TCREUR_Public/081008.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

          Wednesday, October 8, 2008, Vol. 9, No. 200

                            Headlines

A U S T R I A

ILEANA SCHNELL: Claims Registration Period Ends October 24
L & P SYSTEMGASTRONOMIE: Claims Registration Ends October 24
MASTER SPORT: Claims Registration Period Ends October 24


F R A N C E


NIGHTINGALE FINANCE: S&P Keeps Junk Income Notes Rtng on WatchNeg
TEREOS EUROPE: Moody's Cuts Corporate Family Rating to Ba3

* FRANCE: Prime Minister Vows to Keep Large Banks from Bankruptcy


G E R M A N Y

ARBEITSVERMITTLUNG UND FORTBILDUNG: Claims Filing Ends Oct. 14
BAHR IMMOBILIEN: Creditors' Meeting Slated for October 14
CITY SECURITY: Creditors' Meeting Slated for October 14
P & G IM- UND EXPORT: Claims Registration Period Ends Oct. 11
XYZ ERSATZTEILE: Claims Registration Period Ends October 10


I R E L A N D

BANTRY BAY: S&P Lowers Ratings on Five Note Classes to CC
CAPPOQUIN CHICKENS: Sold to Two Investors from Britain
DUNNE HOTELS: High Court Appoints Liquidator to Three Hotels
EAMONN HASSETT: Goes Into Liquidation


I T A L Y

COMPAGNIE INDUSTRIALI: S&P Cuts Corp. Credit Ratings to 'BB+/B'
MICRON TECHNOLOGY: Posts US$344 Mln Net Loss in 4Q Ended Aug. 28
UNICREDIT SPA: To Raise EUR6.6 Bil. to Strengthen Capital Ratios


K Y R G Y Z S T A N

TECHNO-UG LLC: Creditors Must File Claims by November 12


N E T H E R L A N D S

DUTCH MORTGAGE IV: S&P Affirms BB Rating on Class D Notes
DUTCH MORTGAGE V: S&P Puts BB-Rated Class D Notes on WatchPos


R U S S I A

KHORLOVSKIY CHEMICAL: Creditors Must File Claims by October 26
LEKOM-INTEROIL LLC: Creditors Must File Claims by October 26
MACHINE-CONSTRUCTION PLANT: Claims Filing Period Ends by Oct.26
POWER ELECTRONICS: Creditors Must File Claims by November 26
PROF-MET LLC: Creditors Must File Claims by October 26

* MOSCOW OBLAST: Moody's Puts Ba2 Ratings on Review for Downgrade


S P A I N

RENTA CORP: Wants Creditors to Revise Waiver on EUR500 Mil. Loan


S W E D E N

FORD MOTOR: Conditions Satisfied for UAW Settlement Deal


S W I T Z E R L A N D

GENERAL MOTORS: Unable to Meet Demand, Factory to Run Overtime
GENERAL MOTORS: Amended GSA and MRA Take Effect
GENERAL MOTORS: Exchanges 16MM Shares for Series D Debentures
GENERAL MOTORS: CEO Says US & Europe Markets to Remain Weak


U K R A I N E

APEKS LLC: Creditors Must File Claims by October 11
DIBROVA OJSC: Creditors Must File Claims by October 11
DIV LLC: Creditors Must File Claims by October 11
IKZ HOLDING: Creditors Must File Claims by October 11
PENTKOM LLC: Creditors Must File Claims by October 11

RODOVID BANK: Moody's Puts E+ BFSR on Review for Downgrade


U N I T E D   K I N G D O M

AMERICAN INTERNATIONAL: Sale Can Help Repay Loan, Says UBS Analyst
AMERICAN INTERNATIONAL: Discloses 8.4% Equity Stake in eTelecare
AMERICAN INTERNATIONAL: Robert Sandler Retires from Firm
AMERICAN INTERNATIONAL: Has 33.2% Stake in Transatlantic Holdings
AMERICAN INTERNATIONAL: Moody's Cuts Unsecured Debt Rating to 'A3'

DGT STEEL: Business Sold to Consortium; 100 Jobs Secured
DIOMED HODLINGS: Pays in Full Debt to Hercules Technology
EWHURST CONTROL: Brings in Liquidators from Tenon Recovery
LEHMAN BROTHERS: High Court Approves Client Asset Claims Process
MOTOR WORLD: Calls in Administrators from BDO Stoy Hayward

NORTHERN ROCK: Implements Changes to Range of Savings Products
STRAKER INTERACTIVE: Appoints Nick Wood as Liquidator
WADKIN ULTRACARE: Calls in Liquidators from Mazars
WILLIS GAMBIER: Sold to Samson Holdings; 61 Jobs Secured

* S&P Issues Report on U.S. Bailout and European Government Summit
* Wall Street Crisis Hits Various Banks Across Europe


                         *********


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


ILEANA SCHNELL: Claims Registration Period Ends October 24
----------------------------------------------------------
Creditors owed money by LLC Ileana Schnell Cosmetics have until
Oct. 24, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Michael Zerobin
         Herzog-Leopold-Str. 2
         2700 Wiener Neustadt
         Austria
         Tel: 02622/86472
         Fax: 02622/86472-4
         E-mail: anwalt@zerobin.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 5, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neudorf, Austria, the Debtor declared
bankruptcy on Sept. 17, 2008, (Bankr. Case No. 10 S 88/08g).


L & P SYSTEMGASTRONOMIE: Claims Registration Ends October 24
------------------------------------------------------------
Creditors owed money by LLC L & P Systemgastronomie have until
Oct. 24, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Franz Krainer
         Herrengasse 19/III
         8010 Graz
         Tel: 0316/82-20-82
         Fax: 0316/82-20-82-75
         E-mail: office@dr-krainer.at

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

         The Graz Land Court
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Sept. 18, 2008, (Bankr. Case No. 26 S 106/08w).


MASTER SPORT: Claims Registration Period Ends October 24
--------------------------------------------------------
Creditors owed money by LLC Master Sport Consulting have until
Oct. 24, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Heimo Hofstatter, Hofstatter & Kohlfuerst
         Rechtsanwalte OEG
         Marburger Kai 47
         8010 Graz
         Austria
         Tel: 0316/815454
         Fax: 0316/815454-22
         E-mail: advokat@hofstaetter.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Oct. 30, 2008, for the
examination of claims at:

         The Graz Land Court
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz, Austria, the Debtor declared bankruptcy on
Sept. 12, 2008, (Bankr. Case No. 26 S 104/08a).


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


NIGHTINGALE FINANCE: S&P Keeps Junk Income Notes Rtng on WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on the senior debt issued
by Nightingale Finance Ltd. and Nightingale Finance LLC, two co-
issuing structured investment vehicles (SIVs), collectively known
as Nightingale.  At the same time, S&P placed the issuer credit
rating on CreditWatch negative and kept the rating on the income
notes on CreditWatch negative.

Earlier this year, Nightingale secured 100% support from AIG
Financial Products Corp. to cover their senior obligations.
Following S&P's rating action on AIG Financial Products, to A-
/Watch Neg from A-/Watch Dev on Oct. 3, 2008, S&P is reviewing the
support provided to see whether there are any rating implications
for Nightingale.

Although the ratings on Nightingale could be affirmed if Banque
AIG (as manager) puts in place a suitable plan, S&P does not rule
out the possibility of lowering the ratings on Nightingale by more
than one notch.

Nightingale is a SIV structure managed by Banque AIG, which has
responsibility for purchasing assets, managing the portfolio, and
overseeing the issuance of commercial paper and medium-term notes.

Ratings Placed On CreditWatch Negative

Nightingale Finance Ltd. And Nightingale Finance LLC

Class              To                    From
-----              --                    ----
ICR         AAA/Watch Neg/A-1+    AAA/Negative/A-1+
CP            A-1+/Watch Neg             A-1+
MTN           AAA/Watch Neg              AAA


Ratings Remaining On CreditWatch Negative

Income notes    CCC-/Watch Neg


TEREOS EUROPE: Moody's Cuts Corporate Family Rating to Ba3
----------------------------------------------------------
Moody's Investors Service has downgraded Tereos's Corporate Family
Rating (CFR) to Ba3 from Ba2 and the senior secured rating of
Tereos Europe's EUR500 million bond issue to B1 from Ba3.  The
rating outlook is negative.

"The downgrade of the CFR reflects Moody's concerns that Tereos's
leverage in FY2007/2008 will be significantly higher than expected
at the time of the initial rating assignment, and that it is
unlikely that the company will be able to meet the initially set
target credit metrics (i.e. retained cash flow to net debt above
10% and gross debt to EBITDA around 3.5x) over the medium term,"
says Marika Makela, Analyst in Moody's Corporate Finance Group.
The rating action concludes the rating review for possible
downgrade that Moody's initiated in July 2008 further to Tereos's
communication that its weaker-than-expected performance and higher
indebtedness were likely to prevent it from meeting the leverage
and interest cover covenants stipulated in its bank facilities.

More specifically, Moody's notes that Tereos's operating
performance has been suffering from the sugar market conditions in
Europe that have remained challenging in FY2007/2008, as well as
from certain technical problems at BENP Lillebonne factory.
Moody's acknowledges that some of these difficulties were non-
recurring in nature and that the market situation in Europe should
improve in the next financial year in light of recent amendments
to the Sugar Market Reform.  "The rating agency nevertheless
cautions that operating improvements in FY2008/2009 would need to
be significant to offset the company's currently high indebtedness
further to the acquisitions of TALFIIE and Andrade (completed in
2007) for Tereos to reach its target credit metrics," adds Ms.
Makela.

The negative outlook on the ratings reflects Moody's expectation
that while Tereos's credit metrics should gradually improve
provided there are no further debt-financed acquisitions and given
the improving prospects in the European sugar market, the market
conditions nevertheless remain uncertain and de-leveraging to
levels in line with the Ba3 rating category may take some time.
Moody's cautions that further negative rating pressure could
evolve on the rating if gross debt to EBITDA remained consistently
above 4.5 times.

More positively, Moody's notes that Tereos's banks have agreed to
amend its senior credit facilities with the result that its
covenant levels have been reset for FY2007/2008 (net debt to
EBITDA below 4.5 times and EBITDA to net interest above 2.5 times)
and FY2008/2009 (net debt to EBITDA below 3.75 times and EBITDA to
net interest above 3.5 times).  However, Moody's cautions that
leeway under the financial covenants may also remain tight in
FY2008/2009.

From a liquidity point of view, the rating agency notes that
Tereos's negotiations with its banks has led to its revolving
credit facility amount being reduced to EUR326 million from the
previous EUR488 million.  Cash balances as of June 2008 amounted
to around EUR70 million and there is roughly EUR83 million debt
falling due in FY2008/2009. Seasonality in the business is very
pronounced, with working capital outflows peaking at EUR320
million in Q2 (January-March) and debt being at a low point at the
end of the financial year in September.  Moody's cautiously notes
that Tereos's liquidity therefore tends to become tight in Q2.

Finally, the downgrade of the rating of the EUR500 million notes
to B1 reflects the current overall probability of default rating
(PDR) of the company, which is at Ba3, and a loss-given-default of
LGD-4.  The bonds continue to benefit from a downstream guarantee
from Tereos -- an entity which accounts for approximately half of
the cooperative's consolidated assets and EBITDA - and are secured
on a second-ranking pledge over the shares of Tereos's
subsidiaries.  The senior bank facilities have a first-lien pledge
over the shares of Tereos's subsidiaries as well as a security
interest on the stock and receivables of Tereos.  Moody's further
notes the high level of indebtedness at operating subsidiaries,
which has increased as a result of the Andrade and TALFIIE
acquisitions, and notes that these obligations benefit from their
proximity to the operating companies' assets.

