TCREUR_Public/081009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, October 9, 2008, Vol. 9, No. 201

                            Headlines

A U S T R I A

ELA LLC: Claims Registration Period Ends October 28
MALEC LLC: Claims Registration Period Ends October 27
GRUENZWEIL LLC: Claims Registration Period Ends October 28


B E L G I U M

FORTIS: Moody's Cuts Sub. and Preferred Guarantees Ratings to Ba1


B U L G A R I A

* BULGARIA: Small Construction Firms to Go Bust, BIA Chair Says


F R A N C E

NATIXIS SA: Largest Shareholders in Merger Talks
SYNTAX-BRILLIAN: Vivitar's Paris and UK Offices Cease Trading


G E R M A N Y

A & R BETRIEBS: Claims Registration Period Ends October 13
AUGUSTINEN GRUNDSTUECKS: Creditors' Meeting Set October 15
BAUGESCHAFT VON: Claims Registration Period Ends October 15
CAFE PLATANE: Claims Registration Period Ends October 12
CCS DRUCK: Claims Registration Period Ends October 15

ESCADA AG: Moody's Downgrades Rating on EUR200 Mil. Notes to B3
GENERAL MOTORS: Opel to Cut Production in Europe by 40,000 Cars
HSC HANDELSSYSTEME: Claims Registration Period Ends October 15
KAPELLA DACHDECKEREI: Creditors Meeting Slated for October 13
KIENITZER DACHBAU: Claims Registration Period Ends October 15

LECKERHOELKEN BETRIEBS: Claims Registration Period Ends Oct. 15
LEIN TECH: Creditors Meeting Slated for October 13
NOVAFORM KUECHEN: Claims Registration Period Ends Oct. 13
PICABELLO GMBH: Claims Registration Period Ends Oct. 13
PIZZERIA CAPRICCIO: Claims Registration Period Ends Oct. 13

PRODUCTION UND ASSEMBLING: Claims Registration Ends Oct. 12
R + S BAU: Claims Registration Period Ends October 13
SCHOEN-HAUS GMBH: Claims Registration Period Ends Oct. 13

* GERMANY: Rejection of Banks' Rescue Fund Gets ECB's Support


H U N G A R Y

PROPEX INC: Committee Sued BNP Paribas, et al., Over Demise
PROPEX INC: Wants to Hire PricewaterhouseCoopers as Accountants


I C E L A N D

GLITNIR BANKI: IFSA Takes Control of Operations
GLITNIR BANK: S&P Cuts Counterparty Credit Rating to 'CCC'
ICESAVE: To Go Into Insolvency Proceedings in Iceland
LANDSBANKI: In Receivership; IFSA Takes Control of Operations
LANDSBANKI: Chancellor to Freeze Assets in the UK

* S&P Revises Iceland's BICRA to Group 8 from Group 5


I R E L A N D

BIRCHPORT: Seeks Examinership Following Downturn in Pub Business
CAPPOQUIN CHICKEN: Workers Take Deal; 40 Lost Jobs


I T A L Y

ALITALIA SPA: Lufthansa May Get Minority Stake in Airline


K A Z A K H S T A N

ADIANA MACHINERY: Creditors Must File Claims by November 25
BIOS GOLD: Claims Deadline Slated for November 25
KAMBAR & A: Claims Filing Period Ends November 21
KAZSTROY-2005 LLP: Creditors' Claims Due on November 21
MEDIUS-M LLP: Claims Registration Ends November 21

ONTUSTIK-OYU LLP: Creditors Must File Claims by November 25
RRC BUSINESS: Claims Deadline Slated for November 25
TRIO INTERNATIONAL: Claims Filing Period Ends November 25
ULDANA LLP: Creditors' Claims Due on November 25
VOSTOK STROY: Claims Registration Ends November 18


K Y R G Y Z S T A N

JALALABAT TRANS: Creditors Must File Claims by November 12


N E T H E R L A N D S

FORTIS: Moody's Cuts Sub. and Preferred Guarantees Ratings to Ba1


N O R W A Y

RADIANT: Completes US$1MM Settlement with Innovations Norway


P O L A N D

GENERAL MOTORS: Opel to Cut Production in Europe by 40,000 Cars
STOCZNIA GDYNIA: Fears Stir Up Over Rejected Rescue


R U S S I A

BANK SOYUZ: S&P Places 'B' Counterparty Credit Rating On WatchNeg
ELEMENT LEASING: S&P Puts B Counterparty Credit Rating On WatchNeg
NIZHNETAGILSKOE FREIGHT: Creditors Must File Claims by Oct. 26
SIB-LES-PERERABOTKA: Creditors Must File Claims by October 26
SOUTHERN TELECOM: S&P Shifts Outlook to Stable; Retains 'B' Rating

SSMO LENSPECSMU: S&P Revises Outlook to Stable; Affirms 'B' Rating
TMK OAO: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
TRANSOIL COMPANY: Creditors Must File Claims by October 26
URALSVYAZINFORM OJSC: S&P Shifts Outlook to Neg.; Holds BB- Rating
URENSKIY FLAX: Creditors Must File Claims by October 26

VOLGATELECOM OJSC: S&P Revises Outlook to Neg.; Keeps 'BB-' Rating
YAMAL-PETROIL CJSC: Creditors Must File Claims by October 26


S P A I N

* SPAIN: To Raise Guarantees on Bank Deposits


S W E D E N

VOLVO CAR: Mulls Additional 4,000 Job Cuts on Slumping Car Sector


S W I T Z E R L A N D

AMC MANAGEMENT: Creditors Must File Proofs of Claim by Oct. 24
DANU GUDEL: Deadline to File Proofs of Claim Set Oct. 24
FT CONSULT: Creditors Have Until Oct. 23 to File Claims
G24SOLUTIONS LLC: Proofs of Claim Filing Deadline is Oct. 24
GENERAL MOTORS: High Demand Cues Share Trading Blackout on Workers

SENN HOSPITALITY: Creditors' Proofs of Claim Due by Oct. 23
STUTZ FINANZ: Oct. 25 Set as Deadline to File Claims
SUBCONTI TRADE: Creditors Must File Proofs of Claim by Oct. 25
YANGZOM JSC: Deadline to File Proofs of Claim Set Oct. 23


U K R A I N E

ANTEY LLC: Creditors Must File Claims by October 12
CONCRETE CONSTRUCTIONS 5: Creditors Must File Claims by Oct. 12
DEEP LLC: Creditors Must File Claims by October 12
KOTOVSK BREADRECEIVING: Creditors Must File Claims by October 12
KRONPACKSERVICE LLC: Creditors Must File Claims by October 12

POLTAVA-DILO LTD: Creditors Must File Claims by October 11
SANATORIUM-PREVENTORIUM YUBILEYNY: Claims Filing Ends October 11
SPARTAK OJSC: Creditors Must File Claims by October 12


U N I T E D   K I N G D O M

ABBOTTS CREATIVE: Taps BDO Stoy to Administer Assets
AMERICAN INT'L: US$85BB Gov't Loan Is Bad Deal, Says Former CEO
AMERICAN INT'L: S&P Revises CreditWatch to Neg. from Developing
AVENT ENGINEERING: Appoints Joint Administrators from BDO Stoy
BALLY TECH: Fitch Assigns 'BB+' Rating on US$300MM Facility

BATE GROUP: Brings in Joint Administrators from BDO Stoy
BETTERVIEW WINDOWS: Appoints Joint Administrators from KPMG
ESDALE TOOLING: Taps Tenon Recovery as Joint Administrators
FOURTH MARKET: Calls in Joint Administrators from Mazars
HERITABLE: In Default; Deposit Business Transferred to ING

ICESAVE: To Go Into Insolvency Proceedings in Iceland
KAUPTHING: In Default; Deposit Business Transferred to ING
LANDSBANKI: Chancellor to Freeze Assets in the UK
LANDSBANKI GUERNSEY: Goes Into Administration
LEHMAN BROTHERS: Collapse Causes Lock Up of London-Held Assets

LSUK: Goes Into Administration; 600 Jobs at Risk
MFI RETAIL: Puts Units Into Administration; Completes MBO
MKM LONGBOAT: Shuts Down on Poor Performance and Lehman's Collapse
PLASMON PLC: Appoints Joint Administrators from Kroll
RMAC SECURITIES: S&P Cuts Ratings on Class B1a and B1c Notes to B+

SYNTAX-BRILLIAN: Vivitar's UK and Paris Offices Cease Trading
W.J. OLIVER: Forced Into Receivership by Wet Summer

* British Government Unveils Bank Rescue Package
* ENGLAND: Banks Squeeze on Household Credit Due to Falling Prices
* Europe's Rules on Pre-Pack Administrations to be Tightened
* EU Commission Tightens Capital Requirements Directive
* Europe to Dive Deeper in Crisis than the United States
* S&P Probes European Local & Regional Government Risk Indicators

* Upcoming Meetings, Conferences and Seminars


                         *********


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


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

         Mag. Sigrun Teufer-Peyrl
         Pfarrgasse 20
         4240 Freistadt
         Austria
         Tel: 07942/7 5151
         Fax: 07942/7 5151-9
         E-Mail: ra.peyrl@epnet.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 11, 2008, for the
examination of claims at:

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

Headquartered in Aigen im Muehlkreis, Austria, the Debtor declared
bankruptcy on Sept. 10, 2008, (Bankr. Case No. 17 S 35/08h). Dr.
Gunter Peyrl represents Mag. Teufer-Peyrl in the bankruptcy
proceedings.


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

         Dr. Katharina Widhalm-Budak
         Favoritenstrasse 22/12a
         1040 Vienna
         Autria
         Tel: 504 64 08
         Fax: 504 64 08-22
         E-mail: widhalm-budak@mitrecht.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Nov. 10, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Sept. 16, 2008, (Bankr. Case No. 3 S 107/08t).   Dr. Andrea Simma
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


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

         Michaela Speer
         Stadtplatz 6
         5230 Mattighofen
         Austria
         Tel: 07742/2319
         Fax: 07742/4984
         E-mail: dr.estermann-partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on Nov. 5, 2008, for the
examination of claims at:

         The Land Court of Ried im Innkreis
         Hall 101
         1st Floor
         Ried im Innkreis
         Austria

Headquartered in Braunau, Austria, the Debtor declared bankruptcy
on Sept. 11, 2008, (Bankr. Case No. 17 S 34/08v).


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


FORTIS: Moody's Cuts Sub. and Preferred Guarantees Ratings to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Fortis SA/NV and Fortis
N.V. long term issuer ratings to Baa2 from Baa1, and the ratings
were placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.

                           Summary

The rating actions follow the announcement by the Belgian state of
a number of actions with respect to Fortis' Belgium and Luxembourg
operations, namely the full acquisition and subsequent sale (75%
stake) to BNP Paribas of Fortis' Belgian banking operations and
the sale of Fortis Insurance Belgium to BNP Paribas, and the
acquisition of 66% of Fortis Bank Luxembourg by BNP Paribas.
Fortis also holds a 66% stake in an SPV that will acquire certain
structured assets from Fortis' banking operations, with the
remaining 34% held by the Belgian state (24%) and BNP Paribas
(10%).  These transactions are subject to regulatory approvals.

Consequently, the new Fortis Group (the Group)now consists solely
of Fortis' existing international insurance operations
(predominantly in Europe and Asia, including Fortis Insurance
Company (Asia) Limited, rated Baa1 IFSR), as well as the Group's
investment in the structured finance SPV.  Furthermore the Group
had historically issued various senior and hybrid securities from
or guaranteed by the holding companies, then subsequently on-lent
to the operating companies, and these obligations remain with the
Group as well as the obligations from the operating companies to
the Group.

Moody's notes that the holding company ratings should ultimately
reflect the combined financial strength of the insurance companies
included in Fortis Insurance International, their ability to
produce earnings for the benefit of the holding companies, and the
holding company's subordinated position from these entities.
Therefore, the ratings were placed under review for possible
further downgrade, and Moody's mentioned that issuer ratings of
Fortis SA/NV and Fortis N.V. could potentially be downgraded to
below investment grade ratings at the conclusion of the review.

                         Life Insurance

Moody's said that the downgrade of FICA, Fortis Group's life
insurance operation in Hong Kong, reflects the weakened level of
support to FICA from its parent, which now has a much smaller
operation, limited business diversification and weaker financial
flexibility.  The Baa1 IFSR of FICA now represents the stand-alone
financial strength of the company, whose business and financial
fundamentals remain solid and has not been materially impacted by
the financial turmoil and ownership changes at Fortis Group and
its banking operations.  The outlook, on the other hand, is
developing, reflecting the uncertainty surrounding the strategic
direction of FICA under the new ownership structure as well as its
relatively short operating history under Fortis Group.

The backed senior debt rating of Fortis Capital (Asia) is one
notch lower than the IFSR of FICA, given that the outstanding
bonds of Fortis Capital (Asia) are fully and unconditionally
guaranteed by FICA and the guarantee is effectively junior to the
liabilities of the insurance policyholders.

                    Holding Company Ratings

Commenting on the holding company ratings, Moody's said that the
rating action reflects the holding companies reliance going
forwards on earnings from Fortis' international insurance
businesses.  Moody's notes that the majority of these insurance
operations, with the exceptions of UK and Portugal, maintain
modest positions in relatively small insurance markets, such that
the level and sustainability of earnings from these businesses is
likely to be modest in future (EUR181 million net income for 2007,
excluding gains on the sale of CaiFor), and the Group's business
overall shows a relatively unclear strategic direction.  Compared
with the diversity and quality of earnings previously available to
the holding company, this represents a material change in the
holding companies' credit quality, justifying the reduction in the
holding companies' issuer ratings to Baa2 from Baa1.

The rating agency notes that Fortis SA/NV and Fortis N.V. will
receive over 14 billion in cash (which Moody's expects to be used
to repay the Group's existing senior debts), while the hybrid
debts which were previously used to provide financing to the
various operating companies of the Group are still economically
matched by loans to these entities. More negatively, the holding
company holds an investment in a structured portfolio, whose
ultimate value is still uncertain and is likely to remain so for
some time. Overall however, Moody's regards the Group's existing
debt securities as having material collateral backing.

               Instruments Backed by Fortis SA/NV

Moody's also downgraded (senior to Baa2; subordinated to Baa3;
preferred to Ba1) and placed under review for possible downgrade
all the debt ratings of the securities issued from Fortis Finance
N.V., Fortis Hybrid Financing and Fortfinlux S.A .  These rating
actions follow the rating action taken on the long-term issuer
ratings of Fortis SA/NV and Fortis N.V. since all these securities
are guaranteed by the holding companies of the Fortis Group.
Commenting further on the securities issued by Fortfinlux S.A.
(FRESH and MCS) and Fortis Hybrid Financing, the rating agency
mentioned that the respective mandatory convertible and junior /
preferred status of these securities could imply higher levels of
loss as the Fortis Group profile deteriorates, and Moody's review
will also consider whether any additional notching is necessary
for these junior instruments.

In addition, Moody's has confirmed the Baa3 rating of the
securities issued by Fortis Floating Rate Capital Funding Trust,
Fortis Fixed Rate Quarterly Capital Funding Trust, Fortis Fixed
Rate Annual Capital Funding Trust and Fortis Capital Funding LLP,
and assigned a developing outlook to these ratings.  This rating
action reflects the subordinated guarantee provided by Fortis ASR
Levensverzekering N.V. (A3 insurance financial strength rating
with a developing outlook) to these securities in addition to
guarantees from the holding companies, and the seniority of this
guarantee which will rank pari passu with preference shares of the
insurance company in case of liquidation.

                         Short-term Rating

Moody's rating on the Group's CP (P-2 under review for possible
downgrade) reflects the high level of illiquidity of the Group's
investments in structured assets as well as the dramatic reduction
of recurrent revenues coming from the operating companies
following the various divestments.  The short-term rating is also
a reflection of the Group's long-term ratings. Furthermore,
although Moody's acknowledges the current high level of cash
available within the holding companies, the ultimate cash position
of the Group remains uncertain.  The review will be concluded in
conjunction with the review of long-term ratings.

Detailed summary of rating actions:

Ratings downgraded and assigned a developing outlook:

   -- Fortis Insurance Company (Asia) Limited – insurance
      financial strength rating at Baa1 from A3

   -- Fortis Capital (Asia) Limited -- backed senior
      unsecured debt rating at Baa2 from Baa1

Ratings downgraded and placed under review for possible downgrade:

   -- Fortis SA/NV -- long term issuer rating at Baa2
      from Baa1

   -- Fortis N.V. - long term issuer rating at Baa2
      from Baa1

   -- Fortis Finance N.V. -- backed senior unsecured debt
      rating at Baa2 from Baa1

   -- Fortis Finance N.V. -- backed senior unsecured MTN
      debt rating at Baa2 from Baa1

   -- Fortis Finance N.V. -- backed subordinated MTN debt
      rating at Baa3 from Baa2

   -- Fortis Finance N.V. -- backed junior subordinated
      MTN debt rating at Baa3 from Baa2

   -- Fortis Hybrid Financing -- backed junior subordinated
      debt rating at Ba1 from Baa3

   -- Fortis Hybrid Financing -- backed preferred stock
      debt rating at Ba1 from Baa3

   -- Fortfinlux S.A. -- backed junior subordinated debt
      rating at Ba1 from Baa3

Ratings affirmed and placed under review for possible downgrade:

   -- Fortis Finance N.V. -- backed commercial paper at P-2

The following ratings have been confirmed and assigned a
developing outlook:

   -- Fortis Floating Rate Capital Funding Trust – backed
      preferred stock

   -- Fortis Fixed Rate Quarterly Capital Funding Trust --
      backed preferred stock

   -- Fortis Fixed Rate Annual Capital Funding Trust --
      backed preferred stock

   -- Fortis Capital Funding LLP -- backed preferred stock

The date of the prior rating action on Fortis Group's ratings was
on Sept. 30, 2008, when Moody's downgraded Fortis' ratings
following the announcement of a capital injection of EUR11.2
billion in Fortis Bank SA/NV, Fortis Bank Nederland (Holding) and
Fortis Bank Luxembourg by the states of Belgium, the Netherlands
and Luxembourg.

Headquartered in Brussels, Belgium and in Utrecht, the
Netherlands, Fortis Group had total assets of EUR974.3 billion and
reported shareholders' equity (including minority interest) of
EUR30.4 billion as of June 30, 2008.


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


* BULGARIA: Small Construction Firms to Go Bust, BIA Chair Says
---------------------------------------------------------------
Bulgarian Industrial Association chair Bozhidar Danev said small
construction companies in the country are likely to go bust as a
result of the global financial crisis, reiterating the need to
spend the budget surplus on infrastructure to back the
construction sector, novinite reports.

Mr. Danev predicted many of the seaside projects will not be
realized, as well as projects in less attractive sites in Sofia,
the report discloses.


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


NATIXIS SA: Largest Shareholders in Merger Talks
------------------------------------------------
Groupe Banque Populaire and Groupe Caisse d'Epargne, who jointly
own nearly 70% of investment bank Natixis SA, said Wednesday they
were discussing a merger, as the credit crisis forced
consolidation in the European financial sector, The International
Herald Tribune's David Jolly reports.

According to IHT, the two banks, which formed Natixis in 2006 by
combining their investment banking and asset management
operations, said they were exploring a combination, through a
fusion of their central operating units, Banque Federale des
Banques Populaires and Caisse Nationale des Caisses d'epargne.

The merger, aimed at allowing both banks to ride out the financial
crisis, would create a banking group with revenue of EUR17.5
billion, or US$24 billion,  deposits of EUR480 billion, and a
roughly 25% share of the French retail banking market.

Natixis, IHT says, has suffered from exposure to subprime mortgage
securities and other stricken derivatives.  The same report
relates Natixis shares have slumped to just EUR2.18 late Wednesday
in Paris from EUR19.55, or US$26.36, when it listed on the Paris
stock market in December 2006.  In September, IHT recounts,
Natixis raised EUR3.7 billion in rights issue at a price of
EUR2.25, a deep discount to its previous trading range.

The IHT report discloses that the banks, if combined, would have a
network 8,200 branches in France and nearly 100,000 employees.
With the merger, the banks would be able to operate in a
decentralized fashion while preserving their identities in a
merged institution.

Meanwhile, The Wall Street Journal relates that the merger could
take a while because it requires amendments to the bylaws of
Caisse d'Epargne, which according to the tight regulations that
govern the bank, can only be done with the passing of a law in
Parliament.

Natixis SA -- http://www.natixis.com/-- formerly Natexis Banques
Populaires, is a France-based bank listed on the Euronext Paris
Stock Exchange.  The Bank is involved in the banking sector and
offers five main types of services: financing and investment
banking, asset management, services, receivables management,
private equity and private banking.  Natixis also consolidates a
proportion of the earnings of the retail banking activities of the
Caisse d'Epargne Group and the Banque Populaire Group, its main
shareholders.  The Bank clientele comprises large corporations,
medium-sized companies, institutions and the Banque Populaire
retail-banking network.  The Bank operates in 68 countries located
in France, Europe, the Americas, Africa, Asia and Oceania.


SYNTAX-BRILLIAN: Vivitar's Paris and UK Offices Cease Trading
-------------------------------------------------------------
Vivitar Corp.'s offices in France and the United Kingdom have
closed with the loss of 26 staff, 12 in Paris and 14 in Leicester,
as the firm, known as Vivitar SA France, ceases trading, Chris
Cheesman of the Amateur Photographer Magazine reports.  Amateur
Photography Magazine is a British photography magazine.

According to the report, the firm has gone into administration
owing more than GBP4 million to creditors.

Syntax-Brillian Corporation, which ran into financial difficulties
and filed for bankruptcy under Chapter 11 in Delaware on July 8,
is the parent company of photographic equipment maker Vivitar
Corporation.  The Vivitar worldwide brandname and associated
intellectual property was recently sold to U.S. consumer
electronics firm Sakar Internatinal.

Based in Tempe, Arizona, Syntax-Brillian Corporation (Nasdaq:BRLC)
-- http://www.syntaxbrillian.com/-- manufactures and markets LCD
HDTVs, digital cameras, and consumer electronics products include
Olevia(TM) brand high-definition widescreen LCD televisions and
Vivitar brand digital still and video cameras.  Syntax-Brillian is
the sole shareholder of California-based Vivitar Corporation.

The company and two of its affiliates -- Syntax-Brillian SPE,
Inc., and Syntax Groups Corp. -- filed for Chapter 11 protection
on July 8, 2008 (Bankr. D. Delaware Lead Case No.08-11409 to
08-11409.  Dennis A. Meloro, Esq., and Victoria Watson Counihan,
Esq., at Greenberg Traurig LLP, represent the Debtors in their
restructuring efforts.  Five members compose the Official
Committee of Unsecured Creditors.  Epiq Bankruptcy Solutions, LLC
is the Debtors' balloting, notice, and claims agent.

When the Debtors filed for protection from their creditors, they
listed total assets of US$175,714,000 and total debts of
US$259,389,000.


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


A & R BETRIEBS: Claims Registration Period Ends October 13
----------------------------------------------------------
Creditors of A & R Betriebs- u. Handels GmbH have until
Oct. 13, 2008, to register their claims with court-appointed
insolvency manager Dr. Oliver Liersch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Celle Nebenstelle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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. Oliver Liersch
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511-554706-0
         Fax: 0511-554706-99
         E-mail: OLiersch@schubra.de

The District Court of Celle Nebenstelle opened bankruptcy
proceedings against A & R Betriebs- u. Handels GmbH on
Sept. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         A & R Betriebs- u. Handels GmbH
         Attn: Angelika Hasenbein, Manager
         Lake 1
         29308 Winsen/Aller
         Germany


AUGUSTINEN GRUNDSTUECKS: Creditors' Meeting Set October 15
----------------------------------------------------------
The court-appointed insolvency manager for Augustinen
Grundstuecksverwaltungs GmbH, Dr. Christoph Schulte-Kaubruegger
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:55 a.m. on Oct. 15,
2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Jan. 14, 2009, at the same
venue.

Creditors have until Nov. 21, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Augustinen Grundstuecksverwaltungs GmbH on Aug. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Augustinen Grundstuecksverwaltungs GmbH
         Bergengruenstrasse 11
         14129 Berlin
         Germany


BAUGESCHAFT VON: Claims Registration Period Ends October 15
-----------------------------------------------------------
Creditors of Baugeschaft von Ahrentschildt GmbH have until Oct.
15, 2008, to register their claims with court-appointed insolvency
manager Janin Marholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 3, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Deliusstr. 22
         Germany

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

The insolvency manager can be reached at:

         Janin Marholz
         Wall 55
         24103 Kiel
         Germany
         Tel: 0431/600530

The District Court of Kiel opened bankruptcy proceedings against
Baugeschaft von Ahrentschildt GmbH on Aug. 29, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baugeschaft von Ahrentschildt GmbH
         Sandblek 8
         24111 Kiel
         Germany


CAFE PLATANE: Claims Registration Period Ends October 12
--------------------------------------------------------
Creditors of Cafe Platane Betreibergesellschaft mbH have until
Oct. 12, 2008, to register their claims with court-appointed
insolvency manager Klaus Thiery.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Oct. 23, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Saarbruecken
         Area Hall 24
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

The insolvency manager can be reached at:

         Klaus Thiery
         Poststrasse 30
         66687 Wadern
         Germany
         Tel: (06871) 90030
         Fax: (06871) 900321

The District Court of Saarbruecken opened bankruptcy proceedings
against Cafe Platane Betreibergesellschaft mbH on Aug. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cafe Platane Betreibergesellschaft mbH
         Attn: Michael Thome, Manager
         Schlossstrasse 5
         66606 St Wendel
         Germany


CCS DRUCK: Claims Registration Period Ends October 15
-----------------------------------------------------
Creditors of CCS Druck & Direktmarketing GmbH have until Oct. 15,
2008, to register their claims with court-appointed insolvency
manager Michael Pfeffer.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 12, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

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

The insolvency manager can be reached at:

         Michael Pfeffer
         Kapuzinerplatz 1
         63739 Aschaffenburg
         Germany
         Tel: 06021/386710
         Fax: 06021/3867130

The District Court of Aschaffenburg opened bankruptcy proceedings
against CCS Druck & Direktmarketing GmbH on Aug. 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         CCS Druck & Direktmarketing GmbH
         Siemensstr. 2
         63839 Kleinwallstadt
         Germany


ESCADA AG: Moody's Downgrades Rating on EUR200 Mil. Notes to B3
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating (CFR) of Escada AG and the senior unsecured rating on the
EUR200 million notes due 2012 to B3 from B2.  The outlook on the
ratings remains negative.

"The rating downgrade follows the third revision of EBITDA
guidance for the full year made by the company in less than a
year, and the concerns Moody's has on the ongoing softness in
consumer spending and the relatively high cash burning rate of the
company that are likely to erode the recently restored liquidity
profile of the company" says Paolo Leschiutta, Moody's lead
analyst for Escada.  "Moody's understand the company is
implementing its restructuring plan aimed at improving operating
performances, however challenging market conditions are likely to
offset part of the benefits expected and key credit metrics are
expected to remain in line with a weak single-B rating beyond FYE
October 2008", adds Mr. Leschiutta.

Moody's is expecting financial leverage, measured as Debt to
EBITDA, to exceed 6x and fixed charge coverage, measured as
(EBITDA - Capex) to Interest Expenses, to remain below 1x at FYE
October 2008.  In addition, Moody's would expect current market
conditions to continue to affect company's operating performances
over the short term.  Moody's notes that apparel manufacturers in
general are subject to a high degree of business seasonality and
volatility and therefore need adequate liquidity and stronger
credit metrics to cover for seasonal and cyclical peaks.

The negative outlook reflects Moody's view that 2009 will remain a
year of transition for ESCADA as the pressure on top line and the
relative high operating leverage of Group's activities reduce the
company's flexibility and that, as a consequence, profitability is
likely to remain under pressure beyond October 2008 as the company
implements its restructuring program.  The outlook also reflects
the current economic conditions and the fact that consumer
spending is likely to remain low over the intermediate term.  The
outlook could be changed to stable following the clear evidence of
improvements in operating margins and successful implementation of
the restructuring program.

Further deterioration in Escada's operating performance or ongoing
erosion in cash flow generation capability could result in further
negative pressure on the rating.  The rating could also be
downgraded in the case of a change in Moody's perception of
current market conditions or potential deterioration in recovery
rate for bondholders in case of default.

Ratings downgraded:

  -- Escada CFR downgraded to B3 from B2.

  -- The senior unsecured rating on the EUR200 million
     notes due 2012 downgraded to B3 from B2.

Outlook is negative

ESCADA, headquartered in Munich, is one of the leading European
manufacturers and distributors of ready-to-wear luxury apparel for
women.  In the financial year ended Oct. 31, 2007, the company
reported consolidated sales of EUR686 million and EBITDA of
EUR68.2 million.  As at 9 months July 2008 the company reported
consolidated sales of EUR430.4 million and EBITDA of EUR21.2
million.


GENERAL MOTORS: Opel to Cut Production in Europe by 40,000 Cars
---------------------------------------------------------------
Dow Jones Newswires reports that General Motors Corp.'s Opel brand
will cut production in Europe by 40,000 cars by year-end due to
declining demand.

Dow Jones relates that an Opel spokesperson said that the company
will lessen production at its German plants in Bochum and Eisenach
to not build up inventory, which would hurt prices for new cars.
According to Business.techwhack.com, GM already shut down the
Bochum factory, which would remain down until Oct. 13.  GM said
that production at their plant in Eisenach would stop from Oct. 13
for three weeks, Business.techwhack.com states.

The spokesperson, according to Dow Jones, said that GM Europe is
also discussing about reducing production at its U.K. and Spain
plants.

The Opel plant in Gliwice, Poland, will stop production for 20
days, reducing production by 15,000 cars at the Gliwice plant,
Przemyslaw Byszewski told TVN CNBC television.  Dow Jones quoted
Mr. Byszewski as saying, "Our daily output has recently averaged
700 units a day and we're talking about a 20-day shutdown."

                    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.


HSC HANDELSSYSTEME: Claims Registration Period Ends October 15
--------------------------------------------------------------
Creditors of HSC Handelssysteme Consulting GmbH have until Oct.
15, 2008, to register their claims with court-appointed insolvency
manager Frank Schmitt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         Hall E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Frank Schmitt
         Kanzlei Schultze & Braun GmbH
         Olof-Palme-Strasse 13
         60439 Frankfurt/Main
         Germany
         Tel: 069/509 86 0
         Fax: 069/509 86 110
         E-mail: Fschmitt@schubra.de

The District Court of Wiesbaden opened bankruptcy proceedings
against HSC Handelssysteme Consulting GmbH on Aug. 21, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HSC Handelssysteme Consulting GmbH
         Abeggstrasse 21
         65193 Wiesbaden
         Germany


KAPELLA DACHDECKEREI: Creditors Meeting Slated for October 13
-------------------------------------------------------------
The court-appointed insolvency manager for Kapella Dachdeckerei
GmbH & Co. KG Berlin, Dr. Petra Hilgers, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:15 a.m. on Oct. 13, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Jan. 26, 2009, at the same venue.

Creditors have until Nov. 27, 2008 to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Kapella Dachdeckerei GmbH & Co. KG Berlin on Sept. 2,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Kapella Dachdeckerei GmbH & Co. KG Berlin
         Wilhelm-Busch-Str. 16
         12043 Berlin
         Germany


KIENITZER DACHBAU: Claims Registration Period Ends October 15
-------------------------------------------------------------
Creditors of Kienitzer Dachbau GmbH have until Oct. 15, 2008, to
register their claims with court-appointed insolvency manager Dr.
Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Kienitzer Dachbau GmbH on Aug. 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kienitzer Dachbau GmbH
         Kienitzer Oderstrasse 6
         15324 Letschin OT Kienitz
         Germany


LECKERHOELKEN BETRIEBS: Claims Registration Period Ends Oct. 15
---------------------------------------------------------------
Creditors of Leckerhoelken Betriebs GmbH have until Oct. 15, 2008,
to register their claims with court-appointed insolvency manager
Reinhold Schmid-Sperber.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 5, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

         Reinhold Schmid-Sperber
         Westring 455
         24118 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Leckerhoelken Betriebs GmbH on July 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Leckerhoelken Betriebs GmbH
         Leckerhoelken 3
         24250 Bothkamp
         Germany


LEIN TECH: Creditors Meeting Slated for October 13
--------------------------------------------------
The court-appointed insolvency manager for Lein Tech GmbH, Rolf
Nacke, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:55 a.m. on
Oct. 13, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Jan. 26, 2009, at the same
venue.

Creditors have until Nov. 27, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

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

The Debtor can be reached at:

         Lein Tech GmbH
         Alte Rhinstr. 16
         12681 Berlin
         Germany


NOVAFORM KUECHEN: Claims Registration Period Ends Oct. 13
---------------------------------------------------------
Creditors of NovaForm Kuechen nach Mass GmbH have until Oct. 13,
2008, to register their claims with court-appointed insolvency
manager Felix Gaertner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 11, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Hall 5.103
         Schlossplatz 5
         63739 Aschaffenburg
         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:

         Felix Gaertner
         Wendelinusplatz 3
         63785 Obernburg
         Germany
         Tel: 06022/710800
         Fax: 06022/7108020

The District Court of Aschaffenburg opened bankruptcy proceedings
against NovaForm Kuechen nach Mass GmbH on May 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NovaForm Kuechen nach Mass GmbH
         Alte Eschauer Str. 4,
         63933 Moenchberg
         Germany


PICABELLO GMBH: Claims Registration Period Ends Oct. 13
-------------------------------------------------------
Creditors of picabello GmbH have until Oct. 13, 2008, to register
their claims with court-appointed insolvency manager Dr. Christian
Dawe.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on Nov. 13, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Dawe
         Gansemarkt 50
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         picabello GmbH
         Attn: Rainer Bernd Winterstein, Manager
         Eulenkamp 41
         22049 Hamburg
         Germany


PIZZERIA CAPRICCIO: Claims Registration Period Ends Oct. 13
-----------------------------------------------------------
Creditors of Pizzeria Capriccio GmbH have until Oct. 13, 2008, to
register their claims with court-appointed insolvency manager
Manfred Gottschalk.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 24, 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 Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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:

         Manfred Gottschalk
         Wagenbergstr. 2
         59759 Arnsberg
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against Pizzeria Capriccio GmbH on Aug. 25, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Pizzeria Capriccio GmbH
         Marktstrasse 3 a
         59759 Arnsberg
         Germany

         Attn: Dieter Junghoelter, Manager
         Ohl 15 a
         59757 Arnsberg
         Germany


PRODUCTION UND ASSEMBLING: Claims Registration Ends Oct. 12
-----------------------------------------------------------
Creditors of P.A.C. Production und Assembling Center GmbH have
until Oct. 12, 2008, to register their claims with court-appointed
insolvency manager Soenke Hansen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Oct. 30, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Soenke Hansen
         Moenckebergstrasse 17
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against P.A.C. Production und Assembling Center GmbH on
Aug. 1, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         P.A.C. Production und Assembling Center GmbH
         Attn: Guerkan Eker, Manager
         Frankenstrasse 3
         20097 Hamburg
         Germany


R + S BAU: Claims Registration Period Ends October 13
-----------------------------------------------------
Creditors of R + S Bau GmbH have until Oct. 13, 2008, to register
their claims with court-appointed insolvency manager Dr. Christian
Strauss.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 3, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Christian Strauss
         Friedrich-Missler-Str. 42
         28211 Bremen
         Germany
         Tel: 0421 7926260
         Fax: 0421 7926285

The District Court of Oldenburg opened bankruptcy proceedings
against  R + S Bau GmbH on Sept. 4, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          R + S Bau GmbH
          Attn: Anja Reiners-Schlangen, Manager
          Karl-Jaspers-Strasse 17
          26655 Westerstede
          Germany


SCHOEN-HAUS GMBH: Claims Registration Period Ends Oct. 13
---------------------------------------------------------
Creditors of Schoen-Haus GmbH have until Oct. 13, 2008, to
register their claims with court-appointed insolvency manager Jens
Fahnster.

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

The meeting of creditors will be held at:

         The District Court of Limburg
         Hall D 219
         Walderdorffstrasse 12
         65549 Limburg
         Germany

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

The insolvency manager can be reached at:

         Jens Fahnster
         Koelnstr. 135, D
         53757 Sankt Augustin-Hangelar
         Germany
         Tel: 02241/9060-0
         Fax: 02241/9060-90
         E-mail: kanzlei@kalker-fahnster.de

The District Court of Limburg opened bankruptcy proceedings
against Schoen-Haus GmbH on Sept. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Schoen-Haus GmbH
         Elzer Strasse 9
         65556 Limburg-Staffel
         Germany

         Attn: Heinz Schoen, Manager
         Wies'chen 19
         65594 Runkel
         Germany


* GERMANY: Rejection of Banks' Rescue Fund Gets ECB's Support
-------------------------------------------------------------
The European Central Bank's chief and the chairman of euro zone
finance ministers sided with Germany in rejecting any need for a
European rescue fund for banks suffering from the global financial
crisis, Reuters says.

German Chancellor Angela Merkel said Germany "cannot and will not
issue a blank check for all banks," Reuters relates.  Germany's
Finance Ministry said the German government "completely disagreed"
with the idea.

Similarly, Dutch Prime Minister Jan Peter Balkenende voiced his
opposition to an EU-wide rescue fund, Reuters says.  But he said
national governments could set aside money to help any troubled
banks in their own countries.  "The (Dutch) plan is for every
member state to put aside money to make a capital injection for
their own banks if necessary.  The idea is that it will be some 3%
of gross domestic product," he said after talks with Mr. Sarkozy
in Paris.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2008, the European Commission based in Brussels projects that the
United Kingdom, Germany and Spain will experience recession this
fall, BBC News reported.  The Commission said that the three
countries would suffer two negative quarters of economic growth,
the technical definition of recession, BBC related.  The
Commission sees a 0.2% annual shrinkage in the UK economy over the
next two quarters.

On Sept. 24, 2008, the TCR-Europe reported that according to
reports, amid the German Finance Ministry's statement that the
market crisis has little effect on the real economy in Germany,
the crisis has increased the downside risks to the country's
economic outlook.

The Ministry had said that the crisis is mainly a United States
issue.  Finance Ministry spokesman Torsten Albig said that while
some German financial institutions had been hit by the U.S.
subprime crisis, "in their totality, [they] are recognizably not
as involved  as U.S. and other Anglo-Saxon institutions," Monsters
& Critics reported.


=============
H U N G A R Y
=============


PROPEX INC: Committee Sued BNP Paribas, et al., Over Demise
-----------------------------------------------------------
The Official Committee of Unsecured Creditors initiated a
complaint against BNP Paribas, as administrative agent under a
2006 credit agreement Propex Inc. and its debtor-affiliates
entered into with certain lenders, for allegedly engaging in a
scheme designed to deplete the Debtors' resources and ultimately
force a bankruptcy proceeding in which the lenders could wrest
control of the Debtor
companies.

                  BNP Paribas Credit Agreement

Propex Inc. acquired all of the outstanding capital stock of
its largest competitors, SI Concrete Systems Corporation
and SI Geosolutions Corporation, for US$232.6 million.  About
US$28.1 million of the purchase price was paid out of the Debtors'
cash on hand.  To raise additional funds, Propex entered into a
US$360 million Credit Agreement in January 2006 with BNP Paribas.

By June 2006, the Debtors changed their corporate names.  That
event triggered a statutory requirement under Section 9-507(c) of
the Uniform Commercial Code for the Lenders to re-perfect their
liens on the Debtors' pledged assets by filing amended UCC
statements.

The Lenders, however, failed to re-perfect their liens on certain
of the Debtors' property by the statutory deadline and instead
perfected those liens by filing amended UCC statements in
December 2006, Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer
& Feld, LLP, in New York, points out, on the Committee's behalf.

The late UCC filings, Mr. Dizengoff contends, constituted a new
transfer by the Debtors for which the Lenders provided no value
to the Debtors.  He adds that the late filings occurred at a time
when the Debtors were insolvent.  The Lenders also failed to file
any amended UCC statement reflecting Propex's name change with
respect to a lien on Propex's personal property located in
Berrien County, Georgia, Mr. Dizengoff tells the Court.

A list of the BNP Paribas unperfected liens is available for free
at http://ResearchArchives.com/t/s?336e

             Insolvency and Default by December 2006

According to Mr. Dizengoff, the anticipated benefits from the SI
Acquisition failed to materialize.  The Debtors suffered from the
continued loss of business from their customers and a liquidity
squeeze due in part to their US$28.1 million cash payment made in
connection with the SI Acquisition, monthly payments on the
Credit Agreement, and rising propylene prices.  By December 2006,
the Debtors were insolvent, Mr. Dizengoff maintains.  By the
fourth quarter of 2006, the Debtors' total EBITDA fell to US$16.1
million, and the Debtors' net income fell from US$14 million to
US$1.8 million during the same timeframe.  At that juncture, it
would have been in the best interest of the Debtors to seek
Chapter 11 protection or seek more financing, Mr. Dizengoff says.

The Lenders, however, Mr. Dizengoff argues, engaged in a course
of conduct designed to artificially prolong the Debtors'
operations, deepen their insolvency, and further deplete their
liquid assets, while the Lenders strengthened their own stake in
the Debtors in anticipation of an eventual bankruptcy proceeding.

Specifically, he cites, the Lenders induced the Debtors to enter
into the a Second Amendment of the Credit Agreement when they
knew or should have known that the Debtors would likely not
satisfy its terms.  In exchange for the Second Amendments'
limited waiver and relaxed covenants, the Lenders demanded that
the Debtors pay down principal on the debt by US$20 million and
pay an increased interest rate of 75 basis points going forward.

The Debtors agreed to "such inequitable terms" relying on the
representation that the Lenders would readily negotiate further
relief or refinancing if a default occurred, Mr. Dizengoff
relates.

The payment obligations that the Lenders imposed pursuant to the
Second Amendment left the Debtors undercapitalized and ensured
that they would slip further into insolvency and financial
distress, Mr. Dizengoff insists.  "[T]he Debtors lost over
US$60,000,000 in the first nine months of 2007 alone."  By
September 2007, the Debtors triggered multiple covenant defaults.

The Committee notes that the Debtors' situation further
deteriorated in December 2007 as their vendors began demanding
payment in advance of shipments.

The Debtors purportedly approached the Lenders in October 2007
about negotiating another amendment.  By November 2007, however,
it became apparent to the Debtors that the Lenders did not intend
to negotiate, according to Mr. Digenzoff.

Subsequently, with no prospects of alternative financing, the
Debtors were forced to file for Chapter 11 protection.
Furthermore, Mr. Dizengoff points out, as a result of the
undercapitalization caused by the Second Amendment, the Debtors
were in a far weaker state and thus had no viable alternative but
to accept the DIP Financing underwritten by the Lenders.

        Purported Liens on Propex's Hungarian Subsidiaries

Mr. Dizengoff adds the Lenders purport to have prepetition liens
on 66% of the capital stock of two of the Debtors' subsidiaries
in Hungary.  He objects to the Lenders' contention and asserts
that a valid pledge with respect to the stock was never
registered.

Accordingly, under its Complaint, the Committee brought charges
against the Lenders pertaining to claims for fraudulent
conveyance, claims for equitable subordination, claims for
deepening insolvency, and claims for avoidance of improperly
filed security interest, among others.

Mr. Dizengoff asserts, among others, that:

  -- the Debtors did not receive reasonably equivalent value for
     the US$20 million cash payment and associated fees they paid
     in exchange for the Second Amendment terms;

  -- the Lenders breached their duties to the Debtors by
     proposing the Second Amendment;

Specifically, under the Complaint, the Committee seeks:

  (a) an avoidance of recover certain fraudulently conveyed
      liens on the Debtors' collateral.  The liens refer to
      liens the Lenders untimely perfected outside the UCC
      statutory four-month window;

  (b) equitable subordination of all or some of the Lenders'
      claims;

  (c) a judgment for all damages caused by acts of the Lenders
      that deepened the Debtors' insolvency;

  (d) an avoidance of any purported lien claimed by the Lenders
      on certain properties;

  (e) an avoidance of the Lenders' lien relating to Propex's
      property in Berrien County, Georgia;

  (f) an avoidance of the Lenders' liens with respect to the
      Debtors' environmental permits because the regulations
      that govern the permits provide that it do not convey a
      property interest that can be pledged as collateral;

  (g) a declaratory judgment that:

      * the Lenders' pendency interest should be calculated at
        the non-default rate set forth in the Credit Agreement;

      * the Debtors are entitled to choose between the Adjusted
        LIBOR Rate or Base Rate as defined in the Credit
        Agreement; and

      * the Debtors are entitled to recovery of all overpayments
        of adequate protection payments calculated at the Base
        Rate on principal that is increasing at a compounded 2%
        Default Rate;

  (h) a declaratory judgment that the Lenders do not have any
      security interest in the capital stock of the Hungarian
      subsidiaries; and

  (i) a declaratory judgment that the Lenders have adequate
      protection liens and Section 507(b) "superpriority" claim
      only to the extent they can demonstrate that there has
      been a diminution in value of their prepetition collateral
      during the pendency of the Debtors' Chapter 11 cases, and
      that there has been no diminution in value demonstrated by
      the Lenders as of September 23, 2008.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex has manufacturing
facilities in Brazil, Mexico, Germany, Hungary and the United
Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-
10249).  The Debtors have selected Edward L. Ripley, Esq., Henry
J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


PROPEX INC: Wants to Hire PricewaterhouseCoopers as Accountants
---------------------------------------------------------------
Propex, Inc., and its debtor-affiliates ask the United States
Bankruptcy Court for the Eastern District of Tennessee for
authority to employ PricewaterhouseCoopers LLP as their
accountants.

The Debtors have selected PwC because of the company's extensive
experience, knowledge and recognized expertise in tax issues and
other financial matters.  The Debtors believe that PwC is both
well-qualified and uniquely able to represent them in their
Chapter 11 cases and in other matters in an efficient timely
manner.

As the Debtors' accountants, PwC is expected to:

  (a) develop a model to determine the impact of Cancellation of
      Debt Income, which will also include:

      -- considerations regarding the benefit of electing to
         invert attribute reduction; and

      -- assessing and planning regarding proposed exchanges of
         and modifications of debt;

  (b) assess the potential impact of a Section 382 limitation,
      which will also include:

      -- an evaluation of status of creditors as "qualified"
         creditors for purposes of Section 382(1)(5) and a
         consideration of whether Section 382(1)(5) or Section
         382(1)(6) is more advantageous; and

      -- a quantification of net unrealized built-in-gain or
         NUBIG and net unrealized built-in-loss or NUBIL and an
         assessment of the impact flowing from potential
         ownership change;

  (c) develop a model to project future cash taxes;

  (d) provide input and feedback to counsel and the Official
      Committee of Unsecured Creditors' attorneys concerning the
      bankruptcy plan and disclosure statement;

  (e) plan concerning post-emergence corporate structure; and

  (f) develop a state tax model to identify opportunities to
      preserve tax attributes in key states.

In addition, PwC will conduct an "Earnings and Profits" study.

The Debtors propose to pay PwC for its services at these hourly
rates:

          Professional             Hourly Rate
          ------------             -----------
          Partner                  US$600 - US$700
          Director                 US$400 - US$510
          Manager                  US$320 - US$400
          Sr. Associate            US$210 - US$265
          Associate                US$150 - US$180

James D. Callihan, a partner of PricewaterhouseCoopers LLP,
assures the Court that his firm does not hold any interest
adverse to the Debtors or their estates with respect to the
matters for which the firm is retained.

He further informs the Court that his firm was engaged as
independent auditors to audit the consolidated financial
statements of the Debtors for the year ending December 30, 2007.

Headquartered in Chattanooga, Tennessee, Propex Inc. --
http://www.propexinc.com/-- produces geosynthetic, concrete,
furnishing, and industrial fabrics and fiber.  It also produces
primary and secondary carpet backing.  Propex has manufacturing
facilities in Brazil, Mexico, Germany, Hungary and the United
Kingdom.

The company and its debtor-affiliates filed for Chapter 11
protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No.
08-10249).  The Debtors have selected Edward L. Ripley, Esq.,
Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in
Houston, Texas, to represent them.  The Official Committee of
Unsecured Creditors have tapped Ira S. Dizengoff, Esq., at Akin
Gump Strauss Hauer & Feld, LLP, in New York, to be its counsel.

The Court extended the exclusive plan filing period of the Debtors
through Oct. 20, 2008, and their exclusive solicitation period
through Dec. 19, 2008.

As of June 29, 2008, the Debtors' balance sheet showed total
assets of US$562,700,000, and total debts of US$551,700,000.

(Propex Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


GLITNIR BANKI: IFSA Takes Control of Operations
-----------------------------------------------
The Icelandic Financial Supervisory Authority (IFSA) has under
powers granted by the Icelandic Parliament proceeded to take
control of Glitnir banki hf.

As declared by the Government, all domestic deposits are fully
guaranteed.  Glitnir's domestic branches, call centers, cash
machines (ATMs) and Internet operations will be open for business
as usual.

The action taken by the IFSA is a necessary first step in
achieving the objectives of the Icelandic Government and
Parliament to ensure the continued orderly operation of domestic
banking and the safety of domestic deposits.

As reported in the TCR-Europe Oct. 6, 2008, the government of
Iceland bailed out Glitnir banki after it was unable to secure
short-term funding.

Glitnir had a deposit-to-loan ratio of about 30%, the lowest among
Iceland's biggest banks, meaning it had to rely on money markets
for financing.

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

                      About Glitnir

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

                           *     *     *

As reported by the TCR-Europe on Oct. 2, 2008, Moody's Investors
Service downgraded the Bank Financial Strength Rating (BFSR) of
Glitnir banki hf to D from C-, the long-term bank deposit and
senior debt ratings to Baa2 from A2 and the short-term rating to
Prime-2 from Prime-1.  In addition, Moody's downgraded the bank's
subordinated debt to Ba1 from A3 and its preferred stock to B1
from Baa1.  The BFSR remains on review for possible downgrade,
while the outlook on debt and deposit ratings is developing.

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


GLITNIR BANK: S&P Cuts Counterparty Credit Rating to 'CCC'
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
counterparty credit rating on Iceland-based Glitnir Bank to 'CCC'
from 'BBB' and placed it on CreditWatch with negative
implications.  At the same time, it lowered its short-term
counterparty credit rating on the bank to 'C' from 'A-3'.
Furthermore, the ratings on the hybrid capital instruments of the
bank were lowered to 'CC', two notches below those on the
counterparty credit ratings.

"The rating actions reflect our increased concerns about the
implications for Glitnir's asset quality and liquidity position
following the passage of a bill yesterday by the Icelandic
government enabling the government, in certain conditions, to take
over commercial banks," said S&P's credit analyst Miguel Pintado.
The government stated that given the increasing refinancing
difficulties faced by Icelandic banks, the government is
authorizing the Icelandic Financial Supervisory Authority to take
over commercial banks under certain conditions.

"As the unwinding of the Icelandic banking sector takes place in
the coming weeks, the repercussions on the economy and on the
banks themselves will be significant," added Mr. Pintado.  The
implications for Glitnir's asset quality and that of the other
banks could be transformational as major Icelandic holding
companies with interests in foreign countries and in many cases
current large borrowers (and shareholders) of the banks themselves
are likely to be significantly hit in the event of government
takeovers.  Glitnir Bank issued a profit warning last week
following a 70% drop in its share price that followed the
government's takeover of 75% of the shares in the bank.

In addition, the major depreciation of the Icelandic krona in the
past few weeks will put significant pressure on domestic
borrowers, which have increasingly taken out foreign currency
loans that are only partly naturally hedged by foreign exchange
revenues.  Furthermore, asset quality is likely to be negatively
affected by high inflation, which in turn will increase the debt
service burden on the bulk of households that have inflation-
indexed loans.

Because of the wholesale nature of Icelandic banks' funding and
their rapid expansion into Internet deposits in the U.K. and the
Nordic countries, the announcement is likely to prompt massive
withdrawals in the days ahead, which in turn is likely to
exacerbate funding and liquidity pressure.

Although S&P considers Glitnir to be of high systemic importance
within the Icelandic banking system, the announcement by
Mr. Haarde makes it clear that depositors and investors cannot
depend on government support for Glitnir's foreign operations.


ICESAVE: To Go Into Insolvency Proceedings in Iceland
-----------------------------------------------------
HM Treasury, on Tuesday, Oct. 7, 2008, confirmed that if, as
expected, Landsbanki is soon declared in default, the Government
will make sure that no retail depositor will lose any money as a
result of the closure of Icesave.

The Treasury have also confirmed that arrangements are being put
in place to ensure that all ISA customers of Icesave will continue
to benefit from the tax free status of their accounts.

The Financial Services Compensation Scheme (FSCS) is working
closely with HM Treasury, the Financial Services Authority (FSA)
and the Icelandic compensation scheme on arrangements to get
people their money back.

In the light of the current uncertainties, the FSCS is gearing up
in case it needs to assist approximately 300,000 savers at
Icesave.

The Financial Services Authority in the UK has reported that
Icesave is now expected to go into insolvency proceedings in
Iceland and this would trigger an FSCS default.

Eligible savers with Icesave are protected by the Icelandic
Depositors' and Investors' Guarantee Fund (IDIGF), up to a limit
of the first EUR20,887 of their deposits.  As an Icelandic bank
Icesave is not automatically a member of the FSCS, but it opted to
become a 'top-up' member.  This means that eligible retail savers
with Icesave's UK branch whose savings exceed the Icelandic limit
would benefit from top-up compensation from the FSCS covering the
amount over the Icelandic limit up to the new FSCS compensation
limit for deposits of GBP50,000.

If the default is triggered as expected, the FSCS will contact all
UK savers directly with details of how to apply for compensation.

                         About FSCS

FSCS is the UK's compensation fund of last resort for customers of
financial services firms authorized by the Financial Services
Authority or previous financial regulators.  This means that FSCS
can pay compensation to consumers if an authorized financial
services firm is unable, or likely to be unable, to pay claims
against it and so is in "default."

FSCS protects deposits, life and general insurance firms,
investment business (on or after Aug. 28, 1988), home finance
(e.g. mortgage) advice and arranging (on or after Oct. 31, 2004),
and general insurance policies advice and arranging (on or after
Jan. 14, 2005).

                      About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is-- is engaged in the provision of retail,
corporate an investment banking services.  The Bank's product
range includes financial products and services, such as specialty
insurance and real estate financing, for both corporate and
private clients.  It is also operational through a number of
subsidiaries, including Heritable Bank Ltd, operating consultancy
and financing services for residential development; Landsbanki
Holdings Europe SA, a Luxembourg-based holding company providing
banking services; Landsbanki Guernsey Ltd, offering retail
banking; Landsbanki Securities (UK) Holdings plc, engaged in the
provision of stockbrokers and financial services; Landsvaki hf, an
operation company for mutual funds; Verdbrefun hf, a
securitization company; Landsbankinn eignarhaldsfelag hf, a real
estate company, and others.

                      About Icesave

Icesave is the UK branch of Landsbanki Islands hf (trading under
the registered name Icesave).  It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.


LANDSBANKI: In Receivership; IFSA Takes Control of Operations
-------------------------------------------------------------
The Icelandic Financial Supervisory Authority (IFSA) has under
powers granted by the Icelandic Parliament proceeded to take
control of Landsbanki Islands hf.

As declared by the Government, all domestic deposits are fully
guaranteed.  Landsbanki's domestic branches, call centers, cash
machines (ATMs) and Internet operations will be open for business
as usual.

The action taken by the IFSA is a necessary first step in
achieving the objectives of the Icelandic Government and
Parliament to ensure the continued orderly operation of domestic
banking and the safety of domestic deposits.

                   Receivership Committee

The IFSA has appointed a receivership committee which has assumed
the role of the Board of Directors with immediate effect.

Members of the receivership committee are: Arsaell Hafsteinsson,
Einar Jonsson, Larentsinus Kristjansson, Larus Finnbogason and
Sigurjon Geirsson.

The receivership committee have stated the following:

    * The objective of the committee is to ensure the continued
      operations of the commercial banking operations of
      Landsbanki Islands hf. in Iceland.

    * A public notice to debtors will not be issued.

    * Provisions of Icelandic insolvency laws do not apply to
      the operations of Landsbanki while the receivership
      committee is responsible for the matters of the bank.
      Ceasure of assets can not be made against Landsbanki
      during the same period.

By law, the action of appointing a receivership committee, can not
have the effect of creating a default under any loan documents.

The receivership committee have asked Halldor J. Kristjansson and
Sigurjon Arnason to continue their work as CEOs of Landsbanki and
be responsible for daily operations.

Landsbanki would like to stress that the bank has not been put
into liquidation but is in receivership which gives it a temporary
protection from payment of debts and obligations as they fall due.
Work has already begun on the restructuring of the operations of
Landsbanki.  The receivership committee and Landsbanki's CEOs
share the view that operations over the next days will be
performed in a manner as close to business as usual with a view to
protecting Landsbanki's assets in Iceland and abroad.

                       About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is-- is engaged in the provision of retail,
corporate an investment banking services.  The Bank's product
range includes financial products and services, such as specialty
insurance and real estate financing, for both corporate and
private clients.  It is also operational through a number of
subsidiaries, including Heritable Bank Ltd, operating consultancy
and financing services for residential development; Landsbanki
Holdings Europe SA, a Luxembourg-based holding company providing
banking services; Landsbanki Guernsey Ltd, offering retail
banking; Landsbanki Securities (UK) Holdings plc, engaged in the
provision of stockbrokers and financial services; Landsvaki hf, an
operation company for mutual funds; Verdbrefun hf, a
securitization company; Landsbankinn eignarhaldsfelag hf, a real
estate company, and others.


LANDSBANKI: Chancellor to Freeze Assets in the UK
-------------------------------------------------
Acting on the advice of the Bank and Financial Services Authority
(FSA), and in light of announcements made by the Icelandic
authorities in recent days, the Chancellor has taken action
yesterday, Oct. 8, 2008, to protect the retail depositors in two
Icelandic owned banks: Icesave, a UK-based branch of Landsbanki
and Heritable, a UK-based banking subsidiary of Landsbanki.  He
has taken this action to ensure the stability of the UK financial
system.  Savers' money is safe and secure.

                      Landsbanki/Icesave

The UK authorities expect that Landsbanki will soon be declared in
default.  Should that occur, the Chancellor has put in place
arrangements to ensure that no retail depositor will lose any
money as a result of the closure of Icesave.  The Treasury and the
Financial Services Compensation Scheme are working with the
Icelandic authorities and their Deposit Insurance Scheme to ensure
that depositors are paid back as quickly as possible.  The
Chancellor has also spoken to the Icelandic Finance Minister about
the importance of the Icelandic authorities ensuring that UK
depositors in Icesave are given the same protections as depositors
in Iceland and receive their deposits back in full promptly.

Arrangements are being put in place to ensure that all ISA
customers of Icesave will continue to benefit from the tax-free
status of their accounts.

The Chancellor has also taken steps to freeze assets of Landsbanki
in the UK until the position with respect to the future of the
firm and UK creditors becomes clearer.

                         Heritable

Heritable is regulated by the FSA.  The FSA has determined that
Heritable no longer meets its threshold conditions, and is likely
to be unable to continue to meet its obligations to depositors.
The FSA concluded that it is in default for the purposes of the
Financial Services Compensation Scheme.  The Treasury has used the
Banking (Special Provisions) Act 2008 to ensure a resolution that
preserves financial stability and provides protection and
continuity of business for depositors.

Heritable's retail deposit business has been transferred to ING
Direct, a wholly-owned subsidiary of ING Group.  ING Direct is
working to rapidly ensure that it is business as normal for all
customers.

This action by the Tripartite Authorities protects savers' money
and provides certainty for retail depositors.  The transfer of the
retail deposit book has been backed by cash from HM Treasury and
the Financial Services Compensation Scheme.

The remainder of Heritable's business has been put into
administration.  Any retail depositors eligible to claim under the
Financial Services Compensation Scheme whose business has not been
transferred to ING will be paid out in full through the Financial
Services Compensation Scheme.

This is the right course of action to protect savers, ensure
financial stability, and safeguard the interests of the taxpayer.

                     About Heritable

Heritable, a UK-based banking subsidiary of Landsbanki.

                     About Icesave

Icesave is the UK branch of Landsbanki Islands hf (trading here
under the registered name Icesave).  It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.

                    About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is-- is engaged in the provision of retail,
corporate an investment banking services.  The Bank's product
range includes financial products and services, such as specialty
insurance and real estate financing, for both corporate and
private clients.  It is also operational through a number of
subsidiaries, including Heritable Bank Ltd, operating consultancy
and financing services for residential development; Landsbanki
Holdings Europe SA, a Luxembourg-based holding company providing
banking services; Landsbanki Guernsey Ltd, offering retail
banking; Landsbanki Securities (UK) Holdings plc, engaged in the
provision of stockbrokers and financial services; Landsvaki hf, an
operation company for mutual funds; Verdbrefun hf, a
securitization company; Landsbankinn eignarhaldsfelag hf, a real
estate company, and others.


* S&P Revises Iceland's BICRA to Group 8 from Group 5
-----------------------------------------------------
Standard & Poor's Ratings Services has revised its Banking
Industry Country Risk Assessment (BICRA) on the Republic of
Iceland to Group 8 from Group 5.  The revision reflects the high
vulnerability of the Icelandic banking model to the tight
liquidity conditions in the global debt markets.

At the same time, S&P increased its estimate of the level of
cumulative problem loans and foreclosed property (the gross
problematic asset range) for the Icelandic banking sector to 35%-
50%.  This means that in a severe recession scenario, the
cumulative amount of nonperforming and restructured loans could
reach 35%-50% of total outstanding loans in Iceland.

The three large Icelandic banks -- Kaupthing Bank (not rated),
Landsbanki (not rated), and Glitnir Bank -- have followed an
aggressive expansion strategy since 2004, mainly financed by
foreign money and capital markets.  This rapid expansion has made
the banks highly exposed to reputational risk and sensitive to
international investors' perception.  As the third-largest bank,
Glitnir could no longer roll over short-term debt, and was
nationalized by the government on Sept. 29, 2008.  The government
injected EUR600 million in capital, corresponding to a 75%
ownership share in Glitnir.  As a result, investors' concerns
about the other banks increased significantly.

On Oct. 6, 2008, the Icelandic government announced that, given
increasing refinancing difficulties for Icelandic banks in the
current liquidity squeeze, an emergency banking bill has been
adopted by parliament, which allows the Icelandic Financial
Supervisory Authority, FME, to take over commercial banks under
certain conditions.  On Oct. 7, the FME announced that the second-
largest bank, Landsbanki, will be taken over by the
government.  S&P expects that the government will take over the
rest of the sector in the short term, as banks are finding it
impossible to find adequate liquidity and funding sources.

The recent developments likely mark the end of the Icelandic
banking model as it had developed over recent years.  The
forthcoming unwinding of the banking sector is likely to have
significant repercussions on the economy and on the banks
themselves.  Borrowers directly related to the banks, i.e., the
current large shareholders, are likely to be significantly hit by
a government takeover, which will impair asset quality.
Nevertheless, S&P expects the government to try to mitigate the
negative impact on the Icelandic households if there were to be
any renewed significant pressure on the Icelandic krona (ISK).  A
significant fall in the ISK would, otherwise, put pressure on
domestic borrowers, which have increasingly taken loans in foreign
currency, of which only some are naturally hedged by revenues in
foreign exchange.  In addition, any significant fall in the ISK
would add to already high inflation, which would increase the debt
service for the bulk of households that have inflation-indexed
loans.

S&P revised its opinion of the Icelandic government's propensity
to step in and support failing banks.  In accordance with its
methodology, S&P now classifies the Icelandic government in the
category "support uncertain" instead of "supportive" in relation
to systemically important banks in the country.  S&P's opinion
reflects the fact that the government -- given the banking
sector's relative size to the country (assets are about 10x GDP)
-- has a very limited capacity to support the three large banks,
even if it were willing to do so.  The state's foreign exchange
reserves are limited in comparison to the banking sector's
maturities falling due in foreign currency.

Ratings List:

Iceland            To      From
BICRA               8       5


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


BIRCHPORT: Seeks Examinership Following Downturn in Pub Business
----------------------------------------------------------------
The directors of Birchport, the holding company behind The Ocean
Bar upmarket pub in the Dublin docklands, have petitioned the High
Court to put the firm into examinership, Ian Kehoe of The Sunday
Business Post Online reports.  Kieran McCarthy, an accountant with
Hughes Blake, was appointed interim examiner
on October 3.

According to the report, Birchport, whose debts stood at almost
EUR2 million, ran into financial difficulties following the
downturn in pub business and pressure from rising costs.

The examinership, the report notes, will allow the company to
restructure its debts and deal with its creditors.

Citing documents lodged with the High Court, the report relates
Birchpost owes EUR1.32 million to ACC Bank, which has a secured
charge over the company's leasehold interest.


CAPPOQUIN CHICKEN: Workers Take Deal; 40 Lost Jobs
--------------------------------------------------
Cappoquin Poultry Ltd. workers have returned to work after
agreeing to a new pay and conditions, RTE Business News says.  Of
the 200 previous employees, 40 are expected to be laid off.

RTE Business notes that a majority of employees at a meeting on
Oct. 6, 2008, rejected management's decision to take a 17% cut in
hourly pay.  A new offer was presented entailing a further 10 job
losses, but those remaining would be offered EUR9 per hour and
time and a quarter for overtime.

On Oct. 8, 2008, TCR-Europe reported that the company has been
sold to two British Investors.  The company went into liquidation
on Sept. 2, 2008, with debts estimated between EUR7 million to
EUR8 million.

The TCR-Europe reported on Oct. 08, 2008, citing Irish Times, that
liquidator Aidan O'Connell of Deloitte has confirmed that
Cappoquin Poultry Plant has been sold to Derby Poultry.

According to RTE Business, employees may either apply for a job
with the new company or take redundancy terms set out by the
liquidator.

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


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


ALITALIA SPA: Lufthansa May Get Minority Stake in Airline
---------------------------------------------------------
Reuters reports that German and Italian leaders backed a potential
agreement on Monday between Alitalia SpA and Lufthansa on the
German airline taking a minority stake in the Italian carrier.

"We have said that we are open to international alliances and it
would please us greatly if this alliance was with a country that
we have worked with a lot, namely Germany," Italian Prime Minister
Silvio Berlusconi was cited by Reuters News as saying during a
joint news conference with German Chancellor Angela Merkel in
Berlin.  "For Italy this would be welcome and it's of course up to
the two parties, Alitalia and Lufthansa, to decide if it would be
convenient for both," he added.

Reuters relates that Ms. Merkel said Germany would also welcome
the deal but added it was up to Lufthansa to decide.

According to the report, Compagnia Aerea Italiana s.r.l., a
consortium of Italian investors created to save the national
carrier, said it will choose a foreign partner for the airline in
the coming weeks.  Lufthansa and Air France-KLM are the likely
contenders, Reuters says.

                      Marketing of Alitalia

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

CAI revived its bid for Alitalia after it reached agreement with
all the nine Alitalia unions.  CAI's rescue plan calls for
renaming of Alitalia and writing off between EUR1.2 billion and
EUR2 billion worth of its debt.

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

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

As reported in the TCR-Europe on Oct. 2, 2008, Alitalia
Extraordinary Commissioner Augusto Fantozzi said he received
several expressions of interest for Alitalia within the terms of
the deadline on Sept. 30, 2008.  However, only CAI's proposal is
directly concerned with the overall activities of air transport.
Other expressions of interest meanwhile concerned specific
branches or activities of the various companies making up the
Alitalia Group.

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

Mr. Fantozzi had not named the entities who were submitting
expressions of interest.

A report posted at World Aeronautical Press Agency's site
meanwhile said Alitalia's Mr. Fantozzi expected to receive a
binding offer from CAI from October 13 to 15 and the signature of
the agreement on assets sale "In bonis" of the carrier by
October 20.  About slots it is Assoclearance which should probably
decide, the report added.

                   Unions Seek Urgent Meeting

Separately, Unions, worried about Alitalia's current situation,
asked Commissioner Fantozzi of calling an urgent meeting in order
to "Allow a confrontation on the current management phase of the
carriers' activities", a report posted October 7 at World
Aeronautical Press Agency says.

According to the report, Filt Cgil generel secretary Mario Rossi
said that at the moment, the major fear is that "some company's
segments" could not survive until the "new management phase".

                  Ryanair Balks at State Bailout

A TCR-Europe report on Oct. 6, 2008, said low fare airline Ryanair
submitted a formal complaint to the EU Commission regarding the
latest bailout of Alitalia.  Ryanair said it has previously
submitted several complaints against Alitalia and other flag
carrier airlines, including Olympic, Air France and Lufthansa,
against which the EU Commission has taken no action.  Ryanair
highlighted that this ongoing unlawful protection of flag carriers
by their member state governments, which amounts to billions of
euro, increasingly makes a mockery of the EU Commission's
enforcement of the state aid rules.

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

                         About Alitalia

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

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

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


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


ADIANA MACHINERY: Creditors Must File Claims by November 25
-----------------------------------------------------------
Branch of LLP Adiana Machinery Group has gone into liquidation.
Creditors have until Nov. 25, 2008, to submit written proofs of
claims to:

         Branch of LLP Adiana Machinery Group
         Office 21
         Imanov Str. 15
         Almatinsky
         Astana
         Kazakhstan


BIOS GOLD: Claims Deadline Slated for November 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Bios Gold insolvent.

Creditors have until Nov. 25, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


KAMBAR & A: Claims Filing Period Ends November 21
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kambar & A insolvent.

Creditors have until Nov. 21, 2008, to submit written proofs of
claims to:

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


KAZSTROY-2005 LLP: Creditors' Claims Due on November 21
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Construction Company Kazstroy-2005 insolvent on
Sept. 2, 2008.

Creditors have until Nov. 21, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Auto Station
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (7292) 41-14-58


MEDIUS-M LLP: Claims Registration Ends November 21
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Medius-M insolvent on Sept. 19, 2008.

Creditors have until Nov. 21, 2008, to submit written proofs of
claims to:

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


ONTUSTIK-OYU LLP: Creditors Must File Claims by November 25
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Ontustik-Oyu insolvent on Sept. 16, 2008.

Creditors have until Nov. 25, 2008, to submit written proofs of
claims to:

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


RRC BUSINESS: Claims Deadline Slated for November 25
----------------------------------------------------
Representation of Company RRC Business Telecommunication GmbH has
gone into liquidation.  Creditors have until Nov. 25, 2008, to
submit written proofs of claims to:

         Representation of Company
         RRC Business Telecommunication GmbH
         Micro District Samal-3, 12-4
         Almaty
         Kazakhstan


TRIO INTERNATIONAL: Claims Filing Period Ends November 25
---------------------------------------------------------
LLP Trio International has gone into liquidation.  Creditors have
until Nov. 25, 2008, to submit written proofs of claims to:

         LLP Trio International
         Jeltoksan Str. 160-3
         Almaty
         Kazakhstan


ULDANA LLP: Creditors' Claims Due on November 25
------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Audit Firm Uldana insolvent on Sept. 16, 2008.

Creditors have until Nov. 25, 2008, to submit written proofs of
claims to:

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


VOSTOK STROY: Claims Registration Ends November 18
--------------------------------------------------
LLP Construction Company Vostok Stroy Snub has gone into
liquidation.  Creditors have until Nov. 18, 2008, to submit
written proofs of claims to:

         LLP Construction Company Vostok Stroy Snub
         Micro District 19, 73-42
         Oktyabrsky
         Karaganda
         Kazakhstan


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


JALALABAT TRANS: Creditors Must File Claims by November 12
----------------------------------------------------------
LLC Jalalabat Trans has shut down.  Creditors have until
Nov. 12, 2008, to submit written proofs of claim to:

        LLC Jalalabat Trans
        Abdrahmanov Str. 10
        Jalalabat
        Kyrgyzstan


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


FORTIS: Moody's Cuts Sub. and Preferred Guarantees Ratings to Ba1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Fortis SA/NV and Fortis
N.V. long term issuer ratings to Baa2 from Baa1, and the ratings
were placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.

                           Summary

The rating actions follow the announcement by the Belgian state of
a number of actions with respect to Fortis' Belgium and Luxembourg
operations, namely the full acquisition and subsequent sale (75%
stake) to BNP Paribas of Fortis' Belgian banking operations and
the sale of Fortis Insurance Belgium to BNP Paribas, and the
acquisition of 66% of Fortis Bank Luxembourg by BNP Paribas.
Fortis also holds a 66% stake in an SPV that will acquire certain
structured assets from Fortis' banking operations, with the
remaining 34% held by the Belgian state (24%) and BNP Paribas
(10%).  These transactions are subject to regulatory approvals.

Consequently, the new Fortis Group (the Group)now consists solely
of Fortis' existing international insurance operations
(predominantly in Europe and Asia, including Fortis Insurance
Company (Asia) Limited, rated Baa1 IFSR), as well as the Group's
investment in the structured finance SPV.  Furthermore the Group
had historically issued various senior and hybrid securities from
or guaranteed by the holding companies, then subsequently on-lent
to the operating companies, and these obligations remain with the
Group as well as the obligations from the operating companies to
the Group.

Moody's notes that the holding company ratings should ultimately
reflect the combined financial strength of the insurance companies
included in Fortis Insurance International, their ability to
produce earnings for the benefit of the holding companies, and the
holding company's subordinated position from these entities.
Therefore, the ratings were placed under review for possible
further downgrade, and Moody's mentioned that issuer ratings of
Fortis SA/NV and Fortis N.V. could potentially be downgraded to
below investment grade ratings at the conclusion of the review.

                         Life Insurance

Moody's said that the downgrade of FICA, Fortis Group's life
insurance operation in Hong Kong, reflects the weakened level of
support to FICA from its parent, which now has a much smaller
operation, limited business diversification and weaker financial
flexibility.  The Baa1 IFSR of FICA now represents the stand-alone
financial strength of the company, whose business and financial
fundamentals remain solid and has not been materially impacted by
the financial turmoil and ownership changes at Fortis Group and
its banking operations.  The outlook, on the other hand, is
developing, reflecting the uncertainty surrounding the strategic
direction of FICA under the new ownership structure as well as its
relatively short operating history under Fortis Group.

The backed senior debt rating of Fortis Capital (Asia) is one
notch lower than the IFSR of FICA, given that the outstanding
bonds of Fortis Capital (Asia) are fully and unconditionally
guaranteed by FICA and the guarantee is effectively junior to the
liabilities of the insurance policyholders.

                    Holding Company Ratings

Commenting on the holding company ratings, Moody's said that the
rating action reflects the holding companies reliance going
forwards on earnings from Fortis' international insurance
businesses.  Moody's notes that the majority of these insurance
operations, with the exceptions of UK and Portugal, maintain
modest positions in relatively small insurance markets, such that
the level and sustainability of earnings from these businesses is
likely to be modest in future (EUR181 million net income for 2007,
excluding gains on the sale of CaiFor), and the Group's business
overall shows a relatively unclear strategic direction.  Compared
with the diversity and quality of earnings previously available to
the holding company, this represents a material change in the
holding companies' credit quality, justifying the reduction in the
holding companies' issuer ratings to Baa2 from Baa1.

The rating agency notes that Fortis SA/NV and Fortis N.V. will
receive over 14 billion in cash (which Moody's expects to be used
to repay the Group's existing senior debts), while the hybrid
debts which were previously used to provide financing to the
various operating companies of the Group are still economically
matched by loans to these entities. More negatively, the holding
company holds an investment in a structured portfolio, whose
ultimate value is still uncertain and is likely to remain so for
some time. Overall however, Moody's regards the Group's existing
debt securities as having material collateral backing.

               Instruments Backed by Fortis SA/NV

Moody's also downgraded (senior to Baa2; subordinated to Baa3;
preferred to Ba1) and placed under review for possible downgrade
all the debt ratings of the securities issued from Fortis Finance
N.V., Fortis Hybrid Financing and Fortfinlux S.A .  These rating
actions follow the rating action taken on the long-term issuer
ratings of Fortis SA/NV and Fortis N.V. since all these securities
are guaranteed by the holding companies of the Fortis Group.
Commenting further on the securities issued by Fortfinlux S.A.
(FRESH and MCS) and Fortis Hybrid Financing, the rating agency
mentioned that the respective mandatory convertible and junior /
preferred status of these securities could imply higher levels of
loss as the Fortis Group profile deteriorates, and Moody's review
will also consider whether any additional notching is necessary
for these junior instruments.

In addition, Moody's has confirmed the Baa3 rating of the
securities issued by Fortis Floating Rate Capital Funding Trust,
Fortis Fixed Rate Quarterly Capital Funding Trust, Fortis Fixed
Rate Annual Capital Funding Trust and Fortis Capital Funding LLP,
and assigned a developing outlook to these ratings.  This rating
action reflects the subordinated guarantee provided by Fortis ASR
Levensverzekering N.V. (A3 insurance financial strength rating
with a developing outlook) to these securities in addition to
guarantees from the holding companies, and the seniority of this
guarantee which will rank pari passu with preference shares of the
insurance company in case of liquidation.

                         Short-term Rating

Moody's rating on the Group's CP (P-2 under review for possible
downgrade) reflects the high level of illiquidity of the Group's
investments in structured assets as well as the dramatic reduction
of recurrent revenues coming from the operating companies
following the various divestments.  The short-term rating is also
a reflection of the Group's long-term ratings. Furthermore,
although Moody's acknowledges the current high level of cash
available within the holding companies, the ultimate cash position
of the Group remains uncertain.  The review will be concluded in
conjunction with the review of long-term ratings.

Detailed summary of rating actions:

Ratings downgraded and assigned a developing outlook:

   -- Fortis Insurance Company (Asia) Limited – insurance
      financial strength rating at Baa1 from A3

   -- Fortis Capital (Asia) Limited -- backed senior
      unsecured debt rating at Baa2 from Baa1

Ratings downgraded and placed under review for possible downgrade:

   -- Fortis SA/NV -- long term issuer rating at Baa2
      from Baa1

   -- Fortis N.V. - long term issuer rating at Baa2
      from Baa1

   -- Fortis Finance N.V. -- backed senior unsecured debt
      rating at Baa2 from Baa1

   -- Fortis Finance N.V. -- backed senior unsecured MTN
      debt rating at Baa2 from Baa1

   -- Fortis Finance N.V. -- backed subordinated MTN debt
      rating at Baa3 from Baa2

   -- Fortis Finance N.V. -- backed junior subordinated
      MTN debt rating at Baa3 from Baa2

   -- Fortis Hybrid Financing -- backed junior subordinated
      debt rating at Ba1 from Baa3

   -- Fortis Hybrid Financing -- backed preferred stock
      debt rating at Ba1 from Baa3

   -- Fortfinlux S.A. -- backed junior subordinated debt
      rating at Ba1 from Baa3

Ratings affirmed and placed under review for possible downgrade:

   -- Fortis Finance N.V. -- backed commercial paper at P-2

The following ratings have been confirmed and assigned a
developing outlook:

   -- Fortis Floating Rate Capital Funding Trust – backed
      preferred stock

   -- Fortis Fixed Rate Quarterly Capital Funding Trust --
      backed preferred stock

   -- Fortis Fixed Rate Annual Capital Funding Trust --
      backed preferred stock

   -- Fortis Capital Funding LLP -- backed preferred stock

The date of the prior rating action on Fortis Group's ratings was
on Sept. 30, 2008, when Moody's downgraded Fortis' ratings
following the announcement of a capital injection of EUR11.2
billion in Fortis Bank SA/NV, Fortis Bank Nederland (Holding) and
Fortis Bank Luxembourg by the states of Belgium, the Netherlands
and Luxembourg.

Headquartered in Brussels, Belgium and in Utrecht, the
Netherlands, Fortis Group had total assets of EUR974.3 billion and
reported shareholders' equity (including minority interest) of
EUR30.4 billion as of June 30, 2008.


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


RADIANT: Completes US$1MM Settlement with Innovations Norway
------------------------------------------------------------
Radiant Energy Corporation completed a settlement agreement with
Innovations Norway regarding an outstanding principal and interest
payment of US$1,063,268 or NOK6,357,763 on behalf of its Norwegian
subsidiary, Radiant Aviation Services Europe AS, which was in
default on loans owing to Innovations Norway and for which
repayment had been demanded.

The loans were settled by a payment of US$44,318 or NOK265,000
in cash and the issuance of 3,658,987 common shares of the
company.  Innovations Norway will also receive the proceeds from
the disposal of the company's deicing facility in Oslo, estimated
to be US$167,239 or NOK1,000,000.  The common shares issued as
a result of this agreement are subject to a four-month hold
period expiring Feb. 3, 2009.

Based in Port Colborne, Ontario, Radiant Energy Corp. (TSX: RDT) -
- http://www.radiantenergycorp.com/-- through its wholly owned
subsidiary Radiant Aviation Services developed and sells the only
infrared alternative to traditional glycol-based aircraft deicing.
Its fully patented InfraTek(R) systems are approved for use by the
FAA.  Before the introduction of InfraTek, spraying with glycol
was the only feasible method to satisfy FAA safety guidelines for
ensuring that aircraft are properly deiced before take-off.

At April 30, 2008, the company's balance sheet showed total assets
of US$3.5 million and total liabilities of US$6.0 million
resulting in a total shareholders' deficit of approximately US$2.5
million.


===========
P O L A N D
===========


GENERAL MOTORS: Opel to Cut Production in Europe by 40,000 Cars
---------------------------------------------------------------
Dow Jones Newswires reports that General Motors Corp.'s Opel brand
will cut production in Europe by 40,000 cars by year-end due to
declining demand.

Dow Jones relates that an Opel spokesperson said that the company
will lessen production at its German plants in Bochum and Eisenach
to not build up inventory, which would hurt prices for new cars.
According to Business.techwhack.com, GM already shut down the
Bochum factory, which would remain down until Oct. 13.  GM said
that production at their plant in Eisenach would stop from Oct. 13
for three weeks, Business.techwhack.com states.

The spokesperson, according to Dow Jones, said that GM Europe is
also discussing about reducing production at its U.K. and Spain
plants.

The Opel plant in Gliwice, Poland, will stop production for 20
days, reducing production by 15,000 cars at the Gliwice plant,
Przemyslaw Byszewski told TVN CNBC television.  Dow Jones quoted
Mr. Byszewski as saying, "Our daily output has recently averaged
700 units a day and we're talking about a 20-day shutdown."

                    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.


STOCZNIA GDYNIA: Fears Stir Up Over Rejected Rescue
---------------------------------------------------
Poland battled to save its ailing state-owned shipyards, Gdynia,
Gdansk and Szczecin, as fears rose that the European Commission
was preparing to issue a negative ruling over a rescue package
because it would require too much government aid, The Financial
Times says.

Treasury minister Aleksander Grad wrote to Neelie Kroes, the
European Union's competition commissioner, and to Jose Manuel
Barroso, the Commission president, asking Brussels to detail any
misgivings about the rescue plan that was presented to the
Commission on September 12, FT notes.

Mr. Grad had met Ms. Kroes, after which the Polish minister
expressed doubt that Brussels was prepared to accept the
restructuring plan, according to the report.

FT comments that the two sides differed widely on the acceptable
level of state aid needed to restructure the three shipyards.
Warsaw, Poland wants to pump an additional PLN1.2 billion
(US$496 million, EUR353 million, GBP279 million) into the failing
yards in conjunction with investment from private companies.

The Commission is examining whether the yards have improperly
received as much as EUR2.6 billion in state aid dating back to
Poland's 2004 entry into the EU, FT reports.

The yards, which have not made a profit in years, would be forced
into bankruptcy if they had to repay past aid, FT says.

Based on the report, the Commission is most concerned about the
restructuring plans for the Gdynia and Szczecin yards, which are
still in state hands.

Commission officials said the plans for Gdansk, which was recently
privatized and now belongs to Ukraine's Industrial Union of the
Donbass, are on a slightly separate track, FT says.  Officials
said that Ms. Kroes had told Mr. Grad that the government was
"very welcome" to resubmit plans for that business in the future.

However, FT says officials in Brussels were politely dismissive
about Mr Grad's call for an independent expert review of the
plans, pointing out that the Commission itself was an independent
expert body on competition matters.  The Commission's verdict is
expected in a few weeks.

                       About Stocznia Gdynia

Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- engages in the construction of
ships, partly equipped hulls, ship's sections, superstructures,
and steel constructions.  The company also engages in the
production and distribution of technical gases, hot water, and
steam, as well as research and development works in technical
studies.

                           About Gdansk

Headquartered in Gdansk, Poland, Gdansk Shipyard --
http://www.stocznia.gda.pl/En-- is one of the biggest shipyards
in Poland.  It was previously known as Lenin Shipyard during the
times of the People's Republic of Poland.  The site was the
birthplace of the country's Solidarity movement in September
1980.

                    About Stocznia Szczecinska

Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa
Sp. z o.o. -- http://www.ssn.pl/-- specialized in the
construction of container, chemicals transport, multi-purpose
and Con-Ro ships.  The company has been in insolvency after
experiencing substantial reduction of new ship orders, sharp
price decline, and several years of high exchange rate
between the Polish zloty and U.S. dollar.


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


BANK SOYUZ: S&P Places 'B' Counterparty Credit Rating On WatchNeg
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B' long-term
counterparty credit and 'ruA-' Russia national scale ratings on
Russian Bank Soyuz and its affiliate Element Leasing LLC on
CreditWatch with negative implications.  The 'C' short-term
counterparty ratings on both entities were affirmed.

"The CreditWatch placement on Bank Soyuz reflects the increased
risks to its creditworthiness caused by the bank's tight liquidity
position and large securities trading losses," said S&P's credit
analyst Eugene Tarzimanov.

It remains unclear if Soyuz has received extraordinary financial
support from its sole shareholder -- the Basic Element group (not
rated) -- to mitigate these risks.  These negative factors
severely test S&P's confidence in the bank's ability to fund
itself in the market.

The CreditWatch placement on Element Leasing mirrors that on
Soyuz.  Element Leasing derives about one-third of its funding
from Soyuz and is also owned by Basic Element.

"The CreditWatch placement will be resolved when detailed
information is available to assess Bank Soyuz's and Element
Leasing's liquidity, capitalization, profitability, and the level
of tangible financial support from Basic Element," said Mr.
Tarzimanov.


ELEMENT LEASING: S&P Puts B Counterparty Credit Rating On WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B' long-term
counterparty credit and 'ruA-' Russia national scale ratings on
Russian Bank Soyuz and its affiliate Element Leasing LLC on
CreditWatch with negative implications.  The 'C' short-term
counterparty ratings on both entities were affirmed.

"The CreditWatch placement on Bank Soyuz reflects the increased
risks to its creditworthiness caused by the bank's tight liquidity
position and large securities trading losses," said S&P's credit
analyst Eugene Tarzimanov.

It remains unclear if Soyuz has received extraordinary financial
support from its sole shareholder -- the Basic Element group (not
rated) -- to mitigate these risks.  These negative factors
severely test S&P's confidence in the bank's ability to fund
itself in the market.

The CreditWatch placement on Element Leasing mirrors that on
Soyuz.  Element Leasing derives about one-third of its funding
from Soyuz and is also owned by Basic Element.

"The CreditWatch placement will be resolved when detailed
information is available to assess Bank Soyuz's and Element
Leasing's liquidity, capitalization, profitability, and the level
of tangible financial support from Basic Element," said Mr.
Tarzimanov.


NIZHNETAGILSKOE FREIGHT: Creditors Must File Claims by Oct. 26
--------------------------------------------------------------
Creditors of OJSC Nizhnetagilskoe Freight Motor Transport
Enterprise (TIN 6669001528) have until Oct. 26, 2008, to submit
proofs of claims to:

         N. Ivshina
         Post User Box 32
         Slobodskoy
         613150 Kirovskaya
         Russia

The Arbitration Court of Kirovskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A28-3973/2008-162/19.

The Court is located at:

         The Arbitration Court of Kirov
         K-Libknekhta Str. 102
         610017 Kirov
         Russia

The Debtor can be reached at:

         OJSC Nizhnetagilskoe Freight Motor Transport Enterprise
         Chapayeva Str. 18/75
         610035 Kirov
         Russia


SIB-LES-PERERABOTKA: Creditors Must File Claims by October 26
-------------------------------------------------------------
Creditors of LLC Sib-Les-Pererabotka have until Oct. 26, 2008, to
submit proofs of claims to:

         I. Osipov
         Temporary Insolvency Manager
         4th Zheleznodorozhnaya Str. 52/2
         664039 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
supervision procedure on the company. The case is docketed under
Case No. A19–8630/08–63.

The Court is located at:

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


SOUTHERN TELECOM: S&P Shifts Outlook to Stable; Retains 'B' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered the rating on one
Russian company and revised the outlooks on four others following
a review of the country's corporate and infrastructure issuers.

The long-term corporate credit rating on steel pipe producer OAO
TMK was lowered to 'B+' from 'BB-'.  The outlook is stable.  The
Russia national scale rating was lowered to 'ruA+' from 'ruAA-'.

The outlook on property development group CJSC SSMO LenSpecSMU was
revised to stable from positive.  The 'B' long-term and 'B' short-
term corporate credit ratings and the 'ruA' Russia national scale
rating were affirmed.

The outlook on telecoms operator Southern Telecommunications Co.
(OJSC) was revised to stable from positive.  The 'B' long-term
corporate credit rating was affirmed.  The national scale rating
was lowered to 'ruA-' from 'ruA'.

The outlook on telecoms operator VolgaTelecom (OJSC) was revised
to negative from stable.  The 'BB-' long-term corporate credit and
'ruAA-' Russia national scale ratings were afirmed.

The outlook on telecoms operator Uralsvyazinform (OJSC) was
revised to negative from stable.  The 'BB-' long-term corporate
credit rating was affirmed.

S&P's decision to review the sector follows significant turbulence
in the Russian and global equity and credit markets in recent
weeks.  The review focused on the liquidity positions of
individual issuers and their possible funding requirements and was
specifically undertaken because of the high dependence on
relationships, as opposed to firm contractual arrangements, in
Russia's highly volatile and confidence-dependent credit markets.

In conducting the review, S&P focused on each issuer's: Balance-
sheet situation in terms of short-term financial obligations
maturing within the next twelve months.  Liquidity arrangements,
including undrawn committed lines from relatively strong banks.
Closeness to the government and/or to banks that the government
appears to use most as channels to support bank market liquidity.
This implies a greater ability and willingness to maintain or
increase lending, if on a somewhat short-term basis.  Strategic
importance to the economy and expected access to revolving secured
trade finance, for example, in the case of commodity exporters of
oil and metals.  Level of attention to treasury risk management
and plans to raise or maintain liquidity.

While its ratings across all sectors in Russia have long taken
into account liquidity and institutional risks, S&P has factored
in the increased importance in the currently stressed environment
of:

   * Free cash flow generation, net of all cash needs and the
     primary basis for S&P's liquidity analysis, may be impacted
     by softening growth as well as sharp and hard to predict
     working capital changes in certain sectors;

   * The most reliable liquidity lines are those that are undrawn,
     committed to the extent possible in Russia, and from top-
     tier, large, state-controlled domestic banks such as Sberbank
     (unrated), Bank VTB (BBB+/Stable/ A-2), Gazprombank (BBB-
     /Stable/A-3) and potentially Vnesheconombank (foreign
     currency: BBB+/WatchNeg/A-2, local currency: A-/Watch Neg/A-
     2), or from the few international banks that to date appear
     to have maintained an appetite for corporate lending in the
     country.

Significant government support for these institutions has been
evident in recent government actions to stabilize the broader
financial markets.  While government initiatives have been more
substantial and proactive than in past crises, S&P is cautious in
assuming that intended support will reach all corners of the
markets effectively.  S&P has assumed that put options, a common
feature of Russian bonds, are likely to be exercised to an even
greater extent than in the past, when market confidence was much
stronger and interest rates were lower.  In addition, covenant
breaches may now be more difficult to renegotiate.

S&P's ratings and outlooks on other Russian corporate and
infrastructure issuers are unchanged at this stage.  In some cases
this was due to S&P's confidence in well-advanced plans to access
additional liquidity lines maturing within weeks.  If such plans
fail, additional rating actions could take place.  S&P's
previously announced decision to refocus its rating and outlook
horizons for high-yield credits to two years and one year,
respectively, may lead to more frequent outlook revisions and
rating changes.

S&P will continue to monitor general market conditions and the
liquidity of individual rated companies.  In particular S&P will
focus on companies' near-term actions and level of success in
securing financing for near and medium-term needs.  Given the
current situation in the domestic and global bond and equity
markets, and disregarding longer-term ability to improve liquidity
by curtailing capital spending and/or dividends, such near-term
actions are most likely to involve approval of further lines of
financing.


SSMO LENSPECSMU: S&P Revises Outlook to Stable; Affirms 'B' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered the rating on one
Russian company and revised the outlooks on four others following
a review of the country's corporate and infrastructure issuers.

The long-term corporate credit rating on steel pipe producer OAO
TMK was lowered to 'B+' from 'BB-'.  The outlook is stable.  The
Russia national scale rating was lowered to 'ruA+' from 'ruAA-'.

The outlook on property development group CJSC SSMO LenSpecSMU was
revised to stable from positive.  The 'B' long-term and 'B' short-
term corporate credit ratings and the 'ruA' Russia national scale
rating were affirmed.

The outlook on telecoms operator Southern Telecommunications Co.
(OJSC) was revised to stable from positive.  The 'B' long-term
corporate credit rating was affirmed.  The national scale rating
was lowered to 'ruA-' from 'ruA'.

The outlook on telecoms operator VolgaTelecom (OJSC) was revised
to negative from stable.  The 'BB-' long-term corporate credit and
'ruAA-' Russia national scale ratings were afirmed.

The outlook on telecoms operator Uralsvyazinform (OJSC) was
revised to negative from stable.  The 'BB-' long-term corporate
credit rating was affirmed.

S&P's decision to review the sector follows significant turbulence
in the Russian and global equity and credit markets in recent
weeks.  The review focused on the liquidity positions of
individual issuers and their possible funding requirements and was
specifically undertaken because of the high dependence on
relationships, as opposed to firm contractual arrangements, in
Russia's highly volatile and confidence-dependent credit markets.

In conducting the review, S&P focused on each issuer's: Balance-
sheet situation in terms of short-term financial obligations
maturing within the next twelve months.  Liquidity arrangements,
including undrawn committed lines from relatively strong banks.
Closeness to the government and/or to banks that the government
appears to use most as channels to support bank market liquidity.
This implies a greater ability and willingness to maintain or
increase lending, if on a somewhat short-term basis.  Strategic
importance to the economy and expected access to revolving secured
trade finance, for example, in the case of commodity exporters of
oil and metals.  Level of attention to treasury risk management
and plans to raise or maintain liquidity.

While its ratings across all sectors in Russia have long taken
into account liquidity and institutional risks, S&P has factored
in the increased importance in the currently stressed environment
of:

   * Free cash flow generation, net of all cash needs and the
     primary basis for S&P's liquidity analysis, may be impacted
     by softening growth as well as sharp and hard to predict
     working capital changes in certain sectors;

   * The most reliable liquidity lines are those that are undrawn,
     committed to the extent possible in Russia, and from top-
     tier, large, state-controlled domestic banks such as Sberbank
     (unrated), Bank VTB (BBB+/Stable/ A-2), Gazprombank (BBB-
     /Stable/A-3) and potentially Vnesheconombank (foreign
     currency: BBB+/WatchNeg/A-2, local currency: A-/Watch Neg/A-
     2), or from the few international banks that to date appear
     to have maintained an appetite for corporate lending in the
     country.

Significant government support for these institutions has been
evident in recent government actions to stabilize the broader
financial markets.  While government initiatives have been more
substantial and proactive than in past crises, S&P is cautious in
assuming that intended support will reach all corners of the
markets effectively.  S&P has assumed that put options, a common
feature of Russian bonds, are likely to be exercised to an even
greater extent than in the past, when market confidence was much
stronger and interest rates were lower.  In addition, covenant
breaches may now be more difficult to renegotiate.

S&P's ratings and outlooks on other Russian corporate and
infrastructure issuers are unchanged at this stage.  In some cases
this was due to S&P's confidence in well-advanced plans to access
additional liquidity lines maturing within weeks.  If such plans
fail, additional rating actions could take place.  S&P's
previously announced decision to refocus its rating and outlook
horizons for high-yield credits to two years and one year,
respectively, may lead to more frequent outlook revisions and
rating changes.

S&P will continue to monitor general market conditions and the
liquidity of individual rated companies.  In particular S&P will
focus on companies' near-term actions and level of success in
securing financing for near and medium-term needs.  Given the
current situation in the domestic and global bond and equity
markets, and disregarding longer-term ability to improve liquidity
by curtailing capital spending and/or dividends, such near-term
actions are most likely to involve approval of further lines of
financing.


TMK OAO: S&P Cuts Long-Term Corporate Credit Rating to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered the rating on one
Russian company and revised the outlooks on four others following
a review of the country's corporate and infrastructure issuers.

The long-term corporate credit rating on steel pipe producer OAO
TMK was lowered to 'B+' from 'BB-'.  The outlook is stable.  The
Russia national scale rating was lowered to 'ruA+' from 'ruAA-'.

The outlook on property development group CJSC SSMO LenSpecSMU was
revised to stable from positive.  The 'B' long-term and 'B' short-
term corporate credit ratings and the 'ruA' Russia national scale
rating were affirmed.

The outlook on telecoms operator Southern Telecommunications Co.
(OJSC) was revised to stable from positive.  The 'B' long-term
corporate credit rating was affirmed.  The national scale rating
was lowered to 'ruA-' from 'ruA'.

The outlook on telecoms operator VolgaTelecom (OJSC) was revised
to negative from stable.  The 'BB-' long-term corporate credit and
'ruAA-' Russia national scale ratings were afirmed.

The outlook on telecoms operator Uralsvyazinform (OJSC) was
revised to negative from stable.  The 'BB-' long-term corporate
credit rating was affirmed.

S&P's decision to review the sector follows significant turbulence
in the Russian and global equity and credit markets in recent
weeks.  The review focused on the liquidity positions of
individual issuers and their possible funding requirements and was
specifically undertaken because of the high dependence on
relationships, as opposed to firm contractual arrangements, in
Russia's highly volatile and confidence-dependent credit markets.

In conducting the review, S&P focused on each issuer's: Balance-
sheet situation in terms of short-term financial obligations
maturing within the next twelve months.  Liquidity arrangements,
including undrawn committed lines from relatively strong banks.
Closeness to the government and/or to banks that the government
appears to use most as channels to support bank market liquidity.
This implies a greater ability and willingness to maintain or
increase lending, if on a somewhat short-term basis.  Strategic
importance to the economy and expected access to revolving secured
trade finance, for example, in the case of commodity exporters of
oil and metals.  Level of attention to treasury risk management
and plans to raise or maintain liquidity.

While its ratings across all sectors in Russia have long taken
into account liquidity and institutional risks, S&P has factored
in the increased importance in the currently stressed environment
of:

   * Free cash flow generation, net of all cash needs and the
     primary basis for S&P's liquidity analysis, may be impacted
     by softening growth as well as sharp and hard to predict
     working capital changes in certain sectors;

   * The most reliable liquidity lines are those that are undrawn,
     committed to the extent possible in Russia, and from top-
     tier, large, state-controlled domestic banks such as Sberbank
     (unrated), Bank VTB (BBB+/Stable/ A-2), Gazprombank (BBB-
     /Stable/A-3) and potentially Vnesheconombank (foreign
     currency: BBB+/WatchNeg/A-2, local currency: A-/Watch Neg/A-
     2), or from the few international banks that to date appear
     to have maintained an appetite for corporate lending in the
     country.

Significant government support for these institutions has been
evident in recent government actions to stabilize the broader
financial markets.  While government initiatives have been more
substantial and proactive than in past crises, S&P is cautious in
assuming that intended support will reach all corners of the
markets effectively.  S&P has assumed that put options, a common
feature of Russian bonds, are likely to be exercised to an even
greater extent than in the past, when market confidence was much
stronger and interest rates were lower.  In addition, covenant
breaches may now be more difficult to renegotiate.

S&P's ratings and outlooks on other Russian corporate and
infrastructure issuers are unchanged at this stage.  In some cases
this was due to S&P's confidence in well-advanced plans to access
additional liquidity lines maturing within weeks.  If such plans
fail, additional rating actions could take place.  S&P's
previously announced decision to refocus its rating and outlook
horizons for high-yield credits to two years and one year,
respectively, may lead to more frequent outlook revisions and
rating changes.

S&P will continue to monitor general market conditions and the
liquidity of individual rated companies.  In particular S&P will
focus on companies' near-term actions and level of success in
securing financing for near and medium-term needs.  Given the
current situation in the domestic and global bond and equity
markets, and disregarding longer-term ability to improve liquidity
by curtailing capital spending and/or dividends, such near-term
actions are most likely to involve approval of further lines of
financing.


TRANSOIL COMPANY: Creditors Must File Claims by October 26
----------------------------------------------------------
Creditors of LLC Transoil Company have until Oct. 26, 2008, to
submit proofs of claims to:

         M. Azizov
         Temporary Insolvency Manager
         Post User Box 670
         420032 Kazan
         Russia

The Arbitration Court of Tatarstan will convene at 1:30 p.m. on
Nov. 17, 2008, to hear the company's bankruptcy supervision
procedure.  The Case is docketed under Case No. A65–11684/
2008–SG4–35.

The Court is located at:

         The Arbitration Court of Tatarstan
         Hall 13
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Transoil Company
         Sh. Usmanova Str. 32A
         Kazan
         Tatarstan
         Russia


URALSVYAZINFORM OJSC: S&P Shifts Outlook to Neg.; Holds BB- Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered the rating on one
Russian company and revised the outlooks on four others following
a review of the country's corporate and infrastructure issuers.

The long-term corporate credit rating on steel pipe producer OAO
TMK was lowered to 'B+' from 'BB-'.  The outlook is stable.  The
Russia national scale rating was lowered to 'ruA+' from 'ruAA-'.

The outlook on property development group CJSC SSMO LenSpecSMU was
revised to stable from positive.  The 'B' long-term and 'B' short-
term corporate credit ratings and the 'ruA' Russia national scale
rating were affirmed.

The outlook on telecoms operator Southern Telecommunications Co.
(OJSC) was revised to stable from positive.  The 'B' long-term
corporate credit rating was affirmed.  The national scale rating
was lowered to 'ruA-' from 'ruA'.

The outlook on telecoms operator VolgaTelecom (OJSC) was revised
to negative from stable.  The 'BB-' long-term corporate credit and
'ruAA-' Russia national scale ratings were afirmed.

The outlook on telecoms operator Uralsvyazinform (OJSC) was
revised to negative from stable.  The 'BB-' long-term corporate
credit rating was affirmed.

S&P's decision to review the sector follows significant turbulence
in the Russian and global equity and credit markets in recent
weeks.  The review focused on the liquidity positions of
individual issuers and their possible funding requirements and was
specifically undertaken because of the high dependence on
relationships, as opposed to firm contractual arrangements, in
Russia's highly volatile and confidence-dependent credit markets.

In conducting the review, S&P focused on each issuer's: Balance-
sheet situation in terms of short-term financial obligations
maturing within the next twelve months.  Liquidity arrangements,
including undrawn committed lines from relatively strong banks.
Closeness to the government and/or to banks that the government
appears to use most as channels to support bank market liquidity.
This implies a greater ability and willingness to maintain or
increase lending, if on a somewhat short-term basis.  Strategic
importance to the economy and expected access to revolving secured
trade finance, for example, in the case of commodity exporters of
oil and metals.  Level of attention to treasury risk management
and plans to raise or maintain liquidity.

While its ratings across all sectors in Russia have long taken
into account liquidity and institutional risks, S&P has factored
in the increased importance in the currently stressed environment
of:

   * Free cash flow generation, net of all cash needs and the
     primary basis for S&P's liquidity analysis, may be impacted
     by softening growth as well as sharp and hard to predict
     working capital changes in certain sectors;

   * The most reliable liquidity lines are those that are undrawn,
     committed to the extent possible in Russia, and from top-
     tier, large, state-controlled domestic banks such as Sberbank
     (unrated), Bank VTB (BBB+/Stable/ A-2), Gazprombank (BBB-
     /Stable/A-3) and potentially Vnesheconombank (foreign
     currency: BBB+/WatchNeg/A-2, local currency: A-/Watch Neg/A-
     2), or from the few international banks that to date appear
     to have maintained an appetite for corporate lending in the
     country.

Significant government support for these institutions has been
evident in recent government actions to stabilize the broader
financial markets.  While government initiatives have been more
substantial and proactive than in past crises, S&P is cautious in
assuming that intended support will reach all corners of the
markets effectively.  S&P has assumed that put options, a common
feature of Russian bonds, are likely to be exercised to an even
greater extent than in the past, when market confidence was much
stronger and interest rates were lower.  In addition, covenant
breaches may now be more difficult to renegotiate.

S&P's ratings and outlooks on other Russian corporate and
infrastructure issuers are unchanged at this stage.  In some cases
this was due to S&P's confidence in well-advanced plans to access
additional liquidity lines maturing within weeks.  If such plans
fail, additional rating actions could take place.  S&P's
previously announced decision to refocus its rating and outlook
horizons for high-yield credits to two years and one year,
respectively, may lead to more frequent outlook revisions and
rating changes.

S&P will continue to monitor general market conditions and the
liquidity of individual rated companies.  In particular S&P will
focus on companies' near-term actions and level of success in
securing financing for near and medium-term needs.  Given the
current situation in the domestic and global bond and equity
markets, and disregarding longer-term ability to improve liquidity
by curtailing capital spending and/or dividends, such near-term
actions are most likely to involve approval of further lines of
financing.


URENSKIY FLAX: Creditors Must File Claims by October 26
-------------------------------------------------------
Creditors of LLC Urenskiy Flax have until Oct. 26, 2008, to submit
proofs of claims to:

         K. Volkov
         Office 2
         Nevzorovyukh Str. 89
         603024 Nizhny Novgorod
         Russia

The Arbitration Court of Nixhegorodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43–20362/2008 33–128.

The Debtor can be reached at:

         LLC Urenskiy Flax
         Lnozavod Str. 1a
         Uren
         Nizhegorodskaya
         Russia


VOLGATELECOM OJSC: S&P Revises Outlook to Neg.; Keeps 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered the rating on one
Russian company and revised the outlooks on four others following
a review of the country's corporate and infrastructure issuers.

The long-term corporate credit rating on steel pipe producer OAO
TMK was lowered to 'B+' from 'BB-'.  The outlook is stable.  The
Russia national scale rating was lowered to 'ruA+' from 'ruAA-'.

The outlook on property development group CJSC SSMO LenSpecSMU was
revised to stable from positive.  The 'B' long-term and 'B' short-
term corporate credit ratings and the 'ruA' Russia national scale
rating were affirmed.

The outlook on telecoms operator Southern Telecommunications Co.
(OJSC) was revised to stable from positive.  The 'B' long-term
corporate credit rating was affirmed.  The national scale rating
was lowered to 'ruA-' from 'ruA'.

The outlook on telecoms operator VolgaTelecom (OJSC) was revised
to negative from stable.  The 'BB-' long-term corporate credit and
'ruAA-' Russia national scale ratings were afirmed.

The outlook on telecoms operator Uralsvyazinform (OJSC) was
revised to negative from stable.  The 'BB-' long-term corporate
credit rating was affirmed.

S&P's decision to review the sector follows significant turbulence
in the Russian and global equity and credit markets in recent
weeks.  The review focused on the liquidity positions of
individual issuers and their possible funding requirements and was
specifically undertaken because of the high dependence on
relationships, as opposed to firm contractual arrangements, in
Russia's highly volatile and confidence-dependent credit markets.

In conducting the review, S&P focused on each issuer's: Balance-
sheet situation in terms of short-term financial obligations
maturing within the next twelve months.  Liquidity arrangements,
including undrawn committed lines from relatively strong banks.
Closeness to the government and/or to banks that the government
appears to use most as channels to support bank market liquidity.
This implies a greater ability and willingness to maintain or
increase lending, if on a somewhat short-term basis.  Strategic
importance to the economy and expected access to revolving secured
trade finance, for example, in the case of commodity exporters of
oil and metals.  Level of attention to treasury risk management
and plans to raise or maintain liquidity.

While its ratings across all sectors in Russia have long taken
into account liquidity and institutional risks, S&P has factored
in the increased importance in the currently stressed environment
of:

   * Free cash flow generation, net of all cash needs and the
     primary basis for S&P's liquidity analysis, may be impacted
     by softening growth as well as sharp and hard to predict
     working capital changes in certain sectors;

   * The most reliable liquidity lines are those that are undrawn,
     committed to the extent possible in Russia, and from top-
     tier, large, state-controlled domestic banks such as Sberbank
     (unrated), Bank VTB (BBB+/Stable/ A-2), Gazprombank (BBB-
     /Stable/A-3) and potentially Vnesheconombank (foreign
     currency: BBB+/WatchNeg/A-2, local currency: A-/Watch Neg/A-
     2), or from the few international banks that to date appear
     to have maintained an appetite for corporate lending in the
     country.

Significant government support for these institutions has been
evident in recent government actions to stabilize the broader
financial markets.  While government initiatives have been more
substantial and proactive than in past crises, S&P is cautious in
assuming that intended support will reach all corners of the
markets effectively.  S&P has assumed that put options, a common
feature of Russian bonds, are likely to be exercised to an even
greater extent than in the past, when market confidence was much
stronger and interest rates were lower.  In addition, covenant
breaches may now be more difficult to renegotiate.

S&P's ratings and outlooks on other Russian corporate and
infrastructure issuers are unchanged at this stage.  In some cases
this was due to S&P's confidence in well-advanced plans to access
additional liquidity lines maturing within weeks.  If such plans
fail, additional rating actions could take place.  S&P's
previously announced decision to refocus its rating and outlook
horizons for high-yield credits to two years and one year,
respectively, may lead to more frequent outlook revisions and
rating changes.

S&P will continue to monitor general market conditions and the
liquidity of individual rated companies.  In particular S&P will
focus on companies' near-term actions and level of success in
securing financing for near and medium-term needs.  Given the
current situation in the domestic and global bond and equity
markets, and disregarding longer-term ability to improve liquidity
by curtailing capital spending and/or dividends, such near-term
actions are most likely to involve approval of further lines of
financing.


YAMAL-PETROIL CJSC: Creditors Must File Claims by October 26
------------------------------------------------------------
Creditors of CJSC Yamal-Petroil have until Oct. 26, 2008, to
submit proofs of claims to:

         S. Abyshev
         Temporary Insolvency Manager
         Office 455
         Melnikayte Str. 106
         Tumen
         Russia

The Arbitration Court of Tumen will convene at 9:00 a.m. on
Jan. 13, 2009, to hear bankruptcy supervision procedure.  The Case
is docketed under Case No. A-70-4027/3-2008.


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


* SPAIN: To Raise Guarantees on Bank Deposits
---------------------------------------------
The Spanish government will raise its guarantees on bank deposits
with immediate effect, The Wall Street Journal reports, citing
Christopher Bjork of Dow Jones Newswires as its source.

The government, however, didn't say by how how much the guarantees
on deposits would be increased, the report says.

Spain, the report discloses, currently guarantees deposits for up
to EUR20,000 for any account holder in a single bank.

The report notes that while companies are complaining they are
suffering because banks have sharply reined in credit, the
government insisted the country's banking system is healthy, with
no institutions in need of special assistance.


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


VOLVO CAR: Mulls Additional 4,000 Job Cuts on Slumping Car Sector
-----------------------------------------------------------------
Ford Motor Company's unit, Volvo Car Corporation, said it will
initiate further structural changes in all parts of the business
to meet the rapidly deteriorating market situation in the global
car industry.  The total redundancy actions now planned to be
initiated account for 6,000 people or 25% of its workforce
worldwide, of which 1,200 are consultants.  On June 25, Volvo
initially announced the reduction of 2,000 people, including 500
consultants.

The International Herald Tribune cites Bloomberg News as stating
that in September, auto sales plunged 27% in the United States,
and four of the European Union's five biggest car markets
declined.

On Oct. 8, 2008, the Swedish Public Employment Service was
informed of additional redundancies affecting around 2,000 blue
collar employees and 700 white collar employees in Sweden.
Outside Sweden, an additional 600 employees will be made redundant
and some 700 contracts with consultants will be terminated.

"These are difficult times for the car industry in general,
including Volvo.  These actions are necessary to create a new and
sustainable Volvo Car Corporation -- a company with more focused
operations and structure," says President and CEO of Volvo Car
Corporation, Stephen Odell.

"The unstable economic environment has resulted in a very
unpredictable situation, and the downturn in the global car
industry is more drastic than expected," Mr. Odell continues.

Volvo disclosed that a notice was handed October 8 to the Swedish
Authorities includes 2,230 employees at Volvo Car Corporation in
Gothenburg, 410 employees at Volvo Cars Body Components in
Olofström and 60 employees at the Volvo Cars Engine Plant in
Skövde/Floby.  The company is also planning a reduction of 600
people outside Sweden.

In a press release dated September 12, Volvo estimated that
approximately 900 blue collar employees would be affected.  Given
the turbulence in the world economy over the last few weeks,
however, it is clear that further costs saving actions are
necessary for the company to manage the difficult market
situation.

Volvo said the process to negotiate a new organization commenced
on June 25.  The announcement dated October 8 will delay these
negotiations with the unions as it needs to be integrated with the
previous plan.  The new organization is expected to be in place by
the end of the year.

                         About Ford Motor

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.

                          About Volvo Car

Gothenburg, Sweden-based Volvo Car Corporation (VCC) --
http://www.volvocars.com/-- manufactures cars. Models include the
S Range, V Range, XC Range, and C Range.  The bulk of the 450,000
Volvos manufactured each year are built in Sweden and Belgium, but
the company also builds a few cars in Thailand, Malaysia, South
Africa, and China.  Volvos are sold in more than 100 markets
through a network of some 2,300 dealers.  Ford Motor purchased the
Volvo automotive brand from Swedish truck maker AB Volvo in 1999.


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


AMC MANAGEMENT: Creditors Must File Proofs of Claim by Oct. 24
--------------------------------------------------------------
Creditors owed money by LLC AMC Management are requested to file
their proofs of claim by Oct. 24, 2008, to:

         Doris Brutsch
         Unterdorfstrasse 3
         9508 Weingarten
         Switzerland

The company is currently undergoing liquidation in Erlen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 15, 2006.


DANU GUDEL: Deadline to File Proofs of Claim Set Oct. 24
--------------------------------------------------------
Creditors owed money by LLC Danu Gudel & Chauffeure are requested
to file their proofs of claim by Oct. 24, 2008, to:

         Jegenstorfstrasse 11
         3308 Zauggenried
         Switzerland

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


FT CONSULT: Creditors Have Until Oct. 23 to File Claims
-------------------------------------------------------
Creditors owed money by JSC ft consult are requested to file their
proofs of claim by Oct. 23, 2008, to:

         Schaffner Hanns-Peter
         Rigistrasse 56
         6006 Luzern
         Switzerland

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


G24SOLUTIONS LLC: Proofs of Claim Filing Deadline is Oct. 24
------------------------------------------------------------
Creditors owed money by LLC g24 solutions are requested to file
their proofs of claim by Oct. 24, 2008, to:

         Graben 5
         6300 Zug
         Switzerland

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


GENERAL MOTORS: High Demand Cues Share Trading Blackout on Workers
------------------------------------------------------------------
General Motors Corporation disclosed in a Securities and Exchange
Commission filing that on Sept. 30, 2008, it had suspended
purchases of its common stock, par value US$1-2/3 per share, by
employees in GM's Savings-Stock Purchase Plan and the Personal
Savings Plan.

All purchases of Common Stock under the Plans have been suspended
because the Plans have now issued all of their registered shares
of Common Stock. This suspension is the result of recent
unexpectedly high demand among the Plans' participants due to
increased employee interest and a lower market price for the
Common Stock.  The demand significantly exceeded the usual volume
and exhausted the supply of registered stock more quickly than the
administrators of the Plans foresaw.  Because of this, GM was not
able to provide advance notice of the suspension of purchases of
Common Stock under the Plans or of the trading blackout.
This trading blackout begins immediately and will end when GM
files with the Securities and Exchange Commission a registration
statement registering additional shares.

GM expects to file a registration statement with the SEC during
the week of Nov. 9, 2008.

Plan participants, other than directors and officers, are not
prevented from selling Common Stock through the Plans, or buying
or selling Common Stock outside the Plans, during the blackout
period.  Based on the provisions of the Plans, these participants
may also at any time exchange shares in the Common Stock Fund for
other investment options or change their contribution election.

The contributions of participants currently directed to the GM
Common Stock Fund, will be invested in the default fund for the
Plan in which they participate, unless they provide new
instructions.  This means that, until the temporary suspension for
Common Stock purchases is removed, that contributions to the S-SPP
will be invested in the Pyramis Strategic Balanced Commingled Pool
investment option and that contributions to the PSP will be
Invested In the Pyramis Active Lifecycle Commingled Pool
Investment option closest to the year that the participant will
attain the age of 65.

On Sept. 30, 2008, GM sent a notice to its directors and executive
officers informing them that a blackout period had commenced.
During the blackout period, GM's directors and executive officers
will be prohibited from directly acquiring, disposing of or
transferring any equity securities of GM acquired by them in
connection with their service or employment with GM in those
capacities.

                    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.


SENN HOSPITALITY: Creditors' Proofs of Claim Due by Oct. 23
-----------------------------------------------------------
Creditors owed money by  LLC SHS Senn Hospitality Services are
requested to file their proofs of claim by Oct. 23, 2008, to:

         Romeo Hunn
         Ifangstrasse 19
         5525 Fischbach-Goslikon
         Switzerland

The company is currently undergoing liquidation in Fischbach-
Goslikon AG.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on July 23, 2008.


STUTZ FINANZ: Oct. 25 Set as Deadline to File Claims
---------------------------------------------------------------
Creditors owed money by JSC Stutz Finanz & Treuhand are requested
to file their proofs of claim by Oct. 25, 2008, to:

         JSC OBT
         Rorschacher Strasse 63
         9004 St. Gallen
         Switzerland

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


SUBCONTI TRADE: Creditors Must File Proofs of Claim by Oct. 25
--------------------------------------------------------------
Creditors owed money by Subconti Trade Ltd are requested to file
their proofs of claim by Oct. 25, 2008, to:

         JSC STM Steuerberatung & Treuhand, Mettler
         Lowenstrasse 53
         8021 Zurich
         Switzerland

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


YANGZOM JSC: Deadline to File Proofs of Claim Set Oct. 23
---------------------------------------------------------
Creditors owed money by JSC YANGZOM  are requested to file their
proofs of claim by Oct. 23, 2008, to:

         JSC Thalmann Treuhand
         Marktplatz 3
         8570 Weinfelden
         Switzerland

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


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


ANTEY LLC: Creditors Must File Claims by October 12
---------------------------------------------------
Creditors of LLC Antey (code EDRPOU 23536884) have until Oct. 12,
2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 16, 2008.
The case is docketed as 49/95-b.

The Debtor can be reached at:

         LLC Antey
         Kikvidze Str. 13
         01023 Kiev
         Ukraine


CONCRETE CONSTRUCTIONS 5: Creditors Must File Claims by Oct. 12
---------------------------------------------------------------
Creditors of CJSC Concrete Constructions Plant 5 (code EDRPOU
01267722) have until Oct. 12, 2008, to submit proofs of claim to:

         Korchan Sergey
         Temporary Insolvency Manager
         Ap. 15
         Petrovsky Str. 6/8
         61002 Kharkov
         Ukraine
         Tel: 8(057)700-55-97

The Economic Court of Kharkov commenced bankruptcy supervision
procedure on the company on Aug. 21, 2008. The case is docketed as
B-50/130-08.

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

The Debtor can be reached at:

         CJSC Concrete Constructions Plant 5
         50 years of USSR Avenue, 171
         61060 Kharkov
         Ukraine


DEEP LLC: Creditors Must File Claims by October 12
--------------------------------------------------
Creditors of LLC Deep (code EDRPOU 32874900) have until Oct. 12,
2008, to submit proofs of claim to:

         Komerzan Zinoviy
         Liquidator
         Of. 46
         Teatralnaya Square 6
         58000 Chernovcy
         Ukraine

The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 10/158/b.

         The Economic Court of Chernovcy
         O. Kobylianska Str. 14
         58000 Chernovcy
         Ukraine

The Debtor can be reached at:

         LLC Deep
         Bogomolets Str. 7/5
         58000 Chernovcy
         Ukriane


KOTOVSK BREADRECEIVING: Creditors Must File Claims by October 12
----------------------------------------------------------------
Creditors of Subsidiary Company Kotovsk Breadreceiving Enterprise
(code EDRPOU 32364484) have until Oct. 12, 2008, to submit proofs
of claim to:

         Gliadchenko Vladimir
         Liquidator
         Kirov Avenue 96/13
         49055 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Aug.
26, 2008.  The case is docketed as B 15/234-08.

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

The Debtor can be reached at:

         Subsidiary Company Kotovsk Breadreceiving Enterprise
         Dwelling District Topolia-3 B. 36
         49041 Dnipropetrovsk
         Ukraine


KRONPACKSERVICE LLC: Creditors Must File Claims by October 12
-------------------------------------------------------------
Creditors of LLC Kronpackservice (code EDRPOU 32974499) have until
Oct. 12, 2008, to submit proofs of claim to:

         Gliadchenko Vladimir
         Liquidator
         Kirov Avenue 96/13
         49055 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Aug.
27, 2008.  The case is docketed as B 29/174-08.

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

The Debtor can be reached at:

         LLC Kronpackservice
         Dimitrov Str. 49, 38
         Krivoy Rog
         50027 Dnipropetrovsk
         Ukraine


POLTAVA-DILO LTD: Creditors Must File Claims by October 11
----------------------------------------------------------
Creditors of LLC Firm Poltava-Dilo Ltd (code EDRPOU 21072305) have
until Oct. 11, 2008, to submit proofs of claim to:

         Zlenko Vitaliya
         Liquidator
         Balochnaya Str. 3
         Makieyevka
         86100 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 42/96B.

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

The Debtor can be reached at:

         LLC Firm Poltava-Dilo Ltd
         Gurov Avenue 11
         83055 Donetsk
         Ukraine


SANATORIUM-PREVENTORIUM YUBILEYNY: Claims Filing Ends October 11
----------------------------------------------------------------
Creditors of OJSC Osnastka Subsidiary Company Sanatorium-
Preventorium Yubileyny (code EDRPOU 25087367) have until Oct. 11,
2008, to submit proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 28, 2008.
The case is docketed as 7/137-B.

The Debtor can be reached at:

         OJSC Osnastka Subsidiary Company Sanatorium-`
         Preventorium Yubileyny
         Lutsk Str. 25
         Novovolinsk
         45403 Volin
         Ukraine


SPARTAK OJSC: Creditors Must File Claims by October 12
------------------------------------------------------
Creditors of OJSC Spartak (code EDRPOU 30561150) have until
Oct. 12, 2008, to submit proofs of claim to:

         Zakorko Vadim
         Temporary Insolvency Manager
         Of. 412
         Rybalko Str. 2
         40011 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on Jan. 26, 2008.  The case is docketed
as 8/26-08.

         The Economic Court of Sumy
         Shevchenko Avenue 18/1
         40030 Sumy
         Ukraine

The Debtor can be reached at:

         OJSC Spartak
         Gagarin Str. 9
         40030 Sumy
         Ukraine


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


ABBOTTS CREATIVE: Taps BDO Stoy to Administer Assets
----------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy Hayward
LLP were appointed joint administrators of Abbotts Creative Print
Ltd. (Company Number 00627236) on Sept. 22, 2008.


AMERICAN INT'L: US$85BB Gov't Loan Is Bad Deal, Says Former CEO
-------------------------------------------------------------
Judith Burns at Dow Jones Newswires reports that Maurice
Greenberg, American International Group Inc.'s former chairperson
and chief executive officer, claimed that the US$85 billion
federal loan to the company is a bad deal for workers and
shareholders, who might have been better off had the firm gone
bankrupt.

Liam Pleven at The Wall Street Journal relates that former AIG
executives were invited to testify in a hearing at Capital Hill on
Oct. 7 on how the company's financial problems worsened until the
government had to lend the company some US$85 billion in
September.  Investigations were launched after AIG said in
February that its outside auditors had found a "material weakness"
in its accounting.  Federal prosecutors and the Securities and
Exchange Commission have been investigating whether individuals at
AIG intentionally overstated the value of credit-default-swaps
linked to subprime mortgages, WSJ says, citing sources.  AIG said
it is cooperating in regulatory and governmental reviews on all
matters, WSJ relates.

Dow Jones relates that Mr. Greenberg wasn't present at the
hearing, but he sent prepared remarks on Tuesday to the House
Government Oversight Committee.  Dow Jones quoted the committee's
chairperson Henry Waxman as saying, "Regrettably, Mr. Greenberg
has told the committee that he is too ill to appear here today
[Oct. 7]."

Dow Jones reports that Mr. Greenberg said that under the agreement
on the US$85 billion loan, AIG must pay interest on the entire
amount even if it doesn't borrow the rest of the amount,
encouraging the company to draw down all of the funds even if it
does not need it.  Dow Jones relates that Mr. Greeberg said in his
testimony, "AIG will have no choice but to engage in a fire sale
of profitable assets."

According to Dow Jones, New York Insurance Department
Superintendent Eric Dinallo told the House panel that AIG's
collapse was due to a "liquidity problem."  Dow Jones relates that
AIG's problems started from its financial-products unit, which
sold credit-default swaps, a kind of protection against bond
issuers defaulting, which Mr. Greenberg claimed worked well under
his watch but collapsed after he left the company in March 2005.

Martin Sullivan, Mr. Greenberg's successor who left AIG in June,
blamed the firm's downfall on a "global financial tsunami" that
caused credit markets to freeze and required AIG to take
unexpected write-downs on unrealized losses on credit-default
swaps, Dow Jones says.

Dow Jones relates that Robert Willumstad, who replaced Mr.
Sullivan and led AIG until the US$85 billion loan, said that
accounting rules and credit rating downgrades worsened AIG's
problems.

The Office of Thrift Supervision sent a letter to AIG's
general counsel in March cited concerns about "corporate
oversight" of the company's financial products unit, which
PricewaterhouseCoopers, AIG's auditor, also reported, Dow Jones
says, citing Mr. Waxman.

According to Dow Jones, Mr. Waxman said that AIG had a weeklong
retreat for executives at the St. Regis Resort in Monarch Beach,
California, where rooms can cost more than US$1,000 a night, less
than a week after the federal bailout.  Copies of invoices
distributed by the House committee indicated that AIG paid more
than US$440,000, including almost US$7,000 for golf and US$23,000
in spa charges, Dow Jones says.  AIG spokesperson Joseph Norton
explained that the meeting was a recognition event planned last
year to reward high-performing independent insurance agents who
sell AIG products, a "standard practice" to motivate sales
personnel, Dow Jones relates.

Dow Jones reports that Lynn Turner, the Securitities and Exchange
Commission's former chief accountant, told the House panel that he
doesn't believe AIG was honest with its investors about its
exposure tothe credit-default swaps market.

AIG's CEO Edward Liddy and other current executives in the company
were not on a list of witnesses invited to testify at the hearing,
WSJ states.

               About American International Group

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 INT'L: S&P Revises CreditWatch to Neg. from Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the CreditWatch status
of its ratings on American International Group Inc. (NYSE:AIG; A-
/Watch Neg/A-1) and AIG's guaranteed subsidiaries to negative from
developing.

Standard & Poor's also said that the ratings on most of AIG's
insurance operating subsidiaries remain on CreditWatch with
developing implications.

The 'A-/A-1' counterparty credit rating on AIG relies on the
significant support from the US$85 billion borrowing facility
provided by the Federal Reserve Bank of New York.  The facility
provides liquidity, allowing the company and its subsidiaries to
meet debt and other obligations while it implements its plan to
sell various businesses.  "The US$61 billion draw to date on the
facility is much larger than we had previously anticipated," noted
Standard & Poor's credit analyst Rodney A. Clark.  "This has
caused the scope of the planned business sales to exceed our
expectations."

The ratings on AIG and its guaranteed subsidiaries are on
CreditWatch negative to indicate that there could be downward
pressure because of S&P's view of the risks around the execution
of the plan as well as the heavy debt-service requirements of a
much smaller and less-diversified AIG.  The current disruption in
the credit markets could make it difficult to sell businesses at
attractive valuations.  Over the longer term, S&P expects that the
effects of the disposition--coupled with broader market-support
actions, including the proposed Troubled Asset Relief Program,
changes in mark-to-market accounting rules, and AIG's efforts to
stem residential mortgage-based securities-related losses--will
improve the available funds under the Fed borrowing facility.

The 'A+' financial strength ratings on most of AIG's insurance
operating subsidiaries reflect S&P's view of the strong
competitive positions, earnings, and capital of those companies,
somewhat offset by investment risk in their portfolios.  Those
ratings are on CreditWatch developing to indicate that they could
be raised or lowered, depending on whether or not AIG sells them
and, if it does, who the buyer is.  "We will analyze the capital
structure and business prospects of each potential
subsidiary sale and make rating changes as necessary when those
sales materialize," Mr. Clark added.

"For the subsidiaries that are likely to remain part of AIG, the
ratings will depend on the ongoing ability to attract and retain
profitable business and on the capital structure of AIG once the
corporate restructuring is completed."


AVENT ENGINEERING: Appoints Joint Administrators from BDO Stoy
--------------------------------------------------------------
Dermot Justine Power and Mark Roach of BDO Stoy Hayward LLP were
appointed joint administrators of Avent Engineering Ltd. (Company
Number 1895378) on Sept. 25, 2008.

The company can be reached at:

         Avent Engineering Ltd.
         c/o BDO Stoy Hayward LLP
         Commercial Buildings
         11-15 Cross Street
         Manchester
         M2 1BD
         England


BALLY TECH: Fitch Assigns 'BB+' Rating on US$300MM Facility
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Bally Technologies,
Inc.'s new US$300 million credit facility.  The credit facility
rating is two notches above Bally's 'BB-' Issuer Default Rating
due to Fitch's view of strong over-collateralization of that debt.
The Rating Outlook is Positive.

The four-year credit facility consists of a US$75 million revolver
and a US$225 million term loan, which continue to be secured by
all domestic subsidiaries except the entity that holds Bally's
interest in the Rainbow Casino in Vicksburg, Mississippi.  The
credit facility was initially priced at LIBOR+325 basis points and
was used primarily to refinance its previous term loan that had
US$290 million outstanding as of June 30, 2008.  At closing of the
transaction, Bally maintained US$25 million of undrawn
availability on the new revolver.

Notable financial covenants include:

-- Leverage ratio: 2.5 times (x) through March 31, 2009, which
    drops to 2.25x through March 31, 2010 before hitting the
    floor at 2.0x through June 30, 2010;

-- Fixed charge coverage ratio of 2.0x;

-- Additional indebtedness: Bally is permitted to issue
    US$150 million of senior unsecured debt;

-- Dividends: Bally is permitted to pay up to US$50 million
    annually in dividends if leverage is above 1.0x and up to
    US$70 million if leverage is below 1.0x.


BATE GROUP: Brings in Joint Administrators from BDO Stoy
--------------------------------------------------------
Dermot Justin Power and Matthew Dunham BDO Stoy Hayward LLP were
appointed Sept. 22, 2008, joint administrators of:

   -- B.H.G Grinding Ltd. (Company Number 00737943);

   -- Bate Welding & Saw Supplies Ltd.
     (Company Number 01211941); and

   -- Bate Group Ltd. (Company Number 04893690).


BETTERVIEW WINDOWS: Appoints Joint Administrators from KPMG
-----------------------------------------------------------
Myles Antony Halley and David John Standish of KPMG LLP were
appointed joint administrators of Betterview Windows &
Conservatories Ltd. (Company Number 03688965) on Sept. 25, 2008.

The company can be reached at:

         Betterview Windows & Conservatories Ltd.
         Pytchley House
         Russell Gardens
         Wickford
         England


ESDALE TOOLING: Taps Tenon Recovery as Joint Administrators
-----------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Esdale Tooling Ltd. (Company Number
05233520) on Sept. 18, 2008.

The company can be reached at:

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


FOURTH MARKET: Calls in Joint Administrators from Mazars
--------------------------------------------------------
R. D. Adamson and P. Charlton of Mazars LLP were appointed joint
administrators of Fourth Market Ltd. (Company Number 04058111)
(t/a Thames Bathrooms) on Sept. 24, 2008.

The company can be reached at:

         Fourth Market Ltd.
         c/o Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


HERITABLE: In Default; Deposit Business Transferred to ING
----------------------------------------------------------
Acting on the advice of the Bank and Financial Services Authority
(FSA), and in light of announcements made by the Icelandic
authorities in recent days, the Chancellor has taken action
yesterday, Oct. 8, 2008, to protect the retail depositors in two
Icelandic owned banks: Icesave, a UK-based branch of Landsbanki
and Heritable, a UK-based banking subsidiary of Landsbanki.  He
has taken this action to ensure the stability of the UK financial
system.  Savers' money is safe and secure.

                     Landsbanki/Icesave

The UK authorities expect that Landsbanki will soon be declared in
default.  Should that occur, the Chancellor has put in place
arrangements to ensure that no retail depositor will lose any
money as a result of the closure of Icesave.  The Treasury and the
Financial Services Compensation Scheme are working with the
Icelandic authorities and their Deposit Insurance Scheme to ensure
that depositors are paid back as quickly as possible.  The
Chancellor has also spoken to the Icelandic Finance Minister about
the importance of the Icelandic authorities ensuring that UK
depositors in Icesave are given the same protections as depositors
in Iceland and receive their deposits back in full promptly.

Arrangements are being put in place to ensure that all ISA
customers of Icesave will continue to benefit from the tax-free
status of their accounts.

The Chancellor has also taken steps to freeze assets of Landsbanki
in the UK until the position with respect to the future of the
firm and UK creditors becomes clearer.

                         Heritable

Heritable is regulated by the FSA.  The FSA has determined that
Heritable no longer meets its threshold conditions, and is likely
to be unable to continue to meet its obligations to depositors.
The FSA concluded that it is in default for the purposes of the
Financial Services Compensation Scheme.  The Treasury has used the
Banking (Special Provisions) Act 2008 to ensure a resolution that
preserves financial stability and provides protection and
continuity of business for depositors.

Heritable's retail deposit business has been transferred to ING
Direct, a wholly-owned subsidiary of ING Group.  ING Direct is
working to rapidly ensure that it is business as normal for all
customers.

This action by the Tripartite Authorities protects savers' money
and provides certainty for retail depositors.  The transfer of the
retail deposit book has been backed by cash from HM Treasury and
the Financial Services Compensation Scheme.

The remainder of Heritable's business has been put into
administration.  Any retail depositors eligible to claim under the
Financial Services Compensation Scheme whose business has not been
transferred to ING will be paid out in full through the Financial
Services Compensation Scheme.

This is the right course of action to protect savers, ensure
financial stability, and safeguard the interests of the taxpayer.

                    About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is-- is engaged in the provision of retail,
corporate an investment banking services.  The Bank's product
range includes financial products and services, such as specialty
insurance and real estate financing, for both corporate and
private clients.  It is also operational through a number of
subsidiaries, including Heritable Bank Ltd, operating consultancy
and financing services for residential development; Landsbanki
Holdings Europe SA, a Luxembourg-based holding company providing
banking services; Landsbanki Guernsey Ltd, offering retail
banking; Landsbanki Securities (UK) Holdings plc, engaged in the
provision of stockbrokers and financial services; Landsvaki hf, an
operation company for mutual funds; Verdbrefun hf, a
securitization company; Landsbankinn eignarhaldsfelag hf, a real
estate company, and others.

                       About Icesave

Icesave is the UK branch of Landsbanki Islands hf (trading here
under the registered name Icesave).  It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.

                     About Heritable

Heritable, a UK-based banking subsidiary of Landsbanki.


ICESAVE: To Go Into Insolvency Proceedings in Iceland
-----------------------------------------------------
HM Treasury, on Tuesday, Oct. 7, 2008, confirmed that if, as
expected, Landsbanki is soon declared in default, the Government
will make sure that no retail depositor will lose any money as a
result of the closure of Icesave.

The Treasury have also confirmed that arrangements are being put
in place to ensure that all ISA customers of Icesave will continue
to benefit from the tax free status of their accounts.

The Financial Services Compensation Scheme (FSCS) is working
closely with HM Treasury, the Financial Services Authority (FSA)
and the Icelandic compensation scheme on arrangements to get
people their money back.

In the light of the current uncertainties, the FSCS is gearing up
in case it needs to assist approximately 300,000 savers at
Icesave.

The Financial Services Authority in the UK has reported that
Icesave is now expected to go into insolvency proceedings in
Iceland and this would trigger an FSCS default.

Eligible savers with Icesave are protected by the Icelandic
Depositors' and Investors' Guarantee Fund (IDIGF), up to a limit
of the first EUR20,887 of their deposits.  As an Icelandic bank
Icesave is not automatically a member of the FSCS, but it opted to
become a 'top-up' member.  This means that eligible retail savers
with Icesave's UK branch whose savings exceed the Icelandic limit
would benefit from top-up compensation from the FSCS covering the
amount over the Icelandic limit up to the new FSCS compensation
limit for deposits of GBP50,000.

If the default is triggered as expected, the FSCS will contact all
UK savers directly with details of how to apply for compensation.

                         About FSCS

FSCS is the UK's compensation fund of last resort for customers of
financial services firms authorized by the Financial Services
Authority or previous financial regulators.  This means that FSCS
can pay compensation to consumers if an authorized financial
services firm is unable, or likely to be unable, to pay claims
against it and so is in "default."

FSCS protects deposits, life and general insurance firms,
investment business (on or after Aug. 28, 1988), home finance
(e.g. mortgage) advice and arranging (on or after Oct. 31, 2004),
and general insurance policies advice and arranging (on or after
Jan. 14, 2005).

                      About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is-- is engaged in the provision of retail,
corporate an investment banking services.  The Bank's product
range includes financial products and services, such as specialty
insurance and real estate financing, for both corporate and
private clients.  It is also operational through a number of
subsidiaries, including Heritable Bank Ltd, operating consultancy
and financing services for residential development; Landsbanki
Holdings Europe SA, a Luxembourg-based holding company providing
banking services; Landsbanki Guernsey Ltd, offering retail
banking; Landsbanki Securities (UK) Holdings plc, engaged in the
provision of stockbrokers and financial services; Landsvaki hf, an
operation company for mutual funds; Verdbrefun hf, a
securitization company; Landsbankinn eignarhaldsfelag hf, a real
estate company, and others.

                      About Icesave

Icesave is the UK branch of Landsbanki Islands hf (trading here
under the registered name Icesave).  It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.


KAUPTHING: In Default; Deposit Business Transferred to ING
----------------------------------------------------------
Acting on the advice of the Bank and the Financial Services
Authority (FSA), and in light of announcements made by the
Icelandic authorities in recent days, the Chancellor has taken
action yesterday, Oct. 8, 2008, to protect the retail depositors
in Kaupthing Singer & Friedlander, a UK-based banking subsidiary
of Kaupthing Bank.  He has taken this action to ensure the
stability of the UK financial system.  Savers' money is safe and
secure.

Kaupthing Singer & Friedlander (KSF) is regulated by the FSA. The
FSA has determined that Kaupthing Singer & Friedlander no longer
meets its threshold conditions, and is likely to be unable to
continue to meet its obligations to depositors.  The FSA concluded
that KSF is in default for the purposes of the Financial Services
Compensation Scheme.  The Treasury has used the Banking (Special
Provisions) Act 2008 to ensure a resolution that preserves
financial stability and provides protection and continuity of
business for depositors.

KSF's Kaupthing Edge deposit business has been transferred to ING
Direct, a wholly-owned subsidiary of ING Group, which operates
through its branch in the UK.  ING Direct is working to rapidly
ensure that it is business as normal for all customers.

This action by the Tripartite Authorities protects savers' money
and provides certainty for retail depositors.  The transfer of the
retail deposit books has been backed by cash from HM Treasury and
the Financial Services Compensation Scheme.

The remainder of Kaupthing Singer & Friedlander business has been
put into administration.  Any retail depositors eligible to claim
under the Financial Services Compensation Scheme whose business
has not been transferred to ING Direct will be paid out in full
through the Financial Services Compensation Scheme.

This is the right course of action to protect savers, ensure
financial stability, and safeguard the interests of the taxpayer.

                    About Kaupthing Bank

Headquarted in Reykjavik, Iceland, Kaupthing Bank --
http://www.kaupthing.is-- is engaged in the provision of
financial services, such as private banking, asset management,
pension services, brokerage services, investment banking, as well
as corporate and retail banking. The Bank's offer is targeted at
companies, institutional investors and individuals. The Bank is
operational in thirteen countries, including Luxembourg,
Switzerland, the Nordic countries, the United Kingdom and the
United States.  The main subsidiaries include Kaupthing Singer &
Friedlander and FIH Erhvervsbank.

                About Kaupthing Singer & Friedlander

Kaupthing Singer & Friedlander is a UK-based banking subsidiary of
Kaupthing Bank.


LANDSBANKI: Chancellor to Freeze Assets in the UK
-------------------------------------------------
Acting on the advice of the Bank and Financial Services Authority
(FSA), and in light of announcements made by the Icelandic
authorities in recent days, the Chancellor has taken action
yesterday, Oct. 8, 2008, to protect the retail depositors in two
Icelandic owned banks: Icesave, a UK-based branch of Landsbanki
and Heritable, a UK-based banking subsidiary of Landsbanki.  He
has taken this action to ensure the stability of the UK financial
system.  Savers' money is safe and secure.

                      Landsbanki/Icesave

The UK authorities expect that Landsbanki will soon be declared in
default.  Should that occur, the Chancellor has put in place
arrangements to ensure that no retail depositor will lose any
money as a result of the closure of Icesave.  The Treasury and the
Financial Services Compensation Scheme are working with the
Icelandic authorities and their Deposit Insurance Scheme to ensure
that depositors are paid back as quickly as possible.  The
Chancellor has also spoken to the Icelandic Finance Minister about
the importance of the Icelandic authorities ensuring that UK
depositors in Icesave are given the same protections as depositors
in Iceland and receive their deposits back in full promptly.

Arrangements are being put in place to ensure that all ISA
customers of Icesave will continue to benefit from the tax-free
status of their accounts.

The Chancellor has also taken steps to freeze assets of Landsbanki
in the UK until the position with respect to the future of the
firm and UK creditors becomes clearer.

                        Heritable

Heritable is regulated by the FSA.  The FSA has determined that
Heritable no longer meets its threshold conditions, and is likely
to be unable to continue to meet its obligations to depositors.
The FSA concluded that it is in default for the purposes of the
Financial Services Compensation Scheme.  The Treasury has used the
Banking (Special Provisions) Act 2008 to ensure a resolution that
preserves financial stability and provides protection and
continuity of business for depositors.

Heritable's retail deposit business has been transferred to ING
Direct, a wholly-owned subsidiary of ING Group.  ING Direct is
working to rapidly ensure that it is business as normal for all
customers.

This action by the Tripartite Authorities protects savers' money
and provides certainty for retail depositors.  The transfer of the
retail deposit book has been backed by cash from HM Treasury and
the Financial Services Compensation Scheme.

The remainder of Heritable's business has been put into
administration.  Any retail depositors eligible to claim under the
Financial Services Compensation Scheme whose business has not been
transferred to ING will be paid out in full through the Financial
Services Compensation Scheme.

This is the right course of action to protect savers, ensure
financial stability, and safeguard the interests of the taxpayer.

                   About Heritable

Heritable, a UK-based banking subsidiary of Landsbanki.

                    About Icesave

Icesave is the UK branch of Landsbanki Islands hf (trading here
under the registered name Icesave).  It is an EEA bank that is
authorized by the Fjarmalaeftirlitio (FME), the financial services
regulator in Iceland.

                    About Landsbanki

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is-- is engaged in the provision of retail,
corporate an investment banking services.  The Bank's product
range includes financial products and services, such as specialty
insurance and real estate financing, for both corporate and
private clients.  It is also operational through a number of
subsidiaries, including Heritable Bank Ltd, operating consultancy
and financing services for residential development; Landsbanki
Holdings Europe SA, a Luxembourg-based holding company providing
banking services; Landsbanki Guernsey Ltd, offering retail
banking; Landsbanki Securities (UK) Holdings plc, engaged in the
provision of stockbrokers and financial services; Landsvaki hf, an
operation company for mutual funds; Verdbrefun hf, a
securitization company; Landsbankinn eignarhaldsfelag hf, a real
estate company, and others.


LANDSBANKI GUERNSEY: Goes Into Administration
---------------------------------------------
The Directors of Landsbanki Guernsey Ltd., on Monday night made an
application to the Royal Court for the Court to appoint an
administrator under Guernsey's company law.  The Court has
appointed Rick Garrard of Deloitte and Touche LLP with a view to
achieving the survival of the bank, and the whole or any part of
its undertaking, as a going concern.  The administration is on a
temporary basis until Jan. 6, 2009 or earlier order of the Court.

The application by the bank's Directors follows the deepening
problems of the Icelandic economy and, in particular, of the
Icelandic banking system.  Pending clarification of the
uncertainty around liquidity and the ultimate recoverability of
certain assets, the Directors have sought to ensure that all
depositors of Landsbanki are treated equally and fairly.  It is
anticipated that the administration will help to ensure that all
depositors in the bank, including those with deposits which can be
withdrawn immediately and those who are locked in to fixed term
deposits, have an opportunity of the return of their funds on the
same basis.

The decision by the Directors was made after close consultation
with the Guernsey Financial Services Commission, which supported
the appointment of the administrator as being in the best
interests of depositors.

Customers should contact the bank's Customer Service Department on
the routine number for further details.

                About Landsbanki Islands hf.

Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. --
http://www.landsbanki.is-- is engaged in the provision of retail,
corporate an investment banking services.  The Bank's product
range includes financial products and services, such as specialty
insurance and real estate financing, for both corporate and
private clients.  It is also operational through a number of
subsidiaries, including Heritable Bank Ltd, operating consultancy
and financing services for residential development; Landsbanki
Holdings Europe SA, a Luxembourg-based holding company providing
banking services; Landsbanki Guernsey Ltd, offering retail
banking; Landsbanki Securities (UK) Holdings plc, engaged in the
provision of stockbrokers and financial services; Landsvaki hf, an
operation company for mutual funds; Verdbrefun hf, a
securitization company; Landsbankinn eignarhaldsfelag hf, a real
estate company, and others.

               About Landsbanki Guernsey Ltd.

Landsbanki Guernsey Ltd. -- http://www.landsbanki.co.gg/-- is
engaged in retail banking.  It is a subsidiary of Iceland-based
financial institution Landsbanki Islands hf.


LEHMAN BROTHERS: Collapse Causes Lock Up of London-Held Assets
--------------------------------------------------------------
Weeks after the bankruptcy filing of Lehman Brothers Holdings
Inc., hedge fund clients are still struggling to retrieve assets
held by the firm, the International Herald Tribune reported.
According to bankruptcy filings, large hedge funds like GLG,
Harbinger, Amber Capital, and Elliott Associates still have
varying degrees of exposure to Lehman, IHT said.  Many of the
assets are held at Lehman's prime brokerage unit in London.

Many hedge fund investors will have negative returns this year due
to the prospect of additional write-downs, IHT said.  Lehman's
administrator, PriceWaterhouseCoopers LLP, is valuing the assets
to be returned to hedge funds and investors.

IHT noted that many hedge funds considered the end of September as
cutoff date for investors to take their money out.  With the
future and efficacy of the U.S. bailout plan still unclear, some
investors are expected to take the opportunity to retreat to a
safer investment haven.

Harbinger, the US$13 billion fund, has exposure through complex
swap agreements made with an obscure Lehman subsidiary, the report
said.  In its filing, Harbinger disclosed it is owed "not less
than US$250 million," from exposure to "swap agreements."

Through August, IHT said that GLG's funds were down about 15% for
the year.  The firm also faces a large outflow of as much as
US$4 billion in capital when one its top managers, Greg Coffey,
leaves in November.  GLG said recently that its assets still stuck
at Lehman were not material, IHT related.  But marketplace
speculation suggests that the true exposure is larger because of
the fund's ties to Lehman, which backed GLG at its founding.


LSUK: Goes Into Administration; 600 Jobs at Risk
------------------------------------------------
Euro Car Parts has put Sheffield-based car parts supplier LSUK
into administration after failing to secure investment support,
threatening the jobs of 600 employees, Independent.co.uk reports.
ECP, the report relates, took over the firm Wednesday last week.

"Unfortunately it became clear very quickly that it was simply
going to be impossible to continue with investment without the
required support which was not forthcoming," Euro Car Parts was
quoted by the report as saying.

The administration, which is being handled by Tenon Recovery,
includes all 53 LSUK Branches, including MI Diesel Products,
Protech Automotive (UK) and Yeovil Rewind, the report relates.
Tenon Recovery is in contact with several interested parties for
LSUK, according to ECP.

LSUK employs about 110 staff at its head office in Sheffield, the
report discloses.


MFI RETAIL: Puts Units Into Administration; Completes MBO
---------------------------------------------------------
MFI Retail Ltd placed its retail and property units into
administration on Monday, Oct. 6, 2008, after completing a
management buyout deal, James Thompson of Independent.co.uk
reports.  The administration is being handled by restructuring
specialist Kroll.

According to the report, the MBO, led by MFI's chief executive
Gary Favell, secured 1,350 jobs under the new company, MFI Group,
although 39 employees were made redundant.

MFI, the report discloses, will continue to trade as usual and all
existing customer orders from all stores will be honored.

Meanwhile, the joint administrators is exploring a range of
options for MFI's 81 stores, the report relates.

"Despite the turbulent trading conditions in the retail sector, we
are currently in discussions with a number of potential purchasers
– including the management buyout team - for the Companies' head
office, distribution center and remaining stores," Fraser Gray, a
partner at Kroll, was quoted by the report as saying.

As reported in the TCR-Europe, Mr. Favell unveiled plans to buy
MFI from Merchant Equity Partners on Sept. 29, 2008.  He declared
the deal secured the future of the MFI business and would
safeguard employees in the store network.

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

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

The liability for 46 leases could revert back to Galiform, the
kitchen maker that sold MFI to MEP, the Independent.co.uk notes.

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


MKM LONGBOAT: Shuts Down on Poor Performance and Lehman's Collapse
------------------------------------------------------------------
MKM Longboat, a client of Lehman Brothers Holdings Inc., closed
last week because of poor performance, Landon Thomas, Jr. of the
International Herald Tribune reports.

James Mackintosh of The Financial Times reported Sept. 27, 2008,
that MKM Longboat was to liquidate its US$1.5 billion
(GBP816 million) flagship hedge fund citing heavy client
withdrawals and Lehman's collapse.

MKM had already paid out US$400 million of redemptions in
September and decided to wind down the fund after Lehman failed,
FT related.

MKM's Multi-Strategy Fund had weak performance amid the market
swings since May, losing 11.4% in the year to the end of August,
according to FT.  MKM's Michael Humphries, Keith DeCarlucci and
Martin Tonnby plan to keep running its Volatility Strategies Fund,
which manages more than US$400 million and is flat for the year.
The officials also plan to retain the small Convexity Fund set up
in March, which is up more than 20% this year.

Based on FT's report, MKM told investors late September that it
was liquidating assets in its Multi-Strategy Fund and hoped to
return cash at the start of December.

Still, MKM's tens of millions of dollars of assets are stuck at
Lehman, FT continued.

                       About MKM Longboat

MKM Longboat Capital Advisors LLP -- http://www.mkmlongboat.com/
-- is an investment manager formed at the end of 2005 when the
three founding principals separated from Sagamore Hill Capital
Management, a U.S.-based investment manager, retaining the London-
based team and the European operation.

MKM managed Sagamore Hill's European and Asian investment
strategies from June 2002 to December 2005.  MKM manages the MKM
Longboat Funds, MKM Longboat Multi-Strategy Fund and MKM Longboat
Volatility Strategies Fund.


PLASMON PLC: Appoints Joint Administrators from Kroll
-----------------------------------------------------
Plasmon Plc had suspended the listing of the ordinary shares on
the Official List of the FSA.  Messrs. Peter Holder, Simon
Freakley and Stuart Mackellar of Kroll's Corporate Advisory and
Restructuring Group have been appointed as Joint Administrators on
Oct. 6, 2008.

The Administrators are continuing to trade the Company's UK and
European sales and marketing division alongside the continuing
operation of the Company's US subsidiary, Plasmon Inc.  This
enables the ongoing sale and support of Plasmon products worldwide
whilst a going concern sale of the business is explored.

The Administrators are presently in discussions with a number of
interested parties and are hopeful that a sale of the remaining
business can be achieved in a relatively short time frame.

The Administrators do not believe that there is likely to be any
value realized for Plasmon shareholders.


RMAC SECURITIES: S&P Cuts Ratings on Class B1a and B1c Notes to B+
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch with negative implications its credit ratings on the
class M1a, M1c, M2c, B1a, and B1c notes series 2007-NS1 issued by
RMAC Securities No. 1 PLC (RMAC 2007-NS1).  S&P also placed on
CreditWatch negative its credit ratings on the class A2a, A2b,
and A2c notes and affirmed the class A1a, A1b, and A1c notes.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information.

The rating actions are based on three main factors:

  -- The current and continuing decline in U.K. house prices;

  -- The transaction's expected pool performance, given limited
     deleveraging to date; and

  -- The continued dislocation between the Bank of England base
     rate (BBR) and the high level of three-month London interbank
     offered rate (LIBOR).

As U.K. house prices continue to decline, S&P expects higher
losses on average for those loans that ultimately default.  S&P
also expects the more recently originated U.K. residential
mortgage-backed securities (RMBS) transactions to be particularly
susceptible to this pressure.

As of the September 2008 investor report, repossessions have
increased to 2.06% from 1.49% in June 2008 and 0.73% in March
2008.  S&P expects to see greater losses on these loans as the
repossessions are sold in future quarters.  The cash flows will be
further affected if the time to sale of the repossessions
increases.  Total net losses as a percentage of the original pool
balance are 0.18%.

The constant prepayment rate (CPR) since issuance is low at
10.05%.  This has led to only a small increase in credit
enhancement compared with an increasing arrears profile: 120+ day
arrears (including repossessions) are 7.41%.

About 78% of the mortgage pool is currently paying a fixed rate of
interest; most of these loans revert to a higher floating rate in
second and third quarters of 2009.  S&P therefore expects CPR to
stay low in the coming quarters.

On Sept. 12, RMAC 2007-NS1 drew on its reserve fund for a fourth
time by a further GBP280,117, leaving the reserve fund at GBP4.67
million (80.89% of the reserve fund required amount).  The reserve
fund draw is due to increased losses, increasing delinquencies,
and a mismatch between three-month LIBOR paid on the notes and the
BBR paid on the loans.  There is no basis swap in this transaction
and the mismatch currently affects 9.6% of the loans.

S&P will continue to monitor the transaction performance using the
most recent loan-level data for its full credit and cash flow
analyses.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.  The results of S&P's analysis, together with
any effects on the ratings on any of the notes, will be released
after the December interest payment date.

RMAC Securities No. 1 PLC

  -- GBP296.8 Million, EUR214 Million, And US$168 Million
     Mortgage-Backed Floating-Rate Notes Series 2007-NS1

Ratings Lowered and Removed From CreditWatch Negative:

Class      To             From
-----      --             ----
M1a        A+         AA/Watch Neg
M1c        A+         AA/Watch Neg
M2c        BBB+       A/Watch Neg
B1a        B+         BB+/Watch Neg
B1c        B+         BB+/Watch Neg

Ratings Placed On CreditWatch Negative:

Class         To             From
-----         --             ----
A2a      AAA/Watch Neg        AAA
A2b      AAA/Watch Neg        AAA
A2c      AAA/Watch Neg        AAA

Ratings Affirmed:

A1a        AAA
A1b        AAA
A1c        AAA


SYNTAX-BRILLIAN: Vivitar's UK and Paris Offices Cease Trading
-------------------------------------------------------------
Vivitar Corp.'s offices in the United Kingdom and France have
closed with the loss of 26 staff, 14 in Leicester and 12 in Paris,
as the firm, known as Vivitar SA France, ceases trading, Chris
Cheesman of the Amateur Photographer Magazine reports.  Amateur
Photography Magazine is a British photography magazine.

According to the report, the firm has gone into administration
owing more than GBP4 million to creditors.

Syntax-Brillian Corporation, which ran into financial difficulties
and filed for bankruptcy under Chapter 11 in Delaware on July 8,
is the parent company of photographic equipment maker Vivitar
Corporation.  The Vivitar worldwide brandname and associated
intellectual property was recently sold to U.S. consumer
electronics firm Sakar Internatinal.

Based in Tempe, Arizona, Syntax-Brillian Corporation (Nasdaq:BRLC)
-- http://www.syntaxbrillian.com/-- manufactures and markets LCD
HDTVs, digital cameras, and consumer electronics products include
Olevia(TM) brand high-definition widescreen LCD televisions and
Vivitar brand digital still and video cameras.  Syntax-Brillian is
the sole shareholder of California-based Vivitar Corporation.

The company and two of its affiliates -- Syntax-Brillian SPE,
Inc., and Syntax Groups Corp. -- filed for Chapter 11 protection
on July 8, 2008 (Bankr. D. Delaware Lead Case No.08-11409 to
08-11409.  Dennis A. Meloro, Esq., and Victoria Watson Counihan,
Esq., at Greenberg Traurig LLP, represent the Debtors in their
restructuring efforts.  Five members compose the Official
Committee of Unsecured Creditors.  Epiq Bankruptcy Solutions, LLC
is the Debtors' balloting, notice, and claims agent.

When the Debtors filed for protection from their creditors, they
listed total assets of US$175,714,000 and total debts of
US$259,389,000.


W.J. OLIVER: Forced Into Receivership by Wet Summer
---------------------------------------------------
Messrs. Gilbert Lemon and Ian Walker have been appointed joint
receivers for  W.J. Oliver & Son, Paul Spackman of Farmers Weekly
Interactive reports.  The company reported difficulty  for the past two
years compounded by a wet summer that prevented them from harvesting
growing crops.

Based on the report, the joint receivers said that the company will
continue trading in the short term to harvest remaining crops.  They will
also
determine the company's potential for a sale of part or the
company as a whole.

W.J. Oliver & Son supplies fresh organic vegetables throughout
Devon and Cornwall.  The company has 20 staff and covers 300 acres
of land.


* British Government Unveils Bank Rescue Package
------------------------------------------------
After consultation with the Bank of England and the Financial
Services Authority, the Government announced yesterday,
Oct. 8, 2008, that it is bringing forward specific and
comprehensive measures to ensure the stability of the financial
system and to protect ordinary savers, depositors, businesses and
borrowers.

In summary the proposals announced yesterday are intended to:

    * provide sufficient liquidity in the short term;

    * make available new capital to UK banks and building
      societies to strengthen their resources permitting them to
      restructure their finances, while maintaining their
      support for the real economy; and

    * ensure that the banking system has the funds necessary to
      maintain lending in the medium term.

In these extraordinary market conditions, the Bank of England will
take all actions necessary to ensure that the banking system has
access to sufficient liquidity.  In its provision of short term
liquidity the Bank will extend and widen its facilities in
whatever way is necessary to ensure the stability of the system.
At least GBP200 billion will be made available to banks under the
Special Liquidity Scheme.  Until markets stabilize, the Bank will
continue to conduct auctions to lend sterling for three months,
and also US dollars for one week, against extended collateral.  It
will review  the size and frequency of those operations as
necessary.  Bank debt that is guaranteed under the Government's
guarantee scheme will be eligible in all of the Bank's extended-
collateral operations.  The Bank next week will bring forward its
plans for a permanent regime underpinning banking system
liquidity, including a Discount Window facility.  In addition the
Government is establishing a facility, which will make available
Tier 1 capital in appropriate form (expected to be preference
shares or PIBS) to "eligible institutions".  Eligible institutions
are UK incorporated banks (including UK subsidiaries of foreign
institutions) which have a substantial business in the UK and
building societies.  However applications are invited for
inclusion as an eligible institution from any other UK
incorporated bank (including UK subsidiaries of foreign
institutions).  In reviewing these applications the Government
will give due regard to an institution's role in the UK banking
system and the overall economy.

Following discussions convened by HM Treasury, major UK banks and
the largest building society have confirmed their participation in
a Government-supported recapitalization scheme.  These
institutions comprise:

    * Abbey
    * Barclays
    * HBOS
    * HSBC Bank plc
    * Lloyds TSB
    * Nationwide Building Society
    * Royal Bank of Scotland
    * Standard Chartered

These institutions have committed to the Government that they will
increase their total Tier 1 capital by GBP25 billion.  This is an
aggregate increase and individual increases will vary from
institution to institution.  In order to facilitate this process
the Government is making available GBP25 billion to be drawn on by
these institutions if desired to assist in this process as
preference share capital or PIBS and is also willing to assist in
the raising of ordinary equity if requested to do so.  The
institutions have committed to the Government that this will be
concluded by the end of the year.

In addition to this, the Government stands ready to provide an
incremental minimum of GBP25 billion of further support for all
eligible institutions, in the form of preference shares, PIBS or,
at the request of an eligible institution, as assistance to an
ordinary equity fund-raising.

The amount to be issued per institution will be finalized
following detailed discussions.  If the Government is to provide
the capital, the issue will carry terms and conditions that
appropriately reflect the financial commitment being made by the
taxpayer.  In reaching agreement on capital investment the
Government will need to take into account dividend policies and
executive compensation practices and will require a full
commitment to support lending to small businesses and home buyers.

The Government will take decisive action to reopen the market for
medium term funding for eligible institutions that raise
appropriate amounts of Tier 1 capital.

Specifically the Government will make available to eligible
institutions for an interim period as agreed and on appropriate
commercial terms, a Government guarantee of new short and medium
term debt issuance to assist in refinancing maturing, wholesale
funding obligations as they fall due.  Subject to further
discussion with eligible institutions, the proposal envisages the
issue of senior unsecured debt instruments of varying terms of up
to 36 months, in any of sterling, US dollars or Euros.  The
current expectation is that the guarantee would be issued out of a
specifically designated Government-backed English incorporated
company.  The Government expects the take-up of the guarantee to
be of the order of GBP250 billion, and will keep this under review
alongside ongoing monitoring of capital positions and lending
volumes.

To qualify for this support the relevant institution must raise
Tier 1 capital by the amount and in the form the Government
considers appropriate whether by Government subscription or from
other sources.  It is being made available immediately to the
eight institutions named above in recognition of their commitment
to strengthen their aggregate capital position.

The Government has informed the European Commission of these
proposals and is actively talking to other countries about
extending these proposals and has committed to work together with
them to strengthen the international system.

The Government is moving ahead immediately with the
internationally agreed proposal for colleges of supervision and
other measures to improve supervision of the system.  After
discussions with the major economies at the G7 meeting on Friday,
the Government and other countries agreed on the need for a
meeting at heads of Government level.


* ENGLAND: Banks Squeeze on Household Credit Due to Falling Prices
------------------------------------------------------------------
According to the Bank of England's latest Credit Conditions
Survey, Banks have cut their supply of secured credit to
households by even more in the third quarter of 2008 than
expected, Norma Cohen writes for The Financial Times.

Lenders cited expectations for falling house prices and concerns
about the economic outlook as factors behind the drop, FT says.  A
further decline in secured credit is expected over the next
quarter.

New data released on Oct. 2, 2008, showed lenders' concerns to be
well placed; Nationwide's House Price Index for September showed a
drop of 1.7% and a year-on-year decline of 12.4%, the largest one
year drop in the Index since Nationwide began recording monthly
price changes in January 1991.


* Europe's Rules on Pre-Pack Administrations to be Tightened
------------------------------------------------------------
David Jetuah of The Accountancy Age says that the rules governing
controversial 'pre-pack' administrations are to be tightened up by
a new code of ethics on company wind-ups.  Statement of insolvency
practice 16 will see IPs make disclosures on topics such as
valuations when reporting to creditors after the sale of a company
has been completed.

Pre-packs, which became active in 2003, involve the sale of a
company being lined up before it has officially entered the
administration procedure.  Companies can now be put into the hands
of administrators within hours.

David Kerr, the chief executive of the Insolvency Practitioners
Association, said there would be a disciplinary element to the new
code, The Accountancy Age relates.  This would mean IPs could find
themselves open to disciplinary action from their governing body
if they could not explain a deviation from the rules.

The Accountancy Age reports that the tightening of the pre-packs
rules are mainly to put creditors' minds at rest that IPs are
getting the best value for companies out of a pre-pack, which are
disliked by some, and also to ensure best practice in the
insolvency community.

According to the report, some have complained that pre-pack is an
easy way for company directors to keep hold of companies and shed
debts.  The move has been made as the prospect of more business
failures looms on the horizon.

As the number of insolvencies continues to rise steadily, Kerr
said that this was the first time the Enterprise Act would be put
to the test, The Accountancy Age writes.


* EU Commission Tightens Capital Requirements Directive
-------------------------------------------------------
Nikki Tait of The Financial Times reports that banks will face
tougher capital requirements to support their operations under new
rules announced in Brussels on Oct. 1, 2008.  Supervisory
arrangements for those with cross-border operations in Europe will
also be strengthened.

FT relates that lawmakers at Brussels use the long-awaited reforms
to the so-called Capital Requirements Directive (CRD) to tighten
banking practices and supervision in the wake of the credit
crunch.

But, although the proposals were drafted after the financial
crisis first struck in August 2007, they pre-date the latest
series of bank failures, FT reports.  Senior officials at the
European Commission have acknowledged new rules need to be
supplemented by other measures.

The legislation, according to FT, will require approval by both
the European Parliament and member states, and could undergo
further alterations in the process.

The proposals, however, fall short of centralized supervision,
thought desirable by some of the EU's largest member states, FT
writes.  Political resistance are likely to the enhancements from
some of the smaller countries, especially in eastern Europe.

Among the more contentious proposals, according to FT, is that
banks that devise and then offload securitized products should be
forced to retain some of the risk.

Last week, banking associations refused to comment on the final
shape of the securitization proposal.

Meanwhile, under the CRD, there will be a 25% limit on all
interbank exposures with far fewer exceptions to this than
permitted at present, FT says.

The commission is set to present a separate legislation this month
requiring credit ratings agencies to register and meet standards
to operate in Europe.


* Europe to Dive Deeper in Crisis than the United States
--------------------------------------------------------
Continental Europe is heading for a deeper recession than the U.S.
as it lacks the necessary flexibility to react to the worsening
economic situation, according to leading executives and
policymakers, Richard Milne writes for The Financial Times.

European business people are worried that Europe will suffer more
from the financial crisis originating in the U.S., the report
says.  Investors are urging the European Central Bank to abandon
its focus on inflation and concentrate on trying to stave off a
prolonged recession.

As reported by the Troubled Company Reporter-Europe on Sept. 30,
2008, European MEPs want the European Commission to draw up
tougher laws to regulate the activities of hedge funds and private
equity funds.  The European Parliament, in a vote on September 23,
backed the report that calls for more transparency in company
managers' reward packages.  It also wants mandatory capital
requirements for investment firms.

Baldomero Falcones, executive chairman of FCC, the Spanish
infrastructure company, projected that the recovery in the U.S. is
around a year or two, a year more in Europe and six months more in
Spain, FT relates.

Carmen Riu at Riu Hotels & Resorts, one of Spain's tourism groups,
said that the U.S. is more agile while "Europe is infinitely more
rigid," FT notes.

Executives and policymakers said that Europe did not use the past
few good years to push through much-needed reform in areas such as
labor flexibility, FT says.  Policymakers have been comforted by
the recent rescues of Fortis and Dexia.

One senior policymaker admitted that the ECB's designated focus on
inflation makes the prospects for growth in the continent bleak,
FT adds.  According to the report, European companies had banked
on growth from emerging markets such as Russia and China to
compensate for weakness in Europe.

                  Europe Stands Ready Amid Global
                    Financial Crisis, IMF Says

Europe must ready plans in case its problems worsen, the
International Monetary Fund Managing Director Dominique Strauss-
Kahn said, Lesley Wroughton at Reuters relates.  IMF also said
that the United States needs to act urgently to shield its economy
from an escalating credit crisis.

"A non-perfect plan is better than no plan at all," he said of the
[US]$700 billion bank bailout plan rejected by the U.S. House of
Representatives, Reuters reports, citing Mr. Strauss-Kahn.  Mr.
Strauss-Kahn said restoring market confidence required the bailout
plan to be passed quickly.

Reuters adds that as the crisis has spread beyond Wall Street,
European countries have stepped up their efforts to avoid bank
defaults as concerns grew that more institutions would fail,
prompting the Irish government to guarantee all bank deposits.

The lack of a pan-European regulator, Strauss-Kahn said, makes it
more difficult to respond to the crisis should a big bank
collapses with cross border businesses, Reuters notes.

The IMF official said that "a contingency plan does not mean it's
announcing a lot of trouble coming" but that there's no total
immunity from the U.S. financial crisis, Reuters reports.  He
stressed that this what Europe totally needs.

Mr. Strauss-Kahn admitted that "[t]he EU rules make it much more
difficult than in the U.S." to act across borders, according to
Reuters.


* S&P Probes European Local & Regional Government Risk Indicators
-----------------------------------------------------------------
Standard & Poor's Ratings Services has just published an updated
version of "European Local And Regional Government Risk
Indicators", a comprehensive overview of the key indicators it
uses in assessing local and regional governments (LRGs) across
Europe.

"The report contains statistics on 147 publicly rated LRGs,
including key indicators such as GDP per capita and total
budgetary revenues, as well as the ratings on the associated
sovereign governments," said S&P's credit analyst Gabriel Forss.

The report takes into account the global market turbulence of
recent weeks and assess its impact on rated LRGs by rating
category.

LRGs in the 'AAA' category are likely to face little impact and
only modest increases in debt, the report says, while
sub-investment grade LRGs in the 'BB' and 'B' rating categories
are likely to remain constrained by limited possibilities to
quickly and effectively adjust their budgets in the face of
external shocks.

The report notes that the current market turbulence has currently
had the biggest impact in Russia, where three LRGs have so far
been placed on CreditWatch with negative implications.  In all
cases uncertainty about debt maturing in 2008 and availability of
resources were the triggers.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                    *      *      *

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

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
Agravante, Melanie Pador, Marie Therese V. Profetana and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *