TCREUR_Public/081014.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

           Tuesday, October 14, 2008, Vol. 9, No. 204

                            Headlines

A U S T R I A

BABA MURA: Claims Registration Period Ends October 29
PROGATE TRADING: Claims Registration Period Ends October 28
V.V. LLC: Claims Registration Period Ends October 28


B E L G I U M

FORTIS NV: Shareholders to Sue Firm Over Group Break-Up


G E R M A N Y

3 MD BAUPROJEKT: Claims Registration Period Ends October 17
BAU-BERATUNG-SANIERUNGS: Claims Registration Ends October 17
BIT-KANAL GMBH: Claims Registration Period Ends Nov. 17
BODENWERK GMBH: Claims Registration Period Ends October 17
COMMUNIQUEATE WERBEAGENTUR: Claims Registration Ends Oct. 20

DKSV GMBH: Claims Registration Period Ends October 20
DOEBELNER TEXTILPFLEGE: Claims Registration Period Ends Oct. 20
EUBAU BAUSYSTEME: Claims Registration Period Ends October 20
HELIOGRAPH INGENIEURGESELLSCHAFT: Claims Filing Ends October 17
INTERPE GMBH: Claims Registration Period Ends October 20

ODDS VERMITTLUNGS: Claims Registration Period Ends Oct. 17
PORTMONEY MUSIC: Claims Registration Period Ends October 20
SNOW FUN: Claims Registration Period Ends October 17
SPIRIT CENTER: Claims Registration Period Ends October 17
TECHNOLOGIE-ZENTRUM ZITTAU: Claims Registration Ends October 17

TREND WOHNBAU: Claims Registration Period Ends Oct. 17
TUI AG: Board Approves Sale of Hapag-Lloyd Stake to Albert Ballin
VOLT MEDIA: Claims Registration Period Ends October 17
XPEDI GMBH: Claims Registration Period Ends October 17


I C E L A N D

ICESAVE: Iceland and UK Delegations Met to Discuss Issues
ICESAVE: Icelandic Gov't. to Compensate Dutch Depositors
KAUPTHING: UK Unit Urges Icelandic Gov't. to Honor Guarantee
LANDSBANKI ISLANDS: Dismisses Rumors Over Fund Transfers

* Icelandic Gov't. Seeks Short-Term Assistance for Central Bank


I R E L A N D

CORNISH HOMES: Liquidators Identify 162 Creditors
DROGHEDA UNITED: To File for Examinership Today
PLAZA DEVELOPMENTS: Taps Grant Thornton as Liquidators
TRICASTLE CONSTRUCTION: Directors to Propose Liquidation

* EU Commission Approves Revised Irish Support Scheme for Banks


I T A L Y

ALITALIA SPA: CAI Extends Conditional Offer Until End of October


K A Z A K H S T A N

ASIA-TRANS LLP: Creditors Must File Claims by November 21
AVTORID LLP: Claims Deadline Slated for November 21
BOLASHAK LTD: Claims Filing Period Ends November 21
CONSULTING-7 LLP: Creditors' Claims Due on November 21
INTERNATIONAL SUPPORT: Claims Registration Ends November 21

GWANWOO CONSTRUCTION: Creditors Must File Claims by November 21
NAM WON ENGINEERING: Claims Deadline Slated for November 21
TIANSHAN INTERNATIONAL: Claims Filing Period Ends November 21


K Y R G Y Z S T A N

M. FRUNZE: Creditors Have Until Nov. 12 to Submit Claims


N E T H E R L A N D S

ROMPETROL GROUP: Fitch Holds B+ Rating; Changes Outlook to Stable


N O R W A Y

FRONTIER DRILLING: S&P Retains Watch Neg. on B- Corporate Rating


P O R T U G A L

SAGRES STC: Fitch Holds 'B' Rating on EUR53MM Class T Notes


R U S S I A

ALROSA CO: KIT Acquisition Cues S&P to Put BB Rating on Watch Neg.
AMUR-KOMPLEKT LLC: Creditors Must File Claims by November 19
BUGULMINSKIY PORCELAIN: Creditors Must File Claims by November 3
FOUNDRY PRODUCTION: Chelyabinsk Bankruptcy Hearing Set Nov. 11
LESOVIK LLC: Creditors Must File Claims by November 3

MASHINOSTROITEL LLC: Creditors Must File Claims by November 19
ROS-BIO-TEKH-MOBY: Creditors Must File Claims by November 3
SEVERSTAL OAO: Lowers Production Estimates for October 2008
SITRONICS JSC: Weakening Credit Profile Cues Fitch's Neg. Outlook
SPETS-MED-EQUIPMENT: Creditor Must File Claims by  November 3

* S&P Revises Outlook on 13 Russian Banks to Negative from Stable


S W I T Z E R L A N D

ALEXANDRIA JSC: Creditors Must File Proofs of Claim by Nov. 28
FILM FINANCIERS: Deadline to File Proofs of Claim Set Nov. 20
GLAMOR NETWORK: Creditors Have Until Nov. 30 to File Claims
INNOPLANT LLC: Proofs of Claim Filing Deadline is Oct. 31
MOTION PICTURE: Creditors' Proofs of Claim Due by Nov. 20

SPM METALLBAUTECHNIK: Oct. 25 Set as Deadline to File Claims
STEINER EXPRESS: Creditors Must File Proofs of Claim by Oct. 25
VISANO DISTRIBUTIONS: Deadline to File Claims Set Oct. 31


T U R K E Y

FORD OTOSAN: Fitch Cuts Issuer Default Rating to 'B'


U K R A I N E

ALTA LLC: Creditors Must File Claims by October 16
ALTAIR-2004 LLC: Creditors Must File Claims by October 16
D-CART LLC: Creditors Must File Claims by October 17
ETALON-LIS LLC: Creditors Must File Claims by October 16
ECOMEBLIS LLC: Creditors Must File Claims by October 16

HIMROST LLC: Creditors Must File Claims by October 17
INFORMRESOURCE LLC: Creditors Must File Claims by October 16
METAL INDUSTRIAL: Creditors Must File Claims by October 17
PRIZMA LLC: Creditors Must File Claims by October 17
RODAN-AGRO LLC: Creditors Must File Claims by October 16


U N I T E D   K I N G D O M

ALBA 2007-1: Fitch Puts Class F Notes' BB Rating on Watch Negative
AMARANTH ACCESSORIES: Taps Joint Administrators from BDO Stoy
ASK LEISURE: Brings in Joint Administrators from Tenon Recovery
BARCLAYS BANK: To Raise GBP6.5 Billion Additional Capital
HBOS PLC: Government to Buy GBP8.5BB Shares Under Rescue Plan

IVMD UK: Calls in Joint Administrators from BDO Stoy Hayward
JOPEJO LTD: Appoints Joint Administrators from BDO Stoy Hayward
KAUPTHING SINGER: Urges Icelandic Gov't. to Honor Guarantee
LANDSBANKI ISLANDS: Dismisses Rumors Over Fund Transfers
LEHMAN: Provides Update on Outstanding Settlement Transactions

LUCAS OF MANSFIELD: Goes Into Administration
LUDGATE FUNDING: S&P Junks Rating on Class S Notes to CCC from B-
PIPE & PROCESS: Taps Tenon Recovery to Administer Assets
ROSEBYS GROUP: Closes 31 Outlets; Axes 186 Jobs
SIGNUM FINANCE: S&P Junks Series 2005-7 Combo Notes to CC From BB

UK DIGGERS: Appoints Joint Administrators from Baker Tilly

* S&P Notes Continuing Market Pressure For UK RMBS Transactions
* UK Gov't. Implements Financial Support Measures for Banks
* European Commission Approves UK Support Scheme for Banks
* FSA Fines Alliance & Leicester GBP7 Million for PPI Failings
* EU Commission Gives Guidance on Measures for Banks in Crisis

* Large Companies with Insolvent Balance Sheet


                         *********


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


BABA MURA: Claims Registration Period Ends October 29
-----------------------------------------------------
Creditors owed money by LLC Baba Mura Transport have until
Oct. 29, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Felix Stortecky
         Schulerstrasse 18
         2nd floor
         Top 8
         1010 Vienna
         Austria
         Tel: 513 88 37
         Fax: DW 37
         E-mail: office@stortecky.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 12, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 10, 2008, (Bankr. Case No. 2 S 112/08w).


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

         Dr. Friedrich Nusterer
         Riemerplatz 1
         3100 St. Poelten
         Austria
         Tel: 02742/47087
         Fax: 02742/47089
         E-mail: ra-nusterer@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 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, Austria, the Debtor declared
bankruptcy on Sept. 16, 2008, (Bankr. Case No. 14 S 139/08v).


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

         Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:55 a.m. on Nov. 11, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 11, 2008, (Bankr. Case No. 28 S 114/08f).


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


FORTIS NV: Shareholders to Sue Firm Over Group Break-Up
-------------------------------------------------------
Fortis N.V.'s shareholders are set to file a legal action against
the company in two weeks regarding the group's break-up by
Belgium, Luxembourg and the Netherlands, Reuters reported
yesterday, October 13.

Euroshareholders president Peter Paul de Vries said at Monday's
conference that shareholders want to know what went wrong and want
to be assured of better economic treatment, Reuters noted.

Euroshareholders is a European umbrella group for national small
investor associations.  Euroshareholders, according to Reuters,
suggests that the Dutch enterprise court in Amsterdam rule on the
allowance of the disputed break-up amid the lack of shareholder
approval.  The group also wants to probe Fortis officials' alleged
mismanagement and whether it misled investors about the company's
health.

Reuters reports that what remains of Fortis Group are its
international insurance business and a 66% holding of a
EUR10.4 billion portfolio of structured credit products.

                          Belgian Offer

On Sunday, the Belgian government offered Fortis shareholders a
part of any profit the Belgian state makes from its investment in
BNP Paribas in 2014, Reuters said.

The offer, Reuters noted, is only for those who bought Fortis
shares by July 1 and only covers up to 5,000 shares per person.

Mr. De Vries referred to the offer as "amateuristic" in some ways,
Reuters related.

According to Paul Huybrechts, VFB Flemish shareholders association
chairman, it would be fairer if a part of the Belgian state's
stake in BNP Paribas were transferred to Fortis Group, Reuters
added.

As reported by the Troubled Company Reporter-Europe on Oct. 7,
2008, Fortis announced that the Belgian government has acquired
the remaining share (50% + one share) of Fortis Bank SA/NV.  The
Belgian government has reached an agreement with BNP Paribas on
the subsequent transfer of a majority interest in Fortis Bank
SA/NV.  Furthermore, Fortis announced that BNP Paribas will
acquire 100% of Fortis Insurance Belgium.  The Fortis Board of
Directors has approved these transactions.

Reuters said that Fortis shares have not traded since the deals
were unveiled.  Worth almost EUR30 in April 2007, when Fortis
revealed its desire to buy the Dutch parts of ABN AMRO, the shares
went down to as low as EUR5.422.  Euroshareholders argue,
according to the report, that including share issues, Fortis had
lost some EUR50 billion in the past 18 months.

                         About Fortis N.V.

Headquartered in Brussels, Belgium, Fortis N.V. --
http://www.fortis.com/-- is an international provider of banking
and insurance services to personal, business and institutional
customers.  The Company operates in four core businesses: Retail
Banking, Asset Management and Private Banking, Merchant Banking
and Insurance.  The Company delivers a package of financial
products and services through its own channels and via
intermediaries and other partners.  In May 2007, Fortis N.V.
finalized the acquisition of a 50.45% stake in Pacific Century
Insurance Holdings Limited.  As of June 15, 2007, the Company had
acquired a 98.59% stake in Pacific Century Insurance Holdings
Limited.  In July 2008, the Company sold International Asset
Management Limited (IAM).

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 9, 2008,
Moody's Investors Service downgraded Fortis SA/NV and Fortis
N.V. long term issuer ratings to Baa2 from Baa1, and the ratings
were placed under review for possible downgrade.  Debt ratings
benefiting from subordinated and preferred guarantees from the
joint holding companies were downgraded to Baa3 and Ba1
respectively.  Certain securities benefiting from joint and
several guarantees from the holding companies and Fortis ASR
Levensverzkering N.V. were confirmed at Baa3 with a developing
outlook.  Moody's also downgraded the insurance financial strength
rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from
A3, and the backed senior unsecured debt of Fortis Capital (Asia)
Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1.  These
ratings now carry a developing outlook.  The Group's CP rating was
affirmed at P-2 and placed under review for possible downgrade.


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


3 MD BAUPROJEKT: Claims Registration Period Ends October 17
-----------------------------------------------------------
Creditors of 3 MD Bauprojekt und Immobiliengesellschaft mbH have
until Oct. 17, 2008, to register their claims with court-appointed
insolvency manager Arthur Naujok.

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

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am 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:

         Arthur Naujok
         Mittelseestrasse 48 D
         63065 Offenbach am Main
         Germany
         Tel: 069/80 01 70 1
         Fax: 069/80 02 05 4

The District Court of Offenbach am Main opened bankruptcy
proceedings against 3 MD Bauprojekt und Immobiliengesellschaft mbH
on Sept. 3, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         3 MD Bauprojekt und Immobiliengesellschaft mbH
         Erhan Tuerker, Manager
         Pestalozzistrasse 25
         64720 Michelstadt
         Germany


BAU-BERATUNG-SANIERUNGS: Claims Registration Ends October 17
------------------------------------------------------------
Creditors of Bau-Beratung-Sanierungs GmbH have until Oct. 17,
2008, to register their claims with court-appointed insolvency
manager Dr. Carsten Krage.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 21, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Carsten Krage
         Wall 55
         24103 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Bau-Beratung-Sanierungs GmbH on Sept. 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bau-Beratung-Sanierungs GmbH
         Pestalozziweg 50
         24536 Neumuenster
         Germany


BIT-KANAL GMBH: Claims Registration Period Ends Nov. 17
-------------------------------------------------------
Creditors of BiT-Kanal GmbH have until Nov. 17, 2008, to register
their claims with court-appointed insolvency manager Joerg A.
Wunderlich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 15, 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 Bitburg
         Hall 128
         Gerichtsstrasse 2/4
         54634 Bitburg
         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 A. Wunderlich
         Bahnhofsplatz 8, D
         54292 Trier
         Germany

The District Court of Bitburg  opened bankruptcy proceedings
against BiT-Kanal GmbH on Sept. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BiT-Kanal GmbH
         Attn: Harald Lehmann, Manager
         Bergstrasse 7
         54649 Dackscheid
         Germany


BODENWERK GMBH: Claims Registration Period Ends October 17
----------------------------------------------------------
Creditors of Bodenwerk GmbH have until Oct. 17, 2008, to register
their claims with court-appointed insolvency manager Marco
Kuhlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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:

         Marco Kuhlmann
         Simonsstrasse 80
         42117 Wuppertal
         Tel: 0202 7692110
         Fax: 0202 7692112

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

The Debtor can be reached at:

         Bodenwerk GmbH
         Attn: Thomas Wolfgang Trapmann, Manager
         Scheidtstr. 35 a
         42369 Wuppertal
         Germany


COMMUNIQUEATE WERBEAGENTUR: Claims Registration Ends Oct. 20
------------------------------------------------------------
Creditors of commUNIQUEate Werbeagentur GmbH have until
Oct. 20, 2008, to register their claims with court-appointed
insolvency manager Joachim Glaser.

Creditors and other interested parties are encouraged to attend
the meeting at 8:36 a.m. on Nov. 3, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur
         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:

         Joachim Glaser
         Konrad-Adenauer-Str. 2a
         56414 Wallmerod
         Germany
         Tel: 06435-96400
         Fax: 06435-964024

The District Court of Montabaur opened bankruptcy proceedings
against commUNIQUEate Werbeagentur GmbH on Sept. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         commUNIQUEate Werbeagentur GmbH
         Attn: Frank Schulz, Manager
         Gut Neuhof
         57642 Alpenrod
         Germany


DKSV GMBH: Claims Registration Period Ends October 20
-----------------------------------------------------
Creditors of dksv GmbH have until Oct. 20, 2008, to register their
claims with court-appointed insolvency manager Josef Nachmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Nov. 20, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting 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:

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

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

The Debtor can be reached at:

         dksv GmbH
         Willy-Brandt-Allee 2
         81829 Muenchen
         Germany


DOEBELNER TEXTILPFLEGE: Claims Registration Period Ends Oct. 20
---------------------------------------------------------------
Creditors of Doebelner Textilpflege GmbH have until
Oct. 20, 2008, to register their claims with court-appointed
insolvency manager Michael Hawelka.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Nov. 18, 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Michael Hawelka
         Nonnenstrasse 37
         04229 Leipzig
         Germany
         Tel: 0341/4866414
         Fax: 0341/4866428
         E-mail: HHH.Leipzig@t-online.de

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

The Debtor can be reached at:

         Doebelner Textilpflege GmbH
         Staupitzstrasse 24-25
         04720 Doebeln
         Germany


EUBAU BAUSYSTEME: Claims Registration Period Ends October 20
------------------------------------------------------------
Creditors of EUBAU Bausysteme GmbH have until Oct. 20, 2008, to
register their claims with court-appointed insolvency manager Dr.
Vera Mai.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 10, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Gerichtsplatz 22
         44135 Dortmund
         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. Vera Mai
         Gerichtsstrasse 19
         44135 Dortmund
         Germany

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

The Debtor can be reached at:

         EUBAU Bausysteme GmbH
         Attn: Karsten Wabnitz, Manager
         Fuchsweg 10
         44267 Dortmund
         Germany


HELIOGRAPH INGENIEURGESELLSCHAFT: Claims Filing Ends October 17
---------------------------------------------------------------
Creditors of Heliograph Ingenieurgesellschaft mbH have until Oct.
17, 2008, to register their claims with court-appointed insolvency
manager Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

The District Court of Aachen opened bankruptcy proceedings against
Heliograph Ingenieurgesellschaft mbH on Sept. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         heliograph Ingenieurgesellschaft mbH
         Hander Weg 17
         52072 Aachen
         Germany


INTERPE GMBH: Claims Registration Period Ends October 20
--------------------------------------------------------
Creditors of Interpe GmbH Handel & Dienstleistungen have until
Oct. 20, 2008, to register their claims with court-appointed
insolvency manager Friedrich von Kaltenborn-Stachau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 18, 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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:

         Friedrich von Kaltenborn-Stachau
         Jungfernstieg 30
         20354 Hamburg
         Germany
         Tel: 040/3 50 06-188
         Fax: 040/3 50 06 176

The District Court of Tostedt opened bankruptcy proceedings
against Interpe GmbH Handel & Dienstleistungen on Sept. 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Interpe GmbH Handel & Dienstleistungen
         Attn: Joerg Lohmann, Manager
         Postweg 42
         21629 Neu Wulmstorf
         Germany


ODDS VERMITTLUNGS: Claims Registration Period Ends Oct. 17
----------------------------------------------------------
Creditors of ODDS Vermittlungs-GmbH i.L. have until Oct. 17, 2008,
to register their claims with court-appointed insolvency manager
Dr. Christoph Schulte-Kaubruegger.

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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of  Dortmund opened bankruptcy proceedings
against  ODDS Vermittlungs-GmbH i.L. on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ODDS Vermittlungs-GmbH i.L.
         Mallinckrodtstr. 2
         44145 Dortmund
         Germany


PORTMONEY MUSIC: Claims Registration Period Ends October 20
-----------------------------------------------------------
Creditors of PORTMONEY Music Club GmbH have until Oct. 20, 2008,
to register their claims with court-appointed insolvency manager
Stephan Neubauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 13, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stephan Neubauer
         Spitalerstrasse 4
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against PORTMONEY Music Club GmbH on Aug. 14, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         PORTMONEY Music Club GmbH
         Attn: Orhan Yazici, Manager
         Hohenesch 13
         22765 Hamburg
         Germany


SNOW FUN: Claims Registration Period Ends October 17
----------------------------------------------------
Creditors of Snow-Fun-Park Wittenburg GmbH have until Oct. 17,
2008, to register their claims with court-appointed insolvency
manager Bettina Schmudde.

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 her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 1
         Demmlerplatz 14
         19053 Schwerin
         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:

         Bettina Schmudde
         Jungfernstieg 51
         20354 Hamburg
         Germany
         Tel: 040/ 8081360

The District Court of Schwerin opened bankruptcy proceedings
against Snow-Fun-Park Wittenburg GmbH on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Snow-Fun-Park Wittenburg GmbH
         Attn: Hans-Gerd Hanel, Manager
         Zur Winterwelt 1
         19243 Wittenburg
         Germany


SPIRIT CENTER: Claims Registration Period Ends October 17
---------------------------------------------------------
Creditors of Spirit Center GmbH have until Oct. 17, 2008, to
register their claims with court-appointed insolvency manager
Christine Frosch.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Nov. 6, 2008, at which time the
insolvency manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Trier
         Hall 56
         Justizstrasse 2,4,6
         54290 Trier
         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:

         Christine Frosch
         Simeonstrasse 5, D
         54290 Trier
         Germany
         Tel: 0651/9941499
         Fax: 0651/9941061
         E-mail: Kanzlei.Frosch@t-online.de

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

The Debtor can be reached at:

         Spirit Center GmbH
         Porta-Nigra-Platz 1
         54292 Trier
         Germany

         Attn: Gunnar Schafer, Manager
         Fuerstenhofenstr. 66
         54329 Konz
         Germany


TECHNOLOGIE-ZENTRUM ZITTAU: Claims Registration Ends October 17
---------------------------------------------------------------
Creditors of Technologie-Zentrum Zittau GmbH Technologie- und
Innovationszentrum in der Euroregion Neisse have until Oct. 17,
2008, to register their claims with court-appointed insolvency
manager Helgi Heumann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 25, 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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         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:

         Helgi Heumann
         Koenigsbruecker Str. 33
         01099 Dresden
         Germany
         E-mail: http://www.raheumann.de

The District Court of Dresden opened bankruptcy proceedings
against Technologie-Zentrum Zittau GmbH Technologie- und
Innovationszentrum in der Euroregion Neisse on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Technologie-Zentrum Zittau GmbH Technologie- und
         Innovationszentrum in der Euroregion Neisse
         Rathenaustrasse 18a
         02763 Zittau
         Germany


TREND WOHNBAU: Claims Registration Period Ends Oct. 17
------------------------------------------------------
Creditors of Trend Wohnbau GmbH have until Oct. 17, 2008, to
register their claims with court-appointed insolvency manager
Markus Froehlich.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on Nov. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ulm
         Hall 3
         First Floor
         Zeughausgasse 14
         89073 Ulm
         Germany

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

The insolvency manager can be reached at:

          Markus Froehlich
          c/o Rechtsanwalte Froehlich & Kuenkele
          Radgasse 2
          89073 Ulm
          Germany
          Tel: 0731/2055993-0
          Fax: 0731/2055993-90
          E-mail: Willkommen@froehlich-rae.de
          Web site: www.froehlich-rae.de

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

The Debtor can be reached at:

         Trend Wohnbau GmbH
         Olgastr. 152
         89073 Ulm
         Germany

         Attn: Brigitte Ottopal, Manager
         Wagnerstr. 7
         89160 Dornstadt
         Germany



TUI AG: Board Approves Sale of Hapag-Lloyd Stake to Albert Ballin
-----------------------------------------------------------------
The Supervisory Board of TUI AG, on Sunday, Oct. 12, 2008,
approved the sale of all shares in Hapag-Lloyd AG to a subsidiary
of Albert Ballin KG at an enterprise value of EUR4.45 billion.
At the same time, the Board approved the acquisition of a
33.33% entrepreneurial stake in the new company at a purchase
price of EUR700 million.  The sale is subject to approval by the
anti-trust authorities.

The Board also approved payment of an appropriate special dividend
to the TUI shareholders following the completion of the sale.  The
amount to be distributed for the 2008 financial year will be
determined in the framework of the preparation of the annual
financial statements.

The Group's strong liquidity and financial situation resulting
from the sale will open up investment opportunities for further
expansion of TUI's tourism business.  The options explored in this
connection also include a takeover of the outstanding shares in
TUI Travel PLC.

                         About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and shipping
sectors.   The Company's core activities are in the tourism
business, focusing mainly on the markets of Central, Northern
and Western Europe.  TUI AG's shipping and logistics activities
are contained within its Hapag-Lloyd Container Linie GmbH and CP
Ships Ltd. Subsidiaries.

                      *    *    *

TUI AG continues to carry Moody's Investors Service's B1
Corporate Family Rating, B3 unsecured rating, and B3
subordinated rating with negative outlook.

Moody's confirmed the B1 Corporate Family Rating for TUI in
December 2007.  At the same time, Moody's lowered the group's B2
unsecured rating and confirmed the subordinated rating at B3.

TUI also carries ratings of "BB-" long-term corporate credit and
all issue ratings from Standard & Poor's on CreditWatch with
negative implications.


VOLT MEDIA: Claims Registration Period Ends October 17
------------------------------------------------------
Creditors of Volt Media GmbH have until Oct. 17, 2008, to register
their claims with court-appointed insolvency manager Gerd
Honsdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 7, 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 Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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:

         Gerd Honsdorf
         Detmolder Strasse 57-59
         33100 Paderborn
         Germany
         Tel: 05251-25107
         Fax: 05251-23699

The District Court of Paderborn opened bankruptcy proceedings
against Volt Media GmbH on Sept. 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Volt Media GmbH
         Residenzstr. 23
         33104 Paderborn
         Germany


XPEDI GMBH: Claims Registration Period Ends October 17
------------------------------------------------------
Creditors of Xpedi GmbH & Co. KG have until Oct. 17, 2008, to
register their claims with court-appointed insolvency manager
Alexander Saponjic.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 7, 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 Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Alexander Saponjic
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/943210
         Fax: 0871/9432150

The District Court of Landshut opened bankruptcy proceedings
against Xpedi GmbH & Co. KG on Sept. 8, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Xpedi GmbH & Co. KG
         Richard-Schirrmann-Weg 2
         84028 Landshut
         Germany


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


ICESAVE: Iceland and UK Delegations Met to Discuss Issues
----------------------------------------------------------
Delegations of Iceland and the United Kingdom met in a friendly
atmosphere in Reykjavik on Saturday, Oct. 11, 2008, to discuss
issues of mutual interest related to the current financial crisis,
with the objective to reach a mutually satisfactory solution on
the issues concerned.

Significant progress was made on retail depositors of Icesave with
arrangements agreed in principle for an accelerated payout to
depositors.  The delegations agreed to work closely on the other
remaining issues over the coming days.


                       About Icesave

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


ICESAVE: Icelandic Gov't. to Compensate Dutch Depositors
--------------------------------------------------------
After constructive deliberations, the Dutch and Icelandic
governments have agreed on a solution regarding the Dutch
depositors of Landsbanki IceSave savings accounts.

This was announced by the Dutch minister of Finance, Wouter J. Bos
and the Icelandic minister of Finance, Arni M. Mathiesen.

Both ministers are pleased that they have found a solution on the
matter.  Minister Bos said that he is especially glad that there
is now clarity for the Dutch depositors.  Minister Mathiesen added
what mattered is that the issue is now solved.

The agreement states that the Icelandic government will compensate
each Dutch depositor up to a maximum of EUR20.887. The Dutch
government will provide a loan to Iceland to enable this
restitution and the Dutch Central Bank is to settle the
depositors' claims.

                       About Icesave

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


KAUPTHING: UK Unit Urges Icelandic Gov't. to Honor Guarantee
------------------------------------------------------------
Chief Minister Tony Brown MHK, on Friday, Oct. 10, 2008, confirmed
that a parental guarantee was given in September 2007 by Kaupthing
Bank hf, registered in Iceland, to discharge the liabilities,
including client deposits, of its Isle of Man subsidiary Kaupthing
Singer & Friedlander (Isle of Man) Ltd.

"The Isle of Man Government is determined to protect depositors
with the local subsidiary by pressing the Government of Iceland,
which has nationalized Kaupthing Bank, to honor the commitment
given to its Isle of Man based affiliate.

"Accordingly, we have made representation to the United Kingdom
Government - which is responsible for defending the Isle of Man's
interests internationally requesting them to press the
Government of Iceland to honor Kaupthing's guarantee," the Chief
Minster said.

In the meantime the Isle of Man Government confirmed that the new
Depositors' Compensation Scheme, included within the Compensation
of Depositors Regulations 2008, came into operation
immediately after approval of the Regulations by Tynwald on
Thursday, Oct. 9, 2008.

                        Liquidation

On Thursday, Oct. 9, 2008, the Financial Services Commission
confirmed that an Order has been made by the Courts appointing
Michael Simpson of PricewaterhouseCoopers, Chartered Accountants
as Liquidator provisionally of Kaupthing Singer & Friedlander
(Isle of Man).  The Petition for the winding up of the company has
been adjourned until Friday, Oct. 24, 2008.

The process will ensure that all depositors are treated fairly.
Meanwhile the Commission is holding discussions with Mr. Simpson
in order to monitor the position of depositors, and it will be for
him to comment in due course on the extent of recoveries and other
matters.

The Commission has suspended the banking license of Kaupthing
Singer & Friedlander (Isle of Man) with immediate effect.

The demise of Kaupthing Singer & Friedlander (Isle of Man) was
heavily affected by the inability of the parent bank to provide
continuing support to the local business.  Exactly the same issue
appears to have affected the UK sister banking entity. Iceland is
experiencing severe economic difficulties and this appears to have
significantly contributed to problems at the parent bank,
Kaupthing Bank hf.  The consequential loss of confidence locally
meant that the bank was unable to meet the prospect of sudden and
exceptional withdrawals without continuing support which did not
materialize.

                        Receivership

On Thursday, Oct. 9, 2008, the Icelandic Financial Supervisory
(IFSA) has decided to take on the powers of Kaupthing Bank's
shareholders' meetings.  Furthermore, the board of directors has
resigned.  In addition, the IFSA has appointed a receivership
committee to assume the powers of the board of directors with
immediate effect.

The members of the receivership committee are: Finnur
Sveinbjornsson, Knutur Thorhallsson, Bjarki H. Diego, Gudny Arna
Sveinsdottir and Steinar Thor Gudgeirsson.

The receivership committee has asked Hreidar Mar Sigurdsson to
remain as CEO of Kaupthing Bank hf. and be responsible for daily
operations.

        About Kaupthing Singer & Friedlander (Isle of Man)

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the UK subsidiary of
Iceland-based Kaupthing Bank hf.

                 About Kaupthing Bank

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

                      *    *    *

As reported in the TCR-Europe on Oct. 13, 2008, 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

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'.


LANDSBANKI ISLANDS: Dismisses Rumors Over Fund Transfers
--------------------------------------------------------
Due to press reports and claims concerning fund transfers between
Landsbanki subsidiaries and the parent company during the period
leading up Icelandic financial enterprises being placed in
receivership by the Icelandic FSA, as provided for by newly
adopted legislation, Landsbanki would like to state the following:

   1. No such transfers were made between Heritable Bank and
      Landsbanki during the period in question and Heritable
      Bank remained fully financed.

   2. No transfers were made from Landsbanki London Branch to
      the parent company in Iceland during the period in
      question; on the contrary, Landsbanki Islands hf.
      transferred substantial funds to its UK branch during this
      time to fulfill its Icesave commitments.

Landsbanki would like to emphasize in particular that reports of
this matters and statements to this effect by UK Government
officials do not apply in any way to Landsbanki.

As reported in the TCR-Europe on Oct. 9, 2008, the Icelandic
Financial Supervisory Authority (IFSA) has under powers granted by
the Icelandic Parliament proceeded to take control of Landsbanki
Islands hf.

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

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

                      About Landsbanki

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

                            *    *    *

As reported in the TCR-Europe on Oct. 10, 2008, Moody's Investors
Service has downgraded the bank financial strength rating (BFSR)
of Landsbanki Islands hf to E from C-, its
long-term deposit ratings to Caa1 from A2 and its senior unsecured
ratings to Caa2 from A2.  Consequently, the bank's Prime-1 short-
term rating was downgraded to Not-Prime.  In addition, the bank's
subordinated, junior subordinated and preferred stock ratings were
downgraded to C.  The outlook on all ratings is developing.

At the same time, Fitch Ratings has downgraded the Long-term
Issuer Default ratings of Glitnir Banki hf. and Landsbanki Islands
to 'B' from 'BBB-' and 'BBB' respectively, and that of Straumur
Burduras Investment Bank to 'BB-' from 'BB+'.  The ratings of
Kaupthing Bank hf. are under review.

This rating action follows the announcement of legislative
measures providing for broad authority to Icelandic authorities to
intervene in the Icelandic financial system and the statement that
Landsbanki has been placed in receivership, and reflects Fitch's
view that both the ability and propensity of the Icelandic
authorities to support the Icelandic banking system are becoming
increasingly compromised.  The support rating floor for the major
Icelandic banks is now 'B'.

Both Glitnir, following the acquisition by the Icelandic
authorities last month of a 75% stake, and Landsbanki, which was
placed in receivership, are now at their support rating floor.
Glitnir's Individual rating of 'F' is affirmed and Landsbanki's
Individual rating has been downgraded to 'F' from 'C' to reflect
the receivership arrangement.


* Icelandic Gov't. Seeks Short-Term Assistance for Central Bank
---------------------------------------------------------------
Over the past two weeks, economic developments took a sharp turn
for the worse in Iceland.  The country's three main commercial
banks, Glitnir, Landsbanki and Kaupthing, collapsed owing to the
financial storm now raging in international markets and the
government has resorted to exceptional measures to stabilize the
situation.

                      Effects in Iceland

The Icelandic population has been seriously affected. Unemployment
is expected to rise significantly.  Inflation is already in double
digits and will continue to rise in the short term.  Icelandic
pension funds have lost millions of dollars following the collapse
of the three commercial banks.  Thousands of Icelanders have lost
a considerable part of their life-savings.

                      Government Response

The three banks were taken over by the Icelandic Financial
Supervisory Authority under the provisions of the Act on the
Depositors' and Investors' Guarantee Fund on Oct. 6, 2008.  The
purpose of the Act was to maintain an orderly operation of the
banking system and to strengthen the position of depositors by
giving them priority when allocating assets.

                    Broader Implications

The Icelandic Government is consulting with a number of
governments concerning the possibility of providing the Icelandic
Central Bank with short term assistance.

There is a good probability that the total assets of Landsbanki
will be sufficient to cover the deposits in IceSave, an online
savings account in the United Kingdom.  The governments of the two
countries are reviewing the matter in detail through official
channels with a view to finding a mutually satisfactory solution.
Contacts between Icelandic and Dutch authorities on the same are
ongoing.

The use of anti-terrorist legislation by the United Kingdom on
Oct. 9, 2008, to seize the assets of Icelandic banks was, in the
view of the Icelandic government, disproportionate and extreme.
The initial measures taken by the British government have since
been partially withdrawn.

                        Prospects

Iceland used to be one of the Europe's poorest countries, but
gradually made a successful transition to a high level of economic
prosperity.  In 2007, Iceland was ranked on top of the United
Nations Human Development Index.

Iceland was able to make the transition by applying modern
techniques to the sustainable use of natural resources, including
abundant fish stocks and renewable energy.  Today, Iceland is a
dynamic, technology-driven society with a young and well educated
workforce.  These and other assets should enable Iceland to endure
the current financial storm and regain its former strength over
the coming months.

                      Key Points

    * The Icelandic economy has been seriously affected by the
      current economic turmoil in international financial
      markets.

    * The Icelandic government is taking deliberate action,
      including special legislation designated to stabilize the
      situation.

    * The government is consulting with a number of other
      governments concerning the possibility of providing the
      Icelandic Central Bank with short term assistance.

    * Iceland remains fully committed in its quest for a non-
      permanent seat on the UN Security Council 2009-2010.


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


CORNISH HOMES: Liquidators Identify 162 Creditors
-------------------------------------------------
In the Cornish Homes liquidation meeting held on Oct. 10, 2008,
liquidators from The Kelmanson Partnership has identified 162
businesses and individuals owed money by the company,
thisiscornwall.co.uk reports.

John Kelmanson, liquidation investigator, said after the hearing,
"It was a long and heated meeting where concerns were expressed by
creditors represented which will be forming part of my
investigation into the affairs of the company as the duly
appointed liquidator.  The company has gone into voluntary
liquidation and will not trade under that name again."

Mr. Kelmanson, added, "There are connections to his (Mr. Kevin
Heaney, owner) other companies within the group that have become
apparent today which it may be necessary to include in the
investigative function."


DROGHEDA UNITED: To File for Examinership Today
-----------------------------------------------
In an effort to save its business, Drogheda United Football Club
will ask the High Court today, Oct. 14, 2008, to put it into
examinership, Susan Mitchell of The Post.IE reports.

According to the report, Vincent Hoey, chairman of Drogheda
United, blamed the local planning process for the financial crisis
that has affected the club.

The report relates investors are said to have spent EUR12 million
over the past four years on the basis that a new stadium would be
built to help secure its future.  The club's management had
finalized plans with a Dublin property developer, Bill Doyle, to
build a EUR35 million, 10,000-seater stadium on a site in
Bryanstown, in exchange for the club's existing stadium at United
Park, however, those plans were scuppered in August after it was
discovered that much of the land was zoned for open space and
industrial use, rendering the stadium plan redundant,
The Post.IE says.

Mr. Doyle then threatened to sue Meath County Council, saying he
was given verbal assurances that the land would be zoned
residential, the report discloses.  Former environment minister
Dick Roche already asked environment minister John Gormley to
investigate the situation, the report adds.


PLAZA DEVELOPMENTS: Taps Grant Thornton as Liquidators
------------------------------------------------------
Paul McCann, a Grant Thornton partner, has been appointed
liquidator of Plaza Developments and a related company, KCDLG,
according to Ian Kehoe of The Post.IE.

In July 2008, Plaza Developments went under examinership in an
effort to shore up its finances.  However, the company failed to
bring in investors resulting to liquidation.

Mr. McCann, after thorough evaluation, will decide how to maximize
value for creditors.

Among others, the company owes National Irish Bank more than
EUR4 million.


TRICASTLE CONSTRUCTION: Directors to Propose Liquidation
--------------------------------------------------------
Directors of Tricastle Construction has called its creditors to a
meeting to propose the appointment of a liquidator, The Post.IE
reports.

Tricastle Construction is owned by Austing McGarry.  It operates
from two Dublin outlets with annual revenues approximated at EUR50
million.  Its more than 250 workers may soon be declared
redundant, the report relates.

The creditor's meeting will be held at the Mount Herbert Hotel in
Dublin in about two weeks time.


* EU Commission Approves Revised Irish Support Scheme for Banks
---------------------------------------------------------------
The European Commission has approved under EC Treaty state aid
rules an Irish scheme intended to stabilize the financial markets
by providing guarantees on deposits and debt to eligible banks
active on the Irish market.  After intensive contacts with the
Commission, the Irish authorities submitted the finalized scheme
on Oct. 12, addressing issues raised in the discussions. The
Commission found the revised scheme to be compatible with EU state
aid rules, because it was an appropriate means to remedy a serious
disturbance in the Irish economy (Article 87.3.b of the EC
Treaty), while avoiding unnecessary distortions of competition.
In particular, it now provides for non-discriminatory access to
banks with systemic relevance for the Irish economy, regardless of
their origin, fair remuneration of the guarantee, is limited in
time and contains appropriate safeguards to avoid abuses.  The
Irish measures are therefore now in line with the guidance just
issued by the Commission.

Competition Commissioner Neelie Kroes said: "This case illustrates
how we can work together with Member States to design measures
that help to solve the financial crisis while avoiding negative
effects on other Member States' banks.  I am very pleased with the
constructive attitude of the Irish authorities".

On Oct. 3, the Irish authorities informed the Commission about a
planned support scheme consisting of a state guarantee over
current and future liabilities of certain banks operating on the
Irish market.  After constructive contacts, the Irish authorities
were able to submit the finalized scheme, taking into account
Single Market aspects discussed with the Commission, only one week
later, on Oct. 12, 2008.

The Commission found that the revised scheme constituted an
adequate means to restore confidence in the financial markets and
overcome a market failure for wholesale funding that affects even
healthy banks.  The Commission also found that the revised scheme
addressed issues that had been raised by the Commission relating
to maintaining the integrity of the Single Market in financial
services and compliance with EU state aid principles, in
particular as regards:

    * non-discriminatory coverage of banks with systemic
      relevance to the Irish economy, regardless of origin

    * a pricing mechanism that covers the funding costs of the
      scheme and ensures a fair contribution over time by the
      beneficiary banks

    * appropriate safeguards against abuse of the scheme,
      including restrictions on commercial conduct and limits to
      balance-sheet growth

    * accompanying measures to address structural shortcomings
      of certain banks, in particular if the guarantee has to be
      called upon

    * safeguards on the use of guaranteed subordinated debt
     (lower tier-2 capital), in particular regarding the
      solvency ratios of the beneficiary banks

    * limitation to 2 years and a review at 6-monthly intervals
      of the continued necessity for the scheme, in the light of
      changes in financial market conditions.

On this basis the Commission found the revised package
proportionate and equipped with sufficient safeguards to limit
distortions of competition with other banks and to avoid negative
spillovers in other Member States, while minimizing aid from
public funds.


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


ALITALIA SPA: CAI Extends Conditional Offer Until End of October
----------------------------------------------------------------
Compagnia Aerea Italiana s.r.l., a consortium of Italian investors
created to save Alitalia Spa, extended the deadline on its
conditional offer to relaunch the national carrier until Oct. 31,
2008, various reports say.

CAI had originally given a deadline of October 15 but extended it
to give time for CAI to complete due diligence work.

A shareholder meeting has been set for October 28 to among others
change the company's charter.

As reported in the Troubled Company Reporter-Europe on Sept. 30,
2008, CAI is considering launching the new Alitalia by November 1.

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

On Sept. 22, 2008, the TCR-Europe reported that CAI withdrew its
bid to buy Alitalia's healthier assets after failing to win the
support of labor unions.  After CAI's withdrawal, Alitalia
proceeded with its fourth public request for offers to buy any or
all parts of the company's assets until Sept. 30, 2008.

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

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

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

                         About Alitalia

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

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

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


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


ASIA-TRANS LLP: Creditors Must File Claims by November 21
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Asia-Trans insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Aiteke bi Str. 50-32
         050000, Almaty
         Kazakhstan
         Tel: 8 777 223 62-01


AVTORID LLP: Claims Deadline Slated for November 21
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Avtorid insolvent.

Creditors have until Nov. 21, 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


BOLASHAK LTD: Claims Filing Period Ends November 21
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agro Firm Bolashak insolvent.

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

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


CONSULTING-7 LLP: Creditors' Claims Due on November 21
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Consulting-7 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Aiteke bi Str. 50-32
         050000, Almaty
         Kazakhstan
         Tel: 8 777 223 62-01


INTERNATIONAL SUPPORT: Claims Registration Ends November 21
-----------------------------------------------------------
LLP International Support Services has declared liquidation.
Creditors have until Nov. 21, 2008, to submit written proofs of
claims to:

         LLP International Support Services
         Sain Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 777 293 23-15


GWANWOO CONSTRUCTION: Creditors Must File Claims by November 21
---------------------------------------------------------------
LLP Gwanwoo Construction Company Limited has declared
liquidation.  Creditors have until Nov. 21, 2008, to submit
written proofs of claims to:

         LLP Gwanwoo Construction Company Limited
         Aiteke bi Str. 123-7
         Almaty
         Kazakhstan


NAM WON ENGINEERING: Claims Deadline Slated for November 21
-----------------------------------------------------------
Branch of JSC Nam Won Engineering declares about its liquidation.
Creditors have until Nov. 21, 2008, to submit written proofs of
claims to:

         Branch of JSC Nam Won Engineering
         Bichurin Str. 16/1
         Micro District Ak-Bulak
         Almaty
         Kazakhstan


TIANSHAN INTERNATIONAL: Claims Filing Period Ends November 21
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Joint Enterprise Tianshan International Construction
Co. Ltd. insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Makatayev Str. 196-36
         Almaty
         Kazakhstan
         Tel: 8 (7272) 79-86-76


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


M. FRUNZE: Creditors Have Until Nov. 12 to Submit Claims
--------------------------------------------------------
LLC Bishkek Factory of Agricultural Mechanical Engineering by
M. Frunze Bishkeksky Zavod Selskohozyaistvennogo Mashinostroyeniya
Imeni M. Frunze has shut down.

Creditors have until Nov. 12, 2008, to submit written proofs of
claim.

Inquiries can be addressed to (+996 312) 65-36-51.


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


ROMPETROL GROUP: Fitch Holds B+ Rating; Changes Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has changed the Netherlands-based The Rompetrol
Group N.V.'s Outlook to Stable from Positive.  Its Long-term
Issuer Default rating is affirmed at 'B+'.

The Outlook change incorporates TRG's continued exposure to
refinancing risk, given the short-term bias of its debt.  The
company's liquidity position remains weak, with short-term debt
maturities exceeding cash and undrawn committed facilities.  This
leaves the company dependent on the renewal of its trading and
working capital facilities and/or on additional shareholder loans
to fund its obligations.  This, coupled with TRG's high financial
leverage and very low interest coverage, leaves the company with a
vulnerable standalone credit profile amid the current difficult
credit market conditions.  The company plans to refinance a major
part of its short-term debt with a syndicated bank facility.

The rating for TRG reflects its strong strategic ties with its
Kazakhstan-based integrated oil & gas parent, KazMunaiGaz National
Company (NC KMG, 'BBB'/'F3'/Negative).  It also takes into account
financial support from NC KMG by way of subordinated loans granted
to TRG.  Since the acquisition of a 75% stake in TRG in November
2007, NC KMG, together with TRG's minority shareholder, Rompetrol
Holding S.A., has provided subordinated loans of US$533 million to
the company.  This helped to fund TRG's rising working capital
needs stemming from elevated crude oil and refined product prices
in H108.

Fitch notes NC KMG does not guarantee TRG's debt.  The agency
understands there is currently no plan for an enhancement of TRG's
capital structure by equity injection from TRG shareholders,
although NC KMG's subordinated loans provide an option to convert
into equity on loan maturity in 2011.  TRG's operational ties with
NC KMG increased in H108 after the parent started to supply most
of the crude oil needed for TRG's refining business with favorable
payment terms.

Fitch will provide further analysis on TRG once it has reviewed
the company's updated long-term business plan detailing the
capital expenditure program, including the refinery upgrade, in
coming weeks.


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


FRONTIER DRILLING: S&P Retains Watch Neg. on B- Corporate Rating
----------------------------------------------------------------
Standard & Poor's Rating Services said that the ratings of private
offshore drilling rig and FPSO (Floating Production Storage and
Offloading) operator Frontier Drilling ASA will remain on
CreditWatch with negative implications where they were placed on
March 28, 2008.

"We view recent developments as favorable for credit quality, but
we will wait to resolve the CreditWatch listing until Frontier
successfully completes its current shipyard projects, including
the upgrade of the Phoenix drillship, which is now expected to be
completed by late fourth quarter of 2008," said S&P's credit
analyst Jeff Morrison.

Frontier has received amendments from its first and second-lien
lenders that ease its financial covenants.  Given weaker-than-
expected EBITDA generation in 2008 (due largely to longer-than-
anticipated downtime between contracts for its Duchess drillship)
and higher-than-anticipated costs related to the upgrade of its
Phoenix drillship, Frontier was going to be in violation of its
financial covenants for the second fiscal quarter of 2008 (ended
June 30).  Subsequently, Frontier has received amendments from its
lenders that include a reset to minimum leverage and interest
coverage covenants, reset and extended minimum EBITDA covenants,
and a reset to the maximum capital expenditure limitations.

The company also received an additional capital infusion from
financial sponsors that shores up near-term liquidity.  In
September, Frontier received US$175 million in supplemental
funding from the company's largest private sponsor,
Carlyle/Riverstone, (concurrent with the completion of the bank
amendment process) in the form of additional payment-in-kind (PIK)
preferred subordinated securities.  Given cost overruns on its
various shipyard projects  during the past two years, Frontier
required additional near-term funding to meet its near-term
capital projects, namely maintenance work on the Seillean FPSO and
the upgrade of the Phoenix unit.

Successful recontracting of the Duchess drillship should improve
cash flow in the fourth quarter.  Frontier recently signed a two-
year contract at favorable terms (~US$308,000 per day) for work
offshore Nigeria with Nigerian Petroleum Development Corp.  The
Duchess is currently mobilizing from Southeast Asia to Nigeria
and should commence operations under its new contract by mid-
November.

Frontier also secured improved contract terms for its Discover and
Phoenix drillships.  Frontier has been able to strengthen the
dayrate and term structure of the contracts for these units
through an adjustment of its existing contracts with Royal Dutch
Shell PLC (AA+/Stable/A-1+).  These improved contracts should
allow for increased free cash flow to put toward deleveraging over
future periods.

If Frontier can successfully complete the Phoenix upgrade within
its revised cost estimates and the Phoenix successfully commences
operations under its long-term contract, S&P will likely remove
ratings from CreditWatch with negative implications and affirm
Frontier's 'B'- corporate rating with a stable outlook.
Nonetheless, this outcome will also be contingent upon a full
review and assessment of Frontier's near-to-intermediate-term
liquidity position and requirements, and cash flow outlook for the
remainder of 2008 and into 2009.

The rating on Bergen, Norway-based Frontier, a wholly owned
subsidiary of FDR Holdings Ltd., reflects a highly leveraged
financial risk profile, a limited number of currently operating
offshore units to generate cash flow over the near term, and
substantial cost overruns incurred during the past two years with
its rig upgrade projects.  These concerns are not sufficiently
mitigated by a growing backlog and improved contracts for its
offshore units and the expectation of stronger free cash flow
generation in 2009 once shipyard projects are complete.


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


SAGRES STC: Fitch Holds 'B' Rating on EUR53MM Class T Notes
-----------------------------------------------------------
Fitch Ratings has upgraded Sagres STC - Explorer 2004's Class M
floating-rate notes and affirmed the others.  Sagres is the first
securitization launched by the Portuguese government and backed by
unpaid tax and social security claims originated in Portugal.

  -- EUR135 million Class A2 floating-rate notes
    (ISIN XS0190180678) affirmed at 'AAA'; Outlook Stable

  -- EUR170 million Class M floating-rate notes
    (ISIN XS0190180918) upgraded to 'AAA' from 'AA';
     Outlook revised to Stable from Positive

  -- EUR129 million Class N floating-rate notes
    (ISIN XS0190181130) affirmed at 'A-';
     Outlook revised to Positive from Stable

  -- EUR136 million Class O floating-rate notes
    (ISIN XS0190181213) affirmed at 'BB+'; Outlook Stable

  -- EUR53 million Class T fixed-rate notes (ISIN XS0190181486)
     affirmed at 'B', Outlook Stable

The rating action follows a recent review of the transaction
performance.  Collections for the six month period ended September
2008 continued to outperform Fitch's forecasts.  The aggregate
collections from closing amounted to EUR1,610 million, 5% higher
than Fitch's revised base case.  IVA (VAT tax) remained the
largest contributor to the total collected amount and IRS
(personal income tax) ranked highest in terms of recovery (24.4%).

As of September 2008, the balance in the issuer account stood at
approximately EUR382 million, which is sufficient to pay down the
remaining Class A2 notes and Class M notes.  Should future
collections perform in line with Fitch's revised base case, all
the remaining notes are expected to be repaid before their
respective final maturity date.

However, as the portfolio of claims ages, and more claims become
annulled and dormant, future collections will be more challenging
and unpredictable.  Fitch will continue to monitor the performance
of this transaction.


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


ALROSA CO: KIT Acquisition Cues S&P to Put BB Rating on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB' long-term
corporate credit rating on state-controlled Russian diamond miner
Alrosa Co. Ltd. on CreditWatch with negative implications.  This
action follows the announcement by Alrosa's subsidiary, Investment
Group Alrosa, of its acquisition of 45% of Russian KIT Finance
Investment Bank (not rated), which is experiencing financial
difficulties.  The 'B' short-term corporate credit rating was
affirmed.

"The CreditWatch placement reflects our concerns about the
uncertainty surrounding the transaction and the potential future
exposures for Alrosa, at a time when the company's liquidity is
already weak and cash flow coverage metrics have deteriorated,"
said S&P's credit analyst Andrey Nikolaev.

Although the 45% stake is to be bought for a nominal sum of RUR45
(about US$2), there are significant uncertainties about the
transaction's structure, which have not yet been clarified, and
about KIT Finance's creditworthiness.  Moreover, although Alrosa
doesn't plan to increase its stake in KIT Finance, participate
in management, or provide any form of support, and will eventually
sell this investment, it may succumb to government pressure to
support the bank, which could weigh on Alrosa's already weak
liquidity and significant leverage.  As of Dec. 31, 2007, Alrosa
had RUR8 billion in cash deposits with KIT Finance, which have
since declined to RUR3 billion, according to management.  A
mitigating factor is Alrosa's status as a government-related
entity (GRE).

The ratings are based on S&P's bottom-up methodology for assessing
GREs.  S&P currently assesses the company's stand-alone credit
quality at 'BB-' and add one notch for potential extraordinary
state support because the Russian government currently controls
the majority of Alrosa's share capital.

Alrosa's stand-alone credit quality is pressured by the high
capital expenditures required to develop underground mines as the
company's key open pits deepen.  Further constraints are Alrosa's
deteriorating cash flow coverage metrics, weak liquidity, and
difficult operating conditions in its core operating area,
Yakutia.

Alrosa's No. 2 global ranking in diamond mining and large reserves
support the rating, however.

S&P expects to resolve the CreditWatch placement over the next
three months, once it sees the final structure of the transaction
and can determine the extent of Alrosa's participation.  The
amount of support KIT Finance may need is currently difficult to
estimate.  S&P regards Alrosa's opportunistic investment policy,
highlighted by this acquisition, as negative for the
rating.

"For a CreditWatch resolution, we will also need to review the
developments in the company's liquidity position and the potential
for stronger state support, which could come in the form of an
announcement of explicit financial backing," said Mr. Nikolaev.


AMUR-KOMPLEKT LLC: Creditors Must File Claims by November 19
------------------------------------------------------------
Creditors of LLC Amur-Komlekt (TIN 2801076566) have until
Nov. 19, 2008 to submit proofs of claims to:

         D. Khaustova
         Insolvency Manager
         Office 105
         Pereulok Svyatitelya Innokentiya 13
         Blagoveshchensk
         675000 Amurskaya
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A04-1816/08-12/175B.

The Court is located at:

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


The Debtor can be reached at:

         LLC Amur-Komplekt
         Novotroitskoe shosse 2nd km
         675000 Blagoveshchensk
         Russia


BUGULMINSKIY PORCELAIN: Creditors Must File Claims by November 3
----------------------------------------------------------------
Creditors of OJSC Bugulminskiy Porcelain have until Nov. 3, 2008,
to submit proofs of claims to:

         A. Boltakov
         Temporary Insolvency Manager
         Post User Box 261
         420021 Kazan
         Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
supervision procedure.  The case is docketed under Case No.
A65123162008/2008-SG439.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12
         Floor 2
         Entrance 2
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Bugulminskiy Porcelain
         Bugulma
         Tatarstan
         Russia


FOUNDRY PRODUCTION: Chelyabinsk Bankruptcy Hearing Set Nov. 11
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene at 10:00 a.m.
on Nov. 11, 2008, to hear bankruptcy proceedings on LLC Foundry
Production.  The case is docketed under Case No. A76-25567/
2007-55-262.

The Insolvency Manger is:

         K. Zvonkov
         Post User Box 31
         Chebarkul
         456440 Chelyabinskaya
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Foundry Production
         Suvorova Str. 17
         Chebarkul
         456440 Chelyabinskaya
         Russia


LESOVIK LLC: Creditors Must File Claims by November 3
-----------------------------------------------------
Creditors of LLC Lesovik have until Nov. 3, 2008, to submit proofs
of claims to:

         S. Zelenchikov
         Temporary Insolvency Manager
         Apt. 23
         Prospekt Lenina 373
         Volzhskiy
         404133 Volgogradskaya
         Russia

The Arbitration Court of Volgogradskaya commenced bankruptcy
supervision procedure. The case is docketed under Case No. ?12-
14978/08-s50 .

The Debtor can be reached at:

         LLC Lesovik
         Pushkina Str. 63
         Volzhskiy
         Volgogradskaya
         Russia


MASHINOSTROITEL LLC: Creditors Must File Claims by November 19
--------------------------------------------------------------
Creditors of LLC Mashinostroitel (Material Working Machine
Production)(TIN 1828010930, PSRN 1021801068134) have until
Nov. 19, 2008 to submit proofs of claims to:

         S.Pyankov
         Insolvency Manager
         Office73
         K. Marksa Str.246
         426057 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A71-2491/2008 G26.

The Court is located at:

         The Arbitration Court of Udmurtia
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtia
         Russia

The Debtor can be reached at:

         LLC Mashinostroitel
         Zheleznodorozhnaya Str.28
         427430 Votkinsk
         Udmurtia
         Russia


ROS-BIO-TEKH-MOBY: Creditors Must File Claims by November 3
-----------------------------------------------------------
Creditors of LLC Ros-Bio-Tekh-Moby Research and Manufacturing
Association (PSRN 1024000936002) have until Nov. 3, 2008, to
submit proofs of claims to:

         Ye. Pozdnyakova
         Insolvency Manager
         Marata Str. 21a
         305000 Kursk
         Russia

The Arbitration Court of Kaluzhskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A2367/08B-176 .

The Debtor can be reached at:

         LLC Ros-Bio-Tekh-Moby
         Obninsk
         Kaluzhskaya
         Russia


SEVERSTAL OAO: Lowers Production Estimates for October 2008
-----------------------------------------------------------
As a result of slower demand for steel products due to recent
changes in global economic conditions, OAO Severstal has decided
to reduce production at its steel plants in Russia, North America
and Europe for the month of October.

In Russia, Severstal will reduce production at its Cherepovets
steel plant by approximately 25% for crude steel.

In the United States, Severstal will be adjusting production to
balance with customer needs to an aggregate of approximately 30%
across its facilities.

In Italy, Severstal is scheduling October production cuts of 30%.

Mr. Sergei Kuznetsov, CFO of OAO Severstal, said: "We consider
these measures to be prudent management in a time of rapidly
changing market conditions.  We are maintaining close discussions
with our customers to support their near-term requirements.
Likewise, the Company is communicating with suppliers so that we
can optimize the supply chain and keep all stakeholders informed
of production levels."

                         About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on Aug. 27,
2008, Fitch Ratings affirmed OAO Severstal's ratings at long term
Issuer Default 'BB', Short-term IDR 'B', and National 'AA-
(rus)'.  The Outlooks on the Long-term IDR and National Long-term
rating are Stable.

OAO Severstal continues to carry Ba2 Corporate Family, Senior
Unsecured Debt and Probability-of-Default ratings from Moody's
Investor Service, which said the the outlook on all ratings is
stable.  Moody's raised the company's ratings to its current
level in October 2007.

The company also carries BB long-term Foreign and Local Issuer
Credit ratings from Standard & Poor's, which said the outlook is
stable.


SITRONICS JSC: Weakening Credit Profile Cues Fitch's Neg. Outlook
-----------------------------------------------------------------
Fitch Ratings has changed JSC Sitronics' Outlook to Negative from
Stable.  Its Long-term Issuer Default rating is affirmed at 'B-'.

The Negative Outlook reflects Sitronics' weakening credit profile
and increased refinancing risk in light of its sizable short-term
maturities over the next six months.  While Fitch understands that
Sitronics is currently working on various options to refinance its
US$125 million term loan maturities due in November 2008, the
agency remains concerned about the company's ability to secure
external financing in the current difficult capital market
conditions.  Fitch draws some comfort from potential financial
assistance from Sitronics' parent company, Sistema Joint Stock
Financial Corp (Long-term IDR 'BB-'/Stable); the latter has
confirmed its willingness to provide support in a liquidity
crisis.

Fitch also notes that Sitronics qualifies as a material subsidiary
of Sistema and its default would trigger a cross-default of the
parent's bonds.  If Sitronics is unable to secure external
financing, maintaining its rating at the 'B-' level may depend on
Sistema's willingness to provide financial assistance.  Fitch will
continue to closely monitor any developments on the company's
refinancing efforts.

Declining operating margins and high leverage have weakened
Sitronics' credit profile which now stands at the lower range of
its current rating.  Operationally, Sitronics remains a high-
growth company while its business profile is now focused on the
higher-margin, fast-growing micro-electronics business.  The
completion of the 0.18 micron chip manufacturing process
technology has strengthened Sitronics' position in the fast-
growing smart-cards and microchip technology business in Russia,
while the company continues to win government-sponsored contracts.