Headquartered in Lille, France, Tereos was created in 2004 as a
result of the merger of Beghin Say and Union SDA, a beet sugar
cooperative.  In January 2006, the company merged with another
French cooperative, Sucreries & Distilleries des Hauts de France
(SDHF), creating the second-largest sugar producer in Europe.
Tereos also holds a 62% stake in Syral, one of the largest
European producers of starch and starch-based sweeteners.
Additionally, Tereos is ranked second in this sector in Brazil
through Guarani.  Tereos is an agro-industrial cooperative group
comprising a total of 14,000 growers, or almost half of France's
sugar beet producers.  Tereos processes its growers' crops --
mainly sugar beet but also sugar cane and cereals -- into consumer
and industrial sugars, alcohol and ethanol.


* FRANCE: Prime Minister Vows to Keep Large Banks from Bankruptcy
-----------------------------------------------------------------
France's Prime Minister Francois Fillon on Sept. 30, 2008, called
on Europe to ensure that "no large bank be forced into bankruptcy"
by the U.S. financial crisis, Agence France-Presse reported.

Noting France's decision along with Belgium and Luxembourg to pump
EUR6.4 billion into Dexia SA, Mr. Fillon disclosed in a political
meeting that states must "assume their responsibilities," AFP
related.

The French government had intended to announce new measures to
shore up the banking sector, according to AFP.  President Nicolas
Sarkozy has promised that no savers would be left out of pocket.

The world financial crisis, triggered by a collapse in confidence
in U.S. banks' debt portfolios, was "the worst the world has known
since the 1930s," AFP quoted Mr. Fillon as saying.


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


ARBEITSVERMITTLUNG UND FORTBILDUNG: Claims Filing Ends Oct. 14
--------------------------------------------------------------
Creditors of Arbeitsvermittlung und Fortbildung fuer
Dienstleistungsberufe GmbH have until Oct. 14, 2008, to register
their claims with court-appointed insolvency manager Horst
Piepenburg.

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

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Arbeitsvermittlung und Fortbildung fuer
Dienstleistungsberufe GmbH on Sept. 4, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Arbeitsvermittlung und Fortbildung fuer
         Dienstleistungsberufe GmbH
         Markische Strasse 52
         40625 Duesseldorf
         Germany


BAHR IMMOBILIEN: Creditors' Meeting Slated for October 14
---------------------------------------------------------
The court-appointed insolvency manager for Bahr Immobilien GmbH,
Rolf Nacke will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:20 a.m. on
Oct. 14, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:45 a.m. on Feb. 10, 2009, at the same venue.

Creditors have until Dec. 15, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73c
         12487 Berlin
         Germany

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

The Debtor can be reached at:

         Bahr Immobilien GmbH
         Treskowallee 116
         10318 Berlin
         Germany


CITY SECURITY: Creditors' Meeting Slated for October 14
-------------------------------------------------------
The court-appointed insolvency manager for City Security Service
GmbH, Ruediger Wienberg will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 11:40
a.m. on Oct. 14, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 12:15 p.m. on Jan. 29, 2009, at the same
venue.

Creditors have until Nov. 30, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against City Security Service GmbH on Aug. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         City Security Service GmbH
         Handjerystr. 60
         12161 Berlin
         Germany


P & G IM- UND EXPORT: Claims Registration Period Ends Oct. 11
-------------------------------------------------------------
Creditors of P & G Im- und Export GmbH have until Oct. 11, 2008,
to register their claims with court-appointed insolvency manager
Carl Christian Binneberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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:

         Carl Christian Binneberg
         Am Schuetzenplatz 24
         56182 Urbar
         Germany
         Tel: 0261/9634958
         Fax: 0261/9634959
         E-mail: rechtsanwaelte@binneberg.de

The District Court of Koblenz opened bankruptcy proceedings
against P & G Im- und Export GmbH on June 5, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         P & G Im- und Export GmbH
         Attn: Medi Shirhadaegh, Manager
         Unit Consult Rechts- und Steuerberatung
         Roonstrasse 9-11
         56068 Koblenz
         Germany


XYZ ERSATZTEILE: Claims Registration Period Ends October 10
-----------------------------------------------------------
Creditors of xyz Ersatzteile Vertriebs GmbH (formerly J.B.
Autoteile GmbH) have until Oct. 10, 2008, to register their claims
with court-appointed insolvency manager Dr. Thorsten Schleich.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Oct. 31, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Konstanz
         Hall 207
         Second Floor
         Main Building
         Untere Laube 12
         78462 Konstanz
         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. Thorsten Schleich
         Max-Planck-Str. 11
         78052 Villingen-Schwenningen
         Germany

The District Court of Konstanz opened bankruptcy proceedings
against xyz Ersatzteile Vertriebs GmbH on Aug. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         xyz Ersatzteile Vertriebs GmbH
         Attn: Stefan Brandelik, Manager
         Johann-Georg-Fahr-Str. 1
         78244 Gottmadingen
         Germany


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


BANTRY BAY: S&P Lowers Ratings on Five Note Classes to CC
---------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch with negative implications its credit ratings on all
class of notes issued by Bantry Bay CDO I PLC.

The rating actions reflect further deterioration in the credit
quality in the underlying portfolio, as it contains U.S. CDOs of
asset-backed securities (ABS) that have been placed on CreditWatch
negative and/or have had their ratings lowered.

Bantry Bay CDO I closed on May 3, 2007 and is a static
collateralized debt obligation (CDO) of CDOs transaction.

Bantry Bay CDO I PLC:

  -- US$250 Million Secured Floating-Rate And Deferrable Floating-
     Rate Notes

Ratings Lowered And Removed From CreditWatch Negative:

Class         To              From
-----         --              ----
A-1          CCC-        CCC/Watch Neg
A-2           CC         CCC-/Watch Neg
A-3           CC         CCC-/Watch Neg
B             CC         CCC-/Watch Neg
C             CC         CCC-/Watch Neg
D             CC         CCC-/Watch Neg


CAPPOQUIN CHICKENS: Sold to Two Investors from Britain
------------------------------------------------------
Liquidator Aidan O'Connell of Deloitte has confirmed, in a
statement, that Cappoquin Poultry Plant has been sold to Derby
Poultry, Irish Times reports.

Mr. O'Connell said, "Two private investors, Perwiaz Latif and
Zahid Hussain, owners of Derby Poultry in the UK, have taken
majority stakes in Cappoquin Poultry Limited, the company formed
for the purposes of this acquisition."

The company went into liquidation on Sept. 2, 2008 with debts
estimated between EUR7 million to EUR8 million, Ann-Marie Foley of
Farmers Weekly reports.

Cappoquin workers are expected to meet with the trade union in the
coming days.

Cappoquin Poultry processes 220,000 chickens per week and pays out
up to EUR7 million per year in wages.


DUNNE HOTELS: High Court Appoints Liquidator to Three Hotels
------------------------------------------------------------
Mr. Justice Barry White of The High court in Dublin has appointed
William O'Riordan of PricewaterhouseCoopers as official liquidator
to three hotels owned by the Dunne Hotels Group (DG Hotels)
including The Clybaun Hotel Ltd. in Galway, Patrick Punches Hotel
Ltd. in Limerick and Bar None Ltd., which operates the Woodstock
Hotel in Ennis, Co Clare, Aodhan O'Faolain of The Irish Times
reports.

According to the report, the hotels, which had been in
examinership since June, had no prospect of survival.

Rossa Fanning BL, for Mr. O'Riordan, said, that of the hotel
group's six companies placed into examinership in June, five of
them had no prospect of survival as there was "no investment
package available", the report discloses.

Mr. Fanning, however, asked the court to do nothing in relation to
the Ridgepool Hotel in Ballina, Co Mayo, and the Two Mile Inn in
Limerick.  The Bank of Scotland (Ireland), which is the main
secured creditor, is set to appoint a receiver for those two
companies, the report notes.

Mr. Fanning, the report adds, also asked the court that
Mr. O'Riordan be allowed to continue to operate the hotels so that
they can honor existing bookings.

Meanwhile, the sixth company, Seno Hotel and Property Company
Ltd., c/o The Two Mile Inn Hotel, Ennis Road, Co Limerick, will
remain in examinership as it had a reasonable prospect of
survival, the report states.

DG Hotels, the report relates, went into examinership after
running out of cash and amassing sizable debts following a fall-
off in visitors from the United States.  The company blamed the
weakening of the US dollar and the strengthening of the euro, and
the emergence of cheaper holiday destinations for the decline in
the number of American visitors to Ireland.

Dunne Hotels Group -- http://www.dghotels.com/-- is owned by
Brendan Dunne and Hilda Dunne.

In 2006, the hotel group had revenues of more than EUR36 million,
while properties were valued at EUR86 million.


EAMONN HASSETT: Goes Into Liquidation
-------------------------------------
Eamonn Hassett and Co. Ltd., a property developer and builder in
Ireland, has gone into liquidation after racking up debts of
EUR5.7 million, Barry O'Halloran of The Irish Times reports.

The company was wound up at a creditors' meeting on Wednesday,
Oct. 1, the report relates.  Declan McDonald of Foster McAteer was
appointed liquidator.

According to the report, the company owes its unsecured creditors,
consisting mainly of suppliers, EUR5.69 million but only has
EUR1.72 million available to meet these debts.  The statement of
affairs, however, indicates that the company has enough to pay the
EUR13,683 it owes the Revenue and the EUR596,915 it owes AIB,
which is subject to a floating charge.

Meanwhile, abridged accounts filed by the company show that it has
been losing money since 2005, the report notes.

Kilkenny Scaffolding, Shannon Valley Civil Engineering and Kennedy
Mechanical Electrical are among the creditors going after the
company, the report adds.


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


COMPAGNIE INDUSTRIALI: S&P Cuts Corp. Credit Ratings to 'BB+/B'
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long and short-
term corporate credit ratings on Italy-based holding company CIR-
Compagnie Industriali Riunite SpA to 'BB+/B' from 'BBB-/A-3', and
all senior unsecured debt ratings to 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed on
Aug. 1, 2008, after the group's announcement of its plans to spin
off its non media assets.

"The rating action is a first step in an ongoing review conducted
since the announcement of the spin-off project, and reflects the
credit concerns raised by the company's willingness to undertake
such an unexpected, complex, and we think credit negative
transaction," said S&P's credit analyst Xavier Buffon.

The split remains to be approved by minority shareholders.

S&P believes that the existence of this project, which is driven
by equity considerations, makes future strategic or financial
policy decisions less predictable, which is a negative for
creditors.

Even if minority shareholders reject the project, therefore, S&P
believes that the ratings should no longer be investment grade.
If the announced project does not go through, S&P would likely
affirm the ratings.

If the spin-off transaction does go through, S&P could further
lower the corporate credit ratings and the rating on CIR's 2024
bond, by several notches, or alternatively decide to withdraw the
ratings, depending in particular on available information.

If it goes ahead, the spin-off project would reflect a
considerable reduction in the scope and diversity of CIR's asset
portfolio, which would effectively shrink to only one asset, a
majority stake in Gruppo Editoriale l'Espresso SpA (BBB-/Watch
Neg/--), thereby significantly increasing the risk of default.

At the same time, the ratings on CIR International's 2009 and
2011 bonds could be withdrawn on a lack of information, as these
bonds would be economically part of a new group.


MICRON TECHNOLOGY: Posts US$344 Mln Net Loss in 4Q Ended Aug. 28
----------------------------------------------------------------
Micron Technology, Inc., reported results of operations for its
fourth quarter and 2008 fiscal year, which ended Aug. 28, 2008.
For the fourth quarter of fiscal 2008, the company posted a net
loss of US$344 million, or US$0.45 per diluted share, on net sales
of US$1.45 billion.  These results include a non-cash charge to
cost of goods sold of US$205 million to write down the value of
work in process and finished goods inventories of memory products
to their estimated market values and the effect of a recovery of
US$70 million for price adjustments for NAND products purchased
from other suppliers in prior periods.  For the 2008 fiscal year,
the company posted a net loss of US$1.6 billion, or US$2.10 per
diluted share on net sales of US$5.8 billion.

The annual results also include the effect of a non-cash charge of
US$463 million during the second quarter of fiscal 2008, in
accordance with FASB Statement No. 142, "Goodwill and Other
Intangible Assets," to write off the carrying value of goodwill
previously recognized in the company’s memory segment.  Absent the
effects of the fourth quarter inventory write-down, the NAND Flash
price adjustments and second quarter goodwill write-off, net loss
would have been US$209 million, or US$0.27 per diluted share, for
the fourth quarter and US$1.02 billion, or US$1.32 per diluted
share, for the 2008 fiscal year.  In the fourth quarter and for
the 2008 fiscal year, the company generated US$243 million and
US$1.0 billion, respectively, in cash flows from operating
activities and ended the quarter with US$1.4 billion in cash and
investments.

"The global memory market continues to experience severe
oversupply and price degradation, and it remains a challenging
period for all of us competing in the industry," said Steve
Appleton, Micron Chairman and CEO.  "Micron has pursued various
initiatives in the past year to drive greater cost
efficiencies across our operations and has made significant
progress as shown by our cost per bit reductions and the
contribution of cash flow from operations to the balance sheet.
Consistent with these efforts and in view of market conditions, we
are implementing a 20 percent reduction in salary compensation for
Micron senior executives, while we continue to diligently work
through our business planning process to ensure the
competitiveness and long-term success of the company."

Sales of memory products in the fourth quarter of fiscal 2008
decreased 4 percent compared to the third quarter.  Sales of DRAM
products in the fourth quarter of fiscal 2008 decreased slightly
compared to the preceding quarter primarily as a result of an
approximate 5 percent decrease in gigabit sales.  Comparing the
same periods for NAND Flash products, sales decreased
approximately 10 percent as a result of an approximate 20 percent
decrease in the average selling price, partially offset by an
approximate 10 percent increase in gigabit sales.

Absent the effect of the inventory write-down in the fourth
quarter and the NAND Flash price adjustments, the company's gross
margin on sales of memory products was slightly positive, with
cost of goods sold per gigabit in the fourth quarter decreasing
approximately 5 percent and 15 percent for DRAM
and NAND Flash products, respectively, compared to the third
quarter.  Inventories for memory products decreased in the fourth
quarter of fiscal 2008 compared to the third quarter partially as
a result of the write-down at the end of the fourth quarter.

Sales of CMOS image sensors in the fourth quarter of fiscal 2008
increased slightly compared to the third quarter and represented
12 percent of the company's total sales in the fourth quarter.
The company's gross margin on sales of imaging products during the
fourth quarter decreased to 29 percent compared to 35 percent in
the third quarter, primarily due to lower average selling prices.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

                          *     *     *

Micron Technology Inc. continues to carry 'BB-' corporate credit
and senior unsecured debt ratings from Standard & Poor's with
negative outlook.  S&P affirmed the ratings on April 29, 2008.


UNICREDIT SPA: To Raise EUR6.6 Bil. to Strengthen Capital Ratios
----------------------------------------------------------------
UniCredit SpA Board of Directors on Sunday approved measures that
would raise up to EUR6.6 billion to significantly reinforce the
company's capital position.  UniCredit estimates that its Core
Tier 1 ratio Basel II (which was 5.7% at the end of June 2008)
will reach a level of around 6.7% by year end, compared with its
previous target of 6.2%, as a result of the combined effect of the
said capital-strengthening action, the implementation of a series
of cost-cutting measures, and the execution of other extraordinary
transactions currently underway or envisaged.

Citing extremely challenging entire financial sector for the past
three weeks, UniCredit said the capital target of 6.7% Core Tier 1
at the end of 2008 is based on expected Group net earnings of
about EUR5.2 billion, equivalent to approximately EUR0.39 EPS
prior to the capital increase.  The gap versus the previously
announced target of EUR0.52 EPS is attributable both to
deteriorated financial markets conditions, which have affected the
performance of market-related activities and to the delay in
UniCredit assets disposal plan.

The capital-strengthening initiatives include:

   -- Payment of dividends related to 2008 earnings
      in new shares for an expected aggregate amount
      of EUR3.6billion; and

   -- Placement of a EUR3billion issue of Core Tier 1
      "Convertible Equity Instruments" ("CASHES" or
      "instruments") with a group of institutional
      investors, the size of which will be reduced
      depending on shareholders’ take-up of the
      rights offering.

As the issuance of the new ordinary shares underlying the
instruments must be approved at a UniCredit shareholders' meeting
and offered to the current shareholders on a pre-emptive basis,
the UniCredit Board of Directors resolved to call an extraordinary
shareholders’ meeting in November 2008, with a view to completing
the transaction as soon as practicable within the first quarter
2009, subject to regulatory approvals.

In that extraordinary meeting, shareholders will be asked to
approve a capital increase of 973 million new ordinary shares at a
price of EUR3.083 per share, of which EUR2.583 represents share
premium.

To the extent that the shareholders exercise their rights to
subscribe for such shares, the volume of the CASHES to be issued
will be reduced pro-rata.  The CASHES are securities that are
convertible at the investor’s option into new UniCredit ordinary
shares to be issued following receipt of the necessary
authorizations.
The instruments have been priced with a coupon of 3-month Euribor
plus 450bps, in line with terms of recent bank capital financing,
and an exchange price fixed at EUR3.083.  They will be convertible
at any time after 40 days from their issue date and will be
automatically converted into UniCredit ordinary shares if the
UniCredit share price exceeds 150% of the exchange price (i.e.,
EUR4.6245) over a set period following the 7th anniversary of
their issuance.

UniCredit said the instruments offering met a significant level of
demand; UniCredit core shareholders and other institutional
investors committed to subscribe up to EUR3 billion, of which EUR2
billion already approved by their relevant bodies, while the
remaining amount of EUR1 billion is expected to obtain such
approval in the forthcoming days.

UniCredit Markets & Investment Banking, Mediobanca and Merrill
Lynch International advised on the overall capital strengthening
measures, on the structuring of the instruments and acted as
private placement agents of the CASHES.  They also have been
mandated to manage the rights offering.

Additionally, the company's Board will propose at the
shareholders' meeting, the authorization to dispose of the
existing treasury shares at market conditions.

                     Unforeseen Consequences

Bloomberg News reports that UniCredit hit near an 11-year low on
October 6, Monday, after Chief Executive Officer Alessandro
Profumo said the bank underestimated the global financial crisis,
forcing him to cut profit forecasts and propose raising capital.
The report says UniCredit's shares in Milan trading Monday fell as
much as 16% to EUR2.59 before closing down 5.5% at EUR2.91,
cutting the bank's market value to EUR39 billion (US$53 billion).

"We made some mistakes in evaluating the market scenario, that's
absolutely clear to us," Bloomberg News quoted Mr. Profumo as
saying during a conference call with analysts October 6.  "Waves
of market turbulence," a deteriorating macroeconomic scenario and
"unprecedented lack of trust among financial institutions" led to
the need to raise capital.

Mr. Profumo added the bank also erred in acquiring several rivals
at the "top of the market", Bloomberg News relates.  In retrospect
"we could have waited," he said, referring to acquisitions in
Ukraine, Kazakhstan, Austria and Russia, and the purchase of
Capitalia.  Still, the bank has no plans to exit any markets, the
executive was cited by Bloomberg News as saying.

On rumors that he will resign, Mr. Profumo told Bloomberg
Television he will "stand by" the bank's employees and management
team.

                 S&P Revises Outlook to Negative

On October 6, Standard & Poor's Ratings Services revised its
outlook on UniCredit SpA to "negative" from "stable" stating that
the company's downward revision of earnings expectations reflects
the exposure of market-related activities to exceptionally high
market volatility as well as the expectation that more severe
macroeconomic conditions across the board will constrain profit
opportunities.

"The negative outlook reflects the uncertainty of sustainable
earnings," said Standard & Poor's credit analyst Mr. Buffa di
Perrero.

According to S&P, UniCredit's business is exposed to economic
conditions in Germany, and to volatile Central and Eastern
European (CEE) countries.

The decision, the rating agency said, more than redresses the
situation in which the bank previously found itself, where
management had failed to strengthen its just-adequate capital
ratios solely through earnings retention.

                Fitch Changes Outlook to Negative

UniCredit disclosed in an October 2 press statement that Fitch
Ratings changed to "negative" from "positive" the outlook for
UniCredit, for its Italian subsidiaries – UniCredit Banca di Roma
Spa, Banco di Sicilia Spa, Bipop Carire Spa and UniCredit Banca
per la Casa Spa – and for Germany based HVB, Bank Austria and Bank
Pekao in Poland.  At the same time, UniCredit's Individual Rating
was changed to "B/C" from "B".

In its decision on the outlook, Fitch considers that "While the
group's profitability has historically been good, its recent
performance has been weighed down by lower commissions, reflecting
the difficulties in the global asset management sector, and
negative results from market operations, in particular the
negative marked-to-market valuations on its structured credit
portfolio".

                       About UniCredit SpA

Headquartered in Milan, Italy, UniCredit SpA --
http://www.unicreditgroup.eu/-- is a holding company of an
Italian banking group.  The Group is divided into eight divisions:
Asset Management, Retail, Central Eastern Europe, Poland's
Markets, Corporate, Markets and Investment Banking, Private
Banking and Household Banking.  Through its network of companies,
the Group provides a range of products and services that include
traditional banking products, bancassurance, loans, leasing and
investment products, which it offers to individuals and
households, as well as professionals, small and medium companies
and corporations.  The Group owns local banks in a number of
central-eastern European countries (CEECs), including Poland,
Bulgaria, Croatia, Turkey, Slovakia, Romania and the Czech
Republic.  Unicredit SpA is also present through offices and
representatives worldwide in Europe, Asia and the United States.
In the fiscal year ended Dec. 31, 2007, UniCredit acquired
Capitalia Group.


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


TECHNO-UG LLC: Creditors Must File Claims by November 12
--------------------------------------------------------
LLC Tecno-Ug has shut down.  Creditors have until Nov. 12, 2008,
to submit written proofs of claim to:

         LLC Tecno-Ug
         Lenin Str. 315
         Osh
         Kyrgyzstan


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


DUTCH MORTGAGE IV: S&P Affirms BB Rating on Class D Notes
---------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
positive implications its credit ratings on the subordinate
classes of notes issued by Dutch Mortgage Portfolio Loans IV B.V.
(DMPL IV) and Dutch Mortgage Portfolio Loans V B.V. (DMPL V).  At
the same time, S&P affirmed the rating on the class D notes in
DMPL IV.

The senior class A notes in both transactions remain unaffected
by the CreditWatch placements.

The CreditWatch placements follow an initial review of the most
recent information S&P received for both transactions.

This analysis showed that the likelihood of a positive rating
action has increased for all the classes S&P placed on reditWatch
positive.  Levels of credit enhancement available to these notes
have improved and the underlying collateral continues to perform
well.

S&P will now carry out a more detailed loan-level and cash flow
analysis to investigate whether any or all of these notes can
attain a higher rating.  The results of this review and any
changes in the ratings are expected in due course.

S&P affirmed the class D notes in DMPL IV.  S&P has been informed
that there will be a correction of interest and principal payments
allocated to these notes on the previous two payments dates.
Following this correction, S&P will determine whether the notes
can be also placed on CreditWatch positive.

Dutch Mortgage Portfolio Loans IV B.V.

  -- EUR1.256 Billion Secured Floating-Rate Mortgage-Backed Notes

Ratings Placed On CreditWatch With Positive Implications:

Class         To              From
-----         --              ----
B         A/Watch Pos          A
C        BBB/Watch Pos        BBB

Rating Affirmed:

D            BB

Dutch Mortgage Portfolio Loans V B.V.

  -- EUR1.25 Billion Floating-Rate Mortgage-Backed Notes

Ratings Placed On CreditWatch With Positive Implications:

Class         To              From
-----         --              ----
B         AA-/Watch Pos        AA-
C         BBB/Watch Pos        BBB
D          BB/Watch Pos         BB


DUTCH MORTGAGE V: S&P Puts BB-Rated Class D Notes on WatchPos
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
positive implications its credit ratings on the subordinate
classes of notes issued by Dutch Mortgage Portfolio Loans IV B.V.
(DMPL IV) and Dutch Mortgage Portfolio Loans V B.V. (DMPL V).  At
the same time, S&P affirmed the rating on the class D notes in
DMPL IV.

The senior class A notes in both transactions remain unaffected
by the CreditWatch placements.

The CreditWatch placements follow an initial review of the most
recent information S&P received for both transactions.

This analysis showed that the likelihood of a positive rating
action has increased for all the classes S&P placed on reditWatch
positive.  Levels of credit enhancement available to these notes
have improved and the underlying collateral continues to perform
well.

S&P will now carry out a more detailed loan-level and cash flow
analysis to investigate whether any or all of these notes can
attain a higher rating.  The results of this review and any
changes in the ratings are expected in due course.

S&P affirmed the class D notes in DMPL IV.  S&P has been informed
that there will be a correction of interest and principal payments
allocated to these notes on the previous two payments dates.
Following this correction, S&P will determine whether the notes
can be also placed on CreditWatch positive.

Dutch Mortgage Portfolio Loans IV B.V.

  -- EUR1.256 Billion Secured Floating-Rate Mortgage-Backed Notes

Ratings Placed On CreditWatch With Positive Implications:

Class         To              From
-----         --              ----
B         A/Watch Pos          A
C        BBB/Watch Pos        BBB

Rating Affirmed:

D            BB

Dutch Mortgage Portfolio Loans V B.V.

  -- EUR1.25 Billion Floating-Rate Mortgage-Backed Notes

Ratings Placed On CreditWatch With Positive Implications:

Class         To              From
-----         --              ----
B         AA-/Watch Pos        AA-
C         BBB/Watch Pos        BBB
D          BB/Watch Pos         BB


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


KHORLOVSKIY CHEMICAL: Creditors Must File Claims by October 26
--------------------------------------------------------------
Creditors of OJSC Khorlovskiy Chemical Plant have until Oct. 26,
2008, to submit proofs of claims to:

         A. Volodin
         Temporary Insolvency Manager
         Post User Box 7
         Nikolskoe-Arkhangelskoe
         Balashinskiy
         143956 Moscovskaya
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on
Dec. 22, 2008, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. A41-13475/08.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         OJSC Khorlovskiy Chemical Plant
         Sovetskay Str. 108
         Khorlovo
         Voskresenskiy
         140215 Moskovskaya
         Russia


LEKOM-INTEROIL LLC: Creditors Must File Claims by October 26
------------------------------------------------------------
Creditors of LLC Lekom-Interoil (TIN 7706255469, PSRN
1027700355363) have until Oct. 26, 2008, to submit proofs of
claims to:

         V. Pristupa
         Insolvency Manager
         125222 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-9980/08-123-25B.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 440
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         LLC Lekom-Interoil
         Building 1
         Delegatskaya Str. 7
         127473 Moscow
         Russia


MACHINE-CONSTRUCTION PLANT: Claims Filing Period Ends by Oct.26
---------------------------------------------------------------
Creditors of OJSC Machine-Construction Plant (TIN 7725044417)
have until Oct. 26, 2008, to submit proofs of claims to:

         P. Novikov
         Temporary Insolvency Manager
         Apt. 267
         Building 1
         Volzhskiy Boulevard 31
         109462 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A40-29906/08-103-91B.

The Court is located at:

         The Arbitration Court of Moscow
         Hall 773
         Novaya Basmannaya Str. 10
         Moscow
         Russia

The Debtor can be reached at:

         OJSC Machine-Construction Plant
         Building 1
         Donskaya Str.4
         117049 Moscow
         Russia


POWER ELECTRONICS: Creditors Must File Claims by November 26
------------------------------------------------------------
Creditors of OJSC Power Electronics Research and Manufacturing
Association (TIN 1328902562) have until Nov. 26, 2008, to submit
proofs of claims to:

         P. Poddubnyui
         Insolvency Manager
         Ladozhskaya Str. 91/125
         440071 Penza
         Russia

The Arbitration Court of Mordovia commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A39-458/2008-29/6.

The Court is located at:

         The Arbitration Court of Mordovia
         Kommunisticheskaya Str. 33
         Saransk
         Mordovia

The Debtor can be reached at:

         OJSC Power Electronics Research and Manufacturing
         Association
         Gagarina Str. 99a
         Saransk
         Mordovia
         Russia


PROF-MET LLC: Creditors Must File Claims by October 26
------------------------------------------------------
Creditors of LLC Prof-Met have until Oct. 26, 2008, to submit
proofs of claims to:

         F. Galyumov
         Insolvency Manager
         Post User Box 167
         450105 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-7490/2008-36-66.

The Court is located at:

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

The Debtor can be reached at:

         LLC Prof-Met
         Gagarina Str. 48
         454072 Chelyabinsk
         Russia


* MOSCOW OBLAST: Moody's Puts Ba2 Ratings on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the Ba2 foreign and local currency ratings of the Oblast
of Moscow (Russia).  The review follows the recent tightening of
financial market conditions in Russia coupled with the Oblast's
significant direct and indirect debt repayments to be paid off in
next few months.

Moody's understands that current credit crunch in Russia has
restricted the access to the market for regional and local
governments and has led to a substantial increase in the cost of
borrowing.  Although the Russian federal government has taken
numerous measures to address the credit crunch, access to
refinancing will likely be hampered by high interest rates in the
next few months.  Meanwhile, Moscow Oblast has to repay its bank
loans of RUR18 billion (US$690 million) in October and December,
as well as a few guarantees provided to the local state-owned
companies.  The rating agency also expects that the Oblast will
have to service a part of the non-guaranteed debt of its major
companies.

Moody's notes that the Oblast's government has accumulated some
cash liquidity on its treasury account.  However, the Oblast's
interest expenses will continue to grow and the debt duration will
likely shorten over the medium term, reflecting current market
deterioration.  These factors coupled with a possible medium term
impact of the liquidity crunch on the local economy can exert
strong pressure on the Oblast's budgetary performance.

"In this regard Moody's notes that the Moscow Oblast's ability to
redeem or refinance its principal and interest debt in next three
months, avoiding recourse to federal bailout and a significant
increase in the interest rate, will be crucial for the Oblast's
ratings.  Any considerable improvements in market conditions that
facilitate access to funding could be also regarded as a positive
factor in light of the undertaken rating review," says Alexander
Proklov, a Moscow-based Moody's Vice President-Senior Analyst, and
lead analyst for this issuer.

Moscow Oblast is located in the area surrounding the City of
Moscow.  With 6.6 million inhabitants, it accounts for 4.5% of the
total population of Russia, whereas its contribution to the
national GDP is 4% of the total.  The region has posted average
annual gross regional product (GDP) growth of 7% in 2003-2007.


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


RENTA CORP: Wants Creditors to Revise Waiver on EUR500 Mil. Loan
----------------------------------------------------------------
Renta Corporacion Real Estate SA asked creditors on Friday,
Oct. 3, 2008, to change the terms of a waiver it won in August on
a EUR500 million (US$692.9 million) syndicated loan, Reuters
reports.

In a statement to the Spanish stock exchange, the company said it
wanted "to adjust the covenants and other terms envisaged in the
syndicated loan to the exceptional, transitory state of the
markets, mainly the financial markets, which have significantly
deteriorated since then (August)," the report relates.

On Aug. 8, 2008, Renta has reached an agreement with the group of
financial institutions making up the syndicated loan, according to
which they have granted a long term waiver -– until the end of
2009 –- with respect to certain financial ratios (covenants)
specified in the contract, which were set in a very different
context from the current market scenario.  The parties have agreed
to establish new monitoring rules, adjusted and adapted to the
current situation, to give the company the necessary operational
and financial stability to carry out its day-to-day business.

In the context of this new monitoring framework, Renta has
committed to a series of commitments, on which the most noteworthy
is the reduction of its financial indebtedness to no more than
EUR500 million by June 2009, a goal which is fully in line with
the strategic policy which the Renta Corporacion group is
following.

Headquartered in Barcelona, Renta Corporacion Real Estate SA
-- http://www.rentacorporacion.com-- is principally engaged in
the real estate sector, with interests in the purchase and sale of
lands and buildings.  The Company is structured in three main
areas: Residential, acquisition of residential buildings for
refurbishment and sale; Office, acquisition of large urban
buildings, usually offices or industrial buildings, for
transformation and sale; Land, acquisition of the large-scale
property complexes for development and sale.  Its major
acquisitions are located in Spain (Barcelona, Madrid, Seville,
Malaga and Palma de Mallorca), France (Paris), the United Kingdom
(London), Germany (Berlin), and the USA (New York).  As of the end
of fiscal year 2007, the Renta Corporacion Real Estate SA is a
part of the group comprised of 22 enterprises.


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


FORD MOTOR: Conditions Satisfied for UAW Settlement Deal
--------------------------------------------------------
Ford Motor Co. disclosed in a Securities and Exchange Commission
filing that it is updating certain of the guidance provided in its
Quarterly Report on Form 10-Q for the period ended June 30, 2008.

Due to deteriorating economic conditions and other factors, the
company expects that results for its Volvo segment will be worse,
instead of improved, in the second half of 2008 compared with the
first half of this year.

Ford, the UAW, and class representatives of former UAW-represented
Ford employees filed a Settlement Agreement with a federal
district court in April 2008 relating to retiree health care
coverage.

The Settlement Agreement provides that a new retiree health care
plan, to be funded by a new Voluntary Employee Beneficiary
Association trust, would become permanently responsible for
providing retiree health care benefits to covered UAW employees
and eligible spouses and dependents on the later of December 31,
2009 or final court approval of the Settlement Agreement and
Ford's completion of discussions with the Securities and Exchange
Commission regarding satisfactory accounting treatment.

Ford would fund the New VEBA through a number of sources,
including funds that currently existed in voluntary employee
beneficiary association trusts, Ford-issued convertible and term
notes, and cash on hand.

The parties to the Settlement Agreement acknowledged that Ford's
obligations to pay into the New VEBA are fixed and capped as
provided in the Settlement Agreement and that Ford is not
responsible for, and does not provide a guarantee of:

(1) the payment for future benefits to plan participants;

(2) the asset returns of the funds in the New VEBA; or

(3) the sufficiency of assets in the New VEBA to fully pay the
     obligations of the New VEBA or the New Plan.

Effectiveness of the Settlement Agreement was conditioned upon
each of these:

(1) issuance of a class certification order by the United
     States District Court for the Eastern District of Michigan
     that defined the class in the same manner as Class is
     defined in the Settlement Agreement;

(2) Court approval of the Settlement Agreement in a form
     acceptable to Ford, the UAW and the Class; and

(3) successful completion of discussions between Ford and the
     SEC regarding satisfactory accounting treatment.

As of Sept. 30, 2008, each of the conditions has been satisfied,
and the period for appeal of Court approval has expired with no
appeal having been filed.

The company will re-measure its UAW hourly retiree health care
obligations, and expect to record a significant curtailment gain
in the third quarter of 2008.

                    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
=====================


GENERAL MOTORS: Unable to Meet Demand, Factory to Run Overtime
--------------------------------------------------------------
Sharon Terlep at Dow Jones Newswires reports that General Motors
Corp. said that it will keep its sole U.S. compact-car factory
running on overtime for the remainder of this year

According to Dow Jones, GM is still unable to meet demand for
fuel-efficient small cars.  It is running short on Chevrolet
Cobalt cars despite adding a third shift at its Lordstown, Ohio,
assembly plant, the report says.

Dow Jones relates that GM's global sales analyst Mike DiGiovanni
said in a conference call on Wednesday, "The increased
availability [of Cobalt] is still kind of out in front of us.
We're in good shape and we think we'll have adequate availability
to sell into that segment, which is a pretty good segment right
now."  GM won't build new car assembly plants or covert truck
factories, and will manage the rising demand by adding shift as
existing locations, Dow Jones reports.

                   About General Motors

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

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

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


GENERAL MOTORS: Amended GSA and MRA Take Effect
-----------------------------------------------
General Motors Corporation disclosed in a Securities and Exchange
Commission filing that an Amended Global Services Agreement and
the Master Restructuring Agreement between the company and Delphi
Corporation, as approved by the U.S. Bankruptcy Court for the
Southern District of New York on Sept. 26, 2008, became effective
on Sept. 29, 2008.

A full-text copy of the Amended GSA and MRA is available for free
at http://ResearchArchives.com/t/s?3330

                      About Delphi Corp.

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

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

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

(Delphi Bankruptcy News, Issue 146; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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

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

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


GENERAL MOTORS: Exchanges 16MM Shares for Series D Debentures
-------------------------------------------------------------
General Motors Corporation disclosed in a Securities and Exchange
Commission filing that it has issued an aggregate of 16,000,000
shares of its common stock, par value US$1-2/3 per share in
exchange for US$176,417,800 principal amount of its 1.50% Series D
Convertible Senior Debentures due 2009, beneficially owned by a
qualified institutional holder of the Debentures.

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

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

                    About General Motors

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

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

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


GENERAL MOTORS: CEO Says US & Europe Markets to Remain Weak
-----------------------------------------------------------
U.S. and Western European markets will remain weak in the first
half of 2009, General Motors Corp. CEO Fritz Henderson told
reporters at a roundtable discussion at the Paris auto show on
Thursday, Oct. 2, according to Reuters.

Meanwhile, Mr. Henderson is set to provide details of the Hummer
brand to potential buyers this month as to whether there would be
a deal or not, Reuters relates.  He noted several parties had
expressed interest in the brand.

                       About General Motors

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

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

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


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


APEKS LLC: Creditors Must File Claims by October 11
---------------------------------------------------
Creditors of LLC Building-Investment Company Apeks (code EDRPOU
34294760) have until Oct. 11, 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 the bankruptcy supervision
procedure on the company.  The case is docketed as 43/423.

The Debtor can be reached at:

         LLC Building-Investment Company Apeks
         Ap. 15
         Konstantinovskaya Str. 54
         04071 Kiev
         Ukraine


DIBROVA OJSC: Creditors Must File Claims by October 11
------------------------------------------------------
Creditors of OJSC Zhashkov Repair Station Subsidiary Company
Dibrova (code EDRPOU 05453634) have until Oct. 11, 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 Dec. 6, 2007.
The case is docketed as 14/5404.

The Debtor can be reached at:

         OJSC Zhashkov Repair Station Subsidiary Company Dibrova
         Kuybishev Str. 10
         Cherkassy
         Zhashkov
         Ukraine


DIV LLC: Creditors Must File Claims by October 11
-------------------------------------------------
Creditors of LLC DIV (code EDRPOU 32958372) have until Oct. 11,
2008, to submit proofs of claim to:

         Finko Andrew
         Liquidator
         Ovrazhnaya Str. 29
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 1,
2008.The case is docketed as 42/95B.

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

The Debtor can be reached at:

         LLC DIV
         Kuybishev Str. 58
         Donetsk
         Ukraine


IKZ HOLDING: Creditors Must File Claims by October 11
-----------------------------------------------------
Creditors of LLC Trading-Production Company IKZ Holding (code
EDRPOU 31274558) have until Oct. 11, 2008, to submit proofs of
claim to:

         Fedchuk Bogdan
         Liquidator
         Of. 407
         Chernovol Avenue 63
         79058 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 26, 2008.
The case is docketed as 8/102.

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Trading-Production Company IKZ Holding
         Of. 407
         Chernovol Avenue 63
         79058 Lvov
         Ukraine


PENTKOM LLC: Creditors Must File Claims by October 11
-----------------------------------------------------
Creditors of LLC Pentkom (code EDRPOU 21784247) have until
Oct. 11, 2008, to submit proofs of claim to:

         Zhurba Alexander
         Liquidator
         Lesovoy Lane 4
         Severodonetsk
         93400 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 28, 2008.
The case is docketed as 12/74b.

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Pentkom
         Zavodskaya Str. 38
         Severodonetsk
         93400 Lugansk
         Ukraine


RODOVID BANK: Moody's Puts E+ BFSR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade Rodovid Bank's E+ bank financial strength rating (BFSR)
and B3 long-term local and foreign currency deposit and debt
ratings.  Moody's has also downgraded the bank's national scale
rating (NSR) to Baa3.ua from Baa1.ua.

Moody's rating action has been prompted by a weakening of Rodovid
Bank's liquidity position under the current stressful market
conditions.  Rodovid Bank has been historically reliant on short-
term corporate deposits and interbank funding, which creates a
significant negative asset-liability gap.  Moody's believes that,
under the market conditions prevailing globally and in Ukraine,
Rodovid Bank may have limited resources available to fully
refinance its notable short-term maturity gap.  According to the
bank, some refinancing facilities are available from the National
Bank of Ukraine, but the overall volume and timeliness of such
funding remain uncertain.  Moody's understands that the bank is in
negotiations with some of its creditors under interbank and
corporate liabilities to extend the tenor of the maturing
obligations.

Moody's rating review will focus on the situation with regard to
Rodovid Bank's liquidity position.  Failure to minimise the
current short-term liquidity mismatch swiftly through enhancing
the bank's liquidity cushion or refinancing its maturing debt
could increase Rodovid Bank's liquidity risk further and result in
a rating downgrade.

With a head office in Kyiv, Ukraine, at end-H1 2008 Rodovid Bank
reported total assets of UAH11.99 billion (US$2.47 billion) and
net income of UAH54.89 million (US$11.3 million) according to
financial statements prepared under the national accounting
standards.


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


AMERICAN INTERNATIONAL: Sale Can Help Repay Loan, Says UBS Analyst
------------------------------------------------------------------
The sale of American International Group assets could help repay
the US$85 billion loan the company secured from the government,
Liam Pleven at The Wall Street Journal reports, citing UBS analyst
Andrew Kligerman.

AIG's CEO Edward Liddy laid out a plan to sell the company's
assets, including all of its domestic life-insurance operations
and a part of its foreign life business, to pay off the loan, WSJ
relates.  As reported in the Troubled Company Reporter on Oct. 6,
2008, AIG will refocus the company on its core property and
casualty insurance businesses, generate sufficient liquidity to
repay the outstanding balance of its loan and address its capital
structure.  AIG had drawn US$61 billion on the Federal Reserve
Bank of New York credit facility as of Sept. 30, 2008.

WSJ relates that so much of AIG is being put on sale that the
company should be able to raise substantial sums.  The report
states that Mr. Kligerman said, "By my calculations, there's more
than enough to cover the loan," even given the upheaval in the
markets and there is still a pool of buyers "with reasonably high
demand."

According to WSJ, Mr. Kligerman said that AIG's domestic life-
insurance operations alone could fetch US$24 billion.  WSJ states
that Mr. Liddy will sell American Life Insurance Co., which is in
Japan, Europe, and the Middle East, among other places, and other
units that sell life insurance in Japan and Taiwan.  The report
says that the foreign life-insurance operations could be
particularly attractive to buyers.

Citing Mr. Liddy, WSJ relates that AIG prefers to sell off units
to companies with strong brand names, ratings, and balance sheets
"because they can be done with speed and you attract larger
buyers."  Manulife Financial Corp., Prudential Financial Inc., and
MetLife Inc., might pursue AIG's offerings, which could earn AIG
tens of billions of dollars, WSJ states.

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

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

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

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

The Credit Facility provides for a 79.9% equity interest in AIG.
The Credit Facility provides for an initial gross commitment fee
of 2% of the total Credit Facility
on the closing date.

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

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

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

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

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

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

                    *     *     *

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

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


AMERICAN INTERNATIONAL: Discloses 8.4% Equity Stake in eTelecare
----------------------------------------------------------------
American International Group, Inc., Philippine American Life and
General Insurance Company, AIG Life Holdings (International) LLC,
American International Reinsurance Company, Ltd., American
International Assurance Company (Bermuda) Limited, AIG Global
Investment Corp. (Asia) Ltd., AIG Asian Opportunity Fund LP and
AIG Asian Opportunity G.P., L.L.C. disclosed in a Securities and
Exchange Commission filing that they may be deemed to beneficially
own 2,457,832 shares of eTelecare Global Solutions, Inc.'s common
stock, representing 8.4% of the shares issued and outstanding.

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

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

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

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

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

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

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

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

                       *     *     *

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

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


AMERICAN INTERNATIONAL: Robert Sandler Retires from Firm
--------------------------------------------------------
American International Group, Inc. disclosed in a Securities and
Exchange Commission filing that named executive officer Robert M.
Sandler has retired from AIG following a change in his position.
Mr. Sandler, 66, had been employed by AIG for over 39 years.

On Sept. 22, 2008, AIG's retention program became effective.  The
program applies to approximately 130 executives and consists of
cash awards payable 60 percent in December 2008 and 40 percent in
December 2009.

In connection with Mr. Sandler's retirement, AIG entered into an
agreement and release that implements the retirement benefits of
AIG's long-term compensation plans and provides the separation pay
and other benefits to which AIG executives are entitled under
AIG's Executive Severance Plan for terminations without cause.
These benefits include a payment of a total of US$2,514,168 in
separation pay, payable over two years.

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

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

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

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

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

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

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

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

                       *     *     *

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

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


AMERICAN INTERNATIONAL: Has 33.2% Stake in Transatlantic Holdings
-----------------------------------------------------------------
American International Group, Inc., AIG Property Casualty Group,
INC., and American Home Assurance Company disclosed in a
Securities and Exchange Commission filing that they may be deemed
to beneficially own 22,018,973 shares of Transatlantic Holdings,
Inc.'s common stock, representing 33.2% of the shares issued and
outstanding.

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

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

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

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

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

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

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

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

                       *     *     *

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

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


AMERICAN INTERNATIONAL: Moody's Cuts Unsecured Debt Rating to 'A3'
------------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured debt
rating of American International Group, Inc. to A3 from A2.  This
rating action reflects Moody's view that if AIG successfully
completes the divestiture and restructuring plan, its business
diversification will be significantly reduced.  AIG's long-term
ratings and its Prime-1 short-term rating remain on review for
possible downgrade, reflecting the substantial execution risk in
the restructuring plan, particularly given the current turbulent
credit market.

In the past year, AIG has reported substantial losses and write-
downs associated with mortgage-backed securities, largely through
its credit default swap and securities lending portfolios.
Significant cash collateral calls and maturities related to these
activities in recent weeks have caused the company to borrow
heavily under the US$85 billion revolving credit facility recently
provided by the Federal Reserve Bank of New York.  Total
borrowings under the two-year secured facility amounted to
US$61 billion as of September 30, 2008, and more borrowings are
expected in the months ahead.

Moody's believes that the asset sales plan, if successful, will
enable the company to repay borrowings under the Fed facility and
emerge as a more focused, albeit less diversified, insurance firm.
The continuing review for possible downgrade incorporates the risk
that the situation may deteriorate, either because of shortfalls
in executing the restructuring plan or because of declines in the
business or financial profiles of the operations to be retained.
Moody's believes that the risk of such deterioration is materially
mitigated by the involvement of the Fed and the enhanced market
liquidity that will likely result from the US Government's pending
US$700 billion financial rescue plan.

Following the restructuring, AIG's core businesses are expected to
include the US-based Commercial Insurance Group, Foreign General
Insurance and a majority stake in American International
Assurance.  The parent company's A3 senior debt rating is now
three notches below the Aa3 insurance financial strength ratings
of the CIG companies, the largest core operating unit.  A three-
notch differential is common among US insurance groups, but this
represents an expansion of the notching for AIG, based on Moody's
view that AIG will be materially less diversified following the
restructuring.  AIG's Prime-1 short-term rating reflects the
significant protection to short-term creditors afforded by the Fed
credit facility in the near term.

Moody's also announced rating actions on several AIG subsidiaries
whose ratings depend on explicit or implicit parental support.
Ratings on most AIG units remain on review for possible downgrade.
Moody's expects to revisit the stand-alone ratings, and perhaps
the public ratings, for the major life insurance operations over
the next few weeks.  Certain operating units have been placed on
review with direction uncertain, signaling potential sales to
buyers whose credit profiles could be stronger, weaker or similar
to that of AIG.

The success of the restructuring plan, in Moody's view, hinges
largely on AIG's ability to contain and reduce risk in its
mortgage exposed investment and derivative portfolios.  A majority
of the borrowings under the Fed credit facility have been used to
address liquidity and capital needs stemming from these exposures.
Moody's noted that further deterioration in market values within
these portfolios could further strain the company's resources
through such mechanisms as increased collateral calls or
reductions/terminations of funding arrangements.  Such strains
could weaken the company's credit profile, which may lead to
additional rating downgrades.

In such an event, contingent additional capital and liquidity
needs could be triggered.  The rating agency expects that AIG --
with the support and interest of the Fed -- will pursue various
means to limit the risks associated with market value volatility
in its investment and derivative portfolios.

AIG's core insurance operations are fundamentally solid, said
Moody's.  CIG is the largest US commercial insurer, with a sound
capital base, well diversified product offerings and expertise in
writing large and complex risks.  Foreign General is the top
provider of accident & health insurance globally, operating in
some 80 countries and adapting to local laws and customs as
needed.  The AIA companies make up one of the largest and most
diversified life insurance groups spanning Asia and Australia.

The insurance and other operations identified for sale include
market leaders in many business lines and geographic areas.  Major
units expected to be sold include Domestic Life Insurance and
Retirement Services, one of the largest and most diversified life
insurance groups in the US; American Life Insurance Company, one
of the largest international life insurers, with operations in
more than 50 countries; International Lease Finance Corporation, a
global leader in leasing and remarketing advanced technology
commercial aircraft; and a minority stake in AIA.  AIG's sales
plans encompass well over a dozen substantial businesses.

Moody's noted that all of AIG's operations are subject to
significant reputational risk in connection with the recent
liquidity strains that gave rise to the Fed credit facility.
Challenges facing AIG managers include retaining clients,
distributors and employees; demonstrating that the operating
companies have ample resources to meet their obligations;
generating new business; and facilitating divestitures.  It will
take time to determine the extent to which recent events may have
weakened the companies' standing in their respective markets.

Moody's continuing review of the ratings on AIG and its
subsidiaries will focus on (i) the firm's evolving liquidity
profile, including the level of borrowing under the Fed credit
facility; (ii) steps taken to contain and reduce risk in the
investment and derivative portfolios, including any associated
losses or costs as well as any potential benefit from the US
Government's pending US$700 billion financial rescue plan; (iii)
the
timing and amounts of cash proceeds generated from asset sales;
(iv) the performance of major operating units, whether they are
core operations or targeted for sale; and (v) the resulting
financial flexibility profile (e.g., financial leverage and fixed
charge coverage) of AIG following the asset sales.

For those operations being sold, Moody's will consider their
intrinsic financial strength as well as the rating profiles of
potential acquirers.

The last rating action on AIG took place on September 18, 2008,
when Moody's reiterated the existing ratings and the review for
possible downgrade, following the activation of the Fed credit
facility.

Moody's has downgraded these ratings and kept them on review for
possible further downgrade:

* American International Group, Inc. -- long-term issuer rating
   to A3 from A2, senior unsecured debt to A3 from A2,
   subordinated debt to Baa1 from A3;

* AGFC Capital Trust I -- backed preferred stock to Baa3 from
   Baa2;

* AIG General Insurance (Taiwan) Co., Ltd. -- insurance
   financial strength to A3 from A1;

* AIG Life Holdings (US), Inc. -- backed senior unsecured debt
   to A3 from A2;

* AIG Retirement Services, Inc. -- backed senior unsecured debt
   to A3 from A2, backed preferred stock to Baa2 from Baa1;

* American General Capital II -- backed trust preferred stock to
   Baa1 from A3;

* American General Finance Corporation -- long-term issuer
   rating to Baa1 from A3, senior unsecured debt to Baa1 from A3;

* American General Institutional Capital A & B -- backed trust
   preferred stock to Baa1 from A3;

* Capital Markets subsidiaries -- AIG Financial Products Corp.,
   AIG Matched Funding Corp., AIG-FP Capital Funding Corp., AIG-
   FP Matched Funding Corp., AIG-FP Matched Funding (Ireland)
   P.L.C., Banque AIG -- backed senior unsecured debt to A3 from
   A2;

* Mortgage Guaranty subsidiaries (second-lien and student loans)
   -- United Guaranty Commercial Insurance Company of North
   Carolina, United Guaranty Residential Insurance Company of
   North Carolina -- backed insurance financial strength to Baa1
   from A3.

Moody's has placed this rating on review for possible downgrade:

* American General Finance, Inc. -- short-term debt at Prime-2.

These ratings remain on review for possible downgrade:

* American International Group, Inc. -- short-term issuer rating
   at Prime-1;

* AIG Edison Life Insurance Company -- insurance financial
   strength at Aa3;

* AIG Financial Products Corp. -- backed short-term debt at
   Prime-1;

* AIG Funding, Inc. -- backed short-term debt at Prime-1;
* AIG Liquidity Corp. -- backed short-term debt at Prime-1;
* AIG Matched Funding Corp. -- backed short-term debt at
   Prime-1;

* AIG SunAmerica funding agreement-backed note programs -- AIG
   SunAmerica Global Financing Trusts, ASIF I & II, ASIF III
   (Jersey) Limited, ASIF Global Financing Trusts -- senior
   secured debt at Aa3;

* AIG SunAmerica subsidiaries -- AIG SunAmerica Life Assurance
   Company, First SunAmerica Life Insurance Company, SunAmerica
   Life Insurance Company -- insurance financial strength at Aa3;
   short-term insurance financial strength at Prime-1;

* AIG UK Limited -- insurance financial strength at A1;

* American International Assurance Company (Bermuda) Limited --
   insurance financial strength at Aa3;

* American Life Insurance Company -- insurance financial
   strength at Aa3;

* Commercial Insurance Group subsidiaries -- AIG Casualty
   Company; AIU Insurance Company; American Home Assurance
   Company; American International Specialty Lines Insurance
   Company; Commerce and Industry Insurance Company; National
   Union Fire Insurance Company of Pittsburgh, Pennsylvania; New
   Hampshire Insurance Company; The Insurance Company of the
   State of Pennsylvania -- insurance financial strength at Aa3;

* Domestic Life Insurance & Retirement Services subsidiaries --
   AIG Annuity Insurance Company, AIG Life Insurance Company,
   American General Life and Accident Insurance Company, American
   General Life Insurance Company, American International Life
   Assurance Company of New York, The United States Life
   Insurance Company in the City of New York, The Variable
   Annuity Life Insurance Company -- insurance financial strength
   at Aa3;

* Mortgage Guaranty subsidiaries (first-lien loans) -- United
   Guaranty Mortgage Indemnity Company, United Guaranty
   Residential Insurance Company -- backed insurance financial
   strength at Aa3.

Moody's has downgraded the ratings and placed them on review with
direction uncertain:

* ILFC E-Capital Trusts I & II -- backed preferred stock to Baa3
   from Baa2;

* International Lease Finance Corporation -- senior unsecured
   debt to Baa1 from A3, preferred stock to Baa3 from Baa2,
   senior unsecured debt shelf to (P)Baa1 from (P)A3.

Moody's has placed these ratings on review with direction
uncertain:

* International Lease Finance Corporation -- short-term debt at
   Prime-2;

* Transatlantic Holdings, Inc. -- senior unsecured debt at A3,
   senior unsecured debt shelf at (P)A3, subordinated debt shelf
   at (P)Baa1;

* Transatlantic Reinsurance Company -- insurance financial
   strength at Aa3.

Moody's maintains a negative outlook on these ratings:

* American General Finance Corporation -- short-term debt at
   Prime 2;

* CommoLoco, Inc. -- backed short-term debt at Prime-2.

These ratings have been (downgraded and) withdrawn for business
reasons:

* AIG Capital Corporation -- long-term issuer rating to Baa2
   from Baa1; short-term issuer rating at Prime 2.

AIG, based in New York City, is a leading international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.  AIG reported
total revenues of US$19.9 billion and a net loss of US$5.4 billion
for the second quarter of 2008.  Shareholders' equity was
US$78.1 billion as of June 30, 2008.


DGT STEEL: Business Sold to Consortium; 100 Jobs Secured
--------------------------------------------------------
Following the administration of Lenwade based DGT Steel & Cladding
Ltd. on Wednesday, Oct. 1, 2008, and the lay off of the majority
of the employees, the business has been successfully sold to a
consortium of businessmen by the administrators and the jobs
saved.

DGT went into administration following pressures in the commercial
property development sector and a difficult summer's trading.
Administrators from PricewaterhouseCoopers LLP were called in and
took immediate steps to protect the business by laying off all
staff and contacting DGT's key customers.  They also moved as a
matter of urgency to contact potentially interested parties in
buying the business.

Stephen Oldfield, joint administrator and partner,
PricewaterhouseCoopers LLP said:  "The staff were understandably
concerned they might never come back to jobs from lay off either
because customers did not want them back on site or because we had
not found a buyer.  However, the decision to lay them off gave my
team the time to ascertain the positions on the contracts and to
find a buyer.  Lay off meant they were not earning their full wage
but they were not redundant and therefore had the chance of
resuming employment as normal.

"I am therefore delighted that with the business sale to the
Consortium, it is business "as usual" and employees have returned
to work.  The team at PricewaterhouseCoopers worked very hard over
the weekend with support from Eversheds Solicitors and Naismiths
Quantity Surveyors to conclude the best deal for all creditors -
including the employees.

"To conclude a deal within four business days of our appointment
is a record for me over the twenty years I have been in business
recovery.  It shows what can be done if you are open and honest
with employees at the outset and concentrate on getting the deal
done.  If this deal had drifted further into this week I think the
contracts DGT had would have fallen away and closure would have
been inevitable."

The Consortium, led by Van Thurston and SPC Holdings Ltd.,
successfully concluded the deal for the business of DGT, and the
purchase will preserve more than 100 jobs at the offices and
workshops of the business.

Mr. Thurston said "Although these are very difficult times for any
business involved in the Construction industry, I have a high
regard for the DGT workforce.  I am confident that we can build a
successful business for the future."

Andre Serruys of SPC Holdings said "I am pleased that we have been
able to support the new DGT business.  We have been able to ensure
the continuing employment of over 100 people in the new business,
which I feel is very important in the current economic market."

               About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.


DIOMED HODLINGS: Pays in Full Debt to Hercules Technology
---------------------------------------------------------
Diomed Holdings Inc. has settled in full its loan with Hercules
Technology Growth Capital, Inc., with the payment at the end of
September of US$1.1 million in accrued interest and loan fees, in
addition to the full repayment of US$6.0 million of principal
which was made in April 2008, Hercules Technology said in a press
release Wednesday.

"We are pleased that we were able to get full repayment of the
loan principal plus accrued interest and fees," said Manuel A.
Henriquez, co-founder, chairman and chief executive officer of
Hercules.

According to the press release, Diomed Holdings received
US$7.0 million as a result of the settlement agreement with
AngioDynamics Inc. which resolved the patent infringement lawsuit
between the companies originally filed in January 2004.  Of the
US$7.0 million settlement proceeds, US$6.0 million was used to
repay the outstanding loan principal balance to Hercules.

As reported in the Troubled Company Reporter on Sept. 25, 2008,
Bill Rochelle of Bloomberg News reported that the United States
Bankruptcy Court for the District of Massachusetts will convene a
hearing on Nov. 4, 2008, to consider confirmation of the
liquidating Chapter 11 plan of Diomed Holdings, Inc., and its
debtor-affiliate Diomed, Inc.

Diomed agreed to sell its U.S. operations to AngioDynamics in
April.  AngioDynamics closed the sale of Diomed Holdings Inc.'s
U.S. businesses on June 17.

                     About Diomed Holdings

Based in Andover, Massachussetts, Diomed Holdings Inc. (AMEX:
DIO) -- http://www.evlt.com/and  http://www.diomedinc.com/--
develops and commercializes minimal and micro-invasive medical
procedures that use its proprietary laser technologies and
disposable products.  Diomed's EVLT(R) laser vein ablation
procedure is used in varicose vein treatments.  Diomed also
provides photodynamic therapy for use in cancer treatments, and
dental and general surgical applications.  Diomed Holdings has
no assets other than its 100% ownership in Diomed Inc., its
operating unit.  Diomed Inc. owns 100% of Diomed Ltd. in the
United Kingdom and Diolaser Mexico SA de CV in Mexico.  The
company also has an affiliate in Asia through Diomed Hong Kong.

The company and its affiliate, Diomed Inc., filed for Chapter 11
protection on March 14, 2008 (Bankr. D. Mass. Case Nos. 08-40750
and 08-40749).  Douglas R. Gooding, Esq., at Choate Hall &
Stewart LLP, is the Debtors local counsel and McGuireWoods LLP
is its general counsel.  Goulston & Storrs P.C. is counsel to
the Official Committee of Unsecured Creditors.  The company's
schedules show total assets of US$19,936,479 and total liabilities
of US$14,743,485.

In connection with the Chapter 11 filings, Diomed Ltd. filed for
Administration under the laws of the United Kingdom in the
Cambridge County Court.  Steven Mark Law of Ensors was named as
administrator.


EWHURST CONTROL: Brings in Liquidators from Tenon Recovery
----------------------------------------------------------
Robert C. Keyes and Paul W. Ellison of Tenon Recovery were
appointed joint liquidators of Ewhurst Control Services Ltd. on
Sept. 17, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Ewhurst Control Services Ltd
         c/o Tenon Recovery
         Aquarium
         1-7 King Street
         Reading
         Berkshire
         RG1 2AN
         England


LEHMAN BROTHERS: High Court Approves Client Asset Claims Process
----------------------------------------------------------------
The joint administrators of Lehman Brothers International (Europe)
wish to update clients of LBIE about the position in relation to
client monies and assets held by LBIE and what steps have been
taken by the Administrators in this area.  This update follows
statements made by the Administrators on Sept. 21 and 26, 2008.

In addition to addressing the issue of those Client Assets that in
principle should be available to be returned to clients, the
Administrators are very aware of the existence and issues faced by
all of LBIE's unsecured creditors and their responsibilities to
them.  The Administrators have sought to adopt a system for
dealing with Client Asset claims in an orderly and efficient
manner and one which, while recognizing the importance of dealing
with Client Asset claims, enables them to act with proper regard
to the interests of all creditors.  In particular the
Administrators wish to assure all creditors that their claims will
be fairly and equitably treated.

This statement addresses only the position in relation to Client
Assets.  In order to ensure a planned and organized system for
dealing with the large number of Client Asset claims the
Administrators have designed a set of processes and procedures to
deal with the claims in a logical, efficient and fair manner
consistent with the performance of their primary functions of
achieving a better result for LBIE's creditors as a whole than
would be achieved on an immediate winding up.

The Administrators presented these procedures to the High Court on
Oct. 7, 2008, at which the FSA was also present, and have obtained
an order approving these steps.

                          Background

Since their appointment, the Administrators have treated the
identification and return of Client Assets of LBIE as a very
important and urgent matter, recognizing also that it is a
complex, highly technical area.  The Administrators fully
appreciate the market issues being faced by counterparties and
that subject to certain preconditions being met those assets that
are properly Client Assets should be available to be returned to
clients.

Against this background, the Administrators considered it
appropriate to seek direction from the High Court on the
development of appropriate procedures to be adopted to manage
Client Asset claims.

                         The Process

The process for the identification and return of Client Assets,
which has been approved by the Court, is set out below.

General Approach

The Administrators will:

    i. identify and take appropriate steps to gain control of
       all property of or held in the name of or otherwise to
       the order of LBIE, whether money, securities or other
       contractual rights, that may be subject to trust or
       proprietary claims;

   ii. identify the entire population of counterparties that
       purport to have claims, rights or other interests in the
       Trust Property;

  iii. seek to reconcile all of the data and information
       available to LBIE and the Administrators from the pre-
       administration records in relation to the Trust Property
       with the information supplied by counterparties,
       custodians and any other appropriate sources;

   iv. whether by agreement, directions from the Court or
       otherwise, reach a clear determination of the various
       legal issues that impact upon the validity of the Trust
       Claims and the rights of LBIE over the Trust Property;

    v. subject to directions from the Court, agree a procedure
       for making interim distributions of Trust Property to
       counterparties with valid Trust Claims;

   vi. determine the basis upon which the costs and expenses of
       the Administrators in dealing with and determining all
       issues in relation to the Trust Property can be
       discharged from the proceeds of the Trust Property and
       apply for directions on such matters, as necessary; and

  vii. determine the most expedient method of communicating with
       counterparties in relation to the procedure being adopted
       by the Administrators, the progress made towards the
       achievement of the defined objectives and the directions
       that may be given from time to time by the Court.

Method

The Administrators will:

   i. deploy dedicated resource comprising partners and
      employees from PricewaterhouseCoopers LLP and Linklaters
      LLP, to take responsibility for the further development
      and implementation of a plan designed to achieve the
      objectives set out in paragraph 1 above; and

  ii. set up a discrete sub-committee to monitor the
      construction and implementation of this scheme and the
      efficiency and fairness of the methodology.  This sub-
      committee will also review the principles applicable to
      prioritizing the determination of the claims of the
      particular counterparties by identifying, where
      appropriate, high profile problems or hardship issues, to
      ensure that the overriding objective of treating all
      counterparties fairly is not prejudicial to the interests
      of a minority or that there is not otherwise a problem
      that requires specific and accelerated attention.  This
      sub-committee will meet periodically (initially daily) to
      review the prioritization and refine the process as events
      develop.

Key Steps

The Trust Property Team will undertake inter alia the following
functions:

   i. design and install a new IT system onto which it will
      upload all of the data available from the internal systems
      of LBIE relating to client deposits and securities that
      may be Trust Property;

  ii. implement a process to reverse or amend the LBIE records
      for failed or broken trades as a consequence of the
      Administration, to enable the Trust Property to be more
      fully identified;

iii. identify the impact of termination notices that have been
      served post-administration, validate these events and
      other activities of third parties and either review the
      clients' valuation of the impact of the termination or
      undertake a valuation of the impact of termination on the
      rights of LBIE under various contracts; and

  iv. agree a protocol in relation to the implementation of
      corporate actions that may need to be undertaken in
      relation to Trust Property, for example, the exercise of
      voting rights, receipt of dividends, rights issues and
      other pre-emptive offers, that will have an impact on the
      ultimate value of the Trust Property.

The Trust Property Team will contact all of the third party
custodians, agents, counterparties, exchanges and clearing houses
where Trust Property may be located to obtain confirmation of the
securities that are being held and to agree a procedure whereby
the Administrators can have online access in relation to data
regarding the securities and seek to obtain formal written
confirmation of the position by security and by Depot.  The
Administrators will also seek to establish that they have complete
or adequate control over the securities for the ultimate benefit
of the counterparties with Trust Claims or LBIE and that any liens
asserted by the Depots are assessed and valued.  Once the data is
available, the Trust Property Team will reconcile the books of
LBIE to those of the Depots, by security and by Depot, with a view
to identifying and resolving discrepancies.  Where appropriate,
this process will take account of the interests of LBIE in its
"house accounts".

The Administrators will write to all of the counterparties who may
have Trust Claims to obtain from them full details of the rights
and claims they believe they have in relation to all forms of
Trust Property.  The Trust Property Team will seek to reconcile
all of the data that is obtained in relation to Trust Property as
a consequence of the exercise outlined in the paragraph above with
the information obtained from counterparties.

While the data reconciliation process is being undertaken, the
Administrators have instructed Linklaters to devise a program to
determine by reference inter alia to the various contracts
utilised by LBIE in its dealings with all counterparties, the
various categories of legal issues that will need to be determined
before a proposal for the distribution of the Trust Property can
be prepared.  The Administrators will consider whether it is
possible for this process to take place in parallel to the data
collection exercises noted above, or whether it is more
appropriate (in some cases) to wait until it is clear that all the
legal issues identified need resolution in practice.

Prioritization

The Administrators will, having taken due account of any views of
the FSA, identify a set of principles that can be applied when
considering prioritizing claims, taking into account, where
appropriate and consistent with their duties as administrators,
the following factors, which include:

   i. the quality and timing of data being available to the
      Administrators;

  ii. the speed of response of counterparties in dealing with
      the Administrators' questions, coupled with the quality
      and accuracy of the data supplied, the complexity of the
      data and the legal issues relevant to the determination of
      a particular claim;

iii. the number of claims that may be made to a particular
      class or category of Trust Property; the risk of a
      shortfall of Trust Property;

  iv. the cost efficiency and expediency of the relevant
      process; and

   v. market stability and confidence.

Further Directions

The Administrators may from time to time need to seek further
directions from the High Court on this process and on particular
issues arising from it.

            About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.

                   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.


MOTOR WORLD: Calls in Administrators from BDO Stoy Hayward
----------------------------------------------------------
Motor World Ltd has appointed Dermot Power, Graham Newton and
Matthew Dunham, Business Restructuring partners at BDO Stoy
Hayward as joint administrators, reifenpresse.de reports.

Due to the decline in retail sales, the company closed 95 of its
237 retail units.  Three hundred of its staff lost their jobs due
to the closure.  The remaining 142 units have been sold to Pacific
Retail Limited saving approximately 500 jobs.

Motor World Ltd. -- http://www.motor-world.co.uk/-- is one of the
UK's largest independent automotive car care retailers, trading
from a chain of 237 retail units across the country.


NORTHERN ROCK: Implements Changes to Range of Savings Products
--------------------------------------------------------------
Northern Rock plc has made further changes to its range of savings
products in recognition of its commitment to its Competitive
Framework.  The self-imposed framework is designed to ensure
Northern Rock does not take unfair advantage of Government support
during the period of temporary public ownership.  As part of this
commitment Northern Rock has capped its market share of UK retail
deposit balances at 1.5%.  Northern Rock confirms that retail
balances remain within this level.

However, recent turbulence in financial markets has led to a
sizable inflow of retail deposits, particularly in recent days,
and Northern Rock is therefore taking further action to moderate
its product range and product pricing, to uphold its competitive
commitments.

This follows the recent withdrawal of a number of funding
products, including its Fixed Rate Access Bond and online E-Saver
product.  The Company will continue to monitor closely the level
of retail balances and manage both its product range and pricing
in order to comply with its Competitive Framework.

Products Withdrawn:

Northern Rock is withdrawing a number of savings products for new
customers from its range including:

    * Silver Savings
    * Silver Savings 30
    * Business Reserve
    * Range of Fixed Rate Bonds

Product withdrawals will take effect from Thursday, Oct. 2, 2008.

Northern Rock retains a range of savings products and remains open
for business.  For existing customers, there are no changes to the
terms and conditions and it is business as usual.

Products Available:

Northern Rock's still maintains a range of savings products for
new customers that includes:

    * Branch Saver - 4.90% AER
    * Range of Fixed Rate ISA's - up to 6.00% AER
    * Save Direct Base Rate Tracker - 3.45% AER
    * Save Direct Tracker 90 - from 3.70% AER
    * Current Account

Further detail on trading will be provided at the time of the
Company's Quarter 3 Trading Statement, which is due to be released
on Oct. 14, 2008.

                Northern Rock Savings Pledge

Northern Rock's Savings Pledge continues to ensure that its savers
are kept fully informed of any changes to their accounts. Northern
Rock writes to its savers every time it changes the interest rate
on their account.  In addition, if the account is a notice account
and rates are to be reduced, the advance notice will be at least
the same as the notice period.

                   About Northern Rock

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

                          *     *     *

Northern Rock plc continues to carry a B1 subordinated debt
rating, a B3 junior subordinated rating, a C preferred stock
rating and an E+ bank financial strength rating from Moody's with
developing outlook.

The bank still carries an 'F' individual rating from Fitch.


STRAKER INTERACTIVE: Appoints Nick Wood as Liquidator
-----------------------------------------------------
Nick Wood of Grant Thornton UK LLP was appointed liquidator
of Straker Interactive Ltd. on Sept. 15, 2008, for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Straker Interactive Ltd.
         1640 Parkway
         Solent Business Park
         Whiteley
         Fareham
         PO15 7AH
         England


WADKIN ULTRACARE: Calls in Liquidators from Mazars
--------------------------------------------------
Philip Michael Lyon and Roderick John Weston of Mazars LLP were
appointed joint liquidators of Wadkin Ultracare Ltd. on
Sept. 11, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Wadkin Ultracare Ltd.
         c/o Mazars LLP
         Cartwright House
         Tottle Road
         Nottingham
         NG2 1RT
         England


WILLIS GAMBIER: Sold to Samson Holdings; 61 Jobs Secured
--------------------------------------------------------
Willis & Gambier Ltd., the furniture import and distribution
business, has been successfully sold to Samson Holdings Ltd.  The
deal completed Monday evening and secured the jobs of the 61
employees based at the Company's East Anglian sites at Saffron
Walden and Peterborough.

The company went in to administration on Sept. 24, 2008, following
trading difficulties over the summer, exacerbated by the consumer
downturn in demand.  Willis & Gambier supply furniture to some of
the biggest high street retailers and the administrators were able
to secure continuity of supply for the key customers while they
sought a buyer for the business as a going concern.

Stephen Oldfield from PricewaterhouseCoopers LLP, joint
administrator, said: "We were able to stabilize the business
following the administration appointment and with the support of
the Willis & Gambier retained workforce, key customers and
suppliers, we were able to keep the orders flowing while we sought
a buyer.

"I am delighted that we were able to do this deal which sees 61
employees transferred to the new owners as from [Mon]day.  This is
good news for East Anglia and all the more pleasing given the
current uncertain economic environment."


               About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.


* S&P Issues Report on U.S. Bailout and European Government Summit
------------------------------------------------------------------
On Oct. 4, 2008, the leaders of Europe's G8 members (France,
Germany, Italy, and the U.K.) met to discuss the current turmoil
in the banking system.  As expected, the meeting did not lead
to the creation of a European equivalent of the US$700 billion
U.S. bail-out plan.  It would be difficult to establish such a
plan in Europe because each country would differ in its ability
and willingness to participate, which would likely frustrate
agreement on individual contributions.  Instead, the leaders
re-affirmed their commitment to take "all necessary measures" on
a country-by-country basis to ensure the soundness and stability
of the banking system.

There has, in Standard & Poor's Ratings Services' view, been very
strong government support for European banks throughout the
credit crunch, and the recent summit seems to confirm that there
is a clear consensus in favor of maintaining this stance.
Government support is a key rating factor for European banks and
a significant mitigant to the extreme funding pressures currently
facing the sector, which would otherwise call for lower bank
ratings.

The governments' joint statement following the summit details a
number of areas where government support for European banks will
be maintained and in many cases strengthened.  At the industrywide
level, it encourages central banks to ensure the provision of
sufficient liquidity to the system to preserve confidence and
stability.  It also proposes to increase and harmonize the amounts
covered by national deposit guarantee schemes.  It encourages
improved co-ordination and co-operation between EU member states,
including enhanced supervision of groups with cross-border
business, and greater consideration of the effects of national
decisions on other countries.  The latter appears to refer to
Ireland's guarantee of its largest financial institutions, which
reportedly resulted in a transfer of deposits from banks in other
countries.

In S&P's view, there is potential for confusion between the formal
guarantee on senior and dated subordinated debt introduced by the
Irish government and the pledges/commitments announced by a number
of other European governments (including Germany and Denmark) to
guarantee the safety of deposits in their respective banking
systems.  While individual countries will continue to act
decisively to maintain the integrity of their economies,
uncoordinated actions could, in S&P's view, have a potentially
destabilizing effect, leading to competitive distortions between
banks and national jurisdictions.  The government leaders also
urged the European Commission to respond quickly and flexibly in
its application of state aid rules, and to allow EU member states
to increase government budget deficits beyond agreed targets,
where necessary.

In an article published last week, S&P explained how extraordinary
government support is taken into account in its ratings on
European banks.  The rating agency classifies European countries
as supportive because they generally rely on prudential regulation
to maintain stable banking systems, but can be expected to
intervene directly in stress periods such as now.  The recent
summit, in S&P's view, underlines the strong likelihood of
government support for systemically important European banks in
the current climate.  European governments have clearly concluded
that rescuing systemically important banks must take clear
precedence over moral hazard and competition concerns at the
present time.

The industrywide and institution-specific measures which have
already been taken in Europe illustrate, in S&P's view, that
governments are extremely unlikely to allow solvent systemically
important banks to fail because of a lack of liquidity.  If market
conditions remain extremely difficult, the rating agency expects
that a growing number of European banks will benefit from specific
government support in the foreseeable future.  S&P expects that
governments will continue to favor and facilitate private sector
solutions where possible, but will otherwise lead a rescue
themselves.  In some cases, such as Fortis and Bradford & Bingley,
S&P's have seen joint private and public sector solutions.  The
various potential scenarios may, in its view, have materially
different outcomes for different classes of creditors,
particularly preferred shareholders and subordinated bondholders.
Once the credit crunch has passed, governments will likely demand
tighter regulation and a degree of restructuring of the banking
sector as a payback for the support currently being provided.
Danish banks, for example, may not pay ordinary dividends while
their state guarantee is in place.

In this environment, S&P continues to base its European bank
ratings on its analysis of their fundamental long-term
creditworthiness.  Widespread downgrades or rating volatility
would not, in its view, reflect the reality of the significant
external support that currently underpins the sector. This support
is intrinsic to the banks' standing in the current climate, and it
would be futile to attempt to divorce it from their "stand-alone"
ratings.  Equally, rating relativities do not primarily reflect
S&P's view of the likelihood of each bank being rescued, if
necessary.  The overwhelming priority given to the maintenance of
financial confidence and stability means that European governments
and central banks can be expected to support any bank with high or
moderate systemic importance.

S&P will continue to take rating action in cases where individual
banks appear more vulnerable to economic and market developments
than peers at the same rating level.  S&P will also act on the
ratings of debt instruments (particularly subordinated issues)
that may be adversely affected by a rescue targeted at the
protection of a bank's retail depositors and senior wholesale
funding.


* Wall Street Crisis Hits Various Banks Across Europe
-----------------------------------------------------
The Guardian's David Teather wrote that the contagion from the
Wall Street crisis spread throughout Europe pointing to Iceland's
and Germany's rescue of ailing banks, Britain's decision to
nationalize Bradford & Bingley Plc, and the bail-out of the
Belgian bank Fortis N.V.

According to The Guardian, Economists were wary of predicting
where the crunch might bite next.  Global Insight's chief European
economist, Howard Archer, said that the weak ones will be next.

A. France

The widening turmoil was also felt in France, The Guardian stated.
President Nicolas Sarkozy summoned the heads of the nation's
leading banks and insurance groups to an emergency summit aimed at
preventing the crisis from gaining traction there.  Rumors had
then began to circulate that Franco-Belgian bank Dexia is next to
face trouble.

B. Germany

The Guardian noted that the German government and other banks
extended a EUR35 billion (GBP28 billion) lifeline to Hypo Real
Estate, the second largest commercial property lender in the
country and one of the country's largest publicly quoted
companies.  The agreement represented the most serious impact of
the crisis.

The finance ministry had said the government would provide
EUR26.6 billion, with several unidentified banks making up the
rest, the report continued.

C. Belgium

The governments of Belgium, the Netherlands and Luxembourg reached
agreement on an EUR11.2 billion bail-out of Fortis to avoid
duplicating Northern Rock's undertakings, The Guardian reported.

Fortis is one of the largest retail banks across the three
countries.  Each government took a 49% stake in the Fortis
subsidiaries in its country.  Under the agreement, Fortis will
sell its stake in Dutch bank ABN Amro, which it bought a year ago
for EUR24 billion.  According to The Guardina, Fortis' buy of ABN
Amro marked the beginning of the bank's troubles.

D. Iceland

The government in Reykjavik seized control of Glitnir, one of
Iceland's biggest banks, stoking fears that the tiny nation might
be facing financial disaster.  The Icelandic government bought a
75% stake in Glitnir for EUR600 million.  Glitnir said its funding
position had deteriorated in a matter of days and its largest
shareholder, Stodir, had filed for bankruptcy.

The Guardian noted that the Icelandic krona has lost 60% of its
value against the dollar this year.


                            *********

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 * * *