TCREUR_Public/081015.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, October 15, 2008, Vol. 9, No. 205

                            Headlines

A U S T R I A

IMPULS LLC: Claims Registration Period Ends October 29
K&B ISOLIERTECHNIK: Claims Registration Period Ends October 29
SPECIAL CAR: Claims Registration Period Ends October 30


B E L G I U M

FORTIS NV: To Focus on International Insurance; May Delist Shares
FORTIS NV: Bank Unit Not Sold to Deutsche Bank, Dutch Finance Says


D E N M A R K

* EU Commission Approves Danish State Support Scheme for Banks


F R A N C E

NOYON: Goes Into Administration
WINDEREMRE XII: S&P Lowers Ratings on Class F and G Notes to BB


G E R M A N Y

ALLGEMEINE BAU-VERWALTUNGS: Creditors Meeting Slated for Oct. 22
CAMPA BIODIESEL: Creditors' Meeting Slated for October 21
COUPONTIP VERWALTUNGS: Claims Registration Period Ends Oct. 22
EPICEPT CORP: European Commission Okays Sale of Ceplene Drug
EPICEPT CORP: Plans to Raise US$50,000,000 By Issuing Securities

GROSSARTIGE NACHTE: Claims Registration Period Ends Oct. 21
HYPO REAL: Denies Giving Wrong Information About Liquidity Needs
HYPO REAL: Supervisory Board Chair Kurt F. Viermetz Steps Down
LEAR CORPORATION: Reduces 2008 Sales Outlook by US$1,000,000,000
PUTLITZER REKO: Claims Registration Period Ends Oct. 22

SAN BAU: Claims Registration Period Ends October 20
SANDKULL BAUUNTERNEHMUNG: Claims Registration Ends Oct. 20
SCHATTNER OPTIK: Claims Registration Period Ends Oct. 22
SYSTEMPARTNER COMPUTERVERTRIEBS: Claims Filing Ends October 20
TUI AG: Moody's Places B1 CFR on Review for Possible Downgrade

WINDERMERE: S&P Cuts Ratings on XIV, VIII, XI and Green CMBS Notes
WINTERGARTEN VARIETE: Creditors Meeting Slated for Oct. 22
WWB PROJEKTENTWICKLUNG: Claims Registration Period Ends Oct. 20
ZEITZER MALER: Claims Registration Period Ends Oct. 21


I C E L A N D

BAUGUR GROUP: CEO Dismisses Administration Rumors
LANDSBANKI ISLANDS: Straumur Cancels Share Purchase Agreement


K A Z A K H S T A N

AKM-TRADING LLP: Creditors Must File Claims by November 25
ANSHY & K LLP: Claims Deadline Slated for November 25
EKUS LLP: Claims Filing Period Ends November 21
FRMP-PAVLODAR: Creditors' Claims Due on November 25
GF CONSTRUCTION: Claims Registration Ends November 25

JARYK-PAGE LLP: Creditors Must File Claims by November 25
MARKET-PLUS LLP: Claims Deadline Slated for November 25
SHANYRAK FANANCIAL: Claims Filing Period Ends November 25
TAZA-EL LLP: Creditors' Claims Due on November 25
URAL CASPIE: Claims Registration Ends November 25


K Y R G Y Z S T A N

BAI EMIR: Creditors Must File Claims by November 14


N E T H E R L A N D S

EURAMAX INTERNATIONAL: Moody's Junks Corporate Family Rating


R U S S I A

KASKAD LLC: Voronezh Bankruptcy Hearing Set November 26
NOVUS-OIL CJSC: Creditor Must File Claims by November 3
PROMTEKS AVA: Creditors Must File Claims by November 26
RBC INFORMATION: S&P Cuts Credit Rating to B Over Liquidity Risks
SIB-GOR-MASH OJSC: Creditors Must File Claims by November 26

SIBIR ENERGY: Denies Being Subject of Margin Calls
STREZHEVOY-NEFTE-DOR-STROY: Claims Filing Period Ends Nov. 26
UST-KUBINSKIY LES-PROM-KHOZ: Claims Filing Period Ends Nov. 26
ZAP-SIB-REGION-GAZ: Court Starts Bankruptcy Supervision Process


S P A I N

SAEZ MERINO: Seeks Court Authority to Liquidate Business


S W E D E N

FORD MOTOR: Analysts Worried Firm May Run Out of Cash
FORD MOTOR: CEO Mulally Says Bankruptcy Not an Option
FORD MOTOR: Lewis Booth Will Replace Don Leclair as CFO
FORD MOTOR: U.S. Chief Dismisses Rumor of Mazda Stake Sale
FORD MOTOR: S&P Puts 'B-' Long-Term Rating on Negative CreditWatch

SVITHOID TANKERS: Applies for Insolvent Liquidation


S W I T Z E R L A N D

ATELIER BLAZEJEWSKI: Creditors Must File Claims by Nov. 30
EO2 LLC: Deadline to File Proofs of Claim Set Dec. 12
GENERAL MOTORS: In Talks with Cerberus to Acquire Chrysler
GENERAL MOTORS: Analysts Worried Firm May Run Out of Cash
GENERAL MOTORS: Says Bankruptcy Not an Option

GENERAL MOTORS: Market Woes Cue S&P to Put 'B-' Rating on WatchNeg
R. FLACH ELEKTRONIK: Creditors Have Until Oct. 31 to File Claims
RITTERSPORN JSC: Proofs of Claim Filing Deadline is Oct. 31
SPIESER AUTOHANDEL: Creditors' Proofs of Claim Due by Dec. 16
TAC JSC: Oct. 31 Set as Deadline to File Claims

VESCOR JSC: Deadline to File Proofs of Claim Set Nov. 30


U K R A I N E

ACHILLES-2005 LLC: Creditors Must File Claims by October 17
BROVARY RESEARCH-EXPERIMENTAL: Claims Filing Ends October 18
DEKALOG LLC: Creditors Must File Claims by October 18
DNIPRO-PRODUCT LLC: Creditors Must File Claims by October 18
KATKO LLC: Creditors Must File Claims by October 17

KLN LLC: Creditors Must File Claims by October 18
NADRA BANK: Fitch Lowers Individual Rating to 'E' from 'D/E'
REGION WHOLESALE: Creditors Must File Claims by October 17
V.A.N. LLC: Creditors Must File Claims by October 17

* S&P Revises Outlooks on Three B-Rated Ukrainian Banks to Neg.
* Fitch Says Ukrainian Banks Risks Hike as Global Turmoil Worsens
* UKRAINE: Central Bank Moves to Stabilize Banking Sector


U N I T E D   K I N G D O M

AMERICAN INTERNATIONAL: Uses Additional US$9BB From Gov't Loan
AMERICAN INTERNATIONAL: Gov't to Name Trustees to Manage Stake
AMERICAN INT'L: Aware of Potential Woes in Valuing Contracts
APPROVED PROPERTIES: Claims Filing Period Ends November 14
BAUGUR GROUP: CEO Dismisses Administration Rumors

BLUELA LTD: Brings in Liquidators from Vantis Business Recovery
CHESS II: S&P Cuts Rating on Series 31 Notes to 'D'
E.B. CROWHURST: Calls in Liquidators from Mazars
EM FINANCIAL: Goes Into Administration; Buyer in the Sidelines
F&C EVENT: To Propose Voluntary Liquidation in December 2008

HBOS PLC: Lloyds CEO Aims to Complete Rescue Deal Immediately
HOUSE OF EUROPE: Moody's Cuts Ratings on 4 Classes of Notes to 'C'
MICAP PLC: Petitions Court to Appoint Administrators
PMI GROUP: Moody's Reviewing 'Ba1' Jr. Subordinated Debt Rating
ROYAL BANK: Gets GBP20 Bil. Cash Injection from UK Government

SEA VENTURES: Goes Into Administration

* Fitch Lifts Support Floors on Eight UK Banks Over Gov't Support
* European Corporate Securitizations Remain Stable, S&P Reports


                         *********


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


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

         Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02, 713 61 92
         Fax: DW 22
         E-mail: kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 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 113/08t).   Dr. Annemarie
Kosesnik-Wehrle represents Dr. Langer in the bankruptcy
proceedings.


K&B ISOLIERTECHNIK: Claims Registration Period Ends October 29
--------------------------------------------------------------
Creditors owed money by LLC K&B Isoliertechnik have until Oct. 29,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Andrea Eisner
         Weyrgasse 8/7
         1030 Vienna
         Austria
         Tel: 712 04 77
         Fax: 712 04 77-12
         E-mail: office@ra-eisner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 12, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 17, 2008, (Bankr. Case No. 3 S 108/08i).


SPECIAL CAR: Claims Registration Period Ends October 30
-------------------------------------------------------
Creditors owed money by LLC Special Car Center have until Oct. 30,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Johann Leitner
         Vogelweiderstrasse 9
         4600 Wels
         Austria
         Tel: 07242/26651
         Fax: 07242/26651-19
         E-mail: office@hans-leitner.eu

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on Nov. 6, 2008, for the
examination of claims at:

         The Land Court of Wels
         1st floor
         Maria Theresia Str. 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on
Sept. 17, 2008, (Bankr. Case No. 20 S 113/08f).


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


FORTIS NV: To Focus on International Insurance; May Delist Shares
-----------------------------------------------------------------
Fortis N.V. outlined Tuesday a leaner company focused on
international insurance while its shares dropped around 78% to
EUR1.22 after a six-day trading suspension, various reports say.
The company is now valued at EUR2.86 billion or US$3.91 billion,
merely a tenth of its value in September.

Reports relate that at a conference call, chief executive officer,
Filip Dierckx, said the company's strategy and structure after its
"metamorphosis" was still to be decided.  He added that "[a]ll
options are open."

With the dwindling value of the company, they are considering to
delist Fortis from Brussels and Amsterdam, the reports quote Mr.
Dierckx as stating.

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 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 approved these transactions.

The deals, the reports state, left Fortis with only its
international insurance business and a 66% stake in a
EUR10.4 billion portfolio of structured credit products.  Fortis
said this portfolio was marked at 57% of par, lower than some
analysts had expected.

                         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.


FORTIS NV: Bank Unit Not Sold to Deutsche Bank, Dutch Finance Says
------------------------------------------------------------------
Reuters writes that the Dutch Finance Ministry has denied a report
that Deutsche Bank may buy Fortis Bank Nederland instead of ABN
AMRO's Dutch operations, a deal put on hold by the nationalization
of Fortis's Dutch holdings.

Reuters notes the Dutch newspaper Telgraaf reported on Friday,
without naming sources, that the Dutch central bank (DNB) was
backing the alternative deal after it halted Fortis's sale of
EUR709 million (US$970 million) worth of Dutch ABN AMRO assets to
Deutsche Bank last week.  Fortis needed to sell some operations to
meet European Commission antitrust demands after buying ABN AMRO
last year.

The Dutch Finance Ministry, according to the report, said no talks
were being held with any party to sell Fortis' Dutch operations.
Deutsche Bank did not immediately comment, and ABN declined to
comment on the report, Reuters says.

To comply with EC's antitrust demands, Fortis agreed to the sale
of two units servicing large corporate clients, 13 commercial
advisory branches for medium-sized clients, parts of Hollandsche
Bank Unie N.V. and factoring services company IFN Finance, Reuters
notes.

Telgraaf said the alternative deal being discussed could see those
businesses remain part of ABN AMRO instead, with Deutsche Bank
getting Fortis's Dutch operations, which are smaller but include
retail branches, Reuters relates.  Price details were not
disclosed.

As reported by the Troubled Company Reporter-Europe on Oct. 7,
2008, Fortis announced that the Belgian government acquired the
remaining share (50% + one share) of Fortis Bank SA/NV.  The
Belgian government 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 approved these transactions.  The proceeds from the
sale, announced on Oct. 3, 2008, of the Dutch activities to the
Dutch State for EUR16.8 billion have been allocated.

Reuters recalls that the DNB halted Fortis' deal with Deutsche
Bank on September 30.  Fortis, as cited by Reuters, said the move
was due to "exceptional circumstances on international financial
markets, the uncertainty with regard to the future shareholder in
ABN AMRO Bank, and the implications of this uncertainty for all
parties involved."

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


=============
D E N M A R K
=============


* EU Commission Approves Danish State Support Scheme for Banks
--------------------------------------------------------------
The European Commission has approved under EC Treaty state aid
rules a Danish scheme aimed at restoring confidence in the Danish
financial markets in order to remedy a serious disturbance in the
economy of Denmark.  The scheme would provide liquidity facilities
for banks operating in Denmark and protect depositors and ordinary
creditors in case of insolvency.  The Danish authorities notified
the measure on October 8 and it was approved within two days by
the Commission under a new simplified procedure for emergency
rescue measures.  The Commission found the scheme to be compatible
with EU state aid rules because it is the most appropriate means
to address the risk of a severe disturbance in the Danish economy,
while keeping potential distortions of competition to a minimum
through effective safeguard mechanisms.  The Commission took into
particular account that the guarantee scheme is limited to
fundamentally sound financial institutions while insolvent banks
need to be immediately unwound, that it is open to all banks
established in Denmark but that it requires a significant
financial contribution which ensures that an adequate premium is
paid for the guarantee.  Moreover, the scheme ensures that the
participating banks can neither on an individual nor on an
aggregate level significantly expand their activities, as measured
against established benchmarks The scheme will be remain in force
for two years.

Competition Commissioner Neelie Kroes said: "The Danish scheme,
following the changes I requested, is an excellent example of the
type of intervention that can strengthen financial markets,
without making the situation worse in other countries.  Excellent
co-operation with Denmark, our new simplified adoption procedure
for rescue measures and a lot of hard work mean that we have been
able to contribute to and approve a good example of how to support
banks in the current financial turmoil in record time."

The Danish authorities notified a support scheme on October 8,
designed to stabilize the Danish financial markets through two
different measures:

    * a guarantee on claims by depositors and ordinary creditors
     (of unsecured and unsubordinated debt),

    * a legally established company to wind up banks that do not
      fulfill statutory solvency requirements and for which no
      viable private solution could be achieved.

The measures would be financed by private contributions through
Det Private Beredskap (DPB), the Danish Contingency Association.
DPB would pay an annual premium over two years of DKK15 billion
(around EUR2 billion.  In addition it has to put up DKK10 billion
(around EUR1.3 billion) to cover losses in the winding-up company
in any event, and would cover additional losses of up to DKK10
billion, once the first DKK 25 billion have been spent.  Any
losses exceeding these contributions would be taken over by the
State.

The Commission concluded that the measures were in line with the
EU state aid rules (Article 87(3)(b) of the EC Treaty), because
they constituted an appropriate, necessary and proportionate means
to remedy a serious disturbance in the Danish economy.

A special feature of the scheme is that it is limited to limited
to fundamentally sound financial institutions that are affected by
the current liquidity crises.  It aims at overcoming the current
international market failure where even such fundamentally sound
financial institutions have problems to obtain liquidity.  By
ensuring lenders that they will be repaid confidence in the
interbanking market shall be re-established.

Moreover, the scheme is open to all banks established in Denmark.
The banks would pay an appropriate premium to remunerate the debt
guarantee.  The State support is kept to a minimum through a high
private participation and the system might even be wholly self-
financing, as the State would cover only losses that occur in
excess of the significant financing of DPB which is equal to 2 %
of the GDP of Denmark.  Moreover, participating banks would not be
allowed to expand their activities but would have to adopt a
cautious strategy and strengthen their balance sheets, under the
monitoring of a newly established the Financial Surveillance
Authority.  This is ensured not only regarding the individual
banks but also at an aggregate level and will be measured against
concrete, well-established benchmarks.  These safeguards would
ensure that potential distortions of competition are minimized and
that the beneficiaries receive only the aid that is strictly
necessary to overcome the difficulty.

A side effect of the scheme is that once a bank became insolvent,
it would be mandatory to wind it up.  It is in this case that the
creditor guarantee would be drawn.  To wind up the bank a private
solution would have to be sought before committing additional
state resources.  Where this was not possible, the bank would have
to be liquidated whereas the banks could be sold in parts in an
open, unconditional and non-discriminatory manner.  If the bank
was of a significant size, this would need to be individually
notified to the Commission

Finally, the Danish authorities have committed to notify the
Commission in due time if they seek a prolongation of the scheme.
Moreover, they will review the functioning of the scheme on a bi-
annual basis and therefore provide the Commission with half-yearly
reports.


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


NOYON: Goes Into Administration
-------------------------------
Noyon has gone into administration for an initial period of six
months following a constant reduction in turnover, Stuart Todd of
just-style.com reports.

Noyon, the report relates, blamed its financial difficulties on
the slide in consumer purchasing power in the Europe and the US as
it hit demand for textile goods.  The report adds the company
implemented a series of restructuring programs in response to
fierce competition in Asia.

In 2007, the company racked up losses of EUR2.8 million (US$3.83
million) on a turnover of EUR42 million compared to losses of
EUR1.4 million on turnover of EUR53 million in 2006, the report
discloses.

The company's turnover four years ago had totaled EUR70 million
(US$95.84 million), the report notes.

Based in Calais, France, Noyon manufactures lace for lingerie and
dresses.  It was founded in 1919.


WINDEREMRE XII: S&P Lowers Ratings on Class F and G Notes to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and kept on
CreditWatch with negative implications its ratings on the class
F and G notes issued by Windermere XII FCC.  At the same time, S&P
has kept the class A, B, C, D, and E notes on CreditWatch
negative.

All classes of notes in this transaction were initially placed on
CreditWatch negative on Sept. 17, following recent rating actions
on Lehman Brothers Inc. and related entities.

The rating actions follow an initial review of the implications of
the Lehman involvement as a hedging counterparty and sponsor in
this transaction, and the general collateral performance.

This is a single-loan transaction secured by an office property—
Coeur Defense—located in La Defense, France.  This modern, grade A
complex comprising two high-rise towers (39 floors) and three
additional buildings (over nine floors) provides a total of
159,000 sq. m. of office and 18,000 sq m. of ancillary
accommodation.

To hedge the interest rate risk resulting from floating-rate
interest obligations under the loan which was securitized, the
borrower had entered into a cap agreement with Lehman Brothers
International (Europe) guaranteed by Lehman Brothers Holding, Inc.
The premiums were fully paid at closing.  Following the insolvency
of the hedging provider and the guarantor, it is unclear whether
and at what interest rate level the borrower may be able to secure
a new hedging arrangement.

Any new hedging arrangement or its absence will have a direct
effect on the borrower's ability to fulfill its payment
obligations under the loan.  In addition, certain excess cash flow
was expected to be available to build up reserves to mitigate
potential shortfalls during key periods of the loan term, when a
potentially significant number of leases could break or expire.

In accordance with the six-monthly revaluation of the property, an
updated report (by Cushman & Wakefield) as of September 2008 shows
a current market value of EUR1.77 billion.  As a result, the whole
loan-to-value (LTV) ratio is 92.5% and the senior loan LTV ratio
is 85.8%, resulting in a breach of the whole loan LTV ratio
covenant of 80%.  A loan event of default can only be triggered if
the breach continues for two consecutive quarters and will not be
remedied within three months.

With the outlook for commercial property values continuing to
deteriorate in France, S&P believes that the current LTV ratio
breach is likely to continue and potentially increase further.
S&P also considers that it will be challenging for the borrower to
cure this breach given the deteriorating cash flow generated by
the asset, because of the following developments:

  -— Approximately 9% by letting area has remained vacant since
     closing;

  -— Genegis, the largest tenant in the property (accounting for
     18%), has exercised a break option as of March 2009 for a
     part of its accommodation equating to EUR8 million in rent
     (or 8.2% of the total passing rent);

  -— Oracle, which accounts for 5.8% of the passing rent or EUR5.7
     million, left the property in September 2008; and

  -— Microsoft, which accounts for 2.7% of the passing rent or
     EUR2.6 million, has also indicated that it will leave at
     lease expiry in June 2009.

In addition, leases representing about 59.6% of the passing rent,
or EUR58 million a year, expire or have break options in 2010.

These factors have significantly increased the likelihood of a
loan default either because of a nonpayment or a covenant breach.
S&P therefore has concerns regarding both the ability to pay
timely interest and the ability to repay the whole loan principal
balance at loan maturity in July 2012, or through enforcement.

S&P will continue to closely monitor and evaluate information
available on the loan and the performance of the asset securing
this transaction.  S&P will also analyze the effect any new
hedging arrangements may have on the ability to pay interest due
under the loan and to build up mitigating reserves.

Windermere XII FCC

  -- EUR1.519 Billion Commercial Mortgage-Backed Floating-Rate
     Notes

Ratings Lowered And Kept On CreditWatch Negative:

  Class         To                  From
  -----         --                  ----
    F       BB/Watch Neg       BBB/Watch Neg
    G       BB/Watch Neg       BBB/Watch Neg

Ratings Kept On CreditWatch Negative:

A           AAA/Watch Neg
B           AAA/Watch Neg
C           AA/Watch Neg
D           A/Watch Neg
E           A/Watch Neg


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


ALLGEMEINE BAU-VERWALTUNGS: Creditors Meeting Slated for Oct. 22
----------------------------------------------------------------
The court-appointed insolvency manager for AVM Allgemeine Bau-
Verwaltungs- und Management-GmbH & Co. KapHag Fonds Vierzehn
Wohnen am Schloss Charlottenburg KG, Dr. Dirk Wittkowski, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 11:45 a.m. on Oct. 22, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Jan. 28, 2008, at the same
venue.

Creditors have until Charlottenburg to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against AVM Allgemeine Bau-Verwaltungs- und Management-GmbH & Co.
KapHag Fonds Vierzehn Wohnen am Schloss Charlottenburg KG on Sept.
5, 2008. Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         AVM Allgemeine Bau-Verwaltungs- und
         Management-GmbH & Co.
         KapHag Fonds Vierzehn Wohnen am
         Schloss Charlottenburg KG
         Oranienstrasse 196
         10999 Berlin
         Germany


CAMPA BIODIESEL: Creditors' Meeting Slated for October 21
---------------------------------------------------------
The court-appointed insolvency manager for Campa Biodiesel GmbH &
Co. KG, Bruno Fraas will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:15 a.m. on
Oct. 21, 2008.

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

         The District Court of Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on Nov. 25, 2008, at the same venue.

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

The insolvency manager can be reached at:

         Bruno Fraas
         Heinestr. 7b
         97070 Wuerzburg
         Germany
         Tel: 0931/359800

The District Court of Wuerzburg opened bankruptcy proceedings
against Campa Biodiesel GmbH & Co. KG on Sept. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Campa Biodiesel GmbH & Co. KG
         Jahnstr. 2
         97199 Ochsenfurt
         Germany


COUPONTIP VERWALTUNGS: Claims Registration Period Ends Oct. 22
--------------------------------------------------------------
Creditors of coupontip Verwaltungs GmbH have until
Oct. 22, 2008, to register their claims with court-appointed
insolvency manager Holger Bluemle.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Holger Bluemle
         Kriegsstr. 113
         76135 Karlsruhe
         Germany
         Tel: (07 21) 91 95 70

The District Court of Karlsruhe opened bankruptcy proceedings
against coupontip Verwaltungs GmbH on Sept. 5, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         coupontip Verwaltungs GmbH
         Attn: Annette Engelhardt, Manager
         Vichystr. 9
         76646 Bruchsal
         Germany


EPICEPT CORP: European Commission Okays Sale of Ceplene Drug
------------------------------------------------------------
EpiCept Corporation disclosed in a Securities and Exchange
Commission filing that the European Commission has granted full
marketing authorization on Ceplene (histamine dihydrochloride) for
the remission maintenance and prevention of relapse in adult
patients with Acute Myeloid Leukemia in first remission.

The approval allows Ceplene to be marketed in the 27 member states
of the European Union, as well as in Iceland, Liechtenstein and
Norway.

                   About EpiCept Corporation

Based in Tarrytown, New York, EpiCept Corporation (NASDAQ:EPCT) --
http://www.epicept.com/-- is a specialty pharmaceutical company
focused on the development of pharmaceutical products for the
treatment of cancer and pain.  The company has a portfolio of five
product candidates in active stages of development.  It includes
an oncology product candidate submitted for European registration,
two oncology compounds, a pain product candidate for the treatment
of peripheral neuropathies and another pain product candidate for
the treatment of acute back pain.  The two wholly owned
subsidiaries of the company are Maxim, based in San Diego,
California, and EpiCept GmbH, based in Munich, Germany, which are
engaged in research and development activities.

                      Going Concern Doubt

Deloitte & Touche LLP, in Parsippany, New Jersey, expressed
substantial doubt about EpiCept Corp.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations and
stockholders' deficit.

The company disclosed in its Form 10-Q for the second quarter
ended June 30, 2008, a net loss of US$7,765,000.  EpiCept Corp.'s
consolidated balance sheet at June 30, 2008, showed total assets
of US$3,093,000, total liabilities of US$22,598,000, and a
stockholders' deficit of US$19,505,000, compared to a deficit of
US$14,177,000 at Dec. 31, 2007.  The company said it expects to
incur substantial net losses, in the aggregate and on a per share
basis, for the foreseeable future as it attempts to market and
sell Ceplene(R).  "We are unable to predict the extent of these
future net losses, or when we may attain profitability, if at all.
These net losses, among other things, have had and will continue
to have an adverse effect on our stockholders' equity. We
anticipate that for the foreseeable future our ability to generate
revenues and achieve profitability will be dependent on the
successful commercialization of Ceplene(R).  There is no assurance
that we will be able to obtain or maintain governmental regulatory
approvals to market Ceplene(R) in Europe.  If we are unable to
generate significant revenue from Ceplene(R), or attain
profitability, we may not be able to sustain our operations."


EPICEPT CORP: Plans to Raise US$50,000,000 By Issuing Securities
--------------------------------------------------------------
EpiCept Corporation has filed a registration statement with the
Securities and Exchange Commission filing to register an
indeterminate number or amount of securities, as may from time to
time be sold.

The statement relates to US$50,000,000 worth of indeterminate
number
of:

  -- common stock at US$0.0001 par value;
  -- preferred stock at US$0.0001 par value;
  -- convertible debt securities;
  -- warrants; and
  -- units.

EpiCept also filed a prospectus using a "shelf"  registration
process.  Under this shelf registration process, the company may,
from time to time, offer or sell the securities in one or more
offerings up to a total amount of US$50,000,000.

A copy of the share prospectus is available free of charge at:

               http://researcharchives.com/t/s?33c2

                   About EpiCept Corporation

Based in Tarrytown, New York, EpiCept Corporation (NASDAQ:EPCT) --
http://www.epicept.com/-- is a specialty pharmaceutical company
focused on the development of pharmaceutical products for the
treatment of cancer and pain.  The company has a portfolio of five
product candidates in active stages of development.  It includes
an oncology product candidate submitted for European registration,
two oncology compounds, a pain product candidate for the treatment
of peripheral neuropathies and another pain product candidate for
the treatment of acute back pain.  The two wholly owned
subsidiaries of the company are Maxim, based in San Diego,
California, and EpiCept GmbH, based in Munich, Germany, which are
engaged in research and development activities.

                      Going Concern Doubt

Deloitte & Touche LLP, in Parsippany, New Jersey, expressed
substantial doubt about EpiCept Corp.'s ability to continue as a
going concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007.  The auditing firm
pointed to the company's recurring losses from operations and
stockholders' deficit.

The company disclosed in its Form 10-Q for the second quarter
ended June 30, 2008, a net loss of US$7,765,000.  EpiCept Corp.'s
consolidated balance sheet at June 30, 2008, showed total assets
of US$3,093,000, total liabilities of US$22,598,000, and a
stockholders' deficit of US$19,505,000, compared to a deficit of
US$14,177,000 at Dec. 31, 2007.  The company said it expects to
incur substantial net losses, in the aggregate and on a per share
basis, for the foreseeable future as it attempts to market and
sell Ceplene(R).  "We are unable to predict the extent of these
future net losses, or when we may attain profitability, if at all.
These net losses, among other things, have had and will continue
to have an adverse effect on our stockholders' equity. We
anticipate that for the foreseeable future our ability to generate
revenues and achieve profitability will be dependent on the
successful commercialization of Ceplene(R).  There is no assurance
that we will be able to obtain or maintain governmental regulatory
approvals to market Ceplene(R) in Europe.  If we are unable to
generate significant revenue from Ceplene(R), or attain
profitability, we may not be able to sustain our operations."


GROSSARTIGE NACHTE: Claims Registration Period Ends Oct. 21
-----------------------------------------------------------
Creditors of Grossartige Nachte GmbH have until Oct. 21, 2008, to
register their claims with court-appointed insolvency manager
Sabine Prager.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on Nov. 11, 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 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:

         Sabine Prager
         Nymphenburgerstr. 139
         80636 Muenchen
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings against
Grossartige Nachte GmbH on Sept. 15, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Grossartige Nachte GmbH
         Leopoldstr. 69
         80801 Muenchen
         Germany


HYPO REAL: Denies Giving Wrong Information About Liquidity Needs
----------------------------------------------------------------
Hypo Real Estate dismissed a report that it gave misleading
information about its liquidity needs while securing a government-
led rescue package to address a refinancing squeeze, Christian
Kraemer writes for Reuters.

"The management of Hypo Real Estate Holding AG rejects accusations
of deliberately giving wrong information about its liquidity
requirements," a spokesman for HRE was quoted by Reuters as
saying.

As reported in the TCR-Europe, by end-September, HRE faced a
liquidity crisis due to its short-term refinancing strategy as the
crisis of confidence among banks worsened in mid-September 2008
following Lehman Brothers Holdings filing for bankruptcy
protection.

In a press release dated Oct. 6, 2008, HRE said the finance sector
will grant the group an additional secured credit line of EUR15
billion.  This is in addition to the EUR35 billion already offered
jointly by the German Government and finance sector.

HRE noted this increase became necessary as a result of the
intensification of the financial crisis.  The Government is
providing a guarantee of up to EUR35 billion.

                About Hypo Real Estate Group

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


HYPO REAL: Supervisory Board Chair Kurt F. Viermetz Steps Down
--------------------------------------------------------------
With the Supervisory Board of Hypo Real Estate Holding AG having
refilled key positions on the Management Board at the start of
this week, the Chairman of the Supervisory Board, Kurt F.
Viermetz, has abdicated his mandate as Chairman of the Supervisory
Board.

Mr. Viermetz stated: "With the replacements to the Management
Board and the fundamental settlement of the liquidity support, my
most urgent tasks have been fulfilled.  I can now step down from
the Supervisory Board in the knowledge that, despite the
extraordinarily difficult state of the finance sector, the
foundations for a sound new beginning have been laid."

Next Monday already, Dr. Axel Wieandt as CEO and Dr. Kai
Wilhelm Franzmeyer as Member of the Board and Treasurer, will
begin their duties in the company.

With the resignation of Mr. Viermetz, his former deputy on the
Supervisory Board, Professor Dr. Klaus Pohle, will fill the
position of Chairman on an interim basis.

Professor Pohle stated: "Hypo Real Estate Group is very grateful
to Kurt Viermetz. Like no other, he facilitated the company by his
steady leadership and vast international experience from its
difficult beginnings following the spin-off from HVB to become one
of the leading global commercial real estate financing houses.
Despite the crisis of recent weeks, his prudence and decisiveness
contributed greatly to the company gaining the chance of a new
start with the help of the German Government, the Central Bank and
various financial institutes.  The Supervisory Board and the
shareholders of Hypo Real Estate Holding AG owe Mr. Viermetz their
highest respect for his achievement and for his decision to leave
the Chairmanship of the Supervisory Board in new hands."

On behalf of Supervisory Board Member, Mr. J.C. Flowers, Professor
Pohle stated: "The investors associated with me, and I myself,
have the greatest respect for the achievements and enormous
commitment of Kurt Viermetz on behalf of Hypo Real Estate Group.
We thank him for his excellent co-operation."

As reported in the TCR-Europe, by end-September, the group faced a
liquidity crisis due to its short-term refinancing strategy as the
crisis of confidence among banks worsened in mid-September 2008
following Lehman Brothers Holdings filing for bankruptcy
protection.

                  About Hypo Real Estate Group

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


LEAR CORPORATION: Reduces 2008 Sales Outlook by US$1,000,000,000
----------------------------------------------------------------
Lear Corp. disclosed that as a result of deteriorating and
volatile industry and general economic conditions, it is reducing
its full-year 2008 sales outlook from US$15 billion to
approximately US$14 billion and now sees income before interest,
other expense, income taxes, restructuring costs and other special
items down about 20% from the previous guidance of US$550 million
to US$600 million provided on July 29, 2008, based on current
production estimates.  Even with the lower sales and earnings
forecast, Lear expects to generate positive free cash flow for the
year.

Rapidly declining North American vehicle sales and production
generally, combined with a major shift in product mix to smaller
passenger vehicles in the U.S., as well as slowing sales and lower
production in Europe are the major factors impacting the company's
financial outlook for the remainder of 2008.

"Lear has been very pro-active in restructuring global operations
and taking steps to maintain a strong liquidity position," said
Bob Rossiter, Lear's chairman, chief executive officer and
president.  "As conditions have deteriorated, we have aggressively
responded by taking actions to reduce our cost structure.  As a
result, we expect to generate positive free cash flow for the
year.  However, like all automotive suppliers, we are being
adversely impacted by lower production volumes."

Based in Southfield, Michigan, Lear Corporation (NYSE: LEA) --
http://www.lear.com/-- supplies automotive seating systems,
electrical distribution systems and electronic products.  Lear's
world-class products are designed, engineered and manufactured by
a diverse team of more than 90,000 employees at 236 facilities in
33 countries.  Lear's headquarters are in Southfield, Michigan.

Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 30, 2008,
Standard & Poor's Ratings Services has raised its issue-level
rating on Lear Corp.'s US$1 billion senior secured term loan
facility (US$988 million outstanding) to 'BB' from 'BB-' and
revised the recovery rating to '1' from '2'.  In addition, S&P
lowered its issue-level ratings on Lear's senior unsecured notes
to 'B' from 'B+' and revised the recovery rating to '5' from '4',
indicating the expectation of modest recovery in the event of a
payment default.


PUTLITZER REKO: Claims Registration Period Ends Oct. 22
-------------------------------------------------------
Creditors of Putlitzer-REKO-Bau GmbH have until Oct. 22, 2008, to
register their claims with court-appointed insolvency manager
Michael Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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 Krause
         Putlitzer Strasse 30
         16928 Pritzwalk
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Putlitzer-REKO-Bau GmbH on Aug. 22, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Putlitzer-REKO-Bau GmbH
         Attn: Thomas Noethling, Manager
         Mertensdorfer Weg 13
         16949 Putlitz
         Germany


SAN BAU: Claims Registration Period Ends October 20
---------------------------------------------------
Creditors of SAN Bau GmbH have until Oct. 20, 2008, to register
their claims with court-appointed insolvency manager Axel
Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 1, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Axel Bierbach
         Schwanthaler Str. 32
         80336 Munich
         Germany
         Tel: 089/54511-0
         Fax: 089/54511444

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

The Debtor can be reached at:

         SAN Bau GmbH
         Attn: Yasin Sancak, Manager
         Meindlstr. 19
         81373 Munich
         Germany


SANDKULL BAUUNTERNEHMUNG: Claims Registration Ends Oct. 20
----------------------------------------------------------
Creditors of Sandkull Bauunternehmung GmbH have until Oct. 20,
2008, to register their claims with court-appointed insolvency
manager Dr. Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Aachen
         Meeting Hall D 1.409
         First Floor
         Adalbertsteinweg 92
         52070 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:

         Dr. Ralf Sinz
         Heissbergstr. 20-22
         52066 Aachen
         Germany
         Tel: 02411605757
         Fax: 02411605758

The District Court of Aachen opened bankruptcy proceedings against
Sandkull Bauunternehmung GmbH on Aug. 27, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sandkull Bauunternehmung GmbH
         Attn: Ralf Martin Barth, Manager
         Schroufstrasse 69
         52078 Aachen
         Germany


SCHATTNER OPTIK: Claims Registration Period Ends Oct. 22
--------------------------------------------------------
Creditors of Schattner Optik GmbH & Co. KG have until
Oct. 22, 2008, to register their claims with court-appointed
insolvency manager Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Nov. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 11
         Station Route 24
         67655 Kaiserslautern
         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:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany
         Tel: 0631/341950
         Fax: 0631/470269

The District Court of Kaiserslautern opened bankruptcy proceedings
against Schattner Optik GmbH & Co. KG on
Sept. 3, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Schattner Optik GmbH & Co. KG
         Attn: Schattner Optik Verwaltungs GmbH, Manager
         Marktstr. 16
         67655 Kaiserslautern
         Germany


SYSTEMPARTNER COMPUTERVERTRIEBS: Claims Filing Ends October 20
--------------------------------------------------------------
Creditors of Systempartner Computervertriebs GmbH have until
Oct. 20, 2008, to register their claims with court-appointed
insolvency manager Carola Damm.

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 Korbach
         Hall 39
         Hauptgebaude
         Hagenstrasse 2
         34497 Korbach
         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:

         Carola Damm
         RA'e Bohlig
         Hoehle und Kollegen
         Briloner Landstrasse 14
         34497 Korbach
         Germany
         Tel: 05631-9509-70
         Fax: 05631-9509-19

The District Court of Korbach opened bankruptcy proceedings
against Systempartner Computervertriebs GmbH on Sept. 25, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Systempartner Computervertriebs GmbH
         Briloner Landstrasse 35A
         34497 Korbach
         Germany


TUI AG: Moody's Places B1 CFR on Review for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the B1 Corporate Family
Rating and the B3 senior unsecured and subordinated ratings of TUI
AG on review for possible downgrade.  The action follows the
company's announcement that it intends to divest its Hapag-Lloyd
shipping division to a consortium of German investors for a net
consideration of about EUR3.3 billion, including the
deconsolidation of about EUR1.3 billion in net debt.  The
transaction is expected to close in the first quarter of 2009.
The rating action reflects the company's reduced business
diversification following the planned sale of its shipping
division, the uncertainties related to the use of proceeds, as
well as the company's stated intention to pay a special dividend
in 2009, which Moody's views as indicative of a shareholder-
oriented policy when the company's metrics were already deemed
weak for the current rating category.

The acquisition of Hapag-Lloyd by third parties will be carried
out through a bidco, in which TUI AG will reinvest EUR700 million
for a one third stake in Hapag-Lloyd.  The review reflects current
uncertainty about the use of proceeds and the size of the
company's potential special dividend which is expected to be
announced in the first quarter of 2009.

According to the terms of TUI AG's bonds, the proceeds can either
be reinvested within 360 days or otherwise must be used to pay
down indebtedness.  Moody's notes that the company is considering
to acquire the outstanding shares that it does not own in its
remaining subsidiary, TUI Travel plc, in which it currently owns
41% of the shares.  If the company were to regain control of a
majority ownership of TUI Travel plc, this would reduce any debt
repayment at the group level insofar as the funds are reinvested,
but would in turn give the group full access to TUI Travel's cash
flows as well as its cash balance going forward, which Moody's had
not previously factored into our analysis of liquidity for TUI AG.
Moody's further notes that under this scenario, TUI Travel would
once again be bound by the restrictions of debt at the subsidiary
level by the terms of TUI AG's bonds, thus preventing further
structural subordination for TUI AG's bonds.  Should the group opt
to pay down debt, Moody's notes that the group would retain only a
minority stake in both its tourism and shipping divisions, such
that its cash earnings would be limited to dividends from those
entities as well as the hotel division.

The review will therefore focus on:

   i) the use of proceeds from the transaction;

  ii) the size of the expected special dividend; and

iii) the company's overall operating performance, in light of the
      difficult trading conditions and its greater exposure to the
      tourism sector going forward.

Moody's views the transaction positively from a liquidity
perspective under the possible scenarios mentioned above.  In case
of no reinvestment, Moody's notes that the current cash balance at
the holding level of EUR1.2 billion would be supplemented by the
net inflow of about EUR2 billion from the divestment, as well as
the remaining inter-company loan repayments from TUI Travel plc,
which currently amount to about EUR1 billion and are repayable at
the latest by January 2011.  The company also expects to receive
about EUR900 million from ship financing prior to the disposal of
Hapag-Lloyd.  Moody's nevertheless notes that the holding company
has substantial debt repayments coming due, notably bonds maturing
every year until 2013.

TUI, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group and a leading provider of container
shipping services with reported revenues and underlying EBITA of
EUR21.9 billion and EUR616 million, respectively, in 2007.


WINDERMERE: S&P Cuts Ratings on XIV, VIII, XI and Green CMBS Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and kept on
CreditWatch with negative implications its ratings on several
classes of notes issued by Windermere XIV CMBS Ltd., Windermere
VIII CMBS PLC, Windermere XI CMBS PLC, and Portfolio Green German
CMBS GmbH.  All ratings on all other classes of notes in these
transactions remain on CreditWatch negative.

Lehman Brothers Inc. entities are involved in a number European
commercial mortgage-backed securities (CMBS) transactions as hedge
counterparty, seller, tenant, and sponsor.  On Sept. 17, S&P
placed almost all tranches in 15 CMBS transactions on CreditWatch
negative.

The rating actions are a result of concerns that defaults on swap
arrangements (if any) could cause potential losses on CMBS notes.

There is a significant reliance in European CMBS on swap
arrangements at the issuer level because most borrower loans are
fixed-rate obligations, whereas issuer obligations under the notes
are floating-rate.  Without swaps in place to fund the difference
(if any) between fixed-rate payments received by it and floating-
rate payments due by it, the issuer could be exposed to a risk of
shortfall in amounts available to pay the interest due under the
notes.  Lehman entities are swap counterparties in 12 of these
transactions.

S&P understands that the trustees are in active discussion with
noteholders and that a range of options are being implemented or
being put to noteholders for a decision to resolve the issues that
are created by an insolvent swap counterparty at the issuer level.

However, there is still uncertainty as to whether replacement
arrangements will be implemented by the next interest payment
dates (IPDs)—later in October for most of the transactions.

In view of the importance of the issuer-level swap arrangements,
S&P has considered the effect for 11 of the transactions of
nonpayment by Lehman entities of their swap obligations at the
next IPD.  Assuming full payment by borrowers of their loan-level
obligations (fixed or floating) and on the basis of expected
interest rates and potential interest rate movements, S&P
considers that the issuer may not have sufficient funds to cover
all interest payments due under notes on the next IPD in some of
the transactions.

Assuming that liquidity is then drawn to cover shortfalls, S&P
considers that these drawings may not be recoverable from other
sources (such as excess cash) and may result ultimately in
principal losses to the notes on which it has taken the rating
actions.

The different levels of downgrades are the result of the severity
of the ultimate losses that S&P foresees for the particular class
of notes, the complexity of the underlying transaction
arrangements, the visibility (or lack thereof) of new swap
arrangements, and the liquidity arrangements that differ across
the transactions.

In S&P's analysis of the effect of nonpayment under the swaps on
the next IPD, S&P also considered break-even swap rates for each
class of notes.  In light of the current swift changes in interest
rates, S&P will closely monitor the progress of arrangements being
implemented to resolve the risks posed by nonperformance under the
swaps.  S&P is also considering the implications for the borrower-
level swaps to which Lehman entities are counterparty and it
continues to analyze the implications of Lehman's nonperformance
of its obligations across the transactions in its other
capacities.

Further rating actions may result as S&P gets greater visibility
on the range of issues.  All notes therefore remain on CreditWatch
negative in the transactions on which S&P has taken action and on
the remaining transactions, as:

  -— FIP Funding S.r.l.;
  -— Imser Securitization 2 S.r.l.;
  -— Windermere VII FCC;
  -— Windermere IX CMBS (Multifamily) S.A.;
  -— Windermere X CMBS Ltd.;
  -— Canary Wharf Finance II PLC;
  -— Broadgate Financing PLC;
  -— Diversity Funding No. 1 Ltd.;
  -— Excalibur Funding No. 1 PLC; and
  -— Paris Prime Commercial Real Estate FCC.

Lehman is not hedge counterparty for Canary Wharf Finance II,
Broadgate Financing, Diversity Funding No. 1, and Opera Finance
(Univ-Inest).

Finally, for reasons in addition to the swap issues discussed
here, S&P lowered the ratings on the class F and G notes in
Windermere XII FCC to BB/Watch Neg from BBB/Watch Neg.

Ratings Lowered And Kept On CreditWatch Negative:

Windermere XIV CMBS Ltd.

  -- EUR1.12 Billion Commercial Mortgage-Backed Floating-Rate
     Notes

Class         To               From
-----         --               ----
   F      BB/Watch Neg     BBB-/Watch Neg

Windermere VIII CMBS PLC

  -- GBP1,037.79 Million Commercial Mortgage-Backed Floating-Rate
     Notes

Class         To               From
-----         --               -----
   E      BB-/Watch Neg     BB/Watch Neg

Windermere XI CMBS PLC

  -- GBP707.767 Million Commercial Mortgage-Backed Floating-Rate
     Notes

Class         To               From
-----         --               ----
   E       B/Watch Neg      BB/Watch Neg

Portfolio GREEN German CMBS GmbH:

  -- EUR585.411 Million Secured Floating-Rate Notes

Class         To               From
-----         --               ----
   E       BB-/Watch Neg    BB/Watch Neg
   F       B-/Watch Neg     B/Watch Neg
   G       B-/Watch Neg     B/Watch Neg


WINTERGARTEN VARIETE: Creditors Meeting Slated for Oct. 22
----------------------------------------------------------
The court-appointed insolvency manager for Wintergarten Variete
Theater Betriebsgesellschaft mbH, Dr. Petra Hilgers, will present
her first report on the Company's insolvency proceedings at a
creditors' meeting at 10:40 a.m. on Oct. 22, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Jan. 28, 2009, at the same
venue.

Creditors have until Nov. 28, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Wintergarten Variete Theater Betriebsgesellschaft mbH on
Sept. 24, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wintergarten Variete Theater
         Betriebsgesellschaft mbH
         Potsdamer Strasse 96
         10785 Berlin
         Germany


WWB PROJEKTENTWICKLUNG: Claims Registration Period Ends Oct. 20
---------------------------------------------------------------
Creditors of WWB Projektentwicklung und Bau GmbH have until
Oct. 20, 2008, to register their claims with court-appointed
insolvency manager Hubertus Freiherr Erffa von.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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:

         Hubertus Freiherr Erffa von
         Eilenburger Str. 1A
         04317 Leipzig
         Germany

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

The Debtor can be reached at:

         WWB Projektentwicklung und Bau GmbH
         St.-Georgen-Strasse 19
         04720 Doebeln
         Germany


ZEITZER MALER: Claims Registration Period Ends Oct. 21
------------------------------------------------------
Creditors of Zeitzer Maler und Korrosionsschutz GmbH have until
Oct. 21, 2008, to register their claims with court-appointed
insolvency manager Dr. Thilo Korn LL.M..

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Halle (Saal)
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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. Thilo Korn LL.M.
         Karl-Heine-Str. 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111

The District Court of Halle (Saal) opened bankruptcy proceedings
against Zeitzer Maler und Korrosionsschutz GmbH on
Aug. 29, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Zeitzer Maler und Korrosionsschutz GmbH
         Attn: Gerd Machtig, Manager
         Theodor-Arnold-Promenade 26
         06712 Zeitz
         Germany


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


BAUGUR GROUP: CEO Dismisses Administration Rumors
-------------------------------------------------
Baugur Group dismissed media speculation that it was considering
placing its UK holding company into administration,
just-style.com says.

On Monday, the Daily Telegraph reported that Baugur is exploring
various options for the company, including a possible
administration, and that it entered talks with advisers BDO Stoy
Hayward.

Baugur CEO Gunnar Sigurdsson however told just-style "We would
like to make clear that Baugur has not appointed any advisers,"
adding "We continue to monitor the situation in Iceland, where
possible maintain a dialogue with the banks and manage and plan
our business accordingly.  We have no plans to place our UK
business into administration."

The group, just-style.com relates, is currently in talks with
retail entrepreneur Sir Philip Green over a possible
investment in its UK portfolio following the collapse of Icelandic
banking system last week.

On Sunday, Baugur chairman Jon Asgeir Johannesson warned that the
group's investment could "fall one after another" unless it
completed a deal with Mr. Green to buy Baugur's debt from the
Icelandic banks and the Government, the Daily Telegraph noted.

Baugur Group -- http://baugur.com/--  is an international
investment company in the retail and fashion sectors in the UK,
the USA and Scandinavia.  Companies related to Baugur employ some
53,000 people worldwide in over 3,700 stores with a total turnover
of GBP5.0 billion.

Among Baugur's principal investments are the supermarket chain
Iceland, the toy retailer Hamleys, the jewellery chain Goldsmiths,
fashion chains Whistles and Jane Norman, fashion company Mosaic
Fashions, renowned UK department store chain, House of Fraser, the
famous Danish department store chain Magasin du Nord and Illum,
one of Denmark's largest department stores.


LANDSBANKI ISLANDS: Straumur Cancels Share Purchase Agreement
-------------------------------------------------------------
Straumur-Burdaras Investment Bank hf. has canceled its share
purchase agreement with Landsbanki Islands hf.

As announced on Oct. 1, 2008, Straumur and Landsbanki signed an
agreement whereby Straumur acquired, subject to the approval of
relevant regulatory and competition authorities, the majority of
Landsbanki's overseas corporate finance and brokerage platforms
for a consideration of EUR380 million.  The agreement applied to
100% of Landsbanki Securities (UK) Ltd and Landsbanki Kepler, as
well as Landsbanki's 84% stake in Merrion Landsbanki.

On Oct. 7,  2008, Landsbanki announced that the Icelandic
Financial Services Authority (FME) had decided to take over the
powers invested in Landsbanki's shareholders meeting and
Landsbanki's Board of Directors.  Furthermore, that the FME had
appointed a receivership committee which had assumed the role of
Landsbanki's Board of Directors with immediate effect.

Furthermore, UK authorities announced on Oct. 8, 2008, that they
had taken steps to freeze assets of Landsbanki in the UK.

Staumur said for these reasons, it has become clear that
Landsbanki will not be in a position to fulfill its obligations
under the share purchase agreement.

                      About Straumur

Headquartered in Reykjavik, Iceland, Straumur-Burdaras Investment
Bank hf. -- http://www.straumur.net-- offers a complete range of
integrated financial services focusing on small and medium sized
companies, institutional investors and individuals.  The services
provided include capital markets, corporate finance, debt finance,
and asset management.

Straumur is Iceland's largest pure-play investment bank.  The Bank
had total assets of EUR6,201 million as at the end of Q2 2008.
Through organic growth and strategic acquisitions, the Bank has
established operations in ten countries including the UK, Denmark,
Sweden, Finland and the Czech Republic and now employs 520 people.

                     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.


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


AKM-TRADING LLP: Creditors Must File Claims by November 25
----------------------------------------------------------
LLP AKM-Trading has declared liquidation.  Creditors have until
Nov. 25, 2008, to submit written proofs of claims to:

         LLP AKM-Trading
         Markov Str. 43
         Almaty
         Kazakhstan



ANSHY & K LLP: Claims Deadline Slated for November 25
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Anshy & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakhstan


EKUS LLP: Claims Filing Period Ends November 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Ekus insolvent on Sept. 16, 2008.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten 51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


FRMP-PAVLODAR: Creditors' Claims Due on November 25
---------------------------------------------------
LLP Microcredit Organization FRMP-Pavlodar has declared
liquidation.  Creditors have until Nov. 25, 2008, to submit
written proofs of claims to:

         LLP Microcredit Organization FRMP-Pavlodar
         Lenin Str. 119
         140000, Pavlodar
         Kazakhstan


GF CONSTRUCTION: Claims Registration Ends November 25
-----------------------------------------------------
LLP Construction Company GF Construction has declared
liquidation.  Creditors have until Nov. 25, 2008, to submit
written proofs of claims to:

         LLP Construction Company GF Construction
         Mametov Str. 57
         Birlik
         Talgarsky District
         041600, Almaty
         Kazakhstan


JARYK-PAGE LLP: Creditors Must File Claims by November 25
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Jaryk-Page insolvent on
Sept. 19, 2008.

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

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


MARKET-PLUS LLP: Claims Deadline Slated for November 25
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Market-Plus insolvent on Sept. 19, 2008.

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

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


SHANYRAK FANANCIAL: Claims Filing Period Ends November 25
---------------------------------------------------------
LLP Microcredit Organization shanyrak Fanancial Group has declared
liquidation.  Creditors have until Nov. 25, 2008, to submit
written proofs of claims to:

         LLP Microcredit Organization
         Shanyrak Fanancial Group
         Alpamys Str. 28
         Micro District Shanyrak-1
         Almaty
         Kazakhstan
         Tel: 8 (7272) 63-75-82


TAZA-EL LLP: Creditors' Claims Due on November 25
-------------------------------------------------
LLP Corporation Taza-El has declared liquidation.  Creditors have
until Nov. 25, 2008, to submit written proofs of claims to:

         LLP Corporation Taza-El
         Micro District Orbita-1, 28-44
         Almaty
         Kazakhstan


URAL CASPIE: Claims Registration Ends November 25
-------------------------------------------------
LLP Ural Caspie Impex has declared liquidation.  Creditors have
until Nov. 25, 2008, to submit written proofs of claims to:

         LLP Ural Caspie Impex
         Micro District Samal-3, 12-41
         Almaty
         Kazakhstan


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


BAI EMIR: Creditors Must File Claims by November 14
---------------------------------------------------
LLC Firms Bai Emir has shut down.  Creditors have until Nov. 14,
2008, to submit written proofs of claim.

Inquiries can be addressed to (0-543) 92-12-57.


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


EURAMAX INTERNATIONAL: Moody's Junks Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service downgraded the long-term ratings of
Euramax International, Inc.  Moody's believes that there is
substantial risk that the company will violate its financial
covenants in the third quarter of 2008 due to growing softness in
the company's end-markets, particularly within its European
operations and building products segment.  Moody's believes these
markets will further soften into 2009.  The company's maximum
leverage ratio steps down in the third quarter of 2008, triggering
the likelihood of a technical default.  As a result, the company
will likely need to re-negotiate financial covenants with its
lenders under difficult credit conditions.

The negative outlook for Euramax reflects weakness in the domestic
recreational vehicle market and certain construction markets and
margin erosion.  A sustained deterioration in operating
performance or credit metrics due to a further decline in product
demand or the inability to successfully amend the company's credit
agreement could result in a further downgrade of the ratings.  The
outlook could be stabilized if the company expands its cash flow
or successfully re-negotiates covenants with its lenders.  Moody's
has noted that aluminum prices have decreased considerably in the
last few months and will benefit the company's cash flows in the
near term.

Ratings Downgraded:

Issuer: Euramax International, Inc.

-- Corporate Family Rating, downgraded to Caa1 from B2

-- First Lien Sr. Secured Term Loan, downgraded to B3
    (LGD3, 34%) from B1

-- First Lien Sr. Secured Revolver, downgraded to B3 (LGD3, 34%)
    from B1

-- Second Lien Sr, Secured Term Loan, downgraded to Caa2
    (LGD5, 80%) from Caa1

-- Outlook, Changed to Negative from Review for Possible
    Downgrade

Issuer: Euramax Netherlands B.V.

-- First Lien Sr. Secured Term Loan, downgraded to B3
    (LGD3, 34%) from B1

-- First Lien Sr. Secured Revolver, downgraded to B3 (LGD3, 34%)
    from B1

-- Outlook, Changed to Negative from Review for Possible
    Downgrade

Headquartered in Norcross, Georgia, Euramax International Inc. is
an international producer of value-added aluminum, steel, vinyl
and fiberglass products.


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


KASKAD LLC: Voronezh Bankruptcy Hearing Set November 26
-------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:30 a.m. on
Nov. 26, 2008, to hear bankruptcy supervision procedure on LLC
Kaskad (Electric Motor Production).  The case is docketed under
Case No. A14–6357–2008/34/20B.

The Temporary Insolvency Manager is:

         V. Tulinov
         Office 27
         Kirova Str.9
         394018 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         LLC Kaskad
         Domostroiteley Str. 14a
         Voronezh
         Russia


NOVUS-OIL CJSC: Creditor Must File Claims by November 3
-------------------------------------------------------
Creditors of CJSC Novus-Oil have until Nov. 3, 2008, to submit
proofs of claims to:

         G. Shabunin
         Temporary Insolvency Manager
         Post User Box 12
         Post Office 6
         394006 Voronezh
         Russia

The Arbitration Court of Voronezhskaya will convene at 10:00
a.m. on Dec. 24, 2008, to hear bankruptcy supervision procedure.
The case is docketed under Case No. A14–4942–2006/121/27B .

         The Court is located at:

         The Arbitration Court of Voronezhskaya
         Office 602
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Voronezhskaya
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh
         Russia

The Debtor can be reached at:

         CJSC Novus-Oil
         Srednemoskovskaya str. 28
         394030 Voronezh
         Russia


PROMTEKS AVA: Creditors Must File Claims by November 26
-------------------------------------------------------
Creditors of LLC Promteks Ava have until Nov. 26, 2008, to submit
proofs of claims to:

         A. Anikeyev
         Insolvency Manager
         Apt. 2
         Sverdlova Str. 116
         Tambovskaya
         Rzhaksa
         Russia

The Arbitration Court of Tambovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A64-7644/07-25.

The Court is located at:

         The Arbitration Court of Tambov
         Penzenskaya Str. 67/12
         392020 Tambov
         Russia

The Debtor can be reached at:

         LLC Promteks Ava
         Naberezhnaya Str. 90/2
         Tambov
         Russia


RBC INFORMATION: S&P Cuts Credit Rating to B Over Liquidity Risks
-----------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Russian media group OJSC RBC
Information Systems to 'B' from 'B+'.  At the same time, the
Russia national scale rating and the senior unsecured bond ratings
were lowered to 'ruBBB+' from 'ruA+'.  The 'B' short-term
corporate credit rating was affirmed.  In addition, the ratings
were placed on CreditWatch with negative implications.

"The rating actions on RBC reflect a combination of heightened
risks to the group's liquidity position in view of rapidly
deteriorating global and Russian credit market conditions arising
from: the group's reliance on short-term debt funding to finance
its business expansion; its partial reliance on financial
investments, mostly stock market securities, to bridge its funding
needs during 2009; the slow pace of progress in its refinancing
efforts; and some recent pressures in certain parts of the Russian
advertising markets," said S&P's credit analyst Raam Ratnam.

Until the second quarter of 2008, RBC's cash and short-term
investments of US$232 million exceeded its short-term debt of
US$158 million.  In the third quarter of 2008, S&P believes that
investments would constitute more than 50% of RBC's short-term
resources, as the cash balance itself would have declined due to
debt repayment and payment for acquisitions and capital
expenditure.  Given the recent sharp fall in equity prices in
Russia and poor stock exchange trading conditions, S&P estimates
the financial investment part of RBC's liquidity to have
considerably eroded, which implies that, together with available
cash balances, the company no longer has sufficient liquid assets
to cover debt obligations through the end of 2009.  The group's
capacity to meet its debt obligations is therefore dependant upon
the rollover of debt maturities or issuance of new debt, which is
obviously challenging in the current credit environment.

In addition to the liquidity and refinancing risks, the
CreditWatch placement reflects S&P's concerns regarding the
unavailability of audited financial statements for 2007, and
consequently, RBC not fulfilling its reporting commitments to its
lenders.  Furthermore, S&P expects that the current economic
conditions and market pressures in Russia to result in RBC's
inability to sustain its strong operating performance of the first
half in the second half of the year.

RBC's credit profile benefits from its solidifying market
position, continuing scale expansion, and improving revenue
diversification.  RBC reported a strong performance in the first
half of 2008: Revenues rose to US$109 million, a 42% increase year
on year, and the consolidated EBITDA margin increased to 30%-32%.
The diversity of its client base of 5,500 should partially
mitigate RBC's exposure to the cyclical advertising market in
Russia, which despite some recent downward pressures, is still
growing at a fast pace.

S&P will continue to closely monitor the situation.  S&P expects
to resolve the CreditWatch placement over the next few weeks by
assessing RBC's plans to: refinance its 2009 debt maturities, put
in place suitable financing to cover debt obligations at least
until year-end 2009, rapidly monetize its financial investments,
and reduce its cost base while continuing to increase its share of
the Russian media market.

Upon resolution of the CreditWatch placement, the ratings could be
either lowered or affirmed.  A further downgrade by one to three
notches is possible if RBC is unable to rapidly address its weak
liquidity and near-term refinancing needs.  A negative rating
action is also likely if the group is unable to publish its 2007
audited financial statements under International Financial
Reporting Standards without any material qualifications within the
next one month or if it reports EBITDA margins of less than 15%
for the year ending 2008.

However, the ratings could be affirmed if RBC is able to rapidly
secure its 2008 and 2009 debt obligations through adequate
refinancing and demonstrate its ability to prudently manage its
liquidity and financial reporting process, as long as the current
delay with respect to publication of the 2007 audited financial
statements is limited in scope and nature.


SIB-GOR-MASH OJSC: Creditors Must File Claims by November 26
------------------------------------------------------------
Creditors of OJSC Sib-Gor-Mash Research and Development
Enterprise (TIN 3519002630) have until Nov. 26, 2008, to submit
proofs of claims to:

         V. Poroshkov
         Insolvency Manager
         Post User Box 232
         630102 Novosibirsk
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13–1502/2008.

The Debtor can be reached at:

         OJSC Sib-Gor-Mash Research and Development Enterprise
         Kombinatskiy pereulok 3
         Novosibirsk
         Russia


SIBIR ENERGY: Denies Being Subject of Margin Calls
--------------------------------------------------
At the behest of its top shareholder, Bennfield Ltd, Russia-
focused oil firm Sibir Energy PLc last week said it had not been
the subject of margin calls, Reuters reported on October 9.

"Bennfield has authorized the company to inform the market that
neither it nor any of its shareholders has been the subject of
margin calls.  These facilities have been reduced where necessary
and are in good standing," Reuters quotes the company as stating.

                        About Sibir Energy

Sibir Energy plc (Sibir) (LON: SBE) is an independent oil and gas
exploration and production company.  The company also refines and
sells oil and gas products.  Its areas of oil and gas exploration
and production activity are in the Khanty-Mansiysk Okrug in
Western Siberia, in the Russian Federation.  During the year ended
Dec. 31, 2007, all of the company's business was conducted in
Russia, through its investment in subsidiaries operating in the
oil and gas industry.  Its wholly owned subsidiaries include
Caraline Trading Limited, Sibenergy (Cyprus) Limited, Kangol
Enterprises Limited, Glafeta Holdings Limited, Expid Holdings
Limited, Yaklort Holdings Limited, Visini Holdings Limited, Labico
Holdings Limited and Hitchens Global SA.  In September 2007, Sibir
acquired Moscow Oil and Gas Company (MOGC) and as a result
increased its interest in Mostnefteprodukt by a further 38% stake.
Since Dec. 31, 2007, the investment was treated as a subsidiary.


STREZHEVOY-NEFTE-DOR-STROY: Claims Filing Period Ends Nov. 26
-------------------------------------------------------------
Creditors of CLSC Strezhevoy-Nefte-Dor-Stroy have until Nov. 26,
2008, to submit proofs of claims to:

         G. Kudashkina
         Insolvency Manager
         Post User Box 342
         Volgogradskaya Str. 30
         650056 Kemerovo
         Russia

The Arbitration Court of Tomskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A67-610/08.

The Court can be reached at:

         The Arbitration Court of Tomskaya
         Kirova Pr. 10
         634050 Tomsk
         Russia

The Debtor can be reached at:

         CLSC Strezhevoy-Nefte-Dor-Story
         Stroiteley Str. 83
         Strezhevoy
         636780 Tomskaya
         Russia


UST-KUBINSKIY LES-PROM-KHOZ: Claims Filing Period Ends Nov. 26
--------------------------------------------------------------
Creditors of LLC Ust-Kubinskiy (TIN 3519002630) have until
Nov. 26, 2008, to submit proofs of claims to:

         I. Shubin
         Insolvency Manager
         Apt. 6
         Novgorodskaya Str. 27a
         160022 Vologda
         Russia

The Arbitration Court of Vologodskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A13–1502/2008.

The Debtor can be reached at:

         LLC Ust-Kubinskiy
         Ustye
         Russia


ZAP-SIB-REGION-GAZ: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Zap-Sib-Region-Gaz (TIN 7730160673).  The case is
docketed under Case No. A40-26301/08-103-76B.

The Temporary Insolvency Manager is:

         V. Ananyev
         Apt.145
         Building 2
         Sumskaya Str.8
         121170 Moscow
         Russia
         Tel: 89162322835

The Court is located at:

         The Arbitration Court of Moscow
         Building 1
         Novaya Basmannaya Str.13/2
         107078 Moscow
         Russia

The Debtor can be reached at:

         LLC Zap-Sib-Region-Gaz
         Oleko Dudicha Str. 3
         121096 Moscow
         Russia


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


SAEZ MERINO: Seeks Court Authority to Liquidate Business
--------------------------------------------------------
Lois brand jeans maker Saez Merino is going into liquidation after
being hit by the credit crisis and a sharp economic slowdown in
Spain, Sarah Morris of Reuters reports, citing Jose Mesa of Union
General de Trabajadores de Espana.

Mr. Mesa said the company, which also makes other well-known
Spanish labels like Caroche, Caster and Cimarron, is closing its
two factories.  It is also laying off around 350 workers, Reuters
discloses.

He noted the company had already been operating under creditor
protection, and that there had been a plan to pay creditors over 5
years with a 30%, Reuters relates.

According to media reports, the company presented the request for
liquidation to the court Wednesday last week, Reuters reveals.

Meanwhile, the Lois brand, with its trademark bull logo, could be
sold to another company as part of the bankruptcy process, Reuters
adds.


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


FORD MOTOR: Analysts Worried Firm May Run Out of Cash
-----------------------------------------------------
Bill Vlasic at The New York Times reports that with vehicle sales
declining, analysts are concerned about the liquidity of General
Motors Corp. and Ford Motor Co. and their ability to finance
operations as their revenues decline and as they continue to eat
into cash reserves.

Dow Jones Newswires relates that as GM and Ford shares continue to
decline, concerns grew that the auto makers won't be able to turn
their operations around before running dangerously low on cash.
Matthew Dolan and John Stoll at The Wall Street Journal report
that on Thursday, GM closed down 31%, or US$2.15, at US$4.76,
while Ford dropped 22%, or 58 cents, to US$2.08, in New York Stock
Exchange composite trading.  WSJ states that GM ended the day with
a market value of US$3.9 billion, while Ford had a US$6 billion
market value.

According to Dow Jones, decline in the companies' domestic sales
aren't expected to improve in the near term.

Dow Jones states that Gimme Credit high-yield analyst Shelly
Lombard wrote in a Thursday research note that Ford appears to
have enough liquidity between cash on hand and credit lines to
fund operations for nine to 12 quarters.  Dow Jones relates that
Ms. Lombard doubted Ford's long-term viability, saying that the
liquidity could evaporate soon as U.S. vehicle sales continue to
drop.

Dow Jones reports that Ford Chief Executive Alan Mulally said at
the Paris Auto Show that the company has the "appropriate amount"
of liquidity and that he will continue cutting production to meet
declining demand.  Investor Kirk Kerkorian, who owns a 6.5% stake
in Ford, has said he is willing to provide additional capital to
fund the company's restructuring, the report states.

                    About General Motors

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

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

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

                    About Ford Motor Co.

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

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

                         *     *     *

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


FORD MOTOR: CEO Mulally Says Bankruptcy Not an Option
-----------------------------------------------------
Ford Motor Co.'s President and CEO Alan Mulally said in an
interview that despite new questions from analysts and credit-
rating agencies about Ford's current cash-burn rate and future
liquidity position, a bankruptcy filing is not an option for Ford,
The Wall Street Journal reports.

WSJ quoted Mr. Mulally as saying, "It makes absolutely no sense to
us.  Everything we are doing is to manage our cash and right-size
the company appropriately.  It makes no sense."

Citing Standard & Poor's lead automotive credit analyst Robert
Schulz, Jeff Green and Greg Bensinger at Bloomberg News report
that Ford  may be forced into bankruptcy as the global credit
freeze damps U.S. sales, and "macro factors could overwhelm them
at some point," even as Ford vows to stick with its turnaround
plans.

Ford's spokesperson Mark Truby said that the company has a cash
cushion, referring to US$23.4 billion borrowed in 2006 to help pay
for closing down plants and cutting jobs while developing new
models, Bloomberg relates.  Ford is evaluating its liquidity, the
report says, citing Mr. Truby.

Mr. Mulally said Ford will discuss its future production levels
when it releases third-quarter results this month, WSJ relates.
Ford must adjust its production to match softening demand, the
report says, citing Mr. Mulally.

                   About Ford Motor Co.

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


FORD MOTOR: Lewis Booth Will Replace Don Leclair as CFO
-------------------------------------------------------
Ford Motor Co.'s Chief Financial Officer Don Leclair will retire
on Nov. 1, after an accomplished 32-year career.

Mr. Leclair, 56, was named Executive Vice President and CFO in
August 2003.  He joined Ford in 1976.  "I have appreciated my time
at Ford and now look forward to spending more time with my family
and pursuing other interests," Mr. Leclair said.

Matthew Dolan and Jeff Bennett at The Wall Street Journal report
that Ford's President and CEO Alan Mulally said that Mr. Leclair's
retirement was not linked to differences over the future direction
of the company or prompted by some kind of financial surprise or
accounting change surfacing in Ford's coming quarterly report.

Lewis Booth -- who played a leading role in the successful
transformation of Ford of Europe and Mazda during the past decade
-- will become the company's Executive Vice President and Chief
Financial Officer.

Mr. Mulally said, "Don's expertise and business acumen have been
invaluable to Ford.  Under his leadership, Ford has made
significant progress in lowering costs, improving quality,
improving efficiency, divesting non-core assets, improving our
balance sheet and moving us to our One Ford."

Messrs. Leclair and Booth will work together in the coming weeks
to ensure a smooth transition.

Mr. Mulally said, "Lewis Booth is one of the strongest and most
experienced leaders within Ford and the auto industry.  He was
instrumental in the transformation of Mazda and Ford of Europe to
profitability and growth.  He has built a strong and successful
team in Ford of Europe that is well positioned to continue the
momentum.  And he has put in place new leadership at Volvo to turn
around its results and build the strength of this premium brand."

Mr. Booth comes to the CFO position with broad operational
experience in Europe, Asia, and North America as well as a deep
background in finance and product development.  Mr. Booth, 59, was
named to his present position in 2005 and also formerly was
responsible for the Premier Automotive Group.  He joined Ford of
Europe in 1978 as a financial analyst.  During his career, he has
had a series of senior leadership positions around the world,
including Ford of Europe, Ford Asia Pacific, Ford South Africa,
Mazda and Ford's Finance, Truck Operations, Product Development,
Manufacturing and Sales operations in Europe, Asia and North
America.

Mr. Mulally stated, "Lewis' global experience, track record and
many years of leadership in Ford's finance operations make him the
ideal CFO.  He has proven success integrating Ford of Europe into
a profitable, lean and highly efficient operation.  We now are
turning to Lewis to apply his extensive operational and financial
experience to work even closer with our operating teams around the
world as we accelerate the transition to our One Ford vision and,
in the process, transforming Ford into a lean global enterprise
and returning the company to sustainable profitability."

        New Executive Vice President at Ford Europe

Ford also said that John Fleming is appointed Executive Vice
President and Chairman and CEO, Ford of Europe, succeeding Mr.
Booth.  Mr. Fleming will assume responsibility for Ford of Europe,
Volvo Car Corporation, and Ford's Export Operations & Global
Growth Initiatives.  He will report directly to Mr. Mulally.

Mr. Mulally said, "John is a proven executive who has demonstrated
strong results.  Under John's leadership, Ford of Europe has grown
its sales and profitability.  I have every confidence he will
continue to lead Ford of Europe and now Volvo to even stronger
success in the future."

Mr. Fleming, 57, was named Group Vice President and President and
CEO, Ford of Europe, in 2005.  He joined Ford's manufacturing
operations in the UK in 1967.  During his career, Mr. Fleming has
served in a variety of leadership positions in Ford's global
Manufacturing operations, including managing four automotive
assembly plants and three stamping and component plants.

                   About Ford Motor Co.

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


FORD MOTOR: U.S. Chief Dismisses Rumor of Mazda Stake Sale
----------------------------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co.'s chief of U.S. operations, Mark Fields, said that reports
about the company selling its controlling stake in Mazda Motor Co.
are speculative.

Citing two people familiar with the matter, WSJ states that Ford's
board approved the possible sale as part of an effort to boost its
finances amid a drop in global auto sales and investor questions
about the company's cash reserves.

WSJ relates that on Monday, Mr. Fields said that Ford and Mazda
have worked closely over the decades on the basic architecture of
vehicles that each company sells under different model names, but
the companies would be able to function without the other because
their design and manufacturing operations remain wholly
independent.  According to the report, Mr. Fieds told reporters at
an event for Ford's new F-150 pickup truck, "Each company has the
full capability" to bring their products to market without the
other.

Ford and Mazda are operationally independent despite joint
ventures, WSJ says, citing Mr. Fields.  According to the report,
Mazda and Ford run some joint ventures around the world, including
the Auto Alliance International plant in Flat Rock, Michigan.
Ford will keep at least part of its interest in Mazda because of
their joint design and manufacturing operations, the report says,
citing a person familiar with the company's plans.

                   About Ford Motor Co.

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

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

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


FORD MOTOR: S&P Puts 'B-' Long-Term Rating on Negative CreditWatch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit and other ratings on U.S. automaker Ford Motor
Co. on CreditWatch with negative implications.

"The CreditWatch placement reflects the rapidly weakening state of
most global automotive markets along with capital market
conditions that will remain a major challenge for the foreseeable
future," said Standard & Poor's credit analyst Robert Schulz.
Included in the CreditWatch placement is Ford's finance unit, Ford
Motor Credit Co. (B-/Watch Neg/--).  S&P believes Ford has
adequate liquidity for at least the rest of 2008 as measured by
cash balances, and available bank facilities, but the accelerating
deteriorating industry fundamentals will be a serious challenge to
liquidity during 2009.


SVITHOID TANKERS: Applies for Insolvent Liquidation
---------------------------------------------------
The Board of Directors in Svithoid Tankers AB has decided on
Sunday, Oct. 12, 2008, to investigate the possibilities for a
company reorganization.  After having reviewed the circumstances,
it has become clear that the prerequisites do not exist.  The
Board has therefore decided to apply for insolvent liquidation.

Svithoid Tankers AB -- http://www.svithoidtankers.com/-- is a
Swedish shipping company with focus on smaller, modern product and
chemical tankers.  The company owns and operates vessels with high
standards that always fulfill all the latest environmental.


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


ATELIER BLAZEJEWSKI: Creditors Must File Claims by Nov. 30
----------------------------------------------------------
Creditors owed money by  LLC Atelier Blazejewski are requested to
file their proofs of claim by Nov. 30, 2008, to:

         Roman Blazejewski
         Hegenheimerstrasse 50
         4055 Basel
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 7, 2008.


EO2 LLC: Deadline to File Proofs of Claim Set Dec. 12
-----------------------------------------------------
Creditors owed money by LLC EO2 are requested to file their proofs
of claim by Dec. 12, 2008, to:

         Johannes Mayer
         Pilgerweg 4
         8802 Kilchberg
         Switzerland

The company is currently undergoing liquidation in Kilchberg ZH
SZ.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Dec. 20, 2007.


GENERAL MOTORS: In Talks with Cerberus to Acquire Chrysler
----------------------------------------------------------
General Motors Corp. has been in talks to acquire Chrysler LLC,
Jeffrey McCracken and John D. Stoll at The Wall Street Journal
reporty, citing people familiar with the matter.

According to WSJ, the sources said that Chrysler owner Cerberus
Capital Management LLC proposed a swap in which GM would acquire
Chrysler's automotive operations, and in turn give Cerberus its
remaining 49% stake in GMAC.  The sources told WSJ that the
problems in the financial markets has halted talks between
Cerberus Capital and GM, but the talks could be renewed once
markets stabilize.  One of the sources said that GM wants to let
go of its 49% stake in GMAC due to the negative impact the once-
profitable finance arm is having on its balance sheet, WSJ
reports.

A source said that GM expects as much as US$10 billion in cost-
cutting if it reaches a deal with Cerberus Capital, WSJ relates.
"Without referencing this specific rumor, as we've often said, GM
officials routinely discuss issues of mutual interest with other
auto makers.  As a policy, we do not confirm or comment publicly
on those private discussions, which in many cases do not lead
anywhere," GM spokesperson quoted Tony Cervone as saying.

Cerberus Capital agreed in 2006 to acquire a majority stake in
GMAC for US$14 billion.  According to WSJ, Cerberus Capital was
hoping to gain from GMAC's then-profitable mortgage arm Rescap;
expand the car-lending business in a global auto industry that was
projected to grow rapidly; and that by de-linking GMAC from GM,
the lending company's credit rating would improve, lowering its
cost of capital.

GMAC's value has declined in recent quarters due to exposure to
subprime home loans, car loans, and leases, WSJ states.  The GMAC
stake is currently valued at US$6 billion to US$7 billion, WSJ
says, citing people familiar with the discussions.  According to
the report, GM is considering various options for GMAC amid
difficulties in raising money for loans and an unwillingness at
GMAC to continue offering dealers and buyers cheap financing.

WSJ reports that if negotiations with GM fail, Cerberus Capital
will continue exploring options for Chrysler.  GM, says WSJ, had
backed off from a potential acquisition of Chrysler when it was
being sold by Daimler.

Sources said that by acquiring Chrysler, GM could lessen costs by
cutting plants, blue-collar jobs and corporate overhead, WSJ
states.  According to WSJ, investors might worry that GM would be
acquiring more troubled operations while it is still trying to fix
its own problems, shedding nameplates and dealers of its own.

WSJ relates that GM's fund-raising drive could benefit from
acquiring Chrysler, which has been able to hoard cash despite
dropping sales and production in its U.S. market, by backing away
from many capital-intensive projects, like constructs new
component plants, over the past 14 months.  GM's fund-raising
drive is slated to raise US$15 billion over the next 15 months
through asset sales, secured financing, and cost cuts, WSJ states.

WSJ reports that a GM-Chrysler deal would involve the
rationalizing of more than 100 automotive plants and 190,000
workers in North America, and would likely force a streamlining of
11 automotive brands -- from Chrysler to Cadillac -- and more than
10,000 auto dealers in the U.S., Mexico, and Canada.

Cerberus Capital appears undaunted by problems with its GMAC
investment, according to WSJ.  The report states that Cerberus
Capital's chief said in a letter to its investors in September,
"This is an historic opportunity in the U.S. residential and
commercial real estate markets.  Both whole loans and mortgage
securities are trading at, in our view, ridiculously low
historically distressed levels, and pressures on financial
institutions globally to relieve their balance sheets of these
assets have created a unique and attractive distressed investing
opportunity....While we have received a lot of press about certain
companies and their problems, not only will these companies not
have a significant effect on our performance, but they all, in our
view, are conservatively valued and some may have real upside from
the mark."

            GM Board May be Skeptic on Chrysler Deal

General Motors Corp.'s board may be skeptic about the firm's
acquisition of Chrysler LLC, John D. Stoll, Matthew Dolan, and
Neal E. Boudette at The Wall Street Journal report.

Citing people familiar with the matter, WSJ relates that the board
gave a "cool reception" to the planned acquisition after GM's
management discussed the matter at a meeting last week.

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

                    About General Motors

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

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

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


GENERAL MOTORS: Analysts Worried Firm May Run Out of Cash
---------------------------------------------------------
Bill Vlasic at The New York Times reports that with vehicle sales
declining, analysts are concerned about the liquidity of General
Motors Corp. and Ford Motor Co. and their ability to finance
operations as their revenues decline and as they continue to eat
into cash reserves.

Dow Jones Newswires relates that as GM and Ford shares continue to
decline, concerns grew that the auto makers won't be able to turn
their operations around before running dangerously low on cash.
Matthew Dolan and John Stoll at The Wall Street Journal report
that on Thursday, GM closed down 31%, or US$2.15, at US$4.76,
while Ford dropped 22%, or 58 cents, to US$2.08, in New York Stock
Exchange composite trading.  WSJ states that GM ended the day with
a market value of US$3.9 billion, while Ford had a US$6 billion
market value.

According to Dow Jones, decline in the companies' domestic sales
aren't expected to improve in the near term.

Dow Jones states that Gimme Credit high-yield analyst Shelly
Lombard wrote in a Thursday research note that Ford appears to
have enough liquidity between cash on hand and credit lines to
fund operations for nine to 12 quarters.  Dow Jones relates that
Ms. Lombard doubted Ford's long-term viability, saying that the
liquidity could evaporate soon as U.S. vehicle sales continue to
drop.

Dow Jones reports that Ford Chief Executive Alan Mulally said at
the Paris Auto Show that the company has the "appropriate amount"
of liquidity and that he will continue cutting production to meet
declining demand.  Investor Kirk Kerkorian, who owns a 6.5% stake
in Ford, has said he is willing to provide additional capital to
fund the company's restructuring, the report states.

                    About Ford Motor Co.

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

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

                         *     *     *

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

                    About General Motors

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

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

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


GENERAL MOTORS: Says Bankruptcy Not an Option
---------------------------------------------
The Wall Street Journal reports that General Motors Corp. has
denied that it is considering filing for bankruptcy.

Frank Ahrens at The Washington Post relates that the plunge in
GM's shares of stock spurred speculation that the company might be
edging towards bankruptcy.  Citing Standard & Poor's lead
automotive credit analyst Robert Schulz, Jeff Green and Greg
Bensinger at Bloomberg News report that GM may be forced into
bankruptcy, as "macro factors could overwhelm them at some point,"
even as the company vows to stick with its turnaround plans.

GM said in a statement on Friday, "Clearly, we face unprecedented
challenges related to uncertainty in the financial markets
globally and weakening economic fundamentals in many key markets.
But bankruptcy protection is not an option GM is considering."

According to Reuters, Barclays Capital also cut its price target
for GM on Friday, saying that GM's cash needs were increasing due
to the risk of weaker global auto sales.  Reuters states that
Barclays analyst Brian Johnson said in a note for clients, "With
auto sales stalled in the (United States) and beginning to
contract in the rest of the world, we believe GM's cash needs are
increasing."

Mr. Johnson said that GM would need to raise US$10.3 billion to
maintain liquidity of US$14 billion through next year, up from his
earlier estimate of US$7.3 billion over the same period, Reuters
states.

WSJ relates that GM is expected to disclose more production
capacity reductions in the coming weeks, likely on closing plants
that stamp auto parts or build engines and transmissions.

                    About General Motors

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

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

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


GENERAL MOTORS: Market Woes Cue S&P to Put 'B-' Rating on WatchNeg
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on U.S.
automaker General Motors Corp., including the 'B-' long-term
corporate credit rating, on CreditWatch with negative
implications.

"The CreditWatch placement reflects the rapidly weakening state of
most global automotive markets, along with capital market
conditions that will remain a serious challenge for the
foreseeable future," said Standard & Poor's credit analyst Robert
Schulz.  S&P also placed its ratings on GM's 49%-owned finance
affiliate GMAC LLC, including the 'B-' long-term counterparty
credit rating, on CreditWatch with negative implications.  At this
time, ratings on GMAC unit Residential Capital LLC
(CCC+/Negative/C) are not on CreditWatch.

S&P believes GM currently has adequate liquidity for at least the
rest of 2008 as measured by cash balances and available bank
facilities, but the accelerating deterioration in industry
fundamentals will be a serious challenge to liquidity during 2009.


R. FLACH ELEKTRONIK: Creditors Have Until Oct. 31 to File Claims
---------------------------------------------------------------
Creditors owed money by JSC R. Flach Elektronik are requested to
file their proofs of claim by Oct. 31, 2008, to:

         Heiligholzstr. 42
         4142 Munchenstein
         Switzerland

The company is currently undergoing liquidation in Munchenstein
BL.  The decision about liquidation was accepted at an
extraordinary shareholders' meeting held on Sept. 2, 2008.


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

         Jurg Muller
         Fabrikstrasse 4
         4562 Biberist
         Switzerland

The company is currently undergoing liquidation in Biberist.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 2, 2008.


SPIESER AUTOHANDEL: Creditors' Proofs of Claim Due by Dec. 16
-------------------------------------------------------------
Creditors owed money by LLC Spieser Autohandel are requested to
file their proofs of claim by Dec. 16, 2008, to:

         Dr. Martin Michel
         Mail Box 333
         8853 Lachen 6
         Switzerland

The company is currently undergoing liquidation in Schubelbach SZ.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on March 8, 2007.


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

         JSC Tac
         8610 Uster
         Switzerland

The company is currently undergoing liquidation in Uster.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 2, 2008.


VESCOR JSC: Deadline to File Proofs of Claim Set Nov. 30
--------------------------------------------------------
Creditors owed money by JSC Vescor are requested to file their
proofs of claim by Nov. 30, 2008, to:

         Schutzengelstrasse 38
         6340 Baar 6
         Switzerland

The company is currently undergoing liquidation in Baar.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 18, 2008.


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


ACHILLES-2005 LLC: Creditors Must File Claims by October 17
-----------------------------------------------------------
Creditors of LLC Achilles-2005 (code EDRPOU 33903172) have until
Oct. 17, 2008, to submit proofs of claim to:

         Sergey Zozulia
         Liquidator/Insolvency Manager
         Ap. 31
         Shevchenko Boulevard 250
         18000 Cherkassy
         Ukraine
         Tel: 8(067)470-1806

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 5, 2008.
The case is docketed as 10/3652.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Achilles-2005
         Gromov Str. 167
         18000 Cherkassy
         Ukraine


BROVARY RESEARCH-EXPERIMENTAL: Claims Filing Ends October 18
------------------------------------------------------------
Creditors of OJSC Brovary Research-Experimental Plant (code EDRPOU
01349489) have until Oct. 18, 2008, to submit proofs of claim to:

         Bogdan Krupka
         Temporary insolvency manager
         Ap. 193
         Independency Str. 2
         Brovary
         Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on July 22, 2008.  The case is docketed
as B3/106-08.

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

The Debtor can be reached at:

         OJSC Brovary Research-Experimental Plant
         Kutuzov Str. 57
         Brovary
         Kiev
         Ukraine


DEKALOG LLC: Creditors Must File Claims by October 18
-----------------------------------------------------
Creditors of LLC Dekalog (code EDRPOU 30781804) have until
Oct. 18, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 10, 2008.
The case is docketed as B 11/243-08.

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

The Debtor can be reached at:

         LLC Dekalog
         Promyshlennaya Str. 5
         Vishnevoye
         Kiev
         Ukraine


DNIPRO-PRODUCT LLC: Creditors Must File Claims by October 18
------------------------------------------------------------
Creditors of LLC Dnipro-Product (code EDRPOU 32780963) have until
Oct. 18, 2008, to submit proofs of claim to:

         Victoriya Androsova
         Temporary Insolvency Manager
         Yangel Str. 17/112
         49089 Dnipropetrovsk
         Ukraine
         Tel: 8(056)792-59-10

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Aug. 18, 2008.  The case
is docketed as 26/177-08.

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

The Debtor can be reached at:

         LLC Dnipro-Product
         152nd Division Str. 3
         49033 Dnipropetrovsk
         Ukraine


KATKO LLC: Creditors Must File Claims by October 17
---------------------------------------------------
Creditors of LLC Katko (code EDRPOU 34842268) have until Oct. 17,
2008, to submit proofs of claim to:

         LLC Law Effective Justice
         Liquidator/Insolvency Manager
         Ofc. 197
         Ivan Mazepa Str. 3B
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 26, 2008.
The case is docketed as B19/353-08.

The Debtor can be reached at:

         LLC Katko
         Kurchatov Str. 6-A
         Vasilkov
         08600 Kiev
         Ukraine


KLN LLC: Creditors Must File Claims by October 18
-------------------------------------------------
Creditors of LLC KLN (code EDRPOU 31457913) have until Oct. 18,
2008, to submit proofs of claim to:

         Sergey Zagorodny
         Liquidator/Insolvency Manager
         Ap. 12
         Stroiteley Str. 21/9
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 28, 2008.
The case is docketed as 50/255.

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

The Debtor can be reached at:

         LLC KLN
         Verbitsky Str. 30
         Kiev
         Ukraine


NADRA BANK: Fitch Lowers Individual Rating to 'E' from 'D/E'
------------------------------------------------------------
Fitch Ratings has changed Ukraine-based Nadra Bank's Outlook to
Negative and downgraded its Individual rating to 'E' from 'D/E'.
The rating actions reflect deterioration in the bank's asset
quality, while the bank's liquidity position has also come under
some pressure.

Loans with payments overdue by 90 days or more increased to 7.4%
at end-H108 from 5.7% at end-2007, while those overdue for up to
90 days grew very fast during H108, indicating the potential for a
further rise in problem exposures.  Although write-offs have been
minimal during the last two years and Fitch understands that most
of the NPLs are secured, the agency regards the bank's loan
impairment levels as high, particularly in light of the relatively
favorable credit environment.

Furthermore, reserve coverage of NPLs is low and the quality of
capital is weak, with a significant part of this coming from
revaluations of investments with limited liquidity.

Nadra's liquidity position has also come under some pressure in
recent weeks.  However, the bank has received a UAH1.5 billion
(equivalent of US$309 million) one-year collateralized refinancing
facility from the National Bank of Ukraine which should improve
its financial flexibility and help it to repay a US$100 million
eurobond and a US$130 million syndicated loan, both due in
November 2008.  Fitch understands that the bank's borrowings and
placements on the domestic interbank market are broadly matched by
amounts and tenors; however, the bank, like many others in
Ukraine, could be vulnerable to a sustained outflow of customer
funds.

Nadra's Long-term Issuer Default Rating of 'B-' is now driven by
potential support from the Ukrainian authorities, reflecting what
Fitch views as a significant propensity of the latter to provide
support to a bank of Nadra's size.  The Negative Outlook on the
Long-term IDR reflects that on the sovereign's ratings, and Nadra
would likely be downgraded if the sovereign rating is downgraded.
Against this, a reversal of asset quality trends, strengthening of
capitalization and improvement of liquidity would be positive for
the bank's credit profile.

Nadra is the seventh-largest Ukrainian bank by asset size, with a
strong presence in the retail segment and about 3.4% of system
assets at end-H108.  The bank currently has the sixth-largest
nationwide network of branches and outlets, the fifth-largest
network of ATMs and the third-largest network of plastic card-
acquiring terminals.  About 87% of Nadra's shares are ultimately
held by three individuals (including 33.4% held by Nadra's CEO,
Igor Gilenko).  Foreign portfolio investors jointly own 8%,
including East Capital Fund's 7%.

Rating actions taken:

  -- Long-term IDR affirmed at 'B-'; Outlook changed to Negative
     from Positive

  -- Senior unsecured debt: affirmed at 'B-', RR4

  -- Short-term IDR: affirmed at 'B'

  -- Individual Rating: downgraded to 'E' from 'D/E'

  -- Support Rating: affirmed at '5'

  -- Support floor: affirmed at 'B-'


REGION WHOLESALE: Creditors Must File Claims by October 17
----------------------------------------------------------
Creditors of LLC Region Wholesale Service (code EDRPOU 33160215)
have until Oct. 17, 2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on Aug.
4, 2008.  The case is docketed as B 15/217-08.

The Debtor can be reached at:

         LLC Region Wholesale Service
         Apt. 235
         Fuchik Str. 30
         49027 Dnipropetrovsk
         Ukraine


V.A.N. LLC: Creditors Must File Claims by October 17
----------------------------------------------------
Creditors of LLC V.A.N. (code EDRPOU 35282405) have until Oct. 17,
2008, to submit proofs of claim to:

         LLC Law Effective Justice
         Liquidator/Insolvency Manager
         Ofc. 197
         Ivan Mazepa Str. 3B
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 26, 2008.
The case is docketed as B19/352-08.

The Debtor can be reached at:

         LLC V.A.N.
         Kurchatov Str. 6-A
         Vasilkov
         08600 Kiev
         Ukraine


* S&P Revises Outlooks on Three B-Rated Ukrainian Banks to Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlooks on the
long-term counterparty credit ratings on three Ukrainian banks to
negative from stable.  In addition, the long-term ratings on the
banks were affirmed, and the Ukrainian national scale ratings on
two of the affected banks were lowered.  S&P also affirmed the
ratings on two other Ukrainian banks, on which the outlooks remain
stable.

"The outlook revisions reflect our growing concerns about the
adverse impact of high inflation and currency devaluation," said
S&P's credit analyst Annette Ess.  "We are also concerned about
the affect of the ongoing international market turbulence on the
financial and commercial profiles of Ukrainian banks, and the
consequent increasing pressure on their asset quality, liquidity,
and funding."

Positively, the government is putting in place an array of
measures to help stabilize the banking system.  These measures
include a new regulation (No. 319) which places a moratorium on
the early redemption of term deposits, restricts asset growth, and
forbids issuing foreign currency loans to borrowers without an
income in foreign currencies.  The Central Bank of Ukraine (CBU)
also announced liquidity support up to 60% of regulative capital
to Ukrainian banks that are not involved in speculative
operations.  CBU refinancing increased to Ukrainian hryvnia (UAH)
6.45 billion (US$1.1 billion) in the first eight days of October
compared with UAH5.96 billion for the whole of September.  On Oct.
8, CBU carried out a tender for funds worth UAH1.66 billion among
25 financial institutions.

S&P expects that continuing high inflation and a weakening hryvnia
will reduce the ability of borrowers -- especially consumers and
small and midsize enterprises -- to repay debt obligations,
leading to marked asset-quality deterioration.  The banking sector
is highly vulnerable to political instability and depositor
confidence.  This could lead to a flight to quality among retail
depositors.  Higher funding costs and reduced debt-market access
are especially detrimental to small and midsize players and those
which have sizable amounts of debt maturing in the short term.
Moreover, instability on the interbank market exacerbates
liquidity problems.

S&P maintains its stable outlook on Ukrsotsbank OJSC, reflecting
expected support from its strategic parent UniCredit SpA
(A+/Negative/A-1).  S&P also maintains its stable outlook on UNEX
BANK; the low rating already incorporates a high degree of
vulnerability to an adverse operating environment.

The lowering of the Ukraine national scale ratings on Alfa-Bank
Ukraine and JSC KREDOBANK reflects a more granular credit rating
approach under S&P's national ratings scale.

Ratings List
                                  To                   From
Outlook Action/Downgrade
Nadra Bank
Counterparty Credit Rating        B-/Negative/--
B-/Stable/--

Alfa-Bank Ukraine
Counterparty Credit Rating        B+/Negative/B
B+/Stable/B
Ukraine National Scale            uaA-                 uaA

JSC KREDOBANK
Counterparty Credit Rating        B+/Negative/B
B+/Stable/B
Ukraine National Scale            uaA-                 uaA

Ratings Affirmed
Ukrsotsbank OJSC
Counterparty Credit Rating               B+/Stable/B

UNEX BANK
Counterparty Credit Rating               CCC+/Stable/C
Ukraine National Scale                   uaB+


* Fitch Says Ukrainian Banks Risks Hike as Global Turmoil Worsens
-----------------------------------------------------------------
Fitch Ratings states that near-term risks have increased
considerably for Ukrainian banks as a combination of global
financial market turmoil, worsening macroeconomic fundamentals and
political uncertainty have resulted in deposit outflow, tighter
domestic money markets and exchange rate volatility.  Banks' asset
quality is also likely to deteriorate as loan books season,
liquidity in the economy tightens and unhedged foreign currency
borrowers potentially face a greater debt burden.  Measures taken
by the National Bank to bolster sector liquidity are viewed
positively, but may not be sufficient should market conditions
deteriorate further.

Liquidity and asset quality issues have already resulted in
negative rating actions on two banks - Rodovid and Nadra - in
recent days, and further negative actions are possible as Fitch
reviews the impact of current developments on rated institutions.
Sustained or worsened financial instability could also further
damage the credit fundamentals of the Ukrainian sovereign (rated
Long-term IDR 'BB-' with a Negative Outlook).

In common with many economies globally, both developed and
emerging, Ukraine currently faces a combination of tight interbank
market liquidity, sharply reduced asset prices, a credit squeeze
and slowing economic growth.  However, in Ukraine the risks for
the banking sector are compounded by the rapid loan growth of
recent years; political uncertainty and the absence of a credible
government in the run-up to the December parliamentary elections;
volatility in the UAH/US$ exchange rate (which climbed above 5.6
in intraday trading on Wednesday of last week before falling back
to the 5.2-5.3 range by the end of the week on the back of NBU
intervention); and the high proportion of foreign currency lending
(51% as of August 2008).  Retail deposit outflows have reportedly
increased in the last two weeks following the failure of the
country's sixth-largest bank, Prominvest, and as a result of
exchange rate volatility.

A credit strength for the banking sector compared to CIS peers is
the relatively high foreign ownership (36%); however, Fitch notes
that combined foreign and state ownership is higher in Russia
(approximately 64%) than in Ukraine (44%), leaving a larger
proportion of institutions in the latter market where shareholder
support is less certain.  In Ukraine, in Fitch's view, near-term
risks are highest among medium-sized and small banks, many of
which have grown faster than the sector in recent years, often
with weak risk management infrastructure and a high reliance on
short-term funding.

Fitch views as positive for Ukrainian banks the additional
liquidity support measures put in place by the NBU, including
those announced.  In particular, banks can receive secured one-
year loans from the NBU in an amount up to 60% of regulatory
capital, and were instructed not to repay retail term deposits or
other funding before maturity.  Reserve requirements on short-term
foreign borrowings were reduced to 0% from 20%.  Previously, the
NBU had also stepped in to manage the failure of Prominvest.

However, Fitch notes that these measures may not be sufficient to
protect the liquidity of individual institutions which have been
highly dependent on the domestic interbank market, in particular
should customer funding continue to contract.  There is also a
high degree of uncertainty as to whether the authorities would
recapitalize banks in case of significant credit losses, in
particular in respect to smaller institutions.


* UKRAINE: Central Bank Moves to Stabilize Banking Sector
---------------------------------------------------------
Ukraine's central bank, The National Bank of Ukraine (NBU), on
Monday imposed a six-month freeze on the early withdrawal of
deposits from commercial banks to prevent a run, more than tripled
its guarantee on deposits to US$38,000 (EUR28,100, GBP22,350) and
increased reserve requirements for banks, The Financial Times
reports.

The FT says the NBU recently offered more than US$1 billion in
emergency aid to thwart liquidity and solvency problems at a
handful of banks including Prominvestbank, which received a
US$600 million rescue package.

The moves, according to the FT, are meant to stabilize the
country's fragile banking sector, which has been shaken by
declining confidence, a falling currency and a deepening political
crisis.  The FT says the NBU's deputy chief, Volodymyr Korotyuk,
expects the measures to stabilize the situation within one month
or earlier.

Tim Ash, an analyst at the Royal Bank of Scotland, estimated some
4% of deposits, or US$3 billion, was withdrawn from Ukrainian
banks in October, the FT relates.

Ukraine, whose economy has in recent years been boosted by high
prices on steel, its main export, and a lending boom financed by
heavy foreign borrowing by domestic banks, is now experiencing
falling steel prices, says the FT.

Also, a widening current account deficit have put pressure on the
country's currency and access to fresh credit facilities has dried
up with the credit crunch, the FT adds.

Meanwhile, FT relates Ukraine president Viktor Yushchenko is
having a conflict with then ally premier Yulia Tymoshenko over a
decree scheduling Ukraine's third parliamentary election for
December 7.  According to FT, Ms. Tymoshenko defied the vote,
insisting it would complicate the country's ability to grapple
with the world financial crisis.


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


AMERICAN INTERNATIONAL: Uses Additional US$9BB From Gov't Loan
--------------------------------------------------------------
Liam Pleven, Carrick Mollenkamp, and Craig Karmin at The Wall
Street Journal report that American International Group Inc. drew
down another US$9 billion from the federal loan to meet demands
for cash from its trading partners.  According to WSJ, AIG has now
borrowed US$70.3 billion from the government in three weeks.  WSJ
says that the government raised the loan it is offering to AIG to
US$122.8 billion on Wednesday, due to the threat of losses from
AIG's lending program.

WSJ quoted a person familiar with the matter, "The Fed had no idea
the capital markets would seize up and the stock markets would
keep falling; both put AIG in a severe cash bind."

WSJ relates that much of the Fed's original loan to AIG was used
to:

    -- providing collateral to AIG's trading partners on
       complex derivatives known as credit default swaps, and

    -- covering losses in AIG's securities-lending program.

Citing Texas Department of Insurance's chief financial analyst
Doug Slape, WSJ states that AIG's securities-lender customers
"flooded the program for their collateral, creating a mini-run" on
the company.  Mr. Slape said that AIG started drawing down on the
federal loan commitment to cover the collateral requests,
according to the report.

The insurance department is keeping an eye on three AIG insurance
units due to the securities-lending exposure, WSJ relates, citing
Mr. Slape.  California Department of Insurance spokesperson,
Darrel Ng, said that the state is looking at the securities-
lending practices of insurers in California, WSJ states.
According to the report, the New York Fed and outside experts that
the Fed hired are trying to assess how money is flowing within and
from AIG, and has been sending personnel to AIG divisions to
assess the company's risks and its risk-management procedures.

              About American International Group

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

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

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

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

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

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

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

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

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

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

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

                         *     *     *

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

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


AMERICAN INTERNATIONAL: Gov't to Name Trustees to Manage Stake
--------------------------------------------------------------
Sudeep Reddy at The Wall Street Journal reports that the Federal
Reserve will appoint trustees to oversee the U.S. government's
almost 80% stake stake in American International Group, Inc.

According to WSJ, the central bank will select within two weeks
three individuals with business experience to manage the stake and
voting rights in AIG, taking over that role from the Federal
Reserve and Treasury officials.

WSJ states that the trustees would eventually sell the government
shares, and the proceeds would go into federal coffers.  The
report says that the trustees would hire their own advisers.

WSJ relates that as lender, the Federal Reserve is responsible for
ensuring that AIG pays interest on the government loan and repays
the central bank.  According to the report, the government might
want to operate AIG more aggressively to boost the company's
value, to ensure that taxpayers have a better chance of being
rewarded.

AIG, says WSJ, will maintain a board of directors, but the loan
agreement allows the trustees to appoint or replace the directors.
AIG said in a statement that its agreement with the government
requires the company "to use reasonable efforts" to make its board
"satisfactory to the trust" within 10 days of the trust's
creation.

Federal Reserve officials expect to remain involved in discussions
about asset sales as they are critical to the AIG loans being
repaid, WSJ states.

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

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

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

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

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

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

S&P raised its ratings on preferred stock of International Lease
Finance Corp. (ILFC; A-/Watch Dev/A-1) to 'BBB' from 'B', and
revised the CreditWatch implications to developing from negative.
All other ILFC ratings remain on CreditWatch with developing
implications.

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

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

                       *     *     *

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

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


AMERICAN INT'L: Aware of Potential Woes in Valuing Contracts
------------------------------------------------------------
Documents from the congressional investigators indicate that top
American International Group Inc. officials were aware of
potential problems in valuing derivative contracts before the
transactions caused the company's shareholders severe pain, Liam
Pleven and Amir Efrati at The Wall Street Journal report.

WSJ relates that the derivative-contract problems would have
driven AIG into bankruptcy. WSJ states that an investigation
began earlier this year on how candid company officials were with
investors at a December 2007 investor conference and whether
officials at AIG's financial-products unit, which sold the
derivatives contracts, misled AIG's outside auditor.

Joseph St. Denis, a former internal AIG auditor, said in a letter
to the House Committee on Oversight and Government Reform that in
early September 2007, that he learned that AIG's financial-
products unit had been asked for billions of dollars in collateral
related to derivatives it had sold, WSJ states. According to the
report, Mr. St. Denis said, in a letter disclosed during the
congressional hearing on Tuesday, that he had early on raised
concerns about being excluded from conversations about the
valuation of the derivatives.

WSJ states that the derivatives, or credit-default swaps, protect
buyers against the risk of default on other investments. WSJ says
that AIG believed that the possibility of making payouts was
remote.

The valuation model of one of AIG's trading partners "apparently
indicated" that the unit "was in a potentially material liability
position," WSJ says, citing Mr. St. Denis, who denied of his
involvement in the valuation of the swaps at AIG. According to
WSJ, Mr. St. Denis said that in the last week of September 2007,
the unit's chief, Joseph Cassano, said that he had excluded Mr.
St. Denis "because I was concerned that you would pollute the
process."

WSJ reports that Mr. St. Denis said he resigned from AIG on
Oct. 1, 2007, and that he told AIG's chief auditor Michael Roemer
about Mr. Cassano's comment.

A committee chairperson said that Mr. Cassano earned
US$280 million over eight years at AIG, WSJ states. Mr. Cassano
left AIG in March and was slated to receive $1 million a month
through the end of this year, but the contract was terminated
before the congressional hearing, according to the report.

Determining the values for the swaps in a rapidly changing market
is complex and "it can't be the case that your [trading partner in
swaps transactions] is the definer of what the value is," WSJ
says, citing F. Joseph Warin, the attorney for Mr. Cassano.
According to the report, Mr. Warin said that the supervision of
Mr. Cassano by AIG was transparent and interactive and Mr. Cassano
would continue to be cooperative with the investigation.

In November 2007, AIG said the swaps had dropped by
US$352 million in value, WSJ says. A Pricewaterhouse official said
at an audit-committee meeting in January that the valuation
process for the swaps "needs improvement from a control
perspective," WSJ reports.

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

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

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

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

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

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

S&P raised its ratings on preferred stock of International Lease
Finance Corp. (ILFC; A-/Watch Dev/A-1) to 'BBB' from 'B', and
revised the CreditWatch implications to developing from negative.
All other ILFC ratings remain on CreditWatch with developing
implications.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative. Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.  The Troubled Company Reporter
reported on Sept. 19, 2008, that that Edward Liddy replaced Robert
Willumstad as AIG's CEO.

                             * * *

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

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


APPROVED PROPERTIES: Claims Filing Period Ends November 14
----------------------------------------------------------
Creditors of Approved Properties Abroad Ltd. have until Nov. 14,
2008, to send in their full names, their addresses and
descriptions, full particulars of their debts or claims and the
names and addresses of their solicitors (if any), to:

         Robert Leonard Harry Knight
         Joint Liquidator
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent
         TN9 1HG
         England

Robert Leonard Harry Knight and Mark Newman of Vantis Business
Recovery Services were appointed joint liquidators of the  company
by the members and creditors on Sept. 29, 2008.


BAUGUR GROUP: CEO Dismisses Administration Rumors
-------------------------------------------------
Baugur Group dismissed media speculation that it was considering
placing its UK holding company into administration,
just-style.com says.

On Monday, the Daily Telegraph reported that Baugur is exploring
various options for the company, including a possible
administration, and that it entered talks with advisers BDO Stoy
Hayward.

Baugur CEO Gunnar Sigurdsson however told just-style "We would
like to make clear that Baugur has not appointed any advisers,"
adding "We continue to monitor the situation in Iceland, where
possible maintain a dialogue with the banks and manage and plan
our business accordingly.  We have no plans to place our UK
business into administration."

The group, just-style.com relates, is currently in talks with
retail entrepreneur Sir Philip Green over a possible
investment in its UK portfolio following the collapse of Icelandic
banking system last week.

On Sunday, Baugur chairman Jon Asgeir Johannesson warned that the
group's investment could "fall one after another" unless it
completed a deal with Mr. Green to buy Baugur's debt from the
Icelandic banks and the Government, the Daily Telegraph noted.

Baugur Group -- http://baugur.com/--  is an international
investment company in the retail and fashion sectors in the UK,
the USA and Scandinavia.  Companies related to Baugur employ some
53,000 people worldwide in over 3,700 stores with a total turnover
of GBP5.0 billion.

Among Baugur's principal investments are the supermarket chain
Iceland, the toy retailer Hamleys, the jewellery chain Goldsmiths,
fashion chains Whistles and Jane Norman, fashion company Mosaic
Fashions, renowned UK department store chain, House of Fraser, the
famous Danish department store chain Magasin du Nord and Illum,
one of Denmark's largest department stores.


BLUELA LTD: Brings in Liquidators from Vantis Business Recovery
---------------------------------------------------------------
P. Atkinson and D. C. Wilson of Vantis Business Recovery
Serviceswere appointed joint liquidators of Bluela Ltd. (t/a Saks
Hairdressers) on Sept. 30, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Bluela Ltd.
         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex
         RM11 2JX
         England


CHESS II: S&P Cuts Rating on Series 31 Notes to 'D'
---------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D', removed
from CreditWatch with negative implications, and then withdrawn
its credit ratings on three constant proportion debt obligation
(CPDO) transactions.  At the same time, S&P has withdrawn the
credit rating on one CPDO.

The rating actions follow the spread widening and increasing
volatility in the credit derivatives market, which have led to
three CPDOs' net asset value (NAV) to fall below 10%.  The 10%
trigger is referred to as the "cash-out" trigger. Once, the NAV
falls below 10% the transaction is unwound.  The low NAV on the
three affected transactions means that noteholders will suffer
principal losses, so S&P lowered the ratings to 'D'.  S&P also
withdrew them.

The rating assigned to Chess II Ltd. series 33 has been withdrawn
at the issuer's request.

Ratings Lowered, Removed From CreditWatch Negative, Withdrawn:

Castle Finance I Ltd.

  -- US$100 Million Surf Constant Proportion Debt Obligation
     Notes

Transaction          To          From
-----------          --          ----
Series 8             D           CCC/Watch Neg
                      NR          D

Chess II Ltd.

  -- US$30 Million Surf Constant Proportion Debt Obligation
     Floating-Rate Notes

Transaction          To          From
-----------          --          ----
Series 30            D           CCC/Watch Neg
                      NR          D

Chess II Ltd.

  -- CHF200 Million Surf Constant Proportion Debt Obligation
     Fixed-Rate Notes

Transaction          To          From
-----------          --          ----
Series 31            D           CCC/Watch Neg
                      NR          D

Rating Withdrawn:

Chess II Ltd.

  -- EUR50 Million Surf Constant Proportion Debt Obligation
     Notes


Transaction          To          From
-----------          --          ----
Series 33            NR          B/Watch Neg


E.B. CROWHURST: Calls in Liquidators from Mazars
------------------------------------------------
Simon David Chandler and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of E.B. Crowhurst and Co. Ltd. on
Sept. 25, 2008, for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         E.B. Crowhurst and Co. Ltd.
         c/o Mazars LLP
         The Broadway
         Dudley
         DY1 4PY
         England


EM FINANCIAL: Goes Into Administration; Buyer in the Sidelines
--------------------------------------------------------------
Beacon Mortgage Packaging is poised to take over Em Financial's
unoffered mortgage business pipeline as soon as administrators
have been appointed to Em, mortgagesolutions-online.com reports.

Mr. Roger Morris, Em managing director, said, "After much soul
searching, we believe we have made the right decision and leave
our unoffered pipeline business in the capable hands of Dave
Symondson and his team at Beacon Mortgage Packaging."

Mr. Symondson, Beacon Mortgage Packaging director, has announced
that the negotiations have been successful.

"As a result of this no broker need worry about the procuration
income they were expecting from Em Financial on unoffered cases as
this now becomes Beacon Mortgage Packaging's responsibility," Mr.
Symondson added.


F&C EVENT: To Propose Voluntary Liquidation in December 2008
------------------------------------------------------------
F&C Event Driven Ltd will propose to put the company into
voluntary liquidation during its extraordinary general meeting in
December, Thomson Financial News reports.

Forty-five percent of its assets are expected to be distributed to
shareholders after the general meeting.  The remaining assets
will be distributed whenever possible.


HBOS PLC: Lloyds CEO Aims to Complete Rescue Deal Immediately
-------------------------------------------------------------
Eric Daniels, chief executive of Lloyds TSB, signaled Monday that
he wanted to complete the all-share rescue deal of HBOS Plc as
quickly as possible even though he had renegotiated the terms, The
Financial Times reports.

According to the report, Mr. Daniels told analysts that the large
amount of fresh capital being raised by HBOS had meant that "we
had to relook at the terms” saying the capital costs something.

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.

The Troubled Company Reporter-Europe reported on Oct. 14, 2008,
that 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 cited by the
Times Online speculated that this could take several years.

Mr. Daniels, FT reports, added that Lloyds now had greater
certainty and a narrower idea of potential fair value adjustments
on HBOS' loan book which had come under greater scrutiny in the
negotiations.  He told analysts that he is pleased with the
purchase.

FT quotes one person familiar with the situation as saying that
the deal had never been in serious danger of collapsing but it had
become clear that HBOS had been hit by deteriorating market
conditions since the first-half results and so the previous terms
were no longer appropriate.

Should the Lloyds-HBOS deal falls apart, the government is ready
to address the problems at HBOS, including full-blown
nationalization, FT relates.

UBS, Citigroup and Merrill Lynch are advising Lloyds TSB on the
deal and HBOS is being advised by Morgan Stanley and DrKW, FT
adds.

As cited by the TCR-Europe, Times Online and The Telegraph U.K.
said that 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.  Reuters said
that the government has reserved GBP37 billion in taxpayers' money
to rescue three major banks and become the banks' 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.

                         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.


HOUSE OF EUROPE: Moody's Cuts Ratings on 4 Classes of Notes to 'C'
------------------------------------------------------------------
Moody's Investors Service has downgraded and left on review for
possible downgrade the notes issued by House of Europe Funding V
PLC:

Class Description: EUR70,000,000 Class A-2 Floating Rate Notes
due 2090

-- Prior Rating Aaa
-- Prior Rating Date: 11/3/2006
-- Current Rating: Aa2, on review for possible downgrade

Class Description: EUR70,000,000 Class A-3a Floating Rate Notes
due 2090

-- Prior Rating: Aaa
-- Prior Rating Date: 11/3/2006
-- Current Rating: Baa2, on review for possible downgrade

Class Description: EUR15,000,000 Class A-3b Fixed Rate Notes due
2090

-- Prior Rating: Aaa
-- Prior Rating Date: 11/3/2006
-- Current Rating: Baa3, on review for possible downgrade

Class Description: EUR21,000,000 Class B House of Europe Funding
V PLC Floating Rate Notes due 2090

-- Prior Rating: Aa2, on review for possible downgrade
-- Prior Rating Date: 5/23/2008
-- Current Rating: B3, on review for possible downgrade

In addition, Moody's also downgraded the ratings on these notes:

Class Description: EUR21,000,000 Class C House of Europe Funding
V PLC Deferrable Floating Rate Notes due 2090

-- Prior Rating: Caa1, on review for possible downgrade
-- Prior Rating Date: 5/23/2008
-- Current Rating: C

Class Description: EUR9,000,000 Class D House of Europe Funding V
PLC Deferrable Floating Rate Notes due 2090

-- Prior Rating: Ca
-- Prior Rating Date: 5/23/2008
-- Current Rating: C

Class Description: EUR4,000,000 Class E1 House of Europe Funding
V PLC Deferrable Floating Rate Notes due 2090

-- Prior Rating: Ca
-- Prior Rating Date: 5/23/2008
-- Current Rating: C

Class Description: EUR6,000,000 Class E2 House of Europe Funding
V PLC Deferrable Floating Rate Notes due 2090

-- Prior Rating: Ca
-- Prior Rating Date: 5/23/2008
-- Current Rating: C

According to Moody's, these rating actions are as a result of the
deterioration in the credit quality of the transaction's
underlying collateral pool consisting primarily of structured
finance securities.


MICAP PLC: Petitions Court to Appoint Administrators
----------------------------------------------------
The Board of Micap plc, having carefully considered the financial
position of the Company, has issued an application to the Court to
appoint Administrators.

In August 2008, the Board stated that negotiations with the
Company's creditors were necessary to stabilize the Company's
financial position.  However, one particular creditor proceeded to
issue a winding up petition.  In the circumstances the Board felt
it was a better course of action to apply to appoint
Administrators to seek to achieve a better realization for
creditors than on a winding up.

The Administration application is due to be heard at 10.30 a.m. on
Oct. 28, 2008, in the Manchester District Registry.

Micap Encapsulates Ltd, the wholly owned subsidiary which
manufactures and sells food ingredients from a plant in Athlone,
Ireland, is unaffected by this action.


PMI GROUP: Moody's Reviewing 'Ba1' Jr. Subordinated Debt Rating
---------------------------------------------------------------
Moody's Investors Service is placing on review for possible
downgrade the A3 insurance financial strength rating of the PMI
Group's US and European mortgage insurance operations.  Moody's
has also placed the Baa3 senior unsecured debt and Ba1 junior
subordinated debt ratings of the holding company, PMI Group, under
review for possible downgrade.  The Aa3 insurance financial
strength rating of PMI Mortgage Insurance Ltd, the Australian
mortgage insurer, remains under review for further downgrade
pending the closing of the announced acquisition of PMI Australia
and PMI Asia by QBE Insurance Group Ltd.

Moody's said that these rating actions primarily reflect the
rating agency's expectation of further stress on the company's
risk-adjusted capital position in light of continued deterioration
in housing fundamentals, as reflected in the upward revisions to
Moody's loss expectations for certain residential mortgage-backed
securities announced in September.

Over the next several weeks, Moody's will update its evaluation of
capital adequacy for the mortgage insurer.  "This analysis will be
based on updated information about the company's underlying
portfolio performance, incorporating revised expectations about
performance across different loan types" said Moody's senior vice
president, Arlene Isaacs-Lowe.  Moody's will consider updated
estimates of capital adequacy in the context of potential capital
strengthening measures or other strategies that may be under
consideration at the company.  The rating review will also
incorporate Moody's consideration of the degree to which various
initiatives being pursued at the US Federal level may serve to
mitigate the rising trend of mortgage loan defaults.

These ratings were placed on review for possible downgrade:

* The PMI Group, Inc. -- senior unsecured debt at Baa3, junior
   subordinated debt at Ba1, provisional rating on senior
   unsecured debt at (P)Baa3, provisional rating on subordinated
   debt at (P)Ba1, and provisional rating on preferred stock at
   (P) Ba2;

* PMI Mortgage Insurance Co. -- insurance financial strength at
   A3;

* PMI Insurance Co. -- insurance financial strength at A3;

* PMI Mortgage Insurance Company Limited -- insurance financial
   strength at A3.

This rating remains under review for possible downgrade:

* PMI Mortgage Insurance Ltd -- insurance financial strength at
   Aa3.

The last rating action on PMI occurred on July 9, 2008 when the
ratings were downgraded with a negative outlook.

The PMI Group, Inc. (NYSE: PMI), headquartered in Walnut Creek,
CA, is the holding company for PMI Mortgage Insurance Co.,
including its wholly owned subsidiaries and affiliated companies
in Australia, Europe and Asia.  The PMI Group, Inc. also owns a
50% interest in CMG Mortgage Insurance Co., a 42% interest in FGIC
Corporation, and a 23.7% interest in RAM Reinsurance Company Ltd.
Through its wholly owned subsidiaries and partial interest in
affiliated companies, PMI offers residential mortgage insurance
and credit enhancement products, financial guaranty insurance, and
financial guaranty reinsurance.  PMI has operations in Asia,
Australia and New Zealand, Europe, and the United States.

In Europe, PMI has offices in Milan, Italy, Brussels, Belgium,
Frankfurt, Germany, and London, UK.


ROYAL BANK: Gets GBP20 Bil. Cash Injection from UK Government
-------------------------------------------------------------
The Royal Bank of Scotland Group Plc obtained a GBP20 billion
(US$34 billion) lifeline from the British government in exchange
for 60% of RBS, unless investors agree to purchase stock to be
offered later this year at 65.5 pence apiece, Bloomberg News
reports.

The U.K. also will buy GBP5 billion of preference shares that pay
12% interest, Bloomberg News says.  The company, the report
discloses, won't pay any dividends until it repays the government-
owned preference shares which it plans to repay within five years.
Bloomberg News cited Finance Director Guy Whittaker as saying that
RBS will pay about 1.3% more than the London interbank offered
rate, or Libor, to guarantee some of its short- and medium-term
borrowing.

As part of the capital injection, the bank's chief executive, Fred
Goodwin, will step down and will be replaced by Stephen Hester.
Mr. Goodwin became RBS' CEO in 2000.  Mr. Hester is currently
British Land Company PLC's chief executive.  Bloomberg News says
Mr. Goodwin has waived his right to bonuses and compensation for
early termination of his contract and won't receive about
GBP1.2 million for forfeiting his 12-month notice period.  He will
continue to draw his salary until Mr. Hester takes over, helping
the bank sell assets, reduce jobs and lessen its dependence on
capital markets funding, the report relates.

RBS investment and corporate banking head Johnny Cameron will also
resign from the board immediately while Chairman Tom McKillop will
step down at the bank's next shareholder meeting in April,
according to Bloomberg News.

RBS, the report relates, will not pay cash bonuses to executive
directors this year and next.

RBS has written down GBP5.9 billion of assets this year and posted
a loss of GBP761 million in the first half of the year amid rising
defaults and a slumping housing market in Britain and the U.S.,
where it lends to consumers and companies through its Citizens
unit, Bloomberg News says.  The bank, the report adds, may also
take losses of as much as EUR500 million (US$673 million) on
holdings tied to Icelandic banks, which were rescued by the island
country's government last week.

RBS meanwhile is in advanced talks with two buyers to sell its
insurance business to bolster capital, cover additional credit
writedowns and meet government criteria for insuring its short-
and medium-term loans as part of Britain's plan to help unlock
capital markets, Bloomberg News relates.

Separately, The Associated Press reports that the Bank of China
reaffirmed its strategic partnership with Royal Bank of Scotland
on Monday following the British government's bailout of the ailing
lender.  According to AP, a consortium led by Royal Bank of
Scotland paid US$3.1 billion for a 9.6% strategic stake in the
Chinese bank in January 2006.

"We will maintain strategic partner relations with RBS and jointly
push forward the development of this strategic partnership," the
Bank of China said in a statement
cited by the AP.

Headquartered in Edinburgh, Scotland, The Royal Bank of Scotland
Group plc (RBS) -- http://www.rbs.com/-- 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.


SEA VENTURES: Goes Into Administration
--------------------------------------
Sea Ventures Ltd., a boat dealership, went into administration on
Oct. 8, 2008, the BoatingBusiness reports.  Administrators were
appointed from Portland Business & Financial Solutions.

According to the report, administrator Mike Field said Sea
Ventures just didn't sell boats quick enough to keep their heads
above water.  Mr. Field is now looking for buyers for its 29
boats, the report relates.

Sea Ventures Ltd. -- http://www.sea-ventures.co.uk/-- was the
main Jeanneau agent (largest in the UK) for Yachts and Rigiflex
safety boats and dinghies.  The company is also the UK importer
for Aquador powerboats, Sabre Motor Yachts, Back Cove powerboats
and Rodman Muse Motor Yachts.


* Fitch Lifts Support Floors on Eight UK Banks Over Gov't Support
-----------------------------------------------------------------
The support measures announced by the UK government go beyond what
has been announced to date by any other regulator or government
and demonstrate an exceptionally strong commitment to underpin the
stability of the UK financial sector, according to Fitch Ratings,
which has upgraded the Support Floors on the following eight UK
banks:

  -- Bank of Scotland plc;
  -- Barclays Bank plc;
  -- HSBC Bank plc;
  -- Lloyds TSB Bank plc;
  -- Royal Bank of Scotland plc;
  -- Abbey National plc;
  -- Nationwide Building Society;
  -- Standard Chartered Bank plc.

Fitch's Support Rating Floors indicate a level below which the
agency will not lower banks' long term Issuer Default Ratings.

Over the coming days, Fitch will review the IDRs of those banks
currently above the new Support Rating Floors and the Individual
Ratings of all the named banks.  This review will take into
consideration the impact on the capital, funding and liquidity
positions of the banks as well as the longer term outlook for a
further deterioration of the operating environment in relevant
markets.  It will also consider whether any of the above mentioned
institutions would, in line with Fitch's definitions, have failed
without the measures taken by the UK authorities.

Fitch will review measures taken by other national authorities in
a similar way as details become available.

Fitch has taken these rating actions on the UK banks listed below:

Bank of Scotland plc
  -- Support Floor upgraded to 'AA-' from 'A-';
  -- Support Rating affirmed at '1'.

Barclays Bank plc
  -- Support Floor upgraded to 'AA-' from 'A-';
  -- Support Rating affirmed at '1'.

HSBC Bank plc
  -- Support Floor upgraded to 'AA-' from 'A-';
  -- Support Rating affirmed at '1'.

Lloyds TSB Bank plc
  -- Support Floor upgraded to 'AA-' from 'A-';
  -- Support Rating affirmed at '1'.

Royal Bank of Scotland plc
  -- Support Floor upgraded to 'AA-' from 'A-';
  -- Support Rating affirmed at '1'.

Abbey National plc
  -- Support Floor upgraded to 'AA-' from 'BBB+';
  -- Support Rating upgraded to '1' from '2'.

Nationwide Building Society
  -- Support Floor upgraded to 'AA-' from 'BBB+';
  -- Support Rating upgraded to '1' from '2'.

Standard Chartered Bank plc
  -- Support Floor upgraded to 'A-' from 'BB+';
  -- Support Rating upgraded to '1' from '3'.


* European Corporate Securitizations Remain Stable, S&P Reports
---------------------------------------------------------------
Overall, the underlying credit quality of European corporate
securitizations has continued to remain stable, according to an
industry report card published by Standard & Poor's Ratings
Services.

In the six months since S&P's last European Corporate
Securitization Industry Report Card, there have been a number of
developments across the various sectors.  In the U.K. pub sector,
for instance, there have been two consecutive poor summer trading
periods.  In the social housing sector, there have been updated
policy changes that will take effect in 2009.  Finally, in the
insurance-linked securities (ILS) sector, S&P updated the default
table it used to rate insurance securitizations in May 2008.
These developments led to several rating actions.

Despite this, the historical stability continues to be evident on
underlying transaction performance across the asset class as a
whole.  Overall, European corporate securitization transactions
continue to perform in line with S&P's expectations.  Over the
past six months, downgrades only slightly outnumbered upgrades of
S&P's underlying ratings (SPURs).  Despite the difficult trading
conditions predicted for the period ahead, S&P generally expects
underlying asset performance to remain within its base-case
estimates, although certain industries, e.g., pubs or motorway
service stations, have struggled more than in recent memory.

Additionally, S&P had seen rating actions on counterparties.
Depending on the role of these counterparties, transactions may
have also had their ratings affected.

                            *********

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 * * *