TCREUR_Public/081013.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, October 13, 2008, Vol. 9, No. 203

                            Headlines

A U S T R I A

H. & H. LLC: Claims Registration Period Ends October 28
LOSBICHLER TISCHLEREI: Claims Registration Ends October 28
REKORD LLC: Claims Registration Period Ends October 28


F R A N C E

FCC MINOTAURE: Fitch Affirms 'BB' Rating on Class C Notes
WENDEL: S&P Lowers Corporate Credit Rating to 'BB+'


G E R M A N Y

ACTIV GMBH: Claims Registration Period Ends Oct. 17
ALOWARE GMBH: Claims Registration Period Ends October 17
BAUGESCHAFT GUENTER: Claims Registration Period Ends October 16
DBM & CO. BETEILIGUNGS: Creditors' Meeting Slated for Oct. 16
DDG - DEUTSCHE: Creditors' Meeting Slated for October 16

ERDMANNCHEN TIEF: Creditors' Meeting Slated for October 16
FELDNER LOGISTIK: Claims Registration Period Ends October 16
IMGS IMMOBILIENGESELLSCHAFT: Creditors' Meeting Set Oct. 17
INCA ENGINEERING: Claims Registration Period Ends October 16
MAGELLAN COMMUNICATIONS: Claims Registration Ends October 16

MAXIGAST GMBH: Claims Registration Period Ends October 16
PRIME 2006-1: Fitch Puts 'BB'-Rated Class E Notes on Watch Neg.
S & N HAHNCHEN-GRILL: Claims Registration Period Ends Oct. 15
"STEPI" SPIELSTATTEN: Claims Registration Period Ends Oct. 15
STM BAU: Claims Registration Period Ends October 15

TRIO-BAUTRAGER GMBH: Claims Registration Period Ends Oct. 16
VEERSSER TISCHLEREI: Claims Registration Period Ends Oct. 15


I C E L A N D

GLITNIR BANK: Receivership Cues S&P's D Counterparty Credit Rating
KAUPTHING BANK: Default Prompts Moody's to Junk Ratings
KAUPTHING BANK: Fitch Cuts Long-Term Issuer Default Rating to 'D'
TRYGGGINGAMIDSTODIN: Turmoil in Iceland Spurs S&P's BB Rating


I R E L A N D

AER LINGUS: Workers to Vote Against Cost-Cutting Scheme
ILIAD INVESTMENTS: Fitch Cuts Ratings on Three Note Classes to 'B'
ILIAD INVESTMENTS: Fitch Chips Ratings on Three Note Classes to B
ZOO HF: Fitch Keeps EUR5.5MM 'BB'-Rated Class E Notes on Watch Neg


I T A L Y

PMI 2 FINANCE: S&P Affirms 'BB' Rating on Class D Notes


K A Z A K H S T A N

A.V.P. RITM: Creditors Must File Claims by November 15
ATK-PV LLP: Claims Deadline Slated for November 15
BATYS ESTATE: Claims Filing Period Ends November 15
BUSINESS GROUP K: Creditors' Claims Due on November 18
FOX CO: Creditors Must File Claims by November 18

IRS-2004 LLP: Claims Deadline Slated for November 15
JENIS LLP: Claims Filing Period Ends November 15
NOVY STIL: Creditors' Claims Due on November 15
PARASAT LLP: Claims Registration Ends November 15
POLUS-3 LLP: Creditors Must File Claims by November 15


K Y R G Y Z S T A N

ASEM STATIONERY: Creditors Must File Claims by November 12


N E T H E R L A N D S

EURAMAX INTERNATIONAL: S&P Junks Rating on Likely Covenant Breach
INDOVER BANK: Fitch Cuts Individual Rating to 'F'


P O R T U G A L

SAGRES SOCIEDADE: S&P Affirms B Rating on Class T Explorer Notes


R U S S I A

BANK SOYUZ: Moody's Cuts Deposit Ratings to B2; Affirms E+ BFSR
CB RENAISSANCE: Fitch Puts Low-B Ratings Under Negative Watch
CHELINDBANK: Fitch Assigns 'D/E' Individual Rating
CHELYABINSKOE ORGANIC: Creditors Must File Claims by November 3
DALCOMBANK: Fitch Affirms Individual Rating at 'E'

EL-MASH LLC: Creditors Must File Claims by November 3
MICA FACTORY: Creditors Must File Claims by October 26
RAUM LLC: Creditors Must File Claims by October 26
RENOVA HOLDING: S&P Affirms Corporate Credit Rating at 'BB'
SEVER-STEEL LLC: Creditors Must File Claims by October 26

TECHNO-PROM-KOMPLEKT: Creditors Must File Claims by October 26
TRIADA LLC: Creditors Must File Claims by October 26


S P A I N

* Spanish Govt.'s Bank Support Won't Affect Ratings, Moody's Says


S W E D E N

FORD MOTOR: Fitch Junks Issuer Default Rating on Credit Crisis


S W I T Z E R L A N D

BOUTIQUE SAPHIR: Creditors Must File Proofs of Claim by Oct. 22
BREBOSAL JSC: Deadline to File Proofs of Claim Set Oct. 23
DELTASOURCE JSC: Creditors Have Until Oct. 19 to File Claims
HELVETEC TRADING: Proofs of Claim Filing Deadline is Oct. 22
LOWI LLC: Creditors' Proofs of Claim Due by Oct. 20

NEO ENERGY: Oct. 19 Set as Deadline to File Claims
PARKING ONE: Creditors Must File Proofs of Claim by Oct. 22
VINJEDO LLC: Deadline to File Proofs of Claim Set Oct. 22


U K R A I N E

ANTHRACITE COAL: Creditors Must File Claims by October 15
ASPARAGUS LLC: Creditors Must File Claims by October 15
DONETSK CHEMICAL: Creditors Must File Claims by October 15
DONETSKSTEEL CJSC: Fitch Assigns 'B-' Issuer Default Ratings
GRONDO LLC: Creditors Must File Claims by October 15

KOVSIN LLC: Creditors Must File Claims by October 15
LOGISTICS-TRANS-GROUP: Creditors Must File Claims by October 15
MAKHARINTSY LLC: Creditors Must File Claims by October 15
MARIANOVKA AGRICULTURAL: Creditors Must File Claims by Oct. 15
NOVY BUG: Creditors Must File Claims by October 15

PROMINVESTBANK: Placed in Receivership by Ukraine's Central Bank
PROMINVESTBANK: NBU Takeover Cues Moody's to Junk Ratings
RODOVID BANK: Fitch Lowers Individual Rating to 'E' form 'D/E'
SALTIS LLC: Creditors Must File Claims by October 15
TRUST LISICHANSK: Creditors Must File Claims by October 15

USSR LLC: Creditors Must File Claims by October 15


U N I T E D   K I N G D O M

ALPHA GARMENTS: Brings in Joint Administrators from Mazars
AMERICAN INT'L: S&P Lifts ILFC Preferred Stock Rtng to BBB from B
BERONPLACE: Taps PricewaterhouseCoopers as Joint Administrators
BETA GARMENTS: Calls in Joint Admnistrators from Mazars
CEMTRON: Goes Into Administration; 153 Staff May Lose Jobs

CX ACCESS: Appoints Joint Administrators from Tenon Recovery
DALES GROUP: Appoints Joint Administrators from KPMG
DELTA GARMENTS: Brings in Joint Administrators from Mazars
ELEKSEN GROUP: Appoints Liquidators from Deloitte & Touche
GEMINI PLC: Fitch Cuts Rating on GBP70.21 Million Notes to 'BB'

HAYCOCK & HAGUE: Taps BDO Stoy Hayward to Administer Assets
HMO PROPERTY: Calls in Liquidators from Tenon Recovery
INTEGRA BRIGHTON: Goes Into Administration
KAUPTHING SINGER: Brings in Administrators from Ernst & Young
LEHMAN: Administrators Propose Process for Unsettled OTC Trades

LEHMAN BROTHERS: Meteor Warns Clients Likely to Get Nothing
NORTHERN HIGHWAYS: Brings in Joint Administrators from KPMG
ROADCHEF FINANCE: Fitch Cuts Class A2 Notes Rating to 'BB+'
SCIENS CFO: Fitch Keeps EUR7.8MM Class E 'BB+' Rating on WatchNeg
SUPERFASHION LTD: Joint Liquidators Take Over Operations

WOOLWORTHS: Sells Nine Outlets to Tesco for GBP9 Million

* Begbies Traynor Releases Red Flag Alert Stats for Q2 2008
* PPF Compensates Four More Pension Schemes in September 2008
* Leveraged Lenders to Endure Amidst Economic Slowdown, Fitch Says
* Linklaters to Exit Eastern Europe to Focus on Hotter Markets

* BOND PRICING: For the Week Oct. 6 to Oct. 10, 2008


                         *********


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


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

         Dr. Hans Pucher
         Wiener Strasse 3
         3100 St. Poelten
         Austria
         Tel: 02742/35 43 55
         Fax: 02742/351435
         E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 18, 2008, for the
examination of claims at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria

Headquartered in St. Poelten–Wagram, Austria, the Debtor declared
bankruptcy on Sept. 16, 2008, (Bankr. Case No. 14 S 142/08k).  


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

         Dr. Franz Hofbauer
         Hauptplatz 6
         3370 Ybbs/Donau
         Germany
         Tel: 07412/52731
         Fax: 07412/52731/22
         E-mail: kanzlei@hofbauer-nokaj.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:40 a.m. on Nov. 18, 2008, for the
examination of claims at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         St. Poelten
         Austria

Headquartered in St. Peter in der Au, Austria, the Debtor declared
bankruptcy on Sept. 15, 2008, (Bankr. Case No. 14 S 137/08z).


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

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Wien
         Austria
         Tel.: 406 05 51
         Fax: 406 96 01
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 11, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Wien, Austria, the Debtor declared bankruptcy on
Sept. 11, 2008, (Bankr. Case No. 28 S 113/08h).


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


FCC MINOTAURE: Fitch Affirms 'BB' Rating on Class C Notes
---------------------------------------------------------
Fitch Ratings has affirmed the RMBS notes backed by Electricite de
France and Gaz de France employee loans, following the separation
of EDF and GDF distribution activities.

FCC Electra 1:
  -- Class A3 (ISIN FR0000504219): affirmed at 'AAA'; Outlook
     Stable

  -- Class A4 (ISIN FR0000504227): affirmed at 'AAA'; Outlook
     Stable

FCC Loggias 2001-1:
  -- Class A (ISIN FR0000488462): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0000488470): affirmed at 'A'; Outlook Stable

FCC Loggias 2003-1:
  -- Class A (ISIN FR0010029231): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0010029256): affirmed at 'A'; Outlook Stable

FCC Minotaure Compartment 2004-1:
  -- Class A (ISIN FR0010302687): affirmed at 'AAA'; Outlook
     Stable

  -- Class B (ISIN FR0010302794): affirmed at 'A'; Outlook Stable

  -- Class C (ISIN FR0010302802): affirmed at 'BB'; Outlook Stable

Each transaction's documentation was amended on Oct. 8, 2008 in
light of the French Law no 2006-1537 of Dec. 7, 2006 to reflect
the creation of new entities regarding EDF and GDF distribution
activities.  These modifications do not have any impact on the on-
going servicing of the loans, nor on the civil servant status of
the borrowers.

The notes issued in Electra 1, FCC Minotaure Compartment 2004-1,
Loggias 2001-1 and Loggias 2003-1 are backed by mortgage loans
granted to the employees of EDF and GDF.  All borrowers are
permanent EDF and GDF staff members.  Loan installments are
deducted from the salaries of employees and carry a risk of
fallback in payments due to death, temporary or permanent
disability of borrower, as well as over-indebtedness and/or change
in family status.


WENDEL: S&P Lowers Corporate Credit Rating to 'BB+'
---------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
ratings on French investment holding company Wendel, including the
long-term corporate credit rating, to 'BB+' from 'BBB-'.  These
ratings were also placed on CreditWatch with negative mplications.
S&P also lowered the short-term rating on the company to 'B' from
'A-3'.
     
"The rating actions reflect the continued decline of equity
markets and the immediate negative effects on Wendel's loan-to-
value (LTV) ratio, based on spot values," said S&P's credit
analyst Andreas Kindahl.  "The exceptionally challenging financial
market conditions have weakened the company's financial profile
beyond what is tolerable for an investment-grade rating.  Wendel's
liquidity position remains strong, however, resulting from a long
average debt maturity structure and significant cash balances at
hand."
     
Continued sharp deterioration of share prices, including Wendel's
key listed holdings -- Compagnie de Saint-Gobain (BBB+/Stable/A-2)
and Bureau Veritas (not rated) -- have mechanically increased
Wendel's leverage.  This ratio is significantly above the 35%
threshold previously expected for an investment-grade rating.  
However, S&P still expects Wendel to take further action to
restore its LTV ratio in the near term.  The ratings incorporate
the expectation of an LTV ratio below 40%, which is in line with
the 'BB+' rating based on the company's current portfolio
composition.
     
The 'BB+' rating also reflects S&P's expectation that Wendel will
adopt a more cautious investment strategy and its opinion that the
company's financial flexibility and liquidity remain adequate.  
The company's investment portfolio has an adjusted value of EUR6.8
billion as estimated by S&P, with the bulk of it (81%) now
invested in three listed assets: Saint-Gobain (26%), Bureau
Veritas (34%), and Legrand S.A. (17%), which all have solid
business profiles and are liquid assets -- factors that support
credit quality.
     
The short-term rating on Wendel is 'B'.  The company's liquidity
remains adequate, underpinned by the long-term nature of its debt
and current ample cash balances (an estimated EUR1.4 billion of
available cash).  The earliest debt maturity is not until 2009,
and the next bond maturity is in 2011.  Wendel also has an undrawn
EUR1.2 billion committed bank facility maturing in 2013 and,
despite the falling share prices, the company has sufficient
headroom within the financial covenants.
     
S&P expects Wendel to maintain an adequate level of liquidity in
order to cover any significant additional margin calls linked to
the Saint-Gobain investment.  Bonds outstanding are free of
covenants, cross defaults, and ratings triggers.  They do not
benefit from any negative pledge.
     
The issue ratings on Wendel's unsecured debt, comprising the
revolving credit facility and bonds, were also lowered to 'BB+'
and placed on CreditWatch with negative implications, in
conjunction with the corporate credit rating.  S&P has not yet
assigned recovery ratings to these issues, pending the resolution
of the CreditWatch listing.
     
When S&P does assign the recovery ratings, the issue-level ratings
could remain equal to the corporate credit rating on Wendel, or it
may lower them.  This is due to the potential volatility of the
asset base, along with the structural subordination of debt at the
Wendel level.  Furthermore, Wendel is based in France, a
jurisdiction S&P considers relatively creditor unfriendly.
     
The CreditWatch placement reflects the current excessive leverage
and potential additional deterioration of financial markets in the
coming weeks, which could further weaken the credit metrics beyond
what is incorporated in the current ratings.  In resolving the
CreditWatch listing, S&P will focus on actions taken by the
company to reduce leverage, as well as financial market trends.  
Ratings could be lowered by another notch if the adjusted LTV
ratio remains above 40%, or if share price performance continues
to decline significantly.  Alternatively, ratings could be
affirmed if the company successfully takes action to deleverage so
that its LTV returns to below 40%.


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


ACTIV GMBH: Claims Registration Period Ends Oct. 17
---------------------------------------------------
Creditors of activ GmbH Bauunternehmung have until
Oct. 17, 2008, to register their claims with court-appointed
insolvency manager Adolf Sirrenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 1, 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 Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Adolf Sirrenberg
         Landgraf-Philipp-Strasse 9
         60431 Frankfurt am Main
         Germany
         Tel: 069-520 176
         Fax: 069-520 151

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against activ GmbH Bauunternehmung on Sept. 4, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         activ GmbH Bauunternehmung
         Seedammweg 3
         61352 Bad Homburg
         Germany

         Attn: Najdan Furtunic, Manager
         Marie-Curie-Str. 26
         63329 Egelsbach
         Germany


ALOWARE GMBH: Claims Registration Period Ends October 17
--------------------------------------------------------
Creditors of Aloware GmbH have until Oct. 17, 2008, to register
their claims with court-appointed insolvency manager Manfred
Kuhne.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 12, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Manfred Kuhne
         Schwanallee 18 - 20
         35037 Marburg
         Germany
         Tel: 06421/407960
         Fax: 06421/15858
         E-mail: kuhne.partner@t-online.de   
         Web site: www.kuhne-partner.de

The District Court of Kassel opened bankruptcy proceedings against
Aloware GmbH on June 26, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Aloware GmbH
         Attn: Guido Vaupel, Manager
         Erlengraben 2
         35037 Marburg
         Germany


BAUGESCHAFT GUENTER: Claims Registration Period Ends October 16
---------------------------------------------------------------
Creditors of Baugeschaft Guenter Maier GmbH have until Oct. 16,
2008, to register their claims with court-appointed insolvency
manager Joachim Schwendinger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov.6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Zi.Nr. 144/I
         Residenzplatz 4-6
         87435 Kempten
         Russia

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:

         Joachim Schwendinger
         Allgauer Strasse 1
         87435 Kempten
         Germany
         Tel: (0831) 5 80 04 34
         Fax: (0831) 5 80 04 64

The District Court of Kempten opened bankruptcy proceedings
against Baugeschaft Guenter Maier GmbH on Sept. 9, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Baugeschaft Guenter Maier GmbH
         Im Wasen 14
         87544 Blaichach
         Germany


DBM & CO. BETEILIGUNGS: Creditors' Meeting Slated for Oct. 16
-------------------------------------------------------------
The court-appointed insolvency manager for DBM & Co. Beteiligungs
GmbH, Udo Feser will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:15 a.m. on
Oct. 16, 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 10:10 a.m. on Jan. 22, 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:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany         

The District Court of Charlottenburg opened bankruptcy proceedings
against DBM & Co. Beteiligungs GmbH on Sept. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DBM & Co. Beteiligungs GmbH
         Schuetzenstr. 18
         10117 Berlin
         Germany


DDG - DEUTSCHE: Creditors' Meeting Slated for October 16
--------------------------------------------------------
The court-appointed insolvency manager for DDG - Deutsche
Dienstleistungsgesellschaft mbH, Rolf Nacke will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:10 a.m. on Oct. 16, 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 10:05 a.m. on Jan. 29, 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 DDG - Deutsche Dienstleistungsgesellschaft mbH on Aug. 29,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

          DDG - Deutsche Dienstleistungsgesellschaft mbH
          Thulestr. 32
          13189 Berlin
          Germany


ERDMANNCHEN TIEF: Creditors' Meeting Slated for October 16
----------------------------------------------------------
The court-appointed insolvency manager for Erdmannchen Tief- und
Strassenbau GmbH, Joachim Voigt-Salus will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:20 a.m. on Oct. 16, 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 10:15 a.m. on Jan. 22, 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:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Erdmannchen Tief- und Strassenbau GmbH on Sept. 1, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Erdmannchen Tief- und Strassenbau GmbH
         Gross-Berliner-Damm 71
         12487 Berlin
         Germany


FELDNER LOGISTIK: Claims Registration Period Ends October 16
------------------------------------------------------------
Creditors of Feldner Logistik GmbH have until Oct. 16, 2008, to
register their claims with court-appointed insolvency manager
Sandra Wirtz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 17, 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         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:

         Sandra Wirtz
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

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

The Debtor can be reached at:

         Feldner Logistik GmbH
         Attn: Ronald Lehmann
         4. Industriestrasse 20
         68766 Hockenheim
         Germany


IMGS IMMOBILIENGESELLSCHAFT: Creditors' Meeting Set Oct. 17
-----------------------------------------------------------
The court-appointed insolvency manager for IMGS
Immobiliengesellschaft mbH, Rolf Rattunde, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:20 a.m. on Oct. 17, 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 10:35 a.m. on Dec. 17, 2008, at the same
venue.

Creditors have until Nov. 17, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Rolf Rattunde
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against IMGS Immobiliengesellschaft mbH on July 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IMGS Immobiliengesellschaft mbH
         Alexanderstrasse 7
         10178 Berlin
         Germany


INCA ENGINEERING: Claims Registration Period Ends October 16
------------------------------------------------------------
Creditors of Inca Engineering GmbH have until Oct. 16, 2008, to
register their claims with court-appointed insolvency manager
Detlef Stuermann.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on Nov. 3, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Detlef Stuermann
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-mail: InsolvenzBremen_schubra.de   

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

The Debtor can be reached at:

         Inca Engineering GmbH
         Nordenhamer Str. 65
         27751 Delmenhorst
         Germany


MAGELLAN COMMUNICATIONS: Claims Registration Ends October 16
------------------------------------------------------------
Creditors of Magellan Communications GmbH have until Oct. 16,
2008, to register their claims with court-appointed insolvency
manager Dr. Stephan Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany    

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

The insolvency manager can be reached at:

         Dr. Stephan Schlegel
         Hauptstrasse 83
         65760 Eschborn
         Germany
         Tel: 06196/779060
         Fax: 06196/7790620


MAXIGAST GMBH: Claims Registration Period Ends October 16
---------------------------------------------------------
Creditors of Maxigast GmbH have until Oct. 16, 2008, to register
their claims with court-appointed insolvency manager Dr. Matthias
Hofmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 12, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Matthias Hofmann
         Rosental 6
         80331 Muenchen
         Germany
         Tel: 548033-0
         Fax: 548033-111

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

The Debtor can be reached at:

         Maxigast GmbH
         Ingolstadter Landstr. 2
         85748 Garching
         Germany


PRIME 2006-1: Fitch Puts 'BB'-Rated Class E Notes on Watch Neg.
---------------------------------------------------------------
Fitch Ratings has placed PRIME 2006-1 Funding Limited
Partnership's notes due August 2015 on Rating Watch Negative, as:

  -- EUR115,099,978.24 Class A notes (ISIN: XS0278567994): 'AAA'  
     on RWN

  -- EUR15,000,000 Class B notes (ISIN: XS0278569776): 'AA' on RWN

  -- EUR20,000,000 Class C notes (ISIN: XS0278570519): 'A' on RWN

  -- EUR13,900,000 Class D notes (ISIN: XS0278571756): 'BBB' on
     RWN

  -- EUR13,000,000 Class E notes (ISIN: XS0278572135): 'BB' on RWN

Fitch released two new criteria on April 30, 2008: Global Criteria
for Corporate CDO/CLOs and Global Criteria for Cash Flow Analysis
in Corporate CDOs.  At that time, Fitch noted that it would be
reviewing its ratings with these two new criteria to establish
consistency for existing and new transactions, and the rating
actions are a result of this review.

This transaction is a cash securitization of two types of
subordinated loan agreements advanced to German medium-sized
enterprises.  One type of the loan agreements features a loss
participation mechanism, whereas the other incorporates a deferral
option for fixed annual interest.

A special feature of this transaction is its high single obligor
concentration.  The largest exposure accounts for 7.8% of the
portfolio amount and the top three obligors for 23.4% of the
portfolio, making this transaction the most concentrated among
German mezzanine SME CLOs.

As of the review in October 2008, based on the latest portfolio
information available, the portfolio shows a significant downward
rating migration since closing in December 2006.  As indicated by
the internal bank ratings, there have been 17 downgrades, seven
affirmations and four upgrades.  One obligor comprising 1.5% of
the portfolio did not make full interest payment on the last
payment date due to insufficient distributable equity, but is
projected to compensate for this shortfall on the following
payment date, in August 2009.

Notwithstanding the overall pool deterioration, there have been no
defaults, no reductions of notional due to loss participations,
and no deferrals of fixed annual interest since closing in
December 2006.  One loan agreement representing 2.3% of the
portfolio has been terminated and fully prepaid, and the resulting
entry in the principal deficiency ledger was reduced to zero on
the last payment date.

The securitized debt instruments comprising the portfolio are
deeply subordinated.  As a result, Fitch assumes no recovery in
its analysis.  In addition to default simulations using its
Portfolio Credit Model, Fitch has performed cash-flow analysis to
stress possible interest rate and default timing patterns.  The
structure is most sensitive to front-loaded default timing.  The
transaction benefits from excess spread and a principal deficiency
mechanism for excess spread trapping.  

In high stress scenarios the excess spread trapping is limited due
to the PDL positioning after interest to Class A to E noteholders
as well as interest and principal repayment of the working capital
loan.  To compensate for the mismatch between fixed interest on
loan agreements and floating interest on liability notes, an
interest rate swap is in place.  Since this swap references the
performing portfolio balance, the transaction may be exposed to
interest rate risk to the extent the outstanding note amounts
exceed the performing portfolio balance.  Based on the analysis,
the credit enhancement derived from both subordination and excess
spread is not sufficient to justify the current ratings of the
notes.

The Negative Watch status reflects deterioration in the PRIME
2006-1 Funding Limited Partnership's portfolio and the CDO
methodology change which includes more severe treatment of pool
concentrations.  With only 28 obligors in the portfolio, already a
small number of assets that under-perform relative to the
statistics suggested by their internal bank ratings may adversely
impact the performance of this transaction.

Additionally, Fitch is reviewing its default assumptions for SME
CDOs, especially where highly concentrated portfolios are
securitized.  Given the small number of obligors in this
transaction, previously applied portfolio approaches to assessing
the underlying credit quality may not sufficiently reflect the
risk of the individual borrowers.  Therefore, guidance provided
regarding the potential downgrade actions is broad:

  -- Class A notes: May remain investment grade

  -- Class B notes: Unlikely to remain investment grade

  -- Class C notes: Unlikely to remain investment grade

  -- Class D notes: Unlikely to remain investment grade

  -- Class E notes: Likely to be downgraded to the low non-
     investment grade range

The resolution of the Negative Watch status will incorporate any
changes made to the portfolio or the transaction, along with
additional portfolio migration.


S & N HAHNCHEN-GRILL: Claims Registration Period Ends Oct. 15
-------------------------------------------------------------
Creditors of S & N Hahnchen-Grill GmbH have until Oct. 15, 2008,
to register their claims with court-appointed insolvency manager
Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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
         Colognestr. 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 S & N Hahnchen-Grill GmbH on Sept. 15, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         S & N Hahnchen-Grill GmbH
         Siechhaus 13
         65614 Beselich
         Germany

         Attn: Marlene Bangert, Manager
         Hermann-Loens-Strasse 7
         65614 Beselich
         Germany


"STEPI" SPIELSTATTEN: Claims Registration Period Ends Oct. 15
-------------------------------------------------------------
Creditors of "STEPI" Spielstatten GmbH have until Oct. 15, 2008,
to register their claims with court-appointed insolvency manager
Dr. Klaus Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Nov. 26, 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 Pinneberg
         Hall 3
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Pinneberg opened bankruptcy proceedings
against  "STEPI" Spielstatten GmbH on Sept. 5, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         "STEPI" Spielstatten GmbH
         Attn: Ronald Sass, Manager
         Flensburger Str. 6
         25421 Pinneberg
         Germany


STM BAU: Claims Registration Period Ends October 15
---------------------------------------------------
Creditors of STM Bau und Sanierung GmbH have until Oct. 15, 2008,
to register their claims with court-appointed insolvency manager
Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 12, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Halle (Saale) opened bankruptcy proceedings
against STM Bau und Sanierung GmbH on Aug. 20, 2008.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:
         
         STM Bau und Sanierung GmbH
         Attn: Thomas Runge, Manager
         Eisenbahnstrasse 11
         06217 Merseburg
         Germany


TRIO-BAUTRAGER GMBH: Claims Registration Period Ends Oct. 16
------------------------------------------------------------
Creditors of TRIO-BAUTRAGER GmbH have until Oct. 16, 2008, to
register their claims with court-appointed insolvency manager
Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 28, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Norbert Kruse
         Bonhoefferstr. 10
         48282 Emsdetten
         Germany
         Tel: 02572/875-0
         Fax: +49257287533

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

The Debtor can be reached at:

         TRIO-BAUTRAGER GmbH
         Attn: Hans-Juergen Hoffmann, Manager
         Fuechter Heide 13
         48599 Gronau
         Germany


VEERSSER TISCHLEREI: Claims Registration Period Ends Oct. 15
------------------------------------------------------------
Creditors of Veersser Tischlerei GmbH have until Oct. 15, 2008, to
register their claims with court-appointed insolvency manager Ralf
Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Uelzen
         Hall 2
         Main Building
         Fritz-Roever-Str 5
         29525 Uelzen
         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:

         Ralf Mueller
         Veersser Strasse 41
         29525 Uelzen
         Germany
         Tel: 0581 16006
         Fax: 0581 17159

The District Court of Uelzen opened bankruptcy proceedings against
Veersser Tischlerei GmbH on Sept. 4, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

          Veersser Tischlerei GmbH
          Sigrid Wilhelm
          Allee 11
          29525 Uelzen
          Germany


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


GLITNIR BANK: Receivership Cues S&P's D Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term and
short-term counterparty credit ratings on Iceland-based Glitnir
Bank to 'D' from 'CCC' and 'C', respectively, after the bank was
placed into receivership by the country's banking supervisor.
     
The rating action follows a decision by the Icelandic government
via the Icelandic Financial Services Authority (FME) to assume the
powers invested in Glitnir's shareholders and board of directors.
The FME has accordingly placed Glitnir in receivership, which will
afford the bank temporary protection from payment of debts and
obligations as they fall due.  The action taken by the FME on
Glitnir and the other two major Icelandic banks (not rated) is an
attempt to ring-fence the safety of domestic deposits.  This
action effectively reverses a government proposal on Sept. 29,
2008 to acquire Glitnir through a EUR600 million capital
injection.
     
A 'D' rating is assigned when S&P believes that there will be a
general default and that the obligor will thereby fail to pay all
or substantially all of its obligations as they come due.
     
"We believe that future payments on Glitnir Bank's obligations to
creditors outside Iceland will not be honored as they come due.
This includes maturities due within the next week," said S&P's
credit analyst Miguel Pintado.
     
Obligations to creditors outside Iceland constitute more than 90%
of the bank's total obligations (excluding deposits).
     
"We understand that Glitnir may have failed to pay one or more
financial obligations that fell due earlier this week," Mr.
Pintado said.
     
Glitnir's Norwegian subsidiary, Glitnir Bank ASA, has secured
liquidity through financing of NOK5 billion from the
Norwegian Banks' Guarantee Fund.  The sale of the subsidiary has
been initiated.


KAUPTHING BANK: Default Prompts Moody's to Junk Ratings
-------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating (BFSR) of Kaupthing Bank hf to E from D+, its
long-term deposit ratings to Caa1 from Baa3, the long-term senior
debt ratings to Caa2 from Ba1.  In addition, Moody's downgraded
the bank's subordinated debt to C from Ba2 and its preferred stock
to C from B1.  The bank's short-term rating was downgraded to Not-
Prime from P-3.  Moody's is maintaining Kaupthing's long-term
deposit ratings, the long-term senior debt ratings and its BFSR on
review for further possible downgrade.

"Kaupthing's UK-based subsidiary, Kaupthing Singer & Friedlander,
was placed into administration yesterday and this led to
Kaupthing's default on its obligations, thus prompting today's
multi-notch downgrade of the bank," says Kimmo Rama, Vice
President -- Senior Analyst in Moody's Financial Institutions
Group.

It was also announced Thursday, October 9, that the Icelandic FSA
has taken over control of Kaupthing and that the bank's entire
board of directors has resigned.

In terms of notching between Kaupthing's deposit and debt ratings,
Moody's notes that, in accordance with the new legislation that
was put in place on October 6, 2008, the amount paid out by the
deposit guarantee fund will result in the fund having a priority
of claim in the event of insolvency proceedings.  Therefore,
Moody's has assigned lower ratings to senior unsecured debt, to
reflect potentially a higher severity of loss for those
obligations.  It should be noted that Moody's deposit ratings do
not capture the deposits covered by deposit guarantee schemes.

The downgrade of Kaupthing's subordinated debt and preferred stock
ratings reflect Moody's view that holders of these instruments are
likely to experience a substantial loss.

The following ratings were downgraded:

   -- Bank Deposits: to Caa1 from Baa3
   -- Bank Financial Strength: to E from D+
   -- Senior Unsecured: to Caa2 from Ba1
   -- Subordinate: to C from Ba2
   -- Jr Subordinate: to C from B1
   -- Preferred Stock: to C from B1
   -- Commercial Paper: Not Prime
   -- Other Short-Term: Not Prime

The covered bonds issued by Kaupthing are not covered by this
press release nor are the ratings of FIH Erhversbank A/S
(FIH)(A1/C+/P-1, negative outlook), Kaupthing's 100%-owned
subsidiary.

Headquarted in Reykjavik, Iceland, Kaupthing Bank hf reported
asset of ISK6,604 billion (EUR52.8 billion) at the end of June
2008.


KAUPTHING BANK: Fitch Cuts Long-Term Issuer Default Rating to 'D'
-----------------------------------------------------------------
Fitch Ratings has downgraded Kaupthing Bank hf.'s Long-term Issuer
Default rating to 'D' from 'CCC' and removed it from Rating Watch
Evolving.  This follows the announcement that Kaupthing is now
subject to similar arrangements as its two Icelandic peers,
Glitnir Banki and Landsbanki Islands, with the Icelandic
authorities effectively seizing control of the bank.

Fitch has consequently aligned Kaupthing's ratings with those of
Glitnir Banki and Landsbanki Islands.  Fitch's view continues to
be that support from the Icelandic authorities cannot be relied
upon for timely payment of the three major Icelandic banks'
obligations as they fall due.

The rating actions on Kaupthing are:

  -- Long-term IDR: downgraded to 'D' from 'CCC'; Rating Watch
     Evolving removed

  -- Short-term IDR: downgraded to 'D' from 'C'; Rating Watch
     Evolving removed

  -- Support rating: affirmed at '5'

  -- Support Rating Floor: affirmed at 'No Floor'

  -- Individual rating: downgraded to 'F' from 'E'

  -- Senior debt: downgraded to 'CC' from 'CCC'; Recovery rating
     of 'RR4' affirmed

  -- Subordinated debt: affirmed at 'C'; Recovery rating of 'RR6'
     affirmed

  -- Hybrid capital instruments: affirmed at 'C'; Recovery rating
     of 'RR6' affirmed

The ratings of Kaupthing's UK subsidiary Kaupthing Singer &
Friedlander Ltd. are unaffected by the rating actions on
Kaupthing.  KSF's ratings are Long-term IDR 'D', Short-term IDR
'D', Support '5', Support Rating Floor 'No Floor' and Individual
'F'.  The rating of the GBP250 million floating-rate notes issued
by Singer & Friedlander Funding plc, due February 2010, has been
downgraded to 'CC' from 'A'.  The notes are removed from Rating
Watch Negative.  A Recovery rating of 'RR4' is assigned.


TRYGGGINGAMIDSTODIN: Turmoil in Iceland Spurs S&P's BB Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'BB' from 'BBB-'
its long-term counterparty credit and insurer financial strength
ratings on Iceland-based insurer Tryggingamidstodin hf. and its
subsidiary Norway-based non-life insurer NEMI Forsikring ASA.  All
ratings remain on CreditWatch with negative implications.
     
"The downgrade reflects the further negative developments in
Iceland over the last two days, and in particular the taking into
receivership of the three major Icelandic banks," said S&P's
credit analyst Rowena Potter.  "Future ownership of both companies
is very uncertain, with current owner Stodir hf. in bankruptcy
protection until Oct. 20, 2008."
     
Tryggingamidstodin will benefit from an element of regulatory
protection from the Icelandic Financial Supervisory Authority,
FME.  However, it is difficult to predict the extent to which this
will support the current rating level, given the financial turmoil
in Iceland.  The CreditWatch placement reflects the continuing
uncertainty regarding the companies' future ownership and
financial position.  S&P remains unable to predict with any
certainty when it expects to resolve the CreditWatch status or the
extent of any possible downgrade.  S&P will continue to monitor
developments closely and take actions as appropriate.
  

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


AER LINGUS: Workers to Vote Against Cost-Cutting Scheme
-------------------------------------------------------
Workers intend to vote against Aer Lingus Group Plc's plan to
reduce costs by about GBP58 million (EUR71 million,
US$101 million), various reports say.  The cost-cutting plan will
affect at least 1,500 employees at Dublin, Cork and Shannon
airports.  The airline currently has about 4,000 employees.

The airline said it was planning to cut staff costs by
EUR50 million a year, advertising, distribution and airport costs
by EUR10 million and long-haul costs by EUR10 million, The
Financial Times writes.

Last Monday, reports say that the airline's board of directors
approved the plan that is set to take effect on December 1.  Under
the plan, employees are given options to take voluntary
redundancy, early retirement, or transfer to third party companies
used by Aer Lingus in outsourcing.

The Telegraph reports that the proposal follows a recent
announcement of half-year losses at the airline of GBP17 million,
while losses for next year are projected at up to GBP78 million.

Aer Lingus challenged trade unions to draw their own alternative
that should result in the same level of savings if they were not
satisfied with the current plan, the Irish Times says.

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


ILIAD INVESTMENTS: Fitch Cuts Ratings on Three Note Classes to 'B'
------------------------------------------------------------------
Fitch Ratings has downgraded Iliad Investments Plc Series 9, a
synthetic CDO-squared transaction, and placed it on Rating Watch
Negative.

  -- EUR10 million floating-rate notes downgraded to 'B'
     from 'AAA'; placed on RWN

  -- CHF12.5 million floating-rate notes downgraded to 'B'
     from 'AAA'; placed on RWN

  -- EUR25 million fixed-rate notes downgraded to 'B'
     from 'AAA'; placed on RWN

This action is the result of recent downgrades of the underlying
U.S. RMBS subprime and Alt-A assets referenced in the master level
portfolio, with many of the relevant actions occurring in
September 2008.  The weighed average rating factor for the master
level assets now stands at 2.81 (equivalent to 'A-'/'BBB+'),
compared to 0.22 ( 'AAA') in March 2007.  There are now two
'B'-rated assets and two 'BB'-rated assets referenced at the
master level, representing 4.89% and 6.12% of the portfolio,
respectively.  This compares unfavourably with credit enhancement
levels on the notes of 4.94% on all classes.

Regarding the inner CDOs which have corporate exposure, credit
events are expected due to the presence of the following names in
the inner level portfolios: Lehman Brothers, Freddie Mac, Fannie
Mae and Washington Mutual.  However, the relative risk
contribution of these events is minor compared to that from the
deterioration in the master level structured finance assets.  All
14 inner CDOs referencing corporate names comprise only 19% of the
master level, while 81% of the master level references a
diversified portfolio of structured finance assets which were
initially rated 'AAA'.

The rating watch status reflects the view that continued negative
rating migration and increased default risk in the underlying
master level portfolio is expected.  Once the rating watch
statuses on the underlying reference structure finance entities
are resolved, Fitch will resolve the ratings watch status.

This transaction is a synthetic CDO backed by collateral
securities funded by the net proceeds of the notes.  Iliad, a
special purpose vehicle, is incorporated under the laws of
Ireland.  The notes have a maturity of 10 years and absorb the
credit risk of a mezzanine credit default swap with BNP Paribas.  
The swap relates to an initial reference portfolio of 38 asset-
backed securities and 14 CDO reference entities with a total
portfolio value of EUR1.7 billion.


ILIAD INVESTMENTS: Fitch Chips Ratings on Three Note Classes to B
-----------------------------------------------------------------
Fitch Ratings has downgraded Iliad Investments Plc Series 8, a
synthetic CDO-squared transaction, and kept it on Rating Watch
Negative.

  -- EUR40 million Class A downgraded to 'B' from 'AAA';
     remain on RWN

  -- EUR30 million Class B downgraded to 'B' from 'AAA';
     remain on RWN

  -- EUR30 million Class C downgraded to 'B' from 'AAA';
     remain on RWN

This action is the result of recent downgrades of the underlying
U.S. RMBS subprime and Alt-A assets referenced in the master level
portfolio, with many of the relevant actions occurring in
September 2008.  The weighed average rating factor for the master
level assets now stands at 4.8 (equivalent to 'BBB'), compared to
0.22 ( 'AAA') in March 2007.  There are now seven 'B'-rated or
worse assets referenced at the master level, representing 8.62% of
the master level portfolio.  This compares unfavorably with
credit enhancement levels on the notes of 5.5%, 4% and 2.5% for
Classes A, B and C, respectively.

Regarding the inner CDOs which have corporate exposure, credit
events are expected due to the presence of the following names in
the inner level portfolios: Lehman Brothers, Freddie Mac, Fannie
Mae and Washington Mutual.  However, the relative risk
contribution of these events is minor compared to that from the
deterioration in the master level structured finance assets.  All
14 inner CDOs referencing corporate names comprise only 15% of the
master level, while 85% of the master level references a
diversified portfolio of structured finance assets which were
initially rated 'AAA'.

The rating watch status reflects the view that continued negative
rating migration and increased default risk in the underlying
master level portfolio is expected.  Once the rating watch
statuses on the underlying reference structure finance entities
are resolved, Fitch will resolve the ratings watch status.

This transaction is a synthetic CDO backed by collateral
securities funded by the net proceeds of the notes.  Iliad, a
special purpose vehicle, is incorporated under the laws of
Ireland.  The notes have a maturity of seven years and absorb the
credit risk of a mezzanine credit default swap with BNP Paribas.  
The swap relates to an initial reference portfolio of 69 asset-
backed securities and 14 CDO reference entities with a total
portfolio value of EUR2 billion.


ZOO HF: Fitch Keeps EUR5.5MM 'BB'-Rated Class E Notes on Watch Neg
------------------------------------------------------------------
Fitch Ratings has downgraded six tranches from five hedge fund
collateralized fund obligations.  All 22 tranches remain on Rating
Watch Negative.  

These rating actions follow Fitch's reassessment of the macro
risks that affect its analysis of HF CFOs - notably higher
observed market volatility, reduced liquidity, and limited
transparency in underlying hedge funds.  Accordingly, Fitch is no
longer of the opinion that HF CFOs have risk characteristics that
are consistent with an 'AAA' rating.

As mentioned in the press release 'Fitch Places 22 Tranches from 5
Hedge Fund CFOs on Rating Watch Negative', published Sept. 25,
2008, the Negative Watch designations are primarily the result of
the application of Fitch's revised market value structures
criteria, published April 18, 2008.  The current rating actions
have been taken in conjunction with Fitch's broad review of the
hedge fund CFO sector, which is still ongoing.  While further
refinement and individual transaction analysis remains to be done,
Fitch decided that at this point, the highest rated classes were
not at a level that accurately represented Fitch's credit view and
therefore needed to be downgraded.

Fitch is currently reassessing its prior model-based approach for
analyzing HF CFOs, given the recent market environment. Fitch is
also requesting that additional detailed information be provided
on an ongoing basis from managers.  Where managers are unable or
unwilling to provide this additional information, Fitch may be
forced to withdraw its ratings.  Fitch expects to finalize its
review of these transactions by the end of the year.

The current HF CFO ratings are:

Man Glenwood Alternative Strategies II Ltd.

  -- US$250,000,000 class A downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- US$40,000,000 class B 'AA', remains on Rating Watch Negative;

  -- US$15,000,000 class C 'A', remains on Rating Watch Negative;

  -- US$43,750,000 class D 'BBB', remains on Rating Watch
     Negative.

Phenix CFO Ltd.

  -- EUR60,000,000 class S downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- EUR24,000,000 class M1 'AA', remains on Rating Watch
     Negative;

  -- EUR15,000,000 class M2 'A', remains on Rating Watch
     Negative;

  -- EUR21,000,000 class M3 'BBB', remains on Rating Watch
     Negative.

RMF Four Seasons CFO Ltd.

  -- EUR23,500,000 class S downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- EUR18,800,000 class M1 downgrade to 'AA' from 'AA+', remains
     on Rating Watch Negative;

  -- EUR11,750,000 class M2 'A', remains on Rating Watch
     Negative;

  -- EUR16,450,000 class M3 'BBB', remains on Rating Watch
     Negative.

Sciens CFO I Limited

  -- EUR121,200,000 class A downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- EUR21,000,000 class B 'AA', remains on Rating Watch
     Negative;

  -- EUR13,900,000 class C 'A', remains on Rating Watch Negative;

  -- EUR18,600,000 class D 'BBB+', remains on Rating Watch
     Negative;

  -- EUR7,800,000 class E 'BB+', remains on Rating Watch
     Negative.

Zoo HF 3 plc

  -- EUR94,500,000 class A downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- EUR8,000,000 class B 'AA', remains on Rating Watch Negative;

  -- EUR6,500,000 class C 'A', remains on Rating Watch Negative;

  -- EUR12,500,000 class D 'BBB', remains on Rating Watch
     Negative;

  -- EUR5,500,000 class E 'BB', remains on Rating Watch Negative.


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


PMI 2 FINANCE: S&P Affirms 'BB' Rating on Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services has raised its credit ratings
on the class B and C notes issued by PMI 2 Finance S.r.l.  At the
same time, S&P affirmed its ratings on the class A and D notes.
  
The notes, issued in December 2004, were backed at closing by a
EUR307.3 million static portfolio of commercial loans granted to
Italian small to midsize enterprises (SMEs) in the northwest of
Italy.
  
The performance of the portfolio has been driven by the
characteristics of the underlying loans.  Delinquencies and
defaults have started to materialize only after the initial
interest-only period has elapsed.
  
Over the past year, delinquencies and defaults have leveled off at
about EUR13 million, suggesting a relative stabilization of the
performance.  However, the ongoing increase of the share of
defaulted loans over the total nonperforming assets suggests the
tendency of delinquent loans to default.
  
As of the latest interest payment date (IPD), cumulative gross
defaults were about EUR7.5 million, or 2.45% of the initial
balance of the portfolio.  Of these, about EUR1.09 million have
been provisioned through a structural mechanism that traps a
variable percentage of the available excess spread.
  
With 678 positions outstanding and the top 10 borrowers accounting
for about 4.1% of the residual positions, the portfolio is
relatively granular.  Sector exposure is in line with that at
closing because prepayments have so far been very low.
  
The average credit quality of the outstanding portfolio is broadly
in line with that at closing (the weighted-average rating remains
'BB+').  The distribution of the credit assessments is now less
concentrated around the average, and exhibits fatter tails.  The
rating estimates were based on the Credit Risk Tracker, a
proprietary credit risk information system, which S&P uses to
determine SMEs' creditworthiness.
  
The transaction does not feature a cash reserve.  Credit
enhancement is provided by a first-loss piece and excess spread.
  
Given the fast amortization schedule of the collateral, the
ongoing increase of the share of nonperforming assets over total
assets, and the increasing average cost of the notes, the
transaction generated negative excess spread on the latest IPD.
Unless recoveries come through, this situation is very likely to
persist at the next IPD.
  
In its review S&P assessed whether the unrated first-loss piece
can be allocated losses connected to uncured defaults, negative
excess spread, and delinquencies. Given the very short residual
life of the assets S&P did not give credit in its review to
recoveries coming from defaulted or delinquent loans.  Under these
assumptions the ratinga agency found that as of the latest IPD
there was a EUR1.9 million buffer.  S&P considers this buffer
compatible with the 'BB' rating assigned to the class D notes.
  
From the results of the Credit Risk Tracker, S&P used CDO
Evaluator to determine the scenario default rate for the class B
and C notes.  Accordingly, S&P determined at each rating level a
foreclosure probability that the agency then used in its cash flow
model.  Based on this input, the agency conducted an analysis that
showed that credit enhancement on the class B and C notes is now
compatible with a 'AAA' rating and a 'AA' rating, respectively.

PMI 2 Finance S.r.l.

  -- EUR307.3 Million Floating And Variable-Rate Notes
  
Ratings Raised:
  
B           AAA                  AA+
C           AA                   BBB+
  
Ratings Affirmed:
   
A           AAA
D           BB



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


A.V.P. RITM: Creditors Must File Claims by November 15
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP A.V.P. Ritm insolvent.

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

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


ATK-PV LLP: Claims Deadline Slated for November 15
--------------------------------------------------  
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP ATK-PV insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Pavlodar, Pobeda ave. 5
         Pavlodar
         Kazakhstan
         Tel: 8 (7182) 32-38-46


BATYS ESTATE: Claims Filing Period Ends November 15
---------------------------------------------------  
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Batys Estate insolvent.

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

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




BUSINESS GROUP K: Creditors' Claims Due on November 18
------------------------------------------------------  
LLP Business Group K has gone into liquidation.  Creditors have
until Nov. 18, 2008, to submit written proofs of claims to:

         LLP Business Group K
         Yazev Str. 15
         Karaganda
         Kazakhstan


FOX CO: Creditors Must File Claims by November 18
-------------------------------------------------  
LLP Fox Co. has gone into liquidation.  Creditors have until
Nov. 18, 2008, to submit written proofs of claims to:

         LLP Fox Co.
         Promzona
         Lisakovsk
         111200 Kostanai
         Kazakhstan
         Tel: 8 (71433) 3-41-40
              8 (71433) 3-84-14


IRS-2004 LLP: Claims Deadline Slated for November 15
----------------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP IRS-2004 insolvent.

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

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


JENIS LLP: Claims Filing Period Ends November 15
------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Jenis insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahayev Str. 71
         Kyzylorda
         Kazakhstan  
         Tel: 8 (7242) 27-15-73
              8 (7242) 25-82-54
              8 705 722 69-78
              8 705 950 24-27


NOVY STIL: Creditors' Claims Due on November 15
-----------------------------------------------  
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP New Style Novy Stil insolvent.

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

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


PARASAT LLP: Claims Registration Ends November 15
-------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Parasat insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Jahayev Str. 71
         Kyzylorda
         Kazakhstan  
         Tel: 8 (7242) 27-15-73
              8 (7242) 25-82-54
              8 705 722 69-78
              8 705 950 24-27


POLUS-3 LLP: Creditors Must File Claims by November 15
------------------------------------------------------  
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Polus-3 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Ordjonikidze Str. 54
         Kostanai
         Kazakhstan
         Tel: 8 (7142) 5-69-29


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


ASEM STATIONERY: Creditors Must File Claims by November 12
----------------------------------------------------------
LLC Asem Stationery Company has shut down.  Creditors have until
Nov. 12, 2008, to submit written proofs of claim to:

         LLC Asem Stationery Company
         Moskovskaya Str. 141
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 66-07-20


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


EURAMAX INTERNATIONAL: S&P Junks Rating on Likely Covenant Breach
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Norcross, Georgia-based Euramax International Inc., including the
long-term corporate credit rating to 'CCC+' from 'B-'.  The
outlook is negative.
     
"The rating action reflects our belief that the company is at a
heightened risk of a covenant violation in the near term, given
the weaker economic environment and step-downs in covenant
levels," said Standard & Poor's credit analyst Dan Picciotto.  
Domestic economic conditions have remained soft and conditions in
Europe, where Euramax generates about one-third of its sales, have
deteriorated.  The company had received covenant relief earlier in
2008 and further relief could prove expensive or difficult to
obtain, given credit market conditions.

However, Euramax generates positive cash flow and should benefit
from the recent pullback in the cost of commodity inputs,
particularly aluminum.

The ratings on Euramax reflect the its highly leveraged financial
risk profile and weak business risk profile, although the company
does have leading niche market positions for some product lines,
fair geographic diversity, and limited maintenance capital
expenditure requirements.

Euramax manufactures products made from aluminum, steel, and other
materials for the building construction and transportation
markets.  Products include rain-carrying systems for contractors
and the do-it-yourself markets, and aluminum sidewall for the
towable recreational vehicle and manufactured housing markets.  
Euramax manufactures its products in the U.S., the U.K., the
Netherlands, and France.  Sales outside the U.S. make up about
one-third of total company sales and are primarily in Western
Europe.

The company has leading positions in several product niches,
helping it achieve a degree of pricing power.  Many of Euramax's
products involve significant commodity inputs, the prices of which
have risen sharply over the past several years but have recently
pulled back.  Demand in some of the company's key end markets has
declined, including the domestic RV and building construction
markets.

In June 2005, Goldman Sachs Capital Partners and Euramax
management acquired the company for about US$1 billion.  A large
portion of the purchase price was financed with debt, and the
company's balance sheet remains highly leveraged.  As of June 27,
2008, debt to EBITDA approached 10x, EBITDA interest coverage was
about 1.3x, and FFO to debt was slightly positive.  Standard &
Poor's Ratings Services views the PIK notes as mostly debt-like.

Nonetheless, they provide somewhat better credit protection for
the senior secured debt holders because of their non-cash-pay
characteristics and their structural subordination to senior
secured debt.

The company has very limited headroom under its covenants.  
Euramax's cash balance as of June 27, 2008, was about US$14
million.  Along with operating cash flow, the company's sources of
liquidity include its US$80 million revolving credit facility and
its US$60 million accounts-receivable securitization facility due
2011.  The securitization facility was fully drawn at the end of
the second quarter.  Euramax's working capital is subject to
seasonal swings and affected by changes in commodity input costs.  
Capital expenditures should be modest.

S&P could lower the ratings if the company violates its covenants
and the likelihood of obtaining a satisfactory cure worsens or if
the company fails to meet its financial obligations.  A positive
ratings action could occur if the company avoids a covenant
violation or, if the company does violate a covenant, the company
is able to receive adequate relief.


INDOVER BANK: Fitch Cuts Individual Rating to 'F'
-------------------------------------------------
Fitch Ratings has downgraded Netherlands-based Indover Bank's
Long-term Issuer Default Rating to 'D' from 'BB-', Short-term IDR
to 'D' from 'B', Individual rating to 'F' from 'D/E' and Support
rating to '5' from '3'.  These rating actions follow the
announcement that Indover Bank has been placed under
administration, which Fitch considers to be a default.

A specialized wholesale bank active in trade finance, Indover Bank
is fully owned by the Indonesian central bank, Bank Indonesia.  
Indover Bank is based in Amsterdam, has a branch in Hamburg,
wholly-owned subsidiaries in Hong Kong and Singapore, and a
representative office in Jakarta.


===============
P O R T U G A L
===============


SAGRES SOCIEDADE: S&P Affirms B Rating on Class T Explorer Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its credit rating on
the class M notes of the Explorer 2004 series 1 issued by SAGRES
Sociedade de Titularizacao de Creditos, S.A.  At the same time,
the class N notes were put on CreditWatch with positive
implications and the ratings on the remaining notes were affirmed.
  
The transaction, which closed in April 2004, is backed by a
portfolio of tax and social security claims in arrears and
connected rights owed to the Republic of Portugal (AA-/Stable/A-
1+) and the Instituto de Gestao Financeira da Segurança Social.  
The claims arise from personal income taxes, corporate income
taxes, value-added tax, gift and inheritance taxes, road taxes,
truck taxes, stamp duties, and social security contributions owed
by corporations and individuals.
  
Since closing, collection rates on the underlying portfolio have
been broadly in line with S&P's stress case scenarios and are
consistent with the ratings currently assigned to the junior
notes.  Collections have benefited from a substitution of
receivables and initiatives undertaken after closing by the
servicers (Direccao-Geral dos Impostos and Instituto de Gestao
Financeira da Segurança Social) to improve collection performance.
  
Actual collections and the connected de-leveraging of the
transaction are now putting positive rating action on mezzanine
tranches.  Cash available in the accounts as of the latest
interest payment date stood at around EUR382 million.  This is
enough to fully cash collateralize the class M notes and to
collateralize approximately 60% of class N notes.  The class M
notes, amortizing according to controlled amortization, will fully
redeem at their expected maturity in March 2009.
  
The raising of the rating on the class M notes reflects the
achieved level of cash collateralization.
  
S&P will carry out a more detailed analysis of this transaction to
investigate whether the current ratings on the class N notes can
attain a higher rating.  The rating agency will pay particular
attention to the prospects of further recoveries on the underlying
portfolio and their likely timing.  S&P will publish the results
of its further analysis of the class N notes in due course.
  
SAGRES Sociedade de Titularizacao de Creditos, S.A.

  -- EUR1.663 Billion Collateralized Floating-Rate Securitisation
     Notes (Explorer 2004 Series 1)
  
Ratings Raised:

Class          To                  From
-----          --                  ----
   M            AAA                  AA
  
Ratings Put On CreditWatch Positive:

Class          To              From
-----          --              ----
   N         A/Watch Pos          A
   
Ratings Affirmed:

A2             AAA
O              BBB-
T              B+


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


BANK SOYUZ: Moody's Cuts Deposit Ratings to B2; Affirms E+ BFSR
---------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign currency deposit ratings and senior unsecured foreign
currency debt rating of Bank Soyuz to B2 from B1 and put them on
review for possible further downgrade.  Soyuz's E+ bank financial
strength rating (BFSR) was affirmed with stable outlook.  Moody's
also affirmed the bank's Not Prime short-term local and foreign
currency deposit ratings.  Concurrently, Moody's Interfax Rating
Agency downgraded Soyuz's long-term national scale rating (NSR) to
Baa1.ru from A2.ru and put it on review for possible downgrade.  
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B2/Not Prime/E+
global scale ratings reflect Soyuz's global default and loss
expectation, while the Baa1.ru national scale rating reflects the
standing of the bank's credit quality relative to its domestic
peers.

Moody's notes that the downgrade of Soyuz's ratings was triggered
by the bank's weakening liquidity profile following its recent
significant trading losses, as well as the outflow of a sizeable
portion of customer funds.  A further outflow of customer
accounts, including run of individual deposits, could -- if it
occurred in the current stressful environment -- pose a major
challenge for Soyuz in the short to medium term, and in the longer
term could lead to a shrinkage of the bank's business volumes and
a further decline in profitability following rising funding costs.  
The above considerations and Moody's expectations of prolonged
financial stresses for Soyuz prompted the rating agency to put the
bank's ratings on review for further downgrade.

According to Moody's, the review of Soyuz's ratings will mainly
focus on the bank's ability to improve its liquidity profile and
acquire more stable customer funding base, as well as its capacity
to cover trading losses by earning received from recurring income
sources and to maintain adequate capitalization levels.  
Furthermore, given the weakening of credit quality of especially
corporates in Russia, Moody's will assess any impact thereof on
Soyuz's loan book and on the bank's financial fundamentals.

"Moody's ratings for Soyuz do not incorporate any expectation of
support being provided to the bank by its affiliated Basic Element
(Basel) group as we cannot be certain about the financial
flexibility of this group to provide such support amid the current
environment," says Olga Ulyanova, a Moody's Assistant Vice-
President/Analyst and lead analyst for Soyuz. "More positively,
Moody's notes that the third-party customer funds that have flowed
out of the bank in the recent period have been partly replaced by
funds from Basel group companies.  We are also aware of the public
announcements by Soyuz's shareholder that it has initiated the
transfer of a subordinate loan in the amount of RUB4.1 billion to
the bank's Tier 1 capital, to be carried out during Q4 2008, and
also plans an additional capital injection in the amount of RUB5.7
billion to be completed in H1 2009," Ms. Ulyanova adds.

Domiciled in Moscow, Russia, Bank Soyuz reported -- as at
December 31, 2007 -- total IFRS assets of US$3.7 billion, total
shareholders' equity of US$472 million and a net income of US$42
million.


CB RENAISSANCE: Fitch Puts Low-B Ratings Under Negative Watch
-------------------------------------------------------------
Fitch Ratings has placed Russia-based CB Renaissance Capital's  
Long-term Issuer Default 'B-', Short-term IDR 'B', National Long-
term 'BB(rus)' and Individual 'D/E' ratings on Rating Watch
Negative.  The bank's other ratings are affirmed at Support '5'
and Support Rating Floor 'No Floor'.

The RWN reflects CBRC's currently tight liquidity position and the
significant volumes of funding maturing in the near term,
particularly in October 2008.  On balance, Fitch's base case
expectation is that CBRC will be able to meet its obligations;
however, the RWN highlights the heightened near-term liquidity
risk facing the bank.

Following the redemption of a RUB3.2 billion bond on October 3,
Fitch estimates CBRC has only a small amount of cash and
equivalents on its balance sheet and no securities that could be
repo'ed with the Russian Central Bank.  The agency understands
that the bank has significant funding falling due in October from
financial institutions and from large non-affiliated customers.  

In addition, Fitch notes that more than half of CBRC's customer
funding is from clients outside of its top 20 depositors, and the
agency does not have information as regards the maturity profile
of these accounts.  However, Fitch notes repayment pressure seems
to ease significantly after October.  The amount of interbank and
non-related customer repayments in November-December seems to be
moderate compared to October, and Fitch has been informed that a
large loan from a related party, maturing in November, will likely
be rolled over.  Following the recent bond repayment, CBRC has no
significant debt issues which mature or could be put back to the
bank in Q408.

CBRC's management views loan repayments as the bank's primary
source of near-term liquidity, with these generating US$200
million-US$250 million (RUB5.2 billion-RUB6.5 billion) a month.  
Restrictions on new loan issuance introduced in September should
help the bank to retain most of this inflow to service its debt,
albeit with potential negative implications for the bank's
franchise.  Additional liquidity could be made available by the
wider Renaissance group, although there is now greater uncertainty
about the provision of such support given recent tight liquidity
at its investment bank, Renaissance Capital Holdings Limited
(RCHL, 'BB-'/Negative), and the now distinct ownership structures
of RCHL and CBRC.

Fitch will continue to monitor closely CBRC's liquidity position
during the coming weeks and may downgrade the ratings if its
liquidity deteriorates further.  However, the ratings may be
affirmed if the liquidity position stabilizes.

More generally, Fitch notes CBRC's improved performance and asset
quality this year, with return on average assets rising to 2.2% in
the first half of 2008 and non-performing loans at 4% of gross
loans at the end of the first half of 2008, which is moderate for
CBRC's high-margin business.  Capitalization also remains
adequate, with a Basel I Tier I ratio of 15.8% at the end of the
first half of 2008.

CBRC is a specialist consumer finance bank, which has been fully
operational since 2004.  At the end of the first half of 2008, it
was the 51st-largest bank in Russia by total assets and was among
the top 20 retail lenders.  It has a network of 109 branches
covering 66 regions of Russia and approximately 15,240 active
points of sale.  CBRC is part of the broader Renaissance Group,
which also includes RCHL, merchant banking entity Renaissance
Partners and asset manager Renaissance Investment Management.


CHELINDBANK: Fitch Assigns 'D/E' Individual Rating
--------------------------------------------------
Fitch Ratings has assigned Joint Stock Commercial Bank Chelindbank
ratings of Long-term Issuer Default 'B-', Short-term IDR 'B',
National Long-term 'BB+(rus)', Individual 'D/E', Support '5' and
Support Rating Floor 'No Floor'.  The Outlooks for the Long-term
IDR and National Long-term rating are Stable.

The ratings reflect Chelindbank's small size by international
standards, its undiversified and relatively short-term funding
base, sourced predominantly from retail and corporate customers in
the home region, and significant impairment in the corporate loan
portfolio, albeit mainly relating to loans originated in 2006.  
The ratings also take into account the bank's stable regional
franchise, moderate concentration on both sides of the balance
sheet and reasonable performance indicators.  Capitalization is
currently sound, albeit ratios may moderate gradually in the
absence of any planned further equity injections.

The bank has remained resilient to the ongoing turmoil in domestic
and international financial markets.  Funding has been stable in
recent weeks and the bank's accumulated cash cushion should be
sufficient to absorb any moderate deposit outflow.

Upside potential is limited in the near-term given current risks
in the operating environment.  However, a more stable operating
environment, combined with further franchise expansion and
satisfactory asset quality performance could give rise to rating
upside.  Diversification of the funding base by tenor and source
would also be positive, but difficult to achieve in the near-term
given current market conditions.  Significant credit losses and/or
deterioration in liquidity could result in a downgrade.

Chelindbank is well-recognized bank with significant market shares
in the Chelyabinsk region.  The bank's initial focus was on
corporate customers, but since 2002 it has penetrated the SME and
retail segments.  The bank is majority-owned by seven senior
managers of the bank.


CHELYABINSKOE ORGANIC: Creditors Must File Claims by November 3
---------------------------------------------------------------
Creditors of LLC Chelyabinskoe Organic Glass have until Nov. 3,
2008, to submit proofs of claims to:

         D. Altuhkov
         Insolvency Manager
         Apt. 611
         Ryazanskaya Str. 1
         300026 Tula
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-10844/2008–55–146.

The Court is located at:

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

The Debtor can be reached at:

         LLC Chelyabinskoe Organic Glass  
         Svobody Str. 2
         454006 Chelyabinsk
         Russia


DALCOMBANK: Fitch Affirms Individual Rating at 'E'
--------------------------------------------------
Fitch Ratings has affirmed the ratings of Russia's Dalcombank at
long-term Issuer Default Rating 'B+', short-term IDR 'B',
Individual 'E', Support '4', National long-term 'A-(rus)'.  The
Rating Outlooks for the long-term IDR and National long-term
rating are Stable.

The rating action follows the approximate 10% outflow of retail
funding during the 8th and 9th of October 2008.  DCB's liquid
assets have been sufficient to meet these withdrawals to date.  In
addition, Fitch has been informed that the affiliated Moscow Bank
for Reconstruction and Development (MBRD, long-term IDR 'B+') has  
made additional liquidity available to DCB through currency swaps
and deposits.  Fitch has also received renewed assurances from the
major shareholder of DCB, Sistema JSFC (Sistema, rated 'BB-' (BB
minus/Stable Outlook), of its intention to support the bank in
case of need.

DCB's IDRs, National and Support rating reflect the potential
support from Sistema.  Its Individual rating reflects its
undercapitalization, high concentration risk and the poor quality
of the loan book.  The rating also considers the fact that DCB's
liquidity position is potentially vulnerable on a stand-alone
basis, with 90% of liabilities coming from mostly short-term
customer funds, and approximately 70% of these from retail
clients.

DCB is a small bank based in Khabarovsk in the far east of Russia
with a broad presence in other neighboring regions.  The bank is
engaged in both corporate and retail lending.  The bank is more
than 98%-owned by Sistema, which also holds a 91% stake in MBRD.


EL-MASH LLC: Creditors Must File Claims by November 3
-----------------------------------------------------
Creditors of LLC El-Mash (TIN 6725009668) have until Nov. 3, 2008,
to submit proofs of claims to:

         D. Andreyev
         Temporary Insolvency Manager
         Post User Box 17
         127562 Moscow
         Russia

The Arbitration Court of Smolenskaya commenced bankruptcy
supervision procedure on the company.  The case is docketed under
Case No. A-62-3641/2008 .

The Court is located at:

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

The Debtor can be reached at:

         LLC El-Mash
         Nakhimova Str.6
         Roslavl
         Smolenskaya
         Russia


MICA FACTORY: Creditors Must File Claims by October 26
------------------------------------------------------
Creditors of CJSC Mica Factory have until Oct.26, 2008 to submit
proofs of claims to:

         M. Mezhentsev
         Temporary Insolvency Manager
         Apt. 77
         Belgorodskiy prospect 57
         308001 Belgorod
         Russia

The Arbitration Court of Belgorodskaya will convene at 11:30
a.m. on Dec. 22, 2008, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A08-3245/2008-31B.

The Court is located at:

         The Arbitration Court of Belgorodskaya
         Narodnuy Blvd. 135
         308000 Belgorod
         Russia

The Debtor can be reached at:

         CJSC Mica Factory
         Khmelnitskogo prospect 131
         308000 Belgorod
         Russia


RAUM LLC: Creditors Must File Claims by October 26
--------------------------------------------------
Creditors of LLC Raum have until Oct. 26, 2008, to submit proofs
of claims to:

         N. Nikonorov
         Insolvency Manager
         Post User Box 9484
         454092 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76–6838/2008–52-74.

The Court is located at:

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

The Debtor can be reached at:

         LLC Raum
         Gazety Pravda Str. 63/79
         Magnitogorsk
         455000 Chelyabinskaya
         Russia


RENOVA HOLDING: S&P Affirms Corporate Credit Rating at 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' long-term
corporate credit and 'ruAA' Russia national scale ratings on
operating holding company Renova Holding Ltd. following a review
of the company's financial position, portfolio composition, and
strategy.  The ratings were removed from CreditWatch, where they
were placed with negative implications on June 3, 2008, as a
result of uncertainty about the impact of high investment levels
on Renova's leverage.  After meeting with the company and a
subsequent review, these concerns have been allayed.  The outlook
on the long-term rating is negative.
     
The ratings are constrained by portfolio concentration on a few
large Russian assets, the low liquidity of most assets, dependency
on the majority shareholder, and growing leverage as a result of
the group's investment activity.  The ratings are supported by
Renova's successful growth while maintaining a strong balance
sheet, and progress in improving portfolio diversity and
liquidity.
     
Renova's core assets are a 12.5% stake in Russian oil company
TNK-BP International Ltd. (BB/Stable/B) and a 6.7% stake in
aluminum producer United Company RUSAL (not rated).  They are cash
generative and of good credit quality by Russian standards, but
they are also mature and fairly illiquid.
     
Renova is owned by Victor Vekselberg and is his key financial
vehicle.  The shareholder has demonstrated his flexibility with
regard to dividends and equity contributions through 2008.  
Despite his positive track record and the presence of an
experienced and professional management team, S&P believes that
Renova could be dependent on his political and business standing
in the Russian context.
     
The negative outlook reflects S&P's concerns about the
increasingly challenging market conditions in which the group is
likely to operate in the coming years.  Renova's ability and
willingness to adhere to its financial policy targets in this
environment has not yet been tested.


SEVER-STEEL LLC: Creditors Must File Claims by October 26
---------------------------------------------------------
Creditors of LLC Sever-Steel have until Oct. 26, 2008, to submit
proofs of claims to:

         S. Fedorov
         Temporary Insolvency Manager
         Post User Box 515
         Central Post Office
         677000 Yakutsk
         Russia

The Arbitration Court of Sakha commenced bankruptcy supervision
procedure.  The case is docketed under Case No. A58-1076/
2008-0101.

The Court is located at:

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


TECHNO-PROM-KOMPLEKT: Creditors Must File Claims by October 26
--------------------------------------------------------------
Creditors of LLC Techno-Prom-Komplekt have until Oct. 26, 2008,
to submit proofs of claims to:

         T. Morozova
         Insolvency Manager
         Yubileynaya Str. 8/21
         600031 Vladimir
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-3987/2008-K1-147B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         LLC Techno-Prom-Komplekt
         Obelmana Str. 139/2-97
         Kovrov
         Vladimirskaya
         Russia


TRIADA LLC: Creditors Must File Claims by October 26
----------------------------------------------------
Creditors of LLC Triada Bituminic Complex have until Oct. 26,
2008, to submit proofs of claims to:

         V. Zotyev
         Temporary Insolvency Manager
         Office 613
         Myasnikova Str. 54
         344019 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 10:20 a.m.
on Dec. 15, 2008, to hear bankruptcy supervision procedure on the
company.  The case is docketed under Case No. A53–9315/
2008-S1–51.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Triada Bituminic Complex
         Druzhby Narodov Str. 18
         Podgorenskaya
         Dubovskiy
         347410 Rostovskaya
         Russia


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


* Spanish Govt.'s Bank Support Won't Affect Ratings, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service commented on the statement made by the
Spanish Government regarding (i) the creation of a EUR30-50
billion emergency fund to provide liquidity to the financial
system by buying "healthy" assets from banks and (ii) the fivefold
increase in the guarantee by the Deposit Guarantee Fund (Fondo de
Garantia de Depositos) for bank deposits upto EUR100,000.

Moody's views the Spanish government's decision as a step towards
restoring market confidence which should help to ease the pressure
on current liquidity constraints of Spanish banks which have been
affected, along with most financial institutions globally, by the
disappearance of normal funding conditions.  Notwithstanding the
above, key details of the functioning of the fund such as eligible
institutions, definition of "healthy assets" and the prices and
other terms and conditions at which these assets will be bought by
the fund are still to be revealed by the authorities.  Although
Moody's does not expect these measures to impact current ratings -
which are already benefiting from external support overall -- it
will provide more detailed guidance on Moody's approach when the
full terms of the fund become available, which the rating agency
expects to take place during next Friday's cabinet meeting.

                     Moody's Perspective

Moody's released a Special Comment on its approach towards
incorporating government support for banking systems into its
ratings titled "Assessing the Rating Implications for Banks of the
Current Market Turmoil and Governmental Interventions to Support
Their Banking Systems".

                          Banking System Outlook

The outlook for the Spanish banking system is negative, reflecting
Moody's expectations for the fundamental credit conditions in the
Spanish banking system over the next 12 to 18 months.


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


FORD MOTOR: Fitch Junks Issuer Default Rating on Credit Crisis
--------------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company by one notch to 'CCC'
from 'B-'.

This rating action reflects the growing impact of the credit
crisis on industry sales volumes, supply chain financial risks,
the financial health of dealerships and the capital advantage of
transplants.  These issues are compounding the already-severe
stresses resulting from weakening economic conditions and the
migration to fuel-efficient vehicles.  Plummeting sales volumes
will accelerate negative cash flows in the second half of 2008 and
will result in deep cash drains through 2009.

Despite significant progress in Ford's cost reduction efforts and
an easing of commodity price pressures, Fitch projects that
without additional capital raising or asset sales, Ford will reach
the minimum required operating cash levels in the second half of
2009.

Although Ford remains the best positioned among the Detroit Three
in terms of liquidity, financial resources, manufacturing
footprint and intermediate-term product plans, these relative
attributes are being overwhelmed by industry conditions and the
impact of the credit crisis.  Fitch expects that industry volumes
will not trough until 2009.

The current credit crisis has augmented a number of risk factors
listed below, which apply to all the Detroit Three:

-- Of primary concern is the impact of the credit crisis on the
    extension of credit throughout the supply chain.  The decline
    in production among the Detroit Three, higher commodity
    prices and other margin pressures, and lack of access to
    capital is likely to produce further bankruptcies within the
    supply chain.  The potential contraction of trade credit
    throughout the industry, and the critical nature of trade
    credit to the capital structure of the supply industry and
    the Detroit Three, poses a high degree of risk in the event
    that capital market conditions continue to contract;

-- Industry volumes will continue to ratchet down through at
    least 1H'09 due to the decreasing ability of retail consumers
    to obtain competitive financing from the financing arms of
    the manufacturers or from third-party lenders.  This adds to
    the impact of the pullback in leasing on sales and production
    volumes;

-- The asset-backed securities market has become constricted, in
    terms of availability and pricing, for both auto loans and
    floorplan receivables;

-- Operating and financial stresses at dealerships continue to
    escalate, impacting their ability to hold inventory and to
    push sales volumes.  Challenges include the higher cost and
    reduced availability of floor-plan financing, more limited
    retail financing capabilities, and an increasing number of
    bankruptcies;

-- The ability of the Detroit Three to access the capital
    markets, a component of earlier plans to maintain liquidity,
    is currently severely limited. By the same token, asset
    divestitures are expected to be very challenging to complete,
    with sales proceeds unlikely to meet previous expectations or
    to sustain liquidity;

-- The combination of a wide margin advantage and superior
    capital resources provide the transplants with an
    overwhelming competitive advantage during the current cycle.  
    Toyota's announcement that it will be offering 0% financing
    across eleven of its models is a crippling competitive tool
    in the current environment which will further impact volumes
    and pricing of the Detroit Three;

-- A bankruptcy filing by a major competitor would further
    affect pricing and the financial risks of the supply chain,
    and could force other manufacturers to follow.

Ford's cash position at the end of the second quarter was
approximately US$26.6 billion.  In the absence of further capital-
raising, Ford's liquidity could decline to the minimum required
level of US$10-to-12 billion within the next eighteen months.  
Potential sources of liquidity include the federal loan guarantee
program, renegotiation of the VEBA financing structure and
timetable, and very modest levels of external capital and asset
sales.  Fitch expects that Ford will benefit from a federal loan
guarantee program, although the timing, amount, structure, term
and pricing are uncertain.

Ford retains access to its US$11.5 billion revolver but the total
commitment has been reduced by the bankruptcy of Lehman Brothers,
which had an US$890 million commitment.  The revolver is not
subject to restrictive covenants, but contains a borrowing base
which Fitch expects could further limit availability over the near
term.  Although Fitch expects a modest level of capital-raising
will be completed, including the federal government loan program,
cash drains through 2010 will limit the potential to boost
liquidity to comfortable levels.  

Ford has been active in equity for debt exchanges, which has
helped the company manage its debt levels and near-term
refinancing requirements, but which has not materially sustained
liquidity.  Ford's underfunded pension position will grow as a
result of declines in the equity and fixed-income markets, but
does not pose a material near-term funding risk.

Outside of the risks posed by the credit crisis, the combination
of federal loan guarantees and revolving credit draws should
provide adequate resources to reach 2010.  Although negative cash
flows are expected to continue through 2010, Ford is expected to
benefit from the terms of the United Auto Workers health care
agreement and any potential upturn in the housing market and
general economic conditions.

European operations, which have demonstrated strong improvement in
its operating performance, will weaken over the near term as the
economic environment and industry sales deteriorate.

Fitch has also downgraded Recovery Ratings for Ford's senior
unsecured debt to 'RR6', indicating minimal recoveries for
unsecured debtholders in the event of a default.  Unsecured
holders have become impaired by the high level of senior secured
debt that Ford has incurred, as well as deterioration in asset
values for the North American and European operations, and several
asset holdings.

Fitch has downgraded these long-term ratings:

Ford Motor Co.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior secured credit facility to 'B/RR1' from 'BB-/RR1';
-- Senior secured term loan to 'B/RR1' from 'BB-/RR1';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Co. Capital Trust II
-- Trust preferred stock to 'C/RR6' from 'CCC/RR5'.

Ford Holdings, Inc.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Co. of Australia
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'CC/RR6' from 'CCC+/RR5'.

Ford Motor Credit Company LLC
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2';
-- Commercial paper to 'C' from 'B'.

FCE Bank Plc
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-'/RR2' from 'B+/RR2';
-- Short-term IDR to 'C' from 'B';
-- Commercial paper to 'C' from 'B';
-- Short-term deposits at to 'C' from 'B'.

Ford Capital B.V.
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Credit Canada Ltd.
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Credit Australia Ltd.
-- Long-term IDR to 'CCC' from 'B-';
-- Short-term IDR to 'C' from 'B'.

Ford Credit de Mexico, S.A. de C.V.
-- Long-term IDR to 'CCC' from 'B-'.

Ford Credit Co S.A. de CV
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2'.

Ford Motor Credit Co. of New Zealand
-- Long-term IDR to 'CCC' from 'B-';
-- Senior unsecured to 'B-/RR2' from 'B+/RR2';
-- Short-term IDR to 'C' from 'B';
-- Commercial paper to 'C' from 'B'.

Ford Motor Credit Co. of Puerto Rico, Inc.
-- Short-term IDR to 'C' from 'B'.

Fitch has also affirmed these ratings:

Ford Credit Canada Ltd.
-- Commercial paper at 'B'.

Ford Credit Australia Ltd.
-- Commercial paper at 'B'.


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


BOUTIQUE SAPHIR: Creditors Must File Proofs of Claim by Oct. 22
---------------------------------------------------------------
Creditors owed money by LLC Boutique Saphir are requested to file
their proofs of claim by Oct. 22, 2008, to:

         Braunschweiler Doris
         Jurastrasse 37a
         4900 Langenthal
         Switzerland

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


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

         Dr. Peter Baldi
         Advocacy Haymann & Baldi
         Zeltweg 44
         8032 Zurich
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 30, 2008.


DELTASOURCE JSC: Creditors Have Until Oct. 19 to File Claims
------------------------------------------------------------
Creditors owed money by JSC Deltasource are requested to file
their proofs of claim by Oct. 19, 2008, to:

         Notary's Office Schwarz + Neuenschwander
         Neuengasse 25
         3011 Bern
         Switzerland

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


HELVETEC TRADING: Proofs of Claim Filing Deadline is Oct. 22
------------------------------------------------------------
Creditors owed money by LLC  Helvetec Trading, Engineering &
Consulting are requested to file their proofs of claim by
Oct. 22, 2008, to:

         Romerweg 42
         5443 Niederrohrdorf
         Switzerland

The company is currently undergoing liquidation in Niederrohrdorf.  
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 28, 2008.


LOWI LLC: Creditors' Proofs of Claim Due by Oct. 20
---------------------------------------------------
Creditors owed money by LC LoWi are requested to file their proofs
of claim by Oct. 20, 2008, to:

         Beatrice Stuber-Jordi
         Bundesgasse 26
         3001 Bern
         Germany

The company is currently undergoing liquidation in Wimmis.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 1, 2008.


NEO ENERGY: Oct. 19 Set as Deadline to File Claims
--------------------------------------------------
Creditors owed money by JSC Neo Energy Management are requested to
file their proofs of claim by Oct. 19, 2008, to:

         Jean-Pierre Moerlen
         Rittergasse 35
         4051 Basel
         Switzerland

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


PARKING ONE: Creditors Must File Proofs of Claim by Oct. 22
-----------------------------------------------------------
Creditors owed money by JSC Parking ONE are requested to file
their proofs of claim by Oct. 22, 2008, to:

         Le Marie
         Seestrasse 159c
         8610 Uster
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 19, 2008.


VINJEDO LLC: Deadline to File Proofs of Claim Set Oct. 22
---------------------------------------------------------
Creditors owed money by LLC VINJEDO are requested to file their
proofs of claim by Oct. 22, 2008, to:

         Stefan Schulz and Doris Schulz-Hofmann
         Veilchenweg 147
         5056 Attelwil
         Switzerland

The company is currently undergoing liquidation in Attelwil.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 19, 2008.


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


ANTHRACITE COAL: Creditors Must File Claims by October 15
---------------------------------------------------------
Creditors of State Enterprise Anthracite Coal Resources (code
EDRPOU 23477354) have until Oct. 15, 2008, to submit proofs of
claim to:

         Vadim Ostrovsky
         Liquidator
         Ap. 32
         Heroes of GPW Square 2
         91016 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on July 7, 2008.
The case is docketed as 12/39b.

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

The Debtor can be reached at:

         State Enterprise Anthracite Coal Resources
         Petrovsky Str. 15/16
         Anthracite
         94613 Lugansk
         Ukraine


ASPARAGUS LLC: Creditors Must File Claims by October 15
-------------------------------------------------------
Creditors of LLC Asparagus (code EDRPOU 30781610) have until
Oct. 15, 2008, to submit proofs of claim to:

         Alexander Borodiy
         Liquidator
         P.O. Box 48
         02068 Kiev
         Ukraine
         Tel: 8(044)223-86-3

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 27, 2008.
The case is docketed as B 11/221-08.

The Debtor can be reached at:

         LLC Asparagus
         Promyshlennaya Str. 5
         Vishnevoye
         Kiev
         Ukraine


DONETSK CHEMICAL: Creditors Must File Claims by October 15
----------------------------------------------------------
Creditors of CJSC Donetsk Chemical Plant (code EDRPOU 05761726)
have until Oct. 15, 2008, to submit proofs of claim to:

         Liliya Vorobiyova
         Liquidator/Insolvency Manager
         Batischev Str. 7/7
         83004 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 45/181b.

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

The Debtor can be reached at:

         CJSC Donetsk Chemical Plant
         Bauman Str. 1v
         83030 Donetsk
         Ukraine


DONETSKSTEEL CJSC: Fitch Assigns 'B-' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has assigned Ukrainian-based CJSC Donetsksteel Iron
and Steel Works Long-term foreign and local currency Issuer
Default ratings of 'B-' with Stable Outlook and Short-term foreign
and local currency IDRs of 'B'.  Fitch has also assigned the
company National ratings of Long-term 'BBB+(ukr)' with Stable
Outlook and Short-term 'F2(ukr)'.

The ratings reflect the company's strong domestic market position
in coking coal and its partial vertical integration comprising
coal, coke and metallurgical production.  They are also supported
by the proximity of its production facilities to each other, to
Donetsksteel's main domestic customers and to the sea port of
Mariupol.  In addition, the ratings reflect the company's moderate
net leverage and good fixed charge coverage.  Fitch expects the
company's leverage will increase over the next two years on
account of substantial capital expenditure to modernize its
equipment.  However, Fitch anticipates that net leverage will be
maintained below 3x.

The ratings are constrained by Donetsksteel's low EBITDAR margin
(16% at FYE07) - which is below that of its main Russian and
Ukrainian peers - and by the absence of its own iron ore supply
and rolling facilities.  Donetsksteel leases rolling facilities
from OJSC Donetsk Metallurgical Plant, an entity not consolidated
in Donetsksteel's accounts but controlled by the same beneficiary
as Donetsksteel.  

Part of the metallurgical equipment used by Donetsksteel is dated
and with low efficiency.  Open hearth furnaces are more than 30-40
years old, and the plate-rolling mill, though modernized, still
pales in comparison to more modern equipment used by some
competitors.  Fitch also notes that Donetsksteel's corporate
governance is below global standards.

In addition, the company does not have a defined policy for
maintaining minimal cash reserves.  This could lead to a worsening
of its credit metrics if capital expenditure rises sharply in the
coming years.

Fitch views Donetsksteel's liquidity as being adequate for the
rating.  This is supported by cash reserves of US$182 million,
committed undrawn credit facilities totaling US$121 million (both
figures are as of September 1, 2008) and good operating cash
flows.  As at September 1, 2008 27% of the company's total US$783
million debt was due within a year.  The loan portfolio includes
the following domestic bonds in issue: UAH150 million (equivalent
of US$31 million) (Series A) with a coupon of 13% due 2011; UAH150
million (US$31 million) (Series B) with a coupon of 12.5% due 12
November 2008 (planned to be repaid by the company) and UAH600
million (US$124 million) (Series C) with a coupon of 12% due 2013.

The holders of the series A and C bonds benefit from periodic put
options - at two-yearly intervals for series A and annually for
series C.  The majority (57%) of the company's credit facilities
are unsecured.

