TCREUR_Public/081016.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, October 16, 2008, Vol. 9, No. 206

                            Headlines

A U S T R I A

BLITZ PUTZ: Claims Registration Period Ends November 3
MOV LLC: Claims Registration Period Ends November 4
T.H.P. LLC: Claims Registration Period Ends November 4


B E L G I U M

TEKNI-PLEX INC: Names Robert Larney as Chief Financial Officer
TENNECO INC: Fitch Affirms Sub. Notes' Rating at 'B'; Outlook Neg.


D E N M A R K

ROSKILDE BANK: Moody's Withdraws Ratings for Business Reasons
TDC A/S: Richard Wilson Resigns from Board


F R A N C E

ARVINMERITOR: Fitch Holds Low-B Ratings and Removes Negative Watch
ATARI INC: Infogrames Entertainment Completes Acquisition
KORREDEN SA: Moody's Cuts Corporate Family Rating to B2


G E R M A N Y

ALTE HASEN: Creditors Meeting Slated for October 23
ASW METALLBAU: Claims Registration Period Ends October 23
COMFORT TRADING: Creditors Meeting Slated for October 23
HEIDJER WOHN: Claims Registration Period Ends October 23
GERMANIA MUENZENHANDLUNG: Creditors Meeting Slated for Oct. 23

PROSIEBENSAT.1 MEDIA: Acquires 67.6% Stake in Webnews.de
SHS GMBH: Claims Registration Period Ends October 23
SINUS BAU: Claims Registration Period Ends October 20
S-PLUS GMBH: Claims Registration Period Ends October 20
SOLARPARK HOTEL: Claims Registration Period Ends October 23

SWH PRODUKTWERBUNG: Claims Registration Period Ends Oct. 20
Z & K TRANSPORTE: Claims Registration Period Ends October 22
ZEL GMBH: Claims Registration Period Ends October 22

* GERMANY: Banking System Outlook Remains Negative, Moody's Says


I C E L A N D

GLITNIR BANKI: Finland Unit Acquired by Management
KAUPTHING BANK: Halts Sale of Storebrand Stake
KAUPTHING BANK: Britain's Comments on U.K Unit Angers Iceland
LANDSBANKI ISLANDS: Bank of England to Provide GBP100 Mil. Loan
LANDSBANKI ISLANDS: Merrion Capital Buys Back Bank's Shares


I R E L A N D

FUTURA GAEL: Court Appoints Kieran Wallace as Examiner

* IRELAND: Gov't. Guarantee Potentially Helpful, Moody's Says
* IRELAND: Deficit to Hit 6.5% of GDP in 2009


K A Z A K H S T A N

AISAM LLP: Creditors Must File Claims by November 21
ELECTRO PROVOD: Claims Deadline Slated for November 25
M-CONSTRUCTION LLP: Claims Filing Period Ends November 25
MAKOM LLP: Creditors' Claims Due on November 21
NIET LLP: Claims Registration Ends November 21

RAU-ER LLP: Creditors Must File Claims by November 21
RIONI LLP: Claims Deadline Slated for November 21
TRUST LLP: Claims Filing Period Ends November 21
VICTORY LTD: Creditors' Claims Due on November 25
XPLORER LLP: Claims Registration Ends November 25


K Y R G Y Z S T A N

SARVINOZ-GROUP LLC: Creditors Must File Claims by Nov. 19


R U S S I A

CARGO INTERNATIONAL: Creditor Must File Claims by November 2
KAMA-OIL LLC: Creditors Must File Claims by November 2
KONVERSIYA-P CJSC: Creditors Must File Claims by November 2
MANTEKH LLC: Creditors Must File Claims by November 2
MARISKIY MECHANICAL: Court Starts Bankruptcy Supervision

NEVA-METAKON LLC: Creditor Must File Claims by November 2
SUE SINTAR:  Chechen Bankruptcy Hearing Set October 28

* RUSSIA: Halted Trading After Micex Fell 19% Last Week
* RUSSIA: Pledges US$37 Billion Long-Term Loans to State Banks


S P A I N

* SPAIN: Calls on EU for Discussions on Financial Crisis


S W I T Z E R L A N D

BEROLINA DAS: Deadline to File Proofs of Claim Set Oct. 26
CENTRE D'INTERETS: Creditors Have Until Oct. 29 to File Claims
COMM JSC: Proofs of Claim Filing Deadline is Oct. 26
FOHREN-IMMOBILIEN JSC: Creditors' Proofs of Claim Due by Oct. 29
GENERAL MOTORS: S&P Holds 'B-' Credit Rating Under Neg. Watch

GMAC LLC: Mortgage & Auto-Lending Unit Funding Limited
GLAROTRADE JSC: Oct. 29 Set as Deadline to File Claims
NICEVALLEY JSC: Creditors Must File Proofs of Claim by Oct. 29


U K R A I N E

BABINTSY AGRARIAN: Creditors Must File Claims by October 19
CUPOL GROUP: Creditors Must File Claims by October 19
HERSON PLANT: Creditors Must File Claims by October 18
NADIYA LLC: Creditors Must File Claims by October 18
ROST LLC: Creditors Must File Claims by October 19

RUBICON LLC: Creditors Must File Claims by October 18
STARAYA VIZHEVKA: Creditors Must File Claims by October 19
TECHNICAL METSERVICE: Creditors Must File Claims by October 18
VOSTOK-AGRO: Creditors Must File Claims by October 19


U N I T E D   K I N G D O M

ABERDALE DISTRIBUTION: Taps BDO Stoy to Administer Assets
BENTLEY HOMES: Brings in Administrators from Deloitte & Touche
BODYCARE TOILETRIES: Taps Administrators from Deloitte & Touche
BRADFORD & BINGLEY: Northern Rock Starts Informal Merger Talks
BRADFORD & BINGLEY: Slashes Borrowing Rates by 0.5%

DURA AUTOMOTIVE: Reports Reorganization and Other Business Updates
EMMOX LTD: Calls in Joint Administrators from Moore Stephens
HEYWOOD PROPERTY: Appoints Joint Administrators from PwC
JJB SPORTS: Might Sell One or Two Non-Core Assets and Businesses
JOHN JARVIS: Goes Into Administration

MCKENZIE MYERS: Calls in Administrators from Moore Stephens
MERCATOR GOLD: Australian Unit Goes Into Administration
NORTHERN ROCK: Drops Suit Against Ex-Officials; Repays Gov't Loan
PINCO 1555: Appoints Joint Administrators from Grant Thornton
TOSCAFUND ASSET: Sells Ten Percent Stake in Taylor Wimpey

TRIO SKIPS: Brings in Joint Administrators from Tenon Recovery

* Ryanair Chief Predicts Closure of British Airlines
* UNITED KINGDOM: Interest Rates Drop in September, BOE Says

* Upcoming Meetings, Conferences and Seminars


                         *********


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


BLITZ PUTZ: Claims Registration Period Ends November 3
------------------------------------------------------
Creditors owed money by KEG Blitz Putz have until Nov. 3, 2008, to
file written proofs of claim to the court-appointed estate
administrator:

         Mag. Patrick Piccolruaz
         Bahnhofstrasse 8
         6700 Bludenz
         Austria
         Tel: 05552/62286-0
         Fax: 05552/62286-18
         E-mail: rae@piccol.vol.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on Nov. 13, 2008, for the
examination of claims at:

         The Land Court of Feldkirch
         Meeting Room 45
         1st floor
         Feldkirch
         Austria

Headquartered in Ludesch, Austria, the Debtor declared bankruptcy
on Sept. 15, 2008, (Bankr. Case No. 14 S 42/08a).


MOV LLC: Claims Registration Period Ends November 4
---------------------------------------------------
Creditors owed money by LLC MOV have until Nov. 4, 2008, to file
written proofs of claim to the court-appointed estate
administrator:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Nov. 18, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 12, 2008, (Bankr. Case No. 28 S 117/08x).


T.H.P. LLC: Claims Registration Period Ends November 4
------------------------------------------------------
Creditors owed money by LLC T.H.P. have until Nov. 4, 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. 18, 2008, for the
examination of claims at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 12, 2008, (Bankr. Case No. 28 S 116/08z).


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


TEKNI-PLEX INC: Names Robert Larney as Chief Financial Officer
--------------------------------------------------------------
Tekni-Plex, Inc. disclosed in a Securities and Exchange Commission
filing that on Oct. 3, 2008, it entered into an employment
agreement with Robert M. Larney in connection with his services as
the company's Chief Financial Officer, effective Oct. 8, 2008.

Under the terms of the Agreement, Mr. Larney will be entitled to
receive an annual base salary of US$425,000 and will be eligible
to receive a performance-based annual cash bonus in a range of 50%
to 100% of his annual base salary based on achievement of targets
set by the company's Board of Directors in consultation with the
Chief Executive Officer.

Additionally, Mr. Larney will be granted stock options pursuant to
an incentive stock option plan representing 1.25% of the Company's
Common Stock at various strike prices.

On Oct. 8, 2008, Gary Schafer ceased to be the Interim Chief
Financial Officer of the Company after Mr. Larney was appointed by
the board as Chief Financial Officer.  Mr. Schafer will resume his
position as interim controller of the Company's Colorite division.

                    About Tekni-Plex Inc.

Based in Coppell, Texas, Tekni-Plex Inc. --
http://www.tekni-plex.com/-- manufactures packaging, packaging
products and materials as well as tubing products.  The company
primarily serves the food, healthcare and consumer markets.  It
has built leadership positions in its core markets, and focuses on
vertically integrated production of highly specialized products.
Tekni-Plex has operations in the United States, Europe, China,
Argentina and Canada.

Within Europe, Tekni-Plex has three manufacturing locations:

    * Aalst, Belgium
    * Milano, Italy
    * Belfast, Northern Ireland

Within Tekni-Plex Europe N.V., the Belgian plant, the company
operates four different product brands: Action Technology, Tekni-
Films, Tri-Seal and Natvar.

Tekni-Plex Inc.'s consolidated balance sheet at March 28, 2008,
showed US$620.1 million in total assets and US$1.05 billion in
total liabilities, resulting in a US$427.0 million total
stockholders' deficit.

                           *    *    *

As reported in the Troubled Company Reporter on Dec. 27, 2007,
Moody's Investors Service downgraded the Corporate Family Ratings
of Tekni-Plex Inc. to Caa3 from Caa1.


TENNECO INC: Fitch Affirms Sub. Notes' Rating at 'B'; Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating and
outstanding debt ratings of Tenneco, Inc. as:

-- IDR at 'BB-';
-- Senior secured bank credit facility at 'BB+';
-- Senior secured notes at 'BB';
-- Senior unsecured notes at 'BB-';
-- Subordinated notes at 'B'.

Fitch has also revised Tenneco's Rating Outlook to Negative from
Stable.

The Outlook revision reflects the potential impact of global
automotive production cuts on Tenneco's near-term operating
performance and leverage.  Deep production cuts by domestic
manufacturers in Tenneco's major product platforms, as well as a
decline in European auto production, are expected to more than
offset potential growth in Tenneco's global customer base and
products through at least the next several quarters.  Cash flow
may turn modestly negative during this period, but flexibility in
capital expenditures and growth spending should provide Tenneco
with the flexibility to limit any near-term cash drains.  Over the
last several years, Tenneco has consistently improved leverage
metrics.

Liquidity remains healthy, with cash of US$164 million at June 30,
2008 and available revolving credit capacity of approximately
US$351 million during Tenneco's seasonally high borrowing period.
Despite difficult industry conditions over the past several years,
Tenneco has consistently improved leverage metrics through growth
in EBITDA, with debt remaining relatively flat.  Tenneco appears
to have a comfortable amount of room under its 4.0 times leverage
covenant, although an inability to ratchet down costs in line with
the expected decline in near-term industry production will reduce
some of this buffer in 2009 when the covenant requirement steps
down to 3.75x.  The revolving credit agreement was negotiated in
early 2007, and matures in several parts starting in 2012.

Tenneco makes moderate use of short-term securitization facilities
in Europe (US$96 million at June 30, 2008) and in the U.S.
(US$120 million at June 30, 2008), with adequate room under its
revolving credit facilities in the events that these
securitization facilities are no longer available as a result of
conditions in the credit and automotive markets.  Tenneco has a
modestly underfunded pension plan, which due to losses in the
equity and fixed income markets in 2008, is likely to require
incremental contributions over the near term.

Short-term results for the industry are expected to be dismal
given the extended shutdowns among U.S. manufacturers and the
decline in global production expected in 2009.  Tenneco's cost
structure is sufficiently flexible to moderate margin
deterioration over this period, and the recent decline in
commodity prices should also be a positive for margin performance.
Escalating material prices have materially hampered supplier
margins over the past several years.

Tenneco's capital expenditures have significantly increased in
2008 in order to finance the company's expansion, and a slower
pace of investment will likely occur in order to better manage
cash flow during the current environment.  Tenneco also had a
modest amount of acquisition activity which may not recur over the
near term.

Over the longer-term, Tenneco's expanding position in the growing
emissions segment positions the company well to expand customers
and volumes.  Tenneco's migration to more technological, value-
added products should also support margins.  Tenneco has a history
of efficient working capital management and manufacturing cost
improvements, helping to offset expected cyclical volume declines.
Fitch may downgrade Tenneco's ratings if an extended downturn in
global automotive production results in Fitch lowering its
projections of Tenneco's negative cash flows through 2009 and into
2010.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 21,000 employees worldwide.


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


ROSKILDE BANK: Moody's Withdraws Ratings for Business Reasons
-------------------------------------------------------------
Moody's Investors Service has withdrawn for business reasons all
ratings of Roskilde Bank A/S whose name was changed to Selskabet
af 1. september 2008 A/S on October 6, 2008.

"The rating withdrawal of the E Bank Financial Strength Rating
(BFSR) and the A3/Prime-1 debt and deposit ratings follows the
announcement by the Danish FSA (Finanstilsynet) that it has
withdrawn the bank's permission to operate as a bank," says Eeva
Antila, Moody's analyst for Roskilde Bank.  Consequently, the
entity has relinquished its banking license and will no longer
perform any banking-related operations.  This follows the sale of
the entity's assets and other liabilities, except hybrid core
capital (preferred stock) and subordinated debt to a new bank
owned by the Danish Central Bank and the Danish financial sector
(Private Contingency Association), which was approved by the
Danish FSA on October 6, 2008.  The outstanding floating-rate note
of EUR750 million issued under the EMTN program has been
transferred to the new bank (not rated) and therefore the A3
rating on the note is also withdrawn.

As regards subordinated debt and preferred stock ratings, Moody's
maintains its view that it is highly likely that the holders of
these instruments will experience a substantial loss. Subordinated
debt and preferred stock are expected to remain in the old entity
with significant negative equity.  More specifically, the
subordinated debt and preferred stock holders may receive
compensation only after the Danish Central Bank and Private
Contingency Association have received their interest on the
capital base in the new bank in connection with the termination of
their ownership -- while the remaining profit, if any, will be
transferred to the old entity and distributed to the subordinated
debt and preferred stock holders.  The rating agency also notes
that payments on these instruments are expected to be suspended by
the District Court in Roskilde.

The previous rating action on Roskilde Bank was Moody's downgrade
of the bank's BFSR, subordinated and preferred stock ratings on
August 25, 2008, following the announcement that, through a newly
created bank, the Central Bank together with the Private
Contingency Association acquires all assets, debt and other
liabilities of Roskilde Bank except subordinated debt and hybrid
core capital. The bank deposit and senior debt ratings were
confirmed.

The following ratings of Roskilde Bank A/S (Selskabet af 1.
september 2008 A/S since October 6, 2008) were withdrawn:

   -- E bank financial strength rating

   -- A3 local and foreign currency long-term
      deposit ratings

   -- Prime-1 local and foreign currency
      short-term deposit ratings

   -- A3 senior unsecured debt rating

   -- Prime-1 other short-term ratings

   -- Prime-1 commercial paper rating

   -- C subordinated debt rating

   -- C preferred stock rating

Headquartered in Roskilde, Denmark, Roskilde Bank A/S had total
assets of DKK37 billion (EUR5 billion) as at the end of June 2008.


TDC A/S: Richard Wilson Resigns from Board
-----------------------------------------
Richard Wilson will resign from his position as member of the
Board of Directors of TDC A/S.  Mr. Wilson, Apax Partners LLP, has
been a board member of TDC since February 2006.

Andrew Sillitoe will, as Alternate to Mr. Wilson since his
election by TDC's General Meeting in April 2006, become ordinary
member of the Board of Directors.  Mr. Sillitoe is a Partner of
Apax Partners LLP.  The changes took effect on Oct. 14, 2008.

                        About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                      *     *     *

As reported in the Troubled Company Reporter-Europe on May 29,
2008, Standard & Poor's Ratings Services revised its issue
ratings on leading Danish integrated telecommunications provider
TDC A/S' (BB-/Stable/B) unsecured notes maturing up to 2012 to
'BB-' from 'B', in line with the corporate credit rating.  S&P
revised the recovery rating to '4' from '6', indicating its
expectation of average (30%-50%) recovery in the event of a
payment default.


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


ARVINMERITOR: Fitch Holds Low-B Ratings and Removes Negative Watch
------------------------------------------------------------------
Fitch Ratings has affirmed and removed from Rating Watch Negative
ArvinMeritor's Issuer Default Rating and outstanding debt ratings
as follows:

-- IDR at 'B';
-- Senior unsecured at 'B/RR4';
-- Bank credit facility at 'BB/RR1'.

ARM's Rating Outlook is Negative.

Fitch originally placed ARM on Rating Watch Negative on May 6
following the company's announcement that it will spin off its
Light Vehicle Systems group as a separate publicly-owned entity.
If the spin proceeds with the planned allocation of exiting debt
and other liabilities between the two entities, Fitch believes
that the spin would be relatively positive for existing
debtholders.  However, given the state of the capital markets and
the automotive industry, questions remain as to whether the
transaction can be completed with the structure and timetable that
were originally planned.

Operating results at ARM have shown recent improvement, due to
restructuring efforts and the potential emergence of the
Commercial Vehicle Systems from cyclical trough conditions.
However, in the event that the LVS segment is retained, weakness
across global end markets over the next twelve months indicates
that ArvinMeritor will remain cash flow negative over this period
and that leverage will increase.  In the CVS segment, the economic
slowdown in the U.S. is expected to moderate the cyclical recovery
in Class 8 volumes, and the impact of any pre-buy ahead of new
emissions standards in 2010 may be muted.

Deteriorating economic conditions in Europe could offset
underlying operating improvement that has enhanced recent margin
performance.  Although the U.S. truck market is coming off a deep
downturn in orders, weakening global economic conditions, a
stressed customer base and limited fleet financing availability
will continue to hamper any rebound in demand.

Restructuring efforts at LVS have moderately reversed a long-term
slide in operating margins, although margins remain at low levels
as a result of industry volume and product pricing pressures.  In
both the LVS and CVS segments, ARM will benefit from the
moderation in key raw material prices, the escalation of which has
materially burdened operating margins over the past several years.

The global slump in automotive production expected over the next
year, however, will make it a challenge to continue an upward
trend in margins, despite the aid of lower raw material costs and
restructuring efforts.  Any deterioration in margins may further
complicate efforts to spin this operation as an independent,
viable global supplier.

ARM remains reliant on external capital, including receivable
securitizations, to finance operating cash drains, restructuring
efforts and working capital requirements.  In December 2007, ARM's
revolving credit agreement was reduced to US$700 million from
US$900 million as the company negotiated amendments to the
facility.  (The facility could be further reduced by US$43 million
which represents the commitment amount of Lehman Brothers.)  The
bank agreement has a senior secured leverage covenant that
tightens to 2.0 times at June 30, 2009, but covenant compliance is
not expected to be an issue as long as accounts receivable
securitization facilities remain available.

ARM makes extensive use of short-term receivable securitization
and factoring facilities in the U.S. in Europe.  At June 30, 2008,
during a seasonally high borrowing period, ARM had US$611 million
outstanding under these facilities, including US$118 million under
a committed facility in the U.S. and US$493 million under
committed and uncommitted facilities in Europe.  Of the European
facilities, US$176 million was outstanding under a US$196 million
committed facility, and US$317 was outstanding under uncommitted
lines.

Given the state of the banks, capital markets and the automotive
industry it remains uncertain as to the availability of these
lines going forward.  Inability to utilize these facilities could
force extensive utilization of the company's revolving credit
agreement and materially affect the company's liquidity position.
ARM did renew its U.S. facility for another 12 months, although
pricing and terms were likely more restrictive.  Under ARM's U.S.
facility at June 30, approximately US$229 million in receivables
were pledged as collateral for US$118 million in proceeds.

ARM's maturity schedule is modest until the bank agreement matures
in 2011, but could further chip away at available liquidity if the
company does not return to positive cash flow in the near term.
ARM's pension is moderately underfunded in dollar terms, although
asset deterioration in 2008 could require incremental
contributions over the next several years.

Ratings for ARM's unsecured debt are affirmed at 'B/RR4',
indicating average recoveries in the event of a default.  Recovery
estimates for unsecured debtholders are at the low end of the
recovery range, indicating that the rating could be notched lower
in the event that the company's enterprise value is further
reduced, or if the company raises incremental debt.  The reduction
in the revolving credit agreement from US$900 to US$700 million
allowed potentially more value to fall to unsecured holders,
although deterioration in asset values has limited any benefit.
The renegotiation of ARM's revolving credit agreement also
included in a senior secured leverage test, allowing for
incrementally more unsecured debt to be issued in the event that
capital markets improve.


ATARI INC: Infogrames Entertainment Completes Acquisition
---------------------------------------------------------
Atari Inc. disclosed in a Securities and Exchange Commission
filing that effective Oct. 8, 2008, Infogrames Entertainment, S.A.
completed its acquisition of the company.

In connection with the Merger, the company's shares of common
stock, par value US$0.10 per share, are no longer traded on the
"Pink Sheets" or listed on any exchange or quotation service.

On Oct. 8, 2008, pursuant to the terms of the Agreement and Plan
of Merger among Infogrames, Irata Acquisition Corp. and the
company, each outstanding share of Atari common stock, par value
US$0.10 per share, other than shares held by Infogrames and its
subsidiaries and shares held by Atari stockholders who are
entitled to and who properly exercise appraisal rights under
Delaware law, issued and outstanding immediately prior to the
effective time of the Merger was canceled and automatically
converted into the right to receive US$1.68 per share in cash,
without interest.

Upon the closing of the Merger, the Company became a wholly owned
indirect subsidiary of Infogrames.

Pursuant to the terms of the Merger Agreement, immediately upon
completion of the Merger on Oct. 8, 2008, each of the directors of
the Company resigned and were replaced by the directors of Irata
Acquisition Corp.

The company has filed a certification and notice of termination of
registration under the Securities Exchange Act of 1934 following
the completion of the acquisition.

                         About Atari Inc.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America. Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31, 2008.
The auditor pointed to the company's significant operating losses.


KORREDEN SA: Moody's Cuts Corporate Family Rating to B2
-------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating and probability of default rating of
Korreden S.A. (consolidated with its subsidiaries, "Akerys"),
which is the ultimate holding company for the French residential
property developer Akerys, and the rating of the EUR300 million of
Senior Floating-Rate Notes dues 2014 issued by Akerys Holdings SA,
a finance subsidiary of Korreden.  LGD assessment remains
unchanged at LGD5 (77.49%).  The ratings have been placed on
review for further possible downgrade.

The rating downgrades reflect the weakened financial metrics of
the company, with interest cover (EBIT to gross interest expense)
falling below 1.5x and total debt to total capitalization rising
above 65%.  The review for further downgrade reflects the need to
gauge the extent to which the company's financial strength and
liquidity position are likely to be weakened, given the agency's
expectation to see a more severe downturn in the French buy-to-let
housing market as consumer confidence is further diminished and
affordability a thorny issue.

Moody's says that the rating review will focus on the following
issues:

   (1) the company's ability to continue generating
       positive cash flow, thus safeguarding adequate
       liquidity;

   (2) the company's ability to continue generating
       sufficient earnings to cover interest expense
       in light of the continuing reduction in the
       number of notarized sales for Akerys' apartments
       and the fall in house prices now being seen in
       France;

   (3) the extent to which the current dislocation in
       the credit market may make it more difficult for
       the company to secure new financing; and

   (4) the company's ability to reverse its
       underperformance on key credit metrics before
       2009, in particular, interest coverage and
       leverage.

At its downgraded level, the B2 corporate family rating assigned
to the group's ultimate parent company, Korreden S.A., continues
to reflect Akerys' leading position in the buy-to-let segment of
the homebuilding market and its good geographic diversification
within France.  The ratings also factor in the supportive legal
framework for homebuilding in France and the group's conservative
risk-management guidelines, which restrict the level of
speculative development undertaken.

Moody's also recognizes that during more normal market conditions
Akerys benefits from its integrated business model, which yields
more stable cash flows than a pure homebuilder due to the
recurring nature of some of its ancillary businesses such as
financial products brokerage and real estate services.  The
ratings also incorporate Moody's expectations that the group will
continue to produce positive free cash flow over the coming
financial year, maintain adequate liquidity and manage proactively
its inventory levels.

Debt affected:

   -- Akerys Holdings SA backed senior secured notes
      to Caa1 from B3

Downgrades:

Issuer: Akerys Holdings S.A.

   -- Senior Secured Regular Bond/Debenture, Downgraded
      to Caa1 from B3

Issuer: Korreden S.A.

   -- Probability of Default Rating, Downgraded to
      B2 from B1

   -- Corporate Family Rating, Downgraded to B2 from B1

Outlook Actions:

Issuer: Akerys Holdings S.A.

   -- Outlook, Changed To Rating Under Review From Negative

Issuer: Korreden S.A.

   -- Outlook, Changed To Rating Under Review From Negative

The last rating action for Korreden SA was on August 6, 2008, when
the corporate family rating was downgraded to B1 from Ba3 with
negative outlook.

Headquartered in Toulouse, France, Akerys is the largest player in
the buy-to-let segment of the French homebuilding market with
7,335 housing units sold in 2007/08.  The Korreden group's main
shareholder is investment holding company Qualis SCA (not rated),
with a 78% interest.  In the financial year to June 30, 2008, the
group reported revenues of EUR790 million.


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


ALTE HASEN: Creditors Meeting Slated for October 23
---------------------------------------------------
The court-appointed insolvency manager for ALTE HASEN JUNGE HAIE
Werbeagentur GmbH, Bora Alexander Haslinger, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m. on Oct. 23, 2008.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.am. on Dec. 18, 2008, at the same
venue.

Creditors have until Nov. 4, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Bora Alexander Haslinger
         Rembertistr. 32
         28203 Bremen
         Germany
         Tel: 0421/178 32 71
         Fax: 0421/178 32 70
         E-mail: haslinger@haslingerundkorrell.de
         Web site: www.hasko.de

The District Court of Bremen opened bankruptcy proceedings against
ALTE HASEN JUNGE HAIE Werbeagentur GmbH on DATE. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ALTE HASEN JUNGE HAIE Werbeagentur GmbH
         Attn: Harald Bloch and
               Ricardo Klappholz, Managers
         Speicher 1
         28217 Bremen
         Germany


ASW METALLBAU: Claims Registration Period Ends October 23
---------------------------------------------------------
Creditors of ASW Metallbau GmbH have until Oct. 23, 2008, to
register their claims with court-appointed insolvency manager
Dr. Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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. Juergen Wallner
         Leipziger Chaussee 191 f
         06112 Halle
         Germany
         Tel: 0345/614080
         Fax: 0345/6140810
         Web site: www.wallnerweiss.info

The District Court of Halle (Saal) opened bankruptcy proceedings
against ASW Metallbau GmbH on Sept. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:


         ASW Metallbau GmbH
         Walther-Rathenau-Str. 7
         06618 Naumburg
         Germany

         Attn: Thomas Hofmann, Manager
         Luppestr. 12
         06217 Merseburg
         Germany


COMFORT TRADING: Creditors Meeting Slated for October 23
--------------------------------------------------------
The court-appointed insolvency manager for CTB Comfort Trading
Berlin GmbH, Sebastian Laboga, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
12:15 p.m. on Oct. 23, 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 12:15 p.m. on Feb. 12, 2009, at the same
venue.

Creditors have until Dec. 13, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Sebastian Laboga
         Einemstr. 24
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against CTB Comfort Trading Berlin GmbH on
Sept. 15, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         CTB Comfort Trading Berlin GmbH
         Gradestr. 123
         12347 Berlin
         Germany


HEIDJER WOHN: Claims Registration Period Ends October 23
--------------------------------------------------------
Creditors of Heidjer Wohn-Bau GmbH have until Oct. 23, 2008, to
register their claims with court-appointed insolvency manager Rolf
Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73c
         12487 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Heidjer Wohn-Bau GmbH on Sept. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heidjer Wohn-Bau GmbH
         Grosse Tranke 6
         15528 Spreenhagen
         Germany


GERMANIA MUENZENHANDLUNG: Creditors Meeting Slated for Oct. 23
--------------------------------------------------------------
The court-appointed insolvency manager for Germania
Muenzenhandlung Bremen GmbH, Dr. Christian Strauss , will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:15 a.m. on Oct. 23, 2008.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Dec. 18, 2008, at the same venue.

Creditors have until Nov. 4, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christian Strauss
         Friedrich-Missler-Str. 42
         28211 Bremen
         Germany
         Tel: 0421/7926260
         Fax: 0421/7926285
         E-mail: info@kanzlei-dr-strauss.de
         Web site: www.kanzlei-dr-strauss.de

The District Court of Bremen opened bankruptcy proceedings against
Germania Muenzenhandlung Bremen GmbH on Sept. 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Germania Muenzenhandlung Bremen GmbH
         Otto-Lilienthal-Str. 25
         28199 Bremen
         Germany


PROSIEBENSAT.1 MEDIA: Acquires 67.6% Stake in Webnews.de
--------------------------------------------------------
The ProSiebenSat.1 Group has acquired a majority interest in
Webnews.de, a news platform that pools professional news from
various online media with user-generated content.

The Group has acquired 67.6% of the platform, with the option to
acquire all of the portal at a later date.  The remainder is held
by Holtzbrinck Ventures.  The investment has been approved by
Germanys Federal Cartel Office.  The acquisition strengthens the
ProSiebenSat.1 Groups news operations, and expands its editorial
news service into the fast-growing social news segment.

Webnews.de draws on countless partner sites, from major news
portals like Spiegel Online to blogs to specialized news sites
like Wirtschaftswoche.de.  But on Webnews, only the active
community decides which stories to link, and which ones will be
read by hundreds of thousands of people on the sites home page.
Additionally, the Eyewitness zone gives each user a chance to
write their own articles and present them to a broad public.  It
will also be possible to upload video reports starting in 2009.

Webnews was founded in Cologne by Stefan Vosskotter and Thorsten
Lüttger in November 2006.  Its goal has always been to establish a
news platform that enables users to interact in new ways with news
on the Web.


                     About ProsiebenSat.1

Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network.  In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group.  The company employs
around 6,000 Europe-wide.

                          *     *     *

ProsiebenSat.1 Media AG continues to carry Moody's Investors
Service's Ba1 senior unsecured and corporate family ratings.


SHS GMBH: Claims Registration Period Ends October 23
----------------------------------------------------
Creditors of SHS GmbH Sicherheitsservice und Sicherheitsschulung
have until Oct. 23, 2008, to register their claims with court-
appointed insolvency manager Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on Nov. 13, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against SHS GmbH Sicherheitsservice und Sicherheitsschulung on
Sept. 8, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SHS GmbH Sicherheitsservice und Sicherheitsschulung
         Markische Str. 115-117
         44141 Dortmund
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Henning Jung
         Thiestrasse 5
         38226 Salzgitter
         Germany
         Tel: 05341-86609-00
         Fax: 05341-86609-08
         E-Mail: H.Jung@leonhardt-westhelle.eu

The District Court of Braunschweig opened bankruptcy proceedings
against  Sinus Bau GmbH on Aug. 26, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sinus Bau GmbH
         Attn: Ismail Cobaner, Manager
         Ehrenmal 3
         38239 Salzgitter
         Germany


S-PLUS GMBH: Claims Registration Period Ends October 20
-------------------------------------------------------
Creditors of S-plus GmbH & Co. KG have until Oct. 20, 2008, to
register their claims with court-appointed insolvency manager Dr.
Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Dortmund
         Meeting Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Koenigswall 21
         44137 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against S-plus GmbH & Co. KG on Sept. 5, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         S-plus GmbH & Co. KG
         Kortental 75
         44149 Dortmund
         Germany

         Attn: Igor Shvab, Manager
         Wilhelm-Brand-Str. 5
         44141 Dortmund
         Germany


SOLARPARK HOTEL: Claims Registration Period Ends October 23
-----------------------------------------------------------
Creditors of Solarpark Hotel Freital Verwaltungs GmbH have until
Oct. 23, 2008, to register their claims with court-appointed
insolvency manager Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Albert Wolff
         Am Schiesshaus 1-3
         01067 Dresden
         Germany
         E-mail: www.worako.de

The District Court of Dresden opened bankruptcy proceedings
against Solarpark Hotel Freital Verwaltungs GmbH on Sept. 11,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Solarpark Hotel Freital Verwaltungs GmbH
         Moselweg 4
         34302 Guxhagen
         Germany


SWH PRODUKTWERBUNG: Claims Registration Period Ends Oct. 20
-----------------------------------------------------------
Creditors of swh produktwerbung gmbh have until Oct. 20, 2008, to
register their claims with court-appointed insolvency manager
Dietrich Hauser.

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

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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:

         Dietrich Hauser
         Edisonstrasse 19
         74076 Heilbronn
         Germany
         Tel: 07131/64281-0
         Fax: 07131/64281-28

The District Court of Heilbronn opened bankruptcy proceedings
against swh produktwerbung gmbh on Sept. 17, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         swh produktwerbung gmbh
         Gottfried-Leibniz-Strasse 10
         74172 Neckarsulm
         Germany

         Attn: Michael Dierolf, Manager
         Panoramastrasse 39
         74078 Heilbronn
         Germany


Z & K TRANSPORTE: Claims Registration Period Ends October 22
------------------------------------------------------------
Creditors of Z & K Transporte GmbH have until Oct. 23, 2008, to
register their claims with court-appointed insolvency manager Anna
Kuleba.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Dec. 3, 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 Osnabrueck
         Branch N 301
         Kollegienwall 10
         49074 Osnabrueck
         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:

         Anna Kuleba
         Niedersachsenstr. 14
         49074 Osnabrueck
         Germany
         Tel: 0541/3245499
         Fax: 0541/3245496
         E-mail: a.kuleba@kuhmann.eu
         Web site: www.kuhmann.eu

The District Court of Osnabrueck opened bankruptcy proceedings
against Z & K Transporte GmbH on Sept. 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Z & K Transporte GmbH
         Attn: Carsten Gelinski,
               Manuel Zacharias and
               Elvir Kutincic, Managers
         Rheiner Landstrasse 20
         49205 Hasbergen
         Germany


ZEL GMBH: Claims Registration Period Ends October 22
----------------------------------------------------
Creditors of ZEL GmbH have until Oct. 22, 2008, to register their
claims with court-appointed insolvency manager Hartmut H. Mitze.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Dec. 3, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Fritzlar
         Meeting Room 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         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:

         Hartmut H. Mitze
         Jahnstrasse 18
         35066 Frankenberg
         Germany
         Tel: 06451-7191922
         Fax: 06451-7191921

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

The Debtor can be reached at:

         ZEL GmbH
         Itzelstrasse 7
         34537 Bad Wildungen
         Germany

         Attn: Johannes Holzhause, Manager
         Am Freistein 74
         45141 Essen
         Germany


* GERMANY: Banking System Outlook Remains Negative, Moody's Says
----------------------------------------------------------------
Moody's Investors Service commented Tuesday, October 14, on the
German government's announcement of a EUR480 billion support
package for the German banking sector, including key parameters
for specific measures to bolster the banking system.  Moody's
views government's proposals as positive in the current
environment and confirms that it does not anticipate wholesale
rating changes in the sector.  The main components of the German
government's proposal are as follows:

   -- A EUR400 billion "financial market stabilization
      fund", available to extend guarantees to cover new
      debt with a maturity of a maximum of three years,
      issued by financial institutions in Germany. This
      fund is intended to stimulate and stabilize the
      interbank market.

   -- EUR80 billion available for direct capital injections.
      The German government may effectively invest in bank
      capital and/or hybrid capital instruments, which
      is intended to strengthen loss absorption capacity
      where needed and thus re-affirm confidence in the
      German banking system.

   -- A commitment by the German government to reach an
      agreement -- as part of EU-wide measures -- on
      certain adjustments to the fair value accounting
      under IFRS, which should ideally be applicable
      for Q3 2008 accounts of European financial
      institutions.

Further measures include (i) secure liquidity for money market
funds and (ii) amendments to legislation regarding financial
market supervision, including a broader scope for government
intervention.

Moody's understands that the scheme is expected to be valid until
December 31, 2009; however, guarantees issued under the EUR400
billion stabilization fund can fully cover debt with a maximum
maturity of three years.  Guarantees shall be priced at market
levels, the details of which have not yet been specified.

Eligible institutions are banks incorporated in Germany, including
German subsidiaries of foreign banks.  Earlier in October, the
German Government had guaranteed for an unlimited amount all
retail savings held with institutions in Germany, which was
reiterated in this week's agreement on the stabilization fund.

                      Moody's Perspective

Moody's views the proposals from the German government as a
positive development, which should strongly contribute to
restoring market confidence in the banking system.  Moody's
released a position paper on October 7, 2008, entitled "Assessing
the Rating Implications for Banks of the current Market Turmoil
and Governmental Interventions to Support Their Banking Systems",
which detailed the rating agency's approach towards incorporating
government support for banking systems into its ratings.

Moody's comments that the package demonstrates both (i) the
government's commitment towards a concerted effort reached
together with other EU states, and (ii) the willingness to broad-
based and proactive relief measures, including direct ownership,
if required.

The announced package should considerably reduce the pressure on
the German banking system.  The size and type of the measures
proposed, which Moody's understands come over and above the recent
EUR26.5 billion support commitment for HRE/Depfa Group, are
considered substantial and should be able to effectively address
not only immediate, but also some of the medium-term needs for
liquidity and fresh capital in the banking system.

Moody's further commented that the support measures come at a
critical time and should be able to avoid potential situations of
distress for single institutions, after recent market conditions
for unsecured bank funding had heightened the pressure on the
liquidity profile of many German banks.

                      Impact on Ratings

According to Moody's, the government's stabilization fund is
unlikely to lead to wholesale rating upgrades in the sector, as
the rating agency had already incorporated a relatively high
likelihood of support into the current senior unsecured long-term
ratings of German banks.

While the government measures mitigate a lot of the challenges of
the currently very difficult market environment, Moody's does not
exclude selective downgrades.  This could apply to those
institutions that display deteriorating franchise value and
emerging weaknesses that may not in all cases be sufficiently
remedied by capital increases and/or supportive funding
arrangements.

              Banking System Outlook - Negative

Moody's says that the overall outlook for the German Banking
System remains negative, reflecting the rating agency's
expectations for the fundamental credit conditions in the German
banking system over the next 12 to 18 months (please refer to the
Banking System Outlook published in April 2008).  Even though
Germany still enjoys macro economic parameters superior to those
of other EU nations -- in particular low household indebtedness
and comparatively stable residential and commercial real estate
markets -- the overall economic situation shows strong signs of a
slow-down.  As this will likely adversely affect German's export-
driven economy, Moody's expects that banks will suffer from lower
revenue growth as well as higher risk charges over the next few
years.

Moody's notes, however, that the high senior unsecured ratings it
assigns to most German banks remain underscored by multiple
support layers, which -- apart from the proven systemic support --
include strong mutual- or co-operative support and regional- or
local government support for many banks.  All these mechanisms
continue to bolster the stability of the German banking system in
times of market distress.


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


GLITNIR BANKI: Finland Unit Acquired by Management
--------------------------------------------------
Glitnir Corporation, a wholly owned subsidiary of Glitnir banki
hf., has been acquired by Glitnir Finland's management.  This
decision comes as a conclusion  of discussions that have  taken
place  between the parties,  as well  as with the Finnish
Financial Supervision Authority,  and is done  with their
understanding.  The seller and the buyer have agreed to keep the
acquisition consideration confidential.  Glitnir Finland is
expected to be renamed under the FIM brand.

In Oct. 13, 2008, TCR-Europe reports that Standard & Poor's
Ratings Services has lowered its long-term and short-term
counterparty credit ratings on Iceland-based Glitnir Bank to 'D'
from 'CCC' and 'C', respectively, after the bank was placed into
receivership by the country's banking supervisor.


KAUPTHING BANK: Halts Sale of Storebrand Stake
----------------------------------------------
Reuters writes that the sale of Icelandic Kaupthing Bank Hf's
9.98% stake in Norwegian insurer Storebrand has been stopped, an
appointed liquidation committee said Tuesday.

On Monday, Reuters notes that Kaupthing Bank said it reduced its
stake in Storebrand to 10.02% through the sale of the 9.98% stake
for about US$159 million to The Royal Bank of Scotland.

The Norwegian government took control of Kaupthing's Norwegian arm
Sunday to ensure money could be paid out of the subsidiary in an
orderly fashion after Icelandic regulators last week took over
Kaupthing, Reuters adds.

CBC News reports that government officials in Norway have moved to
block the sale of Icelandic bank Kaupthing's stake in a major
Norwegian insurance company, saying the US$162 million in assets
may be needed to cover its obligations in Norway.  The move on
Tuesday came a day after ABN AMRO Bank NV announced an agreement
to sell Kaupthing's 10% share of Storebrand to RBS, CBC says.

                      About Kaupthing Bank

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

                            *    *    *

As reported in the TCR-Europe on Oct. 13, 2008, Fitch Ratings
downgraded Kaupthing Bank hf.'s Long-term Issuer Default rating to
'D' from 'CCC' and removed it from Rating Watch Evolving.  This
follows the announcement that Kaupthing is now subject to similar
arrangements as its two Icelandic peers, Glitnir Banki and
Landsbanki Islands, with the Icelandic authorities effectively
seizing control of the bank.

The ratings of Kaupthing's UK subsidiary Kaupthing Singer &
Friedlander Ltd. are unaffected by the rating actions on
Kaupthing.  KSF's ratings are Long-term IDR 'D', Short-term IDR
'D', Support '5', Support Rating Floor 'No Floor' and Individual
'F'.


KAUPTHING BANK: Britain's Comments on U.K Unit Angers Iceland
-------------------------------------------------------------
CBC News and Reuters report that Iceland may sue the United
Kingdom over comments made about a U.K. subsidiary of Kaupthing
Bank Hf, a day before it collapsed.

CBC reports that the British government used anti-terrorist
legislation to seize the U.K. assets of another Icelandic bank,
Landsbanki.  At the same time, the British Treasury said action
had been taken to protect depositors in Kaupthing's British
subsidiary.  A lawyer for Iceland said the comments may have led
depositors to think the bank's assets had been seized, CBC adds.

On Monday, the Icelandic government took control of the country's
biggest bank and halted all trade on its stock market, Reuters
says.

A letter from the British Prime Minister's office to Iceland's
authorities last weekend stressed that Britain had only seized
assets belonging to Landsbanki's U.K. subsidiary, Reuters relates,
citing a Channel 4 program.  The letter stated that "No other
Icelandic company's assets have been frozen."

CBC and Reuters quote a spokesman for Iceland's Finance Ministry
as saying that "It is no good telling us now that Kaupthing's U.K.
assets have not been seized.  It's too late, the whole bank has
collapsed."

Britain's Prime Minister Gordon Brown asserted that Iceland's
failure to guarantee deposits was "completely unacceptable" and
his government's action was the "right thing to do", Reuters adds.

            Kaupthing's Arm Placed Under Administration

Property Week reported last week that the U.K. Treasury placed
Kaupthing Singer & Friedlander, the U.K. arm of Kaupthing, in
administration October 8 after the bank and the Financial Services
Authority said it would not meet its obligations to depositors.
Its Kaupthing Edge deposit business was transferred to ING Direct,
the report added.

The U.K. bank and its Icelandic parent have backed household names
in the industry, such as Robert Tchenguiz, the Candy brothers, rag
trade and restaurant entrepreneur Richard Caring, and Baugur boss
Jon Asgeir Johannesson, Property Week noted.  At the end of 2007,
Kaupthing Singer & Friedlander employed 817 people in the U.K.
whose jobs are now likely to be made redundant.

The parent bank has also been badly hit by the global financial
crisis and was this week loaned EUR500 million (GBP395 million)
from Iceland's central bank, Property Week said.

Kaupthin's property equity team, which is not part of Singer &
Friedlander, has financed some U.K. property deals in recent
years, including the GBP175 million purchase by Christian Candy's
CPC Group of the Middlesex Hospital site in London.  The debt is
due to be repaid in 2011.

Property Week wrote that the future of plans by CPC Group, Richard
Caring and Kaupthing to develop a luxury 200-flat scheme in
Beverly Hills is at risk as a US$350 million (GBP200 million) loan
became due.  The Credit Suisse loan was used to finance the
US$500 million (GBP285 million) land purchase last year in
southern California's largest-ever land deal.

Last week, Property Week recalled that Kaupthing received a margin
call forcing investor Robert Tchenguiz to sell his 29.7% stake in
pub group Mitchells & Butlers to billionaire investor Joe Lewis
for GBP190 million.  The bank was holding the stakes as
collateral.  Mr. Tchenguiz sold his 10% stake in Sainsbury's on
October 8, driving the supermarket's shares down 15% that day.

According to Property Week, it is not clear if the Kaupthing
parent company funded the purchases, which Mr. Tchenguiz
controlled via shares and contracts for difference.

        About Kaupthing Singer & Friedlander (Isle of Man)

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

                       About Kaupthing Bank

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

                            *    *    *

As reported in the TCR-Europe on Oct. 13, 2008, Fitch Ratings
downgraded Kaupthing Bank hf.'s Long-term Issuer Default rating to
'D' from 'CCC' and removed it from Rating Watch Evolving.  This
follows the announcement that Kaupthing is now subject to similar
arrangements as its two Icelandic peers, Glitnir Banki and
Landsbanki Islands, with the Icelandic authorities effectively
seizing control of the bank.

The ratings of Kaupthing's UK subsidiary Kaupthing Singer &
Friedlander Ltd. are unaffected by the rating actions on
Kaupthing.  KSF's ratings are Long-term IDR 'D', Short-term IDR
'D', Support '5', Support Rating Floor 'No Floor' and Individual
'F'.


LANDSBANKI ISLANDS: Bank of England to Provide GBP100 Mil. Loan
---------------------------------------------------------------
The Bank of England will lend GBP100 million to Landsbanki Islands
hf. to help repay the Icelandic bank's UK creditors, Sam Jones of
The Guardian reports, citing chancellor, Alistair Darling.

"Our authorities have set up an arrangement, agreed in principle,
for an accelerated payout to depositors," Mr. Darling was quoted
by The Guardian as saying.  "We are also working with the
Icelandic authorities to facilitate claims by UK charities and
local authorities on their deposits held at these Icelandic banks.

According to the Guardian, around 300,000 British depositors were
left without their money when Landsbanki's online banking
subsidiary, Icesave, collapsed.

Last week, Iceland's government, The Guardian relates, froze
assets including GBP4.5 billion belonging to British savers when
it took over three of the country's biggest banks.

The Guardian notes as much as GBP1 billion of local council money
is thought to be at stake, with British charities estimating their
exposure at around GBP60 million.

As reported in the TCR-Europe, the Icelandic Financial Services
Authority under powers granted by the Icelandic Parliament
proceeded to take control of Landsbanki on Oct. 7.  The IFSA had
appointed a receivership committee which had assumed the role of
Landsbanki's Board of Directors with immediate effect.

                         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 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 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.

The 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.


LANDSBANKI ISLANDS: Merrion Capital Buys Back Bank's Shares
-----------------------------------------------------------
The management team of Merrion Capital Group confirmed that it
reached an agreement to acquire all the shares held in the company
by Landsbanki Islands hf for an undisclosed sum.

The deal is subject to the approval of the Irish Financial
Regulator.

Merrion's CEO, John Conroy, said that the "hard work and
professionalism of Merrion staff have created a very profitable
and well capitalized business and this transaction will provide a
strong impetus to bring the company to an even greater level of
performance".  He added "we had a very good professional working
relationship with Landsbanki over the entire period of their
investment".

Landsbanki, the Irish Times discloses, holds an 84% stake in
Merrion.  It acquired the shares from Merrion's founders and other
equity holders for EUR90 million in 2005, the Irish Times relates.

According to the Irish Times, the deal would place a valuation on
Merrion of just under EUR36 million, reflecting the recent
collapse of financial markets, which resulted in Landsbanki being
placed into receivership last week by Iceland's financial
regulator.

Merrion's management buy-out, the Irish Times adds, is led by co-
founder and chief executive John Conroy.

                          About Merrion

Headquartered in Dublin, Ireland, Merrion Capital Group --
http://www.merrion-capital.com/-- is an independent stockbroking
and corporate finance firm.  The company employs 100 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 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 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.


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


FUTURA GAEL: Court Appoints Kieran Wallace as Examiner
------------------------------------------------------
Mr. Justice Peter Kelly has appointed Kieran Wallace of KPMG as
examiner to Futura Gael after he was convinced that the grounded
charter airline has a reasonable prospect of survival, RTE
Business reports.  The Commission for Aviation Regulation has
revoked the airline's license.

Mr. Wallace, who was appointed interim examiner last month, and an
independent accountant told the judge that the airline might
survive provided certain conditions were met, the report notes.

According to the report, Mr. Wallace has three months to put a
rescue plan together and agree it with the airline's creditors.

The airline, the report relates, had ceased operations on
September 8 after its Spanish parent, Futura, ran into
difficulties because of the high price of oil.

Based in Swords, Dublin, Futura Gael was the Irish arm of the
Majorca-based Futura Group, which operated 38 aircraft and had
revenues of EUR335 million.


* IRELAND: Gov't. Guarantee Potentially Helpful, Moody's Says
-------------------------------------------------------------
Moody's updated Tuesday, October 14, its comments on the guarantee
that has been put in place by the Irish government, covering
deposits, senior debt, covered bonds and dated subordinated debt.
The Finance Minister has confirmed, as Moody's expected, that it
is the intention of the government to extend the scheme to bank
subsidiaries of foreign institutions that have significant retail
and commercial banking operations in Ireland.

The five institutions that are intended to be covered are Bank of
Scotland (Ireland), a subsidiary of HBOS, IIB Bank, owned by KBC,
Postbank, a joint venture between Fortis and An Post (the Irish
Post Office), and Ulster Bank and First Active that are both owned
by Royal Bank of Scotland.

These banks join the original six institutions that are covered by
the guarantee: Allied Irish Banks, Bank of Ireland, Anglo-Irish
Bank, Irish Life & Permanent and EBS and Irish Nationwide Building
Societies.

Final details are yet to be released but Moody's said that there
will be limitations put in place to ensure that the guarantee is
covering only the local liabilities and not those of the parent.

As per Moody's previous commentary, the rating agency views the
guarantee as being potentially helpful as it should improve the
ability of the institutions to raise funding in the capital
markets at a time when many financial institutions are suffering
from a lack of market confidence.  However given the two-year term
of the guarantee, it is unlikely to have positive rating
implications for the long-term ratings of the institutions which
already incorporate uplift from their respective bank financial
strength ratings as a result of potential systemic support from
the Aaa local currency deposit rating of Ireland.

The institutions, rated by Moody's, that are intended to be added
to the guarantee are as follows:

   Bank of Scotland (Ireland) -- rated Aa3/P-1/C- (Review
                                 for possible downgrade)

   First Active -- rated Aa2/P-1/C (Stable outlook)

   IIB Bank -- rated A2/P-1/C (Stable outlook)

   Ulster Bank -- rated Aa2/P-1/C+ (Stable outlook)


* IRELAND: Deficit to Hit 6.5% of GDP in 2009
---------------------------------------------
Amid a housing slump and international credit crisis, Ireland
projects its general government deficit to be "just above
EUR12 billion" next year, which is 6.5% of gross domestic product,
The Financial Times reports citing Finance Minister Brian Lenihan.

According to the FT, the projected budget deficit, the largest in
20 years, goes against European Union fiscal rules which requires
member countries to keep borrowing to less than 3% of GDP through
the economic cycle.

"[T]he international credit crisis has compounded and deepened the
downturn in our construction sector and led to a fall off in
consumer confidence," Mr. Lenihan said in announcing the budget
for 2009.

Ireland's public finances have deteriorated by 7 percentage points
and the country foresees economic output to contract by a further
1% next year, after declining 1.5% this year while public debt is
set to rise from 25% of GDP – one of the lowest rates in the
European Union – to 44% next year, the FT says.

Bloomberg News relates Ireland raised taxes on everything from
incomes to gasoline and cut public spending to restrain the budget
deficit.

According to Bloomberg News, a 1% tax will be added to all
personal incomes, rising to 2% on earnings over EUR100,000
(US$136,390).  The report says the government will also double
betting tax to 2%, increase the sales tax rate and levies on
gasoline, cigarettes and wine and introduce an air travel tax.

Ireland's corporate tax rate meanwhile will remain at 12.5% with
Mr. Lenihan describing it as "a cornerstone in our industrial
development in the last decade," Times Online reports.

Times Online also says Irish Government ministers are taking a 10%
pay cut in a "patriotic" bid to pull the country out of its
vertiginous plunge into recession.

Mr. Lenihan, according to Times Online, described the move as "no
less than a call to patriotic action," noting that the budget
provided an opportunity "for all of us to pull together and play
our part according to our means."

Some senior civil servants are taking a similar voluntary cut,
Times Online adds.


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


AISAM LLP: Creditors Must File Claims by November 21
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aisam insolvent.

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

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


ELECTRO PROVOD: Claims Deadline Slated for November 25
------------------------------------------------------
LLP Kaz Center Electro Provod has declared liquidation.  Creditors
have until Nov. 25, 2008, to submit written proofs of claims to:

         LLP Kaz Center Electro Provod
         Krylov Str. 48
         Saran
         Karaganda
         Kazakhstan


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

         LLP Construction Company M-Construction
         Tole bi Str. 64a
         Micro District Kalkaman
         Almaty
         Kazakhstan


MAKOM LLP: Creditors' Claims Due on November 21
-----------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Makom insolvent.

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

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


NIET LLP: Claims Registration Ends November 21
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Firm Niet insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Room 228
         Auelbekov Str. 139a
         Kokshetau
         Akmola
         Kazakhstan
         Tel: 8 (7162) 25-79-32


RAU-ER LLP: Creditors Must File Claims by November 21
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Rau-Er insolvent.

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

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


RIONI LLP: Claims Deadline Slated for November 21
-------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Rioni insolvent.

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

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


TRUST LLP: Claims Filing Period Ends November 21
------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Trust insolvent on Aug. 1, 2008.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Skorobogatov Str. 93
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 54-37-93


VICTORY LTD: Creditors' Claims Due on November 25
-------------------------------------------------
LLP Victory Ltd. has declared liquidation.  Creditors have until
Nov. 25, 2008, to submit written proofs of claims to:

         LLP Victory Ltd.
         Office 211
         Makatayev Str. 49
         Medeusky
         Almaty
         Kazakhstan


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

         LLP Xplorer
         Timiryazev Str. 61-2
         Almaty
         Kazakhstan
         Tel: 8 (7272) 75-67-84


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


SARVINOZ-GROUP LLC: Creditors Must File Claims by Nov. 19
---------------------------------------------------------
LLC Sarvinoz-Group has shut down.  Creditors have until Nov. 19,
2008, to submit written proofs of claim to:

         LLC Sarvinoz-Group
         Micro District "Kerme-Too"
         Osh
         Kyrgyzstan


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


CARGO INTERNATIONAL: Creditor Must File Claims by November 2
------------------------------------------------------------
Creditors of LLC Cargo International (TIN 5504117078) have until
Nov. 2, 2008, to submit proofs of claims to:

         S. Cherepanov
         Temporary Insolvency Manager
         Post User Box 1
         450103 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Omskaya will convene on Jan. 27, 2009,
to hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A46–16220/2008.


KAMA-OIL LLC: Creditors Must File Claims by November 2
------------------------------------------------------
Creditors of LLC Kama-Oil (TIN 0253011155) have until Nov. 2,
2008 to submit proofs of claims to:

         B. Minigulov
         Insolvency Manager
         Apt. 130
         Mendeleyeva Str.138
         450022 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-16891/2007 G-SVI.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63a
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Kama-Oil
         K. Marksa Str. 15/2
         Ufa
         Bashkortostan
         Russia


KONVERSIYA-P CJSC: Creditors Must File Claims by November 2
-----------------------------------------------------------
Creditors of CJSC Konversiya-P have until Nov. 2, 2008, to submit
proofs of claims to:

         A. Rogozhnikov
         Insolvency Manager
         Chugunovskaya Str. 10/117
         456200 Zlatoust
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-4361/2008-20-56.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Konversiya-P
         Ostrovskogo Str. 38a
         Trekhgorny
         Russia


MANTEKH LLC: Creditors Must File Claims by November 2
-----------------------------------------------------
Creditors of LLC Mantekh have until Nov. 2, 2008, to submit proofs
of claims to:

         D. Kolyadinskiy
         Temporary Insolvency Manager
         Kalinina Str. 116/3A
         Blagoveshchensk
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
supervision procedure on the company.  The case is docketed under
Case No. A04–4979/08–10/364B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mantekh
         Amurskaya Str. 111
         Blagoveshchensk
         Amurskaya
         Russia


MARISKIY MECHANICAL: Court Starts Bankruptcy Supervision
--------------------------------------------------------
The Arbitration Court of Mari El commenced bankruptcy supervision
procedure on OJSC Mariskiy Mechanical Plant Research and
Manufacturing Association (TIN 1215085542, PSRN 1031200403530).
The case is docketed under Case No. A-38-33/
2008-9-35 .

The Temporary Insolvency Manager is:

         A. Fominukh
         Office 1
         Yarmarochnaya Str.11
         428003 Cheboksary
         Russia

The Court is located at:

         The Arbitration Court of Mari El
         Office 301
         Leninskiy Prospekt 40
         Ioshkar Ola
         Mari El
         Russia

The Debtor can be reached at:

         OJSC Mariskiy Mechanical Plant
         Lunacharskogo Str. 28
         424016 Ioshkar Ola
         Mari El
         Russia


NEVA-METAKON LLC: Creditor Must File Claims by November 2
---------------------------------------------------------
Creditors of LLC Neva-Metakon (TIN 7704254371) have until Nov. 2,
2008, to submit proofs of claims to:

         G. Avagimyan
         Temporary Insolvency Manager
         1st Proezd Perova Polya 11a
         111141 Moscow
         Russia
         Tel: (495) 306-65-93

The Arbitration Court of Moscow will convene at 4:30 p.m. on
Jan. 20, 2009, to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A40-47875/
08-73-115B.

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 Neva-Metakon
         Office 3
         Bolshaya Molchanovka Str. 30/7
         121069 Moscow
         Russia


SUE SINTAR:  Chechen Bankruptcy Hearing Set October 28
------------------------------------------------------
The Arbitration Court of Chechen will convene at 10:00 a.m. on
Oct. 28, 2008, to hear bankruptcy supervision procedure on SUE
Sintar Electronic Plant.  The case is docketed under Case
No. A77-784/08.

The Temporary Insolvency Manager is:

         V. Shabunin
         Office 525
         Lenina Str. 392
         355000 Stavropol
         Russia

The Debtor can be reached at:

         SUE Sintar Electronic Plant
         Zelenaya Str.4
         Grozny
         Chechen Republic
         Russia


* RUSSIA: Halted Trading After Micex Fell 19% Last Week
-------------------------------------------------------
Russia had suspended trading after Moscow's Micex index crashed
19% in its biggest one-day drop since the 1998 default, The
Telegraph U.K. reported last week.  The state-controlled VTB bank
fell 25%.

The report also noted that Brazil had shut the Sao Paulo exchange
after the Bovespa index crashed 15% in panic trading, led by
flight from the resource giants Vale and Petroleo Brasileiro.
Mexico's Bolsa was off 7% while India's Sensex was off 6%.  The
Goldman Sachs Commodity Index has tumbled a third since May, the
report added.

Commodities all crumbled in the first week of October despite the
passage of the U.S. bail-out plan and dramatic moves by European
governments to shore up their banking systems, compounding the
steepest commodity crash in over half a century, The Telegraph
noted.

The big exception was gold, which surged US$34 to US$864 on
October 6, amid the unsettling reality that the euro is no
healthier than the dollar, and perhaps sicker, The Telegraph said.

The euro's dramatic slide over the past few weeks has for the
first time exposed the instability of the twin-pillar system
holding up global finance, the report wrote.

Investors fear that no one is in charge of Europe's monetary
union, The Telegraph quoted Hans Redeker at BNP Paribas as saying.

Charles Dumas, chief strategist at Lombard Street Research,
commented that "[t]he boom was fueled by massive speculation," The
Telegraph related.


* RUSSIA: Pledges US$37 Billion Long-Term Loans to State Banks
--------------------------------------------------------------
Russia on October 7 committed to pump US$37 billion in long-term
loans into its biggest state banks, amid signs that the turmoil
was spreading to the real economy, The Financial Times reported.

As reported by the Troubled Company Reporter on Sept. 26, 2008,
Russia's Finance Ministry was offering banks up to RUB500 billion
(US$20 billion) in temporarily available budget funds to boost
liquidity.  Despite the present crisis, developers say they expect
a moderate correction in prices, not a sudden collapse, the TCR
related, citing The Wall Street Journal.

Russian president Dmitry Medvedev had disclosed plans to offer
five-year loans mainly through state-controlled Sberbank, the FT
reported.  However, three big Russian companies still announced
cutbacks in production because of a shortage of finance.

Four big energy companies, including state-controlled Gazprom and
Lukoil have appealed for state funding in the face of soaring
interest rates, the FT noted.

The FT also mentioned that Magnitigorsk Metal Kombinat (MMK),
Russia's largest steel mill, had announced dismissal of 3,000
workers and a cut in the working day by two hours.  The move was
prompted by the fall in demand from Russia's second-biggest
carmaker, which was unable to obtain credit.  Gaz, the reported
noted, had suspended some operations at the Gorky Automobile
Plant, while Kamaz, Russia's biggest truckmaker, said it would cut
production this year by 20%.

An MMK official said the company used to borrow at less than 10%
domestically; now interest rates exceeded 20%, the FT continued.


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


* SPAIN: Calls on EU for Discussions on Financial Crisis
--------------------------------------------------------
Spanish Prime Minister Jose Luis Rodriguez Zapatero said last week
that he had asked French President Nicolas Sarkozy to convene a
meeting of heads of state of euro member countries to discuss the
financial crisis, Reuters reports.

Prime Minister Zapatero admitted he requested President Sarkozy
for an urgent meeting among heads of state of the Eurogroup to
come up with "a coordinated action, a strong action and
coordinated across all countries [in] the euro zone, the report
continued.

Separately, The Associated Press reports that Prime Minister
Zapatero is set to visit Cuba in 2009 and become the first
European leader to travel to the communist-run island in almost
ten years.  The prime minister played a key role in persuading the
EU to lift diplomatic sanctions against Cuba in June.

At Tuesday's talks, AP says Spain agreed to fund a two-year,
EUR24.5 million (US$34 million) program to help Cuba rebuild
homes, schools and other structures destroyed by Hurricanes Gustav
and Ike this summer, Mr. Moratinos said.

Spain, AP writes, has also agreed to restructure part of Cuba's
EUR1.5 billion (US$2.1 billion) debt with the Spanish government,
and open up a new line of credit worth EUR50 million
(US$69 million) to EUR100 million (US$138 million), Foreign
Minister Miguel Angel Moratinos said.

          Euro Countries Raise Guarantee on Bank Deposits

Meanwhile, Germany's go-it-alone decision to prevent a run on its
banks by guaranteeing up to EUR1 trillion of individuals' deposits
was followed by several other EU countries, The Guardian related
October 6.  The report commented that the rush to take unilateral
action underlined a sense of disarray among EU governments over
the crisis and the difficulties of drafting joint action.

Spain had indicated plans to join Austria, Denmark, Greece,
Ireland and Sweden in offering a full government guarantee for
deposits, The Guardian related.  But Germany had insisted that
chancellor Angela Merkel was not offering a full state guarantee
to all banks, just to private depositors, the report added.

The French president, Nicolas Sarkozy, the current EU president,
insisted that EU leaders were acting together and would separately
and collectively do whatever was necessary to ensure financial
stability, The Guardian noted.

The European commission indicated that it would prepare rushed
legislation to revise a 1994 law raising the set EUR20,000 minimum
deposit guarantee throughout the EU, The Guardian wrote.

EU governments, The Guardian reported, were also seeking to step
up pan-European supervision of cross-border big banks in
difficulties, but are at odds over French-inspired plans to
establish a single EU regulator and other proposals for a
"college" of supervisors.

          Prime Minister Zapatero Holds Emergency Meeting

The Financial Times reported that Spanish Prime Minister Zapatero
had called an emergency meeting early this month with the heads of
Spain's biggest banks to discuss the international financial
crisis.  The FT related that no immediate measures were set to be
announced as a result of the talks.

Spain has so far avoided any severe direct impact from the
subprime loan crisis that erupted in the U.S., the FT noted.  But
the country's banks are burdened with a rising proportion of bad
loans following the crash of the Spanish property market.

Spain, based on the report, guarantees personal bank deposits up
to the lowest EU level of EUR20,000, but has not ruled out raising
its national limit or taking part in a pan-European deal to
restore confidence in the continent's banks.

The FT reported, citing an interview by El Mundo newspaper, that
Spanish Finance Minister Pedro Solbes said he detected no Spanish
financial institution in danger, although Spain isn't totally safe
from all risks.


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


BEROLINA DAS: Deadline to File Proofs of Claim Set Oct. 26
----------------------------------------------------------
Creditors owed money by LLC Berolina das Schriftbild are requested
to file their proofs of claim by Oct. 26, 2008, to:

         Hans Moser
         Trust Company Moser Treuhand
         Haldenstrasse 4
         9552 Bronschhofen
         Switzerland

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


CENTRE D'INTERETS: Creditors Have Until Oct. 29 to File Claims
--------------------------------------------------------------
Creditors owed money by  JSC C.I.D. Centre d'Interets Divers in
liquidation, are requested to file their proofs of claim by
Oct. 29, 2008, to:

         JSC Honegger Treuhand
         Rietbrunnen 20
         8808 Pfaffikon
         Switzerland

The company is currently undergoing liquidation in Morschach.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 12, 2008.


COMM JSC: Proofs of Claim Filing Deadline is Oct. 26
----------------------------------------------------
Creditors owed money by  JSC COMM are requested to file their
proofs of claim by Oct. 26, 2008, to:

         JSC Niedermann Treuhand
         Bahnsteigstrasse 1
         Mail Box 933
         8212 Neuhausen a/Rhf. 6
         Switzerland

The company is currently undergoing liquidation in Beringen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 11, 2008.


FOHREN-IMMOBILIEN JSC: Creditors' Proofs of Claim Due by Oct. 29
----------------------------------------------------------------
Creditors owed money by JSC Fohren-Immobilien are requested to
file their proofs of claim by Oct. 29, 2008, to:

         Heidi Bonaccio
         Schillerstrasse 23
         9000 St. Gallen
         Switzerland

The company is currently undergoing liquidation in St. Gallen.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 12, 2008.


GENERAL MOTORS: S&P Holds 'B-' Credit Rating Under Neg. Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on U.S.
automaker General Motors Corp., including the 'B-' long-term
corporate credit rating, and ratings on GM's 49%-owned finance
affiliate GMAC LLC, including the 'B-' long-term counterparty
credit rating, remain on CreditWatch, where they were placed with
negative implications on Oct. 9, 2008.

Since the CreditWatch placement, various published reports have
discussed talks being held about a merger or partnership between
GM and Chrysler LLC (CCC+/Negative/--), a privately held U.S.
automaker. Nissan Motor Co. Ltd. (BBB+/Stable/A-2) and Renault
S.A. (BBB+/Negative/A-2)--foreign automakers with a successful
existing alliance--have also been reported to be talking with
Chrysler.

"The CreditWatch placement is not immediately affected by the
possibility of a GM-Chrysler combination or alliance, despite the
potential cost savings, but also massive execution risks, that we
anticipate would result from such a transaction," said Standard &
Poor's credit analyst Robert Schulz.  S&P's most serious concerns
regarding GM are more immediate: the pressure on GM's liquidity
during 2009 from the rapidly weakening state of most global
automotive markets and the constrained state of the capital
markets.  Regarding other challenges, GM continues to reduce its
cost base and focus on shifting its product mix to meet the
rapidly shifting consumer preferences for more fuel-efficient
vehicles.

"We would be skeptical that a GM-Chrysler transaction could easily
address our primary concern by resulting in a substantial increase
of current liquidity for the parties involved," said Mr. Schulz.

In addition, S&P believes that the auto financing units of GM
(through GMAC) and Chrysler (through DaimlerChrysler Financial
Services Americas LLC; CCC+/Negative/--) continue to face
challenges in their role of providing competitive financing for
retail consumers and dealers.  S&P expects any potential
transaction would also need to address the finance operations of
the companies involved.

S&P believes GM 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.  The ratings on
GMAC unit Residential Capital, LLC (CCC+/Negative/C) were not
placed on CreditWatch on Oct 9, and this remains unchanged.


GMAC LLC: Mortgage & Auto-Lending Unit Funding Limited
------------------------------------------------------
David Mildenberg and Greg Bensinger at Bloomberg News report that
GMAC LLC's CEO Al de Molina said in an e-mail to workers that the
company has "limited if any access to funding" for its mortgage
and auto-lending units.

Citing Mr. de Molina, Bloomberg says that GMAC may cut auto
lending in some international markets and that it is considering
"strategic initiatives."  The report states that Mr. de Molina
said, "We've pursued a 'self-help' approach that on some days is
akin to hand-to-hand combat."

According to Bloomberg, Mr. de Molina said that GMAC's Residential
Capital LLC unit is "perhaps the most challenged operation."
Bloomberg states that ResCap has reported seven consecutive money-
losing quarters.  Mr. de Molina, according to Bloomberg, said that
ResCap's CEO Thomas Marano is working on a "three-prong" approach
to resuscitate the business, including:

    -- work on revenue-generating strategies for the
       marketplace, and

    --improving communication among workers.

Bloomberg relates that GMAC said that it is restricting auto
lending to buyers with credit scores of at least 700, who are
about 58% of U.S. consumers.  According to the report, declining
auto sales and record foreclosures have resulted in US$5.4 billion
in losses at GMAC over the past year and led credit agencies to
downgrade the debt to junk.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General
Motors Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.

                       About ResCap

Headquartered in Minneapolis, Minnesota, Residential Capital LLC
-- http://www.rescapholdings.com/-- is the home mortgage unit
of GMAC Financial Services, which is in turn wholly owned by GMAC
LLC.

                           *     *     *

As disclosed in the Troubled Company Reporter on June 18, 2008,
Moody's Investors Service assigned ratings of Caa2 and Caa3 to
Residential Capital LLC (ResCap)'s senior secured and junior
secured bonds, respectively.  These bonds were issued as part of
ResCap's bond exchange which was completed on June 4, 2008.  The
ratings of ResCap's unsecured senior debt and unsecured
subordinate debt were affirmed at Ca and C, respectively.  Ratings
are under review for downgrade.  Separately the senior unsecured
rating of GMAC LLC was downgraded to B3 from B2 with a negative
outlook.

As disclosed in the Troubled Company Reporter on June 9, 2008,
Fitch Ratings has downgraded Residential Capital LLC's long- and
short-term Issuer Default Ratings to 'D' from 'C' following
completion of the company's distressed debt exchange.  Fitch has
also removed ResCap from Rating Watch Negative, where it was
originally placed on May 2.

                        About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and employs
approximately 26,700 people worldwide.

GMAC Financial Services is in turn wholly owned by GMAC LLC.

Cerberus Capital Management LP led a group of investors that
bought a 51% stake in GMAC LLC from General Motors Corp. in
December 2006 for US$14 billion.


GLAROTRADE JSC: Oct. 29 Set as Deadline to File Claims
------------------------------------------------------
Creditors owed money by JSC Glarotrade are requested to file their
proofs of claim by Oct. 29, 2008, to:

         Dr. Karljorg Landolt
         Spielhof 14a
         8750 Glarus
         Switzerland

The company is currently undergoing liquidation in Glarus.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 11, 2008.


NICEVALLEY JSC: Creditors Must File Proofs of Claim by Oct. 29
--------------------------------------------------------------
Creditors owed money by JSC Nicevalley are requested to file their
proofs of claim by Oct. 29, 2008, to:

         Daniel Schonthal
         Goldiwilstrasse 16j
         3600 Thun
         Switzerland

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


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


BABINTSY AGRARIAN: Creditors Must File Claims by October 19
-----------------------------------------------------------
Creditors of OJSC Babintsy Agrarian Enterprise (code EDRPOU
20583825) have until Oct. 19, 2008, to submit proofs of claim to:

         Sergey Avilov
         Liquidator/Insolvency Manager
         Ap. 175
         Gagarin Str. 29
         Brovary
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 1, 2008.
The case is docketed as B 19/342-08.

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

The Debtor can be reached at:

         OJSC Babintsy Agrarian Enterprise
         Farm
         Babintsy
         Borodiansky District
         07832 Kiev
         Ukraine


CUPOL GROUP: Creditors Must File Claims by October 19
-----------------------------------------------------
Creditors of CJSC Cupol Group (code EDRPOU 33495128) have until
Oct. 19, 2008, to submit proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 11, 2008.
The case is docketed as 50/154.

The Debtor can be reached at:

         CJSC Cupol Group
         Yaltinskaya Str. 5-b
         02099 Kiev
         Ukraine


HERSON PLANT: Creditors Must File Claims by October 18
------------------------------------------------------
Creditors of LLC Herson Plant of Ceramic Products (code EDRPOU
03327463) have until Oct. 18, 2008, to submit proofs of claim to:

         Tatiana Paseka
         Liquidator/Insolvency Manager
         73000 Herson
         P.O. Box 32
         Ukraine
         Tel/Fax: 8(0552)262-732

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 26, 2008.
The case is docketed as 6/49-B.

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         LLC Herson Plant of Ceramic Products
         Filatov Str. 40
         Herson
         Ukraine


NADIYA LLC: Creditors Must File Claims by October 18
----------------------------------------------------
Creditors of LLC Nadiya (code EDRPOU 34391358) have until Oct. 18,
2008, to submit proofs of claim to:

         Vladimir Parkulab
         Liquidator
         Universitetskaya Str. 9
         61003 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 8, 2008.
The case is docketed as B-24/124-08.

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

The Debtor can be reached at:
         LLC Nadiya
         Moscow Avenue 199-A
         61037 Kharkov
         Ukraine


ROST LLC: Creditors Must File Claims by October 19
--------------------------------------------------
Creditors of LLC Agricultural Firm Rost (code EDRPOU 31767026)
have until Oct. 19, 2008, to submit proofs of claim to:

         J. Karaush
         Temporary Insolvency Manager
         Tumanian Str. 21/3
         83077 Donetsk
         Ukraine
         Tel: 8(062)349-42-40

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 4, 2008.
The case is docketed as 42/79B.

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

The Debtor can be reached at:

         LLC Agricultural Firm Ros
         Lenin Str. 56
         Truzhenka
         Volodarsky District
         87011 Donetsk
         Ukraine


RUBICON LLC: Creditors Must File Claims by October 18
-----------------------------------------------------
Creditors of LLC Rubicon (code EDRPOU 30781605) 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 11/244-08.

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

The Debtor can be reached at:

         LLC Rubicon
         Promyshlennaya Str. 5
         Vishnevoye
         Kiev
         Ukraine


STARAYA VIZHEVKA: Creditors Must File Claims by October 19
----------------------------------------------------------
Creditors of OJSC Staraya Vizhevka Regional Agricultural Delivery
(code EDRPOU 00902642) have until Oct. 19, 2008, to submit proofs
of claim to:

         Olga Maksimuk
         Liquidator
         Independency Str. 42
         Staraya Vizhevka
         44400 Volin
         Ukraine
         Tel: 8-033-46-21847

The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 9, 2008.
The case is docketed as 4/114-B.

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

The Debtor can be reached at:

         OJSC Staraya Vizhevka Regional Agricultural Delivery
         Shkolnaya Str. 27
         Butsyn
         Staraya Vizhevka
         44440 Volin
         Ukraine


TECHNICAL METSERVICE: Creditors Must File Claims by October 18
--------------------------------------------------------------
Creditors of LLC Technical Metservice (code EDRPOU 31934261) 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 29, 2008. The case is docketed as
B3/107-08.

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

The Debtor can be reached at:

         LLC Technical Metservice
         Ap. 83
         Kirov Str. 88
         Brovary
         Kiev
         Ukraine


VOSTOK-AGRO: Creditors Must File Claims by October 19
-----------------------------------------------------
Creditors of Agricultural Enterprise Vostok-Agro (code EDRPOU
33135079) have until Oct. 19, 2008, to submit proofs of claim to:

         Vladislav Korshun
         Liquidator/Insolvency Manager
         Of. 340
         Pravda Str. 53
         69000 Zaporozhje
         Ukraine
         Tel: 270-02-02

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 14, 2008.
The case is docketed as 19/210/08.

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

The Debtor can be reached at:

         Agricultural Enterprise Vostok-Agro
         Gasanovka
         Belniansky District
         Zaporozhje
         Ukraine


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


ABERDALE DISTRIBUTION: Taps BDO Stoy to Administer Assets
---------------------------------------------------------
Martha H. Thompson and David H. Gilbert of BDO Stoy Hayward LLP
were appointed joint administrators of Aberdale Distribution Ltd.
on Sept. 29, 2008.

The company can be reached at:

         BDO Stoy Hayward LLP
         Kings Wharf
         20-30 Kings Road
         Reading
         Berkshire
         RG1 3EX
         England


BENTLEY HOMES: Brings in Administrators from Deloitte & Touche
--------------------------------------------------------------
Dominic Lee Zoong Wong and Daniel Francis Butters of Deloitte &
Touche LLP were appointed joint administrators of Bentley Homes
(Castle Locks) Ltd. (Company Number 6307727) on Sept. 30, 2008.

The company can be reached at:

         Bentley Homes (Castle Locks) Ltd.
         c/o Deloitte & Touche LLP,
         Four Brindleyplace
         Birmingham
         England


BODYCARE TOILETRIES: Taps Administrators from Deloitte & Touche
---------------------------------------------------------------
William Kenneth Dawson and Ian Brown of Deloitte & Touche LLP were
appointed joint administrators of Bodycare Toiletries Ltd.
(Company Number 02188629) on Oct. 2, 2008.

The company can be reached at:

         Bodycare Toiletries Ltd.
         PO Box 500
         2 Hardman Street
         Manchester
         M60 2AT
         England


BRADFORD & BINGLEY: Northern Rock Starts Informal Merger Talks
--------------------------------------------------------------
Northern Rock Plc chairman Ron Sandler stressed that a merger with
Bradford & Bingley Plc has only been discussed "informally", but
added "[i]t would not be a surprise if at some further point a
closer look was taken at the possible merits of merging the loan
books," The Telegraph U.K. writes.

The Telegraph relates that analysts have speculated the government
could wrap the two businesses together, which could help cut costs
and generate greater returns for the taxpayer.

Northern Rock was nationalized in February and the Government was
forced to take over B&B's GBP42 billion mortgage book last month,
the report recalls.

The government's sweeping bail-out of British banks this week
should "bring stability back to the financial system," The
Telegraph quotes Mr. Sandler as saying.  But he added that it
would take time to understand the impact on the market.  He
assured that Northern Rock would stick to the strict agreement
with the government not to compete aggressively with rivals which
was agreed in return for public money.

As reported by the Troubled Company Reporter-Europe on Oct. 8,
2008, Northern Rock made further changes to its range of savings
products in recognition of its commitment to its competitive
framework.  The self-imposed framework is designed to ensure
Northern Rock does not take unfair advantage of government support
during the period of temporary public ownership.  Northern Rock
has capped its market share of U.K. retail deposit balances at
1.5% and confirms that retail balances remain within this level.

Deposits nonetheless rose GBP3 billion in the three months to the
end of September to GBP17.2 billion, The Telegraph reports.
Northern Rock has to keep under 1.5% of the savings market, which
is worth GBP1.2 trillion.

                       About Northern Rock

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

                          *     *     *

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

                    About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 1, 2008,
Moody's Investors Service placed on review for possible upgrade
the Baa3 senior unsecured debt and deposits of Bradford & Bingley
plc.  The short-term ratings of P-3 were also placed on review for
possible upgrade.  At the same time, the bank's subordinated and
junior subordinated debt ratings were downgraded to Ca from their
respective Ba3 and B1 ratings with a negative outlook; the
preference shares were downgraded to C from B2.  The Bank
Financial Strength Rating (BFSR) of D was withdrawn.

The TCR-Europe reported on Sept. 25, 2008, that Fitch Ratings
downgraded UK-based Bradford and Bingley's ratings to Long-term
Issuer Default 'BBB-' from 'BBB+', Short-term IDR 'F3' from 'F2',
and Individual 'D' from 'C'.  Its Support rating has been upgraded
to '2' from '3' resulting in an upgrade of the Support Rating
Floor to 'BBB-' from 'BB+'.  In line with Fitch's standard
notching policy for hybrid and subordinated instruments, the
ratings for these instruments of B&B have been downgraded to 'B+'
from 'BBB-' and 'BB+' from 'BBB', respectively.  All ratings with
the exception of the Individual rating have been placed on Rating
Watch Evolving.  Separately, Fitch has placed B&B's 'AAA'-rated
covered bonds on Rating Watch Negative.

The TCR-Europe reported on Sept. 2, 2008, that Standard & Poor's
Ratings Services said that its short-term counterparty credit
rating on Bradford & Bingley PLC (B&B; --/Watch Neg/A-2) is
unchanged following the announcement of a first-half loss of
GBP17 million.  The current rating incorporates one notch of
external support and remains on CreditWatch with negative
implications.


BRADFORD & BINGLEY: Slashes Borrowing Rates by 0.5%
---------------------------------------------------
The Press Association reports that recently nationalized bank
Bradford & Bingley Plc is the latest lender to pass interest rate
cut to borrowers.  The group is reducing its standard variable
rate (SVR) by the full 0.5% in line with the reduction in the
official cost of borrowing.

About 19 of 85 lenders with an SVR have announced plans to pass on
a cut, including mortgage giants such as Halifax, Lloyds TSB and
Cheltenham & Gloucester and Barclays' lending arm the Woolwich,
the report notes.

But HSBC said it would not be passing on any of the reduction to
its borrowers, while Northern Rock is the only other lender not to
pass on the full cut, trimming its SVR by just 0.15%, The Press
Association relates.  Meanwhile, Royal Bank of Scotland and
NatWest, which have already reduced their SVR by 0.5%, launched a
new two-year fixed rate deal of 5.74% for people borrowing 75% or
less of their home's value.

The offer, which applies to both homebuyers and people
remortgaging, is up to 0.45% lower than the deal it replaces,
while arrangement fees have also been cut from GBP999 to GBP499,
the report says.

According to the report, one of the key inter-bank lending rates,
the three-month Libor, continued to ease, dropping by a further
0.02% to 6.25%.  But it still remains historically high in
relation to the Bank of England base rate of 4.5% as banks
continue to be reluctant to lend to each other.

                    About Bradford & Bingley

Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.

                          *     *     *

As reported by the Troubled Company Reporter on Oct. 1, 2008,
Moody's Investors Service placed on review for possible upgrade
the Baa3 senior unsecured debt and deposits of Bradford & Bingley
plc.  The short-term ratings of P-3 were also placed on review for
possible upgrade.  At the same time, the bank's subordinated and
junior subordinated debt ratings were downgraded to Ca from their
respective Ba3 and B1 ratings with a negative outlook; the
preference shares were downgraded to C from B2.  The Bank
Financial Strength Rating (BFSR) of D was withdrawn.

The TCR-Europe reported on on Sept. 25, 2008, that Fitch Ratings
downgraded UK-based Bradford and Bingley's ratings to Long-term
Issuer Default 'BBB-' from 'BBB+', Short-term IDR 'F3' from 'F2',
and Individual 'D' from 'C'.  Its Support rating has been upgraded
to '2' from '3' resulting in an upgrade of the Support Rating
Floor to 'BBB-' from 'BB+'.  In line with Fitch's standard
notching policy for hybrid and subordinated instruments, the
ratings for these instruments of B&B have been downgraded to 'B+'
from 'BBB-' and 'BB+' from 'BBB', respectively.  All ratings with
the exception of the Individual rating have been placed on Rating
Watch Evolving.  Separately, Fitch has placed B&B's 'AAA'-rated
covered bonds on Rating Watch Negative.

The TCR-Europe reported on Sept. 2, 2008, that Standard & Poor's
Ratings Services said that its short-term counterparty credit
rating on Bradford & Bingley PLC (B&B; --/Watch Neg/A-2) is
unchanged following the announcement of a first-half loss of
GBP17 million.  The current rating incorporates one notch of
external support and remains on CreditWatch with negative
implications.


DURA AUTOMOTIVE: Reports Reorganization and Other Business Updates
------------------------------------------------------------------
DURA Automotive Systems, Inc. disclosed a comprehensive
restructuring of the company into four worldwide business units,
aimed at strengthening its competitive position.  In addition,
DURA disclosed several other significant corporate events,
including US$1 billion in new business awards and the planned
filing timeline of its regulatory financial information.

"Macro-economic conditions affecting the global automotive
industry have dramatically altered the way automotive suppliers
need to do business around the world," said Tim Leuliette,
appointed DURA's president and chief executive officer on
July 17, 2008, following the company's emergence from Chapter 11
reorganization.  "This announcement of our move away from a
regional structure into four global business units will further
enhance our efficiency and ability to compete as one global
company.  We are confident these actions will strengthen our
ability to serve our worldwide customers and grow our business.
DURA is now a lean, globally balanced technology leader."

With its emergence from Chapter 11, DURA accomplished one of the
most comprehensive business restructurings in the automotive
industry.  By the end of 2008, the company expects to complete
the last of its plans to close or exit 16 manufacturing
facilities worldwide.  These closures, combined with the
elimination of US$1.2 billion, or 85%, of the company's debt and
a 90% reduction in cash interest expense, as part of the
reorganization plan approved earlier this year, have laid the
groundwork for a new, lean and globally competitive DURA.

                    Worldwide Reorganization

The company is announcing the next step in its transformation.
Effective Jan. 1, 2009, DURA will be organized into four
worldwide product line divisions replacing the current seven
regional business units.  DURA's four new worldwide divisions
and executive leadership are:

  -- Cable Systems, headquartered in Rochester Hills, Michigan,
     is one of the producers of light and heavy-duty automotive
     control cables.  The Cable Systems Division has operations
     in Germany, Romania, the Czech Republic, Portugal, United
     States, Mexico and China.  Leading the division will be
     Al Malizia, as vice president and general manager.
     Mr. Malizia joins the company after retiring from Metaldyne
     Corporation, where he served as vice president and general
     manager of North American Chassis Operations.

  -- Shifter Systems, headquartered in Dusseldorf, Germany, is
     the supplier of automatic, manual and shift-by-wire
     transmission shift systems in the world, with operations in
     Germany, Romania, the Czech Republic, France, Portugal,
     Russia, United States, India and China.  Martin Becker has
     been named vice president and general manager of DURA's
     Shifter Systems Division.  Mr. Becker was vice president and
     general manager of DURA's Control Systems Europe.

  -- Glass & Trim Systems, headquartered in Rochester Hills,
     Michigan, is a provider of automotive exterior metal and
     plastic trim, and stationary and moving glass window
     systems, with operations in Germany, the Czech Republic,
     United States, Mexico and China.  Tim Horn becomes vice
     president and general manager of DURA's Glass & Trim Systems
     Division.  He was DURA's vice president and general manager,
     Body & Glass North America.

  -- Structural & Safety Systems, headquartered in Plettenberg,
     Germany, is an integral OEM partner of body-in-white and
     structural components, well as mechanical safety assemblies,
     with operations in Germany, United Kingdom, the Czech
     Republic, Slovakia, Spain, Mexico, United States and China.
     Franz Joseph Feldhaus is named vice president and general
     manager of DURA's Structural & Safety Systems Division.
     He  was DURA's vice president and general manager, Body &
     Glass Systems Europe.

DURA's four operating divisions supply Aston Martin, Audi,
Bentley, BMW, Brilliance, Chery, Chrysler, Daimler, Fiat, Ford,
General Motors, Honda, Jaguar, Land Rover, Mahindra, NedCar,
NUMMI, Porsche, PSA Peugeot Citroen, Renault-Nissan, SAIC,
Ssangyong, Tata, Toyota and Volkswagen with nearly US$2 billion
of products annually.  In 2008, the company anticipates
generating approximately 59% of its revenues from Europe, 33%
from North America and 8% from the rest of the world.

DURA's sales and engineering centers in the United States,
Germany, France, Japan, Brazil, Russia, India and China will serve
the company's worldwide customer base.  DURA professionals will
continue to provide customers with convenient design and
engineering expertise close to their development locations.
Customers will also benefit from consistent and high-quality
manufacturing processes when partnering with DURA on multi-
regional automotive platforms.

                  Other Executive Appointments

As part of its worldwide reorganization, DURA also announced
these leadership appointments:

  -- Francois Stouvenot is now group vice president of
     worldwide sales.  He was vice president of European sales.

  -- Dave Klein becomes vice president of North American sales.
     Mr. Klein formerly served as vice president and general
     manager of Shifter and Cable operations in North America.

  -- Tim Mann is named vice president of global procurement.
     He was vice president of North American purchasing.

  -- Eric Rundall becomes group director of corporate
     development.  Mr. Rundall had been director of European
     finance.

             2007 Financial Information to be Filed

As a result of DURA's Chapter 11 reorganization, which was
completed on June 27, 2008, the company was unable to file its
financial statements with the SEC in a timely manner.  The
company intends to "catch up" on those filings with the issuance
of the 2007 10Qsand 10K by the end of October 2008.  The 10K
will include a "Fresh Start" pro-forma balance sheet showing the
impact of the financial restructuring and the elimination of
US$1.3 billion of liabilities.  Within 60 days after that, DURA
expects to complete its 2007 statutory filing in relevant
jurisdictions and to file its 2008 first quarter 10Q.  The actual
effect of "Fresh Start" accounting will be reflected in the
company's 2008 second quarter statements, which DURA expects will
be completed approximately 60 days later.  Given this process of
"catch up", the company believes it will be on a timely reporting
schedule for its 2009 second quarter.

                      About DURA Automotive

Rochester Hills, Michigan-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an
independent designer and manufacturer of driver control systems,
seating control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North American,
Japanese and European original equipment manufacturers and other
automotive suppliers.

The company has three locations in Asia -- China, Japan and Korea.
It has locations in Europe and Latin-America, particularly in
Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006,
(Bankr. D. Del. Case No. 06-11202). Marc Kieselstein, P.C., Esq.,
Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., at
Kirkland & Ellis LLP are lead counsels for the Debtors' bankruptcy
proceedings. Daniel J. DeFranseschi, Esq., and Jason M. Madron,
Esq., at Richards Layton & Finger, P.A. Attorneys are the Debtors'
co-counsels. Baker & McKenzie acts as the Debtors' special
counsel.  Togut, Segal & Segal LLP is the Debtors' conflicts
counsel.  Miller Buckfire & Co., LLC is the Debtors' investment
banker.  Glass & Associates Inc., gives financial advice to the
Debtor.  Kurtzman Carson Consultants LLC handles the notice,
claims and balloting for the Debtors and Brunswick Group LLC acts
as their Corporate Communications Consultants for the Debtors.

As of Jan. 31, 2008, the Debtor had US$1,503,682,000 in total
assets and US$1,623,632,000 in total liabilities.

On April 3, 2008, the Court approved the Debtors' revised
Disclosure Statement explaining their revised Chapter 11 plan of
reorganization.   On June 27, 2008, the Debtors emerged from
Chapter 11 bankruptcy protection.


EMMOX LTD: Calls in Joint Administrators from Moore Stephens
------------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were appointed
joint administrators of Emmox Ltd. (Company Number 01961530) on
Oct. 2, 2008.


HEYWOOD PROPERTY: Appoints Joint Administrators from PwC
--------------------------------------------------------
Anthony Steven Barrell and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP were appointed joint administrators of
Heywood Property Investments Ltd. (Company Number 06023150) on
Oct. 2, 2008.

The company can be reached at:

         Heywood Property Investments Ltd.
         Innovation House
         Presley Way Crownhill
         Milton Keynes
         Buckinghamshire
         MK8 0ES
         England


JJB SPORTS: Might Sell One or Two Non-Core Assets and Businesses
----------------------------------------------------------------
JJB Sports is contemplating on selling one or more of its non-core
assets and businesses, just-style.com reports.

In its London Stock Exchange filing on Oct. 14, 2008, JJB Sports
said, "Further to the interim results announcement, the company is
undergoing a review of the potential sale of one or more of its
non-core assets and businesses to maximize shareholder value.
Discussions are ongoing in this regard."

"There can be no certainty that any transaction will occur or as
to the terms of any such transaction.  A further announcement will
be made when appropriate," JJB added.

JJB's GBP9.7 million loss for the first half of 2008 is compounded
when insurer Coface withdrew credit insurance from its suppliers.

                         About JJB Sports

Headquartered in Wigan, England, JJB Sports plc --
http://www.jjbcorporate.co.uk/-- is engaged in the retailing of
sportswear and sporting equipment.  The company also operates a
chain of fitness clubs, which has a smaller number of indoor
soccer centers attached to them.  It also operates a television
broadcasting and marketing business, which specializes in the
marketing of golf products and fitness equipment through Sky
Television.

On Oct. 2, 2008, TCR-Europe reported that Deloitte & Touche LLP
has raised going concern issues about JJB Sport plc's interim
report and condensed financial statements for the 26 weeks to July
27, 2008.


JOHN JARVIS: Goes Into Administration
-------------------------------------
John Jarvis Construction Ltd. and its sister plastering firm,
Cartwrights, have gone into administration with the loss of 35
jobs, Construction News Plus reports.

According to the report, chairman Ernest Turley said, "The
unforeseen impact of the credit crunch and its severe effects on
the construction industry has made it impossible for John Jarvis
and Cartwrights to survive."

The 135-year-old contractor had a turnover of around
GBP4 million and built several buildings including Tunbridge Wells
Opera House and the Kent and Sussex Hospital, the report said.

Based in Kent, United Kingdom, John Jarvis Construction Ltd. is a
construction firm that builds and develops property.


MCKENZIE MYERS: Calls in Administrators from Moore Stephens
-----------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens were appointed
joint administrators of McKenzie Myers Ltd. (Company Number
02350201) on Oct. 2, 2008.


MERCATOR GOLD: Australian Unit Goes Into Administration
-------------------------------------------------------
Mercator Gold Australia Pty Ltd, a 100 percent owned subsidiary of
Mercator Gold plc, has been placed into voluntary administration.

Martin Jones, Darren Weaver and Andrew Saker of Ferrier Hodgson
have been appointed as joint and several administrators of MGA as
of October 9, 2008.

Mercator and the MGA board of directors are working closely with
the Administrators in order to bring about the best possible
outcome to the Administration.  It is intended to enter into a
Deed of Company Arrangement under which MGA would be
granted a period of six months to seek refinancing for the
business.  During this period there is a moratorium of all
creditors.  The DOCA will require the approval of the bank
and major creditors of the business and it is expected that the
creditors' meeting to approve this will take place in the next
four to five weeks time.  MGA holds all of Mercator's West
Australian mining and exploration assets.  Should creditors
approve the DOCA at the second creditors meeting, control of the
company reverts back to its directors.

The Administration was precipitated by discussions with MGA's
bank, MGA's largest creditor after the parent company.  The Bank
is keen to ensure a restructuring of the debt facilities it
provides to MGA.  In view of the generally strained financial
environment the assistance of the Bank in this process is greatly
appreciated by the Board.  Concurrently, MGA is in negotiations
with Tulla regarding a proposed refinancing of MGA which could
provide greater financial stability to MGA going
forward.

As a consequence of the suspension of mining of the Surprise pit
MGA became unable to fulfill its obligations under its hedging
program.  Accordingly, the hedging program has been closed out by
the bank.

                 Ongoing Activities at Meekatharra

It is the intention of the Administrators to suspend all mining
and milling activities at the Meekatharra mine site.  Essential
maintenance to the Bluebird mill will be carried out, and work
will continue on the deviation of the Great Northern Highway to
allow continued mining of the Surprise pit in the future. A
re-estimation of the remaining reserves in the Bluebird pit will
also take place.

Mercator remains active and adequately funded.  The Company is
currently evaluating additional projects.

Mercator owns 10 million shares in ASX-listed Silver Swan Group,
as well as 4 million performance shares.

                      About Mercator

Mercator Gold plc -- http://www.mercatorgold.com/--  is an AIM-
listed exploration and development gold mining company focused on
the Meekatharra tenements in the Murchison Province of Western
Australia.  The Company is now in production following the first
commercial gold pour in October 2007.  First year target is
120,000 ounces of gold, with probable reserves at 504,000 ounces
of gold.

Mercator Gold is incorporated in England and Wales, and listed on
AIM in London on January 20, 2006 at an issue price of 60 pence
per share.


NORTHERN ROCK: Drops Suit Against Ex-Officials; Repays Gov't Loan
-----------------------------------------------------------------
Northern Rock Plc is dropping a potential legal claim against its
former chief executive, Adam Applegarth, and other directors,
saying there are "insufficient grounds to proceed", The Telegraph
U.K. reports.  The bank also said it has decided "no action is
warranted" against auditors, PricewaterhouseCoopers.

The Chancellor Alistair Darling, revealed last week Northern Rock
had repaid more than half of the government's GBP27 billion loan.
The bank said Wednesday that its net balance outstanding is
GBP11.5 billion.  Northern Rock chairman Ron Sandler said the
repayment was due to the bank's aggressive mortgage redemptions,
where it helps customers to access new products with alternative
lenders.

Mr. Sandler warned the program would become more difficult as the
economy deteriorates and customers find it more difficult to find
a new mortgage, the report notes.  He added that Northern Rock
would be left with less good customers.  But Mr. Sandler said that
the bank was sticking to its plan to repay the government all of
its money by the end of 2010.

Arrears rose to 1.87% from 1.18% of the book over the past three
months, with together loans –- where customers could borrow 125%
of the value of the property –- rising at the fastest rate, The
Telegraph says.  Together mortgages made up 30% of Northern Rock's
book but accounted for half of mortgages three months in arrears
and three quarters of repossessions, Mr. Sandler said.

Northern Rock disclosed it incurred a loss on most homes it is
selling after repossessing them, according to the report.
However, Mr. Sandler rejected suggestions the bank has an
aggressive repossession policy.

                       About Northern Rock

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

                          *     *     *

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


PINCO 1555: Appoints Joint Administrators from Grant Thornton
-------------------------------------------------------------
Neil Tombs and Keith Hinds of Grant Thornton UK LLP were appointed
joint administrators of Pinco 1555 Ltd. (Company Number 014125064)
on.

The company can be reached at:

         Pinco 1555 Ltd.
         99 Attercliffe Road
         Attercliffe
         Sheffield
         S4 7WW
         England


TOSCAFUND ASSET: Sells Ten Percent Stake in Taylor Wimpey
---------------------------------------------------------
Keeping in line with its restructuring plan, Toscafund Asset
Management has sold its 10% stake in Taylor Wimpey, James
Mackintosh of Financial Times reports.

Earlier, Toscafund told its investors it would do consultations on
creating a continuing fund and for those who want out, a wind-down
share class.

Taylor Wimpey is also struggling to refinance its GBP1.7 billion
debt pile.


TRIO SKIPS: Brings in Joint Administrators from Tenon Recovery
--------------------------------------------------------------
N. C. Simmonds and J. K. Rolls of Tenon Recovery were appointed
joint administrators of Trio Skips & Hooks Ltd. (Company Number
05608593) on Oct. 1, 2008.

The company can be reached at:

         Trio Skips & Hooks Ltd.
         Sherlock House
         73 Baker Street
         London
         W1U 6RD
         England


* Ryanair Chief Predicts Closure of British Airlines
----------------------------------------------------
Michael O'Leary, Ryanair's chief executive, said that at least one
British airline could go out of business in the next few weeks,
World First Travel Insurance reported late last week, citing The
Telegraph.  He also claimed that another two major European air
carriers could go insolvent before 2008 ends.

The report noted that more than 30 travel companies have already
gone under this year, highlighting the need for fully
comprehensive travel insurance, which can protect passengers from
company insolvency.

As cited by World First, The Telegraph had reported that Ryanair
said passenger numbers were up by 20%, while British Airways'
figures had fallen by 6%.  He also stated that Ryanair would keep
raising luggage prices until 75% of its passengers only brought
hand baggage on board.

Mr. O'Leary told the Telegraph "It's all about efficiency," World
First noted.

Meanwhile, Mike Ambrose, director general of European Regional
Airlines which represents 79 carriers, said the industry is facing
"a year of hell" far exceeding the slump which followed the
terrorist attacks in America in 2001, the Irish Examiner reported
Saturday, October 11.

"We are now up to around 35 [bankruptcies] this year.  I see at
least that number over the winter," Mr. Ambrose said, the IE
related.  He added that there were huge problems, such as
governments shoring up banks, that "went way outside aviation and
take longer to resolve".

Mr. Ambrose's comments came as the European Parliament's
Environment Committee voted to auction all carbon permits for
aviation by 2020, the IE noted.  Mr. Ambrose said that would add a
further EUR6 million in annual costs for a typical regional
carrier.


* UNITED KINGDOM: Interest Rates Drop in September, BOE Says
------------------------------------------------------------
Interest rates charged by mortgage lenders in the United Kingdom
fell in September, The Wall Street reported, citing figures
released Thursday by the Bank of England.  The average rate on a
two-year fixed-rate mortgage for 75% of the value of the property
on which it's secured fell to 5.93% from 6.08% in August, the
report said.

The Troubled Company Reporter-Europe reported on Oct. 7, 2008,
citing The Guardian, that the Bank of England has pegged its rate
at 5% since April, but three-month sterling Libor -- what banks
charge each other to borrow -- rose to 6.27% sometime late
September.  In the five years before money markets first froze up
in August 2007, the average spread between bank rate and three-
month Libor was less than 0.2 of a point.

Libor rates, which affect tracker mortgages, have risen by about
half a percentage point, while two-year swap rates, on which
fixed-rate deals are based, have increased from 5.18% last week to
5.56%, the TCR-Europe wrote citing the Guardian.

However, The Guardian on September 28, as cited by the TCR-Europe,
said that three of Britain's mortgage lenders -- HSBC, Woolwich,
and the Internet and telephone bank First Direct -- added to the
pressure on an already weak housing market by raising mortgage
rates to more than a quarter-point.  The moves reflected the
growing strains in wholesale markets since the collapse of Lehman
Brothers Holdings Inc.

Banks, according to the Guardian, are hoarding cash and are
reluctant to lend to each other.  Hence, the gap between the Bank
of England's official bank rate and the three-month sterling Libor
rate -- one of the keys to borrowing costs -- widened to a level
not seen since the start of the credit crunch over a year ago.
The euro and dollar Libor rates also rose sharply.

The Journal said that the September decline in interest rates is
the third straight monthly decline, and may indicate that the
impact of the credit crunch on mortgage pricing is easing,
although the volume of lending continues to be limited.  With
loans to buy homes having dried up since August of last year,
house prices have fallen more than 12% on average.

The U.K. government early this month launched a "radical and
comprehensive" package of measures to encourage banks to resume
lending to consumers and businesses, the Journal notes.  The
measures included recapitalization of the banks, greater access to
BOE liquidity, and a GBP250 billion guarantee on their medium-term
borrowing.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR

                    *      *      *

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

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

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

Oct. 23-24, 2008
  AMERICAN CONFERENCE INSTITUTE
     Distressed Assets Boot Camp
        TBD, London, United Kingdom
           Contact: www.americanconference.com

Oct. 28, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     State of the Capital Markets
        Citrus Club, Orlando, Florida
           Contact: www.turnaround.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Oct. 29-30, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Corporate Governance Meetings
        Marriott, New Orleans, Louisiana
           Contact: www.turnaround.org

Oct. 30 & 31, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Physicians Agreements and Ventures
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Oct. 31, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hilton, Frankfurt, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 6, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        Coach House Diner & Restaurant, Hackensack, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 11, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Turnaround Case Study
        Summit Club, Birmingham, Alabama
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Effective Turnarounds:A View From Workout Consultants
        TBA, Buffalo, New York
           Contact: www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     LI-TMA Social
        TBD, Melville, New York
           Contact: 631-251-6296 or www.turnaround.org

Nov. 13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner Meeting
        TBD, Calgary, Alberta
           Contact: 503-768-4299 or www.turnaround.org

Nov. 17-18, 2008
  BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
     Distressed Investing
           Contact: 800-726-2524; 903-595-3800;
              www.renaissanceamerican.com

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Program
        Tournament Players Club at Jasna Polana, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Nov. 19, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Interaction Between Professionals in a
Restructuring/Bankruptcy
        Bankers Club, Miami, Florida
           Contact: 312-578-6900; http://www.turnaround.org/

Nov. 20, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Senior Housing & Long Term Care
        Washington Athletic Club,Seattle, Washington
           Contact: www.turnaround.org

Nov. 27, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting - Chris Kaup
        TBD, Phoenix, Arizona
           Contact: www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Party
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or www.turnaround.org

Dec. 3, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Christmas Function
        Terminal City Club, Vancouver, British Columbia
           Contact: 503-768-4299 or www.turnaround.org

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

Dec. 8, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Gathering
        TBD, Long Island, New York
           Contact: 631-251-6296 or www.turnaround.org

Dec. 9, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        Washington Athletic Club, Seattle, Washington
           Contact: 503-768-4299 or www.turnaround.org

Dec. 11, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        University Club, Portland, Oregon
           Contact: 503-768-4299 or www.turnaround.org

Dec. 18, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday MIxer
        TBD, Phoenix, Arizona
           Contact: 623-581-3597 or www.turnaround.org

Dec. 31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Sponsorships - Annual Golf Outing, Various Events
        TBA, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Jan. 21-22, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Distressed Investing Conference
        Bellagio, Las Vegas, Nevada
           Contact: www.turnaround.org

Jan. 22-23, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colorado
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 5-7, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casurina, Grand Cayman Island, AL
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 25-27, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons, Las Vegas, Nevada
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Beverly Wilshire, Beverly Hills, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 17-18, 2009
  NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
     NABT Spring Seminar
        The Peabody, Orlando, Florida
           Contact: http://www.nabt.com/

Apr. 20, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        John Adams Courthouse, Boston, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 27-28, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     Corporate Governance Meetings
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

Apr. 28-30, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Intercontinental Hotel, Chicago, Illinois
           Contact: www.turnaround.org

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

May 14-16, 2009
  ALI-ABA
     Chapter 11 Business Reorganizations
        Langham Hotel, Boston, Massachusetts
           Contact: http://www.ali-aba.org

June 11-13, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa
           Traverse City, Michigan
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

July 16-19, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Mt. Washington Inn
           Bretton Woods, New Hampshire
              Contact: http://www.abiworld.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 15-18, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Ocean Edge Resort, Brewster, Massachusetts
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 5-7, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Maryland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Carve-Out Agreements for Unsecured Creditors
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Chinas New Enterprise Bankruptcy Law
     Contact: 240-629-3300;
        http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
     for Navigating the Restructuring Process
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency  Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Examining the Examiners: Pros and Cons of Using
     Examiners in Chapter 11 Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  New 'Red Flag' Identity Theft Rules
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Non-Traditional Lenders and the Impact of Loan-to-Own
     Strategies on the Restructuring Process
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergersthe New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Todays Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Battle of Green & Red: Effect of Bankruptcy
     on Obligations to Clean Up Contaminated Property
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  The Subprime Sector Meltdown:
     Legal Developments and Latest Opportunities
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite Corporate Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Using Virtual Data Rooms to Expedite M&A and Insolvency
     Proceedings
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!

Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *