TCREUR_Public/081002.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, October 2, 2008, Vol. 9, No. 196

                            Headlines

A U S T R I A

C & L LLC: Claims Registration Period Ends October 22
DELTA SECURITY: Claims Registration Period Ends October 30
DIMEX ACCORD: Applies for Insolvency Proceedings
IMPERATOR MARC: Claims Registration Period Ends October 23
TEAM 13 LLC: Claims Registration Period Ends October 21

URSULINENHOF-RESTAURANT: Claims Registration Ends October 20


B E L G I U M

DEXIA SA: Three Govt's Come to Aid With EUR6.4 Billion Fund
DEXIA SA: Government Support Cues S&P to Revise Outlook to Stable


E S T O N I A

ASKAS EHITUS: Declared Bankrupt by Harju County Court


F R A N C E

DELPHI CORP: Says Agreements with Unions Fortifies Bankruptcy Exit


G E R M A N Y

BAIER ELEKTROANLAGEN: Claims Registration Period Ends October 10
BMA GMBH: Claims Registration Period Ends October 10
CAK PHARMA: Claims Registration Period Ends October 10
CREA DANCE: Claims Registration Period Ends October 10
GEO GMBH: Claims Registration Period Ends October 9

XERIUM TECHNOLOGIES: S&P Lifts Rating to 'B-'; Outlook Stable


I C E L A N D

GLITNIR BANKI: Moody's Cuts Bank Financial Strength Rating to D
STODIR HF: Reykjavik Court Grants Moratorium Until Oct. 20


I R E L A N D

DEPFA BANK: Moody's Lowers BFSR to D+ Due to Liquidity Issues


I T A L Y

ALITALIA: Mr. Fantozzi Says Only CAI Bid Concerns Whole Airline


K A Z A K H S T A N

ALTYN KURYLYS-S: Creditors Must File Claims by November 15
AVIATSIYA LLP: Claims Deadline Slated for November 15
KASPY SERVICE: Claims Filing Period Ends November 15
KERBULAKSKAYA ZAGOT: Creditors' Claims Due on November 15
MASTERING INTERNATIONAL: Claims Registration Ends November 15

NURSERIK LLP: Creditors Must File Claims by November 15
OIL AND GAS: Claims Deadline Slated for November 15
PAOLO ROSSINI: Claims Filing Period Ends November 15


K Y R G Y Z S T A N

AMAN TRAVEL: Creditors Must File Claims by November 12


N E T H E R L A N D S

LEHMAN BROTHERS: S&P Lowers Ratings on 7 Classes of Notes to D


R U S S I A

AMUR-GOLD LLC: Amurskaya Bankruptcy Hearing Set December 9
LENA-NEFTE-GAZ: Sakha Bankruptcy Hearing Set Jan. 20, 2009
MEKON LLC: Creditors Must File Claims by October 19
NEFTE-GAZ-HOLDING LLC: Creditors Must File Claims by October 19
POCHEPSKIY STARCH: Creditors Must File Claims by October 19

SMOLENSKAYA OIL: Creditors Must File Claims by October 19
TUMENENERGOBANK: Moody's Cuts Bank Financial Strength Rating to E
ZAURAL-TRANS-AVTO: Creditors Must File Claims by October 19


S P A I N

* Spanish House Prices to Fall 3% This Year, Reuters Poll Shows


S W I T Z E R L A N D

A.MACHER CONSULTING: Creditors Must File Claims by Oct. 17
FURORE LLC: Deadline to File Proofs of Claim Set Oct. 16
H & M TRADING: Creditors Have Until Oct. 17 to File Claims
IBB LLC: Proofs of Claim Filing Deadline is Oct. 17
MM INSURANCE: Creditors' Proofs of Claim Due by Oct. 17

OTTO ALTHAUS: Oct. 17 Set as Deadline to File Claims
SIAM DECOR: Deadline to File Proofs of Claim Set Oct. 17
WIBEK JSC: Creditors Have Until Oct. 16 to File Claims


U K R A I N E

DAKRON LLC: Creditors Must File Claims by October 7
FEREKS LLC: Creditors Must File Claims by October 7
GULIAYPOLE CHEESE: Creditors Must File Claims by October 7
HYPERMIKS LLC: Creditors Must File Claims by October 8
PRO-BUILDING ASSEMBLY: Creditors Must File Claims by October 8

* ODESSA CITY: S&P Keeps B+/Stable Long-Term Issuer Credit Rating


U N I T E D   K I N G D O M

AMERICAN INT'L: Former CEO Seeks to Bid for Firm's Assets
AMERICAN INT'L: To Sell ILFC Unit to Pay Off US$85BB Gov't Loan
FKI PLC: S&P Cuts Corporate Credit and Senior Debt Ratings to BB-
JJB SPORTS: Deloitte & Touche Raises Going Concern Doubt
MFI RETAIL: Land Securities Grants Three-Month Rent Holiday

XPLX LTD: Appoints Colin Nicholls as Administrator
MONEY PARTNERS: S&P Reviews First Reserve Fund Drawings
NEWGATE FUNDING: S&P Puts BB-Rated Class E & Q Notes on WatchNeg
NEWTON MOOR: Brings in Joint Administrators from Tenon Recovery
QUEBECOR WORLD: Voluntary Chapter 15 Case Summary

QUEBECOR WORLD: Gets Conversion Notices for S. 5 Preferred Shares
ROYAL WORCESTER: Says Not in Need of Rescue Buyer
WESSEX INCINERATION: Taps Joint Administrators from PwC

* "Tina's Wish" to Host Two Fundraising Dinners This Month

* Upcoming Meetings, Conferences and Seminars


                         *********


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


C & L LLC: Claims Registration Period Ends October 22
-----------------------------------------------------
Creditors owed money by LLC C & L have until Oct. 22, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-Mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Nov. 5, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 2, 2008, (Bankr. Case No. 2 S 110/08a).


DELTA SECURITY: Claims Registration Period Ends October 30
----------------------------------------------------------
Creditors owed money by LLC Delta Security have until Oct. 30,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Christof Stapf
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel.: 90 333
         Fax: 90 333 44
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 13, 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 Sept. 3, 2008, (Bankr. Case No. 5 S 92/08a).


DIMEX ACCORD: Applies for Insolvency Proceedings
------------------------------------------------
Dimex Accord Profile, the Austrian unit of PVC profiles producer
Nehren, Germany-based Dimex, has applied for commencement of
insolvency proceedings with a district court, Plastics Information
Europe reports.  The unit racked up debts of EUR5.9 million.

Munich, Germany-based parent company MDB, the report relates,
hopes to arrive at a compulsory settlement that will free the
company of debt and enable it to continue operating.


IMPERATOR MARC: Claims Registration Period Ends October 23
----------------------------------------------------------
Creditors owed money by LLC Imperator Marc Aurel have until
Oct. 23, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Horst Winkelmayr
         Porzellangasse 22A/7
         1090 Wien
         Austria
         Tel: 01/532 47 77
         Fax: 01/532 47 77 50
         E-mail: rae@kniwi.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 6, 2008, for the
examination of claims at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Petronell-Carnuntum, Austria, the Debtor declared
bankruptcy on Sept. 4, 2008, (Bankr. Case No. 36 S 102/08d).


TEAM 13 LLC: Claims Registration Period Ends October 21
-------------------------------------------------------
Creditors owed money by LLC Team 13 have until Oct. 21, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Wolfgang Gerhard Zorn
         Plankengasse 6/15a
         1010 Vienna
         Austria
         Tel: 512 77 88
         Fax: 512 77 88 20
         E-mail: office@zorn-law.eu

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 4, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 4, 2008, (Bankr. Case No. 28 S 112/08m).


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

         Dr. Alexander Burkowski
         Graben 32
         4020 Linz
         Austria
         Tel: 0732/65 45 56
         Fax: 0732/65 45 56 57
         E-mail: burkowski.alexander@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 Linz, Austria, the Debtor declared bankruptcy on
Sept. 2, 2008, (Bankr. Case No. 2 S 75/08d).


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


DEXIA SA: Three Govt's Come to Aid With EUR6.4 Billion Fund
-----------------------------------------------------------
The Governments of Belgium, France and Luxembourg, and existing
shareholders agreed to inject a total of EUR6.4 billion in Dexia.
Specifically, Belgium will invest EUR3 billion and France will
invest EUR3 billion in exchange for additional shares in the bank
at US$9.90 per share.  Luxembourg meanwhile will invest
EUR376 million in newly-issued convertible bonds.

Dexia expects its Tier 1 capital ratio at the end of September
2008, before the capital increase, to be above 10%.

According to The Wall Street Journal, Dexia has a profitable core
municipal loans business but is exposed to the troubled U.S.
housing market through its smaller U.S. bond insurance arm FSA.
As mortgage defaults have multiplied, worries over the insurer's
ability to meet its obligations have grown, WSJ says.

Dexia said its US$5 billion unsecured liquidity line granted to
FSA's Financial Products asset management subsidiary would be
converted into an equally sized repo facility while economic
losses at FSA's Financial Products asset management subsidiary
exceeding the US$316 million recognized at the end of June 2008
would be compensated by capital injections into this subsidiary
not exceeding US$500 million.

Drawing conclusions from the current financial crisis and its
impact on the Dexia Group, Pierre Richard, Chairman of the Board
of Directors of Dexia, and Axel Miller, Chief Executive Officer
and Chairman of the Management Board of Dexia, tendered their
resignation Tuesday, September 30, to the Board of Directors.  The
Board accepted their resignations and asked Messrs Richard and
Miller to continue to look after the daily management until their
successors have been appointed.

On September 18, Dexia said its Lehman-related losses was around
EUR350 million.

The move to save Dexia came just two days after Belgium, the
Netherlands and Luxembourg agreed to pump EUR11.2 billion into
another Belgian bank, Fortis NV.

Fortis, Bloomberg News said, needs more capital after spending
EUR24.2 billion on ABN AMRO (RFS Holdings) assets last year, just
as the U.S. subprime-mortgage market started to collapse.

                          About Dexia SA

Dexia SA -- http://www.dexia.com/-- is a Belgian bank specialized
in retail banking and local public finance.  The Bank offers a
range of banking services for individual customers, small and
medium-sized enterprises and institutional clients.  It has four
divisions: Asset Management, Personal Financial Services, Treasury
and Financial Markets, and Investor Services.  The Asset
Management division offers products ranging from traditional and
alternative funds to socially responsible investments.  The
Personal Financial Services segment focuses on banking and
insurance products, including both life and non-life insurance
products.  Through its Treasury and Financial Markets division,
Dexia is present in the capital markets and provides support to
the entire Group.  The Investor Services segment offers various
services to shareholders, such as fund and pension administration.
Through its subsidiaries, Dexia SA is active in over 30 countries,
including Belgium, Luxembourg, Slovakia, Turkey, France, Australia
and Japan.


DEXIA SA: Government Support Cues S&P to Revise Outlook to Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services has revised the outlooks to
stable from negative on the core entities of Belgium-based banking
group Dexia S.A.: Dexia Crédit Local, Dexia Bank S.A., Dexia
Banque Internationale à Luxembourg, and Dexia Crediop SpA.  At
the same time, S&P affirmed the 'AA-/A-1+' long- and short-term
counterparty ratings on the core entities.

"The outlook revision reflects our expectations that further
government support could take place in case of need," said S&P's
credit analyst Taos Fudji, "and the affirmation of the 'AA-'
rating takes into account Dexia's stand-alone creditworthiness and
in particular its much improved capital position following a
EUR6.4 billion capital injection decided by the governments of
France, Belgium, and Luxembourg, as well as Belgian regional
governments and institutional shareholders."

In S&P's view, the injection provides a very strong cushion
against possible higher-than-expected impairments both in Dexia's
securities portfolio and at its subsidiary, U.S. monoline insurer
Financial Security Assurance Inc. (FSA; AAA/Negative/--).

The long-term ratings on Dexia's core entities also incorporate
the benefits of this external support.  S&P considers that the
national and regional governments' stake in Dexia, which will
exceed 50% once the capital increase is concluded, provides
stability to the ratings.  S&P now considers Dexia to be a
government-related entity (GRE) according to its methodology, in
the category of "commercial institution."  S&P considers that
Dexia's core entities have high systemic importance in Belgium,
Luxembourg, and France, countries it classifies as "supportive."
The explicit support in the form of capital injections confirms
this systemic importance.

The 'AA-/A-1+' ratings on Dexia's core entities continue to take
into account a solid global franchise in public finance and strong
retail banking positions in Belgium and Luxembourg, combined with
a sound financial profile.

"We expect that the large capital cushion that Dexia will receive
from its shareholders and French, Belgian, and Luxembourg
governments should suffice to cover any higher-than-expected
write-downs due to FSA's exposure to U.S. mortgage-linked
structured instruments or on Dexia's credit spread portfolio,"
said Mr. Fudji.

In addition, S&P considers that Dexia's future majority ownership
by governments and GREs will provide some stability to the ratings
if the group's stand-alone creditworthiness deteriorates beyond
current expectations.

S&P continues to expect Dexia to focus primarily on low-risk
public finance business, while maintaining capitalization above
its minimum Tier 1 ratio target of at least 10.5%.


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E S T O N I A
=============


ASKAS EHITUS: Declared Bankrupt by Harju County Court
-----------------------------------------------------
The Harju County Court has declared Estonia-based real estate
developer Askas Ehitus bankrupt, Toomas Hobemagi of Baltic
Business News reports, citing Aripaev as its source.  Askas Ehitus
was developing housing areas in Patika and Karla villages.

According to the report, Askas Ehitus managed to sell most of its
houses in Patika 13 but encountered problems with finding buyers
to its another development, an area of unfinished row houses that
cost EEK1.3 million.

Askas Ehitus, the report notes, owed EEK17 million to banks, while
the value of the row houses only stood at EEK10 million.

Creditors running after the real estate developer include three
debt collection agencies, the report discloses.  The company also
owes EEK2.5 million in taxes, the report adds.


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


DELPHI CORP: Says Agreements with Unions Fortifies Bankruptcy Exit
------------------------------------------------------------------
Delphi Corp. disclosed the effectiveness of several agreements
with GM and Delphi's U.S. unions.  These agreements further the
significant progress Delphi has achieved in its Chapter 11 cases
and, together with other actions Delphi has taken, keep Delphi on
track to complete the five key tenets of its transformation by
year's end.

On Sept. 26, 2008, the U.S. Bankruptcy Court for the Southern
District of New York authorized Delphi to enter into an Amended
and Restated Global Settlement Agreement and an Amended and
Restated Master Restructuring Agreement with GM, well as an
amendment to an existing Advance Agreement with GM.  In addition,
on Sept. 23, 2008, the Bankruptcy Court authorized Delphi to take
actions with respect to certain of its existing pension plans and
to implement replacement pension plans.

The Amended GSA and Amended MRA reflect the completion of
Delphi's negotiations with GM to finalize its financial support
of Delphi's legacy and labor costs, including by means of GM's
assumption of Delphi's U.S. Hourly post-retirement benefits
obligations and support for certain labor costs, and to document
Delphi's business relationship with GM going forward.  In
addition, these agreements, together with Implementation
Agreements, which have been entered into with each of the
company's six U.S. unions, will allow Delphi to immediately
commence implementation of a workable solution to its pension
obligations through

  -- a transfer of U.S. hourly pension liabilities and assets
     from the Delphi hourly pension plan to the GM hourly
     pension plan in the net amount of approximately US$2.1 to
     2.4 billion, in the first of two anticipated transfers of
     U.S. hourly pension liabilities to the GM hourly pension
     plan; and

  -- the freezing of substantially all of Delphi's existing U.S.
     pension plans and the implementation of replacement plans.

Importantly, the Pension Benefit Guaranty Corporation has stated
that as a result of the transfer of pension liability, the PBGC
will begin withdrawing its previous lien filings of approximately
US$1.2 billion.

The amendment to the Advance Agreement provides for an additional
US$300 million availability to Delphi, which, combined with the
net payments of over US$900 million to be made by GM to Delphi
upon the effectiveness of the Amended GSA and Amended MRA,
provides significant enhancement to Delphi's liquidity position.

These agreements and the actions being taken by Delphi provide
the framework for the company to complete its transformation and
emerge from Chapter 11 as soon as practicable.

                      About Delphi Corp.

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

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

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


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


BAIER ELEKTROANLAGEN: Claims Registration Period Ends October 10
----------------------------------------------------------------
Creditors of Baier Elektroanlagen GmbH have until Oct. 10, 2008,
to register their claims with court-appointed insolvency manager
Prof. Dr. Martin Hoermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 12, 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:

         Prof. Dr. Martin Hoermann
         c/o anchor Rechtsanwalte
         Syrlinstr. 38
         89073 Ulm
         Germany
         Tel: 0731/9380779-0
         Fax: 0731/9380779-20
         E-mail: ulm@anchor.eu
         Website: http://www.anchor.eu

The District Court of Ulm opened bankruptcy proceedings against
Baier Elektroanlagen GmbH on Sept. 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Baier Elektroanlagen GmbH
         Roetelbachstr. 97
         89079 Ulm
         Germany


BMA GMBH: Claims Registration Period Ends October 10
----------------------------------------------------
Creditors of BMA GmbH Bau-ma-schi-nen-an-trie-be have until Oct.
10, 2008, to register their claims with court-appointed insolvency
manager Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 12, 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         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:

         Andreas Schenk
         Schumannstrasse 9
         08056 Zwickau
         Germany
         Tel: (0375) 211 857 0
         Fax: (0375) 211 857 28
         E-mail: zwickau@scharl-schenk-scheuffler.de

The District Court of Chemnitz opened bankruptcy proceedings
against BMA GmbH Bau-ma-schi-nen-an-trie-be on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BMA GmbH Bau-ma-schi-nen-an-trie-be
         Simon Franz
         Chemnitzer Strasse 6
         08294 Loessnitz
         Germany


CAK PHARMA: Claims Registration Period Ends October 10
------------------------------------------------------
Creditors of CAK Pharma Vertriebs GmbH have until Oct. 10, 2008,
to register their claims with court-appointed insolvency manager
Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 12, 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:

         Karsten Toetter
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against CAK Pharma Vertriebs GmbH on Aug. 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         CAK Pharma Vertriebs GmbH
         Luruper Chaussee 125
         22761 Hamburg
         Germany


CREA DANCE: Claims Registration Period Ends October 10
------------------------------------------------------
Creditors of Crea Dance Clubtanzschule Stroehemann-Brinck GmbH
have until Oct. 10, 2008, to register their claims with court-
appointed insolvency manager Reinhold Schmid-Sperber.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.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 Kiel
         Hall 17
         Deliusstr. 22
         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:

         Reinhold Schmid-Sperber
         Westring 455
         24118 Kiel
         Germany
         Tel: 0431/990810
         Fax: 0431/99081-100

The District Court of Kiel opened bankruptcy proceedings against
Crea Dance Clubtanzschule Stroehemann-Brinck GmbH on Sept. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Crea Dance Clubtanzschule Stroehemann-Brinck GmbH
         Attn:  Frau Ingeburg Ströhemann-Brinck, Manager
         Koenigstr. 46
         24159 Kiel
         Germany


GEO GMBH: Claims Registration Period Ends October 9
---------------------------------------------------
Creditors of GEO GmbH have until Oct. 9, 2008, to register their
claims with court-appointed insolvency manager Hendrik Gittermann.

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

The meeting of creditors will be held at:

         The District Court of Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         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:

         Hendrik Gittermann
         Am Sandtorkai 62
         20457 Hamburg
         Germany

The District Court of Itzehoe opened bankruptcy proceedings
against GEO GmbH on Aug. 15, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GEO GmbH
         Im Winkel 2
         25548 Kellinghusen
         Germany


XERIUM TECHNOLOGIES: S&P Lifts Rating to 'B-'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Xerium
Technologies Inc., including raising the long-term corporate
credit rating to 'B-' from 'CCC+'.  The outlook is stable.

"The upgrade is based on the increased likelihood that Xerium will
satisfy its covenants in the fourth quarter and maintain adequate
liquidity in the near term," said Standard & Poor's credit analyst
Sarah Wyeth.

The ratings on Youngsville, North Carolina-based Xerium reflect
the company's highly leveraged balance sheet, its limited
liquidity, its modest size as a supplier to niche markets, and its
dependence on the papermaking industry, all of which limit the
company's organic growth potential.  Partly mitigating these
weaknesses are the company's good operating margins, its
geographic diversity, and the strong competitive position of its
niche product.

Xerium, with revenues of about US$650 million, operates in two
business segments: clothing, in the form of synthetic textile
belts that transport paper through papermaking machines, and roll
covers, which provide covering surface for large steel cylinders
between which paper travels in those machines.  Clothing
represented roughly 65% of revenue in the six months ending
June 30, 2008, and roll covers the remainder.  These consumables
play key roles in the process of converting raw material into
paper, and customers prefer local, reliable, and long-standing
suppliers.

Pricing, while not the key buying decision, has grown increasingly
competitive recently.  However, this has not affected Xerium's
large market shares substantially.

The recent amendment to Xerium's credit agreement has alleviated
short-term liquidity pressures.  S&P could revise the outlook to
positive and potentially raise the ratings if the company can
maintain operating margins of at least 23%, continue to generate
positive free operating cash flow, and be expected to maintain an
EBITDA cushion of 20% in its leverage covenant for the foreseeable
future.

However, Standard & Poor's notes that Xerium's end markets
continue to be challenging and competitive.  If EBITDA declines
more than 5% from its current level and the company does not
reduce debt in excess of mandatory payments, the leverage covenant
could become tight in 2010 and S&P could revise the outlook to
negative or lower the rating.


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


GLITNIR BANKI: Moody's Cuts Bank Financial Strength Rating to D
---------------------------------------------------------------
Moody's Investors Service has downgraded the Bank Financial
Strength Rating (BFSR) of Glitnir banki hf to D from C-, the long-
term bank deposit and senior debt ratings to Baa2 from A2 and the
short-term rating to Prime-2 from Prime-1.  In addition, Moody's
also downgraded the bank's subordinated debt to Ba1 from A3 and
its preferred stock to B1 from Baa1.  The BFSR remains on review
for possible downgrade, while the outlook on debt and deposit
ratings is developing.

The rating action follows recent announcement that the Government
of Iceland provided Glitnir with a capital injection of EUR600
million, thereby giving the government a 75% stake in the bank.
The capital injection was in response to Glitnir's temporary
liquidity difficulties in light of adverse market conditions.

"The downgrade of the BFSR to D (mapping to a Ba2 Baseline Credit
Assessment) from C- reflects Moody's concerns about the bank's
asset quality development, its franchise value and the challenges
the bank could face in funding its future debt maturities,"
explains Kimmo Rama, Vice President -- Senior Analyst in Moody's
Financial Institutions group.  In addition, Moody's has increased
concerns over the asset quality development going forward and
believes that increased provisioning needs are likely to lead to a
decline in overall profitability.

Moody's has previously highlighted its concerns about the bank's
high related-party exposure.  Glitnir reported related-party
exposure of 37% of Tier 1 by the end of June 2008.  Moody's notes
that a significant part of this exposure is towards its largest
shareholder, Stodir hf. (formerly FL Group hf.), which was placed
into administration yesterday.  Moodys' observes that Glitnir's
capital adequacy ratio will be 14.5% after the government's
capital injection, compared with 11.2% at the end of June 2008
(the same level as at year-end 2007).  "However, given the bank's
high exposure to its related parties and likely future
provisioning needs, Moody's considers this ratio to be low," says
Mr. Rama.  Moody's notes that the bank also continues to face
funding challenges with relatively large debt maturities (EUR2.6
billion) due within the next 12 months as of June 30, 2008.

During the review process, Moody's will focus on the bank's
ability to fund its coming debt maturities, asset quality
developments, with a particular focus on its exposure to
investment companies, and the impact of these events and ongoing
developments on the bank's franchise value.  The review will also
address the longer-term plans of the government for the bank and
the support that may be available to local and foreign currency
creditors.

The developing outlook on the deposit and debt ratings
incorporates the uncertainty in respect of duration of government
support, as the government has stated that it does not plan to
hold its share in the bank for an extended period.

As regards the downgrade of Glitnir's subordinated debt and
preferred stock ratings, Moody's says that this action reflects
the higher expected loss as the stand-alone creditworthiness of
the bank has deteriorated as well as the greater uncertainty about
the extent and timeliness of any support that could be forthcoming
on behalf of these instruments.

Ratings downgraded:

   -- Bank Deposits: to Baa2 from A2;
   -- Bank Financial Strength: to D from C-;
   -- Senior Unsecured: to Baa2 from A2;
   -- Subordinate: to Ba1 from A3;
   -- Preferred Stock: to B1 from Baa1;
   -- Commercial Paper: to P-2 from P-1; and
   -- Other Short-Term: to P-2 from P-1.

Covered bonds are not covered by this press release.

Headquartered in Reykjavik, Iceland, Glitnir banki reported total
assets of ISK346 billion (EUR30.9 billion) at the end of June
2008.


STODIR HF: Reykjavik Court Grants Moratorium Until Oct. 20
----------------------------------------------------------
The District Court of Reykjavík, on Monday, Sept. 29, 2008,
granted Stodir hf. (formerly FL Group hf.) authorization for
moratorium process until Oct. 20, 2008.  Jakob R. Möller hrl.,
Logos lögmannsþjónustu, has been appointed administrator of the
company.

Julius Thorfinnsson, a spokesman for the company, told Bloomberg
News "This is a temporary measure that will allow Stodir to figure
out the best solution."

According to data compiled by Bloomberg, Stodir holds a 32% stake
in Glitnir, which will be taken over by Iceland's government after
its short-term funding dried up.

The state, Bloomberg relates, will pay EUR600 million (US$859
million) in return for a 75%  stake in Glitnir, cutting the value
of existing shareholders' stakes by 88%.

Headquartered in Reykjavík, Stodir hf. -- http://www.flgroup.is/
-- is a holding company with core focus on investments in
financial, insurance, property and retail.


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


DEPFA BANK: Moody's Lowers BFSR to D+ Due to Liquidity Issues
-------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured debt
and deposit ratings of Depfa Bank plc, Depfa ACS Bank and Depfa
Deutsche Pfandbriefbank AG to A2 from Aa3.  The bank financial
strength ratings (BFSR) sank to D+ from C+, which translates into
a baseline credit assessment (BCA) of Baa3.  The rating agency
further lowered the senior unsecured debt and deposit ratings of
Depfa Bank Europe plc to A2 from Aa3.

All ratings are placed on review for further downgrade; this
review for downgrade also applies to the Prime-1 short-term
ratings of Depfa group.

Furthermore, subordinated debt (including upper Tier II
instruments or Genussscheine) of the Depfa entities were
downgraded to A3 from A1.  Concurrently, preferred stock and
silent participations went to Baa1 from A2.

The A1 / Prime-1 / C+ ratings of HRE Bank International AG (HREI)
and the A2 / Prime-1 / C- ratings of HRE Bank AG (HREB) remain
under review; however, the ratings of the latter were placed on
review for possible downgrade.  Furthermore, the Prime-1 ratings
of both entities were also placed on review for downgrade,
reflecting concerns as to whether the liquidity problems currently
faced by the Depfa entities may have a knock-on effect on these
two entities.

The rating actions follow company's arrangement of a EUR 15
billion liquidity facility made available by a group of German
banks.  This facility became necessary when Depfa Group's senior
unsecured funding requirements -- which have so far been largely
met via interbank money market funding -- dried up as a result of
the current market turbulences.  This EUR15 billion facility is
held available for one month and can be considered a bridge
facility which is expected to enable the group to arrange for
alternative funding, thus ensuring that immediate funding
requirements are met.

The planned alternative source of funds is expected to be explored
by way of securitizing EUR 42 billion of assets and obtaining
(market-) funding which in turn will benefit from a EUR35 billion
guaranty of the Federal Republic of Germany, the tenor of which
will match the maturities of respective assets.  The assets in
question would largely consist of bilateral loans, in particular
Depfa's infrastructure finance portfolio, and such public sector
lending assets which have to date neither been eligible for cover
pools backing covered bond issuances, nor for repo transactions
with the ECB.

The downgrades of the BFSR to D+ of the Depfa entities incorporate
these factors:

   (i) The tightened funding situation triggered by the
       illiquidity in the international money markets.
       This worked against the business model of Depfa
       which principally requires senior unsecured funding
       for some 10% of its balance sheet;

  (ii) The comparatively large absolute size of short-term
       money market funding requirements;

(iii) Weakened expectations of profitability for the
       Depfa entities, which was driven by rising funding
       costs.  Also pushing the downgrades was the potential
       negative carry on a portion of the assets of the
       planned EUR 42 billion SPV, as well as the expected
       reduction (if not freeze for the foreseeable future)
       of new business in public sector finance. The latter
       had been pursued until recently on expectations of
       attractive yields.

The rating action also incorporates some open issues with regard
to the immediate and medium-term funding arrangements, as well as
Depfa's future profitability -- and thus the medium-term viability
of its franchise, as well as the impact this may have on the other
entities of HRE Group.

The review for downgrade of all ratings -- and the Prime-1 short-
term ratings in particular - will therefore focus on the following
issues:

   (i) The finalization and immediate availability of the
       EUR15 billion bridge facility, made available by a
       pool of banks for ca 1 month

  (ii) The timely subsequent set-up of the SPV

(iii) Whether these measures will fully cover the senior
       unsecured funding needs on a group basis

  (iv) the implications of the planned transaction and
       general adverse funding situation on the bank's
       future profitability

   (v) How this profitability situation will ultimately
       affect the debt capacity and timeliness of payments
       relating to the debt assumed for the acquisition of
       Depfa in late 2007

  (vi) The ability to maintain confidence in the group's
       remaining business activities

(vii) And any further systemic support that may be
       available for the bank.

Moody's commented that the current confidence sensitivity of the
markets made a swift resolution of Depfa's liquidity challenges
and restoration of confidence into the group's business model
mandatory, in the absence of which the standalone ratings as
expressed by the BFSR could face further downward rating pressure,
possibly of several notches.  Depfa's A2 senior unsecured debt &
deposit ratings already incorporate the rapidly evolving systemic
support environment, and based on the higher probability of
support, any possible further rating action on Depfa's BFSRs would
not necessarily result in negative rating pressure at the current
A2 levels.  Additionally, the review will also focus on a
potential widening of the notching of HRE Bank's hybrid securities
to reflect the lower support-likelihood for such instruments in
the current environment.

Moody's will separately review any potential impact on the current
ratings of HRE / Depfa entities' covered bonds.

The most recent rating action concerning Depfa entities was on
July 23, 2007, when Moody's affirmed their ratings and stable
outlooks following the announcement that the parent bank Hypo Real
Estate Holding AG planned to acquire Depfa Bank plc.  The most
recent rating action on HREI and HREB was on July 18, 2008, when
Moody's placed their BFSRs and long-term senior debt ratings on
review (HREB for upgrade and HREI for downgrade), based on the
Group's plans to merge the two entities later in 2008.

Headquartered in Dublin, Depfa Bank plc reported total assets of
EUR218 billion as well as a pre-tax profit of EUR338 million as of
December 31, 2007.

Headquartered in Munich, HRE Group reported consolidated total
assets of EUR400 billion and a pre-tax profit of EUR587 million as
of December 31, 2007.


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


ALITALIA: Mr. Fantozzi Says Only CAI Bid Concerns Whole Airline
---------------------------------------------------------------
Alitalia SpA's extraordinary administrator, Mr. Augusto Fantozzi
received several expressions of interest for the ailing carrier
within the terms of the deadline on Sept. 30, 2008, a press
release posted at World Aeronautical Press Agency's site said.

According to Mr. Fantozzi, only Compagnia Aerea Italiana s.r.l.'s
proposal is directly concerned with the overall activities of air
transport while the other expressions of interest concerned
specific branches or activities of the various companies making up
the Alitalia Group.

Intesa Sanpaolo, Alitalia's financial advisor for the procedure,
has started analyzing the expressions of interest received.  Upon
completion of the analysis, the proposers who meet the conditions
for initiating negotiations will undergo due diligence
examination.

Mr. Fantozzi did not name the entities who are submitting
expressions of interest.

Graham Dunn of Air Transport Intelligence reports that financial
firm AMA Asset Management Advisors (Suisse) and Italian carrier
Blue Panorama have both said they are submitting expressions of
interest covering around 30 aircraft and some Rome Fiumicino
activities respectively.

Air France-KLM chairman Jean-Cyril Spinetta also confirmed its
interest in the Italian carrier, Agence France-Presse said, citing
an unnamed source.

Meanwhile, a source told Reuters News that British Airways may
seek a commercial relationship with Alitalia and is now monitoring
developments, however, a spokeswoman for the British company said
the group was not currently interested in taking on parts of
Alitalia.

As reported in the Troubled Company Reporter-Europe on Sept. 30,
2008, various sources said CAI, the investor group formed to save
Alitalia, is considering selling a minority stake to either Air
France-KLM or Lufthansa and launching the new Alitalia by November
1.

CAI revived its bid for Alitalia after it reached agreement on new
labor contracts and redundancies with two more pilots' unions in
the early hours of Saturday, The Financial Times reported.
According to the FT, pilots agreed to cut their salaries by 6% to
7% and reduce their holidays from 42 days to 30 days.  In return,
the FT said CAI agreed to reduce the number of lay-offs from 1,000
to 860 by taking on 140 pilots part-time.  CAI's offer of some
EUR400 million (US$584 million) for Alitalia's healthy assets is
still being evaluated by Mr. Fantozzi and independent advisers,
the FT report added.

On Sept. 22, 2008, the TCR-Europe reported that CAI withdrew its
bid to buy Alitalia's healthier assets after failing to win the
support of  labor unions.  After CAI's withdrawal, Alitalia
proceeded with its fourth public request for offers to buy any or
all parts of the company's assets until Sept. 30, 2008.  The
carrier published notices in the Italian newspapers Corriere della
Sera, il Sole-24 Ore and la Repubblica, as well as the London-
based Financial Times, according to The Associated Press.

In the prepared notice cited by The AP, Alitalia is seeking
"whoever might be able to guarantee the continuity, in the medium
term, of the transportation service . . . to submit its expression
of interest."

                          About Alitalia

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The
Italian government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

Alitalia S.p.A. declared insolvency on Aug. 29, 2008, and filed
for commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi has
appointed Augusto Fantozzi as extraordinary commissioner.


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


ALTYN KURYLYS-S: Creditors Must File Claims by November 15
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Altyn Kurylys-S insolvent.

Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

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


AVIATSIYA LLP: Claims Deadline Slated for November 15
-----------------------------------------------------
LLP Kaz Service Aviatsiya has declared liquidation.  Creditors
have until Nov. 15, 2008, to submit written proofs of claims to:

         LLP Kaz Service Aviatsiya
         Bratyev Jubanovuh Str. 287-32
         Aktobe
         Aktube
         Kazakhstan


KASPY SERVICE: Claims Filing Period Ends November 15
----------------------------------------------------
LLP Kaspy Service International has declared liquidation.
Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

         LLP Kaspy Service International
         Atambayev Str. 33
         Atyrau
         Kazakhstan


KERBULAKSKAYA ZAGOT: Creditors' Claims Due on November 15
---------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Kerbulakskaya Zagot Kontora (RNN 091700000489).

Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 312
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-53-10


MASTERING INTERNATIONAL: Claims Registration Ends November 15
-------------------------------------------------------------
LLP Mastering International Trade has declared liquidation.
Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

         LLP Mastering International Trade
         Furmanov Str. 272-30
         Medeusky
         050059 Almaty
         Kazakhstan


NURSERIK LLP: Creditors Must File Claims by November 15
-------------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation
of LLP Nurserik (RNN 091700000456).

Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

         The Tax Committee of Almaty
         Room 312
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 (3282) 24-53-10


OIL AND GAS: Claims Deadline Slated for November 15
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Nefte Gas Stroy Oil and Gas Construction insolvent.

Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahayev Str. 71
         Kyzylorda
         Kazakhstan
         Tel: 8 (72422) 27-23-65


PAOLO ROSSINI: Claims Filing Period Ends November 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Paolo Rossini insolvent.

Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

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


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


AMAN TRAVEL: Creditors Must File Claims by November 12
------------------------------------------------------
LLC Aman Travel has shut down.  Creditors have until Nov. 12,
2008, to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 47-07-11.


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


LEHMAN BROTHERS: S&P Lowers Ratings on 7 Classes of Notes to D
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D', removed
from CreditWatch with negative implications, and then withdrawn
its credit ratings on seven classes of notes issued by Lehman
Brothers Treasury Co. B.V.

The rating actions follow S&P's lowering and withdrawal of all
credit ratings assigned to Lehman Brothers Treasury Co. and its
guarantor Lehman Brothers Holdings Inc. on Sept. 25.

All the notes affected by the rating actions relied on Lehman
Brothers Holdings Inc. to make principal and interest payments.
Therefore, the ratings on the notes were weak-linked to Lehman
Brothers Holdings Inc.

Ratings Lowered, Removed From CreditWatch Negative, And Withdrawn:

Lehman Brothers Treasury Co. B.V.

  -- EUR2.5 Million Variable-Rate Notes (Clavis)

              D                        BBB/Watch Neg
              NR                       D

  -- EUR2.5 Million Variable-Rate Notes (Leek)
              D                        BBB+/Watch Neg
              NR                       D
  -- EUR3 Million Variable-Rate Notes (MESDAG Delta B.V.)
              D                        A/Watch Neg
              NR                       D

  -- EUR30 Million Artemis Capital CDO Of CDO Variable-Rate
Credit-Linked Synthetic Portfolio Series 4103

              D                        BB+/Watch Neg
              NR                       D

  -- EUR3.2 Million Deferrable Variable-Rate Notes Series 8200

              D                        BBB-/Watch Neg
              NR                       D

  -- EUR3 Million Deferrable Rate Notes Series 8023

              D                        BBB-/Watch Neg
              NR                       D

  -- EUR4 Million Deferrable Variable-Rate Notes Series 8199

              D                        BBB-/Watch Neg
              NR                       D


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


AMUR-GOLD LLC: Amurskaya Bankruptcy Hearing Set December 9
----------------------------------------------------------
The Arbitration Court of Amurskaya will convene at 8:30 a.m. on
Dec. 9, 2008, to hear bankruptcy supervision procedure on LLC
Amur-Gold.  The case is docketed under Case No. A04-4951/
08-10/359B.

The Temporary Insolvency Manager is:

         O.Filippova
         Apt. 306
         Chaykovskogo Str. 7
         Blagoveshchensk
         Amurskaya
         Russia

The Court is located at:

         The Arbitration Court of Amurskaya
         Office 105
         Pereulok Svyatogo Innokentiya 13
         675000 Blagovechshensk
         Russia

The Debtor can be reached at:

         LLC Amur-Gold
         Apt.16
         Zeyskaya Str. 173a
         Blagoveshchensk
         675000 Amurskaya
         Russia


LENA-NEFTE-GAZ: Sakha Bankruptcy Hearing Set Jan. 20, 2009
----------------------------------------------------------
The Arbitration Court of Sakha will convene at 9:30 a.m. on
Jan. 20, 2009, to hear bankruptcy supervision procedure on OJSC
Lena-Nefte-Gaz (TIN 1414003343, RVC 141401001, PSRN
1031400598877).  The case is docketed under Case No. A58-3470/08.

The Temporary Insolvency Manager is:

         Ye.Semenova
         127030 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Sakha
         677981 Sakha
         Yakutsk
         Kurashova Str. 28
         Russia

The Debtor can be reached at:

         OJSC Lena-Nefte-Gaz
         Lenina Str. 19
         678144 Lensk
         Sakha
         Russia


MEKON LLC: Creditors Must File Claims by October 19
---------------------------------------------------
Creditors of LLC Mekon (TIN 38080131095) have until Oct. 19,
2008, to submit proofs of claims to:

         S. Galandin
         Insolvency Manager
         Post User Box 224
         664007 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-8149/08-37.

The Court is located at:

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk
         Russia

The Debtor can be reached at:

         LLC Mekon
         Dekabrskix Sobutiy Str. 125/606
         664007 Irkutsk
         Russia


NEFTE-GAZ-HOLDING LLC: Creditors Must File Claims by October 19
---------------------------------------------------------------
Creditors of LLC Nefte-Gaz-Holding (TIN 2310107999) have until
Oct. 19, 2008, to submit proofs of claims to:

         S. Zavgorodniy
         Insolvency Manager
         Office 228
         Armavirskaya Str.45
         Yeysk
         353680 Krasnodarskiy
         Russia

The Arbitration Court of Krasnodarskiy will convene on Oct. 16,
2008 to hear bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A-32-13825/2008-60/882B.

The Court is located at:

         The Arbitration Court of Krasnodarskiy
         Krasnaya Str. 6
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Nefte-Gaz-Holding
         Krasnay Str. 180
         350000 Krasnodar
         Russia


POCHEPSKIY STARCH: Creditors Must File Claims by October 19
-----------------------------------------------------------
Creditors of CJSC Pochepskiy Starch Factory (TIN 3224006597)
have until Oct. 19, 2008, to submit proofs of claims to:

         S. Suvorov
         Insolvency Manager
         Isayeva Str. 9/58
         Korolev
         141075 Moscovskaya
         Russia

The Arbitration Court of Bryanskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A09-4764/2008-26.

The Court is located at:

         The Arbitration Court of Bryanskaya
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         CJSC Pochepskiy Starch Factory
         Usiyevicha Str.78
         Pochep
         243400 Bryanskaya
         Russia


SMOLENSKAYA OIL: Creditors Must File Claims by October 19
---------------------------------------------------------
Creditors of LLC Smolenskaya Oil Industry Company have until
Oct. 19, 2008, to submit proofs of claims to:

         A. Popov
         Temporary Insolvency Manager
         Post User Box 345
         115230 Moscow-230
         Russia

The Arbitration Court of Smolenskaya will convene at 12:00 p.m.
on Dec. 4, 2008, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. ?62-3092/08.

The Court is located at:

         The Arbitration Court of Smolenskaya
         Pr. Gagarina 46
         214001 Smolensk
         Russia

The Debtor can be reached at:

         LLC Smolenskaya Oil Industry Company
         Office 5
         Prexhivalskogo Str.9/27
         Smolensk
         Russia


TUMENENERGOBANK: Moody's Cuts Bank Financial Strength Rating to E
-----------------------------------------------------------------
Moody's Investors Service has downgraded the following ratings of
TumenEnergoBank: long-term foreign currency and local currency
deposit ratings to Caa2 from B3, and bank financial strength
rating to E from E+.  At the same time, Moody's Interfax Rating
Agency, which is majority-owned by Moody's, has downgraded TEB's
long-term National Scale Rating to B3.ru from Baa3.ru.  Moody's
notes that the Caa2 long-term foreign and local currency ratings
as well as the B3.ru NSR have been placed on review for possible
downgrade, while an E BFSR and Not-Prime short-term global local
and foreign currency ratings carry stable outlook.

The downgrades of TEB's long term deposit ratings as well the BFSR
capture the fact that the bank has defaulted on its obligations on
interbank transactions as it has failed to raise sufficient funds
from the market to refinance these obligations.  Moody's
understands that the bank is currently in negotiations with other
market participants to reschedule its current obligations under
new terms and conditions and the rating agency will continue to
closely monitor the situation.

TEB's long-term deposit ratings have been placed on review for
possible downgrade, reflecting the possible developments as
regards the bank's ability to raise sufficient market funds and/or
find adequate collateral to pledge under new facilities.  Failure
to do this may merit further a rating downgrade.

Moody's had initially assigned the following global scale ratings
to TEB on June 26, 2008: B3 long-term and Not-Prime short-term
foreign and local currency deposit ratings, and an E+ BFSR.

Based in Tyumen, Russia, TEB is a universal bank with presence in
Ural Federal District.  As at June 30, 2008, the bank reported
total capital of RUB1.8 billion (USD77.4 million) (ranked 155th
among Russian banks) and total assets of RUB17.4 billion (ranked
122nd) in accordance with Russian Accounting Standards.


ZAURAL-TRANS-AVTO: Creditors Must File Claims by October 19
-----------------------------------------------------------
Creditors of CJSC Zaural-Trans-Avto have until Oct. 19, 2008, to
submit proofs of claims to:

         V.Bashirov
         Temporary Insolvency Manager
         Pervomayskaya Str.27/3
         450112 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Kurganskays commenced bankruptcy
supervision procedure on the company. The case is docketed under
Case No. A34-2344/2008.

The Debtor can be reached at:

         CJSC Zaural-Trans-Avto
         Ryazanskaya Str.10
         Ufa
         Bashkortostan
         Russia


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


* Spanish House Prices to Fall 3% This Year, Reuters Poll Shows
---------------------------------------------------------------
Spanish house prices are likely to fall 3% this year and 9% in
2009, according to a Reuters poll.

In Reuters' May survey of 10 economists, results showed Spanish
property prices will suffer their first fall since the early 1990s
this year.

However, analysts forecasted a 2.2% fall of Spanish property
prices this year and 4.5% in 2009, a steeper fall than in May's
survey, Reuters notes.


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


A.MACHER CONSULTING: Creditors Must File Claims by Oct. 17
----------------------------------------------------------
Creditors owed money by LC A.macher consulting + management are
requested to file their proofs of claim by Oct. 17, 2008, to:

         Heinz Amacher
         Kasernenstrasse 17
         3600 Thun
         Switzerland

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


FURORE LLC: Deadline to File Proofs of Claim Set Oct. 16
--------------------------------------------------------
Creditors owed money by LLC Furore are requested to file their
proofs of claim by Oct. 16, 2008, to:

         Trust Company JSC Leu Treuhand
         Zentralstrasse 100
         8212 Neuhausen a/Rhf.
         Switzerland

The company is currently undergoing liquidation in Neuhausen
a/Rhf.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on July 4, 2008.


H & M TRADING: Creditors Have Until Oct. 17 to File Claims
----------------------------------------------------------
Creditors owed money by JSC H & M Trading are requested to file
their proofs of claim by Oct. 17, 2008, to:

         JSC TREUCO
         Claridenstrasse 25
         Mail Box: 2172
         8027 Zurich
         Switzerland

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


IBB LLC: Proofs of Claim Filing Deadline is Oct. 17
---------------------------------------------------
Creditors owed money by LLC IBB - Insitute of safety construction
and repair of building are requested to file their proofs of claim
by Oct. 17, 2008, to:

         Friesstrasse 41
         8050 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 23, 2005.


MM INSURANCE: Creditors' Proofs of Claim Due by Oct. 17
-------------------------------------------------------
Creditors owed money by JSC MM Insurance Brokers are requested to
file their proofs of claim by Oct. 17, 2008, to:

         Bruno Gerber
         Trust Company Gerber Treuhand
         Dufourstrasse 32
         8008 Zurich
         Switzerland

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


OTTO ALTHAUS: Oct. 17 Set as Deadline to File Claims
----------------------------------------------------
Creditors owed money by JSC Otto Althaus are requested to file
their proofs of claim by Oct. 17, 2008, to:

         Otto Althaus
         Oberholzweg 10
         3067 Boll
         Switzerland

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


SIAM DECOR: Deadline to File Proofs of Claim Set Oct. 17
--------------------------------------------------------
Creditors owed money by JSC Siam Decor are requested to file their
proofs of claim by Oct. 17, 2008, to:

         Pierre-Alain Bertholet
         Humrigenflurstr. 48b
         8704 Herrliberg
         Switzerland

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


WIBEK JSC: Creditors Have Until Oct. 16 to File Claims
------------------------------------------------------
Creditors owed money by SC Wibek are requested to file their
proofs of claim by Oct. 16, 2008, to:

         Karl Wenger
         Grundeystrasse 14
         3862 Innertkirchen
         Switzerland

The company is currently undergoing liquidation in Meiringen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 21, 2008.


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


DAKRON LLC: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLC Dakron (code EDRPOU 32029660) have until Oct. 7,
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 Aug. 19, 2008.
The case is docketed as B-19/40-08.

The Debtor can be reached at:

         LLC Dakron
         Ap. 521-A
         Bakulin Str. 11
         Kharkov
         Ukraine


FEREKS LLC: Creditors Must File Claims by October 7
---------------------------------------------------
Creditors of LLC Fereks (code EDRPOU 21514737) have until
Oct. 7, 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. 7, 2008.
The case is docketed as 28/235-B.

The Debtor can be reached at:

         LLC Fereks
         Grushevsky Str. 31/1
         01008 Kiev
         Ukraine


GULIAYPOLE CHEESE: Creditors Must File Claims by October 7
----------------------------------------------------------
Creditors of CJSC Guliaypole Cheese Production Plant (code EDRPOU
00445665) have until Oct. 7, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 28, 2008.
The case is docketed as 19/250/08.

The Debtor can be reached at:

         CJSC Guliaypole Cheese Production Plant
         Vatutin Str. 2
         Zheleznodorozhnoye
         Guliaypole District
         70231 Zaporozhje
         Ukraine


HYPERMIKS LLC: Creditors Must File Claims by October 8
------------------------------------------------------
Creditors of LLC Hypermiks (code EDRPOU 35802797) have until
Oct. 8, 2008, to submit proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 22, 2008.
The case is docketed as 16/226/08.

The Debtor can be reached at:

         LLC Hypermiks
         Vostochnaya Str. 9
         69083 Zaporozhje
         Ukraine


PRO-BUILDING ASSEMBLY: Creditors Must File Claims by October 8
--------------------------------------------------------------
Creditors of LLC Pro-Building Assembly (code EDRPOU 34713078) have
until Oct. 8, 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 Aug. 27, 2008.
The case is docketed as B-39/80-08.

The Debtor can be reached at:

         LLC Pro-Building Assembly
         Gagarin Str. 9/9
         Zmiyev
         Kharkov
         Ukraine


* ODESSA CITY: S&P Keeps B+/Stable Long-Term Issuer Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its Ukraine national
scale rating on the City of Odessa on the Black Sea coast of
southern Ukraine to 'uaA+' from 'uaA'.  This reflects the
continued demonstration of the city's new management commitment to
prudent debt polices and final settlement of the city's 1997 bond,
which is no longer on the city's debt books.  At the same time,
S&P affirmed the 'B+' long-term issuer credit rating.  The outlook
is stable.

"The ratings reflect the city's low fiscal flexibility arising
from central government controls," said S&P's credit analyst Boris
Kopeykin.

The ratings also reflect significant expenditure pressures due to
increasing salaries and infrastructure needs; low, albeit
improving, wealth levels; and Odessa's debt accumulation plans,
which lead to foreign-exchange risks.

The ratings are supported by the city's favorable location, which
encourages economic development; rapid growth in budget revenues
subsequent to economic development; and the city's possession of
large assets it could potentially sell.

Odessa's tax-supported debt is moderate, and should remain about
30%-35% of total revenues until the end of 2010.  The city is
becoming more exposed to foreign-exchange risks, however, after it
attracted a Swiss franc 50 million loan (EUR31 million) in 2007,
and might place up to US$60 million in bonds in 2008-2009.

As of Sept. 1, 2008, the city's overall cash exceeded debt service
until the end of 2008.  It includes UAH70 million in special fund
cash earmarked by the city for a bond payment due on Dec. 31,
2008.  The money is on deposit with several local banks, and will
be transferred back to the city's special fund account for debt
repayment only.  According to the deposit agreements, the funds
are available to the city upon request, however.  S&P will closely
monitor the position of these banks in the current environment.

"The outlook is stable because we expect Odessa's debt
accumulation to address infrastructure needs will be only gradual
and the repayment schedule will remain relatively even, with
annual debt service between 8%-10% of the budget," said
Mr. Kopeykin.


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


AMERICAN INT'L: Former CEO Seeks to Bid for Firm's Assets
---------------------------------------------------------
Liam Pleven at The Wall Street Journal reports that Maurice R.
Greenberg, the former American International Group Inc. CEO, has
asked AIG's current CEO Edward Liddy for a chance to bid on any
assets the company will sell.

AIG plans to sell assets to pay off the up to US$85 billion
government loan.  WSJ relates that Mr. Greenberg sent a letter to
Mr. Liddy saying, "I now understand that the company has begun to
liquidate itself by selling assets in privately negotiated
transactions without transparency and without providing the
opportunity for the participation of alternative purchasers.  I
want to formally request an opportunity to submit an offer on any
assets that the company intends to sell."

"We are open to all reasonable expressions of interest in the
assets we plan to sell," WSJ quoted an AIG spokesperson as saying.

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

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

              US$85,000,000,000 Federal Reserve Loan

The Federal Reserve Bank of New York extended to AIG a revolving
credit facility up to US$85 billion.  AIG's borrowings under the
revolving credit facility will bear interest, for each day, at a
rate per annum equal to three-month Libor plus 8.50%.  The
revolving credit facility will have a 24-month term and will be
secured by a pledge of assets of AIG and various subsidiaries.

The Credit Facility provides for a 79.9% equity interest in AIG.
The Credit Facility provides for an initial gross commitment fee
of 2% of the total Credit Facility on the closing date.  AIG, in a
regulatory filing with the Securities and Exchange Commission,
said it will pay a commitment fee on undrawn amounts at the rate
of 8.5% per annum.  Interest and the commitment fees are generally
payable through an increase in the outstanding balance under the
Credit Facility.  Borrowings under the Credit Facility are
conditioned on the NY Fed being reasonably satisfied with, among
other things, AIG's corporate governance.

AIG is required to repay the Credit Facility from, among other
things, the proceeds of certain asset sales and issuances of debt
or equity securities. These mandatory repayments permanently
reduce the amount available to be borrowed under the Credit
Facility.

The Credit Facility contains customary affirmative and negative
covenants, including a requirement to maintain a minimum amount of
liquidity and a requirement to use reasonable efforts to cause the
composition of the Board of Directors of AIG to be satisfactory to
the trust within 10 days after the establishment of the trust.

Under the agreement, AIG will issue a new series of perpetual,
non-redeemable Convertible Participating Serial Preferred Stock to
a trust that will hold the Preferred Stock for the benefit of the
United States Treasury.

The Preferred Stock will, from issuance:

  -- be entitled to participate in any dividends paid on the
     common stock, with the payments attributable to the
     Preferred Stock being approximately, but not in excess
     of, 79.9% of the aggregate dividends paid on AIG's common
     stock, treating the Preferred Stock as if converted; and

  -- vote with AIG's common stock on all matters submitted to
     AIG's shareholders, and will hold approximately, but not
     in excess of, 79.9% of the aggregate voting power of the
     common stock, treating the Preferred Stock as if converted.

The Preferred Stock will remain outstanding even if the Credit
Facility is repaid in full or otherwise terminates.

Pursuant to the Credit Facility, AIG is required to hold a special
shareholders meeting to amend its restated certificate of
incorporation to increase its share capitalization and to lower
the par value of its common stock to permit the conversion of the
Preferred Stock into common stock.  Once this amendment is
effective, the Preferred Stock will be convertible at any
time into 79.9% of the shares of common stock outstanding at the
time of issuance.

AIG is required to enter into a customary registration rights
agreement that will permit the NY Fed to require AIG to register
the Preferred Stock and the underlying common stock under the
Securities Act of 1933.

The Credit Facility will be secured by a pledge of the capital
stock and assets of certain of AIG's subsidiaries, subject to
exclusions for certain property the pledge of which is not
permitted by AIG debt instruments, as well as exclusions of assets
of regulated subsidiaries, assets of foreign subsidiaries and
assets of special purpose vehicles.

Copy of the Credit Agreement is available free of charge at:

              http://researcharchives.com/t/s?331e

Copy of the Pledge Agreement is available free of charge at:

              http://researcharchives.com/t/s?331f

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008 that that
Edward Liddy replaced Robert Willumstad as AIG's CEO.

                    *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. Housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of
US$9.02 billion in the first six months of 2007.


AMERICAN INT'L: To Sell ILFC Unit to Pay Off US$85BB Gov't Loan
-------------------------------------------------------------
American International Group Inc. is considering selling
International Lease Finance Corp., its aircraft leasing company,
Liam Pleven and J. Lynn Lunsford at The Wall Street Journal
report, citing a person familiar with the matter.

According to WSJ, a source said that AIG's board met Sunday to
discuss what units the company should sell to pay off a
US$85 billion loan from the government to help the company avoid
possible bankruptcy.

The source said that investors from the U.S., Europe, Asia, and
the Middle East have expressed interest in investing in a buyout,
WSJ relates.

ILFC's founder and chairperson Steven Udvar-Hazy sold the company
to AIG in 1990.  ILFC is a standalone business with a yearly
revenue of US$6 billion.  It has more than 1,030 jetliners and is
valued at more than US$50 billion.  AIG's equity interest in the
leasing company is about US$7 billion.

Mr. Udvar-Hazy is leading an effort to purchase ILFC, WSJ states.

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

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

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion.  AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated Aug. 6,
2008, AIG reported a net loss for the second quarter of 2008 of
US$5.36 billion compared to 2007 second quarter net income of
US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.


FKI PLC: S&P Cuts Corporate Credit and Senior Debt Ratings to BB-
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and senior unsecured debt ratings on U.K.-based
engineering group FKI PLC to 'BB-' from 'BB'.  The ratings were
removed from CreditWatch, where they were placed with negative
implications on Feb. 5, 2008, following a takeover bid from
U.K.-based Melrose PLC (not rated).  The outlook is negative.

At the same time, S&P withdrew all its ratings on FKI at the
company's request.

The downgrade reflects FKI's weak performance for the 'BB' level,
with fully adjusted debt to EBITDA at 3.7x, funds from operations
to fully adjusted debt at 15.1%, and EBITDA interest coverage at
3.6x for the fiscal year ended March 31, 2008.  It also reflects
the weaker financial profile of the new entity resulting from the
acquisition of FKI by Melrose.  Combined ratios are estimated to
be at levels similar to those of FKI on a stand-alone basis.
S&P's assessment of the new entity takes into consideration the
recent partial redemption of the EUR600 million Eurobond.

The negative outlook reflects the exposure of Melrose's and FKI's
operations to tough conditions in the automotive and construction
markets, to which some of the new entity's businesses are heavily
exposed.  It also takes into consideration the current situation
in the financial markets, in which it might prove difficult for
Melrose to carry out the disposals that are part of its plan for
the integration of FKI, and uncertainty over the Melrose group's
strategy and position.


JJB SPORTS: Deloitte & Touche Raises Going Concern Doubt
--------------------------------------------------------
Deloitte & Touche LLP has raised going concern issues about
JJB Sport plc's interim report and condensed financial statements
for the 26 weeks to July 27, 2008.

Deloitte pointed to material uncertainties that may cast
significant doubt on the group's ability to continue as a going
concern.  These material uncertainties comprise:

    * ongoing availability of the original facilities given the
      actual and projected covenant breaches;

    * the ability to repay the bridging facility from asset
      sales or seasonal cash flows;

    * achieving the sale of non-core businesses and/or assets
      within the timescales and at the values projected; and

    * the achievability of forecasts and key assumptions within
      the forecasts.

Deloitte warned there is a risk that the material uncertainties as
to the group's ability to continue as a going concern may not be
resolved satisfactorily.

                    Loan Facilities

JJB has funded its working capital using bank loan facilities of
GBP60 million and GBP15 million and has recently negotiated an
additional GBP20 million three month bridging facility.  The Board
has prepared projected cash flow information for the period ending
12 months from the date of approval of the condensed financial
statements.  The group is also currently claimed to be in breach
of certain covenants relating to the GBP15 million facility (the
Group refutes this allegation on advice) and the projections
project further breaches of both facilities.  In accordance with
IAS1, the existing claimed covenant breach has been reflected in
the reclassification of the related borrowings as a current
liability as at July 27, 2008.

The directors are in ongoing discussions with the group's bankers
re the original facilities.  The group has received confirmation
that it is the banks' current intention that they will continue to
be make the original facilities available to the group.  While the
banks have stated that at this moment in time they do not intend
to act on the breaches, they have not waived their rights to seek
remedy over actual and projected breaches of covenants.

The bridging facility is repayable from asset sales or from
seasonal cash flows and the projections assume that sufficient
funds will be available from those sources to make the repayment
when it falls due.  The directors are confident the bridging
facility will provide them with sufficient time to review and
resolve the longer term financing needs of the business and if
necessary realize additional cash resources from the sale of
specified non-core businesses and assets.

                     Covenant Breaches

On Sept. 26, 2008, the group refuted claims that at its financial
year end there was a breach of a covenant relating to its GBP15
million banking facility with Bank of Scotland.

Barclays Bank had accepted that in their view there was no breach
of covenant with regard to their GBP60 million facility.

                     About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.


MFI RETAIL: Land Securities Grants Three-Month Rent Holiday
-----------------------------------------------------------
Steve Hawkes of The Times reports that Land Securities has granted
a three-month rent holiday to MFI Retail.

MFI chief executive Gary Favell, who is leading a management
buyout of the ailing furniture retailer, earlier warned landlords
that unless they agreed to a rent holiday from
Sept. 29 and Christmas Eve, their stores would be put into
administration and closed, The Times adds.

Mr. Favell wrote to landlords: "The only viable option for MFI to
retain an ongoing business is for the landlords of the identified
MBO [management buyout] stores to grant a three-month rent-free
period."

According to the report, Land Securities has provisionally
accepted the terms laid down by Mr. Favell with British Land
expected to follow suit.

Mr. Favell, The Times relates, unveiled plans to buy MFI from
Merchant Equity Partners on Sunday, Sept. 29.  He declared the
deal secured the future of the MFI business and would safeguard
employees in the store network.

MEP, which bought MFI for a nominal GBP1 two years ago, is thought
to have paid the management buyout team a GBP25 million dowry to
take the furniture retailer off its hands, The Times discloses.

On Sept. 29, MFI, The Times reveals, filed a notice of intention
to appoint administrators to its property unit, which holds the
leases to all of its 194 stores.  Kroll had been lined up to act
as administrator.

It is believed that only 92 stores would be retained by the
management team regardless of how many landlords sign up, The
Times notes.

MFI is a retailer of quality fitted furniture in the UK.
Merchant Equity Partners acquired the company in October 2006.


XPLX LTD: Appoints Colin Nicholls as Administrator
--------------------------------------------------
Colin Nicholls of Tenon Recovery was appointed administrator of
XPLX Ltd. (Company Number 04839905) on Sept. 15, 2008.

The company can be reached at:

         XPLX Ltd.
         c/o Tenon Recovery
         6 College Yard
         Worcester
         WR1 2LA
         England


MONEY PARTNERS: S&P Reviews First Reserve Fund Drawings
-------------------------------------------------------
Standard & Poor's Ratings Services said that it is aware of the
first reserve fund draws made by Money Partners Securities 1 PLC
(MPS1), Money Partners Securities 3 PLC (MPS3), and Money Partners
Securities 4 PLC (MPS4).

S&P will now conduct full credit and cash flow runs and the
results, together with any effects on the ratings of any of the
notes, will be released in due course.

The reserve fund draws in these U.K. residential mortgage-backed
securities transactions were highlighted in the September
quarterly investor reports.

MPS1 drew GBP1,015,561, representing 10.17% of its quarter opening
reserve fund balance (GBP9,988,955).  The current reserve fund
(GBP8,973,394) represents 7.61% of the outstanding note balance
and 87.97% of its required amount (GBP10,200,000).  The initial
reserve fund amount was 1.60% of the initial balance.

MPS3 drew GBP1,992,051, representing 13.55% of its quarter opening
reserve fund balance (GBP14,700,000).  The current reserve fund
(GBP12,707,949) represents 3.49% of the outstanding note balance
and 86.45% of its required amount (GBP14,700,000).  The initial
reserve fund amount was 1.55% of the initial balance.

MPS4 drew GBP1,154,129, representing 9.16% of its quarter opening
reserve fund balance (GBP12,600,000).  The current reserve fund
(GBP11,445,871) represents 2.80% of the outstanding note balance
and 90.84% of its required amount (GBP12,600,000).  The initial
reserve fund amount was 1.35% of the initial balance.

The reserve fund draws are due in part to an increase in losses in
the period.  Losses have increased to 0.35% from 0.16% for MPS1,
to 0.34% from 0.25% for MPS3, and to 0.33% from 0.22% for MPS4.
The weighted-average loss severity has also increased for each
deal this period, increasing to 27.6% from 21%, to 42.9% from
27.9%, and to 37.1% from 36.1% for MPS1, MPS3, and MPS4,
respectively.

The deals have suffered margin compression due to the second lien
mortgages in the pools redeeming more quickly than the first lien
mortgages.

The transaction benefits from a basis swap agreement.  This
mitigates the risk of a potential mismatch between the date LIBOR
is set on some of the mortgage loans and the date LIBOR is set on
the notes.  The issuer entered into a fixed/floating swap
agreement to mitigate the risk of an increase in three-month LIBOR
compared with the fixed rate of interest paid on some of the
mortgage loans.


NEWGATE FUNDING: S&P Puts BB-Rated Class E & Q Notes on WatchNeg
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the class Da, Db, E,
T, and Q notes series 2006-2 and the class Cb, Da, Db, E, T, and Q
notes series 2006-3 issued by Newgate Funding PLC.  All other
notes in both transactions remain unaffected.

At the same time, S&P affirmed its ratings on all outstanding
notes issued by Newgate in its series 2006-1.

These three deals are all U.K. nonconforming residential mortgage-
backed securities (RMBS) transactions.

In Newgate 2006-1, as of the September investor report, the pool
factor was 40.34% and credit enhancement levels are still
sufficient to maintain the current ratings on all tranches.
However, repossessions were high at 4.94% so S&P will continue to
monitor this deal as the housing market continues to deteriorate.

In Newgate 2006-2, as of the July investor report, the pool factor
was 62.33%.  Credit enhancement has increased to a lesser extent,
with repossessions at 1.97% and 120+ day arrears at 9.50%.

In Newgate 2006-3, as of the August investor report, the pool
factor was 79.78%.  Again, credit enhancement has increased to a
lesser extent, and repossessions were 2.13% and 120+ day arrears
were 10.74%.

In both Newgate 2006-2 and Newgate 2006-3, possible payment shock
and prepayment rates will be key indicators for future collateral
performance.  S&P will monitor these figures closely over the next
two quarters.

With house prices likely to continue falling in the coming months,
S&P expects to see higher losses in all U.K. RMBS transactions.
This will place pressure on excess spread, leading to the
possibility of further reserve fund draws and a decrease in credit
enhancement.

These transactions do not have a basis rate swap to hedge against
the difference between the three-month LIBOR paid on the notes and
the Bank of England base rate paid on some of the mortgages.  To
mitigate this risk at closing, S&P looked at the historical
difference between LIBOR and the base rate over time and modeled
this additional risk in the cash flows.  S&P incorporated the
current dislocation between these interest rates into its current
cash flow analysis.

S&P will continue to monitor the performance of these transactions
using the most recent loan-level data for a full credit and cash
flow analysis.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.  The results of S&P's analysis, together with
any effects on the ratings on any of the notes, will be released
in due course.

S&P is still analyzing Newgate's series 2007-1 and 2007-2.  The
results of this analysis will be released in due course.

Newgate Funding PLC:

  -- GBP448.95 And EUR73.9 Million Mortgage-Backed Floating-Rate
     Notes Series 2006-2

Ratings Placed on CreditWatch Negative:

Class          To                From
-----          --                ----
  Da       BBB/Watch Neg          BBB
  Db       BBB/Watch Neg          BBB
  E        BB/Watch Neg           BB
  T        BBB/Watch Neg          BBB
  Q        BB/Watch Neg           BB

  -- EUR296.1 Million, US$271 Million, And GBP319.85 Million
     Mortgage-Backed Floating-Rate Notes Series 2006-3

Ratings Placed on CreditWatch Negative:

Class          To                From
-----          --                ----
  Cb        A/Watch Neg             A
  Da        BBB/Watch Neg          BBB
  Db        BBB/Watch Neg          BBB
  E         BB/Watch Neg           BB
  T         BBB/Watch Neg          BBB
  Q         BB/Watch Neg           BB

  -- GBP503.95 Million And EUR117.5 Million Mortgage-Backed
     Floating-Rate Notes Series 2006-1

Ratings Affirmed:

A3         AAA
A3 DACs    AAA
A4         AAA
A4 DACs    AAA
Ma         AAA
Mb         AAA
Ba         AA
Bb         AA
Ca         A+
Cb         A+
D          BBB
E          BB
Q          BB


NEWTON MOOR: Brings in Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint administrators of Newton Moor Construction
Ltd.(Company Number 01162773) on Sept. 18, 2008.

The company can be reached at:

         Newton Moor Construction Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear
         SR5 3JN
         England


QUEBECOR WORLD: Voluntary Chapter 15 Case Summary
-------------------------------------------------
Debtor: Quebecor World, Inc.
       612 St. Jacques Street
       Montreal, Quebec H3C 4M8
       Canada

Bankruptcy Case No.: 08-13814

Type of Business: The Debtor is a printing company

Chapter 15 Petition Date: September 30, 2008

Court: Southern District of New York (Manhattan)

Judge: James M. Peck

Debtor's Counsel: Kenneth P. Coleman, Esq.
                 kurt.vellek@allenovery.com
                 Allen & Overy LLP
                 1221 Avenue of Americas
                 New York, NY 10022
                 Tel: (212) 610-6300
                 Fax: (212) 610-6399

Estimated Assets: unstated

Estimated Debts: unstated


QUEBECOR WORLD: Gets Conversion Notices for S. 5 Preferred Shares
-----------------------------------------------------------------
Quebecor World Inc. received notices in respect of 66,601 of its
remaining 1,763,029 issued and outstanding Series 5 Cumulative
Redeemable First Preferred Shares (CA:IQW) requesting conversion
into the company's Subordinate Voting Shares (CA:IQW).

In accordance with the provisions governing the Series 5 Preferred
Shares, registered holders of such shares are entitled to convert
all or any number of their Series 5 Preferred Shares into a number
of Subordinate Voting Shares effective as of Dec. 1, 2008,
provided such holders gave notice of their intention to convert
at least 65 days prior to the Conversion Date.  The Series 5
Preferred Shares are convertible into that number of the company's
Subordinate Voting Shares determined by dividing CUS$25 together
with all accrued and unpaid dividends on such shares up to
Nov. 30, 2008, by the greater of (i) CUS$2 and (ii) 95% of the
weighted average trading price of the Series 5 Preferred Shares
on the Toronto Stock Exchange during the period of twenty trading
days ending on Nov. 27, 2008.

The next conversion date on which registered holders of the Series
5 Preferred Shares will be entitled to convert all or any number
of such shares into Subordinate Voting Shares is March 1, 2009,
and notices of conversion in respect thereof must be deposited
with the Company's transfer agent, Computershare Investor
Services Inc., on or before Dec. 29, 2008.

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008.  The Honorable
Justice Robert Mongeon oversees the CCAA case.  Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the company in
the CCAA case.  Ernst & Young Inc. was appointed as Monitor.

On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No.
08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts.   The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000, total
liabilities of US$4,326,500,000, preferred shares of
US$62,000,000, and total shareholders' deficit of US$976,400,000.


ROYAL WORCESTER: Says Not in Need of Rescue Buyer
-------------------------------------------------
Royal Worcester dismissed reports that it has appointed KPMG to
find them a rescue buyer, Cathy Anstey writes for Worcester News.

Royal Worcester however said in a statement that in April of this
year it instructed KPMG to review the appropriate future funding
and ownership options for the business given the impending
completion of its restructuring program.

"These options include the continued ownership by Alan Finden-
Croft or may involve him taking a minority position or selling his
shares," the company said.

Royal Worcester, the report discloses, has been undergoing a
restructuring process since 2003.

According to the company, the process, financed by its principal
shareholder Alan Finden-Crofts and the firm's bankers Burdale
Financial, is now virtually complete, the report notes.

The company, the report relates, ceased manufacturing in Worcester
in 2006 following a serious decline in demand for fine bone china.
It employed about 1,000 people at the factory during its heyday.

The Sunday Times says the company, which first ran into difficulty
after it merged with rival Spode during the late 1970s, faced
problems as cheaper competition from abroad increased and people's
tastes in tableware changed.

Established in 1751 Royal Worcester --
http://www.royalworcester.co.uk/-- is the third-largest fine-
china manufacturer in the UK.  It sells the Jamie Oliver cookware
and a range in the name of interior designer Laurence Llewelyn
Bowen.


WESSEX INCINERATION: Taps Joint Administrators from PwC
-------------------------------------------------------
Ross Connock and Robert Lewis of PricewaterhouseCoopers LLP were
appointed joint administrators of Wessex Incineration Co. Ltd.
(Company Number 02484045) on Sept. 16, 2008.

The company can be reached at:

         Wessex Incineration Co. Ltd.
         Cleveland House
         Sydney Road
         Bath
         BA2 6NR
         England


* "Tina's Wish" to Host Two Fundraising Dinners This Month
----------------------------------------------------------
"Tina's Wish," a new charitable organization that honors the
memory of Tina Brozman, former chief judge of the U.S. Bankruptcy
Court for the Southern District of New York and co-leader of
Bingham McCutchen LLP's financial restructuring group, will host
two inaugural fundraising dinners on both sides of the Atlantic
this month.  The events are expected to raise approximately
US$600,000 in the fight against ovarian cancer, which took Ms.
Brozman's life in 2007.

The youngest bankruptcy judge appointed in the Second Circuit at
the age of 32 in 1985, Ms. Brozman issued more than 150 decisions,
many of which had a major impact on bankruptcies involving
multinational corporations.  She presided over the 1991 bankruptcy
case of the British company Maxwell Communications Corp., the
former parent of the New York Daily News.  The work involved
significant cooperation with Lord Leonard Hoffman, a law lord in
England's House of Lords, and helped define the standard for
multinational bankruptcies.  The United Nations later adopted
protocols first developed in the Maxwell case for its model law on
cross-border insolvencies.  That work ultimately resulted in the
adoption of the Chapter 15 to the U.S. Bankruptcy Code in 2005,
which was also based on Ms. Brozman's role in the Maxwell
insolvency.

The official transatlantic launch will be marked by two
significant fundraisers, a London event on Oct. 7 and another in
New York on Oct. 21.  The London dinner will feature Lord Hoffman,
receiving an award given jointly by Tina's Wish and INSOL
International.  Lord Hoffman will be recognized for his and Ms.
Brozman's contributions in the field of international bankruptcy.
In New York, Tina's Wish will honor Gil Mor, M.D., Ph.D., Yale
School of Medicine, for directing important research in the effort
to detect ovarian cancer at its early and most survivable stage.
Additionally, to recognize Ms. Brozman's devotion to mentoring
young professionals, the first annual Tina Brozman Mentoring Award
will be presented to Judge Burton R. Lifland, whom Judge Brozman
followed as the chief judge of the U.S. Bankruptcy Court for the
Southern District of New York.

"I am delighted these events will serve not only to honor the
memory of my wife and generate much needed funding for ovarian
cancer research but also will bring together our community of
restructuring professionals to honor two individuals with whom she
worked so closely: Judge Burton Lifland and Lord Hoffman," said
Andrew Brozman, a partner in Clifford Chance's Finance &
Restructuring practice in New York and a member of the board of
Tina's Wish.

"Through the generosity of so many people who worked with, knew
and loved Tina, we are able to set the stage for launching a
robust fundraising effort," said Amy Kyle, who chairs the Tina's
Wish board and worked closely with Ms. Brozman at Bingham.  "Even
in the face of this terrible disease, Tina wanted to create a
legacy of hope and benefit for other women facing ovarian cancer."

The money raised by Tina's Wish will fund a research fellowship
and an endowment at the Yale University Cancer Center, which has
produced promising work on the elusive early detection test for
ovarian cancer.  Of all the gynecological diseases, ovarian cancer
is the most deadly.  Approximately 75 to 80 percent of women are
diagnosed in later stages when the cancer has spread beyond the
ovaries and the chance of survival is poor.  For additional
information on Tina's Wish, visit www.tinaswish.org.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

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 Mergersthe 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 * * *