The recently announced joint venture with the Russian government
to create a new nano-technology fabrication plant in Moscow should
strengthen Sitronics' leading position in the micro-electronics
market in Russia and the CIS markets.  Sitronics is also planning
to re-allocate a sizable portion of its R&D and production
facilities to China through a joint venture with China's ZTE Corp.
which should reduce production costs.  Nevertheless, Fitch remains
cautious about the long-term commercial success and implementation
risks of these projects in light of the global economic slowdown
and challenging credit market conditions.

Sitronics' profitability deteriorated significantly in FY07,
impacted by the cancellation of two major contracts within the
telecom solutions segment and sizable losses in the consumer
electronics division, leading to negative OIBDA.  This trend was
reversed in H108, with OIBDA turning positive and revenue growing
45% y-o-y.  This was driven by Sitronics' aggressive restructuring
program and strong growth momentum in its micro-electronics and IT
businesses.

Leverage has increased materially due to higher capex and minority
stake acquisitions.  As of end-Q208 Sitronics had net debt,
excluding capital leases and derivatives, of US$641 million,
compared to US$327 million at end-FY07 while cash and cash
equivalents stood at US$104 million.  The recently announced
strategic projects will require additional funding and face
integration challenges however, Fitch would expect management to
remain disciplined in its expansion strategy given the
deteriorating microeconomic conditions.


SPETS-MED-EQUIPMENT: Creditor Must File Claims by  November 3
-------------------------------------------------------------
Creditors of LLC Spets-Med-Equipment have until Nov. 3, 2008, to
submit proofs of claims to:

         S. Peshkun
         Temporary Insolvency Manager
         Office 41
         Zeiskaya Str. 140
         Blagoveshchensk
         67500 Amurskaya
         Russia

The Arbitration Court of Amurskaya will convene on Dec. 13, 2009,
to hear the company's bankruptcy supervision procedure. The case
is docketed under Case No. AO4-6610/08-11/ 470 B .

The Court is located at:

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

The Debtor can be reached at:

         LLC Spets-Med-Equipment
         Office 2
         Oktyabrskaya Str. 221
         Blagoveshchensk
         675000 Amurskaya
         Russia


* S&P Revises Outlook on 13 Russian Banks to Negative from Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlooks on the
long-term ratings on 13 Russian financial institutions to negative
from stable.  In addition, the long-term ratings on all the banks
and financial companies were affirmed, and the Russia national
scale ratings on four of the affected entities were lowered.  S&P
also affirmed the ratings on 14 other entities, on which the
outlooks remain stable.

"The outlook revisions reflect our growing concerns about the
adverse impact of the ongoing domestic and international market
turbulence with regard to the financial and commercial
fundamentals of many domestic financial institutions," said S&P's
credit analyst Ekaterina Trofimova.  These relate to growing
credit risks; tighter liquidity; pressured refinancing and weaker
short-term growth prospects; and reduced profitability, namely due
to trading losses.

A positive development is that the Russian government seems
increasingly willing to pursue orthodox measures to address the
financial market turmoil.  Key support measures include plans to
provide banks with up to US$38 billion in long-term subordinated
loans, direct uncollateralized lending from the central bank to
about 100 banks, a US$50 billion package to refinance corporate
and banks' foreign borrowings, and a substantial increase in
borrowing limits from the Ministry of Finance.  However, the
continued tough and volatile macro environment and institutional
weakness in Russia make their outcome unpredictable, particularly
in respect of domestically owned private sector banks.

"We expect that higher funding costs and reduced access to the
debt markets will continue to put pressure on banks, especially
the small and midsize ones and those which have sizable amounts of
debt maturing in the coming months," said Ms. Trofimova.  Credit
is likely to become scarcer, which will have a negative impact on
the asset quality of borrowers and growth dynamics of the Russian
economy.  On the funding side, corporate depositors will use their
cash to repay debt coming due while retail depositors might
consider a flight to quality.  However, with the interbank market
being closed for many small banks, and with lines being cut by
their larger peers and higher interest rates, there could be a
dash for cash and more banks may experience liquidity problems.
This is likely to be exacerbated by the extreme risk aversion of
the international debt markets, particularly as sizable debt
refinancing needs to take place during the coming 12 months.  As a
knock-on impact, asset quality may then start to suffer as a
credit squeeze will prevent corporate borrowers financing their
own projects and investments.

For a more in-depth analysis on the impact of the ongoing
liquidity squeeze and stock market turbulence in Russia's banking
sector, please see the article "Financial Turbulence Tests
Resilience Of Russian Banks And State Support For Banking Sector,"
published on RatingsDirect on Sept. 22, 2008.

S&P maintains a stable outlook on several state and foreign-owned
banks that are less vulnerable to the difficult operating
environment due to positive ownership factors.  These include the
state-owned Bank VTB and Gazprombank and foreign-owned
Raiffeisenbank ZAO, CJSC Unicredit Bank (Russia), Rosbank OJSC,
and Rusfinance Bank.  In addition, S&P maintains stable outlooks
on banks with very low ratings, which already incorporate a high
degree of vulnerability to an adverse operating environment.

S&P's lowering of the Russia national scale ratings on four
Russian financial institutions reflects the more granulated credit
rating approach under its national ratings scale.

Ratings list:

Troika Dialog Group Ltd.            To               From
                                    --               ----
  Counterparty Credit Rating    BB-/Negative/B    BB-/Stable/B
  Russia National Scale         ruAA-             ruAA-

Bank URALSIB (OJSC)

  Counterparty Credit Rating    BB-/Negative/B    BB-/Stable/B

Promsvyazbank OJSC

  Counterparty Credit Rating    BB-/Negative/B    BB-/Stable/B

Bank Vozrozhdenie

  Counterparty Credit Rating    BB-/Negative/B    BB-/Stable/B
  Russia National Scale         ruAA-             ruAA-

OJSC Alfa-Bank.

  Counterparty Credit Rating    BB/Negative/B     BB/Stable/B
  Russia National Scale         ruAA              ruAA

MDM Bank

  Counterparty Credit Rating    BB/Negative/B     BB/Stable/B

Home Credit and Finance Bank LLC

  Counterparty Credit Rating    B+/Negative/B     B+/Stable/B

Commercial Bank Petrocommerce (OJSC)

  Counterparty Credit Rating    B+/Negative/B     B+/Stable/B
  Russia National Scale         ruA               ruA+

National Factoring Company

  Counterparty Credit Rating    B-/Negative/C     B-/Stable/C
  Russia National Scale         ruBBB-            ruBBB

Investment Company Veles Capital LLC

  Counterparty Credit Rating    B-/Negative/C     B-/Stable/C
  Russia National Scale         ruBBB-            ruBBB

CentroCredit Bank JSC

  Counterparty Credit Rating    B-/Negative/C     B-/Stable/C
  Russia National Scale         ruBBB-            ruBBB-

West Siberian Commercial Bank

  Counterparty Credit Rating    B/Negative/C      B/Stable/C
  Russia National Scale         ruBBB+            ruA-

B.I.N.BANK

  Counterparty Credit Rating    B/Negative/C      B/Stable/C
  Russia National Scale         ruBBB             ruBBB

Ratings Affirmed:

Aljba Alliance

  Counterparty Credit Rating      B-/Stable/C

Bank of Khanty-Mansiysk (JSC)

  Counterparty Credit Rating      BB-/Stable/B
  Russia National Scale           ruAA-

JSC VTB Bank

  Counterparty Credit Rating      BBB+/Stable/A-2
  Russia National Scale           ruAAA

Bank VTB 24

  Counterparty Credit Rating      BBB+/Stable/A-2
  Russia National Scale           ruAAA

VTB-Leasing

  Counterparty Credit Rating      BBB+/Stable/A-2
  Russia National Scale           ruAAA

Gazprombank

  Counterparty Credit Rating      BBB-/Stable/A-3
  Russia National Scale           ruAA+

International Industrial Bank

  Counterparty Credit Rating      BB-/Stable/B

Krayinvestbank

  Counterparty Credit Rating      B/Stable/C
  Russia National Scale           ruA-

Raiffeisenbank ZAO

  Counterparty Credit Rating      BBB+/Stable/A-2
  Russia National Scale           ruAAA

Rosbank OJSC

  Counterparty Credit Rating      BB+/Stable/B

Rusfinance Bank

  Counterparty Credit Rating      BB+/Stable/B

Surgutneftegasbank

  Counterparty Credit Rating      B+/Stable/B

TransCreditBank

  Counterparty Credit Rating      BB/Stable/B
  Russia National Scale           ruAA

CJSC Unicredit Bank (Russia)

  Counterparty Credit Rating      BBB+/Stable/A-2


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


ALEXANDRIA JSC: Creditors Must File Proofs of Claim by Nov. 28
--------------------------------------------------------------
Creditors owed money by JSC Alexandria are requested to file their
proofs of claim by Nov. 28, 2008, to:

         JSC Gyseler Consulting
         Sihlbruggstrasse 105
         6340 Baar
         Switzerland

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


FILM FINANCIERS: Deadline to File Proofs of Claim Set Nov. 20
-------------------------------------------------------------
Creditors owed money by LLC Film Financiers Consortium are
requested to file their proofs of claim by Nov. 20, 2008, to:

         Lukas Erni
         Haus Post
         7122 Valendas
         Switzerland

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


GLAMOR NETWORK: Creditors Have Until Nov. 30 to File Claims
-----------------------------------------------------------
Creditors owed money by LLC Glamor Network are requested to file
their proofs of claim by Nov. 30, 2008, to:

         Peter Baumann
         Spitalstrasse 6
         8330 Pfaffikon ZH
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 9, 2008.


INNOPLANT LLC: Proofs of Claim Filing Deadline is Oct. 31
---------------------------------------------------------
Creditors owed money by LLC Innoplant are requested to file their
proofs of claim by Oct. 31, 2008, to:

         Hans Rudolf Keller
         Affolternstr. 17
         8908 Hedingen
         Switzerland

The company is currently undergoing liquidation in Hedingen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Dec. 14, 2007.


MOTION PICTURE: Creditors' Proofs of Claim Due by Nov. 20
----------------------------------------------------------
Creditors owed money by LLC Motion Picture Corporation of Europe
are requested to file their proofs of claim by Nov. 20, 2008, to:

         Lukas Erni
         Haus Post
         7122 Valendas
         Switzerland

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


SPM METALLBAUTECHNIK: Oct. 25 Set as Deadline to File Claims
------------------------------------------------------------
Creditors owed money by LLC SPM Metallbautechnik are requested to
file their proofs of claim by Oct. 25, 2008, to:

         LLC Balkonia
         Merkurstrasse 2
         6210 Sursee
         Switzerland

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


STEINER EXPRESS: Creditors Must File Proofs of Claim by Oct. 25
---------------------------------------------------------------
Creditors owed money by LLC Steiner Express are requested to file
their proofs of claim by Oct. 25, 2008, to:

         Peter Steiner-Marquart
         Schonenweg 5a
         8733 Eschenbach
         Switzerland

The company is currently undergoing liquidation in Eschenbach SG.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 9, 2008.


VISANO DISTRIBUTIONS: Deadline to File Claims Set Oct. 31
---------------------------------------------------------
Creditors owed money by LLC Visano Distributions are requested to
file their proofs of claim by Oct. 31, 2008, to:

         Konrad Rechsteiner
         Untere Harfenbergstrasse 1
         9100 Herisau
         Switzerland

The company is currently undergoing liquidation in Biel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Nov. 24, 2007.


===========
T U R K E Y
===========


FORD OTOSAN: Fitch Cuts Issuer Default Rating to 'B'
----------------------------------------------------
Fitch Ratings downgraded Turkey-based Ford Otosan's Long-term
local currency Issuer Default rating to 'B' from 'BB-'.  The
Outlook remains Negative.  This follows the downgrade of Ford
Motor Company's Long-term IDR to 'CCC'/Negative from 'B-'/Negative
on October 6, 2008.

The Negative Outlook on FO is aligned with FMC's and continues to
reflect FMC's ownership of the Ford brand, the shareholder
relationship between FO and FMC, and FO's export sales network
dependence on the Ford of Europe system within FMC.  Any further
deterioration in FMC's Long-term IDR is likely to negatively
affect FO's rating, given the aforementioned links.  In assessing
FO's rating and Outlook, Fitch has also taken its parent and
subsidiary rating linkage criteria into consideration.  In Fitch's
view, the parent's weaker financial profile compared to the
subsidiary and its weak operational and financial ties with FO
warrant the two-notch rating differential between FMC and FO.
This differential, however, has narrowed as FMC has moved further
down on the rating scale, into the 'CCC' category.

FMC's Long-term 'CCC' IDR does not have any direct and immediate
impact on FO's financial profile or its ability to continue its
production and delivery operations in Turkey and Europe.  However,
FO's export sales, representing 62% of FY07 revenues, remain
dependent on FMC's international sales and distribution network in
Europe.

FMC and Koc Group of Turkey jointly control FO with a 41% stake
each, while the remaining 18% is quoted on the Istanbul Stock
Exchange.


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


ALTA LLC: Creditors Must File Claims by October 16
--------------------------------------------------
Creditors of LLC Alta (code EDRPOU 32747896) have until Oct. 16,
2008, to submit proofs of claim to:

         Vitaly Levin
         Liquidator/Insolvency Manager
         Ap. 32
         Pochayninskaya Str. 50/49
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 21, 2008.
The case is docketed as B 3/140-08.

The Debtor can be reached at:

         LLC Alta
         09000 Kiev
         Ofc. 1
         Rose Luxembourg Str. 66
         Skvira
         Ukraine


ALTAIR-2004 LLC: Creditors Must File Claims by October 16
---------------------------------------------------------
Creditors of LLC Altair-2004 (code EDRPOU 32914267) have until
Oct. 16, 2008, to submit proofs of claim to:

         Liudmila Romanchuk
         Liquidator/Insolvency Manager
         Ap. 258
         Alma-Ata Str. 41-B
         02092 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 18, 2008.
The case is docketed as 23/194-b.

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

The Debtor can be reached at:

         LLC Altair-2004
         Balzac Str. 81/1
         02097 Kiev
         Ukraine


D-CART LLC: Creditors Must File Claims by October 17
----------------------------------------------------
Creditors of LLC D-Cart (code EDRPOU 33574639) have until Oct. 17,
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-48/105-08.

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

The Debtor can be reached at:

         LLC D-Cart
         Shevchenko Str. 111-a
         61013 Kharkov
         Ukraine


ETALON-LIS LLC: Creditors Must File Claims by October 16
--------------------------------------------------------
Creditors of LLC Etalon-Lis (code EDRPOU 31512062) have until
Oct. 16, 2008, to submit proofs of claim to:

         Igor Verkhatsky
         Liquidator/Insolvency Manager
         Ap. 38
         Shelkovichnaya Str. 16
         01024 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on March 21, 2006.
The case is docketed as 15/49-b.

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

The Debtor can be reached at:

         LLC Etalon-Lis
         Proreznaya Str. 4
         01034 Kiev
         Ukraine


ECOMEBLIS LLC: Creditors Must File Claims by October 16
-------------------------------------------------------
Creditors of LLC Ecomeblis (code EDRPOU 34445392) have until
Oct. 16, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on Aug. 11, 2008.  The case is docketed
as 24/140-05-5498.

The Debtor can be reached at:

         LLC Ecomeblis
         Ap. 72
         Ac. Korolev str. 81b. 6
         Odessa
         Ukraine


HIMROST LLC: Creditors Must File Claims by October 17
-----------------------------------------------------
Creditors of LLC Himrost (code EDRPOU 31174074) have until
Oct. 17, 2008, to submit proofs of claim to:

         I. Gusar
         Liquidator/Insolvency Manager
         P.O. Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 43/614.

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

The Debtor can be reached at:

         LLC Himrost
         Karelsky Lane 5
         02094 Kiev
         Ukraine


INFORMRESOURCE LLC: Creditors Must File Claims by October 16
------------------------------------------------------------
Creditors of LLC Informresource (code EDRPOU 32081096) have until
Oct. 16, 2008, to submit proofs of claim to:

         Maka Shoniya
         Liquidator/Insolvency Manager
         P.O. Box 7978
         69001 Zaporozhje
         Ukraine
         Tel: 8(067)993-14-82

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as 19/209/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC Informresource
         Naberezhnoye
         Primorsky District
         Zaporozhje
         Ukraine


METAL INDUSTRIAL: Creditors Must File Claims by October 17
----------------------------------------------------------
Creditors of LLC Metal Industrial Investment (code EDRPOU
31897361) have until Oct. 17, 2008, to submit proofs of claim to:

         Yaroslav Onushkanich
         Liquidator
         Ap. 3
         Striy Str. 71b
         79031 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 9, 2008.
The case is docketed as 8/105.

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

The Debtor can be reached at:
         LLC Metal Industrial Investment
         B. Kotik Str. 7/105
         79014 Lvov
         Ukraine


PRIZMA LLC: Creditors Must File Claims by October 17
----------------------------------------------------
Creditors of LLC Prizma (code EDRPOU 32223409) have until Oct. 17,
2008, to submit proofs of claim to:

         I. Gusar
         Liquidator/Insolvency Manager
         P.O. Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on June 25, 2008.
The case is docketed as 43/613.

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

The Debtor can be reached at:

         LLC Prizma
         Radistov Str. 44-A
         02322 Kiev
         Ukraine


RODAN-AGRO LLC: Creditors Must File Claims by October 16
--------------------------------------------------------
Creditors of LLC Rodan-Agro (code EDRPOU 32683288) have until
Oct. 16, 2008, to submit proofs of claim to:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 26, 2008.
The case is docketed as 10/4040.

The Debtor can be reached at:

         LLC Rodan-Agro
         Tchizhevka
         Zvenigorod District
         Cherkassy
         Ukraine


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


ALBA 2007-1: Fitch Puts Class F Notes' BB Rating on Watch Negative
------------------------------------------------------------------
Fitch Ratings has placed Alba 2007-1 Plc on Rating Watch Negative
following the issuer's announcement that its liquidity facility
agreement has expired.

On June 17, 2008, the liquidity facility provided for the
transaction by Danske Bank expired without a standby-drawing being
made in accordance with the terms of the liquidity facility
agreement.  Currently, the issuer is in the process of resolving
this issue.  Due to the role of the liquidity facility in
providing support to the transaction, a failure to replace the
facility could potentially result in multi-category downgrades.

The RWN reflects that, without a replacement of the liquidity
facility, the issuer will be left with no facility to provide
interest payments on the notes if revenue receipts and the cash
reserve are insufficient to cover interest payments on the notes.
Although Fitch does not expect this scenario to be likely in the
near term, the lack of a liquidity facility would have a rating
impact under the agency's rating scenarios.

Fitch expects to resolve the RWN once more information is obtained
regarding the replacement of the liquidity facility provider.  If
no replacement or resolution is found, Fitch will take rating
action before the next interest payment date, occurring in
December 2008.

The current ratings are:

Alba 2007-1 Plc
  -- Class A1a (ISIN XS0301704077): 'AAA' on Rating Watch Negative
  -- Class A1b (ISIN XS0301704234): 'AAA' on Rating Watch Negative
  -- Class A2 (ISIN XS0301704747): 'AAA' on Rating Watch Negative
  -- Class A3 (ISIN XS0301721832): 'AAA' on Rating Watch Negative
  -- Class B (ISIN XS0301706288): 'AAA' on Rating Watch Negative
  -- Class C (ISIN XS0301707096): 'AA-' on Rating Watch Negative
  -- Class D (ISIN XS0301708060): 'A-' on Rating Watch Negative
  -- Class E (ISIN XS0301708573): 'BBB' on Rating Watch Negative
  -- Class F (ISIN XS0301708813): 'BB' on Rating Watch Negative
  -- MERC (ISIN XS0301962444): affirmed at 'AAA' Outlook Stable


AMARANTH ACCESSORIES: Taps Joint Administrators from BDO Stoy
-------------------------------------------------------------
David Gilbert and Antony Nygate (IP Nos 2376 and 9237) of BDO Stoy
Hayward LLP were appointed joint administrators of Amaranth
Accessories Ltd. (Company Number 05867663) on Sept. 25, 2008.


ASK LEISURE: Brings in Joint Administrators from Tenon Recovery
---------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint administrators of Ask Leisure Ltd. (Company Number
03490532) on Sept. 25, 2008.

The company can be reached at:

         Ask Leisure Ltd.
         c/o Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         SR5 3JN
         England


BARCLAYS BANK: To Raise GBP6.5 Billion Additional Capital
---------------------------------------------------------
Barclays Bank PLC will raise in excess of GBP6.5 billion of Tier 1
Capital which will result in a pro forma Tier 1 Capital ratio as
at June 30, 2008 of over 11%, the bank said in a press statement
October 13.

The additional capital, Barclays said, will be raised from
investors without calling on the Government funding which has been
offered to U.K. Banks.

Barclays' plan, as approved by the U.K. Financial Services
Authority, envisages:

   -- The issue of preference shares to raise cGBP3 billion by
      Dec. 31, 2008 as Barclays contribution to the commitment
      made by U.K. banks to increase Tier 1 capital by
      GBP25 billion in aggregate by year-end.

   -- The issue of new ordinary shares to raise GBP0.6 billion
      (US$1 billion) as announced on September 17 as part of
      the bank's announcement concerning the acquisition
      of Lehman Brothers North American investment banking
      and capital markets businesses.

   -- The issue of new ordinary shares to raise a further
      cGBP3 billion as soon as practicable after the
      announcement of the bank's full year 2008 results but
      before March 31, 2009.  The offer of such shares will
      be structured so as to give existing shareholders full
      rights of participation.

   -- Balance sheet management and operational efficiencies
      to release at least a further GBP1.5 billion in
      equity resources.

As part of the issuance of shares, Barclays has agreement in
principle with an existing shareholder to contribute GBP1 billion
in new capital, to be allocated between the stated component
parts.

                  No Dividend Payments for 2008

In the light of the new capital ratios agreed with the FSA and in
recognition of the need to maximize capital resources in the
current economic climate, the Board of Barclays has concluded that
it would not be appropriate to recommend the payment of a final
dividend for 2008.  This dividend, amounting to GBP2 billion,
would otherwise have been payable in April 2009.  Barclays intends
to resume dividend payments in the second half of 2009.

                      Access to Facilities

In the event that any of the proposed capital issuances do not
proceed, Barclays, along with the other UK banks, would be
eligible to have access to the capital facilities announced by the
U.K. Government on Oct. 8, 2008.  The terms of such facilities
would be negotiated at the time and may be on terms less favorable
than those recently made available.  The U.K. Government has also
confirmed that Barclays is eligible to use the extended facilities
with the Bank of England and the U.K. Government guarantee of term
unsecured issuance which have been made available to UK Banks.

The bank will provide its interim management statement on Nov. 18,
2008.

                     About Barclays Bank PLC

Barclays Bank PLC -- http://www.barclays.com/-- is a global
financial services provider engaged in retail and commercial
banking, credit cards, investment banking, wealth management and
investment management services with international presence in
Europe, the United States, Africa and Asia.  Barclays operates in
over 50 countries and employs over 150,000 people.


HBOS PLC: Government to Buy GBP8.5BB Shares Under Rescue Plan
-------------------------------------------------------------
The U.K. government will bail out HBOS Plc by purchasing
GBP8.5 billion of the company's shares at GBP113.6, an 8.5%
discount to the company's closing price last Friday, Times Online
and The Telegraph U.K. say.

Reuters says the government has reserved GBP37 billion in
taxpayers' money to rescue three major banks and become the bank's
major shareholder.

Bloomberg News reported Sunday that U.K. Prime Minister Gordon
Brown's government will take majority stakes in Royal Bank of
Scotland Group Plc and HBOS Plc.  This will give the state control
of a third of Britain's bank branches in an effort to contain the
financial crisis, Bloomberg said citing two people familiar with
the matter.

Reuters relates that under the plan, Royal Bank of Scotland will
boost its capital by GBP20 billion, issuing GBP15 billion worth of
shares underwritten by the state, and GBP5 billion in preference
shares directly taken by the government.

The Telegraph writes that HBOS is also placing GBP3 billion of
preference shares with the Government.  After both shares issues,
HBOS tier 1 capital ratio will be 12%, a significant strengthening
for a company that, according to Citigroup in September, had about
GBP258 billion in customer deposits and lending GBP456 billion.
The Telegraph comments that Lloyds gets to acquire HBOS that is
stronger - but for a cheaper price.

According to the Times Online, Lloyds TSB will raise about
GBP5.5 billion, consisting of GBP4.5 billion in ordinary shares
and GBP1 billion of preference shares.  The ordinary shares will
be sold for GBP173.3 each, also an 8.5% discount to last Friday's
closing price.  No dividends will be paid until the preference
shares are paid off in full.  Analysts at Cazenove speculated that
this could take several years, the Times Online says.

HBOS admitted being affected by the financial crisis while Lloyds
TSB said it traded well in the second half of the year.

                 HBOS CEO and Chair Forgo Payoffs

HBOS chief executive officer and chairman of Plc will not take the
payoffs they are entitled to when they leave the bank after its
takeover by Lloyds TSB, Reuters relates, citing HBOS.

CEO Andy Hornby is giving up his contractual entitlement of a
year's salary of GBP940,000 (US$1.6 million) and possible bonus,
which was over GBP700,000 last year, the report says.  Chairman
Dennis Stevenson is giving up his entitlement to a basic salary of
GBP710,000.

Royal Bank of Scotland's outgoing chief executive, Fred Goodwin,
also said Monday he will not take a payoff when he leaves later
this year, Reuters reports.

                   About Royal Bank of Scotland

Royal Bank of Scotland (LON: RBS) RBS) is a holding company of The
Royal Bank of Scotland plc (Royal Bank) and National Westminster
Bank Plc (NatWest), which are United Kingdom-based clearing banks.
The company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On Oct. 17, 2007, RFS Holdings B.V.
(RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                         About HBOS Plc

HBOS Plc (LON: HBOS) is a United-Kingdom based company.  It is the
holding company of the HBOS Group.  It operates through five
divisions: Retail, Corporate, Insurance & Investment,
International and Treasury & Asset Management.  The company's
Retail range of products includes personal and business banking
products and services to 23 million customers.


IVMD UK: Calls in Joint Administrators from BDO Stoy Hayward
------------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of IVMD UK Ltd.
(Company Number 03344705) on Sept. 26, 2008.

The company can be reached at:

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


JOPEJO LTD: Appoints Joint Administrators from BDO Stoy Hayward
---------------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Jopejo Ltd. (Company Number
04017544) on Sept. 26, 2008.

The company can be reached at:

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


KAUPTHING SINGER: Urges Icelandic Gov't. to Honor Guarantee
-----------------------------------------------------------
Chief Minister Tony Brown MHK, on Friday, Oct. 10, 2008, confirmed
that a parental guarantee was given in September 2007 by Kaupthing
Bank hf, registered in Iceland, to discharge the liabilities,
including client deposits, of its Isle of Man subsidiary Kaupthing
Singer & Friedlander (Isle of Man) Ltd.

"The Isle of Man Government is determined to protect depositors
with the local subsidiary by pressing the Government of Iceland,
which has nationalized Kaupthing Bank, to honor the commitment
given to its Isle of Man based affiliate.

"Accordingly, we have made representation to the United Kingdom
Government - which is responsible for defending the Isle of Man's
interests internationally requesting them to press the
Government of Iceland to honor Kaupthing's guarantee," the Chief
Minster said.

In the meantime the Isle of Man Government confirmed that the new
Depositors' Compensation Scheme, included within the Compensation
of Depositors Regulations 2008, came into operation
immediately after approval of the Regulations by Tynwald on
Thursday, Oct. 9, 2008.

                        Liquidation

On Thursday, Oct. 9, 2008, the Financial Services Commission
confirmed that an Order has been made by the Courts appointing
Michael Simpson of PricewaterhouseCoopers, Chartered Accountants
as Liquidator provisionally of Kaupthing Singer & Friedlander
(Isle of Man).  The Petition for the winding up of the company has
been adjourned until Friday, Oct. 24, 2008.

The process will ensure that all depositors are treated fairly.
Meanwhile the Commission is holding discussions with Mr. Simpson
in order to monitor the position of depositors, and it will be for
him to comment in due course on the extent of recoveries and other
matters.

The Commission has suspended the banking license of Kaupthing
Singer & Friedlander (Isle of Man) with immediate effect.

The demise of Kaupthing Singer & Friedlander (Isle of Man) was
heavily affected by the inability of the parent bank to provide
continuing support to the local business.  Exactly the same issue
appears to have affected the UK sister banking entity. Iceland is
experiencing severe economic difficulties and this appears to have
significantly contributed to problems at the parent bank,
Kaupthing Bank hf.  The consequential loss of confidence locally
meant that the bank was unable to meet the prospect of sudden and
exceptional withdrawals without continuing support which did not
materialize.

                          Receivership

On Thursday, Oct. 9, 2008, the Icelandic Financial Supervisory
(IFSA) has decided to take on the powers of Kaupthing Bank's
shareholders' meetings.  Furthermore, the board of directors has
resigned.  In addition, the IFSA has appointed a receivership
committee to assume the powers of the board of directors with
immediate effect.

The members of the receivership committee are: Finnur
Sveinbjornsson, Knutur Thorhallsson, Bjarki H. Diego, Gudny Arna
Sveinsdottir and Steinar Thor Gudgeirsson.

The receivership committee has asked Hreidar Mar Sigurdsson to
remain as CEO of Kaupthing Bank hf. and be responsible for daily
operations.

                 About Kaupthing Bank

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

       About Kaupthing Singer & Friedlander (Isle of Man)

Kaupthing Singer & Friedlander (Isle of Man) Ltd. --
http://www.kaupthingsingers.co.im/-- is the UK subsidiary of
Iceland-based Kaupthing Bank hf.


LANDSBANKI ISLANDS: Dismisses Rumors Over Fund Transfers
--------------------------------------------------------
Due to press reports and claims concerning fund transfers between
Landsbanki subsidiaries and the parent company during the period
leading up Icelandic financial enterprises being placed in
receivership by the Icelandic FSA, as provided for by newly
adopted legislation, Landsbanki would like to state the following:

   1. No such transfers were made between Heritable Bank and
      Landsbanki during the period in question and Heritable
      Bank remained fully financed.

   2. No transfers were made from Landsbanki London Branch to
      the parent company in Iceland during the period in
      question; on the contrary, Landsbanki Islands hf.
      transferred substantial funds to its UK branch during this
      time to fulfill its Icesave commitments.

Landsbanki would like to emphasize in particular that reports of
this matters and statements to this effect by UK Government
officials do not apply in any way to Landsbanki.

                       Receivership

As reported in the TCR-Europe on Oct. 9, 2008, the Icelandic
Financial Supervisory Authority (IFSA) has under powers granted by
the Icelandic Parliament proceeded to take control of Landsbanki
Islands hf.

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

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

                      About Landsbanki

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

                            *    *    *

As reported in the TCR-Europe on Oct. 10, 2008, Moody's Investors
Service has downgraded the bank financial strength rating (BFSR)
of Landsbanki Islands hf to E from C-, its
long-term deposit ratings to Caa1 from A2 and its senior unsecured
ratings to Caa2 from A2.  Consequently, the bank's Prime-1 short-
term rating was downgraded to Not-Prime.  In addition, the bank's
subordinated, junior subordinated and preferred stock ratings were
downgraded to C.  The outlook on all ratings is developing.

At the same time, Fitch Ratings has downgraded the Long-term
Issuer Default ratings of Glitnir Banki hf. and Landsbanki Islands
to 'B' from 'BBB-' and 'BBB' respectively, and that of Straumur
Burduras Investment Bank to 'BB-' from 'BB+'.  The ratings of
Kaupthing Bank hf. are under review.

This rating action follows the announcement of legislative
measures providing for broad authority to Icelandic authorities to
intervene in the Icelandic financial system and the statement that
Landsbanki has been placed in receivership, and reflects Fitch's
view that both the ability and propensity of the Icelandic
authorities to support the Icelandic banking system are becoming
increasingly compromised.  The support rating floor for the major
Icelandic banks is now 'B'.

Both Glitnir, following the acquisition by the Icelandic
authorities last month of a 75% stake, and Landsbanki, which was
placed in receivership, are now at their support rating floor.
Glitnir's Individual rating of 'F' is affirmed and Landsbanki's
Individual rating has been downgraded to 'F' from 'C' to reflect
the receivership arrangement.


LEHMAN: Provides Update on Outstanding Settlement Transactions
--------------------------------------------------------------
Following consultation with, and the agreement of, the Financial
Services Authority (FSA), as well as consultation with the joint
administrators of Lehman Brothers International Europe (LBIE) and
other market participants, Euroclear UK & Ireland (EUI) which
operates the CREST settlement system has instructed its members
that all outstanding settlement instructions involving Lehman be
match deleted by LBIE and counterparties.

The FSA and EUI believe that this action will promote market
confidence by providing certainty that all outstanding LBIE's
transactions, by whatever route they were initially conducted
(whether on-exchange, through other trading platforms or over the
counter) will not settle through the CREST system, and will
resolve the operational risks for CREST which have arisen out of
LBIE's default.

Resolution of the status of those underlying contracts not subject
to the default rules of the relevant exchanges and/or clearing
houses will remain a matter for bilateral agreement between the
joint administrators and the counterparty concerned.

                     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.


LUCAS OF MANSFIELD: Goes Into Administration
--------------------------------------------
Car dealer Lucas of Mansfield has gone into administration,
chad.co.uk reports.

According to the report, the company's bosses said the recent drop
in cars sales forced them to call in administrators.

Nick Edwards, one of the administrators from Nottingham Business
Advisers Cooper Parry told chad.co.uk that showrooms continue to
open in the short term to sell its remaining stock of cars.

Founded in 1918 by Reginald Lucas, Lucas of Mansfield operates
Subaru, Proton, Daihatsu, and Isuzu dealerships from premises on
Nottingham Road, employing 27 people.


LUDGATE FUNDING: S&P Junks Rating on Class S Notes to CCC from B-
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch with negative implications its credit ratings on the
series 2006-FF1 class C, D, E, and S notes issued by Ludgate
Funding PLC.  The class Ba and Bb notes have been removed from
CreditWatch negative and affirmed, and the class A2a, A2b, and
MERCs have been affirmed.

The rating actions follow a full credit and cash flow analysis of
the most recent loan-level information, particularly taking into
account the current and expected levels of the transaction
reserve, in the near term.  This analysis showed that the credit
enhancement available for the class C, D, E, and S notes was
insufficient to maintain the existing ratings on these notes.

The transaction drew GBP216,504 of its reserve fund balance on the
September 2008 interest payment date (IPD).  The reserve fund is
now GBP82,315, representing 0.04% of the outstanding mortgage
balance, or 5.49% of the reserve required amount of GBP1.5
million.  This is the fourth reserve fund draw on consecutive
IPDs.

The reserve fund draws are primarily driven by the unhedged
differences in the interest rate received from the loans, which
are linked to the bank base rate (BBR), and payments due on the
notes, which are linked to three-month LIBOR.  S&P accounted for
this risk at closing by looking at the historical difference
between LIBOR and BBR and modeling this additional risk in its
cash flow analysis.  S&P incorporated the current dislocation
between these interest rates into the current cash flow analysis.

The recent BBR reduction to 4.5% will lower the monthly payments
for the borrowers for the third month in this quarter.  However,
this will increase the differential between BBR and LIBOR for this
month (LIBOR was set for the quarter at 5.75%), placing further
pressure on the cash flows.

Repossessions have increased to 1.42% from 0.92% as of the most
recent investor report.  Cumulative principal losses were
GBP220,702, representing 0.06% of the original balance.  With
house prices likely to continue falling in the coming months, S&P
expects to see higher losses in all U.K. residential mortgage-
backed securities (RMBS) transactions.

The reserve fund may become fully depleted on the next IPD.  This
would leave an uncleared balance on the class E note PDL.  The
depletion of the reserve fund is highly dependent on the
collection rate achieved and the principal losses.  The liquidity
facility may also be required to pay interest on the class E notes
if the total revenue payments, including the reserve fund, are
cannot meet the fees, expenses, and interest on the notes.  The
liquidity facility provider is Barclays Bank PLC (AA/Watch Neg/A-
1+).  The balance of the liquidity facility is GBP19.87 million,
all of which is currently available to pay interest on the
collateral-backed notes, if required.

S&P will continue to monitor the performance of this transaction
using the most recent loan-level data for full credit and cash
flow analyses.  S&P will pay particular attention to future
repossessions, losses, and changes in collection rates and
prepayment rates.

Ludgate Funding PLC

  -- GBP271.8 Million And EUR156.4 Million Mortgage-Backed
     Floating-Rate Notes Series 2006-FF1

Ratings Lowered and Removed From CreditWatch Negative:

Class      To               From
-----      --               ----
   C        BBB         BBB+/Watch Neg
   D        BB          BB+/Watch Neg
   E        B           BB/Watch Neg
   S        CCC         B-/Watch Neg

Ratings Removed From CreditWatch Negative And Affirmed:

Class      To             From
-----      --             ----
  Ba        A+         A+/Watch Neg
  Bb        A+         A+/Watch Neg

Ratings Affirmed:

A2a        AAA
A2b        AAA
MERCs      AAA


PIPE & PROCESS: Taps Tenon Recovery to Administer Assets
--------------------------------------------------------
J. K. Rolls and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Pipe & Process Projects Ltd. (Company
Number 04582063) on Sept. 26, 2008.

The company can be reached at:


         Pipe & Process Projects Ltd.
         3-8 Trinity Trading Estate
         Tribune Drive
         Sittingbourne
         Kent
         ME10 2PG
         England


ROSEBYS GROUP: Closes 31 Outlets; Axes 186 Jobs
-----------------------------------------------
The Joint Administrators of the Rosebys group of companies
confirmed that they have this week closed a further 31 of the home
textile retail chain's outlets, making 186 people redundant.

In addition, the administrators have also closed the Rosebys
distribution center in Selby, North Yorkshire, with the loss of 87
jobs.

Howard Smith, Joint Administrator and KPMG Restructuring Associate
Partner, said: "It is with regret that we have had to close both
the distribution center in Selby and 31 more stores across the
country.  We anticipate further store closures next week, while we
continue to have dialogue with a number of parties who are
interested in either the whole or parts of the business."

Outlets closed during the week commencing Monday, Oct. 6, with the
accompanying number of redundancies:

    * Dagenham (7)
    * Ilford (6)
    * Hammersmith (8)
    * Walsall (6)
    * Stevenage (5)
    * Walthamstow (6)
    * Maidstone (6)
    * Burton (6)
    * Liverpool (5)
    * Hartlepool (5)
    * Hounslow (6)
    * Barnsley (5)
    * Lewisham (7)
    * Chelmsford (7)
    * Sutton (8)
    * Peterborough (7)
    * Woking (5)
    * Edinburgh (5)
    * Nottingham Victoria Centre (3)
    * Lowestoft (4)
    * Thurrock (8)
    * Worthing (7)
    * Hull (6)
    * Maidenhead (4)
    * York (5)
    * Camberley (5)
    * Stirling (6)
    * Hemel Hempstead (5)
    * Dundee (6)
    * Wolverhampton (5)
    * Leeds White Rose Centre (12)

As reported in the TCR-Europe on Oct. 7, 2008, Rosebys group of
companies have received 45 expressions of interest in the business
to date and are liaising with interested parties.

                    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.

                        About Rosebys

Based in Yorkshire, Rosebys is a textiles retailer.  The company
has an annual turnover of GBP100 million.  It employs 2,000 staff.


SIGNUM FINANCE: S&P Junks Series 2005-7 Combo Notes to CC From BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its rating on the
combination securities notes from Signum Finance II PLC's series
2005-7 and removed it from CreditWatch with negative implications,
where it was placed Sept. 23, 2008.

The rating on the notes from series 2005-7 is supported by
underlying bonds issued by Lehman Bros. Treasury Co. B.V. and is
guaranteed by Lehman Bros. Holdings Inc.  The downgrade therefore
reflects our recent actions on Lehman Bros. and its related
entities.

Rating lowered and removed from CreditWatch Negative:

Signum Finance II PLC Series 2005-7

Class           To        From
-----           --        ----
Combo notes     CC        BB/Watch Neg


UK DIGGERS: Appoints Joint Administrators from Baker Tilly
----------------------------------------------------------
Graham Paul Bushby and Guy Edward Brooke Mander of Baker Tilly
Restructuring & Recovery LLP were appointed joint administrators
of UK Diggers Ltd. (Company Number 04722565) on Sept. 24, 2008.

The company can be reached at:

         UK Diggers Ltd.
         UKD House
         Hilton Industrial Estate
         Sutton Lane
         Hilton
         DE65 5FE
         England


* S&P Notes Continuing Market Pressure For UK RMBS Transactions
---------------------------------------------------------------
U.K. residential mortgage-backed securities (RMBS) transactions
continue to suffer from a range of risks relevant to their
ratings, according to a report published by Standard & Poor's
Ratings Services.

U.K. RMBS transactions are under pressure from a number of
factors, in particular, falling house prices, high levels of
delinquencies, slowing refinancing rates, more severe losses on
repossessions, and ongoing draws on transactions' reserve funds.

These factors are being felt more acutely in the nonconforming
sector and in more recent (2006 and 2007) transactions.  Outside
of these particular areas, RMBS ratings continue to be generally
stable.

In recent years, S&P hasn't downgraded any U.K. RMBS.  On the
contrary, the nonconforming RMBS sector experienced considerable
upgrade rates.

Looking ahead, however, stressful conditions in the housing and
mortgage funding markets currently show no signs of easing, in
S&P's opinion.

"In the nonconforming sector, we believe that downgrade rates will
continue to increase, with speculative-grade or low investment-
grade ratings most likely to be affected first, while most high
investment-grade ratings should remain more stable," said S&P's
credit analyst Kate Livesey.

"Since the beginning of 2008, the nonconforming sector has seen
downgrades for the first time in its history, with the vast
majority of negative rating actions affecting transactions that
closed in 2006 and 2007," Ms. Livesey said.  "Upgrades have
continued, but in smaller numbers, and have been restricted to
transactions from the 2003-2005 vintages."

Ms. Livesey added: "By contrast, all U.K. prime RMBS transactions
that we rate have continued to perform well in 2008, with no
reserve fund draws, and no ratings lowered in any of the
outstanding transactions to date.  However, delinquency levels and
repossessions are rising and we expect house price declines -- and
their subsequent impact on indexed loan-to-value ratios -- to also
potentially put downward pressure on prime RMBS ratings."


* UK Gov't. Implements Financial Support Measures for Banks
-----------------------------------------------------------
With continuing exceptional instability in the global financial
markets, the UK Government is taking decisive action, by
implementing the comprehensive set of measures it announced on
Oct. 8, to make commercial investments in UK banks and building
societies to help stabilize their position and support the long
term strength of the economy.

The overall aim of these measures is to support stability in the
financial system; to protect ordinary savers, depositors,
businesses and borrowers; and to safeguard the interests of the
taxpayer.  In summary, the measures intend to:

    * provide sufficient liquidity in the short term;

    * make available new tier 1 capital to UK banks and building
      societies to strengthen their resources permitting them to
      restructure their finances, while maintaining their
      support for the real economy, through the recapitalization
      scheme which has been made available to eligible
      institutions; and

    * ensure that the banking system has the funds necessary to
      maintain lending in the medium term through the credit
      guarantee scheme available to eligible institutions in
      relation to new short and medium term debt issuance.

The authorities have continued their detailed discussions with the
institutions who confirmed their participation in the
recapitalization scheme last week.  These institutions committed
in aggregate to increase their total tier 1 capital, either
through their own actions or, where requested, through support
from the Government's recapitalization scheme in the form of
preference and ordinary share capital.

The Government is making capital investments to RBS, and upon
successful merger, HBOS and Lloyds TSB, totaling GBP37 billion.

Following the completion of these capital investments, each of the
above institutions will have a Tier 1 capital ratio in excess of
9%, well above international minimum standards and at a level that
should put them on a strong footing for the future.

All participating institutions are eligible to take advantage of
the Government's credit guarantee scheme.

As part of its investment, the Government has agreed with the
banks supported by the recapitalization scheme a range of
commitments covering:

    * maintaining, over the next three years, the availability
      and active marketing of competitively-priced lending to
      homeowners and to small businesses at 2007 levels;

    * support for schemes to help people struggling with
      mortgage payments to stay in their homes, and to support
      the expansion of financial capability initiatives;

    * remuneration of senior executives - both for 2008 (when
      the Government expects no cash bonuses to be paid to board
      members) and for remuneration policy going forward (where
      incentive schemes will be reviewed and linked to long-term
      value creation, taking account of risk; and restricting
      the potential for "rewards for failure");

    * the right for the Government to agree with boards the
      appointment of new independent non-executive directors;
      and

    * dividend policy.

The recapitalizations are designed to enable participating banks
to achieve prudent but efficient capital structures.  The
Government intends to create a new arms length body to manage the
Government's shareholdings in recapitalized institutions on a
professional and wholly commercial basis, and seek to effectively
realize value to the taxpayer.  Transparent arrangements will be
put in place to ensure that any role for the Government in
relation to investment decision-making is clearly defined.  The
Government is not a permanent investor in UK banks.  Its
intention, over time, is to dispose of all the investments it is
making as part of this scheme in an orderly way.

The measures support stability in the wider financial system, and
protect the interest of taxpayers, depositors and savers.

The Government has informed the European Commission of the
schemes.  The Government stands ready to provide support through
the schemes to all eligible institutions, on the basis of the
conditions set out in its announcement last week.

The Government is continuing to collaborate internationally to
stabilize and strengthen the global financial system, following
the meetings of G7 and G20 Finance Ministers and the IMF on Friday
and Saturday.  Other countries have announced measures to
stabilize their own financial systems.

In parallel with other central banks, the Bank of England is today
announcing expanded swap lines with the US Federal Reserve and
that the Bank will supply dollar liquidity to the banking system
against collateral at a pre-set price with no fixed limit on the
amount.  The Bank will continue to take all actions necessary to
ensure that the banking system has access to sufficient liquidity.

With the first successful implementation of the schemes announced
last week now completed, the Government has taken decisive and
extraordinary action to support the banking system during this
period of exceptional financial turbulence, and to strengthen the
system for the future as markets stabilize.


* European Commission Approves UK Support Scheme for Banks
----------------------------------------------------------
The European Commission has approved under EC Treaty state aid
rules a UK package intended to stabilize the financial markets.
The package would provide new capital to eligible banks and
building societies, guarantee short and medium term debt to
encourage inter-bank lending and offer liquidity to banks under
strict conditions.  The measures were notified and assessed over
the weekend and approved Monday, Oct. 13, under a new accelerated
procedure for emergency rescue measures.  The Commission found the
measures to be compatible with EU state aid rules, because they
were an appropriate means to remedy a serious disturbance in the
UK economy (Article 87.3.b of the EC Treaty), while avoiding
unnecessary distortions of competition. In particular, the package
provides for non-discriminatory access, is limited in time and
scope and contains safeguards to avoid the abuse of the scheme.
The UK measures are therefore in line with the guidance just
issued by the Commission.

Competition Commissioner Neelie Kroes said: "The excellent
cooperation with the UK authorities and our streamlined procedures
have allowed the Commission to approve very quickly this
innovative and well-designed support scheme for UK banks. The
scheme will contribute to the recovery of European financial
markets, without creating undue distortions of competition."

On Oct. 11, 2008, the UK Authorities notified a package of
measures designed to ensure the stability of the UK financial
system.  The package consists of:


    * A recapitalization scheme, making available new capital to
      banks and building societies in exchange for preference or
      ordinary shares, to allow them to strengthen their balance
      sheets against possible losses;

    * A guarantee scheme covering the new issuance of short and
      medium term debt, in return for market-oriented
      remuneration, to support fundamentally sound banks that,
      due to the current crisis, are unable to access funding
      and

    * An extension of the short term liquidity measures provided
      by the Bank of England.

The Commission concluded that the package constituted an
appropriate means to restore confidence in the creditworthiness of
UK financial institutions and to stimulate inter-bank lending.  In
particular, the package is limited in time and scope and provides
non-discriminatory access for financial institutions with
substantial business in the UK.  It caps the future lending
activity of participating institutions with regard to their past
balance sheets, in order to avoid abusive expansion, based solely
on advantages derived from the state support.  At company level,
it limits managers' remuneration and requires the beneficiaries to
respect good governance practices.

Companies that benefited from capital injections and that intend
to maintain the state's shareholding beyond a certain timeframe
have to submit a restructuring plan to the Commission.  Debt
guarantees on newly issued debt will be available only to
financially sound beneficiaries that meet certain capital ratios.

Finally, the UK has committed to report to the Commission every
six months on the execution of the scheme.


* FSA Fines Alliance & Leicester GBP7 Million for PPI Failings
--------------------------------------------------------------
The Financial Services Authority, on Tuesday, Oct. 7, 2008, fined
Alliance & Leicester Plc (A&L) GBP7 million for serious failings
in its telephone sales of payment protection insurance (PPI).

For three years from January 2005 to December 2007 A&L sold
approximately 210,000 PPI policies to customers seeking a personal
loan at an average price of GBP1,265, but there was a general
failure by advisers to give customers details of the cost of PPI.
In addition A&L sought to find reasons to sell PPI without
properly considering what customers needed.

A&L did not make it sufficiently clear that PPI was optional and
it trained its staff to put pressure on customers where they
queried the inclusion of PPI in their quotation or challenged
advisers' recommendations.

These failings resulted in unacceptable levels of non-compliant
sales and a high risk of unsuitable sales over the three year
period.

"The failings at A&L are the most serious we have found.  This is
reflected in the record PPI fine," Margaret Cole, FSA Director of
Enforcement, said.  "It is very disappointing that after three
years of regulation we are still finding serious problems in PPI
sales.

"This case shows that we will continue to step up the action we
take when firms do not sell PPI properly.  Customers should be
able to rely on impartial advice based on their individual needs
and demands.  It is particularly unacceptable for a firm to train
its advisers to put pressure on customers when recommending
insurance cover which they have not asked for and may not need.
Firms cannot rely on paperwork sent out later as an excuse for
unclear or misleading statements given on the telephone.

"As we said in our recent update on our PPI work, firms must
ensure their PPI sales processes are up to the required standards.
They must change their behavior where necessary and if they are
either unwilling or unable to sell this product in a compliant
way, making sure that customers are treated fairly, they should
not be selling it at all."

A&L has agreed to implement a substantial and comprehensive
customer contact program, overseen by third party accountants.  It
will write to all customers who took out policies by telephone in
conjunction with an unsecured loan between Jan. 14, 2005 and Dec.
31, 2007, prompting them to review their policy against product
information sent to them.  It will also review any relevant
rejected complaints and claims and has committed to pay redress
where appropriate.

This remedial action has been taken into account by the FSA and
has reduced the level of penalty which would otherwise have been
imposed on the firm.

In addition, A&L qualified for a 30% reduction in penalty by
settling at an early stage of the FSA's investigation.  Were it
not for this discount, the FSA would have imposed a financial
penalty of GBP10 million.


* EU Commission Gives Guidance on Measures for Banks in Crisis
--------------------------------------------------------------
The European Commission has published guidance on how Member
States can best support financial institutions in the current
financial crisis whilst respecting EU state aid rules and so
avoiding excessive distortions of competition.  The guidance is
based in particular on EC Treaty rules allowing for aid to remedy
a serious disturbance in the economy of a Member State (Article
87.3.b of the EC Treaty).  The guidance will help Member States to
put in place coordinated concrete measures to restore confidence
in financial markets in accordance with the Oct. 12 Eurogroup
declaration.  EU state aid rules require that measures taken do
not give rise to disproportionate distortions of competition, for
example by discriminating against financial institutions based in
other Member States and/or allowing beneficiary banks to unfairly
attract new additional business solely as a result of the
government support.  Other requirements include that measures must
be limited in time and foresee adequate contributions from the
private sector.  The Commission will aim to approve schemes that
comply with this guidance very quickly (within 24 hours, if
possible).

Competition Commissioner Neelie Kroes said: "By adopting this
guidance the Commission has delivered very quickly on its
undertaking given to the EU's Council of Finance Ministers on 7th
October to help Member States to act in a coordinated and
effective manner to address urgent problems facing the financial
sector.  This guidance demonstrates how the state aid rules form
an important part of the solution to current problems on financial
markets and serves as a timely complement to the 12th October
Eurogroup agreement on action to safeguard the financial system"

The Commission's guidance (in the form of a Communication)
indicates how the Commission intends to apply EC Treaty state aid
rules to state support schemes and individual assistance for
financial institutions in the current crisis.  Support schemes
such as guarantees or recapitalization schemes can be cleared by
the Commission very quickly if they fulfill conditions which
guarantee that they are well-targeted and proportionate to the
objective of stabilizing financial markets and contain certain
safeguards against unnecessary negative effects on competition.
The specific conditions include:

    * Non-discriminatory access in order to protect the
      functioning of the Single Market by making sure that
      eligibility for a support scheme is not based on
      nationality

    * State commitments to be limited in time in such a way that
      it is ensured that support can be provided as long as it
      is necessary to cope with the current turmoil in financial
      markets but will be reviewed and adjusted or terminated as
      soon as improved market conditions so permit

    * State support to be clearly defined and limited in scope
      to what is necessary to address the acute crisis in
      financial markets while excluding unjustified benefits for
      shareholders of financial institutions at the taxpayer's
      expense

    * An appropriate contribution of the private sector by way
      of an adequate remuneration for the introduction of
      general support schemes (such as a guarantee scheme) and
      the coverage by the private sector of at least a
      significant part of the cost of assistance granted

    * Sufficient behavioral rules for beneficiaries that prevent
      an abuse of state support, like for example expansion and
      aggressive market strategies on the back of a state
      guarantee

    * An appropriate follow-up by structural adjustment measures
      for the financial sector as a whole and/or by
      restructuring individual financial institutions that had
      to rely on state intervention.

The observance of these principles, including in individual aid
measures, will have to be ensured by Member States and will be
monitored by the Commission.  The Commission is available to
advise Member States, on the basis of this guidance, on how best
to tailor national measures to comply with EU state aid rules in
advance of finalization of a particular scheme.

The Communication is based on the principles underpinning the
existing Rescue and Restructuring Guidelines, taking into account
the particular circumstances applying to the financial sector in
the context of the current exceptional crisis that can be
considered to constitute a serious disturbance in the economy of a
Member State within the meaning of the state aid rules (Article
87.3.b).

The text of the guidance Communication is available at:

http://ec.europa.eu/competition/state_aid/legislation/horizontal.h
tml


* Large Companies with Insolvent Balance Sheet
----------------------------------------------
                                Shareholders    Total   Working
                                    Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (168)
Sky Europe                            (3)         213      (53)

BELGIUM
-------
Sabena S.A.                          (86)       2,223     (280)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192      (58)
Setuza A.S.                          (61)         138      (61)


DENMARK
-------
Elite Shipping                       (28)         101        3
Roskilde Bank                       (532)       7,877      N.A.

FRANCE
------
BSN Glasspack                       (101)       1,150      159
Grande Paroisse S.A.                (927)         629      346
Immob Hoteliere                      (67)         301      (17)
Lab Dosilos                          (28)         110      (17)
Matussiere et Forest S.A. MTF        (78)         294      (38)
Pagesjaunes GRP           PAJ     (3,023)       1,377     (453)
Rhodia SA                           (504)       7,213      712
Selcodis S.A.             SPVX       (21)         140      (35)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Alno AG                   ANO        (21)         340      (88)
Brokat AG                            (27)         143      108
CBB Holding AG            COB        (43)         905      N.A.
Cinemaxx AG               MXC        (38)         178      (47)
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (28)
EM.TV AG                  EV4G.BE    (22)         849       19
Kaufring AG               KAUG       (19)         152      (48)
Kunert AG                            (28)         102       29
Maternus Kliniken AG      MAK.F      (21)         204      (99)
Nordsee AG                            (8)         195      (14)
Primacom AG               PRC        (14)         730      (68)
Spar Handels- AG          SPAG      (442)       1,433     (294)
TA Triumph-Adler          TWN        (66)         484      (77)
Vivanco Gruppe                       (10)         131       28

GREECE
------
Empedos SA                           (34)         175      56
Noussa Spin                          (11)         450     (107)
Petzetakis-PFC            PETZP       (9)         284     (143)
Radio A.Korassidis        KORA      (101)         181     (164)
   Commercial
Themeliodome                         (56)         232     (128)
United Textiles                      (11)         450     (108)

HUNGARY
-------
Brodograde Indus                   (322)         119      (366)
IPK Osijek DD OS                    (12)         128       (82)
OT Optima Teleko                    (26)         119         8

ICELAND
-------
Decode Genetics Inc.      DCGN     (187)         111       48

IRELAND
-------
Elan Corp PLC             ELN      (388)       1,599       705
Waterford Wed Ut          WTFU     (125)         972       278


ITALY
-----
A.S. Roma S.p.A.          ASR        (12)         188      (67)
Binda S.p.A.              BND        (11)         129      (23)
Cirio Finanziaria S.p.A.            (422)       1,583      N.A.
Gruppo Coin S.p.A.        GC        (151)         791      (61)
Compagnia Italia          ICT       (138)         527     (318)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,215      N.A.
Eurofly S.p.A.                        (7)         180      (52)
Fullsix                               (4)         114      (18)
I Viaggi del
   Ventaglio S.p.A.       VVE        (64)         529     (127)
Olcese S.p.A.             OLCI.MI    (13)         180      (80)
Parmalat Finanziaria
   S.p.A.                        (18,421)       4,121  (16,921)
Snia S.p.A.               SN         (12)         447       31
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (30)


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
James Hardie Ind.                   (238)       2,357      183
United Pan-Euro Air       UPC     (5,506)       5,113   (9,170)


NORWAY
------
Interoil Exploration      IOX         (9)         205      (11)
Petroleum-Geo Services    PGO        (18)         400     (758)


POLAND
------
Toora                               (288)          147     (85)


ROMANIA
-------
Oltchim RM Valce          OLT         (7)         673     (170)
Rafo Onesti               RAF       (430)         353     (616)


RUSSIA
------
East Siberia Brd          VSNK      (113)         148      (10)
Gukovugol                            (57)         144     (147)
Omskij Kauchu             OMKA        (4)         125      (68)
OAO Samaraneftegas                  (332)         892     (611)
Vimpel Ship               SOVP       (93)         281     (420)
Zil Auto                  ZILLP     (178)         425  (10,597)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.           AHV       (116)       1,283     (278)
Santana Motor S.A.       LRSA        (46)         223       41


SWITZERLAND
-----------
Fortune Management                   (85)         348      (37)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dniprooblenergo           DNON       (51)         433   (1,010)
Donetskoblenergo          DOON      (341)         573   (2,365)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                  AMY        (49)         932      (47)
Atkins (WS) Plc           ATK       (150)       1,390       62
Bagleys Investment                  (247)       1,094     (126)
BCH Group Plc             BCH         (6)         188      (44)
Blenheim Group            BEH       (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd                (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Carlisle Group                       (12)         204       15
Compass Group             CPG       (668)       2,972     (298)
Dowson Holding            DWN        (18)         226       31
Dignity Plc               DTY         (9)         648       35
Easybroker PLC                        (1)         287       (1)
Easynet Group             ESY.L      (45)         323       38
Electrical and Music
   Industries Group       EMI     (2,266)       2,950     (296)
Evans Healthcare                     (86)         239     (144)
Global Green Tech Group             (156)         408      (18)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Ladbrokes Plc             LAD       (894)       2,139     (356)
Lambert Fenchurch Group               (1)       1,827        3
Legal & Gen. Fin.                     (7)       3,576     (522)
M 2003 Plc                        (2,204)       7,205     (756)
Misys Plc                 MSY         (7)       1,123     (131)
Mytravel Group            MT.L      (380)       1,818     (488)
New Star Asset                      (418)         368       10
Next Plc                            (156)       3,224      (63)
Norbain Finance                      (10)         280      (10)
Orange Plc                ORNGF     (594)       2,902        7
Rank Group Plc                       (26)       1,209      (88)
Regus Plc                            (46)         367      (60)
Saatchi & Saatchi         SSI       (119)         705      (41)
SFI Group                 SUF       (108)         178     (162)
Skyepharma PLC            SKP       (117)         212       11
Spirit Group                         (75)         365      (56)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
Trio Finance              TRIO       (14)         592      N.A.
Wincanton Plc             WIN        (27)       1,451      (78)

                            *********

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 * * *