TCREUR_Public/081006.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

            Monday, October 6, 2008, Vol. 9, No. 198

                            Headlines

A U S T R I A

MILLA OEG: Claims Registration Period Ends October 23
NAUTICSPORT LLC: Claims Registration Period Ends October 27
SOTAL SPEISEEISMASCHINEN: Claims Registration Ends October 28


B U L G A R I A

PETROL AD: Fitch Puts 'B-' Ratings Under Negative Watch


C Z E C H  R E P U B L I C

BOHEMIA CRYSTALEX: Prague Court Declares Moratorium on Assets


F R A N C E

CHESAPEAKE CORPORATION: Joachim Dziallas Discloses 13.5% Stake
WORLDSPACE INC: Forbearance Agreement Expired September 25


G E R M A N Y

BIOSUN KOELN: Claims Registration Period Ends October 8
BROETAG BROEKERS: Claims Registration Period Ends October 8
EICHELE TIEFBAU: Claims Registration Period Ends October 13
DS-BAU GMBH: Claims Registration Period Ends October 10
DVNS-TEC SYSTEMHAUS: Claims Registration Period Ends Oct. 10

F & N SECURITY: Claims Registration Period Ends October 13
FAK FINANZ: Claims Registration Period Ends October 10
FERRO METALLBAU: Claims Registration Period Ends October 13
FHS FAHRZEUGHANDELSGESELLSCHAFT: Claims Filing Ends October 13
FRESENIUS SE: Moody's Affirms Corporate Family Rating at Ba1

HLL HAMBURG: Claims Registration Period Ends October 8
HERZOG BAUSERVICE: Claims Registration Period Ends October 8
HOLLAND MARKT: Claims Registration Period Ends October 13
HOLZPARTNER GMBH: Claims Registration Period Ends October 13
HOTAG GMBH: Claims Registration Period Ends October 8

HYPO REAL: Secures Another EUR15 Billion Lifeline
KFZ-DIENSTLEISTUNGS GMBH: Claims Registration Ends October 8
MEDICALL FLIGHT: Claims Registration Period Ends Oct. 10
PFL FINE: Claims Registration Period Ends October 10
SLP SOLUTIONS: Claims Registration Period Ends October 9

TOP MUSIC: Files for Creditor Protection; 500 Jobs at Risk


G R E E C E

MARFIN INVESTMENT: Board Proposes EUR5Bln Share Capital Increase
MARFIN INVESTMENT: S&P Shifts Outlook; Affirms BB/B Credit Ratings


I C E L A N D

GLITNIR BANKI: Failure to Get Funding Cues Government Bailout
GLITNIR BANKI: Fitch Cuts Individual Rating to 'F'


I R E L A N D

AER LINGUS: To Carry Out Cost Reduction Program


I T A L Y

ALITALIA SPA: Ryanair Says State Bailout Distorts Competition
PARMALAT SPA: Prelim. Injunction Hearing Moved to December 16


K A Z A K H S T A N

ILEK-SECURITY LLP: Creditors Must File Claims by November 15
OIL SNUB: Claims Deadline Slated for November 15
PROM STROY-A: Claims Filing Period Ends November 15
KAZTRANSOIL: S&P Affirms Long-Term Corporate Credit Rating at BB+
RICH OIL: Creditors' Claims Due on November 15

SK-STROY LLP: Claims Registration Ends November 15
STM-SERVICE LLP: Creditors Must File Claims by November 15
STROY COMPLECT-K: Claims Deadline Slated for November 15
TERNO-STROY LLP: Claims Filing Period Ends November 15
TRANSMERIDIAN EXPLORATION: Receives Delisting Notice from AMEX

TRANSMERIDIAN EXPLORATION: Amends Exchange Offer Terms
TRANSMERIDIAN EXPLORATION: Amends Investment Agreement with UEG
ZARTEK LLP: Creditors' Claims Due on November 15
ZEVS & K: Claims Registration Ends November 15


K Y R G Y Z S T A N

BONA FIDE LLC: Creditors Must File Claims by November 12


L U X E M B O U R G

LEHMAN BROTHERS: Europe's Deminor Files Suit to Recoup Losses
MILLICOM INT'L: Completes US$510 Million Acquisition of Amnet


N E T H E R L A N D S

NXP BV: S&P Affirms Long-Term Corporate Credit Rating at 'B-'


R U S S I A

CHELYABINSK TUBE: Moody's Withdraws B1 Corporate Family Rating
OGK-5 JSC: Posts RUR767 Million Net Profit for Fist Half 2008
TNK-BP INT'L: Inks Long Term Cooperation Agreements with Integra

* Fitch Revises Six Russian Banks' Outlook to Positive from Stable
* Fitch: Russian Devt Cos. May Among Worst-Hit by Poor Financing


S P A I N

* SPAIN: Debt Default Soars; Could Drain Banks' Bad Debt Provision
* S&P Sees Rating Downgrades From Spain's Shortfall in Tax Revenue


S W E D E N

FORD MOTOR: To Sell US$500 Million Worth of Shares
FORD MOTOR: Registers 35MM Shares for Hourly Employee Savings Plan
FORD MOTOR: Registers 50MM Shares for Salaried Workers Stock Plan


S W I T Z E R L A N D

MATO ART-DESIGN: Creditors Must File Proofs of Claim by Oct. 23
MODE ZAHN: Deadline to File Proofs of Claim Set Oct. 31
POLCOPY LLC: Creditors Have Until Oct. 25 to File Claims
RINGEISEN & BELLO: Proofs of Claim Filing Deadline is Oct. 31
RIVA CONSULT: Creditors' Proofs of Claim Due by Oct. 21

SOLTEGA JSC: Oct. 31 Set as Deadline to File Claims
SWISSWIN SERVICES: Creditors Must File Claims by Oct. 24
TIAG TRANSWORLD: Deadline to File Proofs of Claim Set Oct. 31
UBS AG: Restructures Investment Banking Arm; Cuts 2,000 Jobs
UBS AG: S&P Comments on Third Quarter Earnings Guidance

ZURICH FINANCIAL: US$615 Mil. Losses Tied to Troubled U.S. Cos


U K R A I N E

AGROYUMEKS CJSC: Creditors Must File Claims by October 9
DERGACHI TURBOCOMPRESSORS: Creditors Must File Claims by Oct. 9
KUYBISHEVO BUTTER: Creditors Must File Claims by October 9
PROMIN LLC: Creditors Must File Claims by October 9
STRUSOV-AVTO 1962: Creditors Must File Claims by October 9

S.T. CHERKASSY: Creditors Must File Claims by October 9
TROSTIANETS REGIONAL: Creditors Must File Claims by October 9
ZMV COMPANY: Creditors Must File Claims by October 9


U N I T E D   K I N G D O M

BRITISH AIRWAYS: September 2008 Traffic Down 4.8 Percent
ENTERPRISE INNS: Moody's Downgrades CFR to Ba2; Outlook Negative
EUROSAIL 2006-4: Fitch Puts 'BB' Rating Under Negative Watch
FORTRESS WAREHOUSING: Taps Liquidators from Smith & Williamson
GUESTINVEST GROUP: Goes Into Administration

HILL STATION: To File for Administration on Lack of Funding
LODESTAR SOUTHWEST: Claims Filing Period Ends December 22
OAKDENE: In Breach of Covenants; UHY Raises Going Concern Doubt
QUEBECOR WORLD: Has Until January 31 to File Chapter 11 Plan
TAYLOR WIMPEY: Remain In Talks Over Revising Covenant Structure

* HSBC Holdings Mulls Reduction of 1,100 Banking and Markets Jobs
* Mace & Jones Warns Directors Over Market Responsibilities
* S&P Sees Gov't Support as Rating Factor for European Banks
* S&P Looks Into the Impact of Bailouts on Sovereign Ratings
* European Firms Face Tight Liquidity & Tougher Economy, S&P Says
* Moody's Says Recent Market Turmoil Slow Global Economic Growth
* ECB Likely to Cut Interest Rates by November
* Blackstone Predicts European Bankruptcies to Surpass 1990s

* BOND PRICING: For the Week Sept. 29 to Oct. 3, 2008


                         *********


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


MILLA OEG: Claims Registration Period Ends October 23
-----------------------------------------------------
Creditors owed money by OEG Milla have until Oct. 23, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Dr. Christof Stapf
         Esslinggasse 7
         1010 Wien
         Austria
         Tel: 01/90 333
         Fax: 01/90 333 44
         E-mail: wien@snwlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Bruck an der Leitha, Austria, the Debtor declared
bankruptcy on Sept. 10, 2008, (Bankr. Case No. 36 S 103/08a).
Michael Neuhauser represents Dr. Stapf in the bankruptcy
proceedings.


NAUTICSPORT LLC: Claims Registration Period Ends October 27
-----------------------------------------------------------
Creditors owed money by LLC Nauticsport have until Oct. 27, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Wien
         Austria
         Tel: 7134433
         Fax: 7131033
         E-mail: kanzlei@jrs.at

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

         The Trade Court of Vienna
         Room 2101
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 10, 2008, (Bankr. Case No. 38 S 43/08p).  Dr. Stephan
Riel represents Dr. Jaksch in the bankruptcy proceedings.


SOTAL SPEISEEISMASCHINEN: Claims Registration Ends October 28
-------------------------------------------------------------
Creditors owed money by LLC Sotal Speiseeismaschinen have until
Oct. 28, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:00 p.m. on Nov. 11, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 10, 2008, (Bankr. Case No. 6 S 112/08z).  Dr. Klemens
Dallinger represents Dr. Hoedl in the bankruptcy proceedings.


===============
B U L G A R I A
===============


PETROL AD: Fitch Puts 'B-' Ratings Under Negative Watch
-------------------------------------------------------
Fitch Ratings has placed Bulgaria-based fuel distributor Petrol
AD's 'B-' Issuer Default Rating and 'B-' senior unsecured rating
for its EUR100 million notes due in 2011 on Rating Watch Negative.
The rating action is driven by concerns over a sizable share
repurchase undertaken by the company in Q208, which was not in
accordance with the planned use of proceeds from the asset
disposal to Lukoil Bulgaria, and concerns that the management is
not acting consistently with its strategy as laid out to Fitch
earlier this year.

The share repurchase of BGN90.7 immediately benefits shareholders
to the detriment of bondholders.  Fitch regards this as a quasi-
dividend payment, although the company says it is a temporary
investment of disposal proceeds.  The sizable losses on derivative
transactions in Q208, as well as increased loans granted to
related parties outside the Petrol AD group of BGN20.3 million,
are an additional cause for concern and are also not in accordance
with planned spending of disposal proceeds.

The Rating Watch Negative also reflects the fact that Fitch is
still awaiting detailed responses to a series of questions posed
to the company post the Q208 results announcement in early
September.  The agency anticipates that it will receive additional
information from the company in the next two weeks, in particular
information relating to the volume replacement process for oil
products, following which it may resolve the RWN.

Although liquidity has been negatively affected by the share
repurchase, losses on derivatives transactions and working capital
changes, Fitch assesses Petrol AD's cash position of BGN89.4
million at end-June 2008 as sufficient to repay short-term debt,
including the BGN15 million bonds maturing in November 2008.
However, further cash spending and other shareholder-friendly
action could lead to a deterioration in the company's liquidity
position.

The change of the Outlook to Stable from Negative in July 2008
reflected Fitch's assumption that the lost volume and earnings
from the Lukoil transaction would be substituted by acquisitions
made on the Bulgarian market, as well as by investments in Petrol
AD's network.  In Fitch's opinion the cash out-flow seen in Q208
increases reinvestment risk related to the replacement of oil
products volume, and level of EBITDA following the asset disposal
to Lukoil Bulgaria.  Fitch continues to be concerned about the
company's corporate governance especially with regard to sizable
related-party transactions, including inter-company loans, debt
guarantees and purchasing of company shares by Petrol AD's
subsidiaries.


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


BOHEMIA CRYSTALEX: Prague Court Declares Moratorium on Assets
-------------------------------------------------------------
The City Court in Prague has declared a three-month moratorium on
the assets of Czech glass maker Bohemia Crystalex Trading, CTK
reports.

BCT owners, the report relates, sought creditor protection for
parent company BCT and its units Crystalex Novy Bor and Sklarny
Kavalier Sazava.  The court has appointed receivers for both the
subsidiaries.

According the report, the moratorium, which can be extended by
another 30 days, gives the companies room to overcome bankruptcy
and arrive at an agreement with creditors.  It also enables them
to maintain production.

Meanwhile, BCT's two other plants, Sklo Bohemia Svetla nad Sazavou
and Sklarny Bohemia Podebrady have ceased operating, the report
discloses.

Citibank Europe, a creditor of Sklo Bohemia and Sklarny Bohemia,
has already asked a court to appoint interim receivers for the
companies and issue an injunction that would prevent owners from
handling the firms' assets, the report notes.

As reported in the Troubled Company Reporter-Europe, the court, on
Sept. 22, launched insolvency proceedings against BCT at the
request of the company's management.

The management of BCT remains in talks with creditor banks to
discuss the possibilities of restructuring and solve the lack of
operating capital the company is facing.

Harrachov glassworks owner Frantisek Novosad said the financial
crisis in the US, which is the chief market for Czech glassmakers,
has led BCT into an "unsolvable situation, when it lacks operating
capital".

Mr. Novosad added that other factors that contributed to the
group's problems include the soaring prices of gas and electricity
as well as loans.  The group incurred debts of nearly CZK4
billion.

In 2007, BCT, which employs, 5,000 staff, reported sales of about
CZK5 billion.  Its majority shareholders are entrepreneurs Radovan
Kvet and Jan Soucek.  The state owns indirectly 49 percent of
shares, while CSOB holds a 1% stake.


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


CHESAPEAKE CORPORATION: Joachim Dziallas Discloses 13.5% Stake
--------------------------------------------------------------
Joachim W. Dziallas and Edelmann GmbH & Co. KG disclosed in a
Securities and Exchange Commission filing that they may be deemed
to beneficially own 2,775,869 shares of Chesapeake Corporation's
common stock, representing 13.5% of the 20,560,782 shares issued
and outstanding as of Aug. 1, 2008.

Headquartered in Richmond, Virginia, Chesapeake Corporation
(NYSE: CSK) -- http://www.cskcorp.com/-- is a supplier of
specialty paperboard packaging products in Europe and an
international supplier of plastic packaging products to niche
end-use markets.  Chesapeake has 47 locations in France,
Ireland, United Kingdom, North America, China, HongKong, among
others and employs approximately 5,500 people.

                        *     *     *

As disclosed in the Troubled Company Reporter on Aug. 11, 2008,
Moody's Investors Service downgraded Chesapeake Corporation's
Corporate Family Rating to Caa2 from B2 and its Probability of
Default Rating to Caa2 from B3.  Concurrently, Moody's downgraded
the company's senior unsecured revenue bonds to Caa3 from B3 and
senior subordinated notes to Caa3 from Caa1.  All credit ratings
remain on review for possible downgrade.

Standard & Poor's Ratings Services lowered its ratings on
Chesapeake Corp.  The corporate credit rating was lowered to
'CCC+' from 'B'.  The ratings remain on CreditWatch, where they
were placed on July 2, 2008, with negative implications.


WORLDSPACE INC: Forbearance Agreement Expired September 25
----------------------------------------------------------
WorldSpace Inc. disclosed in a Securities and Exchange Commission
filing that the forbearance agreements between the Company and
each of the four holders of its amended and restated secured notes
and second amended and restated convertible notes expired on
Sept. 25, 2008.

The Holders have not entered into a further forbearance agreement
with the Company, and, although the Company and the Holders are
continuing discussions, there can be no assurance that the Holders
will continue to defer the exercise of remedies under their
respective financing agreements with the Company.

The Company is continuing to seek new financing, but there can be
no assurance that the Company will succeed in securing commitments
for new financing, or that it will do so prior to the Holders
seeking to exercise their remedies under their financing
agreements.

On Sept. 19, 2008, the company reached an agreement in principle
with each of the four holders of the Company's amended and
restated secured notes and second amended and restated convertible
notes to defer until Sept. 25, 2008, the Company's obligation to
pay US$19.97 million in principal amount of the Bridge Loan Notes,
plus accrued but unpaid interest due on the Bridge Loan Notes,
which was payable on Sept. 15, 2008.

                     About WorldSpace Inc.

Based in the Washington, DC metropolitan area, WorldSpace Inc.
(Nasdaq: WRSP) -- http://www.worldspace.com/-- is a media
and entertainment company that offers a satellite radio to
consumers in more than 130 countries with five billion people,
driving 300 million cars.  It operates WORLDSPACE Satellite Radio,
which delivers the latest tunes, trends and information from
around the world and around the corner.  WORLDSPACE offers a
combination of local programming, original WORLDSPACE content and
content from brands around the globe including the BBC, CNN
International, Virgin Radio UK, NDTV and RFI.  WORLDSPACE's
satellites cover two-thirds of the earth's population with six
beams.  WorldSpace has offices in Australia and France.

The company's balance sheet at March 31, 2008, showed total assets
of US$323.7 million and total liabilities of US$2.1 billion and
minority interest of US$608,000, resulting in total shareholders'
deficit of US$1.7 billion.

                       Going Concern Doubt

As reported in the The Troubled company Reporter on May 1, 2008,
Grant Thornton LLP in McLean, Virginia, raised substantial doubt
about WorldSpace Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements for
the years ended Dec. 31, 2007, and 2006.  The auditing firm
pointed to the company's net loss, negative working capital, and
shareholders' deficit.  Grant Thornton also cited that the
company's management does not believe its cash on hand and cash
available is sufficient to meet its operating needs during the
coming year.


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


BIOSUN KOELN: Claims Registration Period Ends October 8
-------------------------------------------------------
Creditors of BioSun Koeln Betriebsgesellschaft mbH have until
Oct. 8, 2008, to register their claims with court-appointed
insolvency manager Rainer Michael Baehr.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rainer Michael Baehr
         Prinzenstr. 14
         30159 Hannover
         Germany
         Tel: 0511 8503058-0
         Fax: 0511 8503058-8

The District Court of Hannover opened bankruptcy proceedings
against BioSun Koeln Betriebsgesellschaft mbH on Sept. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BioSun Koeln Betriebsgesellschaft mbH
         Attn: Gert Lang-Rose, Manager
         Hindenburgstr. 28/29
         30175 Hannover
         Germany


BROETAG BROEKERS: Claims Registration Period Ends October 8
-----------------------------------------------------------
Creditors of Broetag Broekers Tankanlagen GmbH & Co. KG have until
Oct. 8, 2008, to register their claims with court-appointed
insolvency manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 29, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 10
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The District Court of Muenster opened bankruptcy proceedings
against Broetag Broekers Tankanlagen GmbH & Co. KG on
Aug. 7, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Broetag Broekers Tankanlagen GmbH & Co. KG
         Klosterstrasse 4
         48599 Gronau
         Germany


EICHELE TIEFBAU: Claims Registration Period Ends October 13
-----------------------------------------------------------
Creditors of Eichele Tiefbau GmbH have until Oct. 13, 2008, to
register their claims with court-appointed insolvency manager
Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on Nov. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau-Rosslau
         Hall 121
         Willy Lohmann Str. 33
         Dessau Rosslau
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Dessau-Rosslau opened bankruptcy proceedings
against Eichele Tiefbau GmbH on Sept. 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Eichele Tiefbau GmbH
         Puelziger Strasse 5
         06869 Cobbelsdorf
         Germany


DS-BAU GMBH: Claims Registration Period Ends October 10
-------------------------------------------------------
Creditors of DS-Bau GmbH have until Oct. 10, 2008, to register
their claims with court-appointed insolvency manager Ottmar
Hermann.

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

The meeting of creditors will be held at:

         The District Court of Hanau
         Room E03
         Engelhardstrasse 21
         63450 Hanau
         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:

         Ottmar Hermann
         Bleichstrasse 2-4
         60313 Frankfurt/Main
         Germany
         Tel: 069/913092 -0
         Fax: 069/91309230

The District Court of Hanau opened bankruptcy proceedings against
DS-Bau GmbH on Sept. 19, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DS-Bau GmbH
         Attn: Anton Strobelberger, Manager
         Otto-Hahn-Str. 21
         63456 Hanau
         Germany


DVNS-TEC SYSTEMHAUS: Claims Registration Period Ends Oct. 10
------------------------------------------------------------
Creditors of DVNS-tec Systemhaus GmbH have until Oct. 10, 2008, to
register their claims with court-appointed insolvency manager
Dr. Martin Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin Moderegger
         Theaterstrasse 6
         34117 Kassel
         Germany
         Tel: 0561/7668335
         Fax: 0561/7668358
         E-mail: fulda@dr-moderegger.de
         Web site: www.dr-moderegger.de

The District Court of Kassel opened bankruptcy proceedings against
DVNS-tec Systemhaus GmbH on Aug. 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DVNS-tec Systemhaus GmbH
         Attn: Steffen Westhelle, Manager
         Teichstr. 14
         34130 Kassel
         Germany


F & N SECURITY: Claims Registration Period Ends October 13
----------------------------------------------------------
Creditors of F & N Security Service GmbH have until Oct. 13, 2008,
to register their claims with court-appointed insolvency manager
Ulrich Luppe.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle (Saale)
         Hall 1.043
         Justizzentrum
         Thueringer Strasse 16
         06112 Halle (Saale)
         Germany

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

The insolvency manager can be reached at:

         Ulrich Luppe
         Hansering 9/10
         06108 Halle
         Germany
         Tel: 0345/614070
         Fax: 0345/6140710.

The District Court of Halle (Saale) opened bankruptcy proceedings
against F & N Security Service GmbH on Aug. 15, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         F & N Security Service GmbH
         Str. des Friedens 17
         06268 Obhausen
         Germany


FAK FINANZ: Claims Registration Period Ends October 10
------------------------------------------------------
Creditors of fak finanz und assekuranz kontor GmbH AG have until
Oct. 10, 2008, to register their claims with court-appointed
insolvency manager Christian Krueger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Oct. 28, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Christian Krueger
         Westring 455
         24118 Kiel
         Germany
         Tel: 0431/990810
         Fax: 0431/99081100

The District Court of Kiel opened bankruptcy proceedings against
fak finanz und assekuranz kontor GmbH AG on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         fak finanz und assekuranz kontor GmbH AG
         Attn: Sven Langloh, Manager
         Melsdorfer Strasse 67
         24109 Kiel
         Germany


FERRO METALLBAU: Claims Registration Period Ends October 13
-----------------------------------------------------------
Creditors of Ferro Metallbau GmbH have until Oct. 13, 2008, to
register their claims with court-appointed insolvency manager Dr.
Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 28, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Ferro Metallbau GmbH on Sept. 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ferro Metallbau GmbH
         Pawesiner Weg 20
         13581 Berlin
         Germany


FHS FAHRZEUGHANDELSGESELLSCHAFT: Claims Filing Ends October 13
--------------------------------------------------------------
Creditors of FHS Fahrzeughandelsgesellschaft mbH Magdeburg have
until Oct. 13, 2008, to register their claims with court-appointed
insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         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:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/6286260
         Fax: 0391/6286266
         E-mail: magdeburg@Rechtsanwaelte-Schwarz.de

The District Court of Magdeburg opened bankruptcy proceedings
against FHS Fahrzeughandelsgesellschaft mbH Magdeburg on Aug. 18,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         FHS Fahrzeughandelsgesellschaft mbH Magdeburg
         Grosse Diesdorfer Str. 163
         39110 Magdeburg
         Germany


FRESENIUS SE: Moody's Affirms Corporate Family Rating at Ba1
------------------------------------------------------------
Moody's Investors Service has changed the provisional rating on
Fresenius SE's secured credit facility from (P)Baa2 (LGD 2, 20%)
to (P)Baa3 (LGD 2, 27%) considering the company's announcement
that the secured credit facility was increased by US$500 million
to US$2.95 billion.  The secured credit facility is a central
component to fund the company's recent acquisition of APP
Pharmaceuticals, Inc, which was closed on September 10, 2008.  At
the same time, Moody's affirmed Fresenius's Ba1 Corporate Family
Rating and the Ba1 Probability of Default Rating with negative
outlooks.

The revised provisional (P)Baa3 rating (LGD 2, 27%) assigned to
the secured credit facility is one notch below the provisional
(P)Baa2 rating (LGD 2, 20%) assigned on 28 August 2008.  The lower
rating results from the application of Moody's LGD methodology and
reflects the increased proportion of secured debt in the company's
capital structure which results in a weaker asset coverage of the
secured debt in a default scenario than previously expected.  The
proceeds of the US$500 million increase will be applied to
partially repay the US$1.3 billion extendable bridge credit
facility.  Upon a conclusive review of the final versions of all
the documents, Moody's will endeavor to assign a definitive
rating.

The last rating action on Fresenius was implemented on
August 28, 2008, when Moody's confirmed the Ba1 CFR and Ba1 PDR
and changed the outlooks to negative from stable.  This action
followed a review for a possible downgrade prompted by Fresenius's
announcement to acquire APP Pharmaceuticals for an enterprise
value of US$4.6 billion.  The acquisition was funded with proceeds
from a capital increase at the level of Fresenius SE of around
EUR290 million (US$450 million), proceeds from a EUR554 million
Mandatory Exchangeable bond (rated Ba2) and a US$1.3 billion
bridge credit facility (rated Ba1 (LGD 4, 53%)) which will be
reduced by US$500 million with the proceeds of the increased
US$2.95 billion secured credit facility, rated Baa3 (LGD 2, 27%).

Downgrades:

Issuer: APP LLC

   -- Senior Secured Bank Credit Facility, Downgraded to
      (P)Baa3, LGD assessment changed to LGD 2, 27% from
      LGD 2, 20%

Issuer: Fresenius Finance I, S.A.

   -- Senior Secured Bank Credit Facility, Downgraded to
      (P)Baa3, LGD assessment changed to LGD 2, 27% from
      LGD 2, 20%

Issuer: Fresenius US Finance I, Inc.

   -- Senior Secured Bank Credit Facility, Downgraded to
      (P)Baa3, LGD assessment changed to LGD 2, 27% from
      LGD 2, 20%

Issuer: Fresenius Finance (Jersey) Ltd

   -- Senior Unsecured Regular Bond/Debenture, LGD assessment
      changed to LGD 5, 87% from LGD 5, 85%

Assignments:

Issuer: Fresenius US Finance II, Inc.

   -- Senior Unsecured Bridge Credit Facility, Assigned
      definitive Ba1

Headquartered in Bad Homburg, Germany, Fresenius is a global
health care company with products and services for dialysis
(through Fresenius Medical Care); healthcare services (Helios) and
facilities management (Vamed); and nutrition and infusion
therapies (Fresenius Kabi AG).  For the fiscal year ended
Dec. 31, 2007, Fresenius generated consolidated sales of EUR11.4
billion.


HLL HAMBURG: Claims Registration Period Ends October 8
------------------------------------------------------
Creditors of HLL Hamburg Language Lounge Verwaltungsgesellschaft
mbH have until Oct. 8, 2008, to register their claims with court-
appointed insolvency manager Dr. Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Klaus Pannen
         Neuer Wall 25/ Schleusenbruecke 1
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against HLL Hamburg Language Lounge Verwaltungsgesellschaft mbH on
Aug. 26, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HLL Hamburg Language Lounge
         Verwaltungsgesellschaft mbH
         Attn: Simon Ashton und
               Alisa Macholl Edwards, Manager
         Kirchenweg 6
         20099 Hamburg
         Germany


HERZOG BAUSERVICE: Claims Registration Period Ends October 8
------------------------------------------------------------
Creditors of Herzog Bauservice GmbH have until Oct. 8, 2008, to
register their claims with court-appointed insolvency manager
Niklas Luetcke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 22, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Niklas Luetcke
         Barckhausstrasse 12-16
         60325 Frankfurt
         Germany
         Tel: (069) 717 01 -300
         Fax: (069) 717 01 40 410
         E-mail: niklas.luetcke@cms-hs.com
         Web site: www.cms-hs.com

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

The Debtor can be reached at:

         Herzog Bauservice GmbH
         Attn: Jasmin Hoffmann, Manager
         Elsa-Brandstroem-Strasse 3
         35510 Butzbach
         Germany


HOLLAND MARKT: Claims Registration Period Ends October 13
---------------------------------------------------------
Creditors of Holland Markt Heemskerk GmbH & Co. KG have until
Oct. 13, 2008, to register their claims with court-appointed
insolvency manager Klaus-Christof Ehrlicher.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Coburg
         Meeting Hall K
         First Stock
         Coburg
         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:

         Klaus-Christof Ehrlicher
         Rosenauer Str. 22
         96450 Coburg
         Germany
         Tel: 09561/80340
         Fax: 09561/803434

The District Court of Coburg opened bankruptcy proceedings against
Holland Markt Heemskerk GmbH & Co. KG on Sept. 12, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Holland Markt Heemskerk GmbH & Co. KG
         Industriestr. 3
         96487 Doerfles-Esbach
         Germany


HOLZPARTNER GMBH: Claims Registration Period Ends October 13
------------------------------------------------------------
Creditors of Holzpartner GmbH have until Oct. 13, 2008, to
register their claims with court-appointed insolvency manager
Dr. Eckard Pongratz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on Nov. 11, 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 Mosbach
         Meeting Hall 12
         Lohrtalweg 2
         74821 Mosbach
         Germany

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

The insolvency manager can be reached at:

         Dr. Eckard Pongratz
         Steinbachtal 2b
         97082 Wuerzburg
         Germany
         Tel: 0931/991560

The District Court of Mosbach opened bankruptcy proceedings
against Holzpartner GmbH on Sept. 3, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holzpartner GmbH
         Attn: Felix Teichmann, Manager
         Spessartstr. 2
         97877 Wertheim
         Germany


HOTAG GMBH: Claims Registration Period Ends October 8
-----------------------------------------------------
Creditors of HOTAG GmbH have until Oct. 8, 2008, to register their
claims with court-appointed insolvency manager Sebastian Laboga.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstrasse 24
         10785 Berlin
         Germany

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

The Debtor can be reached at:

         HOTAG GmbH
         Lindenstrasse 38 A
         15757 Halbe
         Germany

         Attn: Ugur Karatas, Manager
         Zuericher Strasse 2
         71034 Boeblingen
         Germany


HYPO REAL: Secures Another EUR15 Billion Lifeline
-------------------------------------------------
The Management Board of Hypo Real Estate Holding AG has welcomed
the agreement between the German Government, the German Central
Bank, the Financial Regulator BaFin and senior representatives of
the German banking and insurance sector regarding credit lines for
Hypo Real Estate Group.

"We are very grateful for the support of all the parties.  This
solution ensures that Hypo Real Estate Group is stabilized, will
have access to sufficient liquidity even in an ongoing financial
crisis, and can continue to operate," Georg Funke, CEO, stated on
Monday morning in Munich.

The Ministry for Finance stated earlier that the finance sector
will grant Hypo Real Estate Group an additional secured credit
line of EUR15 billion in addition to the EUR35 billion already
offered jointly by the German Government and finance sector.  This
increase became necessary as a result of the intensification of
the financial crisis during the past week.  The Government is
providing a guarantee of up to EUR35 billion.

                  About Hypo Real Estate Group

Following the acquisition of DEPFA Bank plc in October 2007,
Munich, Germany-based Hypo Real Estate Group –-
http://www.hyporealestate.com/-- has evolved into one of the
leading international financial services providers for commercial
real estate lending, public finance and infrastructure finance.
The Group, with total assets of EUR395 billion, 1,900 employees
and offices across Europe, the Americas and Asia, consists of the
non-operational listed Hypo Real Estate Holding AG and operational
entities.  Hypo Real Estate Bank International AG and Hypo Real
Estate Bank AG conduct the international real estate financing
business.  DEPFA and DEPFA Deutsche Pfandbriefbank AG conduct the
public sector and infrastructure finance business.


KFZ-DIENSTLEISTUNGS GMBH: Claims Registration Ends October 8
------------------------------------------------------------
Creditors of Kfz-Dienstleistungs GmbH Baetzel have until
Oct. 8, 2008, to register their claims with court-appointed
insolvency manager Dr. Jan Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.310
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Dr. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt
         Germany
         Tel: 069-2097390
         Fax: 069-20973929

The District Court of Darmstadt opened bankruptcy proceedings
against Kfz-Dienstleistungs GmbH Baetzel on Aug. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kfz-Dienstleistungs GmbH Baetzel
         Attn: Lothar Baetzel, Manager
         Carlo-Schmid-Strasse 1
         64653 Lorsch
         Germany


MEDICALL FLIGHT: Claims Registration Period Ends Oct. 10
--------------------------------------------------------
Creditors of Medicall Flight Ambulance GmbH have until Oct. 10,
2008, to register their claims with court-appointed insolvency
manager Josef Nachmann.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Josef Nachmann
         Theatinerstr. 32
         80333 Munich
         Germany
         Tel: 089/24217737
         Fax: 089/24217738

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

The Debtor can be reached at:

         Medicall Flight Ambulance GmbH
         Attn: Gertraud Rohowsky, Manager
         Euckenstrasse 27
         81369 Munich
         Germany


PFL FINE: Claims Registration Period Ends October 10
----------------------------------------------------
Creditors of PFL Fine Chemicals GmbH have until Oct. 10, 2008, to
register their claims with court-appointed insolvency manager
Norbert Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 11, 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Str. 101
         50939 Cologne
         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:

         Norbert Weber
         Richmodstr. 6
         50667 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against PFL Fine Chemicals GmbH on Aug. 11, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         PFL Fine Chemicals GmbH
         Kaiser-Wilhelm-Allee Geb, Q18 6. OG
         51368 Leverkusen
         Germany


SLP SOLUTIONS: Claims Registration Period Ends October 9
--------------------------------------------------------
Creditors of SLP Solutions GmbH have until Oct. 9, 2008, to
register their claims with court-appointed insolvency manager
Dr. Winfried Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on Oct. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Room 101
         First Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Dr. Winfried Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany
         Tel: 0201 330550

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

The Debtor can be reached at:

         SLP Solutions GmbH
         Attn: Ralf Coenen, Manager
         Elbestr. 16
         45768 Marl
         Germany


TOP MUSIC: Files for Creditor Protection; 500 Jobs at Risk
----------------------------------------------------------
TMI Top Music International Vertriebs GmbH has filed for creditor
protection with the Local Court of Heidelberg, putting 500 jobs at
risk, Wolfgang Spahr of Billboard.biz reports.  Christopher Seagon
has been appointed insolvency administrator.

The insolvency administrator, the report discloses, will attempt
to find new investors for the company, which generates annual
sales of over EUR280 million (US$386 million).

Citing industry sources the report says record labels have a total
financial exposure to TMI of an eight-figure amount.

Based in St. Leon Rot, Germany TMI Top Music International
Vertriebs GmbH is a wholesaler of CDs and DVDs.  The company was
established in 1989.


===========
G R E E C E
===========


MARFIN INVESTMENT: Board Proposes EUR5Bln Share Capital Increase
----------------------------------------------------------------
The Board of Directors of Marfin Investment Group has decided to
convene an Extraordinary General Meeting of the company's
shareholders on Oct. 27, 2008 with main agenda item a proposed
share capital increase without preemption rights in favor of
current shareholders.

At the EGM, where all final decisions will be made, the Board of
Directors will propose a share capital increase of
EUR5,004,000,000 through the issuance of 834,000,000 new shares at
a price of EUR6 per share.

Should the EGM grant all necessary approvals, the new shares will
be distributed via a private placement to strategic and/or
institutional investors at the discretion of the Board of
Directors.

In July 2007, MIG successfully completed a share capital increase
of EUR5.2 billion.  The group said its timely assessment of the
prolonged nature of challenging market conditions was the key
factor behind the adoption of a defensive strategy since October
2007 thus enabling us to achieve capital preservation.  In its
present form the group's portfolio consists of controlling stakes
in a number of companies operating in defensive sectors (such as
Healthcare, Food & Beverages etc.) and maintain leading positions
in their respective fields.  Furthermore, the group maintains
virtually zero leverage and liquidity of approximately EUR1
billion.  The group's liquidity is further enhanced by
approximately EUR350 million excess liquidity related to the
group's companies.

MIG's Board of Directors believes that the ongoing market
conditions will eventually result in a series of significant
investment opportunities both in Greece and the SE European
region, with particular emphasis the banking sector which should
experience some degree of consolidation, along the trends we are
seeing in other key areas of the world.

Commenting on the prospective share capital increase of MIG, the
company's Executive Vice-Chairman, Mr. Andreas Vgenopoulos, said:
"We live in a world of unprecedented market volatility and
uncertainty.  In this environment we are starting seeing some
potentially very attractive opportunities which should increase
both in scope and number over the short and medium term.  With our
existing cash resources coupled with the proceeds from our share
capital increase under way, we are ideally placed to take
advantage of these opportunities aiming to maximize returns for
our shareholders.

Our new investment strategy will primarily focus on the financial
sector in Greece and the wider SEE region whereby in the
consolidation round which will follow we can act as the
partner of choice for counterparties in friendly transactions.
Based on our track record to date and the success we have enjoyed
in utilizing the proceeds of our previous two share capital
increases, we are confident we will once again create significant
value for our shareholders."

Marfin Investment Group Holdings S.A. --
http://www.marfininvestmentgroup.com/-- is an investment holding
company, based in Greece and incorporated under Greek law.  The
Company's aim is to deliver superior returns to shareholders,
primarily by making private equity-type investments, as well as
investments in privatizations and infrastructure projects, in the
Targeted Countries.  While these are not the only countries that
the Company may invest in, these are the countries in which the
Company anticipates that most investment opportunities will arise
in the short to medium term.


MARFIN INVESTMENT: S&P Shifts Outlook; Affirms BB/B Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Greek investment holding company Marfin Investment Group Holdings
S.A. to positive from negative.  At the same time, the 'BB/B'
counterparty credit ratings were affirmed.

"The outlook revision follows MIG's announcement this week that it
proposes a major share capital increase of EUR5 billion," said
S&P's credit analyst Nigel Greenwood.

At the same time, Marfin Investment outlined a revision to its
investment strategy with a new focus primarily on the financial
sector in Greece and the wider South Eastern Europe region.  S&P
welcomes the planned improvement to capitalization, which has the
potential to improve the firm's creditworthiness.  S&P notes that
while liquidity and leverage are comfortable at present, the
group's financial policy is still evolving as are its
risk-management capabilities.

Marfin Investment Group is one of the larger firms on the Athens
Stock Exchange.  During 2007, and following the raising of EUR5.2
billion of fresh equity by means of a rights issue in July 2007,
the group rapidly evolved toward being an investment holding
company from that of a bank holding company.

The planned new capital raising marks both an end to Marfin
Investment's more defensive investment approach and also a shift
in its sector focus.  The group has stated that the ongoing
difficult market conditions in the banking sector have created a
significant investment opportunity.  Marfin will seek to partake
in the consolidation of the Greek banking sector with a focus on
the largest banks.  This is familiar to the company having led the
consolidation of some smaller banks prior to 2007.  Marfin
Investment also maintains an operational relationship with, and a
minority stake in, Cyprus-based Marfin Popular Bank Public Co.
Ltd. (BBB+/Stable/A-2) that in turn owns Greece-based Marfin
Egnatia Bank, S.A. (BBB+/Stable/A-2).  The outlook is positive.

"The proposed capital increase and the significantly revised
strategy have the potential to transform MIG's profile," added Mr.
Greenwood.

If its business profile improves combined with greater clarity on
its medium-term approach to its liquidity and leverage policy then
the ratings could be raised.  Conversely, if the capital raising
is not completed, S&P would revise the outlook to stable, the
ratings being underpinned by the current sound liquidity position.


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


GLITNIR BANKI: Failure to Get Funding Cues Government Bailout
-------------------------------------------------------------
The government of Iceland bailed out Glitnir banki after it was
unable to secure short-term funding, Bloomberg News writes.
Glitnir had a deposit-to-loan ratio of about 30%, the lowest among
Iceland's biggest banks, meaning it had to rely on money markets
for financing.

Based on the report, Bjorn Richard Johansen, an Oslo-based
spokesman for Glitnir, said the bailout would remove all doubts on
the company.

Prime Minister Geir H. Haarde on Oct. 2, 2008, said the Glitnir
bailout wouldn't end the banking "crisis" in Iceland.

Iceland, according to Bloomberg, spent a decade punching above its
weight as the three biggest banks amassed assets valued last year
at nine times the country's US$19 billion gross domestic product.
The demise of Iceland's third-biggest bank has shaken the economy.
Stodir hf, an investment firm that owns 32% of Glitnir, has filed
for protection from creditors.

The cost of insuring against a default by Iceland's government and
the three banks has surged to a record, credit-default swaps cited
by Bloomberg show.  Glitnir, Kaupthing Bank hf and Landsbanki
Islands hf have the worst creditworthiness among European lenders,
according to the swaps.

Landsbanki had a deposit-to-loan ratio of 63% at the end of the
first half, Bloomberg reports, citing a bank's September 29
statement.  Andew Walton, a bank spokesman in London, declined to
comment.  Meanwhile, Kaupthing spokesman Jonas Sigurgeirsson
assured that the bank is a very liquid bank with a strong
position.

Mikko Ayub, Helsinki-based head of investment product sales at
Nordea Bank AB, referred to "Iceland as a country risk," Bloomberg
notes.

The krona slumped 14% against the euro since September 29, when
the government said it would pay EUR600 million (US$842 million)
for 75% of Glitnir, Bloomberg notes.  An inflation of around 14%
is almost five times the central bank's target.

                        Overseas Expansion

Bloomberg relates that Glitnir's assets grew more than ninefold
from 2002 through 2007 as it acquired Swedish financial services
companies Fischer Partners and Tamm & Partners Fondkommission AB,
and Finnish money-management firm FIM Group Oyj.  The expansion
forced Glitnir to rely heavily on wholesale markets, rather than
deposits, for its funding needs.

Kaupthing's profit jumped more than 50-fold from 2000 to 2005
after it borrowed abroad to finance expansion, Bloomberg notes.
It acquired financial services companies FIH Erhvervsbank A/S of
Denmark in 2004 and Singer & Friedlander Group of the U.K. in
2005.  Landsbanki purchased Teather & Greenwood and Kepler
Equities of the U.K. and Merrion Capital Group of Ireland in 2005,
as well as the U.K.'s Bridgewell Group Plc last year.

                           Crossholdings

Stodir also has holdings in insurer TM and real estate company
Landic Property.  Exista hf, a financial services firm, owns
almost 25% of Kaupthing.  Bakkabraedur Holding BV, owned by the
founders of food maker Bakkavor Group, in turn owns 45% of Exista.

Landsbanki has agreed to sell its European broking units,
including Teather & Greenwood and Bridgewell, to Straumur Burdaras
Investment Bank hf for EUR380 million.

                           About Stodir

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

As reported by the Troubled Company Reporter on Oct. 2, 2008, the
District Court of Reykjavík, on Monday, September 29, 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.

                           About Glitnir

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

                           *     *     *

As reported by the TCR-Europe on Oct. 2, 2008, Moody's Investors
Service 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 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.


GLITNIR BANKI: Fitch Cuts Individual Rating to 'F'
--------------------------------------------------
Fitch Ratings has downgraded Glitnir Banki hf., Kaupthing Bank
hf., Landsbanki Islands and Straumur Burduras Investment Bank.
This follows the announcement that the Government of Iceland,
through the intermediation of the Central Bank of Iceland, will
provide Glitnir with new equity amounting to EUR600 million,
taking a 75% stake in the bank.

The Icelandic government intervention followed concerns within
Iceland's regulatory bodies that current difficult operating
conditions in global financial markets were placing liquidity
pressures on Glitnir.  Although the Icelandic government
considered these pressures to be temporary, Fitch views the
government's purchase of a 75% stake in Glitnir as explicit
support and has downgraded the bank's Individual rating to 'F'
from 'B/C'.  While the Icelandic government has stated that it
does not plan to hold its stake in Glitnir for an extended period,
Fitch does not believe it will be easy to exit in the near-term.
Fitch has downgraded Glitnir's IDR to its Support Rating Floor of
'BBB-' (BBB minus) and placed them, together with the bank's
Support '2' rating, on Rating Watch Negative.

This is to reflect challenges affecting the Icelandic financial
system and potential constraints on the availability of
substantial liquidity support for a system reliant on market
sentiment.

The Icelandic banks have been vulnerable to market pressure for
some considerable time but had, so far, demonstrated resilience to
difficult market conditions and taken measures to offer protection
against a weakening economic backdrop and market dislocation.
However, historical reliance, albeit declining in the case of
Landsbanki and Kaupthing, on wholesale funding, the risks of a
hard landing for the Icelandic economy and rapid overseas
expansion into markets showing increasing sign of deterioration
have continued to weigh on market sentiment.

The purpose of the action by the Icelandic authorities is to
maintain stability within the Icelandic financial system and it
remains to be seen whether this will have the desired effect.
Fitch has downgraded the IDRs of Landsbanki, Kaupthing and
Straumur and the Individual ratings of Landsbanki and Kaupthing to
reflect the anticipated weakening of their financial condition
against an increasingly challenging backdrop that appears unlikely
to improve over the near-term.  In assigning Negative Rating
Watches to Icelandic banks' IDRs and Individual ratings Fitch is
signalling the risk of contagion following the support measures
implemented for Glitnir and the potential for further downgrades
should a reasonable measure of stability not be achieved.

Straumur's Individual and Support ratings and Support Rating Floor
have been affirmed reflecting their greater tolerance to potential
stress at their existing rating levels.

The capital injection by the Icelandic government is subject to
formal vote by the shareholder assembly; the largest shareholders
have already agreed.

The ratings of the three banks and two subsidiaries are:

Glitnir Banki
  -- Long-term IDR and senior debt: downgraded to 'BBB-' from
     'A-'; on Rating Watch Negative

  -- Short-term IDR: downgraded to 'F3' from 'F2'; on Rating Watch
     Negative

  -- Support rating: '2'; on Rating Watch Negative

  -- Support Rating Floor: revised to 'BBB-' from 'BBB'; on Rating
     Watch Negative

  -- Individual rating: downgraded to 'F' from 'B/C'

  -- Subordinated debt: downgraded to 'BB' from 'BBB+'; on Rating
     Watch Negative

  -- Hybrid capital instruments: downgraded to 'B' from 'BBB+'; on
     Rating Watch Negative

Kaupthing Bank hf.:
  -- Long-term IDR and senior debt: downgraded to 'BBB' from 'A-';
     on Rating Watch Negative

  -- Short-term IDR: downgraded to 'F3' from 'F2'; on Rating Watch
     Negative

  -- Support rating: '2'; on Rating Watch Negative

  -- Support Rating Floor: revised to 'BBB-' from 'BBB'; on Rating
     Watch Negative

  -- Individual rating: downgraded to 'C' from 'B/C'; on Rating
     Watch Negative

  -- Subordinated debt: downgraded to 'BBB-' from 'BBB+'; on
     Rating Watch Negative

  -- Hybrid capital instruments: downgraded to 'BB+' from 'BBB+';
     on Rating Watch Negative

Kaupthing Singer & Friedlander Ltd:
  -- Long-term IDR: downgraded to 'BBB' from 'A-'; on Rating Watch
     Negative

  -- Short-term IDR: downgraded to 'F3' from 'F2'; on Rating Watch
     Negative

  -- Support rating: '2'; on Rating Watch Negative
  -- Individual rating: downgraded to 'C' from 'B/C'; on Rating
     Watch Negative

Landsbanki Islands:
  -- Long-term IDR and senior debt: downgraded to 'BBB' from 'A';
     on Rating Watch Negative

  -- Short-term IDR: downgraded to 'F3' from 'F1'; on Rating Watch
     Negative

  -- Support rating: '2'; on Rating Watch Negative

  -- Support Rating Floor: revised to 'BBB-' from 'BBB'; on Rating
     Watch Negative

  -- Individual rating: downgraded to 'C' from 'B/C'; on Rating
     Watch Negative

  -- Subordinated debt: downgraded to 'BBB-' from 'A-'; on Rating
     Watch Negative

  -- Hybrid capital instruments: downgraded to 'BB+' from 'A-; on
     Rating Watch Negative

Heritable Bank Ltd:
  -- Long-term IDR downgraded to 'BBB' from 'A'; on Rating Watch
     Negative

  -- Short-term IDR downgraded to 'F3' from 'F1'; on Rating Watch
     Negative

  -- Support rating: downgraded to '2' from '1'

  -- Individual rating: 'C'; on Rating Watch Negative

Straumur Burdaras Investment Bank:
  -- Long-term IDR downgraded to 'BB+' from 'BBB-'; on Rating
     Watch Negative

  -- Short-term IDR downgraded to 'B' from 'F3'; on Rating Watch
     Negative

  -- Support rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB-'

  -- Individual rating: affirmed at 'C/D'

  -- Subordinated debt: downgraded to 'BB' from 'BB+'; on Rating
     Watch Negative


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


AER LINGUS: To Carry Out Cost Reduction Program
-----------------------------------------------
The Board of Aer Lingus Group plc agreed to proceed with a cost
reduction program to deliver the substantial savings which are
necessary to ensure the Company's long-term viability as an
independent airline.

The Board has agreed the need for this fundamental change in the
cost base to ensure that the Company remains competitive and is
appropriately positioned to take advantage of future growth
opportunities.

Given the extremely challenging revenue environment the Board is
committed to delivering these cost savings as a matter of urgency
and management will meet with staff and their representatives next
week to discuss the manner in which these cost savings will be
achieved.

Headquartered in Dublin, Ireland, Aer Lingus Group plc --
http://www.aerlingus.com/-- primarily provides passenger
transportation services.  The Company and its subsidiaries
operates as a low fares Irish airline primarily providing
passenger and cargo transportation services from Ireland to the
United Kingdom and Europe (short haul) and also to the United
states (long haul).  The Company also provides cargo
transportation services on its passenger aircraft, primarily on
its long-haul routes, as well as a range of ancillary services
to its passengers.


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


ALITALIA SPA: Ryanair Says State Bailout Distorts Competition
-------------------------------------------------------------
Low fare airline Ryanair has submitted a formal complaint to the
EU Commission regarding the latest bailout of Alitalia SpA.
Ryanair's action comes after the Italian Government announced that
it had reached agreement with Alitalia's unions regarding an offer
made by Compagnia Aerea Italiana s.r.l., a consortium of Italian
investors created to save the national carrier.  The deal calls
for renaming of Alitalia and writing off between EUR1.2 and EUR2
billion worth of its debt in order to secure investors.

Ryanair said it has previously submitted several complaints
against Alitalia and other flag carrier airlines, including
Olympic, Air France and Lufthansa, against which the EU Commission
has taken no action.  Ryanair highlighted that this ongoing
unlawful protection of flag carriers by their member state
governments, which amounts to billions of euro, increasingly makes
a mockery of the EU Commission's enforcement of the state aid
rules.

Announcing the complaint, Ryanair's Director of Legal and
Regulatory Affairs, Jim Callaghan, said:

"This is the latest and perhaps most blatant example of the
Italian Government doing whatever it takes to protect their failed
airline, Alitalia.  It is also the second time that they have used
the trick of simply shifting debt out of the airline and into a
subsidiary in order to keep the airline afloat.  In this instance,
the Italian government is writing off up to EUR2 billion in
Alitalia debts and is guaranteeing the investments by the members
of the consortium and underwriting huge concessions to the unions
in exchange for their agreement to these ludicrous plans."

"However, despite the blatant nature of the Italian Government's
breaches of the EU state aid rules, we have no doubt that the EU
Commission will again rubber stamp this unlawful bailout, as they
did 3 years ago and more recently in a similar case involving
Olympic.  In such case, Ryanair will appeal this decision to the
European courts to expose the corrupt and biased application by
the Commission of its own state aid rules."

"Ryanair has already been forced to take several cases against the
Commission for its failure to take action against other blatant
breaches of the state aid rules by member state governments to
protect and bail out their inefficient flag carriers. These
repeated failures by the Commission are contributing to a
massively distorted playing field in European aviation."

"Ryanair will continue to expose the biased and corrupt
application of the state aid rules by the European Commission to
ensure that economically and environmentally unsustainable
airlines like Alitalia and Olympic Airways are forced to exit the
market – which is what is supposed to happen in a free market."

The EU Commission said the complaint from Ryanair will be
addressed in the same meticulous way as any other it receives, The
Associated Press reports.

                       Air Operator License

Rocco Sabelli, Compagnia Aerea Italiana sole director, probably
met with Italian ENAC (National authority for civil aviation)
general director Silvano Manera
to start the procedure for the request of Air Operator license, a
report posted at World Aeronautical Press Agency's site said.

Meanwhile, the report relates that Alitalia's extraordinary
administrator, Mr. Augusto Fantozzi, said in an interview he will
probably receive from CAI a binding offer from October 13 to 15
and the signature of the agreement on assets sale "In bonis" of
the carrier by October 20.  About slots it is Assoclearance which
should probably decide, the report says.

As reported in the Troubled Company Reporter-Europe on Oct. 2,
2008, Mr. Fantozzi said he received several expressions of
interest for Alitalia within the terms of the deadline on Sept.
30, 2008, however, only CAI's proposal is directly concerned with
the overall activities of air transport.  Other expressions of
interest meanwhile 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 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 sought "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.


PARMALAT SPA: Prelim. Injunction Hearing Moved to December 16
-------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has adjourned until December 16, 2008, at 10:00 a.m.,
the hearing to consider the Preliminary Injunction request of
Gordon I. MacRae and James Cleaver, as Joint Official Liquidators
of Parmalat Capital Finance Limited, Dairy Holdings Limited, and
Food Holdings Limited, on one hand, and Parmalat Finanziaria
S.p.A., and its affiliates and subsidiaries, under the direction
of Dr. Enrico Bondi, Extraordinary Administrator of the Parmalat
companies, on the other hand.

The Order will be without prejudice to Parmalat's right to object
for preliminary injunctive relief.  Each of the Petitioners and
Parmalat reserves all rights and arguments with respect to the
proceedings under Section 304 of the Bankruptcy Code.

Nothing contained in the Order will be construed as Parmalat's
agreement with any of the positions or actions taken by the
Liquidators in commencing the ancillary proceedings, in the
United States or in the Cayman Islands.

Pursuant to Rule 7065 of the Federal Rues of Bankruptcy
Procedure, the security provisions of Rule 65(c) of the Federal
Rules of Civil Procedure are waived.

In addition, U.S. Bankruptcy Judge Drain extends Parmalat's time
to answer the Section 304 Petition commencing the ancillary
proceedings until January 16, 2008, unless otherwise ordered by
the Bankruptcy Court.

Judge Drain rules that the Temporary Restraining Order will
remain in effect pursuant to the Order until December 16.

Exhibit and witness lists related to any Preliminary Injunction
Hearing will be served and filed by December 8.

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A.
-- http://www.parmalat.net/-- sells nameplate milk products
that can be stored at room temperature for months.  It also has
about 40 brand product lines, which include yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than US$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat Debtors'
U.S. cases.  On June 21, 2007, the U.S. Court granted Parmalat
permanent injunction.


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


ILEK-SECURITY LLP: Creditors Must File Claims by November 15
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Ilek-Security insolvent on Sept. 12, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


OIL SNUB: Claims Deadline Slated for November 15
------------------------------------------------
LLP Corporation Oil Snub Service has gone into liquidation.
Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

         LLP Corporation Oil Snub Service
         Abulhair han ave. 39-38
         Aktobe
         Aktube
         Kazakhstan


PROM STROY-A: Claims Filing Period Ends November 15
---------------------------------------------------
LLP Construction Company Almaty Prom Stroy-A has gone into
liquidation.  Creditors have until Nov. 15, 2008, to submit
written proofs of claims to:

         LLP Construction Company
         Almaty Prom Stroy-A
         Tole bi Str. 295
         Almaty
         Kazakhstan


KAZTRANSOIL: S&P Affirms Long-Term Corporate Credit Rating at BB+
-----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+' long-
term corporate credit rating on Kazakh oil pipeline operator
KazTransOil.  The outlook is stable.

The rating on KazTransOil reflects the high strategic importance
of the company's operations to its parent company, JSC NC
KazMunayGas (BBB-/Negative/--) and the Republic of Kazakhstan
(foreign currency BBB-/Negative/A-3; local currency
BBB/Negative/A-3).  Using a top-down approach, S&P rates the
company one notch lower than KMG.  S&P estimates KazTransOil's
stand-alone credit quality at 'BB+'.

"The stand-alone rating on KTO is supported by long-term ship-or-
pay contracts with oil producers, the company's favorable debt
structure, limited competition from alternative oil export
pipelines, and good prospects for oil production and export in
Kazakhstan," said S&P's credit analyst Sergei Gorin.  "The company
has not yet decided on whether to participate in the Eskene-Kuryk
construction project, and a material debt-funded investment in
this project could put pressure on KTO's stand-alone credit
quality."

KazTransOil also benefits from an advantageous tariff regime,
illustrated by a recent 25% rise in export tariffs; low
transportation costs; and a strong market position in Kazakhstan,
based on the company's vast pipeline system.  It distributes more
than 60% of Kazakhstan's total oil exports.

On June 30, 2008, KazTransOil reported liquidity reserves of
US$307 million in cash and cash deposits.  These liquidity sources
were significantly higher than the company's short-term debt of
US$24 million on the same date.

"The outlook is stable because we expect that KTO will maintain
its stand-alone credit quality, which will counterbalance the
macroeconomic risks in Kazakhstan and underpin the company's
overall creditworthiness," said Mr. Gorin.


RICH OIL: Creditors' Claims Due on November 15
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Rich Oil insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


SK-STROY LLP: Claims Registration Ends November 15
--------------------------------------------------
LLP Construction Company SK-Stroy has gone into liquidation.
Creditors have until Nov. 15, 2008, to submit written proofs of
claims to:

         LLP Construction Company SK-Stroy
         Konayev Str. 168-6
         Talgar
         Talgarsky District
         Almaty
         Kazakhstan


STM-SERVICE LLP: Creditors Must File Claims by November 15
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP STM-SERVICE insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


STROY COMPLECT-K: Claims Deadline Slated for November 15
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Construction Company Stroy Complect-K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Tolstoy Str. 74
         Kostanai
         Kazakhstan


TERNO-STROY LLP: Claims Filing Period Ends November 15
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Company Terno-Stroy insolvent on
July 17, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Tsvetochnaya Str. 11-10
         Taugul
         Almaty
         Kazakhstan
         Tel: 8 (7272) 93-61-19


TRANSMERIDIAN EXPLORATION: Receives Delisting Notice from AMEX
--------------------------------------------------------------
Transmeridian Exploration Incorporated disclosed in a Securities
and Exchange Commission filing that on Sept. 23, 2008, it received
notice from the American Stock Exchange indicating that the
Company is not in compliance with certain continued listing
standards of the AMEX.

Based on a review of the Company's Form 10-Q for the quarter ended
June 30, 2008, the AMEX determined that the Company is not in
compliance with:

  -- Section 1003(a)(i) of the AMEX Company Guide due to
     stockholders' equity of less than US$2,000,000 and losses
     from continuing operations and net losses in two of its
     three most recent fiscal years;

  -- Section 1003(a)(ii) of the Company Guide due to
     stockholders' equity of less than US$4,000,000 and losses
     from continuing operations and net losses in three of its
     four most recent fiscal years; and

  -- Section 1003(a)(iii) of the Company Guide due to
     stockholders' equity of less than US$6,000,000 and losses
     from continuing operations and net losses in five of its
     most recent fiscal years.

On May 22, 2008, the AMEX notified the Company that it was not in
compliance with Section 1003(a)(iv) of the Company Guide in that
it had sustained losses which were so substantial in relation to
its overall operations or its existing financial resources, or its
financial condition had become so impaired that it appeared
questionable, in the opinion of the AMEX, as to whether the
Company would be able to continue operations or meet its
obligations as they matured.

On Aug. 6, 2008, the Company provided the AMEX with its plan of
compliance and supporting documentation and the AMEX accepted the
Plan and granted the Company an extension until October 31, 2008
to regain compliance with Section 1003(a)(iv) of the Company
Guide.

In order to maintain its AMEX listing, the Company has informed
the AMEX that it intends to supplement the Plan by Oct. 7, 2008,
to address how it intends to regain compliance with Section
1003(a)(iv) of the Company Guide by Oct. 31, 2008 and Sections
1003(a)(i), (ii) and (iii) of the Company Guide by March 23, 2010.

The Revised Plan is expected to include quarterly financial
projections and details related to the transactions contemplated
under the Amended and Restated Investment Agreement, dated as of
June 11, 2008 and amended and restated as of Sept. 22, 2008,
between the Company and United Energy Group Limited, an exempted
company with limited liability existing under the laws of Bermuda.

The AMEX will evaluate the Revised Plan and make a determination
as to whether the Company has made a reasonable demonstration of
an ability to regain compliance with the AMEX continued listing
standards.  If the Revised Plan is accepted, the Company may be
able to continue its listing through the Plan Periods, during
which time the Company will be subject to periodic review to
determine whether it is making progress consistent with the
Revised Plan.

If the Revised Plan is not accepted, the Company may be subject to
delisting proceedings. If the AMEX accepts the Revised Plan but
the Company is not in compliance with all of the AMEX continued
listing standards by March 23, 2010, or if the Company does not
make progress consistent with the Revised Plan during the Plan
Periods, the AMEX staff will initiate delisting proceedings as
appropriate. The Company may appeal a staff determination to
initiate delisting proceedings in accordance with Section 1010 and
Part 12 of the Company Guide.

                 About Transmeridian Exploration

Based in Houston, Transmeridian Exploration Inc. (AMEX: TMY) --
http://www.tmei.com/-- is an independent energy company
established to acquire and develop oil reserves in the Caspian Sea
region of the former Soviet Union.  The company's primary oil and
gas property is the South Alibek Field in the Republic of
Kazakhstan covered by License 1557 and the related exploration and
production contracts with the government of Kazakhstan.

Transmeridian Exploration's consolidated balance sheet at
March 31, 2008, showed US$402.2 million in total assets,
US$341.2 million in total liabilities, and US$92.5 million in
redeemable convertible preferred stock, resulting in a
US$31.5 million total stockholders' deficit.

                      Going Concern Doubt

UHY LLP in Houston raised substantial doubt on Transmeridian's
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
Dec. 31, 2007, and 2006.  The auditing firm pointed to the
company's negative working capital, stockholders' deficit, and
operating losses since its inception.


TRANSMERIDIAN EXPLORATION: Amends Exchange Offer Terms
------------------------------------------------------
Transmeridian Exploration Incorporated and Transmeridian
Exploration Inc. are amending the terms of their exchange offer
and related consent solicitation relating to US$290,000,000
aggregate principal amount of TMEI's 12% Senior Secured Notes due
2010 (CUSIP Nos.: 89376NAC2, 89376NAA6, 89376NAB4, U87289AB7).

Pursuant to the amended terms of the exchange offer, Transmeridian
and TMEI are offering to exchange US$200 in cash and US$800 in
principal amount of TMEI's new 12% Senior Secured Notes due 2010
for each US$1,000 principal amount of Existing Notes.  In the
event that greater than US$222,157,000 principal amount of
Existing Notes are validly tendered and not validly withdrawn in
the exchange offer (the principal amount being equal to 90% of the
aggregate principal amount of Existing Notes outstanding,
exclusive of the US$43,159,000 principal amount of Existing Notes
held by United Energy Group Limited), Transmeridian and TMEI will:

  -- increase the cash amount paid; and

  -- reduce the principal amount of New Notes issued, for each
     US$1,000 principal amount of Existing Notes.

In that case, the aggregate cash amount payable will be equal to
US$44,431,400, plus an amount equal to 101% of the principal
amount of Existing Notes validly tendered and not withdrawn in
excess of US$222,157,000, and this amount of cash will be
allocated ratably to all holders of Existing Notes accepted for
exchange; and the aggregate principal amount of New Notes issuable
will be US$177,726,000, regardless of the principal amount of
Existing Notes tendered, and this principal amount of New Notes
will be allocated ratably to all holders of Existing Notes
accepted for exchange.

Upon completion of the transactions specified in the Investment
Agreement between Transmeridian and UEGL, Transmeridian will cause
TMEI to offer to repurchase any Existing Notes not exchanged in
the exchange offer in accordance with their terms.  If less than
all of the Existing Notes are so repurchased, TMEI will apply the
amount of cash not used to fully repurchase the Existing Notes to
mandatorily redeem the New Notes on a pro rata basis at par plus
accrued but unpaid interest to the redemption date.  TMEI will not
be required to redeem the New Notes unless the aggregate principal
amount of New Notes to be redeemed is at least US$2.0 million.

Holders who have previously tendered Existing Notes will receive
the amended total consideration set forth above and do not need to
re-tender their old notes or take any other action in response to
the amended exchange offer, although any previously tendered
Existing Notes will not count towards the satisfaction of the
requisite consents condition, unless the Existing Notes are
validly withdrawn and validly re-tendered pursuant to the terms
and conditions of an Offering Memorandum and related documents.

Additionally, pursuant to the amended terms of the exchange offer
and related consent solicitation, the collateral securing the
Existing Notes and the New Notes will be expanded to include
intercompany indebtedness, and additional modifications will be
made to certain restrictive covenants limiting the ability of
Transmeridian and its subsidiaries to incur indebtedness, make
restricted payments, enter into transactions with affiliates and
sell certain assets contained in the indenture governing the
Existing Notes -- other than in respect of the asset sale
provisions of the indenture governing the Existing Notes -- and
the indenture that will govern the New Notes.

In connection with the amendment of the terms of the exchange
offer, Transmeridian and TMEI have determined to extend the
expiration time for the exchange offer to 5:00 p.m., New York City
time, on Oct. 7, 2008.

The exchange offer was previously scheduled to expire at
12:00 midnight, New York City time, on Oct. 1, 2008.

As of 5:00 p.m., New York City time, on Sept. 22, 2008, holders of
an aggregate US$16,688,000 principal amount of the Existing Notes
have tendered their Existing Notes into the exchange offer.
Additionally, Transmeridian and TMEI have been advised that the
beneficial owners of in excess of 90% of the aggregate principal
amount of Existing Notes not held by UEGL intend to tender their
Existing Notes into the exchange offer, subject to certain
conditions.

The exchange offer is subject to certain conditions, including but
not limited to the receipt of valid and unrevoked tenders from
holders representing at least 90% of the aggregate principal
amount of the Existing Notes, excluding any Existing Notes held by
UEGL -- at least US$222.2 million in aggregate principal amount of
the Existing Notes -- and the receipt of consents from a majority
of the aggregate principal amount of the Existing Notes, excluding
any Existing Notes held by UEGL.  If the beneficial holders that
have advised Transmeridian and TMEI of their intent to tender
their Existing Notes into the exchange offer do so, and do not
subsequently withdraw their Existing Notes from the exchange
offer, the minimum tender condition and requisite consents
condition would be satisfied.

All Existing Notes validly tendered prior to the expiration time
and not validly withdrawn prior to the execution by TMEI, the
guarantors of the Existing Notes and the trustee under the
indenture governing the Existing Notes of a supplemental indenture
and amended and restated security documents implementing the
proposed amendments to the indenture governing the Existing Notes
and related security documents will be eligible to receive the
amended total consideration payable in the exchange offer.
Because no portion of the amended cash consideration payable in
the exchange offer will constitute a consent payment to be paid
with respect to, and no separate consent payment will be made for,
consents received to the proposed amendments to the indenture
governing the Existing Notes and related security documents,
Transmeridian and TMEI have determined to remove the consent
payment deadline with respect to the exchange offer and related
consent solicitation.

                 About Transmeridian Exploration

Based in Houston, Transmeridian Exploration Inc. (AMEX: TMY) --
http://www.tmei.com/-- is an independent energy company
established to acquire and develop oil reserves in the Caspian Sea
region of the former Soviet Union.  The company's primary oil and
gas property is the South Alibek Field in the Republic of
Kazakhstan covered by License 1557 and the related exploration and
production contracts with the government of Kazakhstan.

Transmeridian Exploration's consolidated balance sheet at
March 31, 2008, showed US$402.2 million in total assets,
US$341.2 million in total liabilities, and US$92.5 million in
redeemable convertible preferred stock, resulting in a
US$31.5 million total stockholders' deficit.

                      Going Concern Doubt

UHY LLP in Houston raised substantial doubt on Transmeridian's
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
Dec. 31, 2007, and 2006.  The auditing firm pointed to the
company's negative working capital, stockholders' deficit, and
operating losses since its inception.


TRANSMERIDIAN EXPLORATION: Amends Investment Agreement with UEG
--------------------------------------------------------------
Transmeridian Exploration Incorporated disclosed in a Securities
and Exchange Commission filing that the company and United Energy
Group Limited have agreed to modify certain aspects of the
transactions contemplated by the Investment Agreement entered into
by the parties on June 11, 2008, as amended by letter agreement
dated July 22, 2008.  As a result of these modifications,
Transmeridian and UEG entered into an Amended and Restated
Investment Agreement on Sept. 22, 2008, which amends and restates
the Prior Agreements in their entirety.

Under the terms of the Investment Agreement and consistent with
the Prior Agreements, UEG will:

  -- acquire at least 90% of the outstanding shares of each of
     the 15% senior redeemable convertible preferred stock of
     Transmeridian and the 20% junior redeemable convertible
     preferred stock of Transmeridian; and

  -- make a cash infusion to fund Transmeridian's ongoing capital
     expenditure program and working capital requirements.

In exchange for the foregoing, under the terms of the Investment
Agreement, UEG will receive shares of new preferred stock of
Transmeridian. In addition, UEG will exchange any Senior Notes and
New Notes it holds on the date of the closing of the transactions
contemplated by the Investment Agreement for shares of
Transmeridian's common stock and additional warrants to purchase
shares of Transmeridian's common stock.  UEG will also be entitled
to receive shares of Transmeridian's common stock to the extent it
funds the cash consideration payable in the exchange offer for the
Senior Notes, the repurchase of any Senior Notes not exchanged in
the exchange offer and any subsequent redemption of outstanding
New Notes.

Upon the closing of the transactions contemplated by the
Investment Agreement, and UEG's receipt of the New Preferred
Stock, the Warrants, the Additional Warrants and the common stock
to be issued by Transmeridian to UEG in exchange for:

  -- the Senior Notes and New Notes held by UEG;

  -- UEG's funding of the cash consideration payable in the
     exchange offer; and

  -- UEG's funding of the repurchase of any remaining Senior
     Notes or redemption of any outstanding New Notes, UEG
     will hold up to approximately 85% of the capital stock of
     Transmeridian on an as-converted, fully diluted basis
     (assuming that UEG (or its affiliates) will exchange or fund
     the exchange for cash, repurchase and redemption of
     US$117,300,000 aggregate principal amount of Senior Notes and
     New Notes, and that UEG purchases all 263,653,960 shares of
     common stock of Transmeridian underlying the Warrants and
     the Additional Warrants, which are exercisable after the
     first anniversary of the date of the closing).

The transactions contemplated by the Investment Agreement are
subject to the approval of UEG's and Transmeridian's shareholders,
regulatory approval and other terms and conditions contained in
the Investment Agreement.

                 About Transmeridian Exploration

Based in Houston, Transmeridian Exploration Inc. (AMEX: TMY) --
http://www.tmei.com/-- is an independent energy company
established to acquire and develop oil reserves in the Caspian Sea
region of the former Soviet Union.  The company's primary oil and
gas property is the South Alibek Field in the Republic of
Kazakhstan covered by License 1557 and the related exploration and
production contracts with the government of Kazakhstan.

Transmeridian Exploration's consolidated balance sheet at
March 31, 2008, showed US$402.2 million in total assets,
US$341.2 million in total liabilities, and US$92.5 million in
redeemable convertible preferred stock, resulting in a
US$31.5 million total stockholders' deficit.

                      Going Concern Doubt

UHY LLP in Houston raised substantial doubt on Transmeridian's
ability to continue as a going concern after auditing the
company's consolidated financial statements for the years ended
Dec. 31, 2007, and 2006.  The auditing firm pointed to the
company's negative working capital, stockholders' deficit, and
operating losses since its inception.


ZARTEK LLP: Creditors' Claims Due on November 15
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Zartek insolvent on June 23, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office Box 1
         JSC Kazpochta
         Post Office 57
         050057, Almaty
         Kazakhstan
         Tel: 8 777 681 55-41


ZEVS & K: Claims Registration Ends November 15
----------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Zevs & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34
              8 (7252) 54-02-36


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


BONA FIDE LLC: Creditors Must File Claims by November 12
--------------------------------------------------------
LLC Bona Fide has shut down.  Creditors have until Nov. 12, 2008,
to submit written proofs of claim to:

         LLC Bona Fide
         Fuchik Str. 3
         Bishkek
         Kyrgyzstan

Inquiries can be addressed to (0-555) 47-74-62.


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


LEHMAN BROTHERS: Europe's Deminor Files Suit to Recoup Losses
-------------------------------------------------------------
Investor rights group Deminor is launching legal action on behalf
of people who lost money from securities issued by Lehman Brothers
Holdings Inc., Reuters reports.

Deminor alleged that Netherlands-registered Lehman Brothers
Treasury Co BV had issued bonds and structured products worth
US$34 billion in Europe that were "unconditionally and
irrevocably" guaranteed by U.S. parent Lehman Brothers Holdings
Inc., Reuters notes.

The parent and the unit went into bankruptcy protection this month
and have found buyers for chunks of the business.

"[A] large number of investors across Europe who acquired these
bonds and structured products from Lehman Brothers now face
substantial losses," Reuters quoted Deminor as stating.  Deminor
added that many of the instruments were traditionally sold through
retail banks in Europe with no mention of their "exposure to a
highly leveraged American bank".

European banks were "inexact" in describing the risk profile of
the products and how it changed over time, in violation of
European Union financial services rules known as MiFID, Deminor
asserted, Reuters relates.

"An action against the financial intermediaries which distributed
bonds and structured products on the European market and did not
comply with MiFID rules" will also be launched, Reuters quotes the
group as saying.

No buyer has yet stepped forward for Lehman's European fixed
income operation, Reuters adds.

                      About Lehman Brothers

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

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

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

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

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

             International Operations Collapse

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

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

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


MILLICOM INT'L: Completes US$510 Million Acquisition of Amnet
-------------------------------------------------------------
Millicom International cellular S.A. has completed the acquisition
of 100% of Amnet Telecommunications Holding Limited following the
agreement initially announced on July 22, 2008.  Millicom has
purchased Amnet for an enterprise value of US$510 million.

Amnet is the leading provider of broadband and cable television
services in Costa Rica, Honduras and El Salvador, provides fixed
telephony in El Salvador and Honduras, and provides corporate data
services in the above countries as well as Guatemala and
Nicaragua.

The Acquisition of Amnet will allow Millicom to accelerate its
broadband offering across the Central American region which is its
most important region and accounts for 43% of the group's worlwide
revenue, 55% of EBITDA and 38% of subscribers.

Millicom has received the requisite regulatory approval for the
acquisition and has recently received US$200 million in
acquisition financing from two leading commercial banks to fund
part of the acquisition price.  The acquisition financing is for
an initial term of 12 months after which it is intended to be
refinanced by a long-term bond or syndicated bank facility.

Marc Beuls, President and CEO of Millicom commented, "This
transaction is an important step for us to develop our broadband
offer as well as adding what on a standalone basis is a
financially strong business.  Amnet meets Millicom's strict
requirements for returns of all new investment by providing
excellent growth potential aligned with strong margins and good
cashflow conversion.  In Central America, we expect that the
demand for broadband will be strong and independent research
suggests that broadband is likely to be the fastest growing market
segment so that we will be able to bring our marketing skills to
work to increase broadband penetration among Amnet's cable
subscribers.  The combination of Anet and the recent launch of 3G
will allow us to play a major role in the development of broadband
across Central America."

                  About Millicom International

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.


                            *     *     *

Millicom International Cellular S.A. continues to carry Moody's
Investors Service's Ba2 corporate family rating.  The rating was
previously at Ba3 and was upgraded by Moody's to its current
level in November 2007.  The company also carries B1 rating on
its existing senior notes from Moody's.  Moody's said the
outlook on the ratings is stable.


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


NXP BV: S&P Affirms Long-Term Corporate Credit Rating at 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B-' long-term
corporate credit rating on Dutch semiconductor company NXP B.V.
The outlook is negative.

The ratings on NXP's secured notes were lowered to 'B-' from 'B'
and the recovery ratings were revised to '3' from '2', reflecting
S&P's view that a higher than initially expected portion of value
in a default scenario could be shared with unsecured debtholders.
A recovery rating of '3' indicates S&P's expectation of meaningful
(50%-70%) recovery for secured lenders in the event of a payment
default.

At the same time, the corporate credit rating and all issue
ratings on NXP and guaranteed subsidiary NXP Funding LLC were
removed from CreditWatch negative, where they had been placed on
July 25, 2008, after the company released its second-quarter 2008
results.

At June 30, 2008, NXP had US$6.7 billion of gross debt on its
balance sheet, including a US$450 million draw under its revolving
credit facility and US$4.1 billion in secured notes.

"The affirmation reflects our expectation that mandatory debt
repayments under its bond indentures, following recently announced
disposals, should leave NXP with sufficiently large amounts of
cash to conduct its massive restructuring over 2009-2010," said
S&P's credit analyst Patrice Cochelin.

The negative outlook primarily reflects S&P's uncertainties about
the timing and extent of NXP's recovery, the confirmation, timing,
and amount of the disposal of the 20% stake in the wireless joint
venture, and operating cash flow generation in 2009.  S&P expects
NXP's liquidity position to remain the main rating driver in the
coming quarters, as the company will balance large cash inflows
from disposals with large outflows related to
restructuring, and ongoing interest payments.

S&P could lower the ratings if in particular it sees prospects for
NXP's liquidity weaken materially before a return to sustainable
positive free cash flow can be anticipated.  This would be the
case, for instance, if liquidity resources (mainly cash balances
immediately available for debt repayment and undrawn revolver
commitments) represented less than a year of cash burn in a
downside scenario.  Assuming a sale of the 20% stake in the
wireless joint venture for an amount in line with S&P's
expectations, this threat is unlikely to emerge before second-half
2009, however.  On the other hand, S&P will closely watch NXP's
pre-restructuring profitability and cash flow generation as signs
of operating improvement, potentially paving the way for a stable
outlook, assuming liquidity remains adequate.


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


CHELYABINSK TUBE: Moody's Withdraws B1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Chelyabinsk
Tube-Rolling Plant, OJSC for business reasons and at the company's
request.

Ratings withdrawn are as:

   -- B1 corporate family rating (foreign and local
      currency), and

   -- A2.ru national scale corporate family rating.

ChTPZ, one of the leading pipe and tube manufacturers and the
largest producer of seamless industrial pipes in Russia, reported
in 2007 RUB80.6 billion in revenues and RUB11.87 billion in
EBITDA.  The Company operates two facilities: Chelyabinsk Tube-
Rolling Plant and Pervouralsky Tube-Rolling Plant).


OGK-5 JSC: Posts RUR767 Million Net Profit for Fist Half 2008
-------------------------------------------------------------
JSC OGK-5 has published the interim consolidated financial
statements for six months, ended June 30, 2008, prepared in
accordance with International Financial Reporting Standards.

Net Profit for first half 2008 totaled RUR767 million,
RUR433 million lower than the value posted in the previous year.
Consolidated Balance Sheet as of June 30, 2008

Total Assets at the end of June 2008 totaled RUR79.491 million,
RUR351 million higher than the figure posted in the previous year.

Limited review of IFRS Consolidated Financial Statements for six
months of year 2008 was performed by KPMG, approved as the auditor
of JSC OGK-5 for year 2008 by the Annual General Shareholders'
Meeting of JSC OGK-5.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                            *   *   *

JSC OGK-5 continues to carry a Ba3 corporate family rating and a
from Ba3 probability-of-default ratings from Moody's.


TNK-BP INT'L: Inks Long Term Cooperation Agreements with Integra
----------------------------------------------------------------
Integra Group has signed several long term cooperation agreements
with TNK-BP.  The agreements cover development and sidetrack
drilling projects to be executed in the Khanty-Mansiisk Autonomous
District and at the Verkhnechonskoe oilfield in Irkutsk region.
The contracts were signed by Integra Group's subsidiary Integra-
Bureniye.

The duration of the agreements is from 2008 to 2010 and throughout
this period Integra-Bureniye undertakes to drill 129 development
wells and conduct 63 sidetrack operations.  In total 490,000
meters will be drilled throughout the life of the contracts.

Mr. Felix Lubashevsky, Chief Executive Officer of Integra Group,
said, "We see an increasing stream of long-term contracts emerging
in the Russian oilfield services market.  Such contracts bring
stability and predictability to our relationship with customers
and allow us to better plan our operations, development investment
and financing.  These particular contracts, which amount to over
US$150 million, will provide a stable utilization of several
drilling crews for the next three years."

                      About Integra Group

Integra Group is a leading Russian independent provider of onshore
oilfield services and is also a leading manufacturer in the
Russian Federation of drilling rigs with heavy lifting capacity,
cementing equipment and certain specialized equipment used in the
exploration, development and production of oil and gas.

                          About TNK-BP

Headquartered in Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/
-- is a vertically integrated oil company with a diversified
upstream and downstream portfolio in Russia and Ukraine.  It
owns and operates five refineries (four in Russia and one in
Ukraine) and has a retail network of approximately 1,600 sites
spread across Central Russia and Ukraine, with a particularly
strong position in the Moscow market.

TNK-BP employs approximately 65,000 people, mostly located in
eight major areas of Russia and Ukraine.

The company was formed in 2003 as a result of the merger of BP's
Russian oil and gas assets and the oil and gas assets of Alfa,
Access/Renova group (AAR).  BP and AAR each own 50% of TNK-BP.

                          *     *     *

As reported in the TCR-Europe on Sept. 9, 2008, Standard & Poor's
Ratings Services has revised its outlook on Russia-based oil and
gas company TNK-BP International Ltd. to stable from negative,
after its shareholders agreed in principle on new governance
structures.  The 'BB' long-term and 'B' short-term corporate
credit ratings on the company were affirmed.


* Fitch Revises Six Russian Banks' Outlook to Positive from Stable
------------------------------------------------------------------
Fitch Ratings has revised to Stable from Positive the Outlooks on
six Russian banks.  The Outlook revisions reflect the significant
near-term liquidity and asset quality risks which the country's
banks face, although these are significantly mitigated by the
support currently being provided to the sector by the Russian
authorities.

As Fitch has stated previously, widespread downgrades of Russian
banks are not anticipated at present, a view reinforced by
increased strong state support of the sector.  However, negative
rating actions on individual banks remain possible in light of
liquidity and asset quality concerns.

In a separate comment published today, "State Support Mitigates
Significant Near-Term Risks for Russian Banks", Fitch reviews
these issues in more detail.

Nomos-Bank:
  -- Long-term foreign currency IDR: affirmed at 'B+'; Outlook
     changed to Stable from Positive

  -- National Long-term rating: affirmed at 'A(rus)'; Outlook
     changed to Stable from Positive

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D'

  -- Support rating floor: affirmed at 'B-'

Promsvyazbank:
  -- Long-term foreign currency IDR: affirmed at 'B+'; Outlook
     changed to Stable from Positive

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- Individual rating: affirmed at 'D'

  -- Support rating floor: affirmed at 'B'

National Reserve Bank:
  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     changed to Stable from Positive

  -- National Long-term rating: affirmed at 'BBB(rus)'; Outlook
     changed to Stable from Positive

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D'

  -- Support rating floor: affirmed at "No Floor"

B.I.N. Bank:
  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     changed to Stable from Positive

  -- National Long-term rating: affirmed at 'BB(rus)'; Outlook
     changed to Stable from Positive

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D'

  -- Support rating floor: affirmed at "No Floor"

National Bank Trust:
  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     changed to Stable from Positive

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D/E'

  -- Support rating floor: affirmed at "No Floor"

Probusinessbank:
  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     changed to Stable from Positive

  -- Long-term local currency IDR: affirmed at 'B-'; Outlook
     changed to Stable from Positive

  -- National Long-term rating: affirmed at 'BB+(rus)'; Outlook
     changed to Stable from Positive

  -- Short-term foreign currency IDR: affirmed at 'B'

  -- Support rating: affirmed at '5'

  -- Individual rating: affirmed at 'D'

  -- Support rating floor: affirmed at "No Floor"


* Fitch: Russian Devt Cos. May Among Worst-Hit by Poor Financing
----------------------------------------------------------------
Fitch Ratings says Russian property development companies are
likely to be amongst the worst-hit by a deteriorating financing
environment.  This is because of a large share of short-term debt
in their liquidity profiles, their often significant operational
cash outflows, limited cash-on-balance sheet and a virtual absence
of meaningful committed un-drawn facility headroom.

"At a time when the Russian government has had to intervene to
support domestic financial institutions and with increasing
question marks over the ability and appetite of all but the
largest Russian domestic banks to maintain current funding levels
to the real estate sector, liquidity risks associated with Russian
property developers have never been higher," says Julian Crush,
Senior Director in Fitch's Corporates team.  The agency notes
yesterday's positive news that state-owned bank VneshEconomBank is
to provide up to USD50bn to help refinance Russian corporate debt,
but regards this as short-term support rather than a long-term
solution to liquidity risks in Russia.

To date, preparations by the management of some Russian
development companies have been inadequate to deal with the
financing market they now find themselves in.  Especially for some
commercial property- focused developers, there is a fundamental
mismatch of assets (long-term) and liabilities (short-term).  A
lack of both cash-on-balance sheet and committed un-drawn
facilities has meant that Russian developers are now highly
exposed to the decisions of domestic and international lenders to
refinance often substantial amounts of maturing short-term debt.

Periodic put options, often included in domestic bond issues, and
now more likely to be exercised, could also add to short-term debt
needing to be repaid.  Reports that Sistema-Hals is likely to sell
almost a quarter of its projects to raise up to US$500m of cash
and that Mirax is likely to undertake something similar highlight
a real deterioration in the funding environment for Russian
developers and a realization by management that preserving cash is
now key.

There has been a general assumption by the management of some
Russian property developers that it would always be relatively
easy to sell assets and banks would always be willing to refinance
short-term debt maturities.  This is no longer the case.  A
general lack of funding could mean selling property assets will
become more difficult and could also be the catalyst to a more
general fall in real estate prices, potentially leading to further
deterioration in bank market sentiment towards real estate
lending.

A common financing strategy for Russian property developers has
been to term-out average debt maturity by accessing international
capital markets and undertaking syndicated loan issuance.  Both of
these financing options currently look difficult, exacerbating the
impact of a squeeze in the domestic bank market.

Fitch's rated universe of Russian property developers comprises
five top-tier companies divided into two broad groups (1)
residential-focused 'build and sell' developers (OJSC PIK Group
('BB-'/Rating Watch Negative), OJSC LSR Group ('B+'/Outlook
Stable) and JSC OPIN (Open Investments, 'B'/Outlook Positive) for
which the pre-sales business model allows cash to be recycled back
into the business relatively quickly and (2) commercial property-
focused 'build and hold' developers which tend to tie up cash in
the business for longer (Sistema-Hals JSC ('B+'/Outlook Negative)
and Mirax Group LLC ('B'/ Rating Watch Negative)).  While there
are variations, Fitch believes the 'build and hold' business model
is more exposed to a worsening funding environment than the 'build
and sell' model.

If financing conditions continue to worsen, there is likely to be
a polarization of the Russian development market with top-tier
developers possessing strong relationships with the three largest
banks (VTB, Sberbank, and Gazprombank) more likely to be able to
obtain the ongoing funding to refinance short-term debt
maturities.  However, these top-tier developers are not immune to
funding challenges.  Mid-tier developers, supported by second- and
third-tier domestic relationship banks, are likely to see far more
severe liquidity problems, potentially leading to their failure in
some cases.

Liquidity risk is only likely to reduce for Russian developers
when project pipelines have been built out, new long-term funding
is successfully put in place and managers across the sector
generally take a more conservative approach to liquidity
management.

Since April 2008, Fitch has taken a number of negative rating
actions related to liquidity concerns for Russian property
developers and has recently commented on the worsening liquidity
situation in Russia generally.


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


* SPAIN: Debt Default Soars; Could Drain Banks' Bad Debt Provision
------------------------------------------------------------------
Spain's debt-laden companies and households are among the world's
most vulnerable to intensifying credit market turmoil and are
already experiencing soaring debt defaults that will hit Spanish
banks, Andrew Hay at Reuters wrote on Sept. 25 2008.

Reuters noted that after crises in 1978 and 1993, Spain put in
place legal requirements for banks to maintain high reserve
levels.  The Bank of Spain says current bad debt provisions could
be drained by over half before institutions face any stress.

Bank of Spain's strict investment regulations mean the sector has
zero exposure to U.S. subprime debt, according to the report.
However, if the number of defaults is higher than expected and the
paralysis in world money markets drags on, problems for banks, and
deepen Spain's economic crisis are likely.

Reuters commented that the private sector faces the bulk of debt
repayments in 2008 and 2009 with Spain having the world's second
biggest current account deficit and sliding towards its first
recession in 15 years, and with dwindling cash flows.

Based on the report, servicing debt has become a problem due to
Spain's reliance on foreign funds to balance a current account gap
that hit EUR100 billion (US$147 billion), or 10% of GDP, in 2007.

Firms and households gorged on cheap euro zone credit between 2002
and 2005 as property boom peaked.  However, Reuters noted that
this year's chronic overbuilding forced Spain's biggest property
company, Martinsa Fadesa, to file for administration.

Defaults hit a 10-year high 2.15% of all outstanding bank loans in
July, Reuters said.  Home owners face high risk and face a record
5.45% Euribor interest rate on mortgages.  Home owners also face
falling house prices and rapidly rising unemployment in Europe.

Meanwhile, Spanish Prime Minister, Jose Luis Rodriguez Zapatero,
according to Reuters, remains convinced that the country's banks
can withstand the credit shock.  He sees debt problems
concentrated among property and construction firms which together
hold 25% of all outstanding debt.


* S&P Sees Rating Downgrades From Spain's Shortfall in Tax Revenue
------------------------------------------------------------------
Standard & Poor's Ratings Services underscored prospective
budgetary weakening in Spain's rated autonomous communities over
the next two years in its annual report card "Spanish Regions Set
To Exert Stricter Budgetary Discipline To Maintain Credit
Quality," published Oct. 1, 2008, on RatingsDirect.

"The steep drop in tax revenues is the main reason behind the
expected deterioration," said S&P's credit analyst Alejandro
Casas.  "If regional governments don't react to this shortfall by
restricting operating expenses, there may be negative rating
actions in the short to medium term."

The regions bearing the highest risk rely on real estate-related
tax revenues, more than the national average.  They have also been
hit hardest by the sector's abrupt slowdown and have posted
historically weak budgetary performances compared with those of
domestic peers.

The current sharp correction in Spain's economy is taking a heavy
toll on tax revenues.  According to official estimates, these
revenues will decrease by 8.5% in 2008.  The falls in corporate
tax and value-added tax (VAT) -- respectively 29.6% and 15.8% at
end-August 2008 -- are especially large.  These drops exceed those
seen in Spain's last economic slowdown in 1993-1994, indicating
that state transfers to autonomous communities will likely rise by
an extremely low 2.2% in 2009.  The plunge in real estate taxes
(managed by the regions) is even more pronounced, with the main
property taxes ("Impuesto de Transmisiones Patrimoniales y Actos
Jurados Documentados") falling 42% on average in the first half of
2008.

"Although the regional governments have recently announced
intentions to tighten operating expenses, we do not expect these
efforts to be enough to fully compensate revenue declines," said
Mr. Casas.  "Budgetary positions stand to weaken during the
remaining months of 2008 and especially in 2009, when the
repercussions of lower shared taxes with the central government
and particularly VAT materialize."

Consequently, in 2008, gross savings will likely slip to about 14%
of aggregate operating revenues from the 17% peak in 2006.
Deficits are set to increase to about 0.7% of regional GDP in
2008, versus zero in 2006.  After the reform of Spain's Budgetary
Stability Law, the regions will not be required to implement
budgetary restructuring plans when they incur deficits that remain
under about 1% of regional GDP.  As a result of this more lenient
regulation, regional deficits will likely rise, especially
considering that most regions have disclosed plans to increase
investment to revitalize the real estate sector.

The regions' deteriorating budgetary positions are likely to push
up debt issuance volumes, after a downtrend spanning several
years.  The main debt ratios will consequently weaken slightly in
2008 and to a greater extent in 2009.  Debt will likely represent
close to 50% of nonfinancial revenues, or 4x aggregate gross
savings.  Still, this degree of indebtedness remains relatively
low compared with debt levels across Europe.

The likelihood of negative rating actions is greatest for the
autonomous communities of Catalonia (AA-/Negative/--), the
Balearic Islands (AA/Stable/--), Valencia (AA-/Stable/--), and
Madrid (AA+/Stable/--), which are expected to feel the pinch more
acutely.  These regions combine a high proportion of revenues
linked to the real estate sector, steeper declines in housing
transactions, and relatively weak budgetary performances --
despite the strong jump in revenues -- during recent years.  Three
of the four abovementioned regions have implemented budgetary
clean-up plans through year-end 2008.

Spanish autonomous communities will face these challenges amid a
changing institutional framework.  Amendments to the current
financing system are under discussion, with a final agreement
unlikely before the last quarter of 2008, which means that the
financial impact will probably not feed through until 2009 at the
earliest.  The new system will result in greater regional fiscal
autonomy because regions will receive a larger slice of national
taxes shared with the central government.  The final net financial
impact on each region will depend on the still-uncertain revision
of the fiscal equalization plan ("fondo de suficiencia").  But S&P
does not expect any region to be negatively affected as a result
of the reform itself given the central government's commitment to
maintain transfers and the regions' increased autonomy.  It is
unlikely, however, that the additional funds injected by the
central government into the regional financing system will be
sufficient to balance revenue losses.


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


FORD MOTOR: To Sell US$500 Million Worth of Shares
-------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a prospectus supplement and a prospectus that relate to
the offer and sale from time to time of shares of its common
stock, par value US$0.01 per share, having an aggregate offering
price of up to US$500,000,000.

The shares of the company's common stock to which the Prospectus
Supplement relates will be offered over a period of time and from
time to time through Goldman, Sachs & Co., as sales agent.  The
shares of the common stock to which the Prospectus Supplement
relates are in addition to the US$500,000,000 aggregate offering
price of shares of our common stock offered pursuant to a
Prospectus Supplement dated Aug. 14, 2008.

Ford Motor's common stock is quoted on the New York Stock Exchange
under the symbol "F."  The reported sales price of its common
stock as reported on the NYSE on Oct. 1, 2008, was US$4.55 per
share.

The proceeds from the sale of the shares of common stock to which
this prospectus supplement relates will be used to purchase from
time to time outstanding debt securities of Ford Motor Credit
Company LLC, its indirect, wholly owned subsidiary, in open market
or privately negotiated transactions.

The shares of the company's common stock to which this prospectus
supplement relates generally will be offered and sold through
Goldman, Sachs & Co., as sales agent, over a period of time and
from time to time in transactions at then-current prices, pursuant
to an equity distribution agreement.

Accordingly, an indeterminate number of shares of common stock
will be sold up to the number of shares that will result in the
receipt of gross proceeds of US$500 million.  The company will pay
Goldman, Sachs & Co. a commission equal to 0.85% of the gross
proceeds of the shares sold pursuant hereto.  The net proceeds the
company receives from the sale of the shares to which the
prospectus supplement relates will be the gross proceeds received
from such sales less the commissions and any other costs the
company may incur in issuing the shares.

Full-text copy of Ford Motor's prospectus supplement is available
free of charge at http://researcharchives.com/t/s?334c

                     About Ford Motor Co.

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

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

                         *     *     *

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


FORD MOTOR: Registers 35MM Shares for Hourly Employee Savings Plan
------------------------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a registration statement for 35,000,000 shares of
Common Stock with par value of US$.01.  The proposed maximum
offering price per share is US$4.54 while the proposed maximum
aggregate offering price is US$158,725,000.

The number of shares being registered represents the maximum
number of additional shares not registered that may be acquired by
Fidelity Management Trust Company, as trustee under the Master
Trust established  and as trustee under the Ford Motor Company
Tax-Efficient Savings Plan for Hourly Employees, during 2008 and
during subsequent years until a new Registration Statement becomes
effective.

                     About Ford Motor Co.

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

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

                         *     *     *

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


FORD MOTOR: Registers 50MM Shares for Salaried Workers Stock Plan
-----------------------------------------------------------------
Ford Motor Co. has filed with the Securities and Exchange
Commission a registration statement for 50,000,000 shares of
Common Stock with par value of US$.01.  The proposed maximum
offering price per share is US$4.54 while the proposed maximum
aggregate offering price is US$226,750,000.

The number of shares being registered represents the maximum
number of additional shares not registered that may be acquired by
Fidelity Management Trust Company, as trustee under the Master
Trust established  and as trustee under the Ford Motor Company
Savings and Stock Investment Plan for Salaried Employees, during
2008 and during subsequent years until a new Registration
Statement becomes effective.

                     About Ford Motor Co.

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

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

                         *     *     *

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


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


MATO ART-DESIGN: Creditors Must File Proofs of Claim by Oct. 23
---------------------------------------------------------------
Creditors owed money by LLC MATO Art-Design are requested to file
their proofs of claim by Oct. 23, 2008, to:

         Madeleine Carabelli
         Lautengartenstrasse 9
         4052 Basel
         Switzerland

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


MODE ZAHN: Deadline to File Proofs of Claim Set Oct. 31
-------------------------------------------------------
Creditors owed money by JSC Mode Zahn liquidation, are requested
to file their proofs of claim by Oct. 31, 2008, to:

         Friedrich Burkhalter
         Alte Landstrasse 165
         8801 Thalwil
         Switzerland

The company is currently undergoing liquidation in Thalwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 30, 2007.


POLCOPY LLC: Creditors Have Until Oct. 25 to File Claims
--------------------------------------------------------
Creditors owed money by LLC PolCopy are requested to file their
proofs of claim by Oct. 25, 2008, to:

         Dr. Monika Ruggli
         Freiestrasse 204
         8032 Zurich
         Switzerland

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


RINGEISEN & BELLO: Proofs of Claim Filing Deadline is Oct. 31
-------------------------------------------------------------
Creditors owed money by JSC Ringeisen & Bello are requested to
file their proofs of claim by Oct. 31, 2008, to:

         Friedrich Burkhalter
         Alte Landstrasse 165
         8801 Thalwil
         Switzerland

The company is currently undergoing liquidation in Vitznau.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 30, 2007.


RIVA CONSULT: Creditors' Proofs of Claim Due by Oct. 21
-------------------------------------------------------
Creditors owed money by JSC RIVA CONSULT are requested to file
their proofs of claim by Oct. 21, 2008, to:

         Roman Engler
         Tannenbachstrasse 12
         8942 Oberrieden
         Switzerland

The company is currently undergoing liquidation in COURT.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 22, 2008.


SOLTEGA JSC: Oct. 31 Set as Deadline to File Claims
---------------------------------------------------
Creditors owed money by JSC Soltega are requested to file their
proofs of claim by Oct. 31, 2008, to:

         JSC Interhold
         Othmarstrasse 8
         8008 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 26, 2008.


SWISSWIN SERVICES: Creditors Must File Claims by Oct. 24
--------------------------------------------------------
Creditors owed money by JSC Swisswin Services are requested to
file their proofs of claim by Oct. 24, 2008, to:

         Trust Company LLC Neuhauser Treuhand
         Badstrasse 8a
         9410 Heiden
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 27, 2008.


TIAG TRANSWORLD: Deadline to File Proofs of Claim Set Oct. 31
-------------------------------------------------------------
Creditors owed money by LLC Tiag Transworld Interweaving are
requested to file their proofs of claim by Oct. 31, 2008, to:

         Winkelriedstrasse 36
         6003 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 26, 2008.


UBS AG: Restructures Investment Banking Arm; Cuts 2,000 Jobs
------------------------------------------------------------
UBS has announced the repositioning of its Investment Bank
following a detailed review of the strategy by the Chairman and
CEO of the Investment Bank, Jerker Johansson, members of the Group
Executive Committee and the UBS Board of Directors.

The Investment Bank will re-prioritize its business portfolio to
preserve its core strengths and client franchises across Equities,
IBD and FICC, while downsizing or exiting certain business
activities.  This will lead to greater efficiencies and a further
reduction in the Investment Bank’s headcount and balance sheet.

Mr. Johansson said, "The ongoing crisis in the financial markets
and dramatically changed industry dynamics require us to
recalibrate our business.  While the revenue outlook is uncertain,
these measures will allow us to focus on our strengths, reduce the
cost base to a more sustainable level and position our core
businesses for growth once fundamentals improve.”

As part of the repositioning, UBS Investment Bank will take the
following steps:

   -- Continue to build on its Equities business by leveraging
      its strengths in cash distribution, derivatives and prime
      services, while seeking further efficiency gains

   -- Maintain its leading position in Investment Banking to
      provide clients with strategic advice and access to the
      capital markets

   -- Reposition its Fixed Income, Currencies and Commodities
      business around client servicing and facilitation.  The
      Investment Bank will exit Commodities (excluding Precious
      Metals); substantially downsize Real Estate &
      Securitization and Proprietary trading; and preserve its
      core Foreign Exchange, Rates and Credit businesses

                      Capacity Adjustment

UBS has already taken a number of actions to reduce its balance
sheet, implement a new market-based funding model, and reduce risk
and headcount.  The announcement will lead to further reductions,
with the aim of bringing the cost base to a more sustainable
level.

The Investment Bank will reduce net headcount by an additional
2,000, bringing staffing levels to approximately 17,000 by year-
end, a reduction of around 6,000 since the peak in third quarter
2007.  Reductions will be predominantly targeted to businesses
being exited or downsized in order to protect and sustain our core
client franchises.

Mr. Johansson added, "A right-sized Investment Bank, positioned
alongside the world’s premier Wealth Management and leading
institutional Asset Management business, will enable UBS to
position itself as one of the core group of universal banks that
are likely to dominate in this redrawn landscape."

                          About UBS AG

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


UBS AG: S&P Comments on Third Quarter Earnings Guidance
-------------------------------------------------------
Standard & Poor's Ratings Services has commented on the third-
quarter earnings guidance provided by UBS AG at its extraordinary
general meeting.  UBS reported that its preliminary estimates
indicate a small profit for third quarter, breaking a run of four
consecutive quarterly losses.

This headline performance is in line with S&P's expectations. When
the full third quarter result is announced on Nov. 4, 2008, S&P
will assess the extent to which it was influenced by nonrecurring
items such as gains on own debt.  UBS also disclosed that it has
substantially reduced its residual U.S. residential and commercial
mortgage-related positions, mainly through disposals.

It did not reveal whether it partly financed the disposals, as it
did for the US$15 billion portfolio sale to BlackRock in second
quarter.  UBS additionally reported that it has made further
progress in de-leveraging and de-risking the balance sheet, and in
managing costs and headcount.

Again, S&P will assess the details when the full third quarter
result is published.  UBS' credit profile remains underpinned by
its robust capital and funding profiles, together with the high
quality earnings stream from its wealth management businesses.  We
expects that its regulatory capital ratios would have been broadly
stable during the third quarter, helped by close management of
risk-weighted assets.  The outlook is negative.

The ratings could be lowered if UBS' earnings and franchise
performance do not improve as expected, or if market conditions
remain challenging for a prolonged period.

Net new money, which was not disclosed, is a key metric for S&P as
an indicator of confidence in UBS' core asset-gathering
businesses.  Rebuilding its reputation will be a relatively slow
process in S&P's view, particularly in view of the current market
and economic environment, but material asset outflows could put
pressure on the ratings (even if earnings improve). S&P is
conscious that UBS also has high-profile legal cases and
regulatory investigations to resolve.

A positive rating action, such as a stable outlook, is not
expected in the coming quarters as it would require UBS to
demonstrate a stronger and more consistent performance over a
sustained period. Standard & Poor's, a division of The McGraw-Hill
Companies (NYSE:MHP), is the world's foremost provider of
financial market intelligence, including independent credit
ratings, indices, risk evaluation, investment research, and data.

                          About UBS AG

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


ZURICH FINANCIAL: US$615 Mil. Losses Tied to Troubled U.S. Cos
--------------------------------------------------------------
Zurich Financial Services AG on October 2 wrote down US$615
million in losses relating to troubled U.S. companies hit by the
credit crisis, The Associated Press reports.  The AP says the
adjustments will be included in the company's third quarter
results to be released November 13.

According to AP, US$275 million of the writedowns stem from the
U.S. firm Sigma Financial Corp., while US$45 million come from
losses on Washington Mutual Bank's debt instruments and US$295
million on previously declared investments through Lehman Brothers
Holdings Inc.

Sigma, AP says, declared bankruptcy on October 1.

As reported in the Troubled Company Reporter, Washington Mutual
was taken over Sept. 25 by U.S. Government regulators.  The next
day, WaMu and its debtor-affiliate, WMI Investment Corp., filed
separate petitions for Chapter 11 relief
(Bankr. D. Del. 08-12229 and 08-12228, respectively).  When WaMu
filed for protection from its creditors, it listed assets of
US$32,896,605,516 and debts
of US$8,167,022,695.  WMI Investment listed assets of
US$500,000,000
to US$1,000,000,000 with zero debts.  WaMu's banking assets was
lately acquired by J.P. Morgan Chase & Co.

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

The Wall Street Journal relates that the Swiss insurer, which said
the losses are before taxes, tried to ease investor concerns by
saying the impairments make up only 0.3% of its overall investment
portfolio of about US$200 billion.

"While reflecting the severity of the current market disruptions,
[the write-downs] should be seen in the context of our well-
diversified portfolio," WSJ quoted Martin Senn, Zurich Financial's
chief investment officer, as saying.  "We remain confident that
our disciplined approach continues to put us in a good position to
weather the current financial-market crisis."

Headquartered in Zurich, Switzerland, Zurich Financial Services AG
-- http://www.zurich.com/-- is a Swiss insurance-based financial
services provider, active in North America, Europe, Asia Pacific,
Latin America and other markets.  It also distributes non-
insurance products, such as mutual funds, mortgages and other
financial service products, from selected third-party providers.
Zurich operates in five segments: General Insurance, which serves
the property-casualty needs for individual and business customers;
Global Life, which offers unit-linked and protection products,
among others; Farmers Management Services, which provides
nonclaims related management services to the Farmers Exchanges,
prominent writers of personal lines and small commercial lines
business in the United States; Other Businesses, which provides
reinsurance to the Farmers Exchanges, Centre and capital markets
and banking activities, and Corporate Functions, which includes
Group holding and financing companies.  Zurich serves customers in
more than 170 countries.


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


AGROYUMEKS CJSC: Creditors Must File Claims by October 9
--------------------------------------------------------
Creditors of CJSC Agroyumeks (code EDRPOU 21514737) have until
Oct. 9, 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. 12, 2008.
The case is docketed as 24/384-B.

The Debtor can be reached at:

         CJSC Agroyumeks
         Frolovskaya Str. 1/6
         04070 Kiev
         Ukraine


DERGACHI TURBOCOMPRESSORS: Creditors Must File Claims by Oct. 9
---------------------------------------------------------------
Creditors of OJSC Dergachi Turbocompressors Plant (code EDRPOU
0235996) have until Oct. 9, 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. 21, 2008.
The case is docketed as B-24/167-03.

The Debtor can be reached at:

         OJSC Dergachi Turbocompressors Plant
         Petrovsky Str. 163
         Dergachi
         Kharkov
         Ukraine


KUYBISHEVO BUTTER: Creditors Must File Claims by October 9
----------------------------------------------------------
Creditors of OJSC Kuybishevo Butter Plant (code EDRPOU 00445601)
have until Oct. 9, 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 April 4, 2008.
The case is docketed as 16/273/07.

The Debtor can be reached at:

         OJSC Kuybishevo Butter Plant
         Berdiansk District
         71154 Zaporozhje
         Ukraine


PROMIN LLC: Creditors Must File Claims by October 9
---------------------------------------------------
Creditors of Agricultural LLC Promin (code EDRPOU 03787561) have
until Oct. 9, 2008, to submit proofs of claim to:

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy supervision
procedure on the company.  The case is docketed as 3/317-B.

The Debtor can be reached at:

         LLC Promin
         Novichi
         30437 Hmelnitskij
         Ukraine


STRUSOV-AVTO 1962: Creditors Must File Claims by October 9
----------------------------------------------------------
Creditors of LLC Strusov-Avto 1962 (code EDRPOU 05520299) have
until Oct. 9, 2008, to submit proofs of claim to:

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 5, 2008.
The case is docketed as 1/B-1000.

The Debtor can be reached at:

         LLC Strusov-Avto 1962
         Strusov
         Terebovlia District
         Ternopol
         Ukraine


S.T. CHERKASSY: Creditors Must File Claims by October 9
----------------------------------------------------
Creditors of LLC S.T. Cherkassy Textile (code EDRPOU 32268201)
have until Oct. 9, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on March 27, 2008.
The case is docketed as 01/4663.

The Debtor can be reached at:

         LLC S.T. Cherkassy Textile
         Chekhov Str. 72
         Cherkassy
         Ukraine


TROSTIANETS REGIONAL: Creditors Must File Claims by October 9
-------------------------------------------------------------
Creditors of LLC Trostianets Regional Agricultural Chemistry (code
EDRPOU 32632432) have until Oct. 9, 2008, to submit proofs of
claim to:

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

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 10/147-08.

The Debtor can be reached at:

         LLC Trostianets Regional Agricultural Chemistry
         Suvorov Str. 36
         Trostianets
         Vinnica
         Ukraine


ZMV COMPANY: Creditors Must File Claims by October 9
----------------------------------------------------
Creditors of LLC ZMV Company (code EDRPOU 34910877) have until
Oct. 9, 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. 20, 2008.
The case is docketed as 16/224/08.

The Debtor can be reached at:

         LLC ZMV Company
         Kulturnaya Str. 50
         69027 Zaporozhje
         Ukraine


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


BRITISH AIRWAYS: September 2008 Traffic Down 4.8 Percent
--------------------------------------------------------
In September 2008, passenger capacity, measured in Available-Seat-
Kilometers, was 0.8 per cent above September 2007.  Traffic,
measured in Revenue-Passenger-Kilometers, fell by 4.8 per cent.
This resulted in a passenger load factor decrease of 4.3 points
versus last year, to 74.0 per cent.  Traffic comprised an 8.6 per
cent decrease in premium traffic and a 4.1 per cent fall in non-
premium traffic.

Cargo, measured in Cargo-Tonne-Kilometers, fell by 3.5 per cent.

                       Market conditions

Trading conditions continue to be challenging.  Longhaul premium
traffic has softened after the summer and forward bookings are
being affected by the increased anxiety in financial markets and
by the uncertain economic outlook.  Revenue forecasts for the year
carry some risk, although current good yields and the stronger
dollar are broadly offsetting the volume impact.  Cost initiatives
continue in an effort to offset revenue risk.  Fuel costs are
still expected to be around GBP3 billion for the year.  The target
continues to be for the business to break even at the operating
level.

                     Strategic Developments

British Airways completed the second phase of its transfer of
longhaul services from Terminal 4 to Terminal 5, increasing the
number of flights per day at the terminal from around 420 to 480.
Terminal 5 has now looked after ten million customers on more than
75,000 flights.  The terminal is working well with very good
punctuality and baggage performance.

A dedicated check-in area for business class customers in Terminal
5 was introduced.  The dedicated area offers the option of check-
in kiosks, fast bag drops and customer service desks.  The
'Galleries' lounge in the terminal's satellite B building was also
opened.

British Airways is to launch two new routes from London City
Airport, to Geneva and Lyon from Dec. 15.  This brings the total
number of destinations offered from City Airport to 12.  In
October the airline will increase frequency to Glasgow from four
to five flights a day and Frankfurt services from three to four
flights daily.

In light of the security situation in Pakistan flights between
Heathrow and Islamabad have been suspended indefinitely.

British Airways won best business airline at the Conde Nast
Traveller awards.  The airline also won best business class, best
shorthaul carrier and best frequent flier programme at the
Business Traveller Awards.

British Airways flew the ParalympicsGB team home on a dedicated
Boeing 747 with a specially painted gold nose following their 102
medal haul at the Beijing games.

British Airways launched a social media platform called
Metrotwin.com linking London and New York.  BA is the first
airline to launch a social media platform of this kind.  Metrotwin
is an online community that provides expert recommendations by
locals for visitors.

                      About British Airways

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

                         *     *     *

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


ENTERPRISE INNS: Moody's Downgrades CFR to Ba2; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Enterprise Inns plc to Ba2 from Ba1.  Moody's also
downgraded the rating of the company's GBP275 million senior
secured notes due 2031 to Baa3 from Baa2.  At the same time it
assigned a probability of default rating (PDR) of Ba3.  The
outlook for all ratings is negative.

The one notch downgrade reflects the market conditions and
underlying industry fundamentals, which, in Moody's view, augur
for a worsening performance at ETI.  The pub tenants have faced
falling beer sales due to harsh competition from supermarkets and,
possibly, a change in consumption patterns following the smoking
ban in public places.  As a result, while the estate's tenants
have thus far borne the brunt of the downturn in demand and
cushioned the pub group's EBITDA, Moody's believes the impact will
be felt more keenly by the landlord, in the form of increased
concessions and tenant failures.

Furthermore, Moody's notes that Unique's pubs represent a
substantial proportion of the group's overall pub portfolio (46%
at 30 June 2008) and are managed on a fully integrated basis.
Therefore, should Unique's earnings come under pressure, this
could have an impact on the quantum of dividends that are capable
of being upstreamed to the parent company, putting pressure on the
parent's cashflows.  Moody's is therefore now placing more
emphasis on evaluating Enterprise Inns on a consolidated basis.
Moody's will continue to assess Enterprise Inns based on its
unconsolidated accounts -- which includes the Unique dividend but
excludes its non-recourse debt -- and, at the same time, also take
into consideration the group's consolidated accounts when
determining the ratings.

The Ba2 corporate family rating assigned to the group's
unconsolidated parent company continues to reflect ETI's active
management of a portfolio of some 7,800 freehold public houses.
The large pub estate provides diversification and stability to its
revenues, underpinned by long-term leases, low operational gearing
and beer volumes which have historically been predictable but in
structural decline.  More recently trading conditions and by
extension beer sales have come under pressure from the ban on
smoking in public places, falling consumer confidence and
supermarket competition.  Nevertheless, Moody's believes the
stability of ETI's revenues and flexibly structured debt support
its adequate liquidity profile though it is constrained by
financial covenants; shorter term debt maturities can be funded
from internally generated cash-flow. ETI's highly leveraged
financial structure is the main constraining factor on its rating.

The Ba3 probability of default rating, one notch below the CFR, is
the reflection of an expected high recovery ratio.  Financing
structures including only bank loans with financial covenants are
generally estimated to have recovery expectations of 65%. The
bonds benefit from financial covenant protection and securities
typical of bank loan structures. Moody's therefore use an
assumption of 65% for recovery.  However, Moody's do not apply the
usual LGD model as the bonds are secured by fixed charges with
top-up provisions.  The Baa3 senior secured rating factors in a
two-notch premium to the Ba2 CFR to reflect the additional
security to bondholders represented by (i) a fixed charge security
over a portfolio of freehold public houses together with (ii)
value and income covenants further requiring Enterprise Inns to
maintain the value of this specific security with an over-
collateralization of 1.67x and income coverage of 1.5x.

The rating outlook is negative due to the uncertainty with respect
to the extent to which the current poor operating environment will
continue to exert pressure on ETI's financial fundamentals and
asset quality.  Moody's believes the company's financial policies
target a level of leverage that will provide less than optimal
financial flexibility should the bad market conditions for the pub
industry further undermine its EBITDA.

Moody's adds that downward pressure on the ratings would result in
the parent company's adjusted net debt to recurring EBITDA
(including the dividends from Unique) trending above 6.0x or
interest cover trending below 2.5x and for the consolidated group,
adjusted net debt to recurring EBITDA trending above 7.5x. Moody's
adds that current ratings do not include the potential impact of a
conversion by Enterprise Inns into a Real Estate Investment Trust
(REIT), which could affect its cash retention ability.  Moody's
notes that the decision whether to convert to REIT status has been
deferred to an undetermined point in time, but this does add
uncertainty for bondholders.

The following ratings were downgraded with negative outlook:

   -- Ba2 corporate family rating (from Ba1)

   -- Baa3 senior secured debt rating (from Baa2)

Enterprise Inns plc, headquartered in Solihull, is the second-
largest pub operator in the UK with an estate of about 7,800
tenanted pubs country-wide, valued at GBP5.7 billion at September
30, 2007.


EUROSAIL 2006-4: Fitch Puts 'BB' Rating Under Negative Watch
------------------------------------------------------------
Fitch Ratings has placed five tranches of Eurosail 2006-4 NP PLC
on Rating Watch Negative following the downgrade of Lehman
Brothers Holdings Inc.  Eurosail 2006-4 NP PLC has counterparty
exposure to LBHI or its subsidiaries via a fixed/floating rate
swap and a basis rate swap.  Due to the affect of these hedges on
the transaction, failure to replace the counterparties could
potentially result in downgrades, especially on the lower rated
notes.

Eurosail 2006-4NP Plc
  -- Class A2c (ISIN XS0274210755): 'AAA'; Outlook Stable

  -- Class A3a (ISIN XS0275909934): 'AAA'; Outlook Stable

  -- Class A3c (ISIN XS0275917796): 'AAA'; Outlook Stable

  -- Class M1a (ISIN XS0275920071): 'AAA'; Outlook Stable

  -- Class M1c (ISIN XS0275921715): 'AAA'; Outlook Stable

  -- Class B1a (ISIN XS0274201507): 'AA'; Outlook Stable

  -- Class C1a (ISIN XS0274203891): 'A'. On Rating Watch Negative

  -- Class C1c (ISIN XS0274213692): 'A'. On Rating Watch Negative

  -- Class D1a (ISIN XS0274204196): 'BBB'. On Rating Watch
     Negative

  -- Class D1c (ISIN XS0274214310): 'BBB'. On Rating Watch
     Negative

  -- Class E1c (ISIN XS0274216018): 'BB'. On Rating Watch Negative

The RWN reflects the risk that LBHI or its subsidiaries will be
unable to meet part or all of their obligations, leaving the
issuer with increased exposure to the risks the swaps were
designed to hedge.

As of the last IPD in September 2008 the fixed/floating swap
generated 3.99% of the available interest revenue, and the basis
rate swap generated a further 0.87% of the available revenue.  The
impact of the fixed/floating swap will reduce over time as loans
revert to variable rate, with the majority reverting by June 2009.
The basis rate swap can potentially cause more of an affect on
portfolio income over time, as approximately 19.52% of the pool
will ultimately reference a variable rate linked to the Bank of
England base rate, compared to approximately 0.61% at the
September 2008 IPD.

This transaction is serviced by Capstone Mortgage Services
Limited, a subsidiary of Lehman Brothers, which was recently
downgraded to a servicer rating of 'RPS3+'/Rating Watch Negative.
This transaction is not directly linked to Capstone and therefore
the downgrade of the servicer is expected to have no near-term
impact on the rating of this deal. However, Fitch will continue to
monitor the performance of this transaction and assess any impact
that the ongoing bankruptcy of Lehman Brothers has on the ability
of Capstone to service the mortgages.

Fitch is continuing to assess the other European RMBS transactions
as detailed in Fitch's comment of 16 September, 'Fitch Assessing
Lehman Counterparty Exposure in 31 European RMBS Transactions'.
Further commentary or rating actions will take place as warranted.


FORTRESS WAREHOUSING: Taps Liquidators from Smith & Williamson
--------------------------------------------------------------
Stephen Robert Cork of Smith & Williamson Ltd. was appointed
liquidator of Fortress Warehousing and Distribution Ltd.
(Westerlund UK Ltd.) on Sept. 19, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Fortress Warehousing and Distribution Ltd.
         c/o Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England


GUESTINVEST GROUP: Goes Into Administration
-------------------------------------------
GuestInvest Group Ltd., a buy-to-let hotel group, has gone into
administration, Patrick Collinson of The Guardian reports.  The
company, which owned Blakes Hotel in London's Mayfair, appointed
Deloitte as administrators on Friday, Oct. 3, 2008.

Firms which acted for buy-to-let investors blamed HBOS, which
holds a 19.9% stake in GuestInvest, for the company's collapse,
while others blamed GuestInvest for overspending on acquisitions
and development projects, the report discloses.

"It is very sad to hear the news that GuestInvest has gone into
administration following an HBOS reduction in lending facility,"
Stuart Law, chief executive of property investment firm Assetz,
was quoted by the report as saying.

The Blakes Hotel however will continue to trade as usual, the
report notes.  According to joint administrator Nick Edwards, "it
is a very prestigious trading asset and is not subject to any form
of insolvency proceeding."

Meanwhile, the administrator is assessing the future of the
group's other assets and the position of investors, The Guardian
relates.


HILL STATION: To File for Administration on Lack of Funding
-----------------------------------------------------------
The Board of Hill Station plc has commenced the necessary steps to
appoint administrators to the company after having carefully
considered its financial position.

The Board has continued to vigorously explore the options to
address its short and medium term financing requirements and has
been in negotiations with a number of parties but it has now
become clear that such funding will not be forthcoming and that it
is necessary for the company to file for administration.

On Wednesday, Oct. 1, 2008, Cliff Carter has resigned from the
Board as chief executive officer with immediate effect to pursue a
possible VCT-backed buyout of the business.

On Sept. 24, 2008, trading on AIM for the company's ordinary
shares of 0.25 pence each (B033522)(GB00B0335224) fully paid was
temporarily suspended.

Headquartered in Cwmbran, Wales, Hill Station plc
http://www.hillstationplc.co.uk/-- is an ice cream manufacturer.


LODESTAR SOUTHWEST: Claims Filing Period Ends December 22
---------------------------------------------------------
Creditors of Lodestar Southwest Ltd. have until Dec. 22, 2008,
to send their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and addresses
of their solicitors (if any), to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House
         Ridgehouse Drive
         Festival Park
         Stoke on Trent
         ST1 5TL
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on Sept. 22, 2008.


OAKDENE: In Breach of Covenants; UHY Raises Going Concern Doubt
---------------------------------------------------------------
Oakdene Homes plc is in breach of its covenants with its lenders
and is currently relying on a temporary facility.  Discussions
around future banking terms are ongoing with its bankers.

UHY Hacker Young LLP in its review of the group's condensed
financial statements in the half-yearly financial report for the
six months ended June 30, 2008 stated if the group is unable to
agree amended terms the lenders would be able to request early
repayment of all outstanding borrowings.  However, it warned in
the absence of other funding alternatives the group would be
unable to repay the borrowings and therefore there is some
uncertainty about the ability of the group to continue as a going
concern.

According to the group, in common with most housebuilders it has
suffered from the effects of the turmoil in global markets which
has led to a shortage of mortgage availability and a general lack
of buyer confidence.  This has resulted in very challenging market
conditions and a downturn in turnover and profits.

                   Results and Dividend

Turnover for the first six months to June 30, 2008 was GBP11.05
million (2007 restated: GBP18.88 million) and profit before tax
and exceptional charges was GBP0.65 million (2007 restated:
GBP1.50 million).  Basic earnings per share on this basis were
0.8p (2007 restated: 3.0p).

The directors have decided that there will be no interim dividend
this year (2007: 1.25p).

                    Review of Operations

The emphasis in the first half of 2008 has become more and more
focused on generating cash and reducing costs as much as possible.
As was announced in May 2008 planning permission was received for
another 337 units at the group's flagship Newhaven development but
construction work will not commence until market conditions
improve other than necessary preliminary work.  Construction has
recently completed at the Reigate and Edenbridge sites and the
speed of construction work has been slowed down at the Redhill,
Penshurst and Isle of Wight sites.  The group will not commence
development of any new sites in the near future.  In addition, it
has reviewed all of its  overhead expenditure and made significant
savings.  Unfortunately savings in overheads usually means
reductions in staffing levels and it has reduced staff by
approximately one third by way of natural wastage and
redundancies.

Sales at all sites have been affected by current market conditions
but the group is continuing to sell, albeit at a slower rate than
it would wish, and at lower net prices.

                         Outlook

"Although in recent weeks we have seen a welcome increase in
reservation rates and a reduction in cancellations, it is too
early to predict whether this is a sign of an upturn in the market
or whether it is entirely due to normal seasonal factors," Philip
Stephens, chairman of Oakdene, said.

The primary objective of the Board is to reduce our borrowings and
gearing by concentrating on selling residential units and sites
and restricting expenditure as much as possible.  As mentioned
above we believe we have a very significant asset value that can
be developed and our main duty is to protect this asset value for
shareholders.  This policy will take precedence over the
achievement of short term profits."

Oakdene Homes plc -- http://www.oakdene-homes.co.uk/--  is an
established residential development company based in Reigate,
Surrey.  The company operates predominantly in South London
Boroughs, Surrey, Sussex and Kent.


QUEBECOR WORLD: Has Until January 31 to File Chapter 11 Plan
------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York extended Quebecor World Inc.'s exclusive rights to file a
plan of reorganization until January 31, 2009; and the period to
solicit acceptances of that plan until March 31, 2009.

The complexity of the Debtors' businesses and corporate structure
support the requested extension of the Exclusive Periods, Michael
J. Canning, Esq., at Arnold & Porter LLP, in New York, told the
Court.

Mr. Canning related that subsequent to the Debtors' filing of
their first request to extend the exclusive periods in April
2008, in light of the size of their cases, the need to address
the operational issues associated with their businesses, and the
challenges arising from the cross-border nature of their
financial affairs, they have determined that they will require a
period of time longer than the four-month extension of time
granted in their first extension request to formulate and confirm
a plan of reorganization.

Mr. Canning assured the Court that the Debtors are not seeking an
extension of the Exclusive Periods  to pressure creditors into
accepting their reorganization demands.  He points out that the
Debtors' Chapter 11 cases have not been pending long enough to
result in material prejudice to any creditors, and there is no
indication that the Debtors are using the Chapter 11 process to
extract particular demands from any creditor group.

"To the contrary, the purpose of the Debtors' present request for
an extension of the Exclusive Periods is to ensure that the
Debtors have an opportunity to respond to and address the
concerns of all creditor groups in formulating restructuring
proposals and, ultimately, a plan of reorganization," Mr. Canning
told the Court.

Section 1121(b) of the Bankruptcy Code provides a debtor with an
exclusive right to file a plan of reorganization during the
first 120 days after the Petition Date.  If a debtor files a plan
during the exclusive filing period, Section 1121(c)(3) grants an
additional 60 days during which the debtor may solicit
acceptances of that plan and no other party-in-interest may file
a plan.  Section 1121(d) provides that on request  of a party-in-
interest made within the exclusive periods after notice and a
hearing, the court may for cause reduce or increase the 120-day
period or the 180-day period.  However, the 120-day period may
not be extended beyond a date that is 18 months after the
petition date and the 180-day period may not be extended beyond a
date that is 20 months after the petition date.

                      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.

Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814).  The chapter 15
case is before Judge James M. Peck.  Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the chapter
15 petitioner.

QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008.  The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.

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.

Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (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.

QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.  QWI is a public company
created in Canada by Certificate of Amalgamation dated January 1,
1990, pursuant to the Canada Business Corporations Act.  Its
subordinate voting shares, Series 3 Preferred Shares, and Series 5
Preferred Shares are listed on the Toronto Stock Exchange, and it
is the corporate parent of more than 100 subsidiaries.  With its
subsidiaries, QWI provides high value, complete market solutions
and pre-print, print, and post-print services to the leading
retailers, branded goods companies, catalogers, and publishers of
magazines, books, and other printed media all around the world.

Ernst & Young, according to Quebecor World Bankruptcy News, has
explained that QWI requires certain limited relief in the U.S. to
ensure the fair and efficient administration of the CCAA
proceedings. The Monitor thus commenced the Chapter 15 case to
ensure that certain orders of the Canadian Court, particularly the
Claims Procedure Order, and ultimately any order resolving the
CCAA Proceeding, are enforced in the United States.

The Monitor has asked the U.S. Bankruptcy Court to:

  * recognize QWI's CCAA proceeding as a "foreign main
    proceeding" as defined in Section 1502(4) of the U.S.
    Bankruptcy Code;

  * afford QWI all relief given to foreign main proceedings
    automatically upon recognition;

  * enforce a claims procedure order issued by the Canadian
    Court on September 29, 2008; and

  * approve a form and manner of service of the Chapter 15
    Petition.

QWI, according to the Monitor, operates the second largest
commercial printer in Canada with 16 facilities in five Canadian
provinces offering a diversified mix of printed products and
related value-added services, both within Canada and
internationally.  The vast majority of QWI's operations are
conducted in Canada, and its administrative functions and
corporate marketing, finance, and in-house legal departments are
centralized in Montreal.  Aside from a single satellite office
located in Fribourg, Switzerland, all of QWI's facilities,
tangible assets, and employees are located in Canada.

All of QWI's strategic decision making and corporate management
functions occurs at the Montreal headquarters, the Monitor has
told the U.S. Bankruptcy Court.  All of QWI's board members and
executives, including Jacques Mallette, QWI's President and CEO,
reside in Canada.  All board meetings are held in Montreal and
QWI's books, records and key documents are maintained in Montreal.

QWI's principal banking agreements and debt obligations are
centralized in Canada.  QWI holds bank accounts for the Canadian
operations and corporate activities at Royal Bank of Canada and
the Canadian Imperial Bank of Commerce.  The credit agreement
between QWI as borrower, and RBC, as administrative agent, dated
as of December 15, 2005, evidencing the "Bank Syndicate Facility"
is governed by Canadian law and provides for the exclusive
jurisdiction of the courts of the province of Quebec, judicial
district of Montreal.  As of January 15, 2008, the aggregate
amount outstanding under the Bank Syndicate Agreement was
approximately US$733 million.

QWI is also party to a credit agreement dated as of January 13,
2006, with Societe Generale (Canada) as lender providing for an
equipment financing credit facility in the aggregate amount of the
Canadian dollar equivalent of EUR136,165,415 expiring on July 1,
2015.  The Equipment Financing Agreement is governed by the laws
applicable in Quebec and provides for the exclusive jurisdiction
of the courts of the province of Quebec, judicial district of
Montreal.  As of January 16, 2008, the aggregate amount
outstanding under the Equipment Financing Agreement was
US$154,926,403.

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.

The Hon. Robert Mongeon of the Quebec Superior Court has extended
until Dec. 14, 2008, the stay under the Canadian Companies'
Creditors Arrangement Act.

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


TAYLOR WIMPEY: Remain In Talks Over Revising Covenant Structure
---------------------------------------------------------------
Taylor Wimpey plc provides an update on its financing discussions
with its debt providers.

At the time of the Interim Results, Taylor Wimpey announced that
it was engaged in discussions with certain of the Group's debt
providers to amend the future provisions of our existing borrowing
agreements, which were likely to be concluded before the New Year.

These discussions are continuing on a constructive basis and the
coordinating banks have indicated that it is their intention to
agree to replace the current covenants with a revised set of
covenants which are more appropriate to the current market
environment.

The recent unprecedented events in world financial markets have
reinforced the Board's cautious view of the short term outlook for
UK housing.  In the current environment, securing a comprehensive
financing structure that is robust under all reasonable downside
scenarios is essential.  To that end the Board has decided to
extend the current discussions with debt providers to include
applicable Eurobond holders, which will prolong the negotiation
process.  As a consequence, it is now likely that a revised
covenant structure will be concluded early next year before the
announcement of our Preliminary Results.

The Group will update the market on current trading in its Interim
Management Statement during November 2008 and will provide further
information on the progress of discussions in due course.  The
Group remains in compliance with its existing covenant package and
has adequate facilities available.

                     About Taylor Wimpey

Headquartered in London, Taylor Wimpey plc --
http://www.taylorwimpey.com/-- builds homes in the U.K., North
America, Spain and Gibraltar.  Taylor Wimpey also operates in the
Construction sector under the Taylor Woodrow brand.

Taylor Wimpey plc's major markets are experiencing a significant
downturn, characterized by significantly lower weekly sales
rates and lower average selling prices than in recent years.

Taylor Wimpey remains in full compliance with its banking
covenants.  However, without an amendment to the terms of its
banking facilities, in certain negative market scenarios Taylor
Wimpey might breach one or more banking covenants at the first
testing date in 2009.


* HSBC Holdings Mulls Reduction of 1,100 Banking and Markets Jobs
-----------------------------------------------------------------
HSBC Holdings Plc said Sept. 26, 2008, that it was cutting 1,100
jobs in its global banking and markets operation, or 4% of the
unit's total, as it weathers the global financial crisis, Reuters
reported.  Globally, HSBC employs about 335,000 people.

Hong Kong-based spokesman Gareth Hewett told Reuters that the move
is a result of market conditions, the economic environment, and
the company's cautious outlook for 2009.

The jobs are in front and back office operations, Reuters noted.
About half of the positions affected are in the company's
headquarters in the United Kingdom, and 100 of the positions are
in Hong Kong, where its large Asian operations are based.

Despite the reduction, Mr. Hewett said that the company is well
positioned for the next wave of global growth, Reuters reported.

Reuters noted that HSBC has felt the sting of the subprime
mortgage crisis in the United States and has booked write-downs of
US$18.7 billion since last year.  In August, the bank posted a 28%
fall in first-half pre-tax profit to US$10.2 billion as it took a
US$14 billion hit from bad debts on U.S. home loans and asset
writedowns.  In its global banking and markets business, pre-tax
profit fell 35% in the first half to US$2.1 billion, although that
was a 37% increase from the second half of 2007.

                        About HSBC Holdings

Headquartered in London, HSBC Holdings Plc (LON: HSBA) --
http://www.hsbc.com/-- is one of the largest banking and
financial services organizations in the world.  HSBC's
international network comprises around 9,500 offices in 85
countries and territories in Europe, the Asia-Pacific region, the
Americas, the Middle East and Africa.

With listings on the London, Hong Kong, New York, Paris and
Bermuda stock exchanges, shares in HSBC Holdings plc are held by
around 200,000 shareholders in some 100 countries and territories.
The shares are traded on the New York Stock Exchange in the form
of American Depositary Receipts.


* Mace & Jones Warns Directors Over Market Responsibilities
-----------------------------------------------------------
Mace & Jones is urging company directors to ensure they fully
understand their responsibilities under relevant legislation or
face serious penalties if found guilty of wrongful trading.

Mace & Jones says in the current unstable financial climate
directors of companies need to be extra careful of ignoring the
various directors duties contained within both the Companies Act
2006 and the Insolvency Act 1986.

Directors need to take legal advice as soon as their company hits
financial difficulty.  Failure to act risks facing personal
liability for debts and potentially a criminal record.

"It is vital directors take early legal or financial advice to
avoid any risk of fraudulent or wrongful trading," Mace & Jones
Insolvency and Corporate Recovery partner Dominic Vincent said.
"When a company is insolvent a director's position changes.  Under
insolvency legislation they can be personally liable if a
liquidator can prove they were operating while knowing there was
no reasonable prospect of avoiding liquidation."

Mr. Vincent said directors who can show they acted in good faith,
on the advice of suitably qualified professionals, are more likely
to minimize the risks of personal liability or of disqualification
proceedings being brought against them under the Company Directors
Disqualification Act 1986.

"Directors need to continue monitoring the financial position of
the company," Mr. Vincent added.  "They also need to formulate
viable strategies, hold regular meetings, keep major creditors
informed and make announcements about the company's shares.
Deploying these methods show responsibility and should help
protect the directors."

Mace & Jones is recognized as a law firm of quality and experience
and aims to build long-term relationships with their clients, to
provide a personal and cost-effective service.  The firm's
specialist solicitors, with offices in Liverpool, Manchester and
Knutsford, provide a wide range of legal services.


* S&P Sees Gov't Support as Rating Factor for European Banks
------------------------------------------------------------
Since the beginning of the credit crunch, European governments,
central banks, and regulators have taken a wide range of actions
designed to support the European banking system, in some cases
affecting bank ratings says Standard & Poor's Ratings Services in
a report titled, "Credit FAQ: Government Support As A Ratings
Factor For Private Sector European Banks."

"Ongoing support from authorities, chiefly in the form of
prudential regulation and preferential access to central bank
liquidity, is an essential part of bank creditworthiness, in good
times and bad," said S&P's credit analyst Richard Barnes.

This is a necessary factor mitigating the high leverage and
funding mismatch that are inherent features of banks' business
models.  As a result, it is unrealistic to fully disentangle
banks' "stand-alone" creditworthiness from this ongoing external
support.

Since the credit crunch began, systemwide support has increased
through enhanced central bank liquidity and, in some countries,
extension of deposit protection programs.  These measures have
helped support credit ratings by preventing rapid deterioration in
banks' funding and liquidity positions.  Such measures are
consistent with S&P's definition of European authorities as
"supportive," in that they ensure financial stability through the
regulatory, legal, and liquidity frameworks.

"On occasion, though, such systemwide measures have been
insufficient for specific institutions, and authorities have
intervened more directly, usually in anticipation of deeper
problems," said Mr. Barnes.

These actions have included private sector solutions (Lloyds TSB
Bank PLC's acquisition of HBOS PLC), direct capital injections
(Fortis and Dexia groups), liquidity provision (Hypo Real Estate

Bank AG), nationalization (Northern Rock PLC, Bradford & Bingley
PLC), and guarantees (Irish banks).

"We still regard this extraordinary external support as consistent
with our supportive definition, because in extreme systemic
stress, the preferred routes of enhanced central bank liquidity
and private sector solutions can be either insufficient or
unavailable," said Mr. Barnes.  "These supportive actions reflect
extraordinary circumstances rather than a fundamental shift in
government policies."

In some cases, therefore, S&P has explicitly factored such
external support into its ratings -- for example, in the case of
Bradford & Bingley since July 2008, and most recently in the case
of Fortis.  The ratings of several Irish banks also benefit from
the government's guarantee.

Subordinated debtholders do not necessarily benefit from
extraordinary support, potentially leading us to widen the rating
differential between classes of creditors.

Extraordinary support is by definition not a long-term phenomenon.
Government support also comes at a price, in some cases through
direct fee arrangements in exchange for guarantees, and S&P
expects enhanced prudential regulation will call for higher
capital and liquidity buffers.

Over the long term, the fundamentals of European banks are likely
to drive their relative creditworthiness, rather than differences
in government support.


* S&P Looks Into the Impact of Bailouts on Sovereign Ratings
------------------------------------------------------------
As the banking crisis has crossed the Atlantic, the number of
sizeable financial institutions affected in Europe has raised
investor interest regarding how resilient European sovereign
ratings are likely to be as governments absorb more and more banks
with impaired balance sheets.  In response to this, Standard &
Poor's Ratings Services published a Credit FAQ, titled "What
Effect Will The Recent Bank Bailouts In Western Europe Have On
Sovereign Ratings?"

S&P understands that the consequence of recent developments in
financial markets for the fiscal performance of Western European
sovereigns, with the exception of Iceland, has been limited so
far.  These entities generally remain well placed in their
respective rating categories and have the capacity to take on more
debt or run down their assets should the need arise in the current
worsening financial climate.

"In our view, the solvency of Western European sovereigns may not,
however, be immune to the fall-out from the financial crisis if
events take an unexpected dramatic turn toward a depression-like
scenario," S&P's credit analyst Moritz Kraemer said.  "In such an
environment, which is unexpected but not impossible, ratings of
even highly rated sovereigns would have to be reassessed."

As it stands, however, the intervention by Belgium, Luxembourg,
and the Netherlands to lend financial support to Fortis Bank
(A/Developing/A-1) has no impact on their respective sovereign
ratings and neither does the capital injection in Dexia Bank
(AA-/Stable/A-1+) by Belgium, France, and Luxembourg.  Similarly,
the nationalization of Northern Rock PLC (A/Positive/A-1), and the
loan book of Bradford & Bingley (--/--/A-1), do not affect the
sovereign ratings on the U.K, nor has the sovereign rating on the
Republic of Ireland been affected by its announced bank support
plan as no budgetary cost has been incurred.

The fundamental difference between other recent European bailouts
and Iceland's EUR600 million equity injection into Glitnir Bank
(BBB/Negative/A-3) is one of magnitude.  In S&P's view, the wholly
nationally owned Icelandic banking system is oversized relative to
the size of the economy, with net external debt ratios among the
highest ratios for its rated sovereigns.  S&P considers that this
week's bail-out of Glitnir constitutes a very real macroeconomic
risk that elevates the threats to the government's own balance
sheet, and consequently lowered the sovereign rating on Iceland.

"In our view, the relatively modest current costs of the bank
bail-outs, apart from Iceland, are comparatively easy to shoulder
and the privileged access to capital markets should comfortably
allow European sovereigns to finance them without undermining
their creditworthiness," Mr. Kraemer said.  "Over the long term,
we believe that solvency risks, particularly those related to
ageing societies, could additionally lead to negative pressure on
Western European sovereign ratings, and such risks therefore loom
much larger than the knock-on effects of the current credit
crisis."


* European Firms Face Tight Liquidity & Tougher Economy, S&P Says
-----------------------------------------------------------------
The credit quality of European corporates will continue to fall
through 2009, as companies face toughening economic conditions and
tightening liquidity, Standard & Poor's Ratings Services reported.

"We expect default rates for European high-yield credits to
increase considerably over the next several quarters," said S&P's
credit analyst Andreas Zsiga in the report, titled "Corporate
Credit Quality In Europe: The Worst Is Yet To Come".

In the current environment, sound liquidity positions and prudent
treasury management are important for credit quality, as is the
ability and willingness to downsize operations in the face of a
weaker operating environment.  By the same token, corporates with
weak liquidity and limited flexibility to adjust to a slower
economic environment will suffer and may be exposed to rating or
outlook changes.

There is plenty of evidence to suggest that things will continue
to deteriorate.  Doing business is becoming tougher across most
industries as economies weaken.  Liquidity is tight, especially
for speculative-grade companies; lenders are nervous; and terms
are more onerous for borrowers.  Above all, it is difficult to
predict from one month to the next what conditions will be like
for those issuers looking to tap the markets.

Based on the current outlook and CreditWatch distribution, the
sectors most at risk are building materials, chemicals, consumer
goods, retail, forest products, packaging, and airlines, whereas
the telecoms, capital goods, and metals and mining sectors are the
least exposed.


* Moody's Says Recent Market Turmoil Slow Global Economic Growth
----------------------------------------------------------------
Recent market turmoil may depress business and consumer confidence
and slow global economic growth, exacerbating existing trends that
have been causing corporate credit quality to deteriorate for more
than a year, says Moody's Investors Service in a new report on the
global credit outlook for non-financial companies.

"Business and consumer confidence appear to have been shaken by
recent events and might not recover for several quarters," says
Daniel Gates, Moody's Chief Credit Officer for Corporate Finance,
and the lead author of the report. Moody's observes that a number
of companies are trimming their spending plans due to increasing
apprehension about the economic outlook and their future access to
debt and equity capital.  A substantial pull back in business
investment at a time when consumer spending is flagging could
further slow the global economy, which would precipitate a surge
in bankruptcy filings by companies over the next year, according
to the report.

Consumer spending is expected to be pressured by tighter lending
standards as well as by fragile confidence, Moody's says.  The
outlook for consumer spending is particularly weak in the US,
Europe, and Japan, which collectively account for more than half
of the world's economic output.  Consumer spending trends also
appear to be slowing in other countries, including Australia,
Singapore and South Korea.

While no region is immune from a global slowdown, concerns are
greatest for companies whose business is heavily reliant upon the
EU countries, Japan and North America, where the pace of economic
activity is visibly slowing.  Weak growth in these mature markets
may also be a drag on countries with high growth rates, such as
China and India, affecting companies in those markets as well.

Companies whose business is dependent upon discretionary consumer
spending are particularly likely to be hurt, according to the
report.  The damage may be most severe for already seriously
ailing companies in consumer-oriented sectors such as housing,
autos, consumer durables, restaurants, retail, apparel, gaming,
and airlines.  "These companies are struggling with high leverage,
disappointing cash flow, and weak customer demand, which is
already proving to be a lethal combination for many firms," says
Mr. Gates.  "Recent events may make a bad situation worse by
undercutting consumer spending and economic growth in the months
ahead, which would push many more weak companies over the edge of
the cliff," he says.

Moody's also predicts that lenders will further tighten credit
standards for corporate borrowers, severely limiting access to new
financing that could stave off bankruptcy for troubled companies.
Moody's expects that credit conditions will become tighter over
the near term because capital-constrained financial institutions
will be more reluctant to make loans, especially at a time when
the number of defaulting companies is rising rapidly.


* ECB Likely to Cut Interest Rates by November
----------------------------------------------
The European Central Bank, trashing its belief that inflation
primarily threatens the economy, is mulling to cut interest rates,
which will be its first cut in five years, various reports say.

The reports say that the ECB began to feel that inflation fears
outweigh concern about the growing financial crisis that is
creeping through Europe.

ECB's President Jean-Claude Trichet signaled preparation for a
reduction in the euro zone's official borrowing costs, according
to Time Online.  Markets expect ECB to cut rates by November.

The ECB has pegged eurozone rates at 4.25%, the reports say.

According to the reports, the ECB met Thursday last week on calls
for an interest rate cut amid growing financial crisis.  Analysts
said the bank likely would hold its benchmark interest rate steady
as inflation outweighs worries about the meltdown.

The Associated Press writes that a cut would bring ECB in line
with its major peers, including the U.S. Federal Reserve.  The New
York Times reports that according to Paul de Grauwe, a professor
at the Catholic University of Leuven in Belgium, ECB's reluctance
to ease credit despite contraction in the euro zone economy
contracted in summer showed a lack of flexibility.

The 15-nation euro zone is fighting high inflation, low growth and
dim short-term prospects for consumer and industrial demand as the
global financial crisis unfolds.

                World's Central Banks' Rescue Moves

Reuters reported that central banks across the world scrambled
late September to meet a desperate demand for cash, both in their
own currencies and the U.S. dollar, as the White House's US$700
billion bailout plan ran into roadblocks.

At that time, overnight dollar funds remained in a broad 2.5% to
3.5% range in Asia, bankers in Singapore said, as cited by
Reuters.  Short-term lending rates in local currencies jumped with
Singapore dollar overnight rates at 2%, their highest since end-
January.

The Swiss National Bank offered US$9 billion for one week to
address severe quarter-end stresses, Reuters noted.  The ECB soon
followed suit, with US$35 billion for one week.  The Bank of
England said it would lend US$30 billion.  The Reserve Bank of
Australia (RBA) launched its first ever repurchase operation in
U.S. dollars and all US$10 billion on offer was hungrily snapped
up at 3.165%, well above the minimum bid rate of 2.35%.  In South
Korea, the Finance Ministry said it would inject US$10 billion or
more into the local swap market until the middle of October to
stave off persistent dollar funding shortages.  The RBA and the
Bank of Japan also kept adding extra cash to their own banking
systems, while Vietnam lifted the rate it pays on bank reserves to
reduce the cost of borrowing, Reuters added.


* Blackstone Predicts European Bankruptcies to Surpass 1990s
------------------------------------------------------------
The number of European companies going bust in the next few years
will surpass anything seen in the early 1990s because firms
bloated by debt have minimal room to put their finances in order,
Simon Davies of Blackstone Group said, as cited by Reuters'
William Kemble-Diaz on Sept. 26, 2008.

According to Reuters, Mr. Davies stated at a Reuters Restructuring
Summit that more firms would be forced into bankruptcy than in
previous downturns.  This is due to the unprecedented speed with
which their financial health could worsen as liquidity shriveled.
He said covenants had been stripped to the bone as lenders
scrambled to provide funding when the going was good, leading to a
credit boom and to a subsequent bust whose fallout would be hard
to manage.  The credit default and insolvency process is
increasingly packaged as one event rather than as separate
chapters in a progressively worsening credit story, he added.

Kenneth Emery at Moody's, as cited by Reuters, said that about 75%
of all debt defaults in the United States have related to
bankruptcies while in Europe, the figure is around 50%.  The gap
is largely due to differences in bankruptcy regimes as liquidation
is a more likely outcome of bankruptcy in Europe than in the
United States, Mr. Emery said.  He stressed that U.S. companies
filing for Chapter 11 have greater room for maneuver to work on a
solution, such as a debt restructuring.  European bankruptcy
legislation is more varied and untested and could be less debtor-
friendly than in the United States, Reuters observed.

There was also a greater desire among European banks, companies,
and policymakers "not to let things default at this stage," Mr.
Davies was quoted by Reuters as saying.  These efforts were only
likely to ensure European bankruptcies peaked later than in the
United States, he said.


* BOND PRICING: For the Week Sept. 29 to Oct. 3, 2008
-----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Republic of Austria       1.000    06/22/22     EUR      68.94

BELGIUM
-------
Fortis BanK SA/NV         4.375    02/01/17     EUR      72.32
                          5.757    10/04/17     EUR      66.02
                          4.250    03/23/21     EUR      62.50

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      14.63
Altran Technologies S.A.  3.750    01/01/09     EUR      12.76
Calyon                    6.000    06/18/47     EUR      40.68
CAP Gemini S.A.           2.500    01/01/10     EUR      50.74
                          1.000    01/01/12     EUR      41.38
Club Mediterranee S.A.    3.000    11/01/08     EUR      67.61
                          4.380    11/01/10     EUR      45.46
CMA CGM                   5.500    05/16/12     EUR      70.08
Credit Agricole           4.500    02/22/26     EUR      73.97
Essilor Intl              1.500    07/02/10     EUR      70.15
FCC Rome Alliannce        2.256    01/08/21     EUR      70.86
Soc Air France            2.750    04/01/20     EUR      20.25
Wavecom S.A.              1.750    01/01/14     EUR      17.85

GERMANY
-------
Allgemeine HypothekenBank
  Rheinboden              5.080    12/10/14     EUR      64.38
City of Moscow            5.064    10/20/16     EUR      76.37
Deutsche Schifbk          4.200    01/23/09     EUR      99.69
Escada AG                 7.500    04/01/12     EUR      69.14

ICELAND
-------
Glitnir Banki HF          4.375    02/05/10     EUR      66.42
                          6.000    03/05/12     GBP      75.45

IRELAND
-------
Alfa Bank                 8.625    12/09/15     USD      78.54
                          8.635    02/22/17     USD      75.57
Allied Irish Bks          5.625    11/29/30     GBP      63.99
                          5.250    09/10/25     GBP      63.55
Banesto Finance Plc       6.120    11/07/37     EUR       6.11
Depfa ACS Bank            0.500    03/03/25     CDN      47.58
                          0.250    07/08/33     CDN      29.12
Gazprombank               6.500    09/23/15     USD      72.04
GE Cap Eur Fund           4.125    10/27/16     EUR      75.45
                          4.350    11/03/21     EUR      69.75
                          4.625    02/22/27     EUR      66.08
                          6.025    03/01/38     EUR      71.28
GE Capital UK             5.125    05/24/23     GBP      70.47
                          5.875    01/18/33     GBP      72.41
                          6.250    05/05/38     GBP      79.86
UT2 Funding Plc           5.320    06/30/16     EUR      67.15

ITALY
-----
CIR SPA                   5.750    12/16/24     EUR      70.09

LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13     USD      63.64
Bank of Moscow            6.810    05/10/17     US$      64.46
Beverage Pack             9.500    06/15/17     EUR      73.12
Cirsa Capital LX          7.875    07/15/12     EUR      69.20
Del Monte Fin SA          6.630    05/24/06     EUR      31.56
Evraz Group SA            8.250    11/10/15     USD      73.86
                          8.250    11/10/15     USD      74.78
                          9.500    04/24/18     USD      75.39
Gaz Capital SA            5.136    03/22/17     EUR      70.32
                          5.440    11/02/17     EUR      70.62
                          6.510    03/07/22     USD      73.32
                          7.288    08/16/37     USD      71.77
Globus Capital            8.500    03/05/12     USD      67.92

NETHERLANDS
-----------
ABN Amo Bank B.V.         6.000    03/16/35     EUR      60.81
                          6.250    06/29/35     EUR      59.77
Air Berlin Finance B.V.   1.500    04/11/27     EUR      28.17
ALB Finance BV            9.000    11/22/10     USD      59.85
                          9.750    02/14/11     GBP      55.73
                          8.750    04/20/11     USD      44.77
                          7.875    02/01/12     EUR      44.24
                          9.250    09/25/13     USD      47.33
Biopetrol Finance         4.000    02/21/12     EUR      47.50
BK Ned Gemeenten          0.500    06/27/18     CDN      67.59
                          0.500    02/24/25     CDN      47.62
Cemex Fin Europe          4.750    03/05/14     EUR      77.04
Centercrdt Intl           8.625    01/30/14     USD      64.84
                          8.000    02/02/11     USD      67.79
Cirio Del Monte           7.750    03/14/05     EUR       7.98
Clondalkin BV             8.000    03/15/14     EUR      74.12
                          8.000    03/15/14     EUR      73.41
DAF BV                    6.750    06/15/10     EUR       2.90
EM.TV Finance B.V.        5.250    05/08/13     EUR       3.80
Ford Capital BV           9.500    06/01/10     USD      71.47
GMAC Intl Fin BV          5.750    05/21/10     EUR      68.85
                          4.800    12/15/10     EUR      74.85
                          4.850    01/15/11     EUR      74.13
                          4.900    01/15/11     EUR      74.21
                          5.100    01/15/11     EUR      74.55
Turanalem Fin BV          7.875    06/02/10     USD      78.12
                          6.250    09/27/11     EUR      62.37
                          7.750    04/25/13     USD      59.94
                          8.000    03/24/14     USD      59.58
                          8.500    02/10/15     USD      59.59
                          8.250    01/22/37     USD      57.49
                          8.250    01/22/37     USD      57.45

NORWAY
------
Eksportfinans             0.250    07/14/33     CAD      30.81

SPAIN
-----
Ayt Cedulas Caja          3.750   06/30/25      EUR      78.50
Bancaja                   4.380   02/14/17      EUR      72.66
General De Alqui          2.750   08/20/12      EUR      71.73

SWITZERLAND
-----------
Cytos Biotechnology       2.875   02/20/12      CHF      71.93

UNITED KINGDOM
--------------
Anglian Water
  Finance Plc             2.400     04/20/35    GBP      49.35
Aspire Defence            4.670     03/31/40    GBP      62.23
                          4.670     03/31/40    GBP      62.28
Barclays Bank Plc         5.700     07/14/25    USD      71.28
Bradford&Bin BLD          7.625     02/16/10    GBP      29.97
                          4.875     06/28/17    EUR      91.99
                          5.750     12/12/22    GBP      29.84
                          6.625     06/16/23    GBP      29.81
Brit Insurance            6.630     12/09/30    GBP      70.40
Britannia Building
  Society                 5.875     03/28/33    GBP      64.34
                          5.750     12/02/24    GBP      70.36
Broadgate Finance         5.100     04/05/33    GBP      69.39
Cattles plc               7.130     07/05/17    GBP      70.98
City Of Kiev              8.000     11/06/15    USD      77.30
Daily Mail & Gen          5.750     12/07/18    GBP      73.81
                          6.375     06/21/27    GBP      67.98
Derby Eealthcare          5.560     06/30/41    GBP      70.54
Enterprise Inns           6.380     09/26/31    GBP      68.62
Exim of Ukraine           6.800     10/04/12    USD      73.38
F&C Asset Mngmt           6.750     12/20/26    GBP      65.39
FCE Bank Plc              4.625     10/25/10    NOK      70.82
                          7.125     01/16/12    EUR      73.09
Focus Diy Fin             9.375     03/03/15    GBP      35.62
Ford Cred Europe          7.125     01/15/13    EUR      68.63
Greene King Fin           5.106     03/15/34    GBP      70.68
                          5.702     12/15/34    GBP      71.32
Unique Pub Fin            6.460     03/30/32    GBP      69.43


                            *********

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 * * *