marbella,
Moscow, New York, Oslo, Shanghai, St. Petersburg and Tokyo.  As of
December 2007 the Group had total assets of SEK 1,600 billion and
approximately 22,000 employees.  As of September 2008, the
Swedbank Group as a whole operates under the Swedbank brand.

                   About Svenska Handelsbanken

Svenska Handelsbanken AB is a universal bank, in other words the
Bank provides services in the whole banking area.  With 459
branches (Sept. 30, 2007), Handelsbanken is strong in the Swedish
market. Over the past 15 years, universal banking operations have
been developed in the other Nordic countries, and since 2000 also
in Great Britain.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

                International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


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


A + M LOCATIONS: Creditors Have Until Oct. 3 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC a + m locations are requested to file
their proofs of claim by Oct. 3, 2008, to:

         Rexhaj Artan
         Bahnhofstrasse 111
         9240 Uzwil
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 8, 2008.


CSM ENGINEERING: Oct. 5 Set as Deadline to File Proofs of Claim
----------------------------------------------------------------
Creditors owed money by LLC CSM Engineering are requested to file
their proofs of claim by Oct. 5, 2008, to:

         Christoph Kost
         Kettenackerweg 21
         4125 Riehen
         Switzerland

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


EURODIS MICRODIS: Creditors' Proofs of Claim Due by Oct. 4
-----------------------------------------------------------
Creditors owed money by JSC Eurodis Microdis Holding are requested
to file their proofs of claim by Oct. 4, 2008, to:

         Riedthofstrasse 100
         8105 Regensdorf
         Switzerland

The company is currently undergoing liquidation in Regensdorf.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 17, 2008.


FRIEDMANN GROSSKUCHENEINRICHTUNGEN: Claims Due by Oct. 3
--------------------------------------------------------
Creditors owed money by LLC Friedmann Grosskucheneinrichtungen
Schweiz are requested to file their proofs of claim by
Oct. 3, 2008, to:

         Bruno Betschart
         Axenstein 2
         6443 Morschach
         Switzerland

The company is currently undergoing liquidation in Schwyz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 14, 2008.


GENERAL MOTORS: To Use Remaining US$3.5 Bln. in Credit Facility
---------------------------------------------------------------
General Motors Corp. will draw down the remaining US$3.5 billion
of its US$4.5 billion secured revolving credit facility to
maintain a high level of financial flexibility for its ongoing
restructuring during these uncertain times in the capital markets.
GM also completed a US$322 million debt to equity exchange.

"Accessing the funds available to us is a prudent liquidity
measure.  Drawing on the revolver now improves our liquidity
position at a time when the capital markets have become more
challenging," said GM Treasurer Walter Borst.

The revolver draw will bolster the company's liquidity position.
The proceeds from the draw would also be available to be used to
retire US$750 million of debt maturities coming due in October,
and to pay Delphi Corporation in excess of US$1.2 billion as part
of its reorganization efforts, assuming court approval of the
revised agreements between GM and Delphi that were filed with the
court on Sept. 12.  The US$4.5 billion secured revolving credit
facility was put in place in July 2006 with a consortium of banks
and provides liquidity that GM can draw on from time to time to
fund working capital and other needs.

John D. Stoll at The Wall Street Journal and Kathy Shwiff
at Dow Jones Newswires relate that GM already used about
US$1 billion from the line of credit early this year.

GM's decision, says WSJ, indicates concern about the effect tight
credit markets are having on the firm's cash cushion.  The
company's executives said in June that drawing down the credit
line may send a negative signal to investors, WSJ relates.  In the
past, the company avoided relying heavily on its credit lines, as
it enjoyed a relatively solid liquidity position, WSJ states.
According to WSJ, GM's liquidity has been drained by dropping
sales in the U.S. and restructuring charges recorded in recent
years.

In July, GM disclosed a plan to bolster liquidity through internal
operating actions, asset sales and the capital markets.  The
internal operating elements of the plan remain on track and the
company continues to look to access the capital markets.

As part of its capital market activities, GM has completed a debt
to equity exchange which will improve GM's liquidity by reducing
both its debt and its interest costs.  GM issued 28.3 million new
shares of its common stock in exchange for US$322 million
principal amount of its 1.5% Series D Senior Convertible
Debentures, which mature in June 2009.

Jeff Green and Alan Ohnsman at Bloomberg News relate that GM has
said it needs to raise US$4 billion to US$7 billion by selling
assets and adding debt to ensure it has enough liquidity to
operate through the end of 2009.

"GM felt it was a very prudent thing to have the cash on hand to
borrow at very attractive rates.  The timing was right, given the
obvious instability in the financial markets," Bloomberg quoted GM
spokesperson Julie Gibson as saying.

                       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.


GENERAL MOTORS: Exchanges 28.3MM Shares for Series D Debentures
--------------------------------------------------------------
General Motors Corporation on Sept. 19, 2008, issued an aggregate
of 28,300,000 shares of its common stock, par value US$1-2/3 per
share in exchange for US$321,981,326 principal amount of its 1.50%
Series D Convertible Senior Debentures due 2009, beneficially
owned by a qualified institutional holder of the Debentures.

The Agreement provided that the amount of Common Stock GM
exchanged for the Debentures was based on the daily volume
weighted average price of the Common Stock on the New York Stock
Exchange during a four day pricing period.

GM did not receive any cash proceeds as a result of the exchange
of its Common Stock for the Debentures, which Debentures have been
retired and canceled.  GM entered into the Agreement to reduce its
debt and interest costs, increase its equity and, thereby, improve
its liquidity.

GM will from time to time consider entering into additional
exchanges on an opportunistic basis.

                  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.


GENERAL MOTORS: Enters into Amended Settlement with Delphi
----------------------------------------------------------
Delphi Corp., as part of its efforts in completing the successful
restructuring of its U.S. operations, is entering into amended
settlement and restructuring agreements with General Motors Corp.

Delphi will receive support from GM that Delphi estimates to be
valued at approximately US$10.6 billion for its transformation --
increased from approximately US$6.0 billion in the January 2008
settlement.  The agreement will modify the mechanics and expand
the amount of Delphi's net hourly pension liability transfer to GM
pursuant to section 414(l) of the Internal Revenue Code from
US$1.5 billion under the original GSA to approximately US$3.4
billion.

Delphi is taking action to preserve and fund Delphi's hourly and
salaried pension plans and completing the reaffirmation process
for its 2008-2011 business plan in the Revised Plan of
Reorganization (RPOR), a summary of which is included in filings
with the U.S. Bankruptcy Court for the Southern District of New
York.

Delphi will report on material additional progress with respect to
Delphi's transformation plan announced in March 2006.  It will
establish its intent to enter the capital markets with its
reaffirmed business plan, and to file in the Bankruptcy Court
proposed modifications to its previously confirmed First Amended
Joint Plan of Reorganization (POR).

Delphi will file several expedited motions with the Bankruptcy
Court that will be considered by the Court on Sept. 23, 2008,
including:

    -- a motion to implement an amended and restated Global
       Settlement Agreement (Amended GSA) and Master
       Restructuring Agreement (Amended MRA) with GM.  The
       original GSA and MRA were previously approved by the
       Bankruptcy Court on Jan. 25, 2008.  The terms of the
       proposed amendments would authorize the GSA and MRA to
       become effective independent of and in advance of the
       effective date of the company's POR.  The filing states
       that the Amended GSA and Amended MRA reflect GM's
       continuing and immediate support for Delphi's
       reorganization efforts -- including the transfer of
       certain hourly pension obligations -- and will enable
       Delphi to take the next steps in its transformation,
       including the actions that should allow it to emerge
       from chapter 11 as soon as practicable.

    -- a motion to freeze its hourly and salaried defined
       benefit pension plans and provide, as applicable,
       replacement cash balance or defined contribution
       pension benefits, a salaried retirement, and
       equalization savings program, and a supplemental
       executive retirement plan.

Considerations in the Amended GSA and Amended MRA

Implementation of the Amended GSA and Amended MRA at this time is
necessary to preserve the substantial progress Delphi has made,
and to position Delphi to emerge from chapter 11 as soon as
practicable.  Unlike the original GSA and MRA, in which GM
required that its performance under those agreements be tied to
Delphi's emergence from chapter 11, the Amended GSA and Amended
MRA accelerate substantially all of GM's obligations in the
original agreements (estimated by Delphi to be approximately
US$6.0 billion in value to Delphi's transformation), which will be
implemented immediately upon the effective date of the Amended GSA
and Amended MRA.

In addition, a substantial portion of GM's incremental net support
(estimated by Delphi to be approximately US$4.6 billion in value
to Delphi's transformation) also will become immediately and
unconditionally effective.  In exchange for GM's willingness to
undertake these obligations, Delphi has agreed to treatment of
GM's claims in the chapter 11 cases, and to release GM from
certain claims and causes of action upon the effectiveness of the
Amended GSA and the Amended MRA.

Under the Amended GSA, GM would assume responsibility for the
pensions of certain of Delphi's hourly retirement plan
participants.  The liabilities would be transferred in two steps,
pursuant to section 414(l) of the Internal Revenue Code, and would
be increased from US$1.5 billion to approximately US$3.4 billion.
The liability transfers are subject to GM and Delphi receiving
consent from a sufficient number of unions to complete the first
step of the transfer.  Through the implementation of the Amended
GSA and Amended MRA, GM's financial support of Delphi -- which
previously was to be received upon Delphi's emergence from chapter
11 -- is being pulled forward to the effectiveness of the
amendments.  As a result, GM will make payments to Delphi of
approximately US$1.2 billion in connection with the effectiveness
of the Amended GSA and Amended MRA, and through the remainder of
2008.  The payments by GM combined with Delphi's existing cash on
hand -- which totaled in excess of US$1 billion at June 30, 2008,
and amounts available under Delphi's DIP revolving credit
facility, provide ample liquidity over the course of 2008.

By immediately implementing the Amended MRA, Delphi will be in a
position to pursue exit financing in the capital markets,
including through an equity-based rights offering, to support what
it believes to be a viable, reaffirmed emergence business plan
that incorporates current market conditions and increased GM
support.

Delphi's Chief Restructuring Officer John Sheehan said that it is
in the best interests of the company to seek approval to implement
the Amended GSA and Amended MRA independent of and in advance of
the effectiveness of the POR.  He said the company has been
advised by the Creditors' Committee that it may no longer support
a settlement with GM and related transactions, if these
transactions are approved in advance of the filing and approval of
potential modifications to Delphi's POR which are acceptable to
the committee.  Absent consensual resolution of the Creditors'
Committee concerns, the Committee may file objections to one or
more of the motions and seek other relief from the Bankruptcy
Court.  Sheehan said Delphi will continue working toward a
consensus among its principal stakeholders, including the
committees, but that the likelihood of achieving consensus is
speculative and not assured.

                   Pension Plan Modifications

The motion to modify the pension plans would authorize a freeze of
the Delphi hourly pension plan following union consent and a
freeze of the U.S. salaried plans.  If approved by the Court,
Delphi would then provide, subject to the union agreement,
replacement cash balance or defined contribution pension benefits
to its hourly employees; and for eligible salaried employees,
Delphi would provide defined contribution pension benefits, a
salaried retirement and equalization savings program, and a
supplemental executive retirement plan.

"We have remained committed to fully funding our pension plans and
to being well-planned, well organized, and well-financed from the
beginning of our chapter 11 cases," said Mr. Sheehan.  "If
approved by the Court, these actions and the additional operating
support provided in the Amended GSA and Amended MRA are
significant milestones in completing the final phases of the
reorganization of our U.S. operations and positioning us to
complete the financing required for our emergence from chapter 11
as soon as practicable."

           Transformed Delphi Poised to Complete Plans

Delphi CEO and President Rodney O'Neal said the company has
achieved remarkable progress in its overall transformation, and
several elements of the transformation are outlined in the motions
being filed today with the Court.

"Despite recent challenges -- including difficult credit markets,
the downturn in the U.S. auto industry, and other cost pressures
-- our operating performance has improved significantly," Mr.
O'Neal said.  "Our team has accomplished this global
transformation in the face of a complete restructuring of a
significant portion of our operations."

Mr. O'Neal said Delphi is on track to complete its transformation
plan by the end of this year.  The key tenets of that plan were
to:

    -- modify U.S. labor agreements to create a competitive
       arena in which to conduct business;

    -- conclude Delphi's negotiations with GM to finalize GM's
       financial support for Delphi's legacy and labor costs
       and confirm GM's business commitment to Delphi;

    -- streamline Delphi's global product portfolio to
       capitalize on its technology and market strengths, and
       align its manufacturing and engineering footprint and
       capabilities with this new focus;

    -- transform Delphi's salaried workforce to ensure that
       the company's organizational and cost structure is
       competitive and aligned with its product portfolio and
       manufacturing footprint; and

    -- devise a workable solution to Delphi's U.S. pension
       situation.

In addition to working to achieve the key tenets of the
transformation plan, Mr. O'Neal said that Delphi has diversified
its customer base by growing its business in Europe, Asia, and
South America.

A summary of Delphi's Reaffirmed 2008-2011 POR Business Plan
(RPOR) is included in the Sept. 20, 2008 Court filings.  When the
closing on Delphi's POR was suspended on April 4, 2008, following
Delphi's plan investors refusal to close on their Investment
Agreement, Delphi undertook a reaffirmation process with respect
to the business plan in the POR as part of Delphi's consideration
of potential modifications to the POR in order to emerge from
chapter 11 as soon as practicable.  The RPOR includes:

    -- revised actual and expected volumes for the North
       American automotive market;

    -- significant increases in certain commodity costs;

    -- changes in the under-funded status of its pension plans
       as a result of negative plan asset returns; and

    -- substantial incremental financial support from GM
       committed to as part of the modified settlement.

Assuming that the Bankruptcy Court approves Delphi's modified
settlement with GM and the pension plan modification motion at a
hearing scheduled to begin on Sept. 23, 2008, Delphi expects to
enter the capital markets later this year with the RPOR and
anticipates filing a motion seeking approval of modifications to
the POR.

"Our progress throughout this transformation has been tremendous
and could not have been achieved without the diligence and
commitment of our employees, suppliers and customers," Mr. O'Neal
said.  "We have maintained uninterrupted supply to our customers,
and have booked record business with many of them.  The approval
of these amended agreements will help us continue our solid march
toward becoming a completely transformed and more competitive
company."

                      About Delphi Corp.

Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for Chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represent the Official Committee of Unsecured Creditors.  As of
June 30, 2008, the Debtors' balance sheet showed US$9,162,000,000
in total assets and US$23,742,000,000 in total debts.

The Court approved Delphi's First Amended Joint Disclosure
Statement and related solicitation procedures for the
solicitation of votes on the First Amended Plan on Dec. 20,
2007.  The Court confirmed the Debtors' First Amended Plan on
Jan. 25, 2008.  The Plan has not been consummated after a group
led by Appaloosa Management, L.P., backed out from their
proposal to provide US$2,550,000,000 in equity financing to
Delphi.

                   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.

(Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


METTLER COMNET: Deadline to File Proofs of Claim Set  Oct. 5
------------------------------------------------------------
Creditors owed money by LLC METTLER COMNET are requested to file
their proofs of claim by Oct. 5, 2008, to:

         Mettler Daniela
         Dorfstrasse 50
         8717 Benken
         Switzerland

The company is currently undergoing liquidation in Benken SG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 14, 2008.


MOVI BENE: Oct. 4 Set as Deadline to File Proofs of Claim
---------------------------------------------------------
Creditors owed money by JSC movi bene International are requested
to file their proofs of claim by Oct.  4, 2008, to:

         Franz Meyer
         Unt. Zielweg 3
         4143 Dornach
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 15, 2008.


SWISS REINSURANCE: Stock Dives, Admits Exposures to Lehman and AIG
------------------------------------------------------------------
Swiss Reinsurance Co. fell the most on record after a cut in
American International Group Inc.'s debt ratings threatening
efforts to keep AIG afloat, Warren Giles of Bloomberg News
reports.

Swiss Re dropped up to 19% and closed CHF8.1, or 13%, lower at
54.05, according to the report.  The drop brought this year's loss
to 33% and cut its market value to CHF19 billion, or
US$17 billion, Bloomberg notes.

Thomas Noack, an analyst at WestLB Equity Markets in Duesseldorf,
commented that Swiss Re's asset allocation is the most aggressive
in the insurance sector.  Mr. Noack recommends "hold" on the
company's stock.  He commented that Swiss Re has "structured
products, corporate bonds and CDS . . . [exposing it] to
everything that's no fund to hold at the moment," Bloomberg notes.

The company provided information in light of the recent
unprecedented events in the global financial markets and the
questions it has been receiving from stakeholders regarding its
exposure to Lehman Brothers Holdings, Inc. and AIG.

Swiss Re estimates its exposure to the Lehman Brothers Group at
approximately CHF50 million.

Swiss Re acts as a reinsurer to the AIG Group companies and has
invested in various securities issued by AIG.  The Federal Reserve
Board announced that the Federal Reserve Bank of New York is
extending a liquidity facility of up to US$85 billion to AIG.

Swiss Re estimates its exposure (excluding reinsurance) to AIG at
approximately CHF200 million.

These figures include, in both cases, investments, net purchases
or sales of CDS protection as well as credit reinsurance,
portfolio CDS, and any other counterparty exposure as of Sept. 15,
2008.

The AIG figures exclude amounts due to and from Swiss Re under
existing reinsurance arrangements with the regulated legal
entities.

                About American International Group

Based in New York City, American International Group Inc. (NYSE:
AIG) is an international insurance and financial services
organization, with operations in more than 130 countries and
jurisdictions.  The company is engaged through subsidiaries in
General Insurance, Life Insurance & Retirement Services, Financial
Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

                          *     *     *

As reported by the Troubled Company Reporter on Sept. 19, 2008,
Fitch Ratings has revised its Rating Watch on American
International Group, Inc. to Evolving from Negative.  Fitch's
action follows AIG's announcement that its board has approved a
transaction under which the Federal Reserve Bank of New York will
provide AIG with a two- year $85 billion secured revolving credit
facility.  Fitch views this transaction as a favorable development
that alleviates significant near-term liquidity concerns.  The
agency plans to issue a more detailed analysis in support of this
action.  Fitch has revised the Rating Watch Status on these
ratings to Evolving from Negative: American International Group,
Inc. -Long-term IDR 'A'; Senior debt 'A'; Junior subordinated
debentures 'A-'; and Short-term IDR to 'F1'.  The Rating Watch
status on the following 'AA-' Insurer Financial Strength ratings
have been revised to Evolving from Negative include Foreign
Domiciled General Ins. Companies; AIG MEMSA Insurance Company Ltd.
(UAE); AIG (UK) Ltd. (formerly The Landmark Insurance Co. Ltd.
(UK); and American International Underwriters Overseas, Ltd.
(Bermuda).

On Sept. 19, 2008, the TCR reported that Standard & Poor's Ratings
Services revised the CreditWatch status of most of its ratings on
the AIG group of companies--including its 'A-' long-term
counterparty credit ratings on American International Group Inc.
and International Lease Finance Corp. and the 'A+' counterparty
credit and financial strength ratings on most of AIG's insurance
operating subsidiaries--to CreditWatch developing from CreditWatch
negative.  Standard & Poor's also said that it raised its short-
term counterparty ratings on AIG, its guaranteed subsidiaries, and
ILFC to 'A-1' from 'A-2'.  In addition, Standard & Poor's lowered
the ratings on various subsidiaries' preferred shares to 'B' from
'BBB'; the ratings on the preferred shares remain on CreditWatch
negative because of the increased risk of deferral of dividend
payments due to the right of the U.S. government to veto dividend
payments.  The 'BBB/A-3' counterparty credit rating on American
General Finance Corp. is unchanged.  The outlook is negative.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

                International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of
JPY4 trillion -- US$38 billion).  Lehman Brothers Japan Inc.
reported about JPY3.4 trillion (US$33 billion) in liabilities in
its petition.  Akio Katsuragi, a former Morgan Stanley executive,
runs Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

                      About Swiss Reinsurance

Swiss Reinsurance Co. (SWX: RUKN) -- http://www.swissre.com/-- is
the world's largest reinsurer, now that it has acquired GE
Insurance Solutions (Ligi 2006).  Founded in 1863, Swiss Re now
operates in more than 30 countries.  General Electric owns 8.9% of
the firm.


TRAIECTORIA LLC: Proofs of Claim Filing Deadline is  Oct. 4
-----------------------------------------------------------
Creditors owed money by LLC Traiectoria are requested to file
their proofs of claim by Oct. 4, 2008, to:

         Trust Company JSC RohrerTreuhand
         Nelkenstrasse 2
         6060 Sarnen
         Switzerland

The company is currently undergoing liquidation in Sarnen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 20, 2008.


UBS AG: Plug Power Can Continue Lawsuit Against Firm
----------------------------------------------------
UBS AG lost a motion to have a lawsuit filed by institutional
investor Plug Power Inc. dismissed, The Wall Street Journal
reports.  The N.Y.-based energy company bought from UBS US$62.9
million in auction-rate securities backed by pools of student
loans starting in 2005.  Plug Power accused UBS of lying about the
safety of the auction-rate securities it sold.

WSJ relates Plug Power's suit alleges UBS assured Plug Power's
chief financial officer that the auction-rate securities were safe
and liquid, despite spikes in their interest rates that suggested
otherwise.

WSJ says the case, presided by Gary L. Sharpe, a U.S. district
court judge in Albany, N.Y., is being widely watched by
institutional investors holding billions of dollars worth of
auction-rate securities they can't easily sell.

According to WSJ, the auction-rate market, once as large as US$330
billion, froze in February amid the credit crunch, as buyers for
the securities disappeared. Auction-rate securities let issuers
borrow for the long term, but at lower, short-term interest rates.
The interest rates reset at periodic auctions.

Separately, the TCR-Europe reported that in July 2008, Attorney
General Andrew M. Cuomo filed a multi-billion dollar securities
fraud lawsuit against UBS AG's U.S. Units -- UBS Securities LLC
and UBS Financial Services Inc.  The lawsuit also charged UBS with
falsely selling and marketing auction-rate securities as safe,
highly liquid, and cash-equivalent securities.  According to Mr.
Cuomo, UBS customers currently hold more than US$25 billion in
illiquid, long-term paper as a result of UBS's fraudulent
misrepresentations and illegal conduct.

In August, UBS signed a settlement agreement with the New York
Attorney General, the Massachusetts Securities Division, the U.S.
Securities and Exchange Commission and other state regulatory
agencies represented by North American Securities Administrators
Association to restore liquidity to all remaining clients'
holdings of auction rate securities.

Under the agreement in principle, UBS committed to purchase a
total of US$8.3 billion of ARS, at par, from most private clients
during a two-year time period beginning Jan. 1, 2009.  Private
clients and charities holding less than US$1 million in household
assets at UBS will be able to avail themselves of this
relief beginning Oct. 31, 2008.  UBS also agreed to provide loans
at no cost to the client for the par value of their ARS holdings.

In addition, UBS committed to provide liquidity solutions to
institutional investors and will agree from June 2010 to purchase
all or any of the remaining US$10.3 billion, at par, from its
institutional clients.  This move is separate from the firm's
recently announced intention to repurchase US$3.5 billion of tax-
exempt Auction Preferred Stock.

The firm also agreed to pay a fine of US$150 million to US$75
million to the state of New York and US$75 million to other state
regulatory agencies.  UBS neither admits nor denies allegations of
wrongdoing.

The full cost of the proposed settlement, taking into account the
projected redemption patterns of clients, the difference between
the purchase prices and the current market value of client ARS
holdings, and the regulatory fine related to the
settlements, is estimated to be in the range of US$900 million on
a pre-tax basis, to be booked in the second quarter results.  This
includes reimbursements to all clients for losses incurred from
sales of ARS holdings between Feb. 13 and Aug. 8, 2008.

Meanwhile, Bloomberg News reports Eugen Haltiner, chairman of the
Swiss Federal Banking Commission, commenting on speculation about
a merger between UBS and Credit Suisse Group AG, said UBS doesn't
need to merge with another bank because it is "well capitalized."

UBS, Bloomberg News says, took writedowns and losses in excess of
US$44 billion, forcing it to raise almost US$28 billion in fresh
capital from investors.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/--
is a global provider of financial services for wealthy clients.
UBS's financial businesses are organized on a worldwide basis
into three Business Groups and the Corporate Center.  Global
Wealth Management & Business Banking consists of three segments:
Wealth Management International & Switzerland, Wealth
Management US and Business Banking Switzerland.  The Business
Groups Investment Bank and Global Asset Management constitute
one segment each.  The Industrial Holdings segment holds all
industrial operations controlled by the Group.  Global Asset
Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


UBS AG: Top Client Sues Bank Over Deceptive Investment Scheme
-------------------------------------------------------------
A former UBS AG top private-banking client, Igor Olenicoff, sued
the Swiss bank in Santa Ana, Calif. District Court alleging UBS
convinced him to participate in a deceptive investment scheme,
various reports say.

The real estate developer, who is seeking up to US$500 million in
damages, also accused the bank of fraud and breach of fiduciary
duty for turning over his name to the Internal Revenue Service in
about 2005, The New York Times says.  In December, The NY Times
reckons, Mr. Olenicof pleaded guilty to criminal charges of tax
evasion and lying on his tax returns, all in connection with his
offshore private banking accounts.

UBS is under investigation by the U.S. Justice Department over
whether it allowed its customers to evade United States taxes by
hiding money offshore, according to The NY Times.  The report
relates that federal investigators suspect that some UBS clients
may have used offshore accounts to hide as much as US$20 billion
in assets from the IRS.  The IRS has asked the Swiss government
for help in its investigation of possible tax evasion by the U.S.
clients of UBS, The Associated Press says.

The lawsuit carries similar accusations against financial entities
in Liechtenstein, where UBS allegedly moved Mr. Olenicoff's US$200
million in investments, The AP relates.

                          About UBS AG

Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/--
is a global provider of financial services for wealthy clients.
UBS's financial businesses are organized on a worldwide basis
into three Business Groups and the Corporate Center.  Global
Wealth Management & Business Banking consists of three segments:
Wealth Management International & Switzerland, Wealth
Management US and Business Banking Switzerland.  The Business
Groups Investment Bank and Global Asset Management constitute
one segment each.  The Industrial Holdings segment holds all
industrial operations controlled by the Group.  Global Asset
Management provides investment products and services to
institutional investors and wholesale intermediaries around the
globe.  The Investment Bank operates globally as a client-driven
investment banking and securities firm.  The Industrial Holdings
segment comprises the non-financial businesses of UBS, including
the private equity business, which primarily invests UBS and
third-party funds in unlisted companies.


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


ALL-UKRAINIAN ALLIANCE: Creditors Must File Claims by Sept. 27
--------------------------------------------------------------
Creditors of  LLC Trading Group All-Ukrainian Alliance (code
EDRPOU 34531381) have until Sept. 27, 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 the company after finding it insolvent on Aug. 14, 2008.
The case is docketed as 24/262-b.

The Debtor can be reached at:

         LLC Trading Group All-Ukrainian Alliance
         V. Vasilevska Str. 18
         04116 Kiev
         Ukraine


DONETSK CEMENT: Creditors Must File Claims by Sept. 27
------------------------------------------------------
Creditors of LLC Donetsk Cement (code EDRPOU 30355274) have until
Sept. 27, 2008, to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on July 15, 2008.
The case is docketed as 5/100B.

The Debtor can be reached at:

         LLC Donetsk Cement
         Artem Str. 157
         83048 Donetsk
         Ukraine


INTERFISH LLC: Creditors Must File Claims by Sept. 27
-----------------------------------------------------
Creditors of LLC Interfish (code EDRPOU 32085064) have until
Sept. 27, 2008, to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on July 29, 2008.  The case is docketed
as 27/135B.

The Debtor can be reached at:

         LLC Interfish
         Professors Boguslavskiye Str. 3
         83045 Donetsk
         Ukraine


MAK-OIL-DELIVERY: Creditors Must File Claims by Sept. 26
--------------------------------------------------------
Creditors of LLC Mak-Oil-Delivery (code EDRPOU 30102433) have
until Sept. 27, 2008, to submit proofs of claim to:

         The Economic Court of Donetsk
         Artema Str. 157
         83048 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on July 28, 2008.  The case is docketed
as 42/75B.

The Debtor can be reached at:

         LLC Mak-Oil-Delivery
         Trestovskaya Square
         Makieyevka
         86141 Donetsk
         Ukraine


MEZHOVAYA SEED: Creditors Must File Claims by Sept. 27
------------------------------------------------------
Creditors of LLC Mezhovaya Seed Delivery Service (code EDRPOU
31614166) have until Sept. 27, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Aug.
14, 2008.  The case is docketed as B 26/168-08.

The Debtor can be reached at:

         LLC Mezhovaya Seed Delivery Service
         Karl Marks Avenue 5
         Mezhovaya
         52900 Dnipropetrovsk
         Ukraine


RENAISSANCE LLC: Creditors Must File Claims by Sept. 27
-------------------------------------------------------
Creditors of LLC Financial Company Renaissance (code EDRPOU
34761210) have until Sept. 27, 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 the company after finding it insolvent on Aug. 14, 2008.
The case is docketed as 24/163-b.

The Debtor can be reached at:

         LLC Financial Company Renaissance
         Ap. 272
         Simirenko Str. 5
         03134 Kiev
         Ukraine


START LLC: Creditors Must File Claims by Sept. 27
------------------------------------------------
Creditors of OJSC Agricultural LLC Start (code EDRPOU 03734919)
have until Sept. 27, 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 supervision
procedure on the company.  The case is docketed as 8/105-08.

The Debtor can be reached at:

         OJSC Agricultural LLC Start
         Lipiatin
         Khmelnik District
         Vinnica
         Ukraine


YUVSTAR LLC: Creditors Must File Claims by Sept. 27
---------------------------------------------------
Creditors of LLC Yuvstar (code EDRPOU 33646357) have until
Sept. 27, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 7, 2008.
The case is docketed as B 18/470-08.

The Debtor can be reached at:

         LLC Yuvstar
         Promyshlennaya Str. 1/2
         Obukhov
         08700 Kiev
         Ukraine


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


AMERICAN INTERNATIONAL: Investors Want Redemption of EUR7.2B Funds
------------------------------------------------------------------
Wealthy investors are pounding the American International Group
Inc. for an urgent response to their redemption request involving
EUR7.3 billion, or GBP5.8 billion, in money market fund, Mike
Foster of the Financial News Online reports.  Concerns over the
company's financial stability have escalated the redemption
demands, the report adds.

AIG suspended redemptions from its unit, AIG Premier Bond
following recent problems and the U.S. government's financial
rescue, according to the report.  According to MaxCap Partners,
although the U.S. government had stabilized the situation, facing
a possible default by AIG is "extremely alarming," the Financial
News says.

The bond was a core product for the investors because AIG offered
50 to 70 basis points better than its rivals, Financial News
relates.   AIG did this through a wrapper scheme that allows
avoidance of taxes on interest payments.  Before the last budget,
AIG lobbied the government so that the treatment of money market
funds would remain unchanged to protect established funds from
offshore competition, Financial News writes.

The Financial News reports that redemption demands on AIG Premier
Bond resulting from the undermining of the company's covenant have
been a big talking point across the wealth management business.

It was a shame that AIG failed to act at an early stage by
liquidating its fixed deposits for the redemption requests, the
Financial News quotes MaxCap partner, Giles White as saying.
However, Mr. White said that AIG acted reasonably by gating the
fund ensuring fair treatment of everyone, the report says.

MaxCap showed concerns over the U.S. government's decision not to
underwrite all of AIG's liabilities, the Financial News reports.

                      Withdrawals Deferred

An AIG spokeswoman said that AIG Life (UK) will defer withdrawals
from the standard fund and enhanced fund within the Premier Access
Bond and the Premier Bond, the Financial News relates.  The action
was in light of market volatility over the past days and the
unusually high number of withdrawal requests, according to the
report.  The spokeswoman, however, said that other AIG Life (UK)
policies are not affected, the Financial News reports.

                About American International Group

Based in New York City, American International Group Inc. (NYSE:
AIG) is an international insurance and financial services
organization, with operations in more than 130 countries and
jurisdictions.  The company is engaged through subsidiaries in
General Insurance, Life Insurance & Retirement Services, Financial
Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

                          *     *     *

As reported by the Troubled Company Reporter on Sept. 19, 2008,
Fitch Ratings has revised its Rating Watch on American
International Group, Inc. to Evolving from Negative.  Fitch's
action follows AIG's announcement that its board has approved a
transaction under which the Federal Reserve Bank of New York will
provide AIG with a two- year $85 billion secured revolving credit
facility.  Fitch views this transaction as a favorable development
that alleviates significant near-term liquidity concerns.  The
agency plans to issue a more detailed analysis in support of this
action.  Fitch has revised the Rating Watch Status on these
ratings to Evolving from Negative: American International Group,
Inc. -Long-term IDR 'A'; Senior debt 'A'; Junior subordinated
debentures 'A-'; and Short-term IDR to 'F1'.  The Rating Watch
status on the following 'AA-' Insurer Financial Strength ratings
have been revised to Evolving from Negative include Foreign
Domiciled General Ins. Companies; AIG MEMSA Insurance Company Ltd.
(UAE); AIG (UK) Ltd. (formerly The Landmark Insurance Co. Ltd.
(UK); and American International Underwriters Overseas, Ltd.
(Bermuda).

On Sept. 19, 2008, the TCR reported that Standard & Poor's Ratings
Services revised the CreditWatch status of most of its ratings on
the AIG group of companies--including its 'A-' long-term
counterparty credit ratings on American International Group Inc.
and International Lease Finance Corp. and the 'A+' counterparty
credit and financial strength ratings on most of AIG's insurance
operating subsidiaries--to CreditWatch developing from CreditWatch
negative.  Standard & Poor's also said that it raised its short-
term counterparty ratings on AIG, its guaranteed subsidiaries, and
ILFC to 'A-1' from 'A-2'.  In addition, Standard & Poor's lowered
the ratings on various subsidiaries' preferred shares to 'B' from
'BBB'; the ratings on the preferred shares remain on CreditWatch
negative because of the increased risk of deferral of dividend
payments due to the right of the U.S. government to veto dividend
payments.  The 'BBB/A-3' counterparty credit rating on American
General Finance Corp. is unchanged.  The outlook is negative.


AMERICAN INTERNATIONAL: Insolvency Covers UK Investors' Losses
--------------------------------------------------------------
Analysts assure U.K. investors who have American International
Group pension or insurance policies that majority of their losses
would be covered if AIG were to become insolvent, the Financial
Times reports.

The U.S. government drew up US$20 billion, or GBP11 billion,
rescue plan for AIG to stave off a liquidity crisis, FT relates.
That rescue plan intensified fears about the company's future, the
report says.

The UK business would either be ring-fenced so assets would be
protected from fallout in the US, or would qualify for
compensation under the Financial Services Compensation Scheme, FT
reports, citing undisclosed advisers.  FT expects liquidation of
some of the AIG's UK operations if the company did collapse.

Policies bought through U.K. authorized brokers, annuities, and
guaranteed investments bonds would be covered under the FSCS, if
the company collapsed, FT says.  Under the scheme, FT writes that
100% of the first GBP2,000 of a claim would be paid, plus 90% of
the remainder of the claim.  Annuity holders would be transferred
to another pension provider, FT adds.

However, FT says that a collapse would still have deep
repercussions for UK financial markets.  FT comments that AIG
guarantees complex derivative products used to underpin other
investments.

FT relates that equity trust funds, which provides exchange traded
commodities, backs its investments through AIG swaps.  The spreads
on some of these have widened to reflect the downgrading of AIG's
credit rating and pulling out of some markets.

The Association of British Insurers, according to FT, said AIG had
been aggressively competing in the U.K. and was the biggest
provider of life business, mainly investment bonds rather than
straight life cover in 2007.

                About American International Group

Based in New York City, American International Group Inc. (NYSE:
AIG) is an international insurance and financial services
organization, with operations in more than 130 countries and
jurisdictions.  The company is engaged through subsidiaries in
General Insurance, Life Insurance & Retirement Services, Financial
Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

                          *     *     *

As reported by the Troubled Company Reporter on Sept. 19, 2008,
Fitch Ratings has revised its Rating Watch on American
International Group, Inc. to Evolving from Negative.  Fitch's
action follows AIG's announcement that its board has approved a
transaction under which the Federal Reserve Bank of New York will
provide AIG with a two- year $85 billion secured revolving credit
facility.  Fitch views this transaction as a favorable development
that alleviates significant near-term liquidity concerns.  The
agency plans to issue a more detailed analysis in support of this
action.  Fitch has revised the Rating Watch Status on these
ratings to Evolving from Negative: American International Group,
Inc. -Long-term IDR 'A'; Senior debt 'A'; Junior subordinated
debentures 'A-'; and Short-term IDR to 'F1'.  The Rating Watch
status on the following 'AA-' Insurer Financial Strength ratings
have been revised to Evolving from Negative include Foreign
Domiciled General Ins. Companies; AIG MEMSA Insurance Company Ltd.
(UAE); AIG (UK) Ltd. (formerly The Landmark Insurance Co. Ltd.
(UK); and American International Underwriters Overseas, Ltd.
(Bermuda).

On Sept. 19, 2008, the TCR reported that Standard & Poor's Ratings
Services revised the CreditWatch status of most of its ratings on
the AIG group of companies--including its 'A-' long-term
counterparty credit ratings on American International Group Inc.
and International Lease Finance Corp. and the 'A+' counterparty
credit and financial strength ratings on most of AIG's insurance
operating subsidiaries--to CreditWatch developing from CreditWatch
negative.  Standard & Poor's also said that it raised its short-
term counterparty ratings on AIG, its guaranteed subsidiaries, and
ILFC to 'A-1' from 'A-2'.  In addition, Standard & Poor's lowered
the ratings on various subsidiaries' preferred shares to 'B' from
'BBB'; the ratings on the preferred shares remain on CreditWatch
negative because of the increased risk of deferral of dividend
payments due to the right of the U.S. government to veto dividend
payments.  The 'BBB/A-3' counterparty credit rating on American
General Finance Corp. is unchanged.  The outlook is negative.


ATKINS WHOLESALE: Joint Liquidators Take Over Operations
--------------------------------------------------------
Stephen P. Holgate and David S. Merrygold of PKF (U.K.) LLP were
appointed joint liquidators of Atkins Wholesale Ltd. (formerly
Inventrace Ltd., R. Watson Hogg Ltd., Kintyre Knitwear Ltd. and N
Peal Cashmere Ltd.) on Sept. 5, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Atkins Wholesale Ltd.
         c/o PKF (U.K.) LLP
         16 The Havens
         Ransomes Europark
         Ipswich
         IP3 9SJ
         England


AVONDALE SOUTH: Lloyds TSB Calls in KPMG as Administrators
----------------------------------------------------------
Buckmore Park owner Avondale South East has gone into
administration.  Lloyds TSB have called in KPMG administrators to
sort out Avondale's finances, Trevor Sturgess of kentonline.co.uk
reports.

Buckmore Park has been the issue of dispute between Avondale South
East and the Scouts, it's lessee.

A KPMG spokesman said: "Joint administrators have been appointed
to effect the realization of the Buckmore Park property to repay
the bank."

John Holder, chairman of Buckmore Park trustees and the Medway
Towns Scout Council, said: "As far as the Scouts are concerned,
it’s business as usual.  We have a long lease on Buckmore Park and
this doesn't change our position.  We will want to work closely
with any new owner."


CODE NINE: Brings in Liquidators from Tenon Recovery
----------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint liquidators of Code Nine Ltd. on Sept. 4, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Code Nine Ltd.
         c/o Tenon Recovery
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England
         England


CORSAIR NO. 2: S&P Puts BB- Rating on EUR25MM Series 95 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D' from 'BBB-'
its rating on the credit–linked notes series 95 issued by Corsair
(Jersey) No. 2 Ltd. due to a change in the terms and conditions
of the notes.  At the same time, S&P has assigned a new 'BB-'
rating to the notes.

Due to the transaction restructuring, the initial maturity date
of the notes has been extended by two years.  Therefore, the
obligations of the issuer to repay the noteholders at the initial
maturity date will not be fulfilled.  As a result, S&P lowered
the rating on the notes to 'D'.

S&P assigned a new rating to the restructured notes.

Corsair (Jersey) No. 2 is a static single-tranche synthetic
collateralized debt obligation (CDO) due in 2013. The swap
counterparty, JPMorgan Chase Bank, N.A., buys protection from the
issuer through a credit default swap referencing a portfolio
mainly comprising financial institutions and insurance companies.

Corsair (Jersey) No. 2 Ltd.

  -- EUR25 Million Floating-Rate Secured Portfolio Credit-Linked
     Notes Series 95

Rating Lowered:

             To                 From
             ---                ----
             D                  BBB-

Rating Assigned: BB-


ECCTVS LTD: Appoints Jeremy Willmont as Liquidator
--------------------------------------------------
Jeremy Willmont of Moore Stephens LLP was appointed liquidator of
ECCTVS Ltd. on Sept. 3, 2008, for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         ECCTVS Ltd.
         c/o Moore Stephens LLP
         1-3 Snow Hill
         London
         EC1A 2DH
         England


IT SOLUTIONS: Calls in Liquidators from KPMG
--------------------------------------------
Richard Dixon Fleming and Myles Antony Halley of KPMG LLP were
appointed joint liquidators of IT Solutions (GB) Ltd. on
Sept. 2, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         IT Solutions (GB) Ltd.
         c/o KPMG LLP
         1 The Embankment
         Neville Street
         England


LANE LOGISTICS: Taps Liquidators from Grant Thornton
----------------------------------------------------
Nigel Morrison and Anthony Flynn of Grant Thornton U.K. LLP were
appointed joint liquidators of Lane Logistics Services Ltd.
(formerly P L Workforce Ltd., Oval (1945) Ltd.) on Sept. 2, 2008,
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Lane Logistics Services Ltd.
         c/o Grant Thornton U.K. LLP
         Hartwell House
         55-61 Victoria Street
         Bristol
         BS1 6FT
         England


LEHMAN BROTHERS: Wins Court OK on Sale of U.S. Units to Barclays
----------------------------------------------------------------
Judge James M. Peck of the U.S. Bankruptcy Court for the Southern
District of New York approved Lehman Brothers Holdings, Inc.'s
request to sell Lehman Brothers, Inc., which runs its U.S.
brokerage assets, two days after the proposal was submitted to the
Court, and five days after the Holding company entered
chapter 11.  The Sale Hearing concluded at approximately 1:40
a.m. Saturday morning with, literally, a round of applause in
Judge Peck's courtroom.

Despite a limited opportunity to stop the sale, about 90 parties
filed objections in Court, and many more packed the courtroom in
order to, among other things, seek a delay or clarifications
regarding the deal.  Creditors called for a delay of the sale to
accommodate competing bids for LBI and to seek disclosure about
their billions of claims and collateral affected by the rush-
sale.  The Official Committee of Unsecured Creditors, however,
did not file an objection, citing that there was no viable
alternative.

Representatives of the Federal Reserve, the U.S. Treasury
Department, the Securities and Exchange Commission and the Office
of the U.S. Trustee arrived in Court to urge the Judge Peck to
approve the US$1.7-billion sale, arguing the global financial
markets would be harmed by a delay.

Judge Peck approved the deal and acknowledged that rejecting the
sale "could prove to be truly disastrous" given the 10,000 jobs
and billions of customer accounts at stake.

Harvey Miller, Esq., at Weil Gotshal & Manges, LLP, said a
rejection of the deal would have resulted to a "major shock to
the financial system."  He said said there were accounts totaling
US$138 billion that depended on the sale.

Courtroom observers gasped Friday when Mr. Miller announced that
LBI has US$47.4 billion of securities and US$45.5 billion of
liabilities to be assumed by Barclays, or a net value of US$1.9
billion -- a reduction from the US$72 billion in securities and
US$68 debts, or a net value of US$4 billion.  Lehman's
headquarters building in New York and two data centers in New
Jersey were valued at US$1.29 billion -- a reduction of up to
US$200 million from earlier estimates.  Barclays will also assume
as much as US$2.5 billion in liabilities related to Lehman
workers, 10,000 of whom are to be absorbed by Barclays, and about
US$1.5 billion in costs for altering contracts.

The facts, Mr. Miller told Judge Peck, show that the ice cube's
melting.  If the Barclays transaction isn't approved now,
Mr. Miller stressed, there won't be any business left to sell to
anybody.

"The old deal had Barclays giving Lehman the first US$500 million
in profit on sales of some assets and splitting the profit on next
US$500 million," The Wall Street Journal reported.  "In the new
deal that is gone."

LBI and other units that were not part of the Chapter 11 filing
were included in the sale.  The Securities Investor Protection
Corp. began a liquidation proceeding Sept. 19 that would pave way
for the sale of LBI.  James W. Giddens, who was appointed as
trustee for the SIPA liquidation of LBI on Sept. 19, says that
after reviewing the Asset Purchase Agreement, having made
reasonable inquiries, and on the understanding that the SIPC,
SEC, and the Fed, among others, support the transaction, he has
determined that the course of action is in the best interests of
LBI's customers, creditors, and the general estate.

Rich Ricci, Barclays' asset management and investment banking
chief operating officer, will be chief executive officer of LBI
for about three months, to oversee the integration.

The courtroom broke into applause when the sale hearing closed at
12:41 a.m. New York time, after it started at 4 p.m.  The sale has
been approved only five days after Lehman Brothers petitioned for
Chapter 11, which caused financial turmoil around the globe.

Judge Peck approved the sale despite arguments by creditors that
the sold assets could fetch more from competing bidders and that
Lehman failed to provide adequate disclosure about the specific
assets and debts included in the transaction.

                  Creditors Seek Due Process,
                   Say Approval Is Premature

An informal group of unidentified LBHI bondholders represented by
Akin Gump Strauss Hauer & Feld LLP said while they are aware of
the extraordinary circumstances that led to the bankruptcy
filing, these exigencies do not justify approval of the sale at
this time.  The Informal LBHI Bondholder Group complained that
the Debtors have not "(a) engaged in a formal marketing process
focused on the specific assets to be sold or (b) considered other
potential viable alternatives to maximize the value of their
estates in this changing economic climate."  The Bondholders said
the Debtors have not satisfied the objective set forth in
bankruptcy law that they obtain the highest price or greatest
overall benefit possible for the estate.  The Bondholders noted
that LBHI acknowledged that:

  (a) the specific assets to be soled were never marketed other
      than in the context of a sale of the entire Lehman
      enterprise;

  (b) the Federal Reserve, and not them, brokered the sale of
      the Purchased Assets to Barclays; and

  (c) since Barclays was identified as the proposed purchaser,
      no effort have been made by anybody to obtain higher and
      better offers for the purchased assets.

The Bondholders said that the Debtors' failure to engage in
proper sale and marketing process for LBI and other purchased
assets, and the recent positive events for the nation's economy
warrant the disapproval of the sale.  Parties have noted that
U.S. Treasury and the Federal Reserve have committed to draft a
bail out plan aimed at forming an agency to absorb bad debt of
banks and brokerages.  U.S. stocks have rebounded Friday
following the bailout announcement.

Hedge fund Harbinger Capital Partners and its affiliates, owed at
least US$250,000,000 by Lehman Brothers Special Financing, Inc., a
non-debtor registered broker-dealer of LBI, argued that the sale
was not justified.  Harbinger, which said that the debt was
guaranteed by LBHI, noted that LBI has not been placed into any
proceedings under Chapter 11 or SIPA and hence creditors have no
basis on which to assess the proposed sale.  Harbinger Funds asked
the Court to withhold approval of the proposed sale until the
sellers disclose the fundamental financial details necessary to
determine the fairness of the transaction.
The SIPC commenced SIPA proceedings for LBI on Sept. 19, the same
day the Bankruptcy Court approved the sale of LBI.

Judge Peck rejected the Bondholders' requests for delay based on
their optimism.

             Creditors Ask on Billions of Collateral

JPMorgan Chase Bank, N.A., the principal clearing bank for LBI,
handles a large volume of securities, cash and other transactions
for LBI's benefit and makes substantial advances for LBI's benefit
on a daily basis.  According to Amy R. Wolf, Esq., at Wachtell,
Lipton, Rosen & Katz, in New York, as of Friday morning, JPMC had
an outstanding advance of US$15.8 billion under their Clearance
Agreement and an outstanding "fail advance" of US$7.4 billion made
after the close of trading on Sept. 18.  She noted that all
advances are secured by cash and securities in accounts held by
JPMC, which if lifted, will result to JPMC not adequately
protected for the advances.  "To the extent that the Debtor
proposes to sell any of the LBI Collateral to Barclays, it must
first discharge any outstanding advances made by JPMC that are
secured by the LBI Collateral, and ensure that JPMC is relieved of
any further obligations to make advances," she said.

DCI Umbrella and Lehman Brothers International (Europe) are
parties to a 1992 ISDA Master Agreement dated July 8, 2005.  DCI
said that Lehman has defaulted Sept. 15, and it has sought
delivery of the collateral pledged in connection with the
agreement.  DCI said that, after reviewing the definitions in the
APA, it was unable to determine with certainty whether its
collateral is included or excluded from the sale.

The Walt Disney Company said it won't object to the proposed sale
if LBH makes clear that it is not transferring assets of Lehman
Brothers Commercial Corporation free and clear of claims of TWDC
and its affiliates.  LBCC allegedly owes US$107 million worth of
foreign currencies to TWDC, which are guaranteed by Lehman
Brothers Holdings.

          RBC, et al., Fight Inclusion of Non-Debtors,
                      Want Proceeds Frozen

Wells Fargo Bank, N.A., which asserts claims on account of ISDA
master agreements against LBHI and its non-debtor units, noted
that the Debtors are "attempting to sell unidentified assets of
various unindentifed, non-debtor subsidiaries and affiliates for
an unidentified purchase price."  Wells Fargo said that while it
does not want to impede the Barclays sale, the Debtors should
provide complete information to creditors.  Scott D. Talmadge,
Esq., at Kaye Scholer LLP, in New York, noted that with the
exception of LBI, non-debtor entities are not even parties to the
APA.

Martin J. Bienenstock, Esq., at Dewey & Leboeuf LLP, in New York,
who represents Royal Bank of Scotland plc and ABN ABN AMRO NV,
said that at the Sept. 17 hearing, the Debtors' representatives
informed RBS that assets of non-debtor units were not being sold
and references of the subsidiaries' assets being included in the
APA were erroneous.  However, Mr. Bienenstock says that as of
Sept. 19, he has not received a corrected version of the APA, and
the APA includes numerous references in implying that assets of
the Debtors' non-debtor subsidiaries are being transferred.  RBS
and ABN AMRO, which entered into derivatives transactions with
several of the Debtors' subsidiaries, said that the any sale
order should clarify that LBHI is not transferring assets of non-
debtors free and clear of rights and claims of RBS and its
affiliates.  The Toronto-Dominion Bank, a party to over-the-
counter derivative transactions with LBI and its units joins in
the concerns raised by RBS.

Elliott Associates, L.P., Elliott International, L.P., and The
Liverpool Limited Partnership, are creditors of Lehman Brothers
Special Financing Inc., Lehman Brothers Commodity Services Inc.,
and Lehman Brothers International (Europe), all non-debtors
before the U.S. Bankruptcy Court.  The Elliot Entities asked the
Court to:

  -- specifically reserve jurisdiction to decide any dispute
     regarding the proper allocation of the proceeds of the
     Barclays Sale, and require that the Debtors provide prior
     notice to all parties in interest of any proposed
     allocation; and

  -- defer any determinations concerning transfers that may be
     made by non-debtor subsidiaries until the contours of the
     Barclays Sale have been determined by the parties and
     revealed to the Court and parties-in-interest.

Matthew J. Gold, Esq., at Kleinberg, Kaplan, Wolf & Cohen, P.C.,
in New York, says the Debtors' motion papers with respect to the
Barclays Sale are "extremely vague with regard to many of the
critical terms of the proposed sale -- like which assets are
being sold and by whom."  According to Mr. Gold, this vagueness
is partly a function of the Debtors' failure to file or post
on-line any of the schedules to the Asset Purchase Agreement, and
partially a function of the broad definitions used.  Mr. Gold
adds that the Asset Purchase Agreement is also vague in terms of
who gets the proceeds of sale.  Mr. Gold says, without Court
oversight, it is improper to delegate the allocation of the
proceeds to Barclays or the Debtors.  Mr. Gold also notes that
the proposed order submitted by the Debtors would have the Court
find that the consideration paid constitutes reasonably
equivalent value or fair value.  "The Court lacks jurisdiction to
make any determination regarding conveyances made by non-debtors
to non-debtors."

Diversified Credit Investments LLC, as agent for The Government
of Singapore Investment Corporation PTE, Ltd., told the Court
that GIC and non-debtor subsidiary Lehman Brothers Special
Financing, Inc., are parties to a 1992 ISDA Master Agreement,
wherein GIC pledged certain collateral.  Lehman Brothers'
bankruptcy filing constituted an event of default and thus GIC
demanded the immediate delivery of the Collateral.  Howard D.
Ressler, Esq., at Diamond McCarthy LLP, in New York, relates that
upon reviewing the Sale Motion, GIC cannot determine with any
degree of certainty whether its Collateral is included or
excluded from the proposed sale.  Mr. Ressler said GIC's counsel
has contacted the Debtors' counsel and has asked for assurances
that the Collateral is not part of the sale.  However, Mr.
Ressler says, the Debtors' counsel responded in silence.

The Ad Hoc Committee of bondholders of the Main Street Natural
Gas, Inc., Gas Project Revenue Bonds, Series 2008A consists of
these bondholders who collectively hold in excess of 33% of the
outstanding principal amount of the Bonds:

  -- Capital Research and Management Company,
  -- Franklin Federal Intermediate-Term Tax-Free Income Fund,
  -- Franklin Federal Tax-Free Income Fund,
  -- Franklin Georgia Tax-Free Income Fund,
  -- Franklin High Yield Tax-Fee Income Fund,
  -- Fundamental Advisors, LP,
  -- Oppenheimer Funds, Inc.,
  -- Independence Holding Co.,
  -- The Vanguard Group, Inc., and
  -- Allstate Insurance Company.

Representing the Main Street Bondholders, Kevin M. Lippman, Esq.,
at Munsch Hardt Kopf & Harr, P.C., in Dallas, Texas, said the
Sale Motion fails to adequately identify whether the assets of
non-debtor subsidiary Lehman Brothers Commodity Services, Inc.,
are included or implicated in the assets being sold to Barclays
Capital.  "A clear understanding of what assets are included is
imperative so that the Ad Hoc Committee can evaluate the impact
the sale may have on Lehman Commodity's ability to satisfy its
obligations under the Purchase  Agreement," Mr. Lippman said.

Bay Harbour Management L.C., Bay Harbour Master Ltd., Trophy
Hunter Investments, Ltd., BHCO Master, Ltd., MSS Distressed &
Opportunities 2 and Institutional Benchmarks have prime brokerage
accounts with Lehman Brothers International (Europe) and Lehman
Brothers, Inc., as agent.  David S. Rosner, Esq., at Kasowitz,
Benson, Torres & Friedman LLP, in New York, told the Court that
cash and securities that are owned by Bay Harbour appears to have
been siphoned from London to the United States as part of an US$8
billion asset transfer and then "trapped" by the Debtors'
midnight bankruptcy filing.  It is undisputed that Bay Harbour
did not get any money out of this transfer, Mr. Rosner notes.
And it is clear, Mr. Rosner says, that Barclays will be receiving
a substantial portion of cash and securities held by the Debtors
and Lehman Brothers Inc.  "It is possible that some or all of
this cash and securities may derive from the Defalcated Assets or
that the transfer of the Defalcated Funds may have been
manipulated to prop up [Lehman Brothers Inc.] for sale, or
otherwise used for the Debtors' and its affiliates' operations."

According to Mr. Rosner, the Barclays Sale threatens to further
dissipate the ability of Lehman Brothers International (Europe)'s
Administrator and customers to recover their rightful property
and to protect Barclays from claims to this cash, without an
opportunity for discovery on very short notice.   "Approving the
Barclays Sale would set a very dangerous precedent that the
exigency of a sale allows a debtor to eviscerate creditors rights
in ways expressly prohibited by the Bankruptcy Code and
applicable law," Mr. Rosner stated.

Bay Harbour asserts that the Debtors should not be allowed to
sell assets they do not own.  Since the Court has no record at
this time to determine that the Debtors own the Purchased Assets,
the Court has no substantive ability to adjudicate that the
Debtors own the Purchased Assets and that Barclays obtain good
title to those assets under the sale.  Should the Court approve
the Sale, Bay Harbour contends that the Sale Order must make
clear that:

  (i) Barclays will not be acquiring title to assets or their
      proceeds that the Sellers do not own and these assets or
      their value may be recovered;

(ii) parties with claims to ownership or constructive trust to
      assets subject to the Sale will have the right to assert
      their ownership claims against Barclays; and

(iii) cash and securities totaling at least US$8 billion of
      securities to be transferred to or from Barclays should be
      frozen pending a final determination with respect to the
      rights to those cash and securities in plenary litigation.

All cash to be transferred pursuant to the Purchase Agreement
should be placed into segregated accounts pending the outcome of
litigation, Mr. Rosner adds.  Bay Harbour also asserts that
Barclays may not be a good faith purchaser because it was
involved with the Lehman entities before it "walked away" and it
may have known of the asset stripping.  Thus, Mr. Rosner says,
the Court should not adopt any finding that insulates Barclays
from successor liability from customer ownership and constructive
trust claims to any customer property.  Bay Harbour further asks
the Court to compel the Debtors to clarify, among other things:

  -- what assets are being sold;

  -- what value the Debtors are providing;

  -- what are the intercompany claims and what, if any, are
     being released; and

  -- the uses of the Defalcated Funds.

Overstock.com Inc., Novastar Financial Inc., and their
shareholders said the Debtors proposed for the sale of assets and
the assumption of liabilities of Lehman Brothers Inc., ignoring
the fact that LBI is not a debtor whose assets and liabilities
are not subject to the protections of the Bankruptcy Code.

Overstock, et al., further said that the proposed sale also blurs
the corporate structures and commingle the Debtors and LBI, their
assets and liabilities so to effectuate the transfer of assets
under Section 363 of the Bankruptcy Code.  They stressed that the
Debtors proposed to sell non-estate assets while requesting
bankruptcy estate asset protections.

The Chicago Mercantile Exchange demanded LBI to give confirmation
that the proposed sale is consistent with CME's rules concerning
identifiable customer securities, property, or commodity
contracts of LBI to Barclays before the purchase agreement is
executed.

              Lehman UK Creditors, Administrators
                      Want Claims Preserved

Amber Capital,investment manager to Amber Master Fund (Cayman)
SPC, complained that the sale fails to protect the interests of
the creditors of Lehman Brothers International (Europe), the
Lehman UK subsidiary, from which, according to reports LBHI swept
US$8-billion cash as part of a weekly intercompany transaction,
three days before LBHI filed for Chapter 11 protection.  The
procedures of that intercompany transaction, provides that the
cash swept must be reversed.  The US$8-billion, however, was not
reversed, nor did LBHI provide LBIE any assets in return for the
Cash.  David M. LeMay, Esq., at Chadbourne & Parker LLP, in New
York, said that certain assets that may be included in the sale
may have been misappropriated from LBIE.  Amber said that the
sale proceeds must be frozen until those issues are resolved.

GLG Partners LP, a creditor and account holder at Lehman Brothers
International (Europe), said the proposed order approving the
sale does not protect the interests of creditors of LBIE, which
is in administration.  It said that certain assets that may be
included as part of the sale to Barclays Capital Inc., may have
been misappropriated from LBIE by the Debtors in advance of their
bankruptcy filing.

The joint administrators of the Lehman European Group before
certain insolvency proceedings the United Kingdom, say they do
not object to the proposed sale to Barclays.  Martin Flics, Esq.,
at Linklaters, LLP, in New York, said that due to the close
connection among the businesses of the Debtors, LBI and Lehman
Europe, the Administrators want clarification that their claims,
if any, in connection with certain transfers of securities, will
be preserved.  According to the Administrators, comprising three
partners of PricewaterhouseCoopers LLP, their initial
investigation has revealed significant transfers of securities
from Lehman European Group to and/or through LBI or the Debtors
have taken place, but that the reimbursement in respect of those
securities and ad any margin posted in connection with them was
not made.

                      Transaction Approved

Judge Peck finds that good and sufficient reasons for approval of
the Purchase Agreement and the Sale have been articulated by the
Debtors, the Creditors' Committee and government officials, and
the transaction is in the best interests of the Debtors, their
estates, their creditors and other parties in interest.

Judge Peck finds that the Debtors have demonstrated good,
sufficient and sound business purposes and justifications and
compelling circumstances for the Sale under Sec. 363(b) of the
Bankruptcy Code before, and outside of, a plan of reorganization.
The immediate consummation of the Sale with Barclays is
necessary, Judge Peck says, and appropriate to maximize the value
of the Debtors' estates, particularly given the wasting nature of
the Purchased Assets.

Judge Peck is convinced that Barclays' offer is the highest and
best and will provide a greater recovery for the Debtors' estates
than would be provided by any other available alternative.  The
Debtors' determination that the Purchase Agreement constitutes
the highest and best offer for the Purchased Assets, Judge Peck
finds, constitutes a valid and sound exercise of the Debtors'
business judgment

Judge Peck directs that any and all valid and perfected Interests
in Purchased Assets will attach to the Sale Proceeds in the order
of priority, and with the same validity, force and effect which
they now have against the Purchased Assets.  If further hears are
necessary to sort out disputes about the Sale Proceeds, the Court
will hold them.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
Sept. 16 (Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LEHMAN BROTHERS: SIPC Starts Liquidation Proceedings Against LBI
----------------------------------------------------------------
The Securities Investor Protection Corporation commenced a
liquidation proceeding under the Securities Investor Protection
Act of 1970, as amended, 15 U.S.C. Section 78aaa, et seq.,
against Lehman Brothers, Inc., before the U.S. District Court for
the Southern District of New York (Case No. 08-8119).  The
proceedings have been removed to the Bankruptcy Court, in two
adversary proceedings, Nos. 08-01419 and 08-01420.

Barclays Capital, Inc.'s US$1.7-billion asset purchase agreement
with Lehman Brothers Holdings, Inc., in connection with the sale
of LBI to Barclays contemplates the initiation of this SIPA
proceeding and the SIPA Trustee's consent to the sale and Judge
Peck's further approval of the transaction in the SIPA
Proceeding.

LBI is a broker-dealer registered with the U.S. Securities and
Exchange Commission and the Commodity Futures Trading Commission,
a member of the Financial Industry Regulatory Authority, and a
member of SIPC.  Under SIPA Section 78eee(a)(3), SIPC has
jurisdiction over broker-dealers that are members of SIPC.

In its complaint, the SIPC said that customers of LBI are in need
of the protections afforded under the SIPA, citing that LBI has
failed to meet its obligations to its customers.  One of those
obligations, LBI's inability to meet its obligations to customers
as they mature, Kenneth J. Caputo, senior associate general
counsel of SIPC, said.

The SIPC has designated:

         James W. Giddens, Esq.
         Hughes Hubbard & Reed LLP
         One Battery Park Plaza
         New York, NY 10004-1482
         Telephone (212) 837-6060
         Fax (212) 422-4726

as trustee, and Mr. Giddens' law firm as his counsel, for the
SIPA liquidation of LBI.

The filing of the Complaint and Application operate, pursuant to
11 U.S.C. Section 362(a), as an automatic stay.  SIPA Section
78eee(b)(2)(B)(i) provides that the Court "shall stay any pending
bankruptcy, mortgage foreclosure, equity receivership, or other
proceeding to reorganize, conserve, or liquidate the debtor or
its property and any other suit against any receiver,
conservator, or trustee of the debtor or its property. . ."

The SIPC has requested the Court to enter an order staying all
persons and entities for a period of 21 days after the date of
from enforcing liens or pledges against the property of LBI and
from exercising any right of set-off, without first receiving the
written consent of SIPC.

Mr. Giddens, as trustee for the SIPA liquidation of LBI, has
asked the Bankruptcy Court to approve the sale of LBI to
Barclays.

                        SIPC's Statement

    WASHINGTON, District of Columbia -- September 18, 2008 --
The Securities Investor Protection Corporation (SIPC), which
maintains a special reserve fund authorized by Congress to help
investors at failed brokerage firms, issued the following
statement today in relation to the SIPC member, Lehman Brothers
Inc. (LBI).

    SIPC President Stephen Harbeck said:

    "On Friday, September 19, 2008, SIPC will file a proceeding
placing LBI in liquidation under the Securities Investor
Protection Act (SIPA).  After extensive discussions and
consultation with representatives of the firm and its parent
company, as well as representatives of the Securities and
Exchange Commission, the Federal Reserve, the Commodity Futures
Trading Commission, the Financial Industry Regulatory Authority
and others, SIPC has decided that such action is appropriate for
the protection of customers and to facilitate the transfer of
customer accounts of LBI and an orderly unwinding of the business
of the brokerage firm.

    "This action is being taken in connection with a proposed
sale of the business of the broker-dealer to Barclays Capital
Inc.  A hearing on approval of that sale is scheduled for
September 19, 2008, at 4 p.m., in the Chapter 11 proceeding of
the parent company, LBHI.

    "To provide clarity to market participants, I would note the
following:

    * SIPC's initiation of the proceeding is designed to
      minimize market disruption and to allow the transfer of
      assets and customer accounts of LBI to close in a timely
      manner under the negotiated Asset Purchase Agreement.

    * SIPC will ask the court where the SIPA proceeding is filed
      to allow the Trustee to operate the business of the firm
      for a limited time so that normal operations can continue.

    * SIPC continues to consult and coordinate with the above-
      mentioned federal agencies and others to ensure orderly
      market functioning.

    "SIPC remains vigilant and committed to our core mission of
customer protection."

                           About SIPC

    The Securities Investor Protection Corporation is the U.S.
investor's first line of defense in the event a brokerage firm
fails, owing customer cash and securities that are missing from
customer accounts.  SIPC either acts as trustee or works with an
independent court-appointed trustee in a brokerage insolvency
case to recover funds.  The statute that created SIPC provides
that customers of a failed brokerage firm receive all non-
negotiable securities -- such as stocks or bonds -- that are
already registered in their names or in the process of being
registered.  At the same time, funds from the SIPC reserve are
available to satisfy the remaining claims of each customer up to
a maximum of US$500,000.  This figure includes a maximum of
US$100,000 on claims for cash.  From the time Congress created it
in 1970 through December 2006, SIPC has advanced US$505 million in
order to make possible the recovery of US$15.7 billion in assets
for an estimated 626,000 investors.

                About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.

(Lehman Brothers Bankruptcy News; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


LEHMAN BROTHERS: Provides Guide on LBIE Europe Clients' Recovery
----------------------------------------------------------------
PricewaterhouseCoopers LLP, the joint administrators of Lehman
Brothers International (Europe), wish to inform affected customers
of LBIE about the steps that are being taken to identify and
return client monies and assets held by LBIE.

                            Background

The Administrators treat the identification and return of client
monies and assets of LBIE as a very important and urgent matter.
A procedure for that identification has been agreed with the FSA,
with whom the Administrators have been working very closely in
relation to this aspect of the Administration.  PwC set out a
brief description of that procedure, and conclude with an update
on progress and an indication of a possible timetable for the
return of Client Assets.

LBIE controls Client Assets through other institutions, and in
principle it should be possible for these Client Assets to be
returned to clients.  However, prior to doing so the
Administrators are obliged to ensure that all Client Assets are
accessible by the Administrators and that they qualify to be
treated as client monies or assets.  Subject to these
preconditions the Client Assets should, in due course, be
available for return.  In addition, in respect of each client for
which Client Assets are held, the Administrators must ensure that
there are no liabilities owed by the client which might give rise
to an entitlement to withhold all or part of a return of the
Client Assets in question.  Those steps will ensure no creditors
are given preference and is consistent with the Administrator's
duties to preserve and realize the company's assets for its
creditors.

Collecting the information required for these purposes is time
consuming.  The business conducted by LBIE is complex, with many
hundreds of clients, in particular prime brokerage clients,
dealing with, and receiving services from, a range of different
business units within LBIE, requiring data and input from a number
of different systems.

For certain business units such as prime brokerage clients should
be aware that, in relation to Client Assets provided to LBIE, it
was customary for LBIE to have a right of "re-hypothecation" or
right of "use".  In effect that entitled LBIE to lend such
securities in the stock loan or repo markets, with the result that
the assets, once "used", were no longer held for the client on a
segregated basis, and as a result the client may cease to have any
proprietary interest in them.

                            Process

In summary, the process for the identification and return of
Client Assets, which has been agreed with the FSA, involves the
following key steps:

1. For those clients who have the benefit of client money
protection, under the FSA rules, ascertain client money balances
held with various institutions in aggregate and reconcile those
balances to LBIE client records.

2. Ensure funds in (1) above are accessible by the Administrators
for return.

3. Identify Client Assets in aggregate, and the manner in which
the different types of assets are held. For example, assets may be
registered in nominee names, held via an accountholder in a
clearing system and/or third party custodians may be used.

4. Check documentation with each client for whom Client Assets
appear to be held, including prime brokerage agreements, netting
agreements, and other relevant documents, to confirm that money
received from or on behalf of a particular client is "client
money" within the meaning of the FSA rules and to verify related
security rights and set off rights in respect of Client Assets.

5. Reconcile the Client Assets by client to the client's claimed
position, and identify whether the client has any relevant
liabilities. If any such liabilities are identified, then to
determine the extent to which the liabilities owed by the client
may reduce the amounts properly returnable to the client. It is
also necessary to analyse whether LBIE has exercised any "right of
use" over Client Assets, and whether assets so used have ceased to
be available.

6. In determining the amount potentially returnable, to take
account of any unsettled transactions between the client and LBIE,
and provide for any potential liabilities of the client resulting
from such unsettled transactions.

Further steps may be identified as this process is conducted.

                            Timetable

To complete the above processes will take considerable time. Our
current view is that this process could take several months to
conclude.  Once certain aspects of the process are completed, the
Administrator may consider partial returns subject to conditions.
PwC is working closely with the FSA in the conduct of this vital
process.  PwC will update clients about progress on an ongoing
basis.

Further details relating to the administration are included in the
PwC website.

AV Lomas, SA Pearson, DY Schwarzmann and MJA Jervis were appointed
as Joint Administrators of Lehman Brothers International (Europe)
on 15 September 2008 to manage its affairs, business and property
as agents without personal liability.  AV Lomas, SA Pearson, DY
Schwarzmann and MJA Jervis are licensed to act as insolvency
practitioners by the Institute of Chartered Accountants in England
and Wales.

                   About PricewaterhouseCoopers

PricewaterhouseCoopers LLP -- http://www.pwc.com/-- provides
industry-focused assurance, tax and advisory services to build
public trust and enhance value for its clients and their
stakeholders.  More than 146,000 people in 150 countries across
its network share their thinking, experience and solutions to
develop fresh perspectives and practical advice.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr.
S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16
(Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

                International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
Sept. 16 (Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


LEHMAN BROTHERS: In Talks to Sell Two Businesses
------------------------------------------------
Dan Schwarzmann, joint administrator and partner at
PricewaterhouseCoopers LLP, provides an update on the status of
the sales process concerning the investment banking and equities
businesses within Lehman Brothers in the UK and Europe.

"We have now focused on one party as they are interested in
acquiring a wider team, which should result in a better deal for
staff and creditors of these businesses.  Given the complexity of
Lehman Brothers, these negotiations are difficult, but I'm hoping
to give certainty to all involved as soon as possible."

Further updates will be circulated as soon as they are available.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
Sept. 16 (Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


LEHMAN BROTHERS: Reviews LBUKRE Portfolio
-----------------------------------------
Following the appointment of Tony Lomas, Steven Pearson, Dan
Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers
LLP, as joint administrators to Lehman Brothers International
(Europe) on Sept. 15, 2008, Barry Gilbertson, partner and real
estate specialist, PricewaterhouseCoopers LLP, has the following
update concerning the administration of the real estate owning
entity, Lehman Brothers UK Real Estate Holdings Limited:

"Since appointment on Sept. 15, despite the complexity of LBUKRE
and its trading activities, the Administrators have made
considerable progress in identifying what assets are under the
control of LBUKRE and have taken steps to ensure that the pace and
structure of any disposals optimize the realizations generated for
the creditors of LBUKRE.

"LBUKRE appears to have more than 200 subsidiary entities or joint
ventures, with property activities covering both investment and
development.  These properties are principally located in the UK,
but also in Sweden, France, Finland, Spain, Croatia and several
additional European countries.  The total underlying asset value,
before allowing for funding structures, is considered to be in the
region of US$15 billion.

"In addition, there are non-performing loan and mortgage
portfolios, together with a limited number of private equity
interests and shareholdings in listed businesses.

"Our review of the LBUKRE portfolio will not be completed for
several weeks, but we are gathering all expressions of interest so
that we can communicate with interested parties as soon as we are
ready".

Any expressions of interest in the tangible real estate assets
should be directed, in the first instance, to
barry.gilbertson@uk.pwc.com and ed.b.cook@uk.pwc.com.  At this
stage, email is preferable to a telephone call.  All emails will
be acknowledged.  At this stage, email is preferable to a
telephone call.  All emails will be acknowledged.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com-- is the
fourth largest investment bank in the United States.  For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.  Through its team of more than 25,000 employees, Lehman
Brothers offers a full array of financial services in equity and
fixed income sales, trading and research, investment banking,
asset management, private investment management and private
equity.  Its worldwide headquarters in New York and regional
headquarters in London and Tokyo are complemented by a network of
offices in North America, Europe, the Middle East, Latin America
and the Asia Pacific region.  The firm, through predecessor
entities, was founded in 1850.

Lehman filed for chapter 11 bankruptcy September 15, 2008 (Bankr.
S.D.N.Y. Case No.: 08-13555).  Lehman's bankruptcy petition listed
US$639 billion in assets and US$613 billion in debts, effectively
making the firm's bankruptcy filing the largest in U.S. history.
The September 15 Chapter 11 filing by Lehman Brothers Holdings,
Inc., does not include any of its subsidiaries.

Subsidiary LB 745 LLC, submitted a Chapter 11 petition on
Sept. 16 (Case No. 08-13600).

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

Barclays Bank Plc has agreed, subject to U.S. Court and relevant
regulatory approvals, to acquire Lehman Brothers' North American
investment banking and capital markets operations and supporting
infrastructure for US$1.75 billion.

               International Operations Collapse

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

Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
The two units of Lehman Brothers Holdings, Inc., which has filed
for bankruptcy protection in the U.S. Bankruptcy Court for the
Southern District of New York, have combined liabilities of JPY4
trillion -- US$38 billion).  Lehman Brothers Japan Inc. reported
about JPY3.4 trillion (US$33 billion) in liabilities in its
petition.  Akio Katsuragi, a former Morgan Stanley executive, runs
Lehman's Japan units.

Lehman Brothers Asia Limited, Lehman Brothers Securities Asia
Limited and Lehman Brothers Futures Asia Limited have suspended
its operations with immediate effect, including ceasing to trade
on the Hong Kong Securities Exchange and Hong Kong Futures
Exchange, until further notice.  The Asian units' asset management
company, Lehman Brothers Asset Management Limited, will continue
to operate on a business as usual basis.  A further notice
concerning the retail structured products issued by or arranged by
any Lehman Brothers group company will be issued as soon as
possible, a press statement said.


MG BUILDING: Brings in Liquidators from Vantis
----------------------------------------------
Glyn Mummery and Darren Wilson of Vantis Business Recovery
Services were appointed joint liquidators of MG Building & Civil
Engineering Ltd. on Sept. 4, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         MG Building & Civil Engineering Ltd.
         Gardeners Farm
         Maldon Road
         Goldhanger
         CM9 8BQ
         England


ROBERT CAIN: Brewery Business Sold as Going Concern
---------------------------------------------------
David Chubb, Ian Green and Craig Livesey of PricewaterhouseCoopers
LLP, joint administrators of Robert Cain & Co Limited have sold
the Company's brewery business, certain of its trading assets and
its leasehold interest in 9 pubs.

The buyers are expected to continue the business as a going
concern and approximately 90 brewery and pub employees transferred
with the business on Sept. 19, 2008.

The buyers are companies controlled by Sudarghara and Ajmail
Dusanj, who were previously the chief executive and chief
operating officers of Cains Beer Company plc until the
administrator's appointment to the Company (and to five other
companies in the Cains Beer Company plc group) on Aug. 7, 2008.

Craig Livesey, joint administrator and director at
PricewaterhouseCoopers LLP said: "After a difficult period of
trading for the Company in administration, we are pleased that a
sale of the business as a going concern has been possible.  We
believe that this sale gives the best chance for continued
employment for the majority of the Company's staff and also gives
suppliers and customers an opportunity of continued business with
the brewery."

Cains brewery, based in Liverpool, has been brewing beer in
Liverpool since 1850.  Its beers have won a number of awards, most
recently the World's Best Fruit Beer in the World Beer Awards
2007.

The sale does not extend to the larger pub estate owned and
managed by other group companies which the administrators hope to
sell over the coming months.


TITAN EUROPE: S&P Junks Rating on Class F Notes, Keeps Watch Neg.
----------------------------------------------------------------
Standard & Poor's Rating Services has lowered and kept on
CreditWatch with negative implications its credit ratings on the
class E and F notes issued by Titan Europe 2007-3 Ltd.  At the
same time, S&P placed on CreditWatch negative the class D notes
and kept on CreditWatch negative the class G notes.  S&P has
affirmed its ratings on all the other classes in the transaction.

The rating actions have been driven by ongoing concern about
timely payment by the issuer of interest and potential losses
resulting from the current situation of the Metro and Holmewood
Chesterfield loans, along with the refinancing prospects of the
Auric loan which matures in January 2009.

The Metro loan was transferred into special servicing on July 15,
2008, following the insolvency of the sole tenant ILVA.  At the
last loan interest payment date (IPD), the rent due was only
partially paid.  As neither the borrower nor the B-note lender
covered the senior loan interest shortfall, a servicing advance
was made. Since then, ILVA has vacated the premises.  The special
servicer (Hatfield Philips International Ltd.) is investigating
possible reletting/resale options with all involved parties.  The
current reported senior and whole-loan loan-to-value (LTV) ratios
are 95.4% and around 108%, respectively; both are higher than the
loan-to-vacant possession value (LTVPV) reported at closing.
These ratios are based on the December 2007 valuation, when ILVA
was still occupying the property.  An up-to-date valuation report
is being undertaken and S&P expects this may result in further
deterioration in the LTV ratios.

The Holmewood Chesterfield loan has also been transferred into
special servicing (Capmark Services U.K. Ltd.) as the only tenant,
Innovate Logistics Ltd., went into administration.  At the last
loan IPD, the rent was not paid and remains outstanding.  As the
borrower did not cover the interest shortfall, a servicing advance
has been made.  The special servicer has informed us that it is
currently liaising with the borrower and the tenant's
administrator.  The LTVPV is 107.1%, based on the closing figure.
An up-to-date valuation is currently being obtained and S&P
anticipates that there may be a reduction in the value.

The Auric loan matures in January 2009.  As indicated in the media
release S&P published on July 9, the borrower has obtained
planning permission to convert the former bank building into a
luxury hotel.  However, S&P retains significant concerns regarding
the refinancing of the facilities at loan maturity in January
2009.

Special servicing fees are payable for the Metro and Holmewood
Chesterfield loans.  These fees are covered neither by the
servicing advances nor the class X notes.  There is also an
appraisal reduction mechanism to limit servicing advances by
automatically reducing the available drawings following a loan
event of default where the up-to-date whole-loan LTV ratio exceeds
90%.  This may affect any future drawings.  This creates increased
uncertainty about the timely payment of interest for the class F
and G notes.  If this occurs, the rating on these notes could be
lowered to 'D'.

As a result, S&P lowered its rating on the class E and F notes to
address its concerns regarding timely payment of interest and
final losses.  S&P placed the class D notes on CreditWatch
negative to reflect its uncertainty about the potential size of
the losses.

S&P will continue to evaluate the transaction, particularly
regarding the above-mentioned loans and will look to provide
further commentary in due course.

Titan Europe 2007-3 Ltd.:

  -- GBP778.82 Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered And Kept On CreditWatch Negative:

Class            To                     From
-----        --------------          --------------
   E          B+/Watch Neg            BBB-/Watch Neg
   F          CCC-/Watch Neg          B/Watch Neg

Rating Put On CreditWatch Negative:

Class            To                 From
-----        -------------          ----
  D           BBB/Watch Neg           BBB

Rating Kept On CreditWatch Negative:

G             CCC-/Watch Neg

Ratings Affirmed:

A1            AAA
X             AAA
A2            AAA
B             AA
C             A


* S&P Puts Lehman-Related European CMBS Ratings on Negative Watch
-----------------------------------------------------------------
On Sept. 17, Standard & Poor's Ratings Services placed on
CreditWatch with negative implications several European commercial
mortgage-backed securities (CMBS) transactions where a Lehman
Brothers entity played a material role.  Here, S&P briefly
describes the incremental exposures that five of these
transactions have to Lehman.

Lehman entities currently act in various counterparty roles in
these transactions.  In some transactions, Lehman's role is more
specific, such as tenant, collateral agent, or providing future
funding.

                    Diversity Funding No. 1 Ltd.

The portfolio comprises 863 small commercial real estate loans
originated by Northern Rock and secured on commercial properties
located throughout the U.K. The portfolio was purchased from
Northern Rock by Lehman Commercial Mortgage Conduit Ltd. (the
seller) in June 2007.

The mortgage trustee owns the beneficial interest in the portfolio
while the legal title in the portfolio is held by the seller.  The
seller must perfect the transfer of the legal title to the
mortgage trustee within 20 days of the receipt of written notice
from the mortgages trustee, the issuer, and/or the security
trustee.  Furthermore, the seller will grant to the issuer, the
mortgages trustee, and the security trustee a power of attorney if
they need to perfect the transfer of legal title.

At closing, a reserve fund was put in place to cover, among other
things, senior expenses such as fees associated with the transfer
of the mortgage titles.

The CreditWatch placements reflect that S&P is currently observing
the transfer process.

Diversity Funding No. 1 Ltd.:

  -- GBP1,144.6 Million Variable Reference Rate Notes

Class        To           From
-----   -------------     ----
  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

                 Portfolio Green German CMBS GMBH

The issuer issued the notes for this transaction on the closing
date and, using the issuance proceeds, acquired from Lehman
Brothers Bankhaus AG the economic interest of 416 mortgage loans
advanced to individual and corporate borrowers and secured by
commercial properties in Germany.

The collateral agent structure of this transaction is complex and
S&P's current surveillance will reconsider this issue and any
possible implications for the rated notes.

Portfolio Green German CMBS GmbH:

  -- EUR585.411 Million Secured Floating-Rate Notes

Class          To           From
-----    -------------      ----
  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

As indicated, S&P will now carry out a more detailed analysis of
these transactions in the light of Lehman's insolvency and provide
update reports in the near future.


* S&P Cuts Ratings on Various CDPO Transactions, Retains WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on 21
constant proportion debt obligation (CPDO) transactions.  S&P is
also keeping all these CPDO transactions on CreditWatch with
negative implications.

The recent widening of credit spreads and the level of volatility
in the credit derivatives market have been unprecedented, and this
has resulted in further deterioration in the net asset values
(NAVs) of these CPDO structures.  The rating actions reflect the
increased risk that the NAVs may not be able to build value
sufficiently for the structures to "cash-in", i.e., reach a NAV
where all future interest payments and principal are covered.  In
some transactions, the NAVs are close to trigger levels.  If these
are breached, it would lead to those transactions being unwound.

S&P keeps all CPDO transactions on CreditWatch negative to reflect
the volatility of credit spreads in recent weeks and the
possibility of further market disruption.

Ratings Lowered and Kept on CreditWatch Negative:

Castle Finance I Ltd.

  -- EUR325 Million Surf Constant Proportion Debt Obligation
     Notes Series 7

                     CCC/Watch Neg             BB/Watch Neg

Castle Finance I Ltd.

  -- US$100 Million Surf Constant Proportion Debt Obligation
     Notes Series 8

                       CCC/Watch Neg             BB/Watch Neg

Castle Finance I Ltd.

  -- EUR60 Million Surf Constant Proportion Debt Obligation Notes
     Series 9

                       CCC/Watch Neg             BB/Watch Neg

Chess II Ltd.

  -- US$100 Million Surf Constant Proportion Debt Obligation
     Floating-Rate Notes Series 24

                       B/Watch Neg               BBB-/Watch Neg

Chess II Ltd.

  -- EUR100 Million Surf Constant Proportion Debt Obligation
     Floating-Rate Notes Series 25

                       B/Watch Neg               BB+/Watch Neg

Chess II Ltd.

  -- JPY5 Billion Surf Constant Proportion Debt Obligation
     Floating-Rate Notes Series 26

                       CCC/Watch Neg             BB+/Watch Neg

Chess II Ltd.

  -- EUR250 Million Surf Constant Proportion Debt Obligation
     Floating-Rate Notes Series 28

                       B/Watch Neg               BB+/Watch Neg

Chess II Ltd.

  -- EUR40 Million Surf Constant Proportion Debt Obligation
     Fixed-Rate Notes Series 29

                       BBB/Watch Neg             A/Watch Neg

Chess II Ltd.

  -- US$30 Million Surf Constant Proportion Debt Obligation
     Floating-Rate Notes Series 30

                       CCC/Watch Neg             BB/Watch Neg

Chess II Ltd.

  -- CHF200 Million Surf Constant Proportion Debt Obligation
     Fixed-Rate Notes Series 31

                       CCC/Watch Neg             BB/Watch Neg

Chess II Ltd.

  -- EUR10 Million WGZ INCO 2006 Constant Proportion Debt
     Obligation Notes Series 32

                        CCC/Watch Neg             BB-/Watch Neg

Chess II Ltd.

  -- EUR50 Million Surf Constant Proportion Debt Obligation Notes
     Series 33

                       B/Watch Neg               BBB-/Watch Neg

Chess II Ltd.

  -- EUR50 Million Constant Proportion Debt Obligation Notes
     Series 39

                       BB/Watch Neg              BBB+/Watch Neg

Coriolanus Ltd.

  -- AU$13 Million Floating-Rate Secured Notes Series 43

                       BBB/Watch Neg             A/Watch Neg

Motif Finance (Ireland) PLC

  -- EUR5 Million Adjustable Leverage Debt Obligations Series
     2007-3

                       BBB/Watch Neg             A/Watch Neg

Motif Finance (Ireland) PLC

  -- US$10 Million Adjustable Leverage Debt Obligations Series
     2007-4

                       BBB/Watch Neg             A/Watch Neg

Motif Finance (Ireland) PLC

  -- AU$26 Million Adjustable Leverage Debt Obligations Series
     2007-6

                       BBB/Watch Neg             A/Watch Neg

Rembrandt New Zealand Trust No. 2006-1

  -- NZ$70 Million Floating-Rate Notes

                       CCC/Watch Neg             BBB-/Watch Neg

Rembrandt Australia Trust No. 2006-2

  -- AU$50 Million Floating-Rate Notes

                       CCC/Watch Neg             BB+/Watch Neg

Rembrandt Australia Trust No. 2006-3

  -- AU$40 Million Community Income Constant Proportion Debt
     Obligation Notes

                       CCC/Watch Neg             BB+/Watch Neg

Saphir Finance PLC

  -- EUR77 Million Dynamic Participation Investment Return
     Obligation Notes Series 2006-11 (Antara Capital)

                       BBB/Watch Neg             A/Watch Neg


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)


BELGIUM
-------
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)
Setuza A.S.                          (55)         145   (1,120)


DENMARK
-------
Elite Shipping                       (28)         101       19

FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Euro Computer System                (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (67)         301      (13)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (311)
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
Selcodis S.A.             SPVX        (9)         134      (26)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Alno AG                   ANO        (21)         340      (61)
Babcock Borsig            BBX      (1608)         137   (1,309)
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (32)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kabel Deutschland                 (1,199)       2,280     (306)
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F      (13)         190      (68)
Nordsee AG                            (8)         195      (31)
Primacom AG               PRC         (5)         662      (47)
Schaltbau Hold            SLT         (3)         240       14
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
TA Triumph-Adler          TWN        (72)         462      (53)

GREECE
------
Petzetakis-PFC            PETZP       (8)         263      (98)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus PLC                 EXBUS     (30)         118    (5,162)

ICELAND
-------
Decode Genetics Inc.      DCGN     (146)         156       48

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       484
Waterford Wed Ut          WTFU     (145)         897       208


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (49)
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529      (88)
Lazio S.p.A.              SSL        (32)         254      (33)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Snia S.p.A.               SN         (12)         447       21
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Interoil Exploration      IOX         (9)         205      (11)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Vista Altan               VAFK       (15)          174      (4)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (417)
Rafo Onesti               RAF       (430)         353   (1,510)


RUSSIA
------
East Siberia Brd          VSNK       (79)         107     (278)
Omskij Kauchu             OMKA        (4)         125   (1,794)
OAO Samaraneftegas                  (332)         892  (16,942)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.           AHV       (116)       1,283     (278)
Santana Motor S.A.       LRSA        (46)         223       41


SWITZERLAND
-----------
Fortune Management                   (85)         348      (37)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (51)         433   (1,010)
Donetskoblenergo          DOON      (341)         573   (2,365)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
Bagleys Investment                  (247)       1,094     (126)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY         (9)         648       35
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Evans Healthcare                     (86)         239     (144)
Global Green Tech Group             (156)         408      (18)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Ladbrokes Plc             LAD       (894)       2,139     (356)
Lambert Fenchurch Group               (1)       1,827        3
Legal & Gen. Fin.                     (7)       3,576     (522)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
New Star Asset                      (418)         368       10
Next Plc                            (156)       3,224      (63)
Norbain Finance                      (10)         280      (10)
Orange Plc                ORNGF     (594)       2,902        7
Rank Group Plc                       (26)       1,209      (88)
Regus Plc                            (46)         367      (60)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP       (117)         212       11
Spirit Group                         (75)         365      (56)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Wincanton Plc             WIN        (27)       1,451      (78)


                            *********

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.


                 * * * End of Transmission * * *