TCREUR_Public/080925.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

         Thursday, September 25, 2008, Vol. 9, No. 191

                            Headlines

A U S T R I A

IGL LLC: Claims Registration Period Ends October 20
STIL LLC: Claims Registration Period Ends October 16


F R A N C E

ATARI INC: Stockholders Will Vote on Merger Deal on Oct. 8
ATARI INC: Offering to Buy Options Under 2005 Stock Incentive Plan
AUTOCAM CORP: Moody's Changes PDR to Caa3/LD, Affirms Caa3 CFR


G E R M A N Y

BARTH MASCHINEN: Claims Registration Period Ends October 2
DIREKTHYPO BERATUNGS: Claims Registration Period Ends October 2
DUERR AG: Unit Inks Joint Venture Aircraft Deal with EDAG
EISDOM FREIZEITANLAGEN: Claims Registration Period Ends Oct. 2
GANESHA CONSULTING: Claims Registration Period Ends October 2

GGK LEASING: Creditors' Meeting Slated for October 2
GLAZING FILIGRANBAU: Claims Registration Period Ends October 7
GRS BETEILIGUNGEN: Claims Registration Period Ends October 2
H + F WOHNUNGSBAUGESELLSCHAFT: Claims Filing Ends October 2
HEYDORN ELEKTRO: Claims Registration Period Ends October 2

LEHMAN BROTHERS: German Unit Trades Assets for ECB Funds
LITHIUM TECHNOLOGY: Files Amendment to 2007 Annual Report
PLANB FINANZVERMITTLUNGSGESELLSCHAFT: Claims End October 2
PLANEN UND BAUEN: Claims Registration Period Ends October 2
SUTA HANDELSEXPRESS: Claims Registration Period Ends October 2

TRONOX INC: Gary Pittman Has Option to Buy 100,000 Shares


I R E L A N D

TWIN BUILDERS: Calls for Examinership; Owes EUR4.3 Million


K A Z A K H S T A N

KAZ-TRADE-2005 LLP: Claims Registration Ends November 7
KMA EXPEDITION: Creditors Must File Claims by November 11
MOLDIR & K: Claims Deadline Slated for November 12


K Y R G Y Z S T A N

CENTRAL ASIAN: Creditors Must File Claims by November 3


L U X E M B O U R G

LECTA SA: S&P Retains 'B+' Senior Secured Issue Rating


M A L T A

MALTA SHIPYARDS: Must Be Liquidated, EU Commission Says


N E T H E R L A N D S

CARLSON WAGONLIT: Sales Volume Up 16% to US$15 Bln in 1H 2008
CARLSON WAGONLIT: Moody's Changes Outlook on Ba3 CFR to Negative


N O R W A Y

NORSKE SKOG: Receives Compensation for Korean Unit Sale
NORSKE SKOG: S&P Affirms 'BB-' Long-Term Corporate Credit Rating


R U S S I A

CERAMICS AND TILE: Creditors Must File Claims by October 11
CONSORTIUM LLC: Astrakan Bankruptcy Hearing Set December 23
GOLDEN TELECOM: S&P Withdraws BB+ Credit Rating at Firm's Request
GRAVITON-PLUS LLC: Creditor Must File Claims by November 11
KUZNETSKIY CAPACITOR: Court Starts External Bankruptcy Procedure

MUE POKROVSKIY: Creditor Must File Claims by November 11
RENAISSANCE CAPITAL: Onexim Group Acquires 50% Stake
RENAISSANCE CAPITAL: Fitch Trims Individual Rating to D from C/D
RUSSIAN FACTORING: S&P Affirms BB Credit Rating on Mezzanine Loan
SIBUR OJSC: Halted Sale Talks Cue Fitch to Keep 'BB' LT IDR

* Moody's Changes Outlook on Twelve Russian Banks to Stable


S P A I N

LCL FRESHSERVICES: Files for Insolvency; Blames Bad Debt


S W I T Z E R L A N D

ARCO MANAGEMENT: Creditors Have Until Oct. 8 to File Claims
IBIS BETEILIGUNGEN: Oct. 8 Set as Deadline to File Claims
GENERAL MOTORS: Diminishing Liquidity Cues Fitch to Junk IDR
NF ZURICH: Creditors Must File Proofs of Claim by Oct. 8


U K R A I N E

DTEK HOLDINGS: Fitch Holds 'B+' Long-Term Issuer Default Rating
ENTERPRISE RIVENT: Creditors Must File Claims by September 28
LORES GROUP: Creditors Must File Claims by September 28
MELITOPOL BREWERY: Creditors Must File Claims by September 28
MERKATOR PLUS: Creditors Must File Claims by September 28

PANSKAYA DOLINA: Creditors Must File Claims by September 28
PRILUKI PLANT: Creditors Must File Claims by September 28
SINEK LLC: Creditors Must File Claims by September 28
UNIVERSAL INVESTMENT: Creditors Must File Claims by September 28


U N I T E D   K I N G D O M

A J DRINKWATER: Brings in Liquidators from Tenon Recovery
AJA EXECUTIVE: Calls in Liquidators from KPMG
AQUILA 2005-1: S&P Puts BB-Rated Class E Notes on Negative Watch
BRADFORD AND BINGLEY: Fitch Cuts Individual Rating to 'D' from 'C'
BROADLAND RAIL: Appoints Liquidators from Tenon Recovery

CORNISH HOMES: Draws Up Paperwork for October 10 Liquidation
KRISPY KREME: Posts US$1.9 Million Net Loss in Qtr. Ended Aug. 3
NORTHERN ROCK: Appoints Bob Davies as Non-Executive Director
ORPHEE 1: Fitch Cuts Rating on EUR39.6 Million Notes to 'BB'
ORPHEE 4: Fitch Chips Rating on EUR16 Million Notes to 'B+'

PAR ELECTRICAL: Taps Liquidators from Tenon Recovery
TUSCAN FOOD: Joint Liquidators Take Over Operations
VCS CLEARPOINT: Appoints BDO Stoy Hayward as Administrators
VCS WAYZGOOSE: Taps BDO Stoy Hayward as Administrators

* Leonard Curtis Unveils New Appointments to Insolvency Team
* Moody's Sees Negative Outlook for Global Pharmaceutical Sector
* Moody's: Global Paper Product Industry Still Holds Neg. Outlook
* European Transportation Biz Tested By Economic Crunch, S&P Says

* Upcoming Meetings, Conferences and Seminars


                         *********


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


IGL LLC: Claims Registration Period Ends October 20
---------------------------------------------------
Creditors owed money by LLC IGL have until Oct. 20, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Elisabeth Achatz-Kandut
         Schillerstrasse 12
         4020 Linz
         Tel: 0732/656969
         Fax: 0732/65696960
         E-mail: e.achatz@hep.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 3, 2008, for the
examination of claims at:

         The Land Court of Linz
         Room 522
         5th Floor
         Linz
         Austria

Headquartered in Oftering, Austria, the Debtor declared bankruptcy
on Aug. 26, 2008, (Bankr. Case No. 12 S 69/08x).


STIL LLC: Claims Registration Period Ends October 16
----------------------------------------------------
Creditors owed money by LLC Stil have until Oct. 16, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Leopold Riess
         Zeltgasse 3/12
         1080 Vienna
         Austria
         Tel: 402 57 01
         Fax: 402 57 01 21
         E-mail: law@riess.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 30, 2008, 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. 25, 2008, (Bankr. Case No. 5 S 87/08s).


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


ATARI INC: Stockholders Will Vote on Merger Deal on Oct. 8
----------------------------------------------------------
Atari, Inc., will hold a special meeting of stockholders on
Oct. 8 , 2008 at 10:00 a.m., at Atari's offices at 417 Fifth
Avenue in New York.  The purpose of the meeting is:

  1. to consider and vote upon a proposal to adopt and approve
     the Agreement and Plan of Merger, dated as of April 30,
     2008, by and among Atari, Infogrames Entertainment S.A.,
     and Irata Acquisition Corp.; and

  2. to transact other business as may properly come before the
     special meeting or any adjournments or postponements of the
     special meeting.

The record date to determine stockholders entitled to vote at the
special meeting is August 22, 2008.  Only holders of Atari common
stock at the close of business on the record date are entitled to
notice of, and to vote at, the special meeting.

Atari filed a definitive proxy statement under Regulation 14A of
the Securities Exchange Act of 1934, as amended, relating to a
special meeting of the stockholders.  A full-text copy of the
Proxy Statement is available for free at:

              http://researcharchives.com/t/s?324b

The stockholder vote required for the adoption of the Merger
Agreement is the affirmative vote of at least a majority of the
Company's outstanding Common Stock entitled to vote on the merger.
Infogrames and its affiliates control 51.6% of the outstanding
voting securities of Atari, which is sufficient to adopt and
approve the merger and the merger agreement.

Atari also delivered to the Securities and Exchange Commission on
Sept. 5, 2008, Amendment No. 3 to the Schedule 13E-3 it filed in
June.  The amendment was filed together with:

  -- Infogrames Entertainment S.A.,
  -- California U.S. Holdings, Inc., and
  -- Irata Acquisition Corp.

Schedule 13E-3 is a document filed with the SEC to report going
private transactions.  A full-text copy of Atari's amended
Schedule 13E-3 is available for free at:

              http://researcharchives.com/t/s?324a

As reported by the Troubled Company Reporter on May 6, 2008,
Atari, Inc., and Infogrames Entertainment entered into a
definitive agreement to merge, in order to:

* bring to a close a period of financial underperformance for
   Atari;

* strengthen Atari under Infogrames' new management team; and

* deliver a platform for future growth in the U.S.

                         About Atari Inc.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America. Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31, 2008.
The auditor pointed to the company's significant operating losses.


ATARI INC: Offering to Buy Options Under 2005 Stock Incentive Plan
------------------------------------------------------------------
Atari, Inc., delivered to the Securities and Exchange Commission a
tender offer statement on Sept. 5, 2008, which was amended on
Sept. 12.  Atari wants to purchase for cash all outstanding vested
and unvested options to purchase its common stock granted under
the Atari, Inc. 2005 Stock Incentive Plan.

The company estimates buying options to acquire 165,593 shares of
common stock, each with an exercise price greater than US$1.68,
for US$0.10 per option.

The offer is being made in connection with the proposed merger of
Irata Acquisition Corp., a Delaware corporation and a wholly owned
indirect subsidiary of Infogrames Entertainment S.A., Atari's
majority shareholder, with and into Atari, with Atari continuing
as the surviving corporation in the merger as a wholly owned
indirect subsidiary of Infogrames, and pursuant to which each
outstanding share of Atari common stock will be converted into the
right to receive US$1.68 in cash.

The offer will expire at 5:00 p.m., New York City Time, on
October 8, 2008, unless extended or the offer is terminated.

A full-text copy of the Amended Offer to Purchase is available for
free at http://researcharchives.com/t/s?3249

                         About Atari Inc.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America. Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31, 2008.
The auditor pointed to the company's significant operating losses.


AUTOCAM CORP: Moody's Changes PDR to Caa3/LD, Affirms Caa3 CFR
--------------------------------------------------------------
Moody's Investors Service changed Autocam Corporation's
Probability of Default (PDR) rating to Caa3/LD from Caa3 and
affirmed the Corporate Family Rating (CFR) of Caa3 and Caa2 rating
of the senior secured credit facilities.  The rating action
follows the completion of a capital restructuring which included
an exchange of 20% of the senior secured debt for newly issued
equity by its parent Titan Holdings, Inc.(Titan), a cash
contribution by certain shareholders of Titan of US$20 million and
a credit agreement amendment.  Moody's considers the transaction a
distressed exchange of the rated term loan debt, thus has changed
the PDR to Caa3/LD.  The PDR will revert to Caa3 in approximately
three days.  The rating outlook is negative.

The reduction of the debt of approximately 10% per Moody's
estimate (including Moody's analytical adjustment for operating
lease and others) does not materially alter the credit profile
reflected in Autocam's Caa3 CFR.  The company's cash flow
generation remains weak and leverage remains high despite the
positive effect of the debt reduction and the cash infusion by its
equity holders as a result of the restructuring.  The current
rating reflects Moody's continued concern on the company's weak
operating performance which has been impacted by reduced
automotive production levels in North American and Western Europe,
as well as operational difficulties at Autocam's French
subsidiaries, among other factors.  In Moody's opinion, the
operating environment for automotive supplier will remain
challenged and Autocam's will likely persist, offsetting the
benefit from the restructuring.

The negative outlook continues to reflect the company's limited
prospect of near-term improvement in the operating performance in
light of a prolonged challenging operating environment for auto
suppliers which will continue for the next 12-18 months.  The
outlook also contemplates the company's weak liquidity position in
spite of the enhancement due to the cash infusion.

The rating action is as follows:

   * Autocam Corporation

     -- Corporate Family Rating: affirmed at Caa3

     -- Probability of Default Rating: changed to Caa3/LD
        from Caa3

     -- US denominated first lien term loan affirmed at Caa2
       (LGD-3, 39%)

     -- US denominated first lien revolving credit facility
       affirmed at Caa2 (LGD-3, 39%)

     -- Outlook, negative

   * Autocam Corporation France SARL

     -- Euro denominated first lien revolving credit facility
        affirmed at Caa2 (LGD-3, 39%)

Moody's last rating action was on Aug, 15, 2008 when Autocam's CFR
was downgraded to Caa3 from B3 with negative outlook.

Autocam Corporation, headquartered in Kentwood, MI, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies, primarily for performance
and safety critical automotive applications.  Revenues in 2007
were approximately US$387 million from operations in North
America, Europe, Brazil and China.


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


BARTH MASCHINEN: Claims Registration Period Ends October 2
----------------------------------------------------------
Creditors of Barth Maschinen- und Werkzeugbau GmbH & Co. KG have
until Oct. 2, 2008, to register their claims with court-appointed
insolvency manager Dr. Klaus Tappmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Nov. 3, 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 Ulm
         Hall 103
         Olgastr. 107
         89073 Ulm
         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. Klaus Tappmeier
         Schwoerhausgasse 4/1
         89073 Ulm
         Germany
         Tel: 0731-14082-0
         Fax: 0731-14082-22
         E-mail: info@tappmeier.de
         Web site: www.tappmeier.de

The District Court of Ulm opened bankruptcy proceedings against
Barth Maschinen- und Werkzeugbau GmbH & Co. KG on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Barth Maschinen- und Werkzeugbau GmbH & Co. KG
         Riedstr. 35
         72589 Westerheim
         Germany


DIREKTHYPO BERATUNGS: Claims Registration Period Ends October 2
---------------------------------------------------------------
Creditors of Direkthypo Beratungs- und Vermittlungs ges. f.
Immobilienfinanzierungen mbH have until Oct. 2, 2008, to register
their claims with court-appointed insolvency manager Goetz
Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.m. on Nov. 13, 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 Koenigstein/Ts.
         Hall 106 A
         Burgweg 9
         61462 Koenigstein/Ts.
         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:

         Goetz Lautenbach
         Zeilweg 42
         60439 Frankfurt
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against Direkthypo Beratungs- und Vermittlungs ges. f.
Immobilienfinanzierungen mbH on Aug. 20, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Direkthypo Beratungs- und Vermittlungs ges. f.
         Immobilienfinanzierungen mbH
         Attn: Herbert Freudl, Manger
         Am Boellershof 19
         40670 Meerbusch
         Germany


DUERR AG: Unit Inks Joint Venture Aircraft Deal with EDAG
---------------------------------------------------------
Duerr Systems GmbH, a wholly-owned subsidiary of Duerr AG, and
EDAG GmbH & Co. KGaA signed an agreement on the establishment of a
joint venture, Duerr EDAG Aircraft Systems GmbH.  The joint
venture, in which Duerr and EDAG each hold 50%, will push the
marketing of the two companies' combined product and service
offering for the aircraft industry.  Application will be filed for
antitrust approval.

With the joint venture Duerr and EDAG are responding to the needs
of their customers in the aircraft industry.  The major players in
the industry especially are turning more and more to efficient
system partners that can also reliably execute larger order
packages.  In addition, the aircraft industry is increasingly
adopting manufacturing methods from the automotive industry,
Duerr's and EDAG's core business.

Duerr AG's CEO Ralf Dieter commented, "The joint venture will
enhance our combined capabilities in the growth business with the
aircraft industry.  We can advise our customers even more
effectively on the best possible production options and
demonstrate how we can help."

Dr. Uwe Siewert from Duerr and Werner Lotz from EDAG will be
appointed as managing directors of Duerr EDAG Aircraft Systems.
Both have long experience in plant engineering.

                          About EDAG

EDAG focuses on the automotive and aviation industries as well as
on other partners from the international mobility industry.  The
company offers complete production systems for carcase
construction and vehicle assembly.

EDAG is represented at over 30 locations in 17 countries and on 5
continents worldwide.  In 2007, the Group had turnover of more
than EUR610 million, and employed a worldwide workforce of over
5,500.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds
paint shops and final assembly plants.

The Duerr Group also operates in Czech Republic, France, U.K.,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.

                          *     *     *

Duerr AG still carries B+ long-term corporate credit rating with
stable outlook from Standard & Poor's Ratings Services.

Duerr AG also carries a B1 corporate family rating from Moody's
Investor Service with stable outlook.


EISDOM FREIZEITANLAGEN: Claims Registration Period Ends Oct. 2
--------------------------------------------------------------
Creditors of Eisdom Freizeitanlagen Betriebsgesellschaft mbH have
until Oct. 2, 2008, to register their claims with court-appointed
insolvency manager Dr. Michael C. Frege.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 4, 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Michael C. Frege
         Augustusplatz 9
         04109 Leipzig
         Germany
         Tel: 0341/2167225
         Fax: 0341/2167232
         E mail: insolvenz@cms-hs.com

The District Court of Leipzig opened bankruptcy proceedings
against Eisdom Freizeitanlagen Betriebsgesellschaft mbH on Aug.
29, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Eisdom Freizeitanlagen Betriebsgesellschaft mbH
         An den Tierkliniken 42
         04103 Leipzig
         Germany


GANESHA CONSULTING: Claims Registration Period Ends October 2
-------------------------------------------------------------
Creditors of Ganesha Consulting GmbH & Co. KG have until
Oct. 2, 2008, to register their claims with court-appointed
insolvency manager Fatma Kreft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 23, 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 2
         Building F
         Klingerstrasse 20
         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:

         Fatma Kreft
         Neue Mainzer Str. 84
         60311 Frankfurt am Main
         Germany
         Tel: 069/677 3677-0
         Fax: 069/677 3677-20

The District Court of Frankfurt/Main opened bankruptcy proceedings
against Ganesha Consulting GmbH & Co. KG on July 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ganesha Consulting GmbH & Co. KG
         Attn: Nicole Dildei, Manager
         Goethestr. 23
         60313 Frankfurt am Main
         Germany


GGK LEASING: Creditors' Meeting Slated for October 2
----------------------------------------------------
The court-appointed insolvency manager for GGK Leasing GmbH & Co.
KG, Dr. Petra Hilgers will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:15
a.m. on Oct. 2, 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 9:05 a.m. on Dec. 18, 2008, at the same venue.

Creditors have until Nov. 2, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against GGK Leasing GmbH & Co. KG on Aug. 12, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         GGK Leasing GmbH & Co. KG
         Kurfuerstendamm 178/179
         10707 Berlin
         Germany


GLAZING FILIGRANBAU: Claims Registration Period Ends October 7
--------------------------------------------------------------
Creditors of Glazing Filigranbau GFB GmbH have until
Oct. 7, 2008, to register their claims with court-appointed
insolvency manager Gerhard Fichter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 28, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court 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:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn
         Germany
         Tel: 07131/888666
         Fax: 07131/888667

The District Court of Heilbronn opened bankruptcy proceedings
against Glazing Filigranbau GFB GmbH on Aug. 13, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Glazing Filigranbau GFB GmbH
         Attn: Klaus Fischer, Manager
         Im Bruehl 58
         74348 Lauffen
         Germany


GRS BETEILIGUNGEN: Claims Registration Period Ends October 2
------------------------------------------------------------
Creditors of GRS Beteiligungen GmbH have until Oct. 2, 2008, to
register their claims with court-appointed insolvency manager
Stephan Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Jaeger
         Leopoldstr. 139
         80804 Munich
         Germany
         Tel: 089/361930-750
         Fax: 089/361930-999

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

The Debtor can be reached at:

         GRS Beteiligungen GmbH
         C/o C & P Treuhand- u.Beratungsges. mbH
         Attn: Arnold Scholz, Manager
         Sendlinger Str. 7
         80331 Munich
         Germany


H + F WOHNUNGSBAUGESELLSCHAFT: Claims Filing Ends October 2
-----------------------------------------------------------
Creditors of H + F Wohnungsbaugesellschaft mbH have until Oct. 2,
2008, to register their claims with court-appointed insolvency
manager Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 22, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany
         Tel: 0201/43776280

The District Court of Essen opened bankruptcy proceedings against
H + F Wohnungsbaugesellschaft mbH on Aug. 29, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         H + F Wohnungsbaugesellschaft mbH
         Werkstr. 4
         46240 Bottrop
         Germany


HEYDORN ELEKTRO: Claims Registration Period Ends October 2
----------------------------------------------------------
Creditors of Heydorn Elektro Hausgerate GmbH have until Oct. 2,
2008, to register their claims with court-appointed insolvency
manager Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 13, 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim
         Germany
         Tel: 06155-60930
         Fax: 06155-66297

The District Court of Darmstadt opened bankruptcy proceedings
against Heydorn Elektro Hausgerate GmbH on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heydorn Elektro Hausgerate GmbH
         Heidelberger Strasse 63-65
         64285 Darmstadt
         Germany


LEHMAN BROTHERS: German Unit Trades Assets for ECB Funds
--------------------------------------------------------
Lehman Brothers Holdings Inc.'s German unit traded assets for
funding from the European Central Bank in the period before it
declared bankruptcy, Chris Peterson of Bloomberg News reported
Monday, citing The Wall Street Journal.

The ECB may now be left holding assets which are worth less than
at the time of the transaction, according to the report.  The bank
may not be able to obtain funds from Lehman Brothers Bankhaus to
cover the difference in value, Bloomberg quotes the Journal as
saying.

Based on Bloomberg's report, the Journal didn't place a value on
the transaction.

                      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
September 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.


LITHIUM TECHNOLOGY: Files Amendment to 2007 Annual Report
---------------------------------------------------------
Lithium Technology Corporation filed with the Securities and
Exchange Commission a first amendment on Form 10-KSB/A to its
Annual Report on Form 10-KSB for the fiscal year ended Dec. 31,
2007.  The Annual Report was originally filed on May 15, 2008.
Pursuant to the Amendment, the Company revised its Certification
filed pursuant to Rule 13a-14(a) of the Securities Exchange Act to
provide additional information related to the design of the
Company's internal control over financial reporting.

The Company notes that Amendment No. 1 on Form 10-KSB/A does not
change its previously reported consolidated financial statements
or any of the other disclosures in its Annual Report.

                   About Lithium Technology

Based in Plymouth Meeting, Pennsylvania, Lithium Technology
Corporation (OTC: LTHU) -- http://www.lithiumtech.com/-- produces
unique large-format rechargeable batteries under the GAIA brand
name and trademark.  The company supplies a variety of military,
transportation and back-up power customers in the U.S. and Europe
from its two operating locations in Plymouth Meeting and
Nordhausen, Germany.

                      Going Concern Doubt

In a letter dated May 13, 2008, Amper, Politziner & Mattia, P.C.,
raised substantial doubt on the ability of Lithium Technology
Corporation to continue as a going concern after it audited the
company's financial statements for the year ended Dec. 31, 2007.
The auditor pointed to the company's recurring losses from
operations since inception and working capital deficiency.

The company's operating plan seeks to minimize its capital
requirements, but the expansion of its production capacity to meet
increasing sales and refinement of its manufacturing process and
equipment will require additional capital.  The company expects
that operating and production expenses will increase
significantly.  The company has recently entered into a number of
financing transactions and is continuing to seek other financing
initiatives.  The company needs to raise additional capital to
meet its working capital needs, for the repayment of debt and for
capital expenditures.  Such capital is expected to come from the
sale of securities.  The company believes that if it raises
approximately US$14,000,000 to US$20,000,000 in debt and equity
financings it would have sufficient funds to meet its needs for
working capital, repayment of debt and for capital expenditures
over the next 12 months to meet expansion plans.

                       Bankruptcy Warning

Management warned that if the company is unsuccessful in
completing these financings, it will not be able to meet its
working capital, debt repayment or capital equipment needs or
execute its business plan.  In such case, the company will assess
all available alternatives including a sale of its assets or
merger, the suspension of operations and possibly liquidation,
auction, bankruptcy, or other measures.


PLANB FINANZVERMITTLUNGSGESELLSCHAFT: Claims End October 2
----------------------------------------------------------
Creditors of PlanB Finanzvermittlungsgesellschaft mbH have until
Oct. 2, 2008, to register their claims with court-appointed
insolvency manager Jens-Soeren Schroeder.

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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Johannes-Brahms-Platz 1
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against PlanB Finanzvermittlungsgesellschaft mbH on
July 31, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         PlanB Finanzvermittlungsgesellschaft mbH
         Attn: Axel Lochmann, Manager
         Osterbekstrasse 90 b
         22083 Hamburg
         Germany


PLANEN UND BAUEN: Claims Registration Period Ends October 2
-----------------------------------------------------------
Creditors of Planen und Bauen Baubetreuungs GmbH have until
Oct. 2, 2008, to register their claims with court-appointed
insolvency manager Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Planen und Bauen Baubetreuungs GmbH on July
31, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Planen und Bauen Baubetreuungs GmbH
         Prenzlauer Chaussee 140
         16438 Wandlitz
         Germany


SUTA HANDELSEXPRESS: Claims Registration Period Ends October 2
--------------------------------------------------------------
Creditors of SUTA Handelsexpress GmbH Tabakwarengrosshandel have
until Oct. 2, 2008, to register their claims with court-appointed
insolvency manager Ruediger Weiss.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Halle (Saal)
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Ruediger Weiss
         Leipziger Chaussee 191 f
         06112 Halle
         Germany
         Tel: 0345/614080
         Fax: 0345/6140810
         Web site: www.wallnerweiss.info

The District Court of Halle (Saal) opened bankruptcy proceedings
against SUTA Handelsexpress GmbH Tabakwarengrosshandel on
Aug. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SUTA Handelsexpress GmbH Tabakwarengrosshandel
         Klosterstrasse 14
         06295 Lutherstadt Eisleben
         Germany


TRONOX INC: Gary Pittman Has Option to Buy 100,000 Shares
---------------------------------------------------------
Gary L. Pittman disclosed in a Securities and Exchange Commission
filing that, as of September 3, 2008, he has an option to acquire
100,000 shares of Class A common stock in Tronox Inc.  The stock
options are part of his compensation package at Tronox and one-
third of the options will vest each year for three years,
beginning Sept. 3, 2009.

In a Form 4/A filing with the SEC, Mr. Pittman disclosed that the
options will expire on Sept. 3, 2018 and has an exercise price of
US$0.675.

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

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

As reported by the Troubled Company Reporter on August 27, 2008,
Tronox said in a regulatory filing that it is evaluating all
strategic options for the company, including mitigation of
environmental liabilities and capital restructuring.  Tronox
said it has experienced significant losses for the year ended
December 31, 2007, and the six months ended June 30, 2008, and has
generated negative cash flows from operations in the current year.
Tronox said that if it continues to experience negative impacts on
its operations, it may need to seek relief under Chapter 11 of the
United States Bankruptcy Code to allow the company to, among other
things, restructure its capital structure and reorganize its
business, including its environmental legacy issues.

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

Tronox has retained the investment banking firm Rothschild Inc. to
further assist the company in evaluating strategic options for the
business.

On May 22, 2008, the company announced an involuntary work force
reduction program as part of its ongoing efforts to reduce costs.
As a result of the program, the company's U.S. work force was
reduced by 31 employees.  An additional 38 positions that were
vacant prior to the work force reduction will not be filled.
There
were no costs associated with the elimination of vacant positions.
The program was substantially completed as of June 30, 2008.

On Aug. 28, 2008, the Company was notified by the New York Stock
Exchange that it is not in compliance with the NYSE's continued
listing standard regarding the average closing price of its Class
B Common Stock.  The Company said it has not decided on what
action, if any, it will take with respect to its failure to
satisfy NYSE listing standards.  If the Company fails to cure its
listing deficiencies, the NYSE will commence suspension and
delisting procedures.

The TCR said on Sept. 18 that Tronox has been sued by the U.S.
Government to recover costs related to hazardous substances at or
from the Federal Creosoting Superfund site located in the borough
of Manville, Somerset County, New Jersey.  According to the
complaint, as of June 15, 2008, the government has incurred at
least US$280 million in unreimbursed response costs related to the
cleanup.

Moody's Investors Service has downgraded affiliate Tronox
Worldwide LLC's Corporate Family Rating to Caa3 from Caa2, and the
Probability of Default Rating was lowered to Ca from Caa3.  In
addition, Moody's has downgraded the company's secured revolver
and term loan to B2 from B1 and its unsecured notes to Ca from
Caa3.  Standard & Poor's Ratings Services has lowered its ratings
on Tronox, including its corporate credit rating to 'CCC-' from
'CCC+'.


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


TWIN BUILDERS: Calls for Examinership; Owes EUR4.3 Million
----------------------------------------------------------
Twin Builders has petitioned the High Court to put the company
into examinership after racking up debts of EUR4.3 million, Ian
Kehoe of Sunday Business Post Online reports.  Kevin Hughes of
Hughes Blake was appointed interim examiner to the company.

Twin Builders, the Post relates, blamed its financial woes on the
sharp downturn in the residential housing market and difficulties
regarding planning permission for one of their main development
sites just outside Gorey.  At the end of 2007, the company had
retained profits of EUR2.3 million.

"We hope that the appointment of the examiner will enable us to
restructure the company so that we can return it to the
profitability of previous years," Thomas Kenny, the company's
director was quoted by the Post as saying.  "We have been trading
for nearly ten years now and, notwithstanding the national
economic downturn, we believe that, with the breathing space
granted to us by the examination, we can come through our current
difficulties."

The Post notes an independent report on Twin Builders by auditors
Doyle Foley confirmed that the company had a "reasonable prospect
of survival" if its debts could be restructured.

Twin Builders is a building firm based in Craanford in north
Wexford.


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


KAZ-TRADE-2005 LLP: Claims Registration Ends November 7
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Kaz-Trade-2005 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Ujnaya Str. 9
         Taiynsha
         North Kazakhstan
         Kazakhstan


KMA EXPEDITION: Creditors Must File Claims by November 11
---------------------------------------------------------
LLP KMA Expedition has declared liquidation.  Creditors have until
Nov. 11, 2008, to submit written proofs of claims to:

         LLP KMA Expedition
         Valihanov/Karasai batyr Str. 107/38-88
         Almaty
         Kazakhstan


MOLDIR & K: Claims Deadline Slated for November 12
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Moldir & K 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


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


CENTRAL ASIAN: Creditors Must File Claims by November 3
-------------------------------------------------------
LLC Central Asian Satellite Company has shut down.  Creditors have
until Nov. 3, 2008, to submit written proofs of claim to:

         LLC Central Asian Satellite Company
         Tolstoi Str. 17a
         Bishkek
         Kyrgyzstan


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


LECTA SA: S&P Retains 'B+' Senior Secured Issue Rating
------------------------------------------------------
Standard & Poor's Ratings Services has revised its recovery rating
on the EUR598 million senior secured floating-rate notes issued by
Luxembourg-based paper manufacturer Lecta S.A. (B+/Stable/B) to
'4' from '3'.  The revised recovery rating of '4' indicates S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.  The senior secured issue rating remains
unchanged at 'B+', at the same level as the corporate credit
rating.

The issue and recovery ratings on Lecta's unsecured debt remain
unchanged.  The issue-level rating on Lecta's EUR150 million
unsecured notes is 'B-', two notches lower than the 'B+' corporate
credit rating.  The recovery rating is '6', indicating S&P's
expectation of negligible (0%-10%) recovery in the event of a
payment default.

"The change in the recovery rating on the senior secured floating-
rate notes reflects a continuous deterioration of trading
conditions in coated wood-free paper markets," said S&P's recovery
analyst Abigail Klimovich.

"It also reflects the fairly high level of liquidity available to
the company, which increases operating stress on the path to
default," Ms. Klimovich added.


=========
M A L T A
=========


MALTA SHIPYARDS: Must Be Liquidated, EU Commission Says
-------------------------------------------------------
The European Commission is calling on the Maltese government to
declare Malta Shipyards Ltd. bankrupt and liquidate the company
before proceeding with the privatization process, Ivan Camilleri
of Times of Malta reports.

According to the report, the Commission remains convinced that the
best formula to be adopted in order to start a new shipyards
operation with a clean slate is liquidation, although it will not
impose it on the government as long as the privatization process
does not involve further state aid.

The government, the report discloses, reiterated its intention to
absorb about EUR100 million in losses that are expected to
accumulate by the end of this year when the seven-year
restructuring deal agreed with the EU ends.

EU Competition Commissioner Neelie Kroes however insisted that it
could not be done under state aid rules and that a different
solution had to be found, the report relates.

"Ms. Kroes said that the present restructuring plan, launched in
October 2001, has failed to restore the viability of the shipyards
and, therefore, cannot be the basis for the grant of further state
aid," the commissioners' spokesman was quoted by the paper as
saying.

The report notes that despite almost EUR1 billion pumped into
Malta Shipyards over the past years, the company remains in the
red.

"Under normal circumstances, a company that is no longer viable
and is registering losses, like Malta Shipyards, should be
declared bankrupt and put to liquidation," Commission sources told
the paper.

                  About Malta Shipyards

The Malta Shipyards -- http://www.maltashipyards.com/-- are
owned by the Government of Malta.  The Shipyards group comprises
a modern steel fabrication production facility at Marsa, one of
the largest dry docking repair and conversion facilities in the
Mediterranean at Cospicua, Manoel Island Yacht and the Malta
Shipyards Tank Cleaning Station.


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


CARLSON WAGONLIT: Sales Volume Up 16% to US$15 Bln in 1H 2008
-------------------------------------------------------------
Carlson Wagonlit Travel reported strong growth in global sales
volume and robust new sales for the first half of this year:

   * Sales volume increased 16 percent to US$15 billion through
     June 2008

   * Awarded new sales exceeded US$1.5 billion, excluding
     renewals, up 47 percent over the same year-earlier period

Growth in sales volume occurred in all regions of the world, with
the greatest year-over-year increase in Latin America (+37
percent), led by Mexico, Argentina and Brazil.  In EMEA (Europe,
Middle East, Africa), growth reaching 24 percent was attributable
to Russia, Italy, Germany and Spain in particular.  Asia Pacific
saw growth of 14 percent with China, Singapore and India leading
the way.  In North America, single-digit growth (+7 percent)
reflects the region's economic slowdown.

CWT, which currently services two-thirds of the Fortune Global
100, continued to win new business from large global companies.
They include Henkel, an existing CWT global client whose travel
program will now be managed in 52 countries;

   -- Michelin, who will be serviced on a worldwide basis; and

   -- Schneider Electric, which CWT will service in EMEA, Asia
      Pacific and Latin America.

These companies are consolidating their travel programs for
greater consistency, traveler satisfaction and savings.  CWT,
which also services a variety of small and mid-size domestic
companies, as well as government bodies, recently won the U.K.
Home Office as a client.

CWT continued to pursue its targeted acquisition strategy by
acquiring Traveltime Services and Piedmont Travel in the United
States, as well as Viajes Mapfre in Spain.  The company also took
full control of its joint ventures in India and Argentina.

"CWT is committed to being the industry reference in business
travel management," Douglas Anderson, who was named president and
chief executive officer of CWT in April of this year, said.  We
have a team of bright, hard-working, dedicated professionals who
are truly focused on meeting our clients' needs and delivering
measurable results.  Their understanding of the specific
requirements of companies and their travelers, coupled with their
ability to tailor our solutions accordingly, has resulted in
continuous growth and high levels of client satisfaction and
retention."

                   CWT services and solutions

During the first six months of this year, CWT continued to enhance
its offering:

   1. Traveler & Transaction Services.  Enhancing the traveler
      experience is an ongoing priority for CWT.  To that end,
      CWT created a global organization with oversight and
      responsibility for aligning the quality and efficiency of
      its Traveler & Transaction Services worldwide.  Continuous
      skill-building of front-line travel counselors; increased
      use of CWT Portrait, a profiling tool that helps to ensure
      traveler preferences are respected at the time of booking;
      and the development of enhanced desktop technology are
      among the initiatives underway.

      A pilot program for an interactive itinerary designed to
      enhance the traveler experience with relevant, up-to-date
      information on flights, hotels and destination services
      was launched in France, Spain, Switzerland and the United
      Kingdom.

      CWT hotel volume totaled US$2.2 billion globally, up 16
      percent year over year.  Clients are taking greater
      measures to drive hotel compliance, which results in
      increased savings, better service and enhanced traveler
      tracking in an emergency.  CWT research shows that hotel
      rates are on average 20 percent lower when travelers book
      through CWT, versus booking directly by phone, on a hotel
      Website or through Web booking sites.  This
      research also reveals that travelers use preferred hotels
      on average 15 percent more often when they book through
      CWT.  Furthermore, booking through CWT offers competitive
      room availability and flexibility with regard to
      cancellation terms.

   2. Program Optimization.  CWT initiatives focused
      significantly on travel policy and compliance.  In March,
      the CWT Travel Management Institute published "Playing by
      the Rules: Optimizing Travel Policy and Compliance," which
      recaps its in-depth research demonstrating that companies
      can save on average 20 percent of their total travel spend
      by optimizing travel policy and increasing traveler
      compliance in five main areas: advance air booking,
      restricted airfares, preferred suppliers, traveler comfort
      (air class/hotel category), and preferred booking
      channels.

      CWT offers a suite of products and services to help travel
      managers optimize travel policy design (CWT Policy
      Builder), raise traveler awareness of the policy (CWT
      Policy Messenger), and monitor key performance indicators
      for compliance (CWT Program Management Center).  This
      offer was enhanced in April with the launch of CWT
      Agency+Card Reporting , which matches and compares data
      from CWT bookings with actual credit card expenditures for
      air, rail, hotel and rental car services.  Available as an
      enhancement to the award-winning CWT Program Management
      Center , CWT Agency+Card Reporting helps companies
      increase traveler compliance with the corporate policy on
      preferred agency and corporate credit card usage.  It also
      enables them to enjoy greater leverage during supplier
      negotiations and further optimize total travel spend.

      CWT also signed a preferred supplier agreement with
      American Express Global Commercial Card to promote and
      distribute three American Express payment solutions—
      Business Travel Account, Corporate Card and Corporate
      Meeting Card—to its clients and prospects in 21 countries.
      As a result of this agreement, companies can consolidate
      their card program across countries and regions for
      greater visibility and control over travel-related
      expenditures.  In addition, CWT and American Express can
      deliver enhanced data and reporting consolidated on a
      local, regional and/or global basis.  Consequently,
      clients who implement CWT Agency+Card Reporting have even
      greater insight into their corporate card and travel
      programs.

      In June, the CWT Travel Management Institute published the
      second edition of Effective Travel Management, which
      highlights the eight key levers companies can use to
      derive the greatest value from their travel program.
      Since the first edition was published in 2005, several
      updates and enhancements were made to reflect the evolving
      priorities of travel managers and buyers.  These include
      integrating demand management and corporate social
      responsibility into the travel program, as well as
      exercising greater control over ground transportation
      spend.  Findings and best practices from in-depth research
      conducted by the CWT Travel Management Institute provide
      new insights into online booking, program consolidation,
      and travel policy and compliance.

   3. Safety & Security.  CWT clients continue to rank traveler
      safety among their highest priorities.  CWT helps them to
      manage risk in real time by providing breaking news
      alerts, identifying travelers who are affected by
      incidents, and implementing emergency response plans to
      assist those travelers.  In the first half of this year,
      CWT activated the crisis messaging process 11 times and
      sent nearly 42,000 messages around the world.

   4. Meetings & Events.  In most companies, meetings and events
      remain uncharted territory for savings, although spend
      often represents 25-40 percent of a total travel and
      entertainment budget.  More and more companies, however,
      are reversing the tide and applying the principles of
      effective travel management to their meetings and events.
      CWT is responding to their needs with dedicated experts
      who offer consulting services, as well as planning and
      implementation of meetings and events.

      In May, CWT signed a global agreement designating
      StarCite, Inc., the leading provider of on-demand meeting
      solutions, as its preferred technology partner for
      meetings and events activities worldwide.  The StarCite
      technology is a Web-based platform automating and
      supporting all key elements of the meeting planning and
      procurement process, including planning, budgeting,
      buying, attendance, payment and reporting.  This
      technology will be deployed to CWT clients across North
      America, EMEA, and Asia Pacific and will be delivered in
      English, French, German, Italian and Spanish.

                          Looking ahead

"After several years of continued growth, the travel management
industry is faced with economic challenges," says Douglas
Anderson.  "An unprecedented mix of record-breaking oil prices,
high inflation and diminishing growth around the world affect us
all.  Together, airlines, hotels, corporate clients and travel
management companies are feeling the pinch.  At CWT, we are keenly
focused on enhancing the value we bring to clients.  Business
travel will remain a necessity, but we are well aware that return
on investment—from the perspective of individual business trips,
as well as a holistically managed travel program—is of utmost
importance to our clients.  Consequently, we will continue to
drive excellence in our people, our services and our solutions
while adapting our costs to the current environment.  That way CWT
will continue to thrive."

The key priorities outlined in CWT 2010, the company's three-year
strategic development plan implemented in the first half of this
year, are:

   1. Continue organic growth in all customer segments and in
      all regions of the world

   2. Accelerate the penetration of the hotel business

   3. Ramp up Meetings & Events business

   4. Increase the efficiency and consistency of Traveler &
      Transaction Services

   5. Continue to enrich Program Optimization services

   6. Further develop supplier services

   7. Pursue targeted acquisitions

   8. Continue to build a high-performance organization

As its first-half 2008 activities and performance indicate, CWT
will continue to tackle these areas in an integrated manner.  The
company is developing a comprehensive hotel solution with greater
content (i.e., adding non-GDS properties), an online hotel booking
tool, and dedicated hotel booking centers.

CWT will continue to build upon its Meetings & Events services on
a global basis.  Enabling clients to accurately measure return on
investment for meetings and events will be a core component of the
offering.

Surveying travelers to assess the quality of their booking
experience with CWT will play an important role in enhancing the
company's Traveler & Transaction Services.  The interactive
itinerary, which will be deployed in 2009 and available in HTML
and text formats—enabling travelers to stay well-informed by email
and through their PDAs (personal digital assistants)—will further
enhance traveler satisfaction and productivity.

New developments to the CWT Program Management Center will
facilitate usage for travel managers and buyers.  Integrated data
from new sources, including corporate cards, will lead to greater
program optimization.

CWT is also in the process of creating a global university with a
curriculum that will enable employees working at all levels of the
organization to continuously develop their skills and career
prospects.

Commenting on these initiatives, Douglas Anderson said,
"Understanding our clients' overall business needs and aligning
our travel management offering to meet those needs is our
collective mission.  Ensuring that the people at CWT have the
resources they need to continuously and innovatively meet our
clients' goals, even in challenging times, is one of my personal
objectives."

                About Carlson Wagonlit Travel

Carlson Wagonlit Travel -- http://www.carlsonwagonlit.com/-- is
specializes in business travel management.  Present in more than
150 countries, CWT serves companies of all sizes, as well as
government institutions and non-governmental organizations.  By
leveraging both the expertise of its people and leading-edge
technology, CWT helps clients derive the greatest value from their
travel program in terms of savings, service and security, and
provides best-in-class service and assistance to travelers.  CWT
services and solutions comprise four lines of business: Traveler &
Transaction Services, Program Optimization, Safety & Security, and
Meetings & Events.  CWT has 22,000 employees worldwide.  In 2007,
sales volume for wholly owned operations and joint ventures
totaled US$25.5 billion.


CARLSON WAGONLIT: Moody's Changes Outlook on Ba3 CFR to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative from
stable on the Ba3 corporate family rating (CFR) of Carlson
Wagonlit BV.  The outlook on the B2 rating of the EUR285 million
notes and the Ba2 rating of the US$850 senior facilities is also
negative.  The ratings were affirmed at the same time.

The change in outlook reflects CWT's exposure to global travel
demand and the softening market conditions particularly in the
company's US commercial segment where the volumes showed some
signs of decline in the first half of 2008.  While CWT's operating
performance in the first half of the year was otherwise relatively
solid, Moody's notes that the demand outlook in the US -- one of
CWT's key regions -- remains uncertain and the overall more
challenging economic conditions may translate into lower travel
volumes and price pressures.  "As a result, the rating agency
cautions that CWT may take longer than expected to meet the
targets set for the Ba3 CFR, i.e. Cash flow from operations minus
dividends to net debt recovering into the mid teens and Gross debt
to EBITDA to below 4.5 times," says Marika Makela, a Moody's
Analyst and lead analyst for this issuer.

"More positively, Moody's recognizes CWT's performance in EMEA,
Latin America and the Government and Military segment, which has
so far been able to offset the weaker performance in the US
commercial segment.  Furthermore, Moody's acknowledges CWT's
staffing flexibility with over two-thirds of costs relating to
personnel salaries and benefits, enabling it to adjust costs in
the event of a downturn in volumes," adds Ms Makela.

Moody's also positively notes that CWT's liquidity profile remains
solid, with cash balances of around US$260 million as of June 2008
and no significant debt maturities before 2014.  Moody's, however,
notes that a US$25 million portion of CWT's US$200 million
revolving credit facility was provided by Lehman Brothers, and the
ratings agency has excluded this portion from its liquidity
assessment.  Furthermore, Moody's cautions that while CWT is in
compliance with its financial covenants, there is a step-up in the
covenant levels each quarter under the senior facilities and
therefore, should there be any softening in trading in the coming
quarters, the leeway under the covenants may become tighter.

Moody's last rating action on CWT was on March 29, 2007, when the
rating agency announced the impact of the implementation of its
Loss Given Default (LGD) and Probability of Default rating
methodology to existing non-financial speculative-grade corporate
issuers in Europe, Middle East and Africa (EMEA) and as a result
the ratings of the senior facilities were upgraded to Ba2 from
Ba3.

Headquartered in the Netherlands, CWT is a world-leading travel
management company, serving corporations of all sizes as well as
government institutions.  It reported revenues of approximately
US$1.8 billion in 2007.


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


NORSKE SKOG: Receives Compensation for Korean Unit Sale
-------------------------------------------------------
On Aug. 26, 2008, Norske Skog announced that all outstanding
matters concerning the completion of the sale of Norske Skog Korea
to Morgan Stanley Private Equity Asia and Shinhan Private Equity
had been clarified.  Norske Skog confirms that the company, on
Sept. 11, 2008, received the full settlement amount for the
transaction.  The sale of the property is part of the effort to
reduce Norske Skog's debts.

After the sale, Norske Skog's net interest-bearing debt has been
reduced to pro forma NOK12 billion, compared with NOK 15.7 billion
as of June 30, 2008.  The gearing has been reduced to pro forma
0.83, from 1.07 as of June 30.

Norske Skog's cash balance was NOK2 billion as of June 30, 2008.
After the transaction, the pro forma cash balance has increased to
NOK5.4 billion.  Over the last couple of months, Norske Skog has
announced the sale of several non-operational properties in
Norway, as well as the shut-down mill Norske Skog Steti in the
Czech Republic.  These are transactions which will be settled in
the third and fourth quarters of 2008 and the first quarter of
2009.  If the compensation from these transactions is added to the
pro forma cash balance, it will be slightly less than NOK6 billion
in total.  The pro forma net debt will correspondingly be NOK11.5
billion.

Cash flow and currency effects from operations in the third
quarter will be announced at the regular quarterly presentation in
November.

Norske Skog will continue the work to reduce the company's net
debt through the cash flow from operations and transactions.

                 About Norske Skogindustrier

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- produces and supplies paper and
related products to the concerned industry.  The company's
products are used to make newspapers, telephone directories,
inserts, flyers, magazines, catalogs, and books.  Its operations
are carried out through three segments: Newsprint, Magazine
Paper and Other.  Norske Skog, which incorporates
recycled paper into some products, operates about 20 paper mills
worldwide.

                          *     *     *

Norske Skogindustrier ASA continues to carry a 'BB-'
long-term corporate credit rating from Standard & Poor's with
negative outlook.


NORSKE SKOG: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term corporate credit rating on Norway-based forest product
company Norske Skogindustrier ASA (Norske Skog).  The 'B' short-
term corporate credit rating was affirmed.  S&P removed the long-
term rating from CreditWatch where it was originally placed with
negative implications on April 21, 2008.  The outlook is negative.

"The rating affirmation reflects our reduced concerns regarding
Norske Skog's liquidity, following significant asset disposals in
2008, the largest being the sale of its Korean subsidiary," said
S&P's credit analyst Jacob Zachrison.  "This has lowered the risks
of a covenant breach and provided the group with a cash position
allowing Norske Skog to meet near-term debt maturities."  The
disposals have also had a positive effect on credit measures,
following the increase in liquid funds.

"The negative outlook reflects Norske Skog's current
underperformance compared with financial requirements for the
rating," said Mr. Zachrison.  "It also remains uncertain to what
extent capacity closures can mitigate the negative effects on the
global supply/demand balance and ultimately on pricing momentum
in a weaker economic environment."

Norske Skog's business prospects remain challenging, with
continued input-cost pressure and worsening prospects for medium-
term demand and pricing.

Norske Skog's performance in the first half of 2008 was weak, as
expected, but the company managed to contain shrinkage in its
covenant headroom, which S&P views as positive.  The adjusted
EBITDA margin weakened for the 12 months ended June 30, 2008, to
about 10.6% from more than 17% in the corresponding period of
2007.  S&P expects the company's profitability to recover somewhat
in the second half of 2008, however, on the back of good pricing
development in the Asian newsprint markets and European magazine
paper markets.

The European newsprint sector, although positively affected by the
recent strengthening of the U.S. dollar, could see additional
pressure from U.K. capacity additions, albeit balanced by recent
capacity cuts announced by UPM-Kymmene Corp. (BBB-/Negative/A-3).
Pressure could also come from an accelerated shift in advertising
spending to electronic media.  Importantly, demand is softening,
and with a bleak European economic outlook, 2009 could see an
accelerated decrease in volumes.


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


CERAMICS AND TILE: Creditors Must File Claims by October 11
-----------------------------------------------------------
Creditors of LLC Ceramics and Tile Plant have until Oct. 11, 2008,
to submit proofs of claim to:

         Ye. Ivanov
         Temporary Insolvency Manager
         Pot User Box 6
         127287 Moscow
         Russia
         Tel: 727-10-40

The Arbitration Court of Moscow will convene at 10:15 a.m. on Dec.
25, 2008, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A-41-15430/08.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Building 1
         Novaya Basmannaya Str.13/2
         107078 Moscow
         Russia

The Debtor can be reached at:

         LLC Ceramics and Tile Plant
         Keramicheskaya Str. 2a
         Zheleznodorozhnuy
         143983 Moskovskaya
         Russia


CONSORTIUM LLC: Astrakan Bankruptcy Hearing Set December 23
-----------------------------------------------------------
The Arbitration Court of Astrakhan will convene at 2:00 p.m. on
Dec. 23, 2008 to hear bankruptcy supervision procedure on CJSC
Kaspiyskiy Construction Consortium (TIN 3016030278).  The case
is docketed under Case No. A06-4378/2008-11.

The Temporary Insolvency Manager is:

         V. Dmitriyev
         Office 607
         Bakinskaya Str. 149
         414000 Astrakhan
         Russia

The Debtor can be reached at :

         CJSC Kaspiyskiy Construction Consortium
         Rozhdenstvenskogo Str. 11
         Astrakhan
         Russia


GOLDEN TELECOM: S&P Withdraws BB+ Credit Rating at Firm's Request
-----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'BB+' long-
term corporate credit rating on U.S.-registered Russian
telecommunications operator Golden Telecom Inc. at the request of
the issuer.

"At the time of the withdrawal there was no rated debt
outstanding," said S&P's credit analyst Alexander Griaznov.

In 2008, Golden Telecom Inc. was fully acquired by Vimpel-
Communications (JSC) (BB+/Stable/--).  At that time, the rating on
Golden Telecom was equalized with that of the new parent,
reflecting the credit enhancement from being owned by a company
with more favorable credit characteristics, both from a business
and a financial profile standpoint.


GRAVITON-PLUS LLC: Creditor Must File Claims by November 11
-----------------------------------------------------------
Creditors of LLC Graviton-Plus (TIN 3904033950) have until
Nov. 11, 2008, to submit proofs of claims to:

         I. Semenov
         Insolvency Manager
         Prospect Mira 136/213
         236000 Kaliningrad
         Russia

The Arbitartion Court of Kaliningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A21–1417/2008.

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Graviton-Plus
         Kosmonavta Patsayeva Str. 8
         236000 Kaliningrad
         Russia


KUZNETSKIY CAPACITOR: Court Starts External Bankruptcy Procedure
----------------------------------------------------------------
The Arbitration Court of Penza commenced external management
bankruptcy procedure against CJSC Kuznetskiy Capacitor Plant.
The case is docketed under Case No. A49-1617/2008-156/26.

External Insolvency Manager:

         D. Shcherban
         Krivozerye Str. 24
         440031 Penza
         Russia

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         CJSC Kuznetskiy Capacitor Plant
         Grazhdanskaya Str. 85
         Kuznetsk
         442530 Penzenskaya
         Russia


MUE POKROVSKIY: Creditor Must File Claims by November 11
--------------------------------------------------------
Creditors of MUE Pokrovskiy Butter Plant have until Nov. 11,
2008, to submit proofs of claims to:

         N. Pyuzhova
         Insolvency Manager
         Apt. 20
         Gagarina Str. 6
         305018 Kursk
         Russia

The Arbitartion Court of Orlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?48–1098/08.

         The Debtor can be reached at:

         MUE Pokrovskiy Butter Plant
         Sovetskaya Str. 1
         Pokrovskoe
         Orlovskaya
         Russia


RENAISSANCE CAPITAL: Onexim Group Acquires 50% Stake
----------------------------------------------------
Renaissance Group and ONEXIM Group have agreed to enter into a
strategic partnership whereby they will each take ownership of 50%
of Renaissance Capital, the leading investment bank in the
Russian, CIS and African markets.

The partnership creates an investment bank with a strong and very
liquid balance sheet well placed to aggressively pursue growth
opportunities arising from the ongoing turmoil in global financial
markets.  Renaissance Group will maintain management control of
Renaissance Capital.  ONEXIM Group will contribute to the
strategic direction of the investment bank and will be able to
nominate three of the seven Board members of Renaissance Capital.

ONEXIM Group will purchase a 50% stake in Renaissance Capital
following the issuance of new equity.  Renaissance Group will hold
50% plus one share of the voting rights at Renaissance Capital.
This transaction is subject to regulatory and other approvals.
Renaissance Group's holdings in Renaissance Investment Management,
Renaissance Partners and Renaissance Credit remain unchanged.

Stephen Jennings, CEO Renaissance Group said: "The partnership
with ONEXIM creates a financial powerhouse with the resources,
skills and ambition to be the clear leader in all its markets. At
a time when many of our competitors are weakened, our unique
franchise, solid capital platform and highly motivated staff will
enable the firm to aggressively pursue growth opportunities."

President of ONEXIM Group Mikhail Prokhorov said: "Renaissance's
experienced team together with ONEXIM's business ambitions and
financial resources will enable the bank to dominate all its
competition.  Our partnership presents the opportunity to take
Renaissance Capital to the next level."

                     About ONEXIM Group

ONEXIM Group is one of Russia's largest private investment funds,
with a focus on mining industry, innovative projects in energy and
nanotechnology, real estate and other industries. ONEXIM has more
than US$25 billion in assets.

                  About Renaissance Group

Renaissance Group is an independent group of investment banking,
asset and wealth management, merchant banking, and consumer
finance companies specializing in high-opportunity emerging
markets.  Renaissance Group operates in Russia, Ukraine,
Kazakhstan, the United Kingdom, the United States of America,
Cypus and Sub-Saharan Africa.

                 About Renaissance Capital

Renaissance Capital is a leading investment banking firm in the
CIS, Central Asia and Sub-Saharan Africa.  Renaissance Capital has
market-leading positions in each of its core businesses - M&A,
equity and debt capital markets, securities sales and trading,
research and derivatives.  Renaissance Capital is part of the
Renaissance Group.

                      *     *     *

As reported in the TCR-Europe on Sept. 24, 2008, Standard & Poor's
Ratings Services placed its 'BB-' long-term counterparty credit
rating on Russian Renaissance Capital Holdings Ltd. on CreditWatch
with negative implications.  The 'B' short-term rating was
affirmed.


RENAISSANCE CAPITAL: Fitch Trims Individual Rating to D from C/D
----------------------------------------------------------------
Fitch Ratings has downgraded the Individual Rating of Renaissance
Capital Holdings Limited to 'D' from 'C/D' and changed the Outlook
on the group's Long-term Issuer Default rating to Negative from
Stable.

The rating action follows the announcement that Renaissance
Capital's shareholders have agreed to sell 50% less one share in
the company to Russia-based Onexim Group (not rated) in return for
an injection of new equity of US$500 million.  Onexim has also
provided a committed credit facility.  Fitch views this as a
defensive sale at a time of substantial market volatility and when
pure investment banks like Renaissance Capital have become
increasingly exposed to market sentiment and whim.

The downgrade of the Individual Rating reflects the pressure on
Renaissance Capital's business model and funding from the extreme
market volatility in Russia, which reached a peak last week and
which may have ultimately led to the sale decision.  Fitch
believes the immediate pressure on the Long-term IDR to have been
alleviated by the equity injection and support of Onexim.  The
Negative Outlook reflects the medium- and longer-term earnings and
risk management challenges facing a business that is still very
reliant on the markets and investor sentiment towards Russia and
the CIS.  More immediate ratings pressure could, however, arise in
the event that the company's liquidity position weakens or in the
event of very material market or credit losses.

The near-term challenges for Renaissance Capital center on
managing the credit, market and liquidity risks created by the
current market instability.  Credit risk is tightly controlled and
Fitch has not been made aware of any credit losses in recent
weeks.  Market risk has also historically been well-controlled,
although net inventory positions are likely to have been subject
to - in the context of current year earnings - manageable losses
during the extreme market moves of last week.  The cash injection
by Onexim has reduced immediate liquidity risk, but this is likely
to be the main area of management focus in the near-term, as it
will be of Fitch.

The Renaissance Capital group was founded in 1995 and is now a
leading Russian, CIS and sub-Saharan investment bank with the
ultimate holding company - Renaissance Holdings Management Limited
- located in Bermuda.  Renaissance Capital reported net income of
US$220 million in the six months to end-H108, at which date it had
equity of US$917 million and assets of US$6.4 billion.  RHML also
owns a consumer finance bank, CB Renaissance Capital (Long-term
IDR 'B-'/Stable), certain merchant banking assets under the
umbrella of Renaissance Partners and Renaissance Investment
Management.

Rating actions taken:

Renaissance Capital Holdings Limited:
  -- Long-term IDR affirmed at 'BB-'; Outlook changed to Negative
     from Stable

  -- Senior unsecured debt: affirmed at 'BB-'
  -- Short-term IDR: affirmed at 'B'
  -- Individual Rating: downgraded to 'D' from 'C/D'
  -- Support Rating: affirmed at '5'
  -- Support floor: affirmed at 'No floor'

Renaissance UK Holdings Limited
  -- Long-term IDR affirmed at 'BB-'; Outlook changed to Negative
     from Stable
  -- Short-term IDR: affirmed at 'B'
  -- Support Rating: affirmed at '3'


RUSSIAN FACTORING: S&P Affirms BB Credit Rating on Mezzanine Loan
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BBB' credit
rating on the senior notes and 'BB' credit rating on the mezzanine
facility loan issued by Russian Factoring No. 1 S.A., a special-
purpose entity.

The rating actions follow the partial redemption of the notes and
amendments to the transaction documentation.  The notes and the
mezzanine loan are backed by factoring receivables originated by
CJSC Eurokommerz FC.

On Sept. 19, the noteholders concluded an agreement on the partial
redemption of the notes.  Under that agreement, the notes and the
mezzanine loan were partially redeemed using the proceeds from the
sale of part of the collateral back to Eurokommerz.  The notes
reduced to RUR5 billion from RUR11.25 billion, and the mezzanine
loan to RUR300 million from RUR500 million.  The subordinated loan
(not rated) reduced to RUR1.36 billion from RUR1.6 billion.

The total redemption amount was RUR6.75 billion, of which the
buyback amount comprises RUR3.95 billion, and the remaining RUR2.8
billion comes from the principal collections accumulated by the
issuer on its transaction account since it stopped acquiring new
receivables.  The partial principal redemption on the repurchase
date did not affect the sequence of, and funds available to, the
regular allocation of revenue and principal collections in
accordance with the transaction terms.

From the date of the partial redemption, the transaction follows
the amended documentation. The main changes in the transaction
documents include:

  -— The revolving period has been extended to March 2009 from
     September 2008;

  -— The legal final maturity has been extended to March 2010;

  -— The collection agency agreement has been modified to allow
     other special-purpose entities under potential future
     securitizations to access the agreement;

  -— The definition of a deferred purchase price event and an
     early amortization event have been modified;

  -— One additional servicer event has been added; and

  -— An upper limit to the subordinated facility has been
     introduced.

The transaction still relies on the dynamic credit enhancement
that is calculated on the basis of S&P's trade receivables model.


SIBUR OJSC: Halted Sale Talks Cue Fitch to Keep 'BB' LT IDR
-----------------------------------------------------------
Fitch Ratings is maintaining Russia-based petrochemical producer
OJSC SIBUR Holding's Long-term Issuer Default rating of 'BB' on
Rating Watch Negative.  This follows the announcement by
Gazprombank and Hidron Holdings Ltd. that talks on the sale of a
controlling stake in SIBUR have been halted due to current
financial market conditions.  The Short-term IDR is affirmed at
'B'.

Gazprombank and Hidron Holdings Ltd. said the sale may resume once
market conditions have improved.  Gazprombank had signed a
preliminary deal in late April to sell a 50% plus one stake in
SIBUR for RUB53.5 billion to Cyprus-registered Hidron Holdings
Ltd, which is owned by five of SIBUR's senior executives.

Fitch is keeping the Long-term IDR on RWN due to uncertainty
surrounding SIBUR's strategy following the cancellation of the MBO
plan.  While the suspension of the MBO plans has temporarily
alleviated downward pressure on the rating, the agency seeks to
clarify a number of issues with SIBUR's management, including the
company's plans for funding the capex program, future dividend
policy and M&A ambitions.  Fitch will meet with SIBUR's management
in late October and aims to resolve the Rating Watch in November.

The Long-term IDR was originally placed on RWN on March 4, 2008
following the company's announcement of potential private
offerings of several sizable bond issues in relation to SIBUR's
investment program, and possible acquisition and merger
transactions.  The RWN reflected Fitch's concerns that the
company's financial leverage could increase substantially and
signal a deviation from SIBUR's policy of maintaining a
conservative financial profile.  On April 24, 2008 Fitch announced
that the IDR would remain on RWN after SIBUR's announcement of a
management initiative to buy out a controlling stake added to
Fitch concerns of elevated leverage.

Fitch was also concerned the company's financial profile could
deteriorate as a result of dividends being upstreamed to service
the acquisition debt.  The five senior managers who had been
temporarily released from their positions since April for the time
of the negotiations will resume their work on the executive board
of SIBUR.

SIBUR is the largest vertically integrated petrochemicals producer
in Russia, and commands market-leading positions in its major
products.  Its major shareholders are Gazprombank (70%-1 share)
and Gazfund (25%+1 share).  Based on the company's audited fiscal
year 2007 accounts, revenue increased 17% to RUB142 billion with
an EBITDA margin of 23.2%.  SIBUR's net debt/EBITDAR increased to
0.7x in fiscal year 2007 from 0.2x in fiscal year 2006.  Sibur's
credit ratios at fiscal year ended 2007 were comfortable for the
rating level.  Fitch expects an improvement of SIBUR's financial
performance in the first half of fiscal year 2008.


* Moody's Changes Outlook on Twelve Russian Banks to Stable
-----------------------------------------------------------
Moody's Investors Service has changed the outlook on the long-term
global local and foreign currency deposit ratings of 12 Russian
banks to stable from positive.  Moody's also changed the outlook
on the bank financial strength ratings (BFSRs) of seven Russian
banks and the ratings of the debt instruments issued by six
Russian banks to stable from positive.  All ratings of these banks
were affirmed.

The previous positive outlooks on these ratings of the affected
banks had reflected Moody's view that these banks were strongly
positioned in their respective rating categories, indicating a
high probability of migration to the next higher rating category,
subject to further strengthening of their key rating drivers.
However, the rating agency cautions that recent developments in
Russia's banking sector are likely to exert negative pressure on
these banks' funding profiles, financial fundamentals and
capitalization, thus making upgrades of the affected ratings
unlikely in the medium term.

Specifically, the outlook on the long-term global local and
foreign currency deposit ratings of the following banks was
changed to stable from positive:

   -- Bank Uralsib

   -- Center-Invest Bank

   -- Credit Bank of Moscow

   -- Investment Trade Bank

   -- Kedr Bank

   -- National Bank Trust

   -- Nomos Bank

   -- SKB- Bank

   -- Transcapital Bank

   -- Trust Investment Bank

   -- Sudostroitelny Bank

   -- Vostochny Express Bank

The outlook on the BFSRs of the following banks was changed to
stable from positive:

   -- Bank Uralsib

   -- Center-Invest Bank

   -- Credit Bank of Moscow

   -- National Bank Trust

   -- Nomos Bank

   -- Transcapital Bank

   -- Trust Investment Bank

The outlook on the long-term debt ratings of the following banks
was changed to stable from positive:

   -- Credit Bank of Moscow

   -- National Bank Trust

   -- Nomos Bank

   -- Transcapital Bank

   -- Trust Investment Bank

   -- Vostochny Express Bank


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


LCL FRESHSERVICES: Files for Insolvency; Blames Bad Debt
--------------------------------------------------------
Part-owned LCL Freshservices Iberia, on Sept. 17, 2008,
voluntarily filed for insolvency, blaming bad debt in a trucking
service provider in Spain, Fresh Plaza reports.

LCL Freshservices Iberia, which employs 25 people, will now be
under insolvency administration according to Spanish law, the
report relates.

The company had turnover of EUR30 million in 2007, the report
adds.


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


ARCO MANAGEMENT: Creditors Have Until Oct. 8 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Arco Management are requested to file
their proofs of claim by Oct. 8, 2008, to:

         Terrassenweg 1a
         6301 Zug
         Switzerland

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


IBIS BETEILIGUNGEN: Oct. 8 Set as Deadline to File Claims
---------------------------------------------------------
Creditors owed money by JSC Ibis Beteiligungen are requested to
file their proofs of claim by Oct. 8, 2008, to:

         Karl E. Imhof
         Gnellenstrasse 2
         8142 Uitikon-Waldegg
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on DATE.


GENERAL MOTORS: Diminishing Liquidity Cues Fitch to Junk IDR
------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of General
Motors by one notch to 'CCC' from 'B-', due to diminishing
liquidity and lack of access to capital.  In Fitch's previous
downgrade, Fitch stated that diminished capacity to refinance
short-term maturities, or Fitch projections that GM would drop
below US$15 billion in cash could be cause for further downgrades.

Fitch believes that GM would reach minimum required levels of
available liquidity within the next 12 months without access to
external capital.  Contributing factors include weakening overseas
results and the impact of the credit crisis on GM and GMAC's
ability to finance retail sales.  Continuing operating losses,
restructuring costs and supplier issues will continue to drain
cash at least through 2009, and Fitch expects that General Motors
could reach minimum required levels of cash within the next 12
months without additional capital.

External sources of capital for GM remain limited, indicating that
liquidity drains will accelerate through year-end 2008.  Although
GM's overseas operations remain profitable and growing, the state
of the capital markets and the automotive industry severely limit
the amount of capital that can be raised against these holdings.
Fitch also believes that General Motors will also seek additional
cooperation from the UAW in altering the financing structure and
timing of the VEBA trust.  Fitch believes that this is likely due
to the fact that in all scenarios, the UAW's interests are best
served by keeping General Motors out of bankruptcy.

Fitch believes that the ability of GM to obtain federal financing
over the near term is highly probable, although the amount, terms,
structure and timing remain uncertain.  Fitch's rating action
incorporates this expectation, indicating that approval of a
federal loan guarantee program is not expected to result in a
rating change.  In all, Fitch believes that GM will be challenged
to raise financing in an amount that exceeds US$10 billion, and
will therefore be unable to offset expected liquidity drains over
the next 12 months.

Although General Motors continues to make dramatic reductions in
its cost structure, this progress has not been able to keep pace
with the decline in revenues and has led to accelerated operating
losses.  Fitch expects that losses from operations will extend
into 2010, as GM attempts to complete the restructuring of its
labor force, manufacturing footprint and product lineup.  With the
rapid migration of the market to more fuel-efficient vehicles,
GM's product lineup will remain misaligned with market demand over
the near term.  International operations continue to add strength
to GM's credit profile, although market weakness in Europe and
China are expected to moderate recent operating results.

In 2010, the industry could benefit from a rebound in economic
conditions and a cyclical trough in industry sales.  In
particular, sales of pickup trucks, where the U.S. manufacturers
continue to dominate the market and reap healthy contribution
margins, could benefit from any improvement in the housing market,
although pickup truck sales are not expected to reach previous
levels.  GM will also benefit from the terms of the UAW health
care agreement in 2010, and more fully realize the fixed-cost
improvements currently being implemented.

The recent drop in fuel and other commodity prices will also
benefit margins over the near term.  However, the company's debt
load, and the associated financing costs, will continue to
escalate, and will represent a material claim on cash flows going
forward, even as GM's earning capacity diminishes.  Even in the
event of longer term stabilization in negative cash flows, GM is
not expected to be in a position to reduce its debt load over the
near term, a debt load that is expected to exceed US$50 billion.

Fitch also remains concerned about the state of the asset-backed
securitization market.  In a period of deteriorating performance,
a weakening consumer, and highly uncertain capital markets, any
limitation on the ability of domestic manufacturers to
economically access this market and/or offer competitive retail
financing could serve to further ratchet down sales and production
volumes, as did the pullback in leasing activity.

Fitch downgraded these:

General Motors
-- IDR to 'CCC' from 'B-';
-- Senior Secured to 'B/RR1' from 'BB-/RR1'
-- Senior unsecured debt to 'CCC-/RR5' from 'CCC+/RR5'.

General Motors of Canada
-- IDR to 'CCC' from 'B-';
-- Senior unsecured debt to 'CCC-/RR5' from 'CCC+/RR5'.


NF ZURICH: Creditors Must File Proofs of Claim by Oct. 8
--------------------------------------------------------
Creditors owed money by JSC NF Zurich are requested to file their
proofs of claim by Oct. 8, 2008, to:

         Stefan Koller
         Glattalstrasse 33
         Mail Box 613
         8052 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 10, 2008.


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


DTEK HOLDINGS: Fitch Holds 'B+' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings affirmed DTEK Holdings Limited's Long-term Issuer
Default rating of 'B+', Short-term IDR of 'B' and National Long-
term rating of 'AA-(ukr)', and placed them on positive outlook.
DTEK had strong financial performance in fiscal year 2007 and
first half 2008.  However, the company still has poor liquidity
and a relatively short debt maturity profile.  DTEK intends to
refinance its debt before fiscal year ended 2008.  If this
refinancing is successful, the liquidity position and debt
maturity profile of the company will improve substantially and put
upward pressure on the rating.

The fundamentals of DTEK's business continue to improve.  EBITDA
and CFO growth are strong, having increased year-on-year to fiscla
year 2007 by 99% and 73% respectively (to UAH2,395 million and
UAH1,480 million).  While these results are exceptional, driven
largely by significant increases in coal and power prices, Fitch
believes that strong underlying growth will continue.  DTEK
remains among Ukraine's most efficient and lowest-cost producers
of coal and electricity.  Furthermore, operating margins continue
to improve (26.7% in fiscal year 2007 up from 23.8% in fiscal year
2006).  Gross leverage is expected by Fitch to remain comfortably
below 2.0x, even as the company continues to invest in its capex
program and acquire other coal and power businesses.

As of Aug. 1, 2008, 44.8% of total debt fell due within one year,
a significant improvement from 78.8% at fiscal year ended 2007.
Fitch expects current debt to comprise less than 30% of total debt
at fiscal year 2008, and the average debt maturity is expected to
be between two and three years by fiscal year 2009.

"A successful refinancing of DTEK's debt this autumn 2008 would
result in a significant improvement in liquidity and a reduction
in future refinancing risk, commensurate with a higher rating
level", says Anton Krawchenko, Associate Director in Fitch's
Energy and Utilities group.  Should the refinancing not occur, the
agency believes DTEK would likely remain at the current rating
level in spite of the financial performance improvements described
above.


ENTERPRISE RIVENT: Creditors Must File Claims by September 28
-------------------------------------------------------------
Creditors of CJSC Enterprise Fivent (code EDRPOU 02971535) have
until Sept. 28, 2008, to submit proofs of claim to:

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

The Economic Court of Rovno commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 20, 2008.
The case is docketed as 9/33.

The Debtor can be reached at:

         CJSC Enterprise Fivent
         Mlinovskaya Str. 1
         33000 Rovno
         Ukraine


LORES GROUP: Creditors Must File Claims by September 28
-------------------------------------------------------
Creditors of LLC Lores Group (code EDRPOU 35278300) have until
Sept. 28, 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 18/469-08.

The Debtor can be reached at:

         LLC Lores Group
         Lomonosov Str. 34
         Vishnevoye
         08132 Kiev
         Ukraine


MELITOPOL BREWERY: Creditors Must File Claims by September 28
-------------------------------------------------------------
Creditors of OJSC Melitopol Brewery (code EDRPOU 05379441) have
until Sept. 28, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy supervision
procedure on the company.  The case is docketed as  12/101/08.

The Debtor can be reached at:

         OJSC Melitopol Brewery
         Dzerzhynsky Str. 289
         Melitopol
         72316 Zaporozhje
         Ukraine


MERKATOR PLUS: Creditors Must File Claims by September 28
---------------------------------------------------------
Creditors of LLC Merkator Plus (code EDRPOU 35086762) have until
Sept. 28, 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. 18, 2008.
The case is docketed as 44/191-b.

The Debtor can be reached at:

         LLC Merkator Plus
         Tchapayev Str. 10
         01030 Kiev
         Ukraine


PANSKAYA DOLINA: Creditors Must File Claims by September 28
-----------------------------------------------------------
Creditors of LLC Panskaya Dolina (code EDRPOU 00699075) have until
Sept. 28, 2008, to submit proofs of claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 14, 2008.
The case is docketed as 10/134-08.

The Debtor can be reached at:

         LLC Panskaya Dolina
         Zavodskaya Str. 8
         Kholodovka
         Tulchin District
         Vinnica
         Ukraine


PRILUKI PLANT: Creditors Must File Claims by September 28
---------------------------------------------------------
Creditors of State Enterprise Priluki Plant of Fire-Prevention and
Special Machinebuilding Firespecialmachine (code EDRPOU 33004117)
have until Sept. 28, 2008, to submit proofs of claim to:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy supervision
procedure on the company on July 21, 2008.  The case is docketed
as 9/64b.

The Debtor can be reached at:

         State Enterprise Priluki Plant of Fire-Prevention and
         Special Machinebuilding Firespecialmachine
         Mir Str. 100
         Ladan
         Priluki District
         17583 Chernigov
         Ukraine


SINEK LLC: Creditors Must File Claims by September 28
-----------------------------------------------------
Creditors of LLC Sinek (code EDRPOU 34332177) have until Sept. 28,
2008, to submit proofs of claim to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on July 22, 2008.
The case is docketed as B-39/67-08.

The Debtor can be reached at:

         LLC Sinek
         Pravda Avenue 5
         Kharkov
         Ukraine


UNIVERSAL INVESTMENT: Creditors Must File Claims by September 28
----------------------------------------------------------------
Creditors of LLC Universal Investment (code EDRPOU 30700877) have
until Sept. 28, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy supervision
procedure on July 4, 2008.  The case is docketed as  21/147/08.

The Debtor can be reached at:

         LLC Universal Investment
         Lenin Str. 343
         Tchapayevka
         Pologovsky District
         70624 Zaporozhje
         Ukraine


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


A J DRINKWATER: Brings in Liquidators from Tenon Recovery
---------------------------------------------------------
Patrick Ellward and Dilip Dattani of Tenon Recovery were appointed
joint liquidators of A J Drinkwater (Electrical Engineers) Ltd. on
Sept. 10, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         A J Drinkwater (Electrical Engineers) Ltd.
         c/o Tenon Recovery
         The Poynt
         45 Wollaton Street
         Nottingham
         NG1 5FW
         England


AJA EXECUTIVE: Calls in Liquidators from KPMG
---------------------------------------------
Mark Jeremy Orton and Allan Watson Graham of KPMG LLP were
appointed joint liquidators of AJA Executive Ltd. (formerly AJA
Executives Ltd.) on Sept. 8, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         AJA Executive Ltd.
         c/o KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England


AQUILA 2005-1: S&P Puts BB-Rated Class E Notes on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its ratings on the class D and E commercial
mortgage-backed securities (CMBS) notes issued by AQUILA (ECLIPSE
2005-1) PLC.  The ratings on the other classes in the transaction
remain unaffected.

The CreditWatch placements follow a review of all the five
remaining loans in this transaction based on data up to and
including the August servicer report released by Barclays Capital
Mortgage Servicing Ltd.

These actions are due to S&P's concerns regarding the Brighton
Marina loan, which accounts for 23.95% of the outstanding
principal amount.  The Brighton Marina loan is the second-largest
loan in the transaction and is backed by a large leisure and
retail complex on Brighton's seafront.

This loan matures in October 2009 and is structured with a step-up
in amortization from GBP200,000 per quarter currently to
GBP300,000 per quarter in October 2008.  S&P's concerns relate to
the borrower's ability to pay scheduled principal following the
step-up in amortization, as well as the increased refinance risk
of large leisure properties in the current finance environment.

The transaction, which closed in March 2005, was originated by
Barclays Bank PLC.  It was originally backed by 10 loans secured
by 44 commercial properties across the U.K. Five loans, which
accounted for 57.8% of the original portfolio pool, have since
been prepaid.

AQUILA (ECLIPSE 2005-1) PLC:

  -- GBP440.65 Million Commercial Mortgage-Backed Floating-Rate
     Notes

Ratings Placed On CreditWatch Negative:

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


BRADFORD AND BINGLEY: Fitch Cuts Individual Rating to 'D' from 'C'
------------------------------------------------------------------
Fitch Ratings has downgraded UK-based Bradford and Bingley's
ratings to Long-term Issuer Default 'BBB-' from 'BBB+', Short-term
IDR 'F3' from 'F2', and Individual 'D' from 'C'.  Its Support
rating has been upgraded to '2' from '3' resulting in an upgrade
of the Support Rating Floor to 'BBB-' from 'BB+'.

In line with Fitch's standard notching policy for hybrid and
subordinated instruments, the ratings for these instruments of B&B
have been downgraded to 'B+' from 'BBB-' and 'BB+' from 'BBB',
respectively.  All ratings with the exception of the Individual
rating have been placed on Rating Watch Evolving.  Separately,
Fitch has placed B&B's 'AAA'-rated covered bonds on Rating Watch
Negative.

B&B has been the subject of heightened market scrutiny since the
failure of Northern Rock.  Since then, pressure on mortgage
lenders more exposed to higher risk segments such as buy-to-let,
high LTV and 'self-cert' mortgages has continued to affect market
sentiment and funding capabilities.  The rating actions follow
reports that a 'white knight' is being sought for B&B.  Although
these reports have neither been confirmed nor denied, there is a
serious risk, in Fitch's opinion, that they could have a further
destabilizing effect on B&B.

Disruption to the wholesale funding markets on which B&B relies
heavily for funding its customer loans has weakened its
operational flexibility.  It also highlighted the importance of
the bank's retail deposit base.  Fitch is concerned that further
deterioration in market confidence could result in increased
pressure on this source of funding, something that Fitch believes
would be unpalatable to the UK authorities thereby triggering
regulatory intervention.

The downgrades of the IDRs as well as the Individual rating
reflect Fitch's view of B&B's increasing vulnerability to negative
market sentiment and the limited options available to management
to deal with this pressure.  Fitch expects further deterioration
in the bank's profitability and asset quality as the UK economy
and mortgage market continue to worsen.  Strategic actions taken
by B&B to shrink the balance sheet will reduce funding needs but
are likely to result in a more rapid weakening of asset quality as
better-quality borrowers refinance elsewhere.

Fitch expects lower business volumes to result in efforts to cut
operating expenses but, in the agency's opinion, it is unlikely
that cost-cutting measures will be sufficient to mitigate revenue
decline and higher arrears.  In comparison with other UK financial
institutions, B&B depends more heavily on central bank funding,
and efforts to increase customer deposits will take time to
realize.  Liquidity appears relatively comfortable but is reliant
on retail confidence being maintained.  Meanwhile, Fitch views
positively B&B's improved capital position following the
completion of the rights issue and the appointment of a new
experienced Chief Executive in August 2008.

The upgrade of B&B's Support Rating and Support Rating Floor
reflect the agency's view that the most likely potential outcomes
for B&B are either a takeover by a larger financial institution or
intervention by the FSA.  In Fitch's opinion, any potential
acquirer would likely be larger and rated higher than B&B, thereby
providing rating upside for B&B's IDRs upon completion of a deal.

However, it is unclear to Fitch that such an acquirer is likely to
be forthcoming.  In the event of intervention by, and external
support from, the UK authorities, Fitch believes it would also
result in a positive rating outcome for the IDRs.  The RWE
assigned reflects the stronger probability of upside rating
potential over the near-term, together with the much smaller
downside risk that no solution is found that protects depositor
and creditor interests.  Fitch believes in the event of regulatory
intervention, losses could be imposed on holders of preferred
shares.

At end-June 2008, B&B reported a loss before tax of GBP27 million
(H107: GBP180 million profit) due to weaker revenues, worsening
impairment charges and negative valuation adjustments from its
structured securities portfolio.  While the latter can be
considered non-recurrent, the weaker revenues driven by narrowing
interest spreads and a shrinking loan book coincided with
worsening bad debts.  Management expects the net interest margin
to dip below 90 basis points for the rest of the year (H108:
98bp).

There has been rapid deterioration in arrears, which rose to 2.87%
of the total loan book at end-H108 (end-2007: 1.85%).  The
increase reflects continued payment strain on borrowers, the rapid
growth of the loan book before H207 and house price declines in
the UK market.  Fitch believes some of these pressures have
increased during 2008 and will continue to weaken credit quality
for the rest of the year and beyond.

Fitch views positively the strengthening of the bank's capital
position, which is reflected in a pro-forma Tier 1 ratio of 9.1%
at end-H108.  Fitch considers B&B capitalization acceptable in
light of the bank's risks, but believes this will come under
pressure as arrears rise and profitability comes under increasing
strain.  B&B has pre-funded its operations into 2009 and has
access to secured funding.  In 2008, the bank has expanded its
customer deposit base, which at end-H108 accounted for 49% of
total funding.  At end-H108, B&B reported a reasonable stock of
liquid assets to meet expected maturing obligations, but remains
vulnerable to market sentiment.


BROADLAND RAIL: Appoints Liquidators from Tenon Recovery
--------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint liquidators of Broadland Rail Ltd. on Sept. 8, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

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


CORNISH HOMES: Draws Up Paperwork for October 10 Liquidation
------------------------------------------------------------
Cornish Homes (UK) Ltd. has asked liquidators to draw up paperwork
in preparation for liquidation on Oct. 10, 2008.

Company Director Kevin Heaney said that the company was not
earning money due to current financial climate.

Mr. Heaney who also owns Truro City Football Club, said that his
other businesses were not affected.

Jason Callender, insolvency accountant from Kelmanson Partnership
said letters will be sent to the creditors ahead of a meeting on
Oct. 10, 2008.


KRISPY KREME: Posts US$1.9 Million Net Loss in Qtr. Ended Aug. 3
----------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., reported that for the second quarter
of fiscal 2009, ended August 3, 2008, it incurred a net loss
US$1.9 million, compared to a net loss of US$27.0 million in the
second quarter last year.  While a number of factors affected
results for the quarter compared to the second quarter of last
year, the largest single factor was that results for the second
quarter of last year included impairment charges and lease
termination costs of US$22.1 million.

Total revenues for the second quarter decreased 9.5% to US$94.2
million compared to US$104.1 million in the second quarter last
year.  The decline in revenues reflects decreases in Company
Stores and KK Supply Chain revenues, partially offset by an
increase in Franchise revenues.  Company Stores revenues decreased
13.5% to US$65.1 million.  Within this segment, on-premises
revenues fell 10.5% in total -- 4.1% on a same-store basis -- and
off-premises revenues fell 15.7% compared to the second quarter
last year.  KK Supply Chain revenues declined 5.1% to US$22.5
million, and Franchise revenues rose 30.1% to US$6.6 million.

As of August 3, 2008, the company's consolidated balance sheet
reflected cash and debt of approximately US$33.2 million and
US$75.4 million.  The company's total assets reach US$208,617,000
while total shareholders' equity is US$63,719,000.

During the second quarter of fiscal 2009, 31 new Krispy Kreme
stores, comprised of five factory stores and 26 satellites, were
opened systemwide, and seven stores, comprised of five factory
stores and two satellites, were closed systemwide.  This brings
the total number of stores systemwide at quarter end to 494,
consisting of 286 factory stores and 208 satellites.  The net
increase of 24 stores in the quarter reflects a net increase of 29
international stores and a net decrease of five domestic stores.
All 31 new stores were opened by franchisees.  Approximately 80%
of total stores are operated by franchisees, and over half are
located outside the United States.

Second quarter systemwide sales increased 3.9% from the second
quarter of last year.  The growth in systemwide sales was entirely
attributable to growth in sales by international franchisees; the
domestic component of systemwide sales fell in the second quarter
compared to the second quarter last year, principally due to store
closures over the past 12 months.

"We are not satisfied with our financial results for the second
quarter," said Jim Morgan, Chairman, President and Chief Executive
Officer.  "Some of the shortfall was due to external factors, but
we must move forward on implementing our key strategic initiatives
in order to achieve the positive long-term results we believe are
possible."  Those initiatives are:

  * Building new small retail concept shops in select company
    markets to bring our signature doughnuts closer to consumers
    and to establish the economics of the domestic hub-and-spoke
    model;

  * Bringing intense focus to the basics of shop operations to
    improve both the consumer experience and our financial
    results;

  * Developing, testing and deploying new menu offerings to give
    consumers more reasons to visit Krispy Kreme;

  * Improving how we do business in the off-premises channel,
    which has particular revenue and cost pressures;

  * Building on our successes in international franchise
    development, to which we are devoting additional resources;

  * Enhancing franchisee operational support both domestically
    and internationally; and

  * Providing increased Supply Chain support to an increasingly
    global business and improving franchisee service levels and
    economics.

"A weakening economy, combined with rising fuel and agricultural
commodity prices adversely affected us in the quarter," Mr. Morgan
continued, "but it's our task to operate successfully no matter
the headwinds.  Although our near term results may continue to be
uneven, we have talented and dedicated employees who are working
hard to implement the further improvements necessary for us to be
successful for the long term."

Many factors could adversely affect the company's business.  In
particular, the company is vulnerable to further increases in the
cost of raw materials and fuel, which could adversely affect the
company's operating results and cash flows.  In addition, several
franchisees have been experiencing financial pressures which, in
certain instances, have become exacerbated in recent quarters.
Royalty revenues and most of KK Supply Chain revenues are directly
related to sales by franchise stores and, accordingly, the success
of franchisees' operations has a direct effect on the company's
revenues, results of operations and cash flows.

Systemwide sales, a non-GAAP financial measure, include sales by
both company and franchise stores.  The company believes
systemwide sales data are useful in assessing the overall
performance of the Krispy Kreme brand and, ultimately, the
performance of the company.  The company's consolidated financial
statements include sales by company stores, sales to franchisees
by the KK Supply Chain business segment and royalties and fees
received from franchisees, but exclude sales by franchise stores
to their customers.

The company has guaranteed certain loans and leases from third-
party financial institutions on behalf of Equity Method
Franchisees, primarily to assist the franchisees in obtaining
third-party financing.  The loans are collateralized by certain
assets of the franchisee, generally the Krispy Kreme store and
related equipment.  The company's contingent liabilities related
to these guarantees totaled US$13.3 million and US$17.5 million at
August 3 and February 3, 2008.  These guarantees require payment
from the company in the event of default on payment by the
respective debtor and, if the debtor defaults, the company may be
required to pay amounts outstanding under the related agreements
in addition to the principal amount guaranteed, including accrued
interest and related fees.  At the time the guarantees were
issued, the company determined the fair value of the guarantees
was immaterial and, accordingly, no amount was reflected for the
liabilities in the consolidated balance sheet.

The aggregate recorded liability for loan and lease guarantees
totaled US$3.2 million as of August 3, 2008, and is included in
accrued liabilities in the accompanying consolidated balance
sheet.

One of the company's lenders had issued letters of credit on
behalf of the company totaling US$18.2 million at August 3, 2008,
the substantial majority of which secure the company's
reimbursement obligations to insurers under the company's self-
insurance arrangements.

A full-text copy of Krispy Kreme's Form 10-Q is available for free
at http://researcharchives.com/t/s?324c

                        About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.KrispyKreme.com/--
is a retailer and wholesaler of doughnuts.  The company's
principal business, which began in 1937, is owning and franchising
Krispy Kreme doughnut stores where over 20 varieties of doughnuts
are made, sold and distributed and where a broad array of coffees
and other beverages are offered.

As of August 3, 2008, there were 494 Krispy Kreme stores operated
systemwide in the United States, Australia, Canada, Hong Kong,
Indonesia, Japan, Kuwait, Mexico, the Philippines, Puerto Rico,
Qatar, Saudi Arabia, South Korea, the United Arab Emirates and the
United Kingdom, of which 100 were owned by the company and 394
were owned by franchisees.  Of the 494 stores, 286 were factory
stores and 208 were satellites; 234 stores were located in the
United States and 260 were located in other countries.

                         *     *     *

Standard & Poor's placed Krispy Kreme Doughnuts Inc.'s long term
foreign and local issuer credit ratings at 'B-' in September 2007.
The ratings still hold to date with a negative outlook.


NORTHERN ROCK: Appoints Bob Davies as Non-Executive Director
--------------------------------------------------------------
Bob Davies has been appointed as a Non-Executive Director of
Northern Rock plc.  The appointment will be effective starting
Oct. 10, 2008.

Mr. Davies is Chairman of the CBI in the North East and a Non-
Executive Director of British Energy plc, Barratt Development plc
and Northern Business Forum Limited.  He was previously Chief
Executive of Arriva plc and Finance Director and subsequently
Chief Executive of East Midlands Electricity plc.

Ron Sandler, Executive Chairman, said, "I am delighted that Bob
has agreed to join Northern Rock as a Non-Executive Director.  His
extensive business experience combined with his close links to the
North East community will be of great benefit to the Company."

                        About Northern Rock

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on
July 8, 2008, Fitch Ratings has withdrawn the ratings of
Northern Rock's GBP400 million preference shares.  Fitch has
also affirmed the 'BB-' ratings of NR's other hybrid Tier 1 and
Upper Tier 2 issues and removed the Rating Watch Evolving, where
they were originally placed on Feb. 19.

On July 7, 2008, TCR-Europe reported that Standard & Poor's
Ratings Services lowered its rating on the GBP400 million
6.8509% Tier 1 preference shares to 'D' from 'C'.  The rating on
the GBP400 million notes issued by Saphir Finance PLC and
secured over the Northern Rock preference shares was similarly
lowered to 'D' from 'C'.


ORPHEE 1: Fitch Cuts Rating on EUR39.6 Million Notes to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded Orphee 1 & 4 unfunded synthetic CDOs,
and removed them from Rating Watch Negative.   The rating actions
reflect Fitch's view on the credit risk of the rated notes
following the release of its new Corporate CDO rating criteria on
April 30, 2008.

  -- EUR39,560,900 Orphee 1, maturing on Jan. 9, 2009:
     downgraded to 'BB' from 'BBB-'; removed from RWN

  -- EUR16,037,000 Orphee 4, maturing on Dec. 20, 2010:
     downgrade to 'B+' from 'BBB-'; removed from RWN

Key drivers of these transactions' credit risk include an increase
of the portfolio's credit risk.  Orphee 1 has 9% of the portfolio
now rated sub-investment grade, compared to 3.7% at close in
September 2007.  Likewise, Orphee 4 has 9.8%, compared to 5% in
September 2007.  In addition, portfolio migration risk has
increased: for Orphee 1 and 4, 4.3 % and 3.1% of the portfolios
are on RWN, respectively, while 14.1% and 16.2% are on Negative
Outlook.  The industry concentration of Orphee 1 is 30.4% in the
three largest sectors, made up of 14.3% in utilities, 8.4% in
aerospace & defense and 7.6% in automobiles.  For Orphee 4, the
industry concentration is 33.1% in the three largest sectors, made
up of 12.7% in utilities, 11.1% in automobiles and 9.3% in banking
& finance.

Given Fitch's view of concentration and the current credit quality
of the portfolio, as well as the remaining risk horizon, the
attachment/detachment levels of 1.5%/3.61% for Orphee 1 and
2.35%/2.73% for Orphee 4 are not sufficient to justify the
previous ratings of the notes.

The transactions are unfunded synthetic portfolio credit default
swaps that were entered on Sept. 30, 2007.  The underlying
portfolios consist only of corporate entities and do not reference
structured finance assets.

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing its
ratings accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Outlook Negative, reducing
such ratings for default analysis purposes by two notches and one
notch, respectively.  Fitch has noted its review will be focused
first on ratings most exposed to risks it has highlighted in its
updated criteria.

As such, the transactions were placed on RWN on May 16, 2008 and,
as previously indicated, resolution of the Rating Watch Status
depends on any plans managers or arrangers may choose to modify
either the structure or the portfolio.  In this case, Fitch used
the latest portfolios confirmed by the portfolio manager, as the
basis for its rating action.


ORPHEE 4: Fitch Chips Rating on EUR16 Million Notes to 'B+'
-----------------------------------------------------------
Fitch Ratings has downgraded Orphee 1 & 4 unfunded synthetic CDOs,
and removed them from Rating Watch Negative.   The rating actions
reflect Fitch's view on the credit risk of the rated notes
following the release of its new Corporate CDO rating criteria on
April 30, 2008.

  -- EUR39,560,900 Orphee 1, maturing on Jan. 9, 2009:
     downgraded to 'BB' from 'BBB-'; removed from RWN

  -- EUR16,037,000 Orphee 4, maturing on Dec. 20, 2010:
     downgrade to 'B+' from 'BBB-'; removed from RWN

Key drivers of these transactions' credit risk include an increase
of the portfolio's credit risk.  Orphee 1 has 9% of the portfolio
now rated sub-investment grade, compared to 3.7% at close in
September 2007.  Likewise, Orphee 4 has 9.8%, compared to 5% in
September 2007.  In addition, portfolio migration risk has
increased: for Orphee 1 and 4, 4.3 % and 3.1% of the portfolios
are on RWN, respectively, while 14.1% and 16.2% are on Negative
Outlook.  The industry concentration of Orphee 1 is 30.4% in the
three largest sectors, made up of 14.3% in utilities, 8.4% in
aerospace & defense and 7.6% in automobiles.  For Orphee 4, the
industry concentration is 33.1% in the three largest sectors, made
up of 12.7% in utilities, 11.1% in automobiles and 9.3% in banking
& finance.

Given Fitch's view of concentration and the current credit quality
of the portfolio, as well as the remaining risk horizon, the
attachment/detachment levels of 1.5%/3.61% for Orphee 1 and
2.35%/2.73% for Orphee 4 are not sufficient to justify the
previous ratings of the notes.

The transactions are unfunded synthetic portfolio credit default
swaps that were entered on Sept. 30, 2007.  The underlying
portfolios consist only of corporate entities and do not reference
structured finance assets.

Fitch released its updated criteria on April 30, 2008 for
Corporate CDOs and, at that time, noted it would be reviewing its
ratings accordingly to establish consistency for existing and new
transactions.  As part of this review, Fitch makes standard
adjustments for any names on RWN or Outlook Negative, reducing
such ratings for default analysis purposes by two notches and one
notch, respectively.  Fitch has noted its review will be focused
first on ratings most exposed to risks it has highlighted in its
updated criteria.

As such, the transactions were placed on RWN on May 16, 2008 and,
as previously indicated, resolution of the Rating Watch Status
depends on any plans managers or arrangers may choose to modify
either the structure or the portfolio.  In this case, Fitch used
the latest portfolios confirmed by the portfolio manager, as the
basis for its rating action.


PAR ELECTRICAL: Taps Liquidators from Tenon Recovery
----------------------------------------------------
Nigel Ian Fox and Alexander Kinninmonth of Tenon Recovery were
appointed joint liquidators of Par Electrical Ltd. on Sept. 5,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Par Electrical Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


TUSCAN FOOD: Joint Liquidators Take Over Operations
---------------------------------------------------
Stanley Donald Burkett-Coltman and Ian Malcolm Donald Graham
Cadlock of Tenon Recovery were appointed joint liquidators of
Tuscan Food Ltd. on Sept. 3, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Tuscan Food Ltd.
         c/o Tenon Recovery
         Highfield Court
         Tollgate
         Chandlers Ford
         Eastleigh
         Hampshire
         SO53 3TZ
         England


VCS CLEARPOINT: Appoints BDO Stoy Hayward as Administrators
-----------------------------------------------------------
Visual Communications Solutions' (VCS) subsidiary company VCS
(Clearpoint) has appointed BDO Stoy Hayward as administrators.
The company blames disintegration of market conditions in the B1
sector for the downfall, Helen Morris of printweek.com reports.

It was believed that BDO was looking for buyers for VCS
(Clearpoint).

Toby Underwood, joint administrator and partner at BDO Stoy
Hayward, said: "VCS (Clearpoint) have been victims of increased
competition in their marketplace as well as economic pressures."

Mr. Underwood added, "Following an immediate business review, we
regrettably had to make the workforce of the two businesses
redundant."

Clearpoint specializes in brochures, catalogs and magazines.


VCS WAYZGOOSE: Taps BDO Stoy Hayward as Administrators
------------------------------------------------------
Visual Communications Solutions' (VCS) subsidiary company VCS
(Wayzgoose) has appointed BDO Stoy Hayward as administrators.  The
company blames disintegration of market conditions in the B1
sector for the downfall, Helen Morris of printweek.com reports.

It was believed that BDO was looking for buyers for VCS
(Wayzgoose).

Toby Underwood, joint administrator and partner at BDO Stoy
Hayward, said: "VCS (Wayzgoose) and VCS (Clearpoint) have been
victims of increased competition in their marketplace as well as
economic pressures."

Mr. Underwood added, "Following an immediate business review, we
regrettably had to make the workforce of the two businesses
redundant."

Wayzgoose produces a range of printed products including greetings
cards, corporate literature, company reports, educational and
promotional items.


* Leonard Curtis Unveils New Appointments to Insolvency Team
------------------------------------------------------------
Leonard Curtis, the business rescue and recovery specialist, has
strengthened its team with new appointments across two offices.

Paul Warry has been appointed as senior manager at Leonard Curtis'
Birmingham office, joining the Insolvency and Recovery Services
team.  Chris Brooks and Rachael Warner have both been appointed as
administrators within the insolvency and recovery division, at the
Birmingham and Bury offices respectively.

Mr. Warry is joining Leonard Curtis after 20 years in the
insolvency field.  Previously at Numerica and Ernst and Young, Mr.
Warry has advised on numerous high profile cases across the UK.
He has specific sector expertise in engineering and construction
as well as unregistered companies and offshore investment.

"Leonard Curtis has a great reputation as a top five firm with an
impressive track record," Mr. Warry said of joining the firm.  The
company works on a high volume of cases across an array of sectors
and has a very comprehensive service offer."

Mr. Brooks joins from Baker Tilly, where he spent six months as
senior administrator.  Previously, he spent over three years with
RSM Robson Rhodes.

Rachael Warner joins the Bury office from Tomlinsons, where she
was an insolvency administrator for more than two years.  CPI
qualified, Ms. Warner has specialized in Individual Voluntary
Arrangements for the last four years and will now join Leonard
Curtis' Insolvency and Recovery Services team, dealing
specifically with closures.

"We are dedicated to growing our team to ensure we can
consistently provide the level of expertise and support our
clients and partners expect," John Titley, managing director at
Leonard Curtis, says of the appointments.  These appointments help
to strengthen our national team so that we can deliver on that
promise."

Leonard Curtis is a top 10 UK independent corporate recovery,
insolvency and restructuring specialist.  The firm provides
directors of struggling businesses with positive strategic advice,
enabling them to retain control of their business, as well as
creditors and professionals involved with those dealing with debt
and financial problems.


* Moody's Sees Negative Outlook for Global Pharmaceutical Sector
----------------------------------------------------------------
Moody's Investors Service commented that the outlook for the
global pharmaceutical sector is negative.  This outlook expresses
Moody's expectations for the fundamental credit conditions in the
industry over the next 12 to 18 months.

Moody's view reflects significant patent expirations in the years
2010 through 2013, a tougher regulatory climate resulting in a
slower rate of new product approvals, as well as global cost
containment efforts that may target pharmaceutical pricing or
access.  In addition, event risk related to product safety, patent
challenges from generic manufacturers and other litigation issues
remains somewhat high.  Moody's anticipates that global
consolidation is likely to continue, pressuring credit ratings for
companies that opt to substantially increase financial leverage to
pursue acquisitions.  Moody's expects continued global interest in
the acquisition of U.S.-based drug companies, as well as further
investment in emerging market economies.

In spite of business development strategies, Moody's expects
growth rates for branded drug companies to moderate, especially as
large patent expirations occur.  The growth outlook for
biotechnology companies is stronger because generic threats are
less imminent.  Generic drug companies also face good growth
prospects globally, although the segment of the industry faces
continuing pricing pressure, and even greater likelihood of global
consolidation, potentially debt-financed.

Helping to offset these risks, the pharmaceutical industry still
benefits from favorable demographic trends, supporting the
increasing utilization of pharmaceutical products.  In addition,
the pharmaceutical industry should remain relatively less exposed
to economic weakness in the U.S. and Europe compared to many other
industries.  If economic pressures significantly persist or
spread, however, healthcare cost containment efforts are likely to
intensify.

Branded pharmaceutical companies best able to maintain high credit
ratings will be those with significant product and geographic
diversity, a healthy relationship between patent expirations and
pipeline strength, and highly liquid balance sheets.  Currently,
balance sheets tend to be strong for U.S.-based and Japanese-based
pharmaceutical companies, whereas balance sheets of some European
companies have somewhat weakened following recent acquisitions.
In general, however, U.S.-based pharmaceutical companies have less
revenue diversity and face larger patent expirations over the next
several years.


* Moody's: Global Paper Product Industry Still Holds Neg. Outlook
-----------------------------------------------------------------
The global paper and forest products industry continues to have a
negative outlook as negative credit trends in North America and
Europe are expected to outweigh the relatively stable credit
performance anticipated for both Asia-Pacific and Latin American
issuers, says Moody's Investors Service.

"Declining demand and volatile input costs are the main concerns
underlying our continued negative outlook for the global paper and
forest products industry," says Moody's VP/Senior Analyst Ed
Sustar.

This trend is most pronounced in North America, Europe and Japan,
where the appetite for most paper and forest products continues to
decline and companies face volatile energy, chemical,
transportation and fiber costs, says Moody's.

However, credit performance is expected to remain positive for
Latin American and many Asian producers, as the emerging middle
class and increasing literacy rates in these regions spur demand
for paper, notes the analyst.

With no sign of a bottom in the US housing market, makers of wood-
based building products remain under pressure.  "They are
responding to the adverse market environment by preserving
liquidity through scaled back capital expenditure programs and
dividend reductions," says Sustar.

In addition, the economic slowdown in mature markets and the
migration to electronic media from paper has also led to a decline
in paper demand.

Thus, the availability and cost of fiber continues to shift
production capacity to regions that can supply and process it at
the lowest cost, says Moody's.

Overall, credit quality is expected to remain under pressure in
the North American paper and forest products sector as companies
continue to cope with volatile fiber, energy and transportation
costs and declining product demand, says the analyst.  However,
some issuers may benefit from the flow through of recent price
increases and the moderation of recycled fiber and energy costs.


* European Transportation Biz Tested By Economic Crunch, S&P Says
-----------------------------------------------------------------
Europe's rated airline, shipping, and logistics companies face
trying times as a weakening market environment casts a darkening
shadow over the transportation sector, according to a report
titled "Testing Times For European Transportation Across The Board
As Economic Slowdown Takes Hold," published by Standard & Poor's
Ratings Services.

"Fears that a U.S. slowdown could spread to Europe are being
firmly realized as GDP expectations in the U.K. and Eurozone are
revised downward," said S&P's credit analyst Leigh Bailey.

Further concerns are fueled by an apparent slowing of very strong
growth in Asian markets, particularly in post-Olympic China.
Although the potential effect on the global economy of the failure
or bailout of major financial institutions in the U.S. is unknown,
S&P believes economic growth worldwide will become increasingly
constrained as financing conditions deteriorate.

"For airlines in particular, the operating environment has
deteriorated steeply, pushing consolidation to the top of the
agenda as carriers consider closer cooperation to improve scale
benefits and better manage capacity or, in the case of many
second tier players, seek stronger partners to survive," said Mr.
Bailey.

Falling oil prices in September 2008 have provided some
encouragement for the sector as crude oil declines to a range of
US$100-US$110 per barrel from a record high of US$147 earlier in
the summer.  However, fuel costs still remain well in excess of
2007 levels, and benefits of the recent oil price drop to sector
participants are being eroded by a combination of stagnant
economies and the adverse effect on costs of a strengthening U.S.
dollar against European currencies.

Shipping firms have held up well against rapidly rising input
prices and more difficult access to capital in the wake of
financial market turbulence.  However, a weakening economic
outlook is never a good sign for shipping demand, and S&P expects
pressure to build on the bottom lines of many shipping businesses.
Container shipping looks most vulnerable, facing significant
pressure on both the earnings (freight rate) and the cost side.
Dry bulk and tanker operators should benefit from solid demand to
record reasonably stable earnings over the next few quarters, but
faced with a weakening global economic outlook, medium-term
prospects are grim.

"The mood in the European logistics sector is cautious," said Mr.
Bailey.

Rated logistics, express, and postal firms have coped best to
date, but as witnessed by several recent profit warnings from
major U.S.-based players, they are beginning to witness early
signs of weakness as economic conditions deteriorate globally.
High margin express parcel operations are the most vulnerable
because they carry the highest downside risk from a declining
economic outlook.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 25, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Case Study with Tom Kim, TMA Small Business of the Year
        Turnaround Award - TMA Arizona Chapter Meeting
           TBD, Phoenix, Arizona
              Contact: www.turnaround.org

Sept. 26, 2008
  ASSOCIATION OF BUSINESS RECOVERY PROFESSIONALS
     R3 International Restructuring & Insolvency Conference
        Grange City Hotel, London
           Contact: courses@r3.org.uk; 020 7566 4225

Sept. 26, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Marriott Desert Ridge, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

Sept. 30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Private Equity Panel
        Centre Club, Tampa, Florida
           Contact: www.turnaround.org/

Oct. 3, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        H. Roe Bartle Hall Convention Center, Kansas City
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Luncheon - Chapter 11
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

Oct. 13, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Standard Club, Chicago, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Charity Golf Event
        Forest Park Golf Course, St. Louis, Missouri
           Contact: www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Billiards Networking Night
        Herbert's Billiards, Secaucus, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Member Social
        Davenport Press, Mineola, New York
           Contact: 631-251-6296 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     View from the Bench - Bankruptcy Update
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Oct. 16, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     How to Contract with a Turnaround Manager
        University Club, Portland, Oregon
           Contact: www.turnaround.org

Oct. 22, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Nevada Award Night
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: www.turnaround.org

Oct. 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Election Oriented
        TBD, Phoenix, Arizona
           Contact: www.turnaround.org

Oct. 23, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds: A Panel of Professionals
        TBA, Rochester, New York
           Contact: www.turnaround.org

Oct. 23-24, 2008
  AMERICAN CONFERENCE INSTITUTE
     Distressed Assets Boot Camp
        TBD, London, United Kingdom
           Contact: www.americanconference.com

Oct. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     State of the Capital Markets
        Citrus Club, Orlando, Florida
           Contact: www.turnaround.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Corporate Governance Meetings
        Marriott, New Orleans, Louisiana
           Contact: www.turnaround.org

Oct. 30 & 31, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Physicians Agreements and Ventures
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Oct. 31, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hilton, Frankfurt, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        Coach House Diner & Restaurant, Hackensack, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Case Study
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds:A View From Workout Consultants
        TBA, Buffalo, New York
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Social
        TBD, Melville, New York
           Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or www.turnaround.org

Nov. 17-18, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Distressed Investing
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Program
        Tournament Players Club at Jasna Polana, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Senior Housing & Long Term Care
        Washington Athletic Club,Seattle, Washington
           Contact: www.turnaround.org

Nov. 27, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Chris Kaup
        TBD, Phoenix, Arizona
           Contact: www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Party
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Christmas Function
        Terminal City Club, Vancouver, British Columbia
           Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

Dec. 8, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Gathering
        TBD, Long Island, New York
           Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        Washington Athletic Club, Seattle, Washington
           Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        University Club, Portland, Oregon
           Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        TBD, Phoenix, Arizona
           Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Sponsorships - Annual Golf Outing, Various Events
        TBA, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Distressed Investing Conference
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casurina, Grand Cayman Island, AL
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons, Las Vegas, Nevada
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Beverly Wilshire, Beverly Hills, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

Apr. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        John Adams Courthouse, Boston, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

Apr. 28-30, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

May 14-16, 2009
  ALI-ABA
     Chapter 11 Business Reorganizations
        Langham Hotel, Boston, Massachusetts
           Contact: http://www.ali-aba.org

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

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

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

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

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

Apr. 15-18, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergers the New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR

                    *      *      *

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                            *********

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 * * *