The Stable Outlook reflects Fitch's expectation that Donetsksteel
will proceed with the development of its own iron ore supply and
the modernization of its metallurgical complex, and that the
company will be able to maintain its financial performance.

Donetsksteel is a private metals and mining company operating in
Donetsk, Ukraine.  The company produces metallurgical coal, coke,
pig iron, hot-rolled steel sections, plates and billets.  The
company's consolidated revenue totaled US$1.8 billion in FY07, led
by metals (44%), coke (33%) and coal (23%).   These businesses
respectively accounted for 31%, 36% and 33% of the company's FY07
EBITDAR.  The company's coal and coke production is more
profitable than the relatively high-cost metals production.


GRONDO LLC: Creditors Must File Claims by October 15
----------------------------------------------------    
Creditors of LLC Grondo (code EDRPOU 34698652) have until Oct. 15,
2008, to submit proofs of claim to:

         R. Breus
         Liquidator
         Ap. 70
         Novoprudnaya Str. 4
         61018 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 26, 2008.  
The case is docketed as B-48/104-08.

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

The Debtor can be reached at:

         LLC Grondo
         Shevchenko Str. 317
         61013 Kharkov
         Ukraine


KOVSIN LLC: Creditors Must File Claims by October 15
----------------------------------------------------
Creditors of LLC Kovsin (code EDRPOU 33220519) have until Oct. 15,
2008, to submit proofs of claim to:

         LLC Legal Company Delovoy Partner
         Liquidator/Insolvency Manager
         Of. 701
         Artem Str. 1/5
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 3, 2008.
The case is docketed as B 11/238-08.

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

The Debtor can be reached at:

         LLC Kovsin
         40 years of October Str. 36
         Boyarka
         08154 Kiev
         Ukraine


LOGISTICS-TRANS-GROUP: Creditors Must File Claims by October 15
---------------------------------------------------------------    
Creditors of LLC Logistics-Trans-Group (code EDRPOU 32555023) have
until Oct. 15, 2008, to submit proofs of claim to:

         Viacheslav Letskan
         Temporary Insolvency Manager
         Ap. 42
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed as 28/230-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Logistics-Trans-Group
         Baggovutovskaya Str. 8/10
         04107 Kiev
         Ukraine


MAKHARINTSY LLC: Creditors Must File Claims by October 15
---------------------------------------------------------
Creditors of Makharintsy LLC (code EDRPOU 34377354) have until
Oct. 15, 2008, to submit proofs of claim to:

         Vasily Glebov
         Temporary Insolvency Manager:
         Vinnica Str. 26
         Luka-Meleshkovskaya
         Vinnica
         Ukraine
         Tel: 8(097)491-8490  

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent on July 28, 2008.
The case is docketed as 10/137-08.

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

The Debtor can be reached at:

         Makharintsy LLC
         Makharintsy
         Koziatin District
         22141 Vinnica
         Ukraine


MARIANOVKA AGRICULTURAL: Creditors Must File Claims by Oct. 15
--------------------------------------------------------------    
Creditors of Marianovka Agricultural LLC (code EDRPOU 03771946)
have until Oct. 15, 2008, to submit proofs of claim to:

         Alexander Tereschenko
         Liquidator/Insolvency Manager
         Ap. 1
         Frunze Str. 113-b
         36002 Poltava
         Ukraine
         Tel: 8(0532)59-22-88

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on July 29, 2008.
The case is docketed as 4/67.

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         Marianovka Agricultural LLC
         Marianovka
         Grebenka District
         Poltava
         Ukraine


NOVY BUG: Creditors Must File Claims by October 15
--------------------------------------------------
Creditors of LLC Novy Bug Trading House (code EDRPOU 31535968)
have until Oct. 15, 2008, to submit proofs of claim to:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 4, 2008.
The case is docketed as 14/786/07.

The Debtor can be reached at:

         LLC Novy Bug Trading House
         Mayakovsky Str. 28
         Novy Bug
         Nikolaev
         Ukraine


PROMINVESTBANK: Placed in Receivership by Ukraine's Central Bank
----------------------------------------------------------------
Ukraine's central bank has placed Prominvestbank in receivership,
Natalya Zinets, Sabina Zawadzki and John Stonestreet of Reuters
report, citing a central bank source.

Reuters however discloses that both the central bank and
Prominvest have spoken of a "raider attack" -- an expression
commonly used in the former Soviet Union to refer to any
unconventional way of attempting to take over or undermine a
company.

Prominvest alleged an unnamed group wanted to destabilize the
bank's financial situation to force its owners to sell, Reuters
says.

Media reports claimed top Prominvest executives sought to gain
ownership by increasing its charter capital, Reuters notes.

Reuters relates the central bank had barred all withdrawals from
the bank for the next six months and put Volodymyr Krotyuk, a
deputy chairman, in charge.

Last month, the central bank loaned Prominvest US$1 billion after
depositors rushed to withdraw their money following an ownership
dispute, Reuters reveals.

"We think that the situation in the bank is acceptable and stable
at a time when it is being hit by a "raiders" attack".  Petro
Poroshenko, the head of the central bank's council, told
journalists on Tuesday.  "The main problem is the sharp decrease
in deposits.  There were and are no other reasons for a crisis at
the bank."

Headquartered in Kiev, Prominvestbank -- http://www.pib.ru/--  
is sixth largest bank in Ukraine.

                          *    *    *

As reported in the TCR-Europe on Oct. 3, 2008, Moody's Investors
Service placed the Ba2 long-term local currency deposit rating of
Prominvestbank on review for possible downgrade.  This relates to
the lowering of the bank's Baseline Credit Assessment from B1 to
B2.  Moody's also affirmed the B2 foreign currency bank deposit
rating, which remains constrained by the country ceiling, the
Aa1.ua National Scale Rating (NSR) and E+ Bank Financial Strength
Rating (BFSR).


PROMINVESTBANK: NBU Takeover Cues Moody's to Junk Ratings
---------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating (BFSR) of Prominvestbank to E from E+, its long-
term local currency and foreign currency bank deposit ratings to
Caa2 from Ba2 and B2, respectively, and its National Scale Rating
(NSR) to B3.ua from Aa1.ua. Long-term deposit ratings have been
placed on review with direction uncertain.

"The rating action is in response to the announcement that the
National Bank of Ukraine (NBU) has taken control of Prominvestbank
following the concerns about the bank's ability to continue its
operations as a viable stand-alone entity," says Yaroslav Sovgyra,
Moody's lead Analyst for Prominvestbank.  Moody's underlines that
prior to taking control of Prominvestbank, the NBU has provided an
extraordinary support to the bank in the form of emergency
liquidity line of UAH5 billion.  The Ukrainian legislation gives
the NBU powers such as limiting or prohibiting the disposal of the
banks' capital and assets and imposing temporary restrictions on
payments to creditors.  The NBU has already announced a temporary
moratorium on payments to creditors over the period of six months.

In downgrading the BFSR to E from E+, Moody's explains that
Prominvestbank's franchise and the overall credit profile have
been significantly impaired in light of the recently experienced
run on deposits by the bank.

The rating review with direction uncertain captures the present
uncertainty with regard to the possible outcomes of
Prominvestbank's current situation, as the NBU is currently
investigating potential solutions as regards Prominvestbank. On
the one hand, if the bank manages to receive additional support
either from the regulatory authorities or from a financially
stronger strategic partner that assumes its obligations, Moody's
would be likely to upgrade Prominvestbank's deposit ratings.  On
the other hand, if the bank fails to attract a potential strategic
partner, it likely to be liquidated, which would merit further
rating downgrades.

The previous rating action on Prominvestbank was implemented on
October 1, 2008, when Moody's placed Prominvestbank's ratings on
review for possible downgrade due to concerns that the run on
deposits currently being experienced by the bank may have a
significant negative impact on its franchise, already tight
liquidity position and the funding profile.

Headquartered in Kiev, Ukraine, Prominvestbank reported unaudited
consolidated total assets of UAH27.5 billion (US$5.7 billion) and
total equity of UAH2.8 billion (US$577 million) according to
Ukrainian Accounting Standards at June 30, 2008.


RODOVID BANK: Fitch Lowers Individual Rating to 'E' form 'D/E'
--------------------------------------------------------------
Fitch Ratings has downgraded the ratings of Ukraine's Rodovid Bank
to Long-term Issuer Default ('CCC' from 'B-', Short-term IDR 'C'
from 'B', Individual 'E' from 'D/E', and National Long-term
'BB(ukr)' from 'BBB-(ukr)'.  At the same time, the agency has
placed the IDRs and the National rating on Rating Watch Negative.   
Fitch affirmed the bank's Support rating at '5' and Support Rating
Floor at 'No Floor'.

Fitch has also downgraded RB's UAH125 million Series B and UAH125
million Series C notes to 'BB-(ukr)' from 'BBB-(ukr)'.

The downgrade and the RWN reflects RB's tightening liquidity
position and the significant volumes of short-term interbank
funding which are not backed by interbank or other liquid assets
of similar maturities.  The downgrade also reflects the
exceptionally high exposure to a single real estate development
project and weaker prospects for the real estate sector in light
of the tougher credit environment.  Other negatives for RB's
credit profile are its exceptionally fast recent growth, moderate
asset quality, low impairment coverage ratios, weak profitability
and low capitalization.

"Fitch is concerned about the bank's ability to extend the
maturity of its interbank funding sources in current market
conditions in Ukraine," says Zarema Lyanova, Associate Director in
Fitch's Bank team.  "As the coverage ratio requires strengthening
and asset quality may deteriorate with loan book seasoning, we
also have concerns about the potential negative impact of larger
loan impairment charges on already weak capitalization and
profitability".

The agency expects to resolve the RWN on RB in the near term
depending on the evolution of the liquidity position.  RB could be
downgraded again if liquidity deteriorates further, while an
affirmation of the ratings is possible if liquidity and
capitalization improve.

At end-H108, RB was the 19th-largest bank in Ukraine, with an
approximate 1% market share by total assets.  RB's franchise is
focused primarily on lending to mid-sized corporates and retail
customers.  RB is majority-owned by five individuals.


SALTIS LLC: Creditors Must File Claims by October 15
----------------------------------------------------
Creditors of LLC Saltis (code EDRPOU 33764802) have until Oct. 15,
2008, to submit proofs of claim to:

         LLC Legal Company Delovoy Partner
         Liquidator/Insolvency Manager
         Of. 701
         Artem Str. 1/5
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 3, 2008.
The case is docketed as B 11/237-08.

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

The Debtor can be reached at:

         LLC Saltis
         Kichigin Str. 5-A
         Katiuzhanka
         Vyshgorod District
         07313 Kiev
         Ukraine


TRUST LISICHANSK: Creditors Must File Claims by October 15
----------------------------------------------------------
Creditors of CJSC Trust Lisichansk Chemical Petroleum Building
(code EDRPOU 01241036) have until Oct. 15, 2008, to submit proofs
of claim to:

         Michael Klimenko
         Liquidator
         Ap. 17
         October Str. 312
         Lisichansk
         93109 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 28, 2008.
The case is docketed as 12/44b.

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

The Debtor can be reached at:

         CJSC Trust Lisichansk Chemical Petroleum Building
         Sverdlov Str. 349
         Lisichansk
         Lugansk
         Ukraine


USSR LLC: Creditors Must File Claims by October 15
--------------------------------------------------    
Creditors of LLC USSR (code EDRPOU 30961116) have until Oct. 15,
2008, to submit proofs of claim to:

         Alexander Borodiy
         Liquidator
         P.O. Box 48
         02068 Kiev
         Ukraine
         Tel: 8(044)223-86-37

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 27, 2008.
The case is docketed as B 11/219-08.

The Court is located at:

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC USSR
         Promyshlennaya Str. 5
         Vishnevoye
         Kiev
         Ukraine


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


ALPHA GARMENTS: Brings in Joint Administrators from Mazars
----------------------------------------------------------
Simon David Chandler and Philip Michael Lyon of Mazars LLP were
appointed joint administrators of Alpha Garments Ltd. (formerly
Fashion8 Ltd.) on Sept. 24, 2008.

The company can be reached at:

         Alpha Garments Ltd.
         39 Spalding Street
         Leicester
         LE5 4PH
         England


AMERICAN INT'L: S&P Lifts ILFC Preferred Stock Rtng to BBB from B
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on preferred
stock of International Lease Finance Corp. (ILFC; A-/Watch Dev/A-
1) to 'BBB' from 'B', and revised the CreditWatch implications to
developing from negative.  All other ILFC ratings remain on
CreditWatch with developing implications.
   
S&P had lowered its ratings on preferred stock of ILFC and of
certain other units of ultimate parent American International
Group Inc. (A-/Watch Neg/A-1) because of the U.S. Federal
Reserve's Sept. 16, 2008, statement that the U.S. government would
have the right to veto AIG's common and preferred dividends under
the US$85 billion credit line extended by the Federal Reserve
Bank of New York to AIG.  However, S&P now believes that it is
unlikely that ILFC's preferred dividends would in fact be vetoed,
though AIG has suspended its own common dividend.  S&P believes
that, to facilitate the planned sale of ILFC and realize maximum
proceeds, AIG and the U.S. government would not find it in their
interests to intervene to block preferred dividends that ILFC
could otherwise pay from its own resources.
   
S&P's 'BBB' rating on the preferred stock, two notches below the
'A-' long-term corporate credit rating on ILFC, is consistent with
a normal rating differential for investment-grade companies.
     
"Our 'A-' long-term corporate credit rating on ILFC reflects our
current view of the company's credit quality, without
consideration of any support from AIG," said Standard & Poor's
credit analyst Philip Baggaley.  "Our 'A-1' short-term corporate
credit rating, by contrast, also factors in liquidity available
indirectly from the federal credit line to AIG."  S&P normally
assigns an 'A-2' short-term rating to companies whose long-term
corporate credit rating is 'A-'.

S&P reviews of the AIG credit line documentation and other
information confirms that the assets of ILFC are not subject to a
lien under the US$85 billion AIG credit line, creating a claim
senior to those of unsecured bondholders of ILFC.  ILFC drew down
its US$6.5 billion of bank credit lines, and stated on Sept. 18,
2008, that it expected that those funds, "together with cash
provided by operating activities will be sufficient to meet its
debt obligations into the first quarter of 2009."  S&P expects
that ILFC will in fact have access to liquidity that will permit
it to meet external obligations without recourse to the credit
markets beyond that timeframe.  ILFC's aircraft leasing business,
which generated record profits in the second quarter of 2008,
continues to perform well, although S&P expects that aircraft
lease rates will weaken as the unfolding global economic slowdown
and financial market turmoil hurts air travel and aircraft values.
   
Ratings are on CreditWatch with developing implications.  When
ILFC is sold, S&P will reevaluate the company's credit, including
consideration of its new ownership, capitalization, and access to
liquidity, to resolve the CreditWatch review.  

In addition, S&P will take into account the outlook for aircraft
leasing and the state of capital markets.


BERONPLACE: Taps PricewaterhouseCoopers as Joint Administrators
---------------------------------------------------------------
Mark David Arthur Loftus and Ian David Green of
PricewaterhouseCoopers LLP were appointed joint administrators of
Beronplace Ltd. (Company Number 03599422) on Sept. 24, 2008.


BETA GARMENTS: Calls in Joint Admnistrators from Mazars
-------------------------------------------------------
Simon David Chandler and Philip Michael Lyon of Mazars LLP
Cartwright House,were appointed joint administrators of Beta
Garments Ltd. (formerly Threads DR Ltd.) (Company Number 04997858)
on Sept. 24, 2008.

The company can be reached at:

         Beta Garments Ltd.
         39 Spalding Street
         Leicester
         LE5 4PH
         England


CEMTRON: Goes Into Administration; 153 Staff May Lose Jobs
----------------------------------------------------------
Despite a turnover of GBP16 million, Cemtron has gone into
administration.  The company is reportedly having cash flow and
funding problems, Simon Bain of The Herald reports.  

Administrators Tom Maclennan and Kenny Craig from Tenon Recovery
are seeking buyers but the company will continue trading, the
report added.

One hundred fifty three staff could end up jobless if Cemtron
decides on a redundancy scheme.

Headquartered in Dalgety Bay, Scotland, Cemtron --
http://www.cemtron.co.uk/-- specializes in end-to-end electronic  
manufacturing services.  Cemtron also has a supply chain office
and logistics operation in Hong Kong and a strategic relationship
with Daiwa, China.


CX ACCESS: Appoints Joint Administrators from Tenon Recovery
------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of CX Access Systems Ltd. (Company Number
02702608) on Sept. 24, 2008.

The company can be reached at:
         CX Access Systems Ltd.
         Unit 5
         Cricketts Lane Industrial Park
         Chippenham
         Wiltshire
         SN15 3EQ
         England


DALES GROUP: Appoints Joint Administrators from KPMG
----------------------------------------------------
Paul Dumbell, Paul Flint and Brian Green from KPMG's Restructuring
practice in Manchester have been appointed as Joint Administrators
of the Dales Group of companies comprising CWTL Ltd, Dales Group
Ltd and China Gate Ltd on Thursday, Oct. 9, 2008.  This follows
their appointment over Oriental Food Service Limited, a fourth
company in the Group, on Sept. 26, 2008.

The Group, which employs 100 people and has a turnover of about
GBP30 million, operates two Chinese cash and carries in Liverpool,
together with warehousing and distribution facilities at a third
site in Liverpool and also in Blackpool.  The Liverpool premises
are located on Hardy Street, Green Lane and Prescot Road.

Paul Dumbell, Joint Administrator and director in KPMG
Restructuring, commented, "We are continuing to trade the
operation with a view to achieving a going concern sale of the
business.  We would urge any parties who may be interested in
acquiring the business to contact us as soon as possible."

                   About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional  
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


DELTA GARMENTS: Brings in Joint Administrators from Mazars
----------------------------------------------------------
Simon David Chandler and Philip Michael Lyon of Mazars LLP were
appointed joint administrators of Delta Garments Ltd. (formerly
CHIC D R Ltd.) (Company Number 05489259) on.

The company can be reached at:

         Delta Garments Ltd.
         39 Spalding Street
         Leicester
         LE5 4PH
         England


ELEKSEN GROUP: Appoints Liquidators from Deloitte & Touche
----------------------------------------------------------
Lee Anthony Manning and Neville Barry Kahn of Deloitte & Touche
LLP were appointed joint liquidators of Eleksen Group plc on Sept.
24, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Eleksen Group plc
         c/o Deloitte & Touche LLP
         Hill House
         1 Little New Street
         London
         EC4A 3TR
         England


GEMINI PLC: Fitch Cuts Rating on GBP70.21 Million Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Gemini (Eclipse 2006-3) plc's Class
C, D and E notes and removed them from Rating Watch Negative.  The
Outlook on Class B notes has been revised to Negative from Stable.

  -- GBP569.15 million Class A due July 2016 (XS0273575107):
     affirmed at 'AAA'; Outlook Stable

  -- GBP27.76 million Class B due July 2016 (XS0273576289):
     affirmed at 'AAA'; Outlook revised to Negative from Stable

  -- GBP101.8 million Class C due July 2016 (XS0273576446):
     downgraded to 'A' from 'AA'; removed from Rating Watch
     Negative.  Negative Outlook assigned.

  -- GBP81.4 million Class D due July 2016 (XS0273576792)
     downgraded to 'BBB' from 'A'; removed from Rating Watch
     Negative.  Negative Outlook assigned.

  -- GBP70.21 million Class E due July 2016 (XS0273576958):
     downgraded to 'BB' from 'BBB'; removed from Rating Watch
     Negative.  Negative Outlook assigned.

The rating actions reflect the recent revaluation of the
portfolio, which has shown a further 17% decline in value since
the last revaluation in July and a total decline of 30% since
closing.  According to a special notice issued on 29 September
2008, the market value of the portfolio currently stands at
GBP801,415,000 and the securitized loan-to-value ratio has
increased to 106.1% from 74.4% at closing.  Including subordinated
debt, which was not part of the securitization, the LTV has
increased to 119.2% from 84.1%.  The securitized and subordinated
loans have both breached LTV covenants of 80% and 90%,
respectively.

The loan first breached its LTV covenants on July 17, 2008.  The
breach was not cured, resulting in an event of default under the
credit agreement and the transfer of the loan to special
servicing.  Following the transfer, the special servicer, Barclays
Capital Mortgage Servicing Limited, commissioned an updated
valuation.  In addition, the initial LTV covenant breach resulted
in all amounts due to junior lenders (GBP3.1 million at the last
interest payment date) being diverted to an escrow account for the
benefit of the securitized loan.

Despite the LTV covenant breach, portfolio income has remained
stable: the reported interest coverage ratio at the July IPD was
1.3x, compared to 1.31x at closing.  Consequently, the borrower is
fully able to meet the interest payments due on the securitized
loan.  Although the majority of top-up payments - which have
benefited the portfolio - expired in February 2008, new lettings
have helped to maintain stable net operating income.

Fitch has been advised that, despite the borrower's stated
intention to repay the loan in full, there have been no material
updates in connection with a proposed loan refinancing.  The
special servicer has also stated that it is in discussions with
its financial and strategic property advisors to explore possible
options should the refinancing not occur.  Fitch believes it is
unlikely that the loan will be repaid in full on the next payment
date on October 17.  However, given current market conditions and
the stable ICR trend, Fitch believes an immediate enforcement of
the loan security and sale of the assets is unlikely even if the
refinancing does not materialize.


HAYCOCK & HAGUE: Taps BDO Stoy Hayward to Administer Assets
-----------------------------------------------------------
Toby Scott Underwood and Francis Graham Newton of BDO Stoy Hayward
LLP were appointed joint administrators of Haycock & Hague
(Piperwork) Ltd. (Company Number 03943036) on Sept. 24, 2008.


HMO PROPERTY: Calls in Liquidators from Tenon Recovery
------------------------------------------------------
Ian William Kings and Steven Philip Ross of Tenon Recovery were
appointed joint liquidators of HMO Property Partner Ltd. on Sept.
25, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         HMO Property Partner Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


INTEGRA BRIGHTON: Goes Into Administration
------------------------------------------
Integra (Brighton) Ltd entered into administration on Wednesday,
October 8, with the appointment of Ian Vickers of Vantis Business
Recovery Services, a division of Vantis, the UK accounting, tax
and business advisory group.

Integra Ltd operated throughout East and West Sussex, employing 26
staff, with an annual turnover of GBP10 million.  The company ran
into financial difficulties after failing to receive money owed.

"Integra was a business with a good track record, having recently
won the Sussex Heritage Trust Awards 2008, Mr. Vickers says.  "It
has unfortunately been forced into insolvency due to the downturn
in the construction sector; however we are working closely with
the management team to maximize realizations from the assets and
current contracts."

Based in East Sussex, England, Integra (Brighton) Ltd provides
building services.


KAUPTHING SINGER: Brings in Administrators from Ernst & Young
-------------------------------------------------------------
Upon the application of the Financial Services Authority (FSA) the
High Court of Justice on Wednesday, Oct. 8, 2008,  appointed
Maggie Mills, Tom Burton, Alan Bloom and Patrick Brazzill, of
Ernst & Young LLP, as Joint Administrators of Kaupthing Singer &
Friedlander Ltd.

The Administration has been necessary because of KS&F's financial
position and to protect retail depositors and maintain the
stability of the UK financial system.

On behalf of the Joint Administrators, Maggie Mills said: "We
would like to stress that all retail savers' deposits are properly
protected.  All retail deposits with Kaupthing which relate to the
Internet-based Edge accounts have 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. All retail deposits which
do not relate to Edge accounts will also be paid in full through
the FSCS, but have not been transferred to ING Direct.

The Administrators will be seeking to find purchasers for, and
will continue to manage, the remainder of KS&F's business and loan
book to maximize recovery for creditors, including the FSCS and
the Treasury."

                   About Ernst & Young

Ernst & Young -- http://www.ey.com/-- offers a full range of  
advisory services, including: restructuring, mergers and
acquisitions, private equity, infrastructure advisory, valuation
and business modeling, transaction support, commercial advisory
services, financial reporting advisory and infrastructure
transactions group.  It has  more than 5000 professionals
operating in over 70 countries.


LEHMAN: Administrators Propose Process for Unsettled OTC Trades
---------------------------------------------------------------
Further to the statement issued on Sept. 24, 2008, concerning the
possibility of canceling unsettled OTC trades, the joint
administrators wish to propose a possible approach which would
deal with the legal and operational uncertainties caused by the
large number of unsettled transactions to which Lehman Brothers
International (Europe) is a party.

                Contracts - Default Rules

LBIE was party to a large number of transactions with a large
number of counterparties, which were entered into prior to the
date of LBIE going into Administration (Sept. 15, 2008) and which
were due to settle some time after that date, but which remain
unsettled.  Many of those transactions are subject to a legally
binding default process that will govern how those unsettled
obligations will be valued and determined.  Examples of those
processes are the default rules of a central counterparty (such as
LCH.Clearnet, which apply to contracts registered with the LCH),
the default rules of an Exchange (such as the LSE) which apply
(broadly) to other onexchange LSE trades, and bilateral master
agreements (such as ISDA) entered into by many counterparties and
LBIE.  In most instances, that will result in a process being
undertaken to convert the respective obligations of LBIE and the
counterparty into a single net cash sum in respect of all of the
contracts subject to the default process in question.

               OTC Contracts - No Default Rules

Other transactions between LBIE and counterparties fall outside
any such default arrangement - referred to here as "OTC
contracts", though that term excludes in this context contracts
executed off exchange but subject to a binding master agreement
with default arrangements.  That therefore could cover pure cash
equities trades, or fixed income trades, executed off exchange and
subject only to standard terms of business.  As a result, there is
considerable uncertainty as to the legal obligations, and possible
rights and liabilities, associated with those contracts.  The
Administrators believe it would be beneficial for a process to be
established which would facilitate the removal of that
uncertainty.

       Match Deletion of Settlement Instructions on CREST

The Administrators are also aware that uncertainty has been caused
by the existence of matched settlement instructions on CREST in
respect of a large number of such OTC contracts.  EUI has today
directed all market counterparties with outstanding settlement
instructions of all types involving LBIE to input instructions in
the CREST system to match delete those instructions.  For
clarification, this instruction will not, however, cancel the
underlying contractual obligations between the parties in relation
to the relevant transactions.

Proposal for Bilateral Agreed Net Settlement on OTC Contracts

In order to deal with the contractual rights and liabilities
associated with OTC contracts, the general approach which the
Administrators propose would be for LBIE and each counterparty to
agree bilaterally that their respective liabilities under their
OTC contracts would be canceled and replaced by a determination of
a net position between LBIE and the counterparty.  The net
position would be calculated in a manner analogous to the approach
applied under the LSE default rules - namely that each contract
would be valued by comparing the trade price and its close-out
price as at an agreed valuation date. Note that, as the purpose of
adopting this approach is to provide legal certainty, and a single
net position in respect of all relevant liabilities, it will be a
condition of the approach that all relevant OTC contracts be
included in the arrangements, and not only some.  For OTC
contracts that were to be settled through a clearing or settlement
system any cancellation will normally need to be subject to the
relevant matched settlement instructions first being duly deleted
in accordance with the rules of that system.  For contracts which
were to be settled through CREST, this will be achieved consequent
on the directions published by EUI Thursday, Oct. 9, 2008.

                       Valuation Date

The valuation date would ideally be the date which most accurately
reflects the date that a court would use to value a party's loss
on the relevant trade.  In practice, it would be operationally
onerous to have multiple, different valuation dates, and
accordingly the Administrators propose that a single valuation
date be adopted for the relevant trades.  One option would be for
the parties to adopt a value equivalent to the LSE's "hammer
price" approach in its default rule.  It is possible other
valuation dates would need to be adopted, but in principle the
Administrators are open to prioritizing operational simplicity in
this regard.

                      Payment of the Net Sum

Where the calculated net position is an amount due to LBIE, this
would be payable in cash by the counterparty, subject to the pre-
existing rights of the counterparty.  Where the calculated net
position is an amount due from LBIE, it will represent a claim on
the LBIE estate and the counterparty will rank as an unsecured
creditor.  The Administrators wish to make clear that under no
circumstances will a net position payable by LBIE rank as an
expense of LBIE's administration.

                       Operational Costs

In order to justify adopting this approach, which will involve a
prioritisation of LBIE's resources to calculate the relevant net
sum, the Administrators need to be able to recover the costs from
counterparties adopting this approach.  LBIE would therefore
propose to charge a fee equal to 10 basis points multiplied by the
notional value of the canceled trades with the counterparty in
question, which they believe to be a reasonable proxy for the
operational costs in question.

                        Indemnity

The Administrators will ask counterparties to indemnify them from
the risk that this approach is subsequently held to be invalid, or
involves the giving of a preference to any creditors.  That
indemnity will be in a standard form.

                     Legal Terms and Process

Any counterparty which is interested in adopting this approach
should make contact in the manner described below.  They will be
then provided with a copy of a standard form legal agreement which
will govern the arrangement and a request for further details of
the positions and contracts affected.  Assuming the parties can
agree in principle to the approach, arrangements will then need to
be agreed by which the relevant OTC trades are identified,
reconciled and valued.

       Process Management Framework and Prioritization

The Administrators intend to prioritize each counterparty in
accordance with the order in which they agree to the terms.

                     Next Steps

The Administrators confirm that the principles contained in the
update issued on Sept. 24, 2008 continue to apply, but wish to
extend the proposal as described in this update.

           About PricewaterhouseCoopers LLP

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

              About Lehman Brothers

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

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

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

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

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

             International Operations Collapse

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

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

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


LEHMAN BROTHERS: Meteor Warns Clients Likely to Get Nothing
-----------------------------------------------------------
Meteor Asset Management Limited said it will take clients many
years to recover cash invested in Lehman Brothers Holdings Inc.'s
structured products and warned they may get nothing back, the City
Wire writes.

As cited by City Wire, Meteor said cash in its Lehman-backed
structured products would probably be 'fully recoverable' if it
has been invested in a solvent Lehman company.

Lehman Brothers acted as the counterparty, hedging against risk,
for structured products offered by Meteor Asset Management, the
report notes.  Cash from Meteor's clients has been caught inside
the now bankrupt U.S. investment bank while administrators unwind
it.  

The report relates that Meteor said the key issue for investors
was what Lehman Brothers International Europe, which acted as the
broker between companies like Meteor and the rest of the US bank,
did with the cash.  Money was either passed to Lehman Brothers
Securities NV and Lehman Brothers Treasury Co BV.

                          About Meteor

London-based Meteor Asset Management Limited --
http://www.meteoram.com/-- was established in early 2006 with the  
aim of providing individuals, institutions, trustees and their
advisers with access to an organization that is willing and able
to design and implement financial solutions that meet their needs
now and in the future, whatever the market conditions.

                      About Lehman Brothers

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

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

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

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

Dennis F. Dunne, Esq., Luc A. Despins, Esq., and Wilbur F. Foster,
Jr., Esq., at Milbank, Tweed, Hadley & Mccloy LLP, in New York,
and Paul Aronzon, Esq., and Gregory A. Bray, Esq., at Milbank in
Los Angeles, California, represent the official unsecured
creditors committee.

                International Operations Collapse

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

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

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


NORTHERN HIGHWAYS: Brings in Joint Administrators from KPMG
-----------------------------------------------------------
Paul Andrew Flint and Brian Green and Kevin Roy Mawer of KPMG LLP
were appointed joint administrators of Northern Highways Ltd.
(Company Number 04215777) on Sept. 23, 2008.

The company can be reached at:

         Northern Highways Ltd.
         Orion House
         Charnock Road
         Liverpool
         L9 7ET
         England


ROADCHEF FINANCE: Fitch Cuts Class A2 Notes Rating to 'BB+'
-----------------------------------------------------------
Fitch Ratings has downgraded RoadChef Finance Ltd 's Class A2
notes to 'BB+' from 'BBB', and its Class B notes to 'B' from 'BB'
and maintained them on Rating Watch Negative.  Its Class A1 notes
are affirmed at 'BBB' and removed from RWN.  A Stable Outlook is
assigned.  RoadChef is a whole business securitization of motorway
service areas in the UK.

This action follows the notification from RoadChef's management
that approximately GBP2 million of cash injection from the parent
company is needed to meet the next borrower/issuer loan payment
scheduled at the end of October 2008.  The borrower/issuer loan
payments enable the issuer to make the scheduled payments for the
rated notes.  RoadChef also indicated that they are expecting
further cash to be injected in October 2008 (circa GBP2.7 million)
which will be used to pursue investments on certain sites (notably
Strensham).

The notes' current ratings are:
  -- Class A1 GBP6.1 million secured floating-rate notes
     due October 2008: affirmed at 'BBB', off RWN; Outlook Stable

  -- Class A2 GBP133 million secured 7.418% fixed-rate notes
     due October 2023: downgraded to 'BB+' from 'BBB';
     remain on RWN

  -- Class B GBP42 million secured 8.015% fixed-rate notes
     due October 2026: downgraded to 'B' from 'BB'; remain on RWN

The respective two-notch and three-notch downgrades on the Class
A2 and Class B notes reflect, among others, indications from
RoadChef's management that the underlying performance of the
business is still declining, leading to insufficient cash flow
generation to meet the debt service obligation at end-October
2008.  The RWN on both classes also reflect the adverse impact of
deteriorating economic conditions on fuel sales, traffic and
retail sales, which could lead to further pressure on UK MSAs in
the short- to medium-term.

The affirmation of the Class A1 notes reflects the presence of the
GBP25 million liquidity facility, the GBP14 million cash already
paid into an escrow account (out of approximately GBP20 million of
scheduled debt service), which make a non-payment of the ultimate
Class A1 notes debt service scheduled on October 31, 2008 a remote
scenario.

According to latest reported results for the third quarter ended 5
July 2008 and indications from the management regarding the July
and August figures, RoadChef's underlying operating performance
has worsened since Fitch's last rating action in July 2008, with
EBITDA for the last 53 weeks ended 5 July 2008 at GBP24.6 million,
down 20% year on year.


SCIENS CFO: Fitch Keeps EUR7.8MM Class E 'BB+' Rating on WatchNeg
-----------------------------------------------------------------
Fitch Ratings has downgraded six tranches from five hedge fund
collateralized fund obligations.  All 22 tranches remain on Rating
Watch Negative.  

These rating actions follow Fitch's reassessment of the macro
risks that affect its analysis of HF CFOs - notably higher
observed market volatility, reduced liquidity, and limited
transparency in underlying hedge funds.  Accordingly, Fitch is no
longer of the opinion that HF CFOs have risk characteristics that
are consistent with an 'AAA' rating.

As mentioned in the press release 'Fitch Places 22 Tranches from 5
Hedge Fund CFOs on Rating Watch Negative', published Sept. 25,
2008, the Negative Watch designations are primarily the result of
the application of Fitch's revised market value structures
criteria, published April 18, 2008.  The current rating actions
have been taken in conjunction with Fitch's broad review of the
hedge fund CFO sector, which is still ongoing.  While further
refinement and individual transaction analysis remains to be done,
Fitch decided that at this point, the highest rated classes were
not at a level that accurately represented Fitch's credit view and
therefore needed to be downgraded.

Fitch is currently reassessing its prior model-based approach for
analyzing HF CFOs, given the recent market environment. Fitch is
also requesting that additional detailed information be provided
on an ongoing basis from managers.  Where managers are unable or
unwilling to provide this additional information, Fitch may be
forced to withdraw its ratings.  Fitch expects to finalize its
review of these transactions by the end of the year.

The current HF CFO ratings are:

Man Glenwood Alternative Strategies II Ltd.

  -- US$250,000,000 class A downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- US$40,000,000 class B 'AA', remains on Rating Watch Negative;

  -- US$15,000,000 class C 'A', remains on Rating Watch Negative;

  -- US$43,750,000 class D 'BBB', remains on Rating Watch
     Negative.

Phenix CFO Ltd.

  -- EUR60,000,000 class S downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- EUR24,000,000 class M1 'AA', remains on Rating Watch
     Negative;

  -- EUR15,000,000 class M2 'A', remains on Rating Watch
     Negative;

  -- EUR21,000,000 class M3 'BBB', remains on Rating Watch
     Negative.

RMF Four Seasons CFO Ltd.

  -- EUR23,500,000 class S downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- EUR18,800,000 class M1 downgrade to 'AA' from 'AA+', remains
     on Rating Watch Negative;

  -- EUR11,750,000 class M2 'A', remains on Rating Watch
     Negative;

  -- EUR16,450,000 class M3 'BBB', remains on Rating Watch
     Negative.

Sciens CFO I Limited

  -- EUR121,200,000 class A downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- EUR21,000,000 class B 'AA', remains on Rating Watch
     Negative;

  -- EUR13,900,000 class C 'A', remains on Rating Watch Negative;

  -- EUR18,600,000 class D 'BBB+', remains on Rating Watch
     Negative;

  -- EUR7,800,000 class E 'BB+', remains on Rating Watch
     Negative.

Zoo HF 3 plc

  -- EUR94,500,000 class A downgrade to 'AA' from 'AAA', remains
     on Rating Watch Negative;

  -- EUR8,000,000 class B 'AA', remains on Rating Watch Negative;

  -- EUR6,500,000 class C 'A', remains on Rating Watch Negative;

  -- EUR12,500,000 class D 'BBB', remains on Rating Watch
     Negative;

  -- EUR5,500,000 class E 'BB', remains on Rating Watch Negative.


SUPERFASHION LTD: Joint Liquidators Take Over Operations
--------------------------------------------------------
Edward T. Kerr and Ian J. Gould of PKF (UK) LLP were appointed
joint liquidators of Superfashion Ltd. on Sept. 26, 2008, for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Superfashion Ltd.
         c/o PKF (UK) LLP
         Pannell House
         159 Charles Street
         Leicester
         LE1 1LD
         England


WOOLWORTHS: Sells Nine Outlets to Tesco for GBP9 Million
--------------------------------------------------------
Woolworths Group Plc has sold nine stores to Tesco Plc for roughly
GBP9 million, Reuters reports.

The move comes as Woolworths' management sought to offload
unprofitable stores in an attempt to turn the struggling chain
around, Reuters says.

The nine stores are far smaller than the four shops it sold to
Waitrose in the summer for GBP25.5 million, Reuters notes.  It has
been suggested Tesco will convert the outlets to its Tesco
Express.

                     First-half Loss Widens

Woolworths reported a wider loss in its first six months, mainly
due to lower sales and like-for-like sales from Retail business,
impacted by operational issues and strategic challenges.  The
company also said its retail like-for-like sales for the first six
weeks of second half rose 0.4%.  Further, Woolworths said its
Board has decided not to pay an interim dividend, so as to use the
money in turning Woolworths Retail around.

Six-month loss before income tax was GBP99.7 million, wider than
GBP63.8 million reported last year.  The results included
exceptional charges of GBP19.5 million, compared to exceptional
gains of GBP0.9 million a year ago.  First-half loss before
exceptional items was 80.2 million pounds, wider than
GBP64.7 million in the previous year.

Separately, Reuters relates that Woolworths said it was
comfortable with its financial and cash positions and was
continuing to trade normally with its suppliers despite their loss
of credit insurance cover.

                           About Tesco

Tesco Plc (LON: TSCO) -- http://www.tesco.com/-- is an  
international retailer based in the United Kingdom.  The United
Kingdom segment includes the start-up operations for establishing
the operations in the United States.  Its Rest of Europe segment
includes the Republic of Ireland, Hungary, Poland, the Czech
Republic, Slovakia and Turkey.  The Asia reporting segment
includes Thailand, South Korea, Malaysia, China and Japan.  On
April 15, 2008, the company announced the launch of Tesco Digital,
a one-stop shop for entertainment needs.  On June 30, 2007, Tesco
PLC launched an online property venture, Tesco Property Market.  
On May 14, 2008, the company announced the acquisition of 36
Homever stores in South Korea from the E-Land Group.  As of
June 12, 2008, Tesco Holdings Limited, a unit of Tesco PLC, had
acquired approximately 90.13% interest in Dobbies Garden Centres
plc.

                         About Woolworths

Woolworths Group Plc (LON: WLW) --
http://www.woolworthsgroupplc.com/-- is a United Kingdom-based  
general merchandise retailer, and entertainment wholesaler and
publisher. The company's business is divided into Retail, and
Entertainment Wholesale and Publishing segments.  Woolworths,
Streets Online Limited, WMS Card Services Limited and Flogistics
Limited are included within the Retail segment, with Entertainment
UK Limited, Disc Distribution Limited and 2entertain Limited being
the constituents of Entertainment Wholesale and Publishing
segment.  The stores comprise Woolworths outlets located in small
towns and city suburbs, targeted at meeting basic everyday
shopping requirements, as well as larger stores located on
shopping streets in regional shopping centers.  The product offer
covers toys, children's clothing, events, confectionery, home and
entertainment, and larger stores include a range of home and
children's clothing.


* Begbies Traynor Releases Red Flag Alert Stats for Q2 2008
-----------------------------------------------------------
Begbies Traynor's Red Flag Alert Statistics signal increasing
difficulties for UK companies:

    * Worsening economic climate results in seven times as many
      companies experiencing "Critical Problems" in Q2 2008
      compared to Q2 2007

    * Over 4,200 companies experiencing critical problems in Q2
      2008

    * Construction, IT and retail sectors suffering the most

    * Credit Crunch deepens with nearly 30 per cent increase in
      critical problems compared to Q1

Begbies Traynor, the UK's leading business rescue, recovery and
restructuring specialist, has revealed that the number of UK
companies experiencing "Critical Problems" in the second quarter
of 2008 has increased substantially over the same period in 2007.  
Staggeringly, 4,258 companies faced 'critical' problems (those
with CCJs totaling over GBP5,000 or Winding-Up Petition related
actions) in the second quarter of 2008 compared with 542 as in the
same period last year, an overall increase of 685 per cent.

The research also shows that conditions are getting more difficult
as the year progresses, with an increase in the number of
companies facing critical problems of nearly 30 per cent (28.68
per cent) in Q2 2008 compared to Q1 2008.

"The last set of Red Flag A!ert Statistics showed the effects of
the credit crunch were just beginning to be felt by UK
businesses," Ric Traynor, Executive Chairman of Begbies Traynor
Group, commented.  "With credit conditions still tightening, these
new figures demonstrate that the effects are certainly getting
worse, and we would anticipate that they will continue to do so,
certainly until the end of this year at least."

                       Sector Highlights

The Q2 2008 Red Flag Alert statistics show substantial year on
year increases in 'critical problems' across all sectors, but
Construction (up 370 per cent on Q2 2007), IT (up 371 per cent)
and Retail (up 335 per cent) are among those areas suffering the
most.  On the positive side, the statistics show a fall in the
rate of growth of appointments within the manufacturing,
automotive and wholesale sectors in Q2 2008 compared to Q2 2007.

Analysis of the trends in the first half of the year shows
Financial Services (Q2 up 36 per cent on Q1), Retail (up 23 per
cent) and Property Services (up 20 per cent) as those suffering
the most. Pressure did ease slightly in Q2 2008 in certain
sectors, including engineering and automotive industries which,
although the overall numbers were higher, the rate of increase had
slowed in actions received over the first quarter of the year.

           Breakdown of Sectors with Most Significant
                  Changes in Critical Problems

    Sector            Co's with    Co's with        
                      Critical     Critical
                      Problems     Problems
                      in Q2 2007   in Q2 2008       Change %

    IT                 24           113              371%
    Construction       136          639              370%
    Manufacturing      37           165              346%
    Retail             46           200              335%
    Print & Packaging  15           61               307%
    Financial Services 16           64               300%
    Transport & Comms  43           167              288%
    Engineering        17           65               282%
    Automotive         22           68               209%
    Wholesale          41           116              183%


"In times of economic slowdown, you would expect the Construction
and Retail sectors to suffer – and that is certainly borne out by
our research," Mr. Traynor added.  

"However, the statistics also show that many other industry
sectors are being affected by the current conditions, and the
gloom is certainly not restricted to those areas.  Credit lines
have dried up and companies which might have been supported by
extended credit up to a year ago are now at real risk."

The quarterly 'Begbies Traynor Red Flag Alert' Statistics for the
second quarter of 2008 monitors adverse actions and other
corporate distress signals.  Based on previous Begbies Traynor
research, approximately 15 per cent of the companies experiencing
the most difficult of circumstances, categorized by Red Flag as
those with 'Critical Problems', will enter into a formal
insolvency procedure within 12 months.

Headquartered in Manchester, England, Begbies Traynor --
http://www.begbies.com/-- provides assistance to companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.


* PPF Compensates Four More Pension Schemes in September 2008
-------------------------------------------------------------
Last September four more schemes transferred to the Pension
Protection Fund, resulting in a further 3,031 people around the
U.K. now receiving PPF compensation –- or will do so in the
future.

To date:

    * 61 schemes have now transferred to the PPF;

    * 18,957 people are now receiving compensation, or will
      receive it in the future;

    * The PPF paid out more than GBP2.7 million in compensation
      between September 2 and the October 1;

    * The average yearly compensation is GBP4,700 per person;

    * The oldest recipient of compensation is 103, and the
      youngest is six.

Details of the schemes that have transferred can be found on the
PPF website on the Transferred Schemes page.

http://www.pensionprotectionfund.org.uk/index/transferred-
schemes.htm

Pension Protection Fund --
http://www.pensionprotectionfund.org.uk/-- provides compensation  
to members of eligible defined benefit pension schemes, when there
is a qualifying insolvency event in relation to the employer, and
where there are insufficient assets in the pension scheme to cover
the Pension Protection Fund level of compensation.


* Leveraged Lenders to Endure Amidst Economic Slowdown, Fitch Says
------------------------------------------------------------------
Fitch Ratings says that, compared to other leveraged sectors and
assuming no immediate impact from the current credit freeze, its
15 rated speculative-grade chemical names in Europe are relatively
well-placed to endure the difficult trading conditions currently
presented by increased raw material price volatility and prospects
of slowing economic demand.

"The chemicals sector has to operate in difficult trading
conditions, which have led to significant under-performances
against plan of up to 20-25 percent in some cases," says Oliver
Kroemker, an Associate Director in Fitch's Industrials Group.  
"Nonetheless, most players have so far been broadly in line with
Fitch's more conservative forecast assumptions and there remains a
modest degree of cash flow flexibility."

In operational terms, leveraged chemicals borrowers have been
experiencing raw material price volatility, and further supply
side-driven cyclical effects are anticipated by the industry,
while the possibility of a major economic downturn may further
pressure credit profiles.  Despite relatively high production
capacity utilization across the industry, leveraged chemicals -
constrained by inflexible contracts - have been less than
successful in passing on volatile feedstock costs to sales prices,
resulting in margin compression.  In response, chemical companies
with commodity-like offerings are seeking to customize more
products to protect their margins while specialty chemicals
producers are diversifying away from mature geographies and end-
markets such as consumer products, construction, automotive,
printing, and plastics and packaging.

"Leveraged chemical borrowers have built up reasonable liquidity
reserves in the form of cash balances and available committed
revolving credit lines, which should cover their funding needs
through this difficult period," says Matthias Volkmer, a Director
in Fitch's European Leveraged Finance Group.  "They also benefit
from the refinancing exercises in 2006 and 2007 that extended
maturities of their LBO debt until 2013 and beyond."

While the current credit market environment would not be conducive
for leveraged cyclical businesses, almost all of Fitch's rated
speculative-grade chemical issuers are of recent vintage, fully
funded and have managed to take advantage of the favorable
financing conditions prior to June 2007.  Based on performance
updates through September 2008, Fitch does not anticipate the cash
flow profiles of most of these borrowers would be seriously
challenged before major debt repayments fall due, mostly in 2013
and thereafter.  

However, projected cash flows will be insufficient to meet
maturing debt obligations and leveraged chemical borrowers may be
subject to refinancing risk in the longer-term.  Nonetheless, as
of September 2008 shadow-rated chemical borrowers had median free
cash flow headroom of approximately 30% to cover minimum fixed
charges including cash interest and maintenance capital
expenditure.  This is supported by access to substantial liquidity
sources, including committed undrawn facilities and cash-on-
balance sheet.

Fitch's rating actions on shadow-rated leveraged chemical
companies have been largely affirmations so far this year and two
thirds of the ratings were on Stable Outlook as per September
2008.  The shadow rating distribution towards 'B*'/'B+*' in
leveraged chemical companies also compares favorably with the
whole of Fitch's European leveraged shadow rating portfolio: over
80% of leveraged chemical credits currently have a shadow rating
of 'B*' or higher compared to only 54% across Fitch's European
leveraged shadow-rated universe.  Most of the 'B*'- rated
chemicals have displayed relatively stable EBITDA margins over the
last two years, with a current median of 13.6%.  Median total
leverage is 5x, up from 4.3x in 2007 and 3.9x in 2006, though
representative of the current point in the cycle, and compares
favorably with the current 5.6x for 'B*'-rated European leveraged
credits across all sectors.

Specialty chemical businesses, Rhodia ('BB-'/Positive) and Cognis
('B'/ Stable), are among the high-yield issuers which have
undertaken extensive refinancing exercises in 2007 that reduced
their interest burden and extended their debt maturity profiles
until 2013.  Petrochemical producer, LyondellBasell ('B+'/
Stable), is another speculative name that does not face any major
term debt maturities until 2014.


* Linklaters to Exit Eastern Europe to Focus on Hotter Markets
--------------------------------------------------------------
The Wall Street Journal's Aaron O. Patrick says Linklaters has
decided to exit Eastern Europe, believing the operation isn't
growing fast enough.

The head office, the WSJ discloses, wouldn't allocate extra
partners to Eastern Europe.

According to the WSJ, Linklaters plans to hand over its offices in
Prague, Bratislava, Bucharest and Budapest to local management
next month.

"How do you justify putting a partner in Bratislava, instead of
London, Paris, Hong Kong, Dubai or Moscow?," Nick Eastwell,
Linklaters' managing partner for Eastern Europe, the Middle East
and North Africa, was quoted by the WSJ as saying.  "There is much
less big ticket [legal] work" there, he adds.  "These countries
have done very well, but they are now run-of-the mill, mainstream
economies."

Linklaters is keeping its operations in Poland and Russia, the WSJ
adds.

Meanwhile, in the Czech Republic, Slovakia, Romania and Hungary,
the firm's nine partners and their 120 lawyers are setting up
their own firm called Kinstellar, which will specialize in
acquisitions, project finance, real estate, infrastructure and
energy projects, the WSJ relates.

Both parties however stressed the split isn't acrimonious, saying
they will cooperate in the future, the WSJ notes.

Jason Mogg, the Prague-based managing partner and Linklaters'
former head of Central and Eastern Europe, claimed big law firms
restrict their growth by refusing to promote more of their lawyers
to partner not wanting to share profits more widely.

Mr. Mogg, the WSJ adds, is planning to open offices in Turkey,
Ukraine, Bulgaria, Serbia and Kazakhstan.

Headquartered in London, Linklaters LLP --
http://www.linklaters.com/-- is a global law firm that advises  
companies, financial institutions and governments.  It has has 30
offices in 23 countries with more than 2,000 lawyers.  Its
business covers three core areas - corporate, finance & projects
and commercial and over 20 different practice areas.  These
include corporate/M&A, capital markets, banking, projects, asset
finance, real estate & construction (including environment &
planning), litigation & arbitration, intellectual property, IT &
communications, EU/competition, employment, pensions & incentives,
financial markets, investment management and tax.


* BOND PRICING: For the Week Oct. 6 to Oct. 10, 2008
----------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

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

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

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

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

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

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

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

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

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

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

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

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

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

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
Agravante, Melanie Pador, Marie Therese V. Profetana and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *