TCREUR_Public/081023.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 23, 2008, Vol. 9, No. 211

                            Headlines

A U S T R I A

1,2,3 EVENT: Claims Registration Period Ends November 5
1,2,3 EVENT HOLDING: Claims Registration Period Ends November 5
AIM FINANCIAL: Claims Registration Period Ends November 5
CSO LANIFEX: Claims Registration Period Ends November 5
INTERBAU LLC: Claims Registration Period Ends November 5

P & G PRACHNER: Claims Registration Period Ends November 5


B E L G I U M

TRUVO SUBSIDIARY: Moody's Junks Ratings on Senior Notes to Caa2


B U L G A R I A

KREMIKOVTZI AD: Vorkskla Steel Suspends Production Deal


F I N L A N D

SUPERSEACAT: Declared Bankrupt by Helskinki's Circuit Court


G E R M A N Y

ABC-MODELLSPORT VERWALTUNGS: Claims Registration Ends Oct. 30
CHRYSLER LLC: Bankruptcy to Resolve Labor Woes, Economist Says
D.T.S.-BAU: Claims Registration Period Ends October 28
DUERR AG: Inks Global Aligned Business Framework Deal with Ford
DVS GESELLSCHAFT: Claims Registration Period Ends Oct. 28

EGA HOCH: Claims Registration Period Ends October 28
GLAMOUR DE LUXE: Creditors Meeting Slated for October 30
GOLDFRUCHT GROSSHANDEL: Creditors Meeting Slated for Oct. 30
IKB DEUTSCHE: EU Commission Approves EUR9 Billion Lifeline
KABEL DEUTSCHLAND: Moody's Changes Outlook on Ratings to Stable

MASSIVHAUS GMBH: Claims Registration Period Ends October 29
MATLO GMBH: Claims Registration Period Ends October 28
NEXT 2 YOU: Creditors' Meeting Slated for October 30
NRG ENERGY: US$6.2MM Purchase Offer Neg. for Exelon, Moody's Says
NRG ENERGY: Pending Exelon Deal Cues Fitch to Keep Ratings

PINGUIN TRANSKALTE: Claims Registration Period Ends October 28
SPEZIAL STAHL-UND: Claims Registration Period Ends October 28
TYKO GMBH: Claims Registration Period Ends October 28
TIEFBAU RITTMEIER: Creditors' Meeting Slated for October 29
SVC CATERING: Creditors' Meeting Slated for October 29

WSW ELASTOMERTECHNIK: Claims Registration Period Ends Oct. 29


H U N G A R Y

PROPEX INC: Has Until October 29 to File Reorganizational Plan


I R E L A N D

DROGHEDA UNITED: High Court Agrees to Appoint Examiner


I T A L Y

ALITALIA SPA: British Airways Offers Commercial Partnership
TISCALI SPA: S&P Cuts Corporate Credit Rating to 'B'

* Moody's Says Italian Gov't. Support Measures Beneficial


K A Z A K H S T A N

ALKO-BASIS LLP: Creditors Must File Claims by November 28
ALMATY CLINING: Claims Deadline Slated for November 28
BUILDING TIER LLP: Claims Filing Period Ends November 28
JAISAN LLP: Creditors' Claims Due on November 28
JANA-ARKA LLP: Claims Registration Ends November 28

JANAR LLP: Creditors Must File Claims by November 28
METALL PROM: Claims Deadline Slated for November 28
MUNAI-SAUDA-2008 LLP: Claims Filing Period Ends November 28
ZLAT-AGRO LLP: Creditors' Claims Due on November 28


K Y R G Y Z S T A N

ISKRA-ENERGO LLC: Creditors Must File Claims by November 26
MRAMORNY-2 LLC: Creditors' Meeting Slated for October 27
NAP KYRGYZSTAN: Assets Sale Slated for October 29


N E T H E R L A N D S

NXP BV: Cash Position Improves Following ST-NXP Joint Venture
NXP BV: S&P Says Ratings Unaffected by Third-Quarter Results
TRADER CLASSIFIED: Shareholders Approve Liquidation


P O L A N D

* POLAND: Records 319 Business Insolvency Cases


R U S S I A

BRATSKIY JOINERY: Irkutsk Bankruptcy Hearing Set Aug. 12, 2009
FIN-SERVICE LLC: St. Petersburg Court Hearing Set Jan 19, 2009
FIRST OIL : Creditors Must File Claims by December 10
INVESTBANK: S&P Assigns 'ruBB' Russian National Scale Rating
MOBILE TELESYSTEMS: To Place RUR10 Billion Bond Today

OMSKIY CEREAL: Omsk Bankruptcy Hearing Set Jan. 13, 2009
RUBTSOVSKIY COLD: Altayskiy Bankruptcy Hearing Set December 22
UNDO-LES LLC: Arkhangelsk Bankruptcy Hearing Set Jan. 20, 2009
URAL BANK: Moody's Puts E+ BFSR on Review for Possible Downgrade
VOLGOGRADSKIY ENGINE: Volgograd Bankruptcy Hearing Set Dec. 25


S W E D E N

FORD MOTOR: Tracinda's Stake Sale Casts Doubt on Firm's Health


S W I T Z E R L A N D

ACN INVESTMENT: Creditors Must File Proofs of Claim by Oct. 31
CLAR-DENT LLC: Deadline to File Proofs of Claim Set Nov. 3
GENERAL MOTORS: Merger Might Help Ease Union Talks, Analyst Says
HEGE JSC: Creditors Have Until Oct. 30 to File Claims
HEIDA HOLDING: Proofs of Claim Filing Deadline is Nov. 2

SINTERAS LLC: Creditors' Proofs of Claim Due by Nov. 3
WELLNESS MONTAGE: Nov. 5 Set as Deadline to File Claims
WERNER MOSER: Creditors Must File Proofs of Claim by Nov. 5

* Moody's Says Swiss Banks' Ratings Unaffected by Gov't. Measures


U K R A I N E

AVIAS LLC: Creditors Must File Claims by October 26
BERDICHEV BREADPRODUCTS: Creditors Must File Claims by Oct. 25
COLVIS FINANCE: Moody's Shifts Outlook on B1-Rated Notes to Stable
COMPLEX V LLC: Creditors Must File Claims by October 26
GALITSKY PETROLEUM: Creditors Must File Claims by October 26

IINDUSTRIALTRADE LLC: Creditors Must File Claims by October 26
KOLOS LLC: Creditors Must File Claims by October 25
KREMENETS BREAD: Creditors Must File Claims by October 25
LEVADA LLC: Creditors Must File Claims by October 25
MTSYRI LLC: Creditors Must File Claims by October 26

NAFTOGAZ NJSC: Moody's Changes Outlook on B1 CFR to Negative
N.A.S.A.-SOUTH: Court Names V. Tcherepenko as Insolvency Manager
NIVA LLC: Creditors Must File Claims by October 26
NOVABUD LLC: Court Starts Bankruptcy Supervision Procedure
PRETORIAN-XXI LLC: Court Names A. Komarov as Insolvency Manager

ROMSUPPLYCENTER LLC: Creditors Must File Claims by October 25
VIPRODUCT LLC: Court Names A. Finko as Insolvency Manager


U N I T E D   K I N G D O M

AMERICAN INTERNATIONAL: To Sell Stake in Asian Life-Insurance Biz
AVALON PACKAGING: Taps Administrators from BDO Story Hayward
BRITISH AIRWAYS: Offers Commercial Partnership With Alitalia
ELECTRICITY 4 BUSINESS: Goes Into Administration
ID DATA: Petitions High Court to Appoint Administrators

LEEDS LTD: Appoints Joint Administrators from PwC
KAUPTHING SINGER: Williams de Broe to Buy Investment Mgt Team
PROTIER HOUSE: Brings in Joint Administrators from PwC
REALITY BYTES: Appoints Peter Nicholas Wastell as Liquidator
SAUNDERS SOLICITORS: Taps Joint Administrators from BDO Stoy

SCANMOOR RAIL: Calls in Liquidators from Vantis
SPEED FRAME: Brings in Joint Administrators from BDO Stoy
SUREWAY SCAFFOLDING: Taps Deloitte & Touche to Administer Assets
TATA STEEL: Moody's Changes Outlook on Ba3 Ratings to Negative
TOM AIKENS: Sold to TA Holdco Ltd. Through Management Buy Out

* UK Business Confidence Plummets to a Record Low, KMPG Says
* PwC Says UK Businesses Must Not Rule Out Pension Scheme Buyout
* S&P Says European Bank Measures to Help Stabilize Credit Markets
* S&P Reports Slow Economy to Pressure European Chemical Companies

* Upcoming Meetings, Conferences and Seminars


                         *********


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


1,2,3 EVENT: Claims Registration Period Ends November 5
-------------------------------------------------------
Creditors owed money by LLC 1,2,3 Event (FN 234879k) have until
Nov. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on Nov. 19, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 17, 2008, (Bankr. Case No. 2 S 115/08m).


1,2,3 EVENT HOLDING: Claims Registration Period Ends November 5
---------------------------------------------------------------
Creditors owed money by LLC 1,2,3 Event Holding have until Nov. 5,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30 Serie
         Fax: DW 33
         E-mail: office@ra-stampfer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on Nov. 19, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in [city], Austria, the Debtor declared bankruptcy
on Sept. 17, 2008, (Bankr. Case No. 2 S 116/08h).


AIM FINANCIAL: Claims Registration Period Ends November 5
---------------------------------------------------------
Creditors owed money by LLC AIM Financial Systems (FN 180563i)
have until Nov. 5, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Mag. Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         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 9:30 a.m. on Nov. 19, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 23, 2008, (Bankr. Case No. 4 S 134/08w).


CSO LANIFEX: Claims Registration Period Ends November 5
-------------------------------------------------------
Creditors owed money by LLC CSO Lanifex have until Nov. 5, 2008,
to file written proofs of claim to the court-appointed estate
administrator:

         Dr. Brigitte Stampfer
         Stadlergasse 27
         1130 Vienna
         Austria
         Tel: 877 33 30 Serie
         Fax: DW 33
         E-mail: office@ra-stampfer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on Nov. 19, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 19, 2008, (Bankr. Case No. 2 S 117/08f).


INTERBAU LLC: Claims Registration Period Ends November 5
--------------------------------------------------------
Creditors owed money by Friedrich Weber LLC Interbau (FN 289413h)
have until Nov. 5, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Dr. Ilse Korenjak
         Gusshausstrasse 6
         1040 Vienna
         Austria
         Tel: 01/512 21 02
         Fax: 01/512 21 02 20
         E-mail: office@buresch-korenjak.at

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

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Korneuburg, Austria, the Debtor declared
bankruptcy on Sept. 19, 2008, (Bankr. Case No. 36 S 106/08t).


P & G PRACHNER: Claims Registration Period Ends November 5
----------------------------------------------------------
Creditors owed money by LLC P & G Prachner & Godai (FN 137541t)
have until Nov. 5, 2008, to file written proofs of claim to the
court-appointed estate administrator:

         Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on Nov. 19, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 22, 2008, (Bankr. Case No. 4 S 133/08y).  Dr. Susi
Pariasek represents Mag. Holper in the bankruptcy proceedings.


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


TRUVO SUBSIDIARY: Moody's Junks Ratings on Senior Notes to Caa2
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating and the Probability of Default Rating of Truvo Subsidiary
Corp to B3 from B2; and the ratings on the EUR395 million and
US$200 million senior notes due 2014 issued by Truvo to Caa2 from
Caa1.  The outlook is negative.  This concludes the review
initiated on September 10, 2008, following the group's
announcement of its results for the first half of 2008, which
reflect deterioration in its operating performance.

Moody's notes that the weakening in the group's operating
performance has been accelerating largely driven by a decline in
its print directory sales -- particularly in Belgium -- given the
worsening macroeconomic conditions in its markets, coupled with
faster than expected migration to online from print.  Although
Moody's acknowledges that management's estimate of online growth
for the current year is at circa 20% (after stripping out the
timing differences), the group's still developing online
positioning in the new cycle in Moody's view implies a degree of
execution risk in the current environment.

In this challenging economic and business context, Truvo's
management has said that it expects total net operating revenues
for full year 2008 to be down between 4.5% and 6% and EBITDA to be
down between 6% and 8% year on year.  In Moody's view, such full-
year results should significantly undermine the group's free cash
flow generation and exert further pressure on its already weak de-
leveraging prospects in the near term.

The negative outlook reflects Moody's concerns regarding the
pressures on top-line growth and profitability in the near term,
together with limited visibility on the group's performance and
outlook for the year 2009 and beyond in light of the company's
very weak credit metrics relative to market valuations,
particularly given the possibility of further economic
deterioration in each of its markets.  The ratings could be
further downgraded if i) Truvo does not de-leverage in accordance
with Moody's expectations, as a result of - amongst other factors
- difficulties implementing planned operating improvements or
increased economic and competitive pressures in its markets; ii)
free cash flow becomes negative; and iii) Total Debt/EBITDA (as
adjusted by Moody's, with EBITDA including dividends from
minorities/JV) does not reduce over the near term below 8x.

With regard to the group's disposal of its Dutch activities at an
enterprise value of EUR293 million, Moody's notes that Truvo
completed the transaction on September 16, 2008.  In addition to a
gross cash consideration of EUR283 million and EUR10 million
vendor loan, Truvo received an additional amount of EUR18 million
of interest covering the period between the effective date and
completion.  Although there remains some uncertainty over the
group's potential use of the proceeds, Moody's understands that
Truvo currently expects to use the net proceeds from the sale to
repay debt.  Although its impact on the group's credit metrics
(i.e. Net Debt/Attributable EBITDA defined by Truvo) is likely to
be neutral, any potential de-leveraging in absolute terms would
have positive credit implications.

Based on the group's management accounts presented under IFRS,
Moody's notes that Truvo recorded consolidated net operating
revenues of EUR130 million (excluding the operations in the
Netherlands) in H1 2008 (down 2% year-on-year), 76% of which was
generated from the operations in Belgium, where print revenues and
total revenues contracted by 10% and 5.7%, respectively.
Management estimates low-to mid-single-digit revenue declines in
Belgium, Ireland and Portugal for the full year 2008.  EBITDA fell
to EUR39.8 million in H1 2008 (down 14% year-on-year), reflecting
the high operational gearing of the business together with its
sensitivity to revenue declines as well as the investments in
online activities.

Truvo Intermediate Corp., the parent of Truvo Subsidiary Corp.,
is, through its subsidiaries, the leading directory publisher in
Belgium, Ireland and Romania.  Through its joint venture with
Portugal Telecom, the company is the leading directory publisher
in Portugal and, through its minority interests, holds leading
positions in the directory markets in South Africa and Puerto
Rico.  In 2007, the group generated consolidated revenues of
EUR346 million and EBITDA of EUR168.4 million under IFRS.


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


KREMIKOVTZI AD: Vorkskla Steel Suspends Production Deal
-------------------------------------------------------
Konstyantin Zhevago's Vorkskla Steel has decided to terminate its
production deal with Kremikovtzi, Irina Ivanova and Tsvetelia
Ilieva write for Reuters.

Viktor Demenyuk, Vorkskla's executive director, claimed the
plant's management, the receivers and the Balkan state had been
unsupportive and had raised a number of obstacles to Vorskla's
operations with Kremikovtzi, Reuters relates.

Mr. Demenyuk, Reuters discloses, pointed to the "apparent
unwillingness for achieving mutual understanding on part of some
of the trade union leaders, problems in recovering value added tax
from the state, constant thefts of production and sabotage."

Citing industry sources, Reuters says the deal's suspension could
seriously hurt Kremikovtzi and may lead to its closure.

Mr. Demenyuk however said Vorkskla will keep the mill operational
at a minimum level until a final solution is found, adding Mr.
Zhevago is still interested in acquiring the mill, Reuters notes.

Bulgaria's largest trade union, CITUB, believed Vorskla lacked the
financial resources to ensure the plant's operation at full
capacity and that other companies should also be allowed to sign
production deals, Reuters adds.

                        About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.

As of Dec. 31, 2007, Kremikovtzi AD had around BGN1.63 billion
(US$1.3 billion) in total debts.


=============
F I N L A N D
=============


SUPERSEACAT: Declared Bankrupt by Helskinki's Circuit Court
-----------------------------------------------------------
Helsinki's circuit court, on Tuesday, Oct. 21, declared Finnish
ferry company Superseacat bankrupt, Baltic Business News reports.
The company halted operations last week.

On Oct. 17, 2008, the TCR-Europe reported that SuperSeaCat is
going into liquidation according to a bulletin the company
distributed to passengers at the port of Tallinn in Estonia.

The report said the company, previously known as SeaContainers
Finland, blames financing difficulties and intense competition for
its decision to liquidate the business.

In an interview with the Finnish News Agency, Mr. Simo Zitting, of
the Finnish Seamen's Union, estimates around 150 jobs lost from
discontinued operations, the report noted.

Mr. Peter Walker, SuperSeaCat chief executive, promised customers
that tickets will be refunded, the report added citing Finnish
Daily, Helsingin Sanomat, the report disclosed.


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


ABC-MODELLSPORT VERWALTUNGS: Claims Registration Ends Oct. 30
-------------------------------------------------------------
Creditors of abc-Modellsport Verwaltungs-GmbH have until Oct. 30,
2008, to register their claims with court-appointed insolvency
manager Dr. Martin Mildenberger.

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

The meeting of creditors will be held at:

         The District Court of Offenburg
         Area 0.005
         Basement
         Hindenburgstr. 5
         77654 Offenburg
         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. Martin Mildenberger
         Bertha-von-Suttner-Str. 3
         77654 Offenburg
         Germany

The District Court of Offenburg opened bankruptcy proceedings
against abc-Modellsport Verwaltungs-GmbH on Sept. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         abc-Modellsport Verwaltungs-GmbH
         Attn: Joern Schmitt, Manager
         Berghauptener Str. 21
         77723 Gengenbach
         Germany


CHRYSLER LLC: Bankruptcy to Resolve Labor Woes, Economist Says
--------------------------------------------------------------
Tim Higgins and Katie Merx at Free Press (Detroit) report that
Peter Morici, a University of Maryland business professor and
former chief economist at the U.S. International Trade Commission,
said that Chrysler LLC should be allowed to file for bankruptcy.

"The simple fact is that the best solution for Chrysler is Chapter
11 to remove the burdens of the UAW [United Auto Workers] contract
and scale down the company to something one half to two thirds its
current size.  That would serve GM's [General Motors Corp.]
interests, too -- both Ford and GM would benefit from some
capacity and cars going off the market," Free Press quoted Mr.
Morici as saying.

According to court filings by the UAW, a financial analysis made
before the economic crisis indicates an up to 50% chance of a
Chrysler insolvency by 2013.

According to Free Press, Mr. Morici said that if GM acquired
Chrysler's Jeep brand and minivan program, "GM would still have to
pay heavy severance bonuses to workers it laid off streamlining
their operations, similar payments would be required to shutter
much of Chrysler's unattractive truck and car operations, and GM
would still have to fund the union health care fund for retired
Chrysler employees."

     Merger May Help in Contract Renegotiation With Union

A merger between GM and Chrysler would be a high-risk deal, but
may give the new company "high leverage" to renegotiate with the
United Auto Workers, Free Press reports, citing J.P. Morgan
analyst Himanshu Patel.

Free Press quoted Mr. Patel as saying, "GM desperately needs a
reason to renegotiate many parts of its 2007 UAW contract."  GM
must renegotiate the "VEBA funding level" and wages for core
workers, the report states, citing Mr. Patel.

Free Press relates that due to the precarious financial positions
of Ford Motor Corp., GM, and Chrysler, UAW had agreed to a deal
that allows the companies to pay new hires less money than core
workers and to shift billions of dollars of retiree health care
spending to VEBA, an independent trust fund.  According to the
report, the union had agreed to the deal, saying that it had to
make a sacrifice to help the industry better compete against
foreign automakers that have lower costs from their U.S.
workforces.  The report says that the VEBA was a way to guarantee
retiree health care benefits even if the companies go broke.

Jim Millstein, managing director and co-head of Lazard Freres &
Co.'s restructuring group, said in court documents, "Chrysler's
long-term ability to meet its medical obligations to UAW retirees
has deteriorated."

According to Free Press, UAW President Ron Gettelfinger has said
that he wouldn't agree to further delays in the VEBA payments.
Free Press states that the union already agreed to let GM delay
US$1.7 billion in payments to the VEBA that had been scheduled for
2008 and 2009.  Mr. Gettelfinger said he is against a Chrysler-GM
merger that results in more job losses, the report says.

A Wall Street analyst said that GM could "win enough goodwill to
extract further savings from the UAW," if the company is seen as
saving Chrysler from bankruptcy and preserving jobs and benefits,
Free Press states.

Free Press relates that Harley Shaiken, a union expert from
University of California-Berkeley, said, "After closing X-number
of plants, eliminating say 30,000 to 50,000 jobs, my sense is that
the UAW might not be in the best of moods to give further
concessions."

Free Press quoted Mr. Patel as saying, "By saving Chrysler from a
liquidity event, GM may also be able to get itself much-needed
secured bank financing from the same banks that are currently
holding Chrysler debt."

                   About General Motors

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

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

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

                     About Chrysler LLC

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

                        *     *     *

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

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


D.T.S.-BAU: Claims Registration Period Ends October 28
------------------------------------------------------
Creditors of D.T.S.-Bau Gesellschaft mbH have until Oct. 28, 2008,
to register their claims with court-appointed insolvency manager
Goetz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 18, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

          The District Court of Offenbach am Main
          Hall 162N
          First Floor
          Kaiserstrasse 16-18
          63065 Offenbach am Main
          Germany

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

The insolvency manager can be reached at:

         Goetz Lautenbach
         Zeilweg 42, D
         60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Offenbach am Main opened bankruptcy
proceedings against D.T.S.-Bau Gesellschaft mbH on Sept. 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

          D.T.S.-Bau Gesellschaft mbH
          Attn: Dragisa Ruskic, Manager
          Andrestrasse 44
          63067 Offenbach am Main
          Germany


DUERR AG: Inks Global Aligned Business Framework Deal with Ford
---------------------------------------------------------------
Duerr and automaker Ford are further expanding their collaboration
in the area of painting systems.  The two companies signed a
framework agreement giving Duerr the status of an Aligned Business
Framework partner worldwide.  This makes Duerr is the first
supplier Ford will approach for projects in the field of painting
systems, and the two companies will jointly develop technical
solutions.

Duerr is currently building paint shops for Ford in India and
Romania and a final assembly line in St. Petersburg.  Ford enters
into Aligned Business Frameworks agreements only with select key
partners that are especially efficient and competitive in respect
to technology and global presence.  The agreements spell out
business practices designed to increase future collaboration,
including phased-in up-front payment of engineering and
development costs, extended sourcing and data transparency.
Worldwide, the automaker works together with currently more than
65 ABF partners.

According to Ralf Dieter, CEO of Duerr AG, "The framework
agreement is a milestone in our relationship with Ford as it opens
up additional, global business opportunities for Duerr."

A decisive factor in the selection of Duerr was the experience
Ford has had in the past years, especially in the areas of
innovative ability, delivery quality, and costs.  Duerr can thus
make a contribution towards enabling Ford to produce automobiles
on fewer, globally used platforms – in higher quality, at lower
cost and with greater use of standard parts and systems.

                   About Ford Motor Co.

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

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

                         *     *     *

As reported in the Trouble Company Reporter on Oct. 20, 2008,
Standard & Poor's Ratings Services placed the CCC ratings on nine
Ford Motor Co.-related transactions on CreditWatch with negative
implications.

As reported in the Troubled Company Reporter-Latin America on
Oct. 13, 2008, Fitch Ratings downgraded the Issuer Default Rating
of Ford Motor Company and Ford Motor Credit Company by one notch
to 'CCC' from 'B-'.

                          About Duerr

Headquartered in Stuttgard, Germany, The Duerr Group
-- http://www.durr.com/en/-- supplies products, systems, and
services for automobile manufacturing.  Duerr designs and builds,
paint shops and final assembly plants.

The Duerr Group also operates in the Czech Republic, France, UK,
Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey,
Australia, Brazil, China, India, Japan, Mexico, South Africa,
South Korea and the U.S.

                          *     *     *

Duerr AG still carries a B+ long-term corporate credit rating with
from Standard & Poor's Ratings Services with stable outlook.

Duerr AG continues to carry a B1 corporate family rating from
Moody's Investors Service with stable outlook.


DVS GESELLSCHAFT: Claims Registration Period Ends Oct. 28
---------------------------------------------------------
Creditors of DVS Gesellschaft fuer Offset-Reproduktion mbH have
until Oct. 28, 2008, to register their claims with court-appointed
insolvency manager Dr. Volker Viniol.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 12, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         Hauffstr. 5
         70190 Stuttgart
         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. Volker Viniol
         Danneckerstr. 52
         70182 Stuttgart
         Germany
         Tel: 0711/23 88 90
         Fax: 0711/23 88 930

The District Court of Stuttgart opened bankruptcy proceedings
against DVS Gesellschaft fuer Offset-Reproduktion mbH on
Sept. 24, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         DVS Gesellschaft fuer Offset-Reproduktion mbH
         Maybachstr. 18
         71332 Waiblingen
         Germany


EGA HOCH: Claims Registration Period Ends October 28
----------------------------------------------------
Creditors of EGA Hoch- Tief- Trocken- und Gartenbau GmbH have
until Oct. 28, 2008, to register their claims with court-appointed
insolvency manager Dr. Robert Schiebe.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Robert Schiebe
         Carl-Theodor-Reiffenstein-Platz 6
         60313 Frankfurt am Main
         Germany
         Tel: 069/4056697-11
         Fax: 069/4056697-12
         E-mail: R.SCHIEBE@LEONHARDT-WESTHELLE.EU
         Web site: WWW.LEONHARDT-WESTHELLE.EU

The District Court of Frankfurt am Main  opened bankruptcy
proceedings against EGA Hoch- Tief- Trocken- und Gartenbau GmbH on
Sept. 22, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         EGA Hoch- Tief- Trocken- und Gartenbau GmbH
         Attn: Giovanni Esposti Apiccino, Manager
         Niersteiner Strasse 12
         60598 Frankfurt am Main
         Germany


GLAMOUR DE LUXE: Creditors Meeting Slated for October 30
--------------------------------------------------------
The court-appointed insolvency manager for Glamour de Luxe GmbH,
Toralf Maatz, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:35 a.m. on
Oct. 30, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Jan. 15, 2009, at the same venue.

Creditors have until Nov. 15, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Toralf Maatz
         Kurfuerstendamm 26 a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Glamour de Luxe GmbH on Sept. 12, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Glamour de Luxe GmbH
         Gartenfelder Str. 28
         13599 Berlin
         Germany

         or

         Glamour de Luxe GmbH
         Muenchener Ring 2
         04435 Schkeuditz
         Germany


GOLDFRUCHT GROSSHANDEL: Creditors Meeting Slated for Oct. 30
------------------------------------------------------------
The court-appointed insolvency manager for Goldfrucht Grosshandel
GmbH, Torsten Martini, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 10:00
a.m. on Oct. 30, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on March 5, 2008, at the same venue.

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

The insolvency manager can be reached at:

         Torsten Martini
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Goldfrucht Grosshandel GmbH on
Sept. 29, 2008. Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Goldfrucht Grosshandel GmbH
         Popitzweg 7
         13627 Berlin
         Germany


IKB DEUTSCHE: EU Commission Approves EUR9 Billion Lifeline
----------------------------------------------------------
IKB Deutsche Industriebank obtained Tuesday a EUR9 billion cash
injection from the EU Commission, The Associated Press reports.

The EU Commission authorized, subject to conditions imposed, the
state aid measures IKB has been receiving since the beginning of
the credit crisis in July 2007, the German lender said in an
Oct. 8, 2008 press statement.  The conditions, according to IKB,
include a considerable reduction in the business operations of
IKB, the discontinuance of the business segment real estate
finance and the closure of several foreign offices.  The bank said
it is intended to reduce the balance sheet total to
EUR33.5 billion (from currently EUR47.7 billion as per June 30,
2008 or EUR63.5 billion as per March 31, 2007, prior to the
beginning of the IKB crisis, respectively) until September 2011.

As a consequence of this authorization, IKB states the condition
precedent for carrying out a capital increase in the amount of
EUR1.25 billion is no longer applicable.  Thus the closing of the
sale to Lone Star of the IKB shares held by KfW Entwicklungsbank
can be effected in the short term, the bank said.

According to The Associated Press, KfW, Germany's state-owned
development bank, is IKB's biggest shareholder.  The AP says KfW
joined with three German banking associations to keep it afloat
with capital injections and risk shields as well as liquidity
facilities from KfW.

The AP recalls KfW agreed in August to sell its 90.8% stake in IKB
to Dallas-based investment fund Lone Star for a price that
officials said was in the low three-digit million euros range -
and well below the EUR800 million or US$1.05 billion price tag
that the German government had initially targeted.

Commenting on the EU rescue package, Dr Gunther Bräunig, Chairman
of the Management Board of IKB, said: "The authorization of the
aid measures for IKB allows for the bank's continued existence,
thus providing legal certainty, for our clients, and for us as
well.  The compensation measures imposed are severe, but, as
regards the bank's future strategy, they mean that IKB will be
preserved in its core as a Mittelstand bank for medium-sized
enterprises in Germany and in Europe."

                           Asset Sale

The conditions imposed by the EU, which must be implemented until
September 2011, stipulate a reduction of the balance sheet total
of IKB to EUR33.5 billion.  The conditions include the closure or
winding up or, as the case may be, sale of:

   -- Domestic and international real estate finance
      (60% until 2011), affected companies: IMG, IKB
      Projektentwicklungs GmbH & Co KG, IKB
      Projektentwicklungsverwaltungs GmbH, vol.
      March 2008: EUR4.9 billion

   -- IKB share (50%) in Movesta, a sale is planned

   -- IKB Capital Corporation, New York; vol.
      March 2008: EUR0.8 billion

   -- IKB International SA., Luxemburg, vol.
      March 2008: EUR7.5 billion, the derivatives
      business and credit holdings will be
      relocated to Düsseldorf

   -- Portfolio investments currently still in a
      nominal amount of EUR3 billion (winding up
      after expiry of term to maturity in Special
      Purpose Company)

                            Job Cuts

The units that will be directly affected by the conditions imposed
by the EU contain about 300 employees.  As a consequence of the
imminent restructuring, further jobs in the IKB Group can be
imposed.

                         Lone Star Deal

The closing of the sale to Lone Star of the IKB shares held by KfW
is imminent.  Once the capital increase has been carried out, the
final acquisition of 90.8% of the IKB shares by Lone Star can be
effected.

The agreement on the sale of the IKB shares held by KfW to LSF6
Europe Financial Holdings L.P., a company of the US-American
financial investor Lone Star, was signed on August 21, 2008.
Accordingly, the new shares from the capital increase subscribed
by KfW as well as the claims of KfW under its waivers of claims
for repayment once the financial situation of IKB has improved
(Besserungsansprüche) were included in the sale.  The
administrative board of KfW consented on Sept. 18, 2008.

                 About IKB Deutsche Industriebank

IKB Deutsche Industriebank AG -- http://www.ikb.de/-- is a
Germany-based banking company, which specializes in the field of
long-term financing.  It offers a range of financial products and
services directed at medium-sized companies.  The Bank operates
internationally in four business segments: Corporate Lending,
engaged in the credit transactions, mobile leasing, private equity
sectors, as well as offerings of such capital market products as
corporate bonds loans sectors for clients; Real Estate Financing,
which provides customized financing solutions for real estate
projects; Structured Finance, which offers such services as
acquisitions and industrial project financing, and Portfolio
Investments that is involved in the investments in equity
products.  As of 31 March, 2008, IKB Deutsche Industriebank AG's
subsidiaries included AIVG Allgemeine Verwaltungsgesellschaft mbH,
IKB Autoleasing GmbH, IKB Finance BV, ZAO IKB Leasing, ISTOS
Grundstueck-Vermietungsgesellschaft mbH & Co. KG, among others.


KABEL DEUTSCHLAND: Moody's Changes Outlook on Ratings to Stable
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Kabel Deutschland GmbH to stable from negative.  The corporate
family rating and the rating on the existing bonds remain at Ba3
and B2 respectively.

The change in outlook reflects KDG's achievement of its financial
parameters guidance for the fiscal year 2007/08.  The company
reported EBITDA increased from EUR382.5 million in 2006/07 to
EUR457.8 million 2007/08.  Also, the company closed its subscriber
acquisition from Orion Group within the financial covenants
stipulated in its bank and bond documentation.

Moody's believes that KDG will continue with its strong growth
momentum in revenue and EBITDA, partly fueled by the new
subscribers from Orion Group. The main revenue and EBITDA drivers
remain Internet and telephony products and, to a smaller degree,
Pay TV.  Furthermore, the company is likely to benefit from
increasing EBITDA margin due to its operating leverage as the
expenses to transition to digital platform are tailing off
compared with previous years.

At the same time, the company's leverage is high, at 5.7x Debt to
EBITDA (as defined by Moody's) as of June 30, 2008, on an LTM
basis.  Proforma for the acquisition, the leverage was at 5.4x
Debt to EBITDA.  Moody's believes that the company would be able
to de-leverage modestly on an EBITDA basis over the next 12
months.  However, due to the high level of capital expenditure,
the company is likely to generate limited cash flow for the fiscal
year 2008/09.

Moody's believes that KDG may be interested in participating in
further Level 4 consolidation in the German market.  However, the
current rating does not factor in any sizable acquisitions or
refinancing.  If any material acquisitions were to occur, Moody's
will review them separately for their potential impact on the
rating.  Additionally, the rating does not take into account any
significant spending on the purchase of Bundesliga rights packages
in the event the company decides to participate in the rights
tender.

KDG is the largest Level 3 cable operator in Germany.  In Q1
2008/09, the company generated EUR329 million in revenue.


MASSIVHAUS GMBH: Claims Registration Period Ends October 29
-----------------------------------------------------------
Creditors of Massivhaus GmbH Finsterwalde Schluesselfertiges Bauen
have until Oct. 29, 2008, to register their claims with court-
appointed insolvency manager Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 213
         Gerichtsplatz 2
         Cottbus
         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. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Massivhaus GmbH Finsterwalde Schluesselfertiges Bauen on
Sept. 19, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Massivhaus GmbH Finsterwalde
         Schluesselfertiges Bauen
         Attn: Jana Boge-Lehmann, Manager
         Otto-Hahn-Strasse 8 -10,
         03238 Massen
         Germany


MATLO GMBH: Claims Registration Period Ends October 28
------------------------------------------------------
Creditors of Matlo GmbH have until Oct. 28, 2008, to register
their claims with court-appointed insolvency manager Dr. Arne Fu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 6, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Pirmasens
         Hall 235
         Second Floor
         Pirmasens
         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. Arne Fu
         Buchsweilerstrasse 18
         66953 Pirmasens
         Germany
         Tel: 06331-24130
         Fax: 06331-241310

The District Court of Pirmasens opened bankruptcy proceedings
against Matlo GmbH on Aug. 19, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Matlo GmbH
         Adam-Mueller-Strasse 39
         66954 Pirmasens
         Germany


NEXT 2 YOU: Creditors' Meeting Slated for October 30
----------------------------------------------------
The court-appointed insolvency manager for next 2 you GmbH,
Rolf Nacke, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 12:15 p.m. on
Oct. 30, 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 a.m. on Feb. 19, 2009, at the same
venue.

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against next 2 you GmbH on Sept. 29, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         next 2 you GmbH
         Regensburger Str. 7
         10777 Berlin
         Germany


NRG ENERGY: US$6.2MM Purchase Offer Neg. for Exelon, Moody's Says
---------------------------------------------------------------
Moody's Investors Service views Exelon Corporation's (Exelon: Baa1
senior unsecured) unsolicited offer to purchase NRG Energy, Inc.
(NRG: Ba3 Corporate Family Rating) in a US$6.2 billion stock-for-
stock transaction as being potentially negative for the credit
quality of Exelon and Exelon Generation Company (ExGen: A3 senior
unsecured).  If the transaction proceeds, the consolidated credit
metrics of Exelon and ExGen would weaken from historical levels
and the business risk for the company, including environmental
risks, would increase.  Conversely, Moody's views the potential
combination as having positive benefits for NRG creditors given
Exelon's stronger balance sheet and the value for a merchant
operation from being a part of a more diverse and larger
organization.

Through the 12 months ended June 30, 2008, Moody's calculates that
Exelon and ExGen generated about US$5.0 billion and US$3.0 billion
of operating cash flow, respectively, while NRG generated more
than US$1.5 billion over the same period.  Assuming that the
merger is completed and all US$8.6 billion of NRG's debt and
preferred is refinanced or assumed at the time of closing, Moody's
calculates that the proforma combined cash flow to adjusted debt
would be approximately 28% at the Exelon level and about 37% at
the ExGen level, and cash flow coverage of interest expense would
been slightly more than 5.0x at Exelon and nearly 6.0x at ExGen.
These financial ratios are lower than the historical level.

The prospects for Exelon's bid are uncertain.  Most importantly,
NRG has not agreed to the transaction.  In addition, the
transaction would entail substantial execution risk on the
regulatory and financing front, particularly given the number of
state approvals needed and the likely requirement to sell about
3,000 MW of assets.

The transaction would result in a change of control event for NRG
bondholders and bank creditors requiring Exelon to raise
approximately US$8.0 billion of bank and bond debt to address this
potential issue.  Exelon has indicated that they are in
discussions with underwriters to address this issue.  However, S&P
believe that in the current credit environment the financing terms
are likely to be more expensive and more stringent than Exelon's
current financing arrangements, which would further weaken
consolidated credit metrics.  However, Moody's also recognizes the
increase in scale, geographic diversity and fuel diversity that
will follow should this transaction move forward, all of which are
important qualitative factors in assessing credit quality for
merchant wholesale generators.

In light of the unsolicited nature of Exelon's offer, the response
by NRG, and the significant contingencies and uncertainties
underlying the offer, Moody's does not expect to not make a
determination on the possible rating impact for either company
until circumstances are better clarified.

Headquartered in Chicago, Exelon is the holding company for non-
regulated subsidiary, ExGen and for regulated subsidiaries,
Commonwealth Edison Company (ComEd; Baa3 senior unsecured, stable
outlook) and PECO Energy Company (PECO; A3 Issuer Rating, stable
outlook).  At December 31, 2007, Exelon had total assets of
US$45.4 billion.

Headquartered in Princeton, NRG owns and operates power generating
facilities, primarily in Texas and the northeast, south central
and western regions of the United States.  NRG also owns
generating facilities in Australia and Germany.


NRG ENERGY: Pending Exelon Deal Cues Fitch to Keep Ratings
----------------------------------------------------------
While an acquisition of NRG Energy Inc. by the higher-rated Exelon
Corp. would be a positive for NRG's credit ratings, alternate
scenarios including other corporate transactions could have
neutral or deleterious credit implications, according to Fitch
Ratings, which is keeping NRG on Rating Watch Evolving to reflect
both the unresolved nature of the offer and, the possible outcomes
should another suitor emerge or NRG proceed with an acquisition of
its own or some other corporate transaction.

Separately, Fitch has placed Exelon Corp. and Exelon Generation on
Rating Watch Negative.

Fitch originally placed NRG on Watch Evolving following its own
unsolicited acquisition offer for competitive generator Calpine
Corp in May 2008.  Evolving signifies that Fitch may upgrade,
downgrade or affirm NRG's ratings, pending the outcome of a
definitive transaction with Exelon or other possible corporate
combinations.

These ratings remain on Rating Watch Evolving by Fitch:

-- Issuer default rating at 'B';
-- Senior secured term loan B at 'BB/RR1';
-- Senior secured revolving credit facility at 'BB/RR1';
-- Senior notes at 'B+/RR3';
-- Convertible preferred stock at 'CCC+/RR6'.

Approximately US$8.1 billion of debt is affected.

Fitch is concerned with the refinancing risk associated with the
change of control provisions on NRG's debt, particularly given
current market conditions.  Fitch expects to update the Rating
Watch status upon the signing of a definitive transaction with
Exelon or upon evaluation of the terms and conditions of another
transaction should another offer emerge.


PINGUIN TRANSKALTE: Claims Registration Period Ends October 28
--------------------------------------------------------------
Creditors of Pinguin Transkalte GmbH have until Oct. 28, 2008, to
register their claims with court-appointed insolvency manager Dr.
Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Dec. 9, 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         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. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt
         Germany
         Tel: 069/962334-0
         Fax: 069/962334-22
         E-mail: m.plathner@brinkmann-partner.de

The District Court of Darmstadt opened bankruptcy proceedings
against Pinguin Transkalte GmbH on Sept. 10, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Pinguin Transkalte GmbH
         Am Schindberg 10-16
         65474 Bischofsheim
         Germany


SPEZIAL STAHL-UND: Claims Registration Period Ends October 28
-------------------------------------------------------------
Creditors of Spezial Stahl-und Metallhandel GmbH have until
Oct. 28, 2008, to register their claims with court-appointed
insolvency manager Jens Dohse.

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

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse 13
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Jens Dohse
         Hermannstrasse 5
         18055 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Spezial Stahl-und Metallhandel GmbH on Sept. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Spezial Stahl-und Metallhandel GmbH
         Siegmar Knorr
         Hansestrasse 21
         Haus 2
         18182 Bentwisch
         Germany


TYKO GMBH: Claims Registration Period Ends October 28
-----------------------------------------------------
Creditors of Tyko GmbH have until Oct. 28, 2008, to register their
claims with court-appointed insolvency manager Dr. Sebastian
Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 18, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Sebastian Henneke
         Kaiserstrasse 21-23
         44135 Dortmund
         Germany

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

The Debtor can be reached at:

         Tyko GmbH
         Westring 209
         44575 Castrop-Rauxel
         Germany


TIEFBAU RITTMEIER: Creditors' Meeting Slated for October 29
-----------------------------------------------------------
The court-appointed insolvency manager for Tiefbau Rittmeier GmbH,
Christian Koehler-Ma will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:25
a.m. on Oct. 29, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:55 a.m. on Jan. 28, 2009, at the same venue.

Creditors have until Oct. 29, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 26a
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against Tiefbau Rittmeier GmbH on Sept. 18, 2008.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Tiefbau Rittmeier GmbH
         Strasse 58 Nr. 24
         13125 Berlin
         Germany


SVC CATERING: Creditors' Meeting Slated for October 29
------------------------------------------------------
The court-appointed insolvency manager for SVC Catering GmbH,
Christoph Rosenmueller will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:20
a.m. on Oct. 29, 2008.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Jan. 28, 2009, at the same venue.

Creditors have until Nov. 29, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against SVC Catering GmbH on Sept. 18, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SVC Catering GmbH
         Damm 2-4
         Willestr. 7b
         12623 Berlin
         Germany


WSW ELASTOMERTECHNIK: Claims Registration Period Ends Oct. 29
-------------------------------------------------------------
Creditors of WSW Elastomertechnik GmbH have until Oct. 29, 2008,
to register their claims with court-appointed insolvency manager
Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 26, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 145
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Specks Hof Eingang C
         Nikolaistrasse 3-5
         04109 Leipzig
         Germany
         Tel: 0341/652200
         Fax: O341/65220111

The District Court of Leipzig opened bankruptcy proceedings
against WSW Elastomertechnik GmbH on Sept. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WSW Elastomertechnik GmbH
         Attn: Roland Winkler, Manager
         Parkplatz 2
         04579 Espenhain OT Moelbis
         Germany


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


PROPEX INC: Has Until October 29 to File Reorganizational Plan
--------------------------------------------------------------
Judge John C. Cook of the United States Bankruptcy Court for the
Eastern District of Tennessee extended the period by which
Propex, Inc., and its debtor-affiliates have (i) the exclusive
right to file a plan of reorganization through Oct. 29, 2008,
and (ii) the exclusive right to solicit acceptances of that plan
through Dec. 29, 2008.

The Debtors was previously given by the Court until Oct. 20,
2008, to file a Chapter 11 plan, and until Dec. 19, 2008, to
solicit acceptances of that plan.

The Debtors relate that they have engaged in extensive
negotiations with their secured lenders and are finalizing the
terms of consensual treatment for the secured term and revolver
debt in a plan of reorganization.  The Debtors note that the
nine-day exclusive period extension order will allow them
additional time to continue those negotiations.

The Debtors' DIP Lenders have agreed to modify the DIP financing
documents to allow the Debtors to propose a Chapter 11 plan
through October 29, according to Mark. W. Wege, Esq., at King &
Spalding, LLP, in Houston, Texas.  To note, the Court-approved
DIP Credit Agreement was entered into by the Debtors with BNP
Paribas, as administrative agent, and certain other lenders in
2006.  The Debtors relate that they have complied with the
submission of a comprehensive plan to the DIP lenders and the
Official Committee of Unsecured Creditors under the DIP Credit
Agreement.

Before the Court entered the latest Exclusivity Order, the
Creditors Committee filed an objection to the Debtors' extension
request.  On the Committee's behalf, Ira S. Dizengoff, Esq., at
Akin Gump Strauss Hauer & Feld LLP, in New York, asserted that
the third exclusivity request is the least substantive
exclusivity motion filed by the Debtors.  "[T]he Motion does not
explain why no plan of reorganization has been filed during the
nine months of exclusivity the Debtors already have had or why an
extension of the Exclusive Periods is in the best interests of
the estates and their creditors," he contended.

The Committee also noted that the extension request contradicts
prior statements made by the Debtors at the August 20th hearing
wherein they said they were prepared in the next 60 days to file
a plan.  The Committee added that the Debtors refused to respond
to its repeated requests to be included in plan negotiations and
discussions.

The Debtors, Mr. Dizengoff argued, are not permitted to use the
exclusivity as a tactical device to pressure parties to consent
to a plan they consider unsatisfactory.  He pointed out that if
granted, the exclusivity request will effectively force other
parties-in-interest to continue to sit on the sidelines while the
Debtors secretly formulate a plan of reorganization with their
secured lenders that provides little if any recovery to unsecured
creditors.

Thus, the Committee urged the Court to deny the exclusivity
request to prevent the Debtors from continuing to improperly use
their exclusivity to cram down unsecured creditors, and thereby
allow them and their creditor constituencies to negotiate from
equal positions.

Nevertheless, Judge Cook approved the Debtors' exclusivity
request on October 17.  The Court retains all jurisdiction
related to the Exclusivity Motion.

                        About Propex Inc.

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

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

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

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

(Propex Bankruptcy News, Issue No. 18; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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


DROGHEDA UNITED: High Court Agrees to Appoint Examiner
------------------------------------------------------
The High Court has granted Drogheda United Football Club
permission to enter into examinership.  Ms. Justice Mary Finlay
Geoghegan agreed to appoint an examiner, eleven-a-side.com
reports.

The report relates that the club disclosed it was broke.  To cover
costs for the rest of the season, the club now only relies on gate
receipts.

Drogheda United Football Club -- http://www.droghedaunited.ie--
is a registered business name of Hinge Trading Limited, a private
company limited by shares.  The club is registered in Ireland
(reg. number 266933) with its registered office at United Park,
Windmill Road, Drogheda.


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


ALITALIA SPA: British Airways Offers Commercial Partnership
-----------------------------------------------------------
British Airways PLC is in talks with Compagnia Aerea Italiana
s.r.l., a consortium of Italian investors created to save Alitalia
SpA, for a potential commercial partnership with the new company
being created from the insolvent Italian carrier, BA Chief
Executive Willie Walsh told The Wall Street Journal in an
interview.

As part of its rescue efforts, WSJ says CAI plans to buy
Alitalia's newer planes and airport slots and merge them with
smaller local rival AirOne SpA to create a new airline.  However,
because CAI's managers are new to the airline industry, they want
one of Europe's top carriers involved in the restructuring
process, WSJ relates.

BA, according to WSJ, wants to participate in the consolidation
but it won't take an equity stake in the new company.  Mr. Walsh
told WSJ that from BA's experience, investment isn't necessary for
a successful commercial partnership.

A CAI spokesman meanwhile revealed to WSJ that Air France and
Lufthansa better understood CAI's interest in attracting an equity
and commercial partner.  "Talks with British Airways have so far
been limited to a commercial partnership, which falls somewhat
short of CAI's overall requirements," the CAI spokesman said.

WSJ relates Lufthansa and Air France have both expressed interest
in buying a minority stake in CAI.

According to WSJ, Mr. Walsh said he met on Wednesday with Rocco
Sabelli, the executive who would run the new Italian airline,
noting that "[i]f successful, it would definitely be
worthwhile...having a relationship with them, but we're not
looking to invest."

BA Chairman Martin Broughton expects to close the deal by next
spring WSJ adds.

                     Delayed Newco Launching

As reported in the Troubled Company Reporter-Europe on Oct. 14,
2008, CAI extended the deadline on its conditional offer to
relaunch the national carrier until Oct. 31, 2008.  CAI had
originally given a deadline of October 15 but extended it to give
time for CAI to complete due diligence work.

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

As reported in the Troubled Company Reporter-Europe on Sept. 30,
2008, CAI is considering launching the new Alitalia by November 1.
CAI revived its bid for Alitalia after it reached agreement with
all the nine Alitalia unions.  CAI's rescue plan calls for
renaming of Alitalia and writing off between EUR1.2 billion and
EUR2 billion worth of its debt.

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

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

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd.  and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.

                          *     *     *

British Airways Plc continues to carry a "Ba1" senior
unsecured debt rating from Moody's with a stable outlook.

                         About Alitalia

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

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

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


TISCALI SPA: S&P Cuts Corporate Credit Rating to 'B'
----------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating to 'B' from 'B+' on Tiscali SpA, an
alternative provider of Internet, telephony, and TV services in
the U.K. and Italy.  At the same time, S&P lowered its long-term
debt ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility (RCF) of
financing vehicle Tiscali U.K. Holdings Ltd. to 'B' and 'B+',
respectively, from 'B+' and 'BB-'; these loans are guaranteed by
Tiscali SpA.  The recovery ratings on these two debt facilities
are unchanged at respectively '3' (indicating S&P's expectation of
meaningful {50%-70%} recovery in the event of a payment default)
and '2' (indicating its expectation of substantial {70%-90%}
recovery in the event of a payment default).

All of the credit ratings remain on CreditWatch with negative
implications, where they were placed on Aug. 11, 2008, following
Tiscali's reporting of significant underperformance in the second
quarter of 2008.

"The downgrade reflects confirmation of our earlier concerns --
after analysis of the group's prospects -- that Tiscali's weaker-
than-anticipated operating results are causing a marked tightening
of the headroom under the maintenance covenants of its two
aforementioned facilities, with increasing risks of covenant
breach in the next few quarters," said S&P's credit analyst
Leandro de Torres Zabala.  "If management fails to rapidly take
appropriate measures to boost the group's operating performance
and/or reduce debt while improving liquidity, we will likely
further lower our rating on Tiscali over the next few months."

S&P expects to resolve or refresh the CreditWatch status by the
end of November or thereabouts.  To maintain the current rating,
the rating agency expects Tiscali to take prompt action to address
this situation through its current strategic review or through
negotiations with its main lenders.

"If, through its strategic review, Tiscali succeeds in the short
term in improving its financial flexibility or in deleveraging,
Standard & Poor's will resolve the current CreditWatch listing and
likely affirm the corporate credit rating or lower it by one
notch, depending on the implications of the strategic review for
Tiscali's business and financial profiles," said Mr. de Torres.

If the strategic review does not provide any solution in the short
term, S&P will evaluate the willingness of the group's main
lenders under the senior secured term loan facility (Intesa
Sanpaolo SpA) and the RCF (JP Morgan and Intesa) to waive or relax
the covenants.

"Nevertheless, even if there were reasonable prospects of
obtaining covenant waivers over the subsequent few quarters, we
would still lower the rating by at least one notch," said Mr. de
Torres.  "A lack of comfort with respect to Tiscali's capacity to
rapidly secure a waiver or to maintain appropriate liquidity would
lead to a more pronounced downgrade, by more than two notches."


* Moody's Says Italian Gov't. Support Measures Beneficial
---------------------------=-----------------------------
Moody's Investors Service commented on the measures introduced by
the Italian Government on October 9, 2008, and October 13, 2008,
to provide support for the Italian banking system.  Moody's noted
that to date no Italian bank has looked to the Government for
capital or liquidity support.  However the rating agency added
that, to the extent that these measures reinforce confidence in
the Italian banking system, and facilitate continued normal
operations, these should prove beneficial.

The measures introduced on October 9 include:

   -- The ability for the Italian government to subscribe
      capital increases approved by Italian banks, in
      cases where a bank has been determined by the Bank
      of Italy to have insufficient capital.  This is
      subject to the bank issuing a three year plan for
      the bank's recovery, which must be approved by the
      Government.  The Government's stake would be in
      the form of preference shares having preference
      with regard to payment of dividends.  Any requests
      for recapitalization will be considered by the
      Government on a case by case basis.

   -- The Italian Government guarantees any amounts
      advanced in the form of repos against eligible
      assets, by the Bank of Italy, as emergency
      liquidity support to Italian banks or branches
      in Italy of foreign banks

   -- The Italian Government guarantees the Italian
      deposit guarantee scheme for a three year period
      commencing on October 9, 2008.  This scheme
      guarantees all deposits up to an amount of
      EUR103,000.  The scheme is not pre-funded and
      therefore relies on the ability of individual
      banks to contribute their share of any payments
      made.  These potential obligations are now
      therefore guaranteed by the Government, for the
      period of the guarantee.

The measures introduced on October 13 include:

   -- The Italian Government is authorized, until
      December 31, 2009, to guarantee debt issued
      after October 13, 2008, by Italian banks,
      having a term of up to 5 years.  Such a
      guarantee would be provided on market terms.

   -- The Italian government is authorized, until
      December 31, 2009, to swap Government bonds
      for bonds held by banks or bonds issued by
      banks after October 13, 2008. Such a guarantee
      would be provided on market terms.

   -- The Italian government is authorized, until
      December 31, 2009, to guarantee transactions
      by banks aimed at obtaining assets eligible
      for repo at the ECB.  Such a guarantee would
      be provided on market terms.

The measures adopted on October 13 are subject to the Bank of
Italy's opinion that banks wishing to take advantage of these
measures are adequately capitalized and able to meet their
obligations under these measures.  These measures are also open to
banks which might have been recapitalized under the measures
introduced on October 9.

To date no Italian bank has publicly required government backed
recapitalization or has required emergency liquidity support.
Accordingly there has not been any quantification of the
Government's maximum overall commitment under these measures.

With regard to liquidity support, the measures adopted on October
9 simply provide a Government guarantee for existing arrangements
in Italy for the Bank of Italy to provide emergency liquidity
support, and the existing deposit guarantee arrangements, which
have historically been among the most generous in the Eurozone.
The measures taken with regard to liquidity support therefore
simply demonstrate that the Government is fully backing existing
arrangements, so potentially providing reassurance over their
effectiveness.  This is in contrast to measures taken in some
other countries, where there has been a comprehensive guarantee of
all bank deposits, and even of the senior and subordinated debt
obligations of some or all or some of a country's banks.

The measures adopted on October 13 additionally ensure that banks
are able to issue guaranteed debt in case of need to refinance
maturing debt, and ensure that banks are able to gain access to
high quality collateral in the form of government bonds, eligible
for repo at the ECB.

With regard to bond issues guaranteed by the Government, it is
possible that these could be rated at the same level as the
Italian sovereign rating, upon review of the terms of the
guarantee.  For all the above measures it will be necessary to
evaluate the detailed rules for their implementation when
released.

Moody's said that it continues to have a stable outlook for the
Italian banking system, which has very limited direct exposure to
the ongoing credit crisis affecting global banking systems, and
has so far continued to operate relatively normally.  While no
Italian bank has to date required capital or emergency liquidity
support from the Government, Moody's said that it viewed
positively the decision to put in place support mechanisms on a
pre-emptive basis, in case any need should arise going forward.


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


ALKO-BASIS LLP: Creditors Must File Claims by November 28
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Alko-Basis insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Chkalov Str. 142
         Kokshetau
         Akmola
         Kazakhstan


ALMATY CLINING: Claims Deadline Slated for November 28
------------------------------------------------------
LLP Company Almaty Clining has declared liquidation.  Creditors
have until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Company Almaty Clining
         Abai ave. 75-36
         Almaty
         Kazakhstan


BUILDING TIER LLP: Claims Filing Period Ends November 28
--------------------------------------------------------
LLP Building Tier has declared liquidation.  Creditors have until
Nov. 28, 2008, to submit written proofs of claims to:

         LLP Building Tier
         Esentaiskaya Str. 20
         Almaty
         Kazakhstan


JAISAN LLP: Creditors' Claims Due on November 28
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Jaisan insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktobe
         Aktube
         Kazakhstan


JANA-ARKA LLP: Claims Registration Ends November 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Jana-Arka insolvent on Sept. 3, 2008.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Almagul, 14-16
         Almaty
         Kazakhstan
         Tel: 8 701 232 12-75


JANAR LLP: Creditors Must File Claims by November 28
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Janar insolvent on Sept. 3, 2008.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Orbita-4, 11-236
         Almaty
         Kazakhstan
         Tel: 8 701 799 60-01


METALL PROM: Claims Deadline Slated for November 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Metall Prom insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


MUNAI-SAUDA-2008 LLP: Claims Filing Period Ends November 28
-----------------------------------------------------------
LLP Munai-Sauda-2008 has declared liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Munai-Sauda-2008
         Temirjol Str. 9
         Lenger
         Tolebyisky
         161100, South Kazakhstan
         Kazakhstan


ZLAT-AGRO LLP: Creditors' Claims Due on November 28
---------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Zlat-agro insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Konstitutsiya Kazakhstana Str. 38
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


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


ISKRA-ENERGO LLC: Creditors Must File Claims by November 26
-----------------------------------------------------------
LLC Iskra-Energo (INN 00512200610034) has shut down.  Creditors
have until Nov. 26, 2008, to submit written proofs of claim to:

         LLC Iskra-Energo
         Masaliyev Ave. 38
         Osh
         Kyrgyzstan

Inquiries can be addressed to (+996 3222) 5-70-38.


MRAMORNY-2 LLC: Creditors' Meeting Slated for October 27
--------------------------------------------------------
Creditors of LLC Mramorny-2 will convene at 10:00 a.m. on
Oct. 27, 2008, at:

         Room 106
         Moskovskaya Str. 151
         Bishkek
         Kyrgyzstan

The Inter-District Court of Chui Region for Economic Issues
declared LLC Mramorny-2 (Case No. ED-709/06-??-C1) insolvent on
Dec. 2, 2006.  Subsequently, bankruptcy proceedings were
introduced at the company.

Toktosun Ermegaliyev has been appointed temporary insolvency
manager.

Creditors must submit their proofs of claim and to be registered
within seven days before the meeting with the temporary insolvency
manager.

Proxies must have authorization to vote.

Inquiries can be addressed to (+996 312) 61-40-75, 41-20-50


NAP KYRGYZSTAN: Assets Sale Slated for October 29
-------------------------------------------------
The temporary insolvency manager of OJSC National Carrier Nap
Kyrgyzstan Aba Joldoru will hold a repeat auction of the company's
bankruptcy enterprise properties at 10:00 a.m. on
Oct. 29, 2008, at:

         Airport Manas
         Bishkek
         Kyrgyzstan

Interested bidders must deposit guarantee payment equivalent to
10% from the starting price of the lot to the cashier of the
enterprise.

Participants have until 5:00 p.m. on Oct. 28, 2008, to submit
their bids at:

         Ahunbaev Str. 184
         Bishkek
         Kyrgyzstan

Inquiries can be addressed to (+996 312) 54-80-73, 54-80-68,
54-77-50, (0-555) 38-09-41, (0-555) 77-38-33, (0-772) 54-88-44.


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


NXP BV: Cash Position Improves Following ST-NXP Joint Venture
-------------------------------------------------------------
NXP Semiconductors announced third quarter sales in line with
expectations of US$1,336 million, a comparable decrease of 4.2% on
the third quarter of 2007 and a comparable increase of 1.0% over
the second quarter of 2008.  Adjusted EBITDA improved sequentially
in the third quarter to US$147 million, down from US$310 million
in the third quarter of 2007 and up from US$114 million in the
second quarter of 2008.  Adjusted EBITA showed a profit of US$15
million this quarter compared to a profit of US$136 million in the
same period last year and a loss of
US$29 million in the previous quarter.

Notwithstanding the difficult conditions, benefits from cash
management actions taken can already be seen in lower inventory as
a percentage of sales and lower capex, both of which have
contributed to a positive net operational cash flow of US$107
million.  The cash position improved to US$1,535 million, largely
as a result of the closing of the ST-NXP Wireless joint venture
and includes the repayment of the revolving credit facility and
the acquisition of Conexant STB business.

In September 2008 NXP Semiconductors announced a large redesign
program targeted at reducing its annual cost base by US$550
million through major reductions of the manufacturing base,
rightsizing of central R&D, and reduction of support functions in
order to improve the company's financial strength, as well as to
position NXP for future growth in its core businesses. Meanwhile
significant progress has been made in detailing the redesign
program and deploying the measures in the organization, for which
US$500 million has been provided for in the third quarter.  As
part of the annual impairment test based on US GAAP, the company
has taken into account the current market environment, the
divestiture of the wireless business and the implementation of the
redesign program.  The impairment test resulted in the write-down
of goodwill and intangibles of
US$706 million.  Furthermore, a write-down of deferred tax assets
of US$254 million was recorded in the third quarter of 2008.

Frans van Houten, President and CEO of NXP Semiconductors,
commented: "Our sales for the Q3 period were broadly in line with
guidance.  The financial crisis and semiconductor market
conditions have caused a rapid deterioration of demand towards the
end of the third quarter, especially in the automotive and
consumer sectors.  We are convinced of the necessity to act
decisively and to lower our cost base in order to be prepared for
a difficult market.  Our redesign program announcement of
September 12 to reduce our annual cost base by US$550 million is
timely, given the developments in the market."

"We are strongly focused on our customers and see opportunities to
sell our products to a wider customer base.  In this context we
are pleased to note that we have made inroads with new customers
like HuaWei in China, as a supplier of chips for their telecom
infrastructure.  Also the Home unit made progress in digital TV
driven by Japanese and European customers."


"I am confident that our focus on cost management, the prudent
approach to cash management, and the rapid execution of our
redesign plans will help ensure resilience through the cycle and
create a stronger NXP, positioned for future growth."

Outlook: Visibility of sales development going forward is limited.
As a consequence of deteriorating macro-economic conditions in
combination with the overall consumer sentiment and recent order
book development, we expect an 8 to14% sequential sales decline in
the fourth quarter on a business and currency comparable basis.

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- creates semiconductors, system solutions
and software that deliver better sensory experiences in TVs,
set-top boxes, identification applications, mobile phones, cars
and a wide range of other electronic devices.  The company has
31,000 employees working in more than 20 countries and posted
sales of US$6.3 billion (including the Mobile & Personal
business) in 2007.

                       *     *     *


As reported in the TCR-Europe on Oct. 6, 2008, Oct 06, 2008
Standard & Poor's Ratings Services has affirmed its 'B-' long-term
corporate credit rating on Dutch semiconductor company NXP B.V.
The outlook is negative.

The ratings on NXP's secured notes were lowered to 'B-' from 'B'
and the recovery ratings were revised to '3' from '2', reflecting
S&P's view that a higher than initially expected portion of value
in a default scenario could be shared with unsecured debtholders.
A recovery rating of '3' indicates S&P's expectation of meaningful
(50%-70%) recovery for secured lenders in the event of a payment
default.

At the same time, the corporate credit rating and all issue
ratings on NXP and guaranteed subsidiary NXP Funding LLC were
removed from CreditWatch negative, where they had been placed on
July 25, 2008, after the company released its second-quarter 2008
results.

On Sept. 2, 2008, the TCR-Europe reported that Moody's Investors
Service downgraded NXP Semiconductors' corporate family rating to
B3 from B2, its senior secured notes to B3 from B2 and senior
unsecured notes to Caa2 from Caa1 upon conclusion of its rating
review initiated on July 23, 2008.  The outlook for the ratings is
stable.


NXP BV: S&P Says Ratings Unaffected by Third-Quarter Results
------------------------------------------------------------
Standard & Poor's Ratings Services said that the ratings on Dutch
semiconductor manufacturer NXP B.V. (B-/Negative/--) are unchanged
after it reported its third-quarter results.  The group announced
a cash position of US$1.535 billion (including US$1.277 billion in
the guarantor group) after the August 2008 closing of the disposal
of its wireless chip business (providing net proceeds of US$1.271
billion), the acquisition of a set-top box business for US$108
million, and the full repayment of drawings under its US$450
million revolving credit facility.  The revolving credit facility,
which matures in 2012 and is not subject to maintenance financial
covenants, is now entirely undrawn and S&P expects it to remain
fully available to the group.  NXP stopped its cash burn in the
third quarter, helped by favorable working capital developments
and lower capital expenditures.

In S&P's view, the US$960 million in asset impairments and
write-downs (goodwill and deferred taxes) booked in the third
quarter do not have a bearing on the ratings at this point. The
impairment merely reflects the lower cash flow and earnings
prospects in some of NXP's cash-generating units, which had
factored into ratings -- that S&P recently lowered and for which
it revised the outlook to negative.  The operating prospects
remain bleak for the next few quarters and NXP expects a quarter-
on-quarter comparable sales decline of 8%-14% in fourth-quarter
2008.


TRADER CLASSIFIED: Shareholders Approve Liquidation
---------------------------------------------------
Shareholders of Trader Classified Media N.V. has approved to put
the company into liquidation during an Extraordinary General
Meeting held on Oct. 16, 2008, euronext.com reports.

According to the report, the Management Board and Directors have
resigned and  transferred control of the company to the
liquidator.

The company's shares will be suspended from trading on
Dec. 8, 2008, the report discloses.

On Dec. 16, 2008, the company's shares are expected to be delisted
from Euronext's Eurolist, the report relates.


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


* POLAND: Records 319 Business Insolvency Cases
-----------------------------------------------
The number of Polish companies going bankrupt over the last three
quarters stood at 319, Konrad Kiedrzynski writes for the Warsaw
Business Journal, citing a Euler Hermes report on insolvencies.

According to the report, most insolvencies were declared by
companies registered in the Mazowieckie voivodship with 76 cases,
Silesia with 50 cases, and Lower Silesia with 40 cases.
Industries most affected, include the food, clothing and
construction-materials, the report notes.

The production sector, the report discloses, saw the biggest
number of insolvencies with 113 companies going bust followed by
the building contractors sector with a total of 55 insolvencies.

According to the report, there were 91 cases of companies'
insolvencies in the construction sector.

However, Tomasz Starus, the head of the risk assessment department
at Euler Hermes, said that while the construction market could
possibly see a revival in the fall, driven by an increase in
infrastructural investments, a slow decision-making process
continues to hinder development in the sector, the report relates.

Mr. Starus also warned against too much optimism, saying although
the first three quarters of the year have seen 34 fewer
insolvencies than the same period of 2007,"the bankruptcy
indicator is long-term in nature.  That's why it always has to be
compared with the actual signals from the market," the report
adds.


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


BRATSKIY JOINERY: Irkutsk Bankruptcy Hearing Set Aug. 12, 2009
--------------------------------------------------------------
The Arbitration Court of Irkutskaya will convene at 10:30 a.m.
on Aug. 12, 2009, to hear bankruptcy proceedings on OJSC Bratskiy
Joinery Plant (TIN 3805102385).  The case is docketed under Case
No. A19–1610/08–60.

The Court is located at:

         The Arbitration Court of Irkutskaya
         Office 305
         Gagarina Blv. 70
         664025 Irkutsk
         Russia

The Insolvency Manger is:

         A. Ilyin
         Post User Box 1779
         665732 Bratsk-32
         Irkutskaya
         Russia

The Debtor can be reached at:

         OJSC Bratskiy Joinery Plant
         Post User Box 62
         Gidrostroitel
         665703 Bratsk
         Irkutskaya
         Russia


FIN-SERVICE LLC: St. Petersburg Court Hearing Set Jan 19, 2009
--------------------------------------------------------------
The Arbitration Court of St. Petersburg will convene at
10:10 a.m. on Jan. 19, 2009, to hear bankruptcy supervision
procedure on LLC Fin-Service.  The case is docketed under Case
No. A56-23586/2008.

The Temporary Insolvency Manager is:

         D. Satyukov
         Post User Box 67
         191023 St. Petersburg
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and the
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         LLC Fin-Service
         Room 2H
         Liter A
         Olminskogo Str. 12
         192029 St. Petersburg
         Russia


FIRST OIL : Creditors Must File Claims by December 10
-----------------------------------------------------
Creditors of LLC First Oil Company have until Dec 10, 2008 to
submit proofs of claims to:

         V. Izhendeyev
         Insolvency Manager
         Sovetskaya Str.1
         Tyunda
         676290Amurskaya
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A04–1229/08–12/101B.


INVESTBANK: S&P Assigns 'ruBB' Russian National Scale Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'ruBB' Russian
national scale rating to Russia-based INVESTBANK.

"The rating reflects the challenges INVESTBANK is facing relating
to consolidation and reorganization after the recent merger,"
explained S&P's credit analyst Eugene Tarzimanov.  "It also
reflects the bank's limited customer franchise, moderate
profitability, and weak and concentrated funding base."  The
bank's adequate single-name lending concentrations and
capitalization somewhat offset these negative factors.  The rating
is based on INVESTBANK's stand-alone creditworthiness and does not
factor in any expected external support from the shareholders or
the government.

INVESTBANK is majority-owned by Vladimir Antonov, a Russian
entrepreneur. Mr. Antonov is also a majority shareholder of the
fourth-largest bank in Lithuania, Bankas Snoras (Snoras, BB-
/Negative/B), which is his largest asset.  Although cooperation
between INVESTBANK and Snoras is limited, the former benefits from
good access to Snoras's deposits.  This liquidity support is
crucial for INVESTBANK in the current crisis in the Russian
financial market.

Although INVESTBANK has a relatively limited customer franchise,
its loans are adequately diversified, with the 20 largest
borrowers accounting for 136% of adjusted total equity as of June
30, 2008.  The bank's moderate financial performance is balanced
by its adequate capitalization.

"There appears to be limited opportunity for an upgrade, at least
until the Russian financial market stabilizes," Mr. Tarzimanov
added.  "We could lower the ratings if the bank's financial
profile -- including its liquidity or capitalization --
deteriorate significantly."

Located in Kaliningrad, INVESTBANK is a midsize Russian bank
servicing midsize corporations that are active mainly in trade,
construction, and manufacturing.  As of June 30, 2008, it had
consolidated assets of 23.7 billion Russian rubles (US$1 billion),
placing it among the 100 largest Russian banks.


MOBILE TELESYSTEMS: To Place RUR10 Billion Bond Today
-----------------------------------------------------
Mobile TeleSystems OJSC plans to place its second RUR10 billion
bond with maturity in 2013 today, Oct. 23, 2008.  The coupons are
to be paid semiannually.  The debut rouble bond with maturity in
2018 and a two-year put option was successfully placed on June 24,
2008.  Lead Arrangers of the bond are Gazprombank, Raiffeisenbank,
Sberbank and Troika Dialog.

Funds raised through the placement will be used for general
corporate needs.

                    About Mobile TeleSystems

Based in Moscow, OJSC Mobile TeleSystems -- http://www.mtsgsm.com/
-- provides wireless telecommunications services operator in
Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia, and Belarus.

                         *      *      *

Mobile TeleSystems continues to carry a Long-term Issuer Default
rating of 'BB+', a National Long-term rating of 'AA(rus)' and a
Short-term IDR of B from Fitch Ratings, with stable outlook.  The
ratings were assigned in April 2008.

Mobile TeleSystems also carries Ba2 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service with
positive outlook.


OMSKIY CEREAL: Omsk Bankruptcy Hearing Set Jan. 13, 2009
--------------------------------------------------------
The Arbitration Court of Omsk will convene on Jan. 13, 2009,
to hear bankruptcy supervision procedure on LLC Omskiy Cereal
Plant. The case is docketed under Case No. A46–11827/2008 .

The Temporary Insolvency Manager is:

         B. Kamakin
         Post User Box 9270
         644029 Omsk
         Russia

The Debtor can be reached at:

         LLC Omskiy Cereal Plant
         Suvorova Str. 1a
         Omsk
         Russia


RUBTSOVSKIY COLD: Altayskiy Bankruptcy Hearing Set December 22
--------------------------------------------------------------
The Arbitration Court of Altayskiy will convene on Dec. 22, 2008,
to hear bankruptcy supervision procedure on LLC Rubtsovskiy Cold
Storage Facility.  The case is docketed under Case No. A03-
6760/2008B .

The Temporary Insolvency Manager is:

         Yu. Remizov
         Kirova Str. 118
         454091 Chelyabinsk
         Russia

The Debtor can be reached at:

         LLC Rubtsovskiy Cold Storage Facility
         Orositelnaya str. 225
         Rubtsovsk
         658919 Altayskiy
         Russia


UNDO-LES LLC: Arkhangelsk Bankruptcy Hearing Set Jan. 20, 2009
--------------------------------------------------------------
The Arbitration Court of Arkhangelsk will convene at 2:00 p.m.
on Jan. 20, 2009, to hear bankruptcy supervision procedure on LLC
Undo-Les.  The case is docketed under Case No. A05-7357/2008.

The Temporary Insolvency Manager is:

         S. Malanin
         Vidanskaya Str. 15v
         Petrozavodsk
         Russia

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk
         Russia

The Debtor can be reached at:

         LLC Undo-Les
         Lomonosova Str. 81
         Arkhangelsk
         Russia


URAL BANK: Moody's Puts E+ BFSR on Review for Possible Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
B3 long-term local and foreign currency deposit ratings and the
bank financial strength rating of E+ of Ural Bank for
Reconstruction and Development.  The bank's Not Prime short-term
local and foreign currency deposit ratings were affirmed.
Concurrently, Moscow-based Moody's Interfax Rating Agency, which
is majority-owned by Moody's, downgraded UBRD's long-term national
scale rating (NSR) to Baa3.ru from Baa2.ru and placed it on review
for possible further downgrade.

According to Moody's and Moody's Interfax, the B3/Not Prime/E+
global scale ratings reflect UBRD's global default and loss
expectation, while the Baa3.ru national scale rating reflects the
standing of the bank's credit quality relative to its domestic
peers.

"Today's rating action is triggered by a recent decision of UBRD's
management to introduce temporary limits on cash withdrawals by
individual depositors, whereby the bank pays out only those
deposits that have already matured," explains Olga Ulyanova, a
Moody's Assistant Vice President - Analyst.  These limits followed
the recent mass deposit withdrawals in the Oblast of Sverdlovsk,
UBRD's main region of activity.

The limitations on early withdrawals of funds by individual
depositors are in direct contravention of Russian law, whereby
individuals have the right to withdraw funds from their bank
accounts at any time throughout the term of a deposit. Therefore,
Moody's expects a large number of client claims against UBRD in
the near future, as well as a potential deterioration of
perception of the bank's services by its retail clientele.

Moody's notes that UBRD's liquidity position has been supported by
significant deposit from its shareholders, as well as a
collateralized loan from Sberbank.  However, these efforts may not
be sufficient if withdrawals by individual depositors continue or
if corporate clients also begin making sizable withdrawals.

According to UBRD's management, the limitations on cash
withdrawals by individual depositors will soon be removed.
"However, Moody's will be closely monitoring any negative
developments - in relation to either the financial position of the
bank or potential litigation procedures stemming from these events
- which may raise potential risks of sizable outflow of client
funding from the bank or significant damage to the bank's
franchise value in the region," adds Ms. Ulyanova.

Moody's previous rating action on UBRD was implemented on January
26, 2007, when the rating agency assigned first-time ratings of
B3/NP/E+/Baa2.ru to the bank.

Domiciled in Yekaterinburg, Russia, UBRD reported total IFRS
assets of US$1.652 billion, total shareholders' equity of US$88
million and a net income of US$13 million as at December 31, 2007.


VOLGOGRADSKIY ENGINE: Volgograd Bankruptcy Hearing Set Dec. 25
--------------------------------------------------------------
The Arbitration Court of Volgogradskaya will convene at 11:00
a.m. on Dec. 25, 2008, to hear bankruptcy supervision procedure on
OJSC Volgogradskiy Engine Works.  The case is docketed under Case
No. A12-13054/08-s55.

The Temporary Insolvency Manager is:

         Ye. Slushkin
         Post User Box 1034
         400105 Volgograd
         Russia

The Debtor can be reached at:

         OJSC Volgogradskiy Engine Works
         Shosse Aviatorov 8
         400048 Volgograd
         Russia


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


FORD MOTOR: Tracinda's Stake Sale Casts Doubt on Firm's Health
--------------------------------------------------------------
Tracinda Corp. has sold 7.3 million shares of the common stock of
Ford Motor Co. in the open market for an average price of US$2.43
per share, before commissions.

Tracinda said that it will further reduce its 6.43% holdings of
Ford Motor common stock, including the possible sale of all of its
remaining 133,500,000 shares -- approximately 6.09% of the
outstanding shares -- depending upon market conditions and
available sales prices, and that it has contacted an investment
banking firm regarding the possible sale of the shares.

Matthew Dolan and Tamara Audi at The Wall Street Journal report
that the sale has raised new concerns about the health of Ford
Motor as well as the casino and hotel holdings of billionaire
investor Kirk Kerkorian, Tracinda's owner.

WSJ relates that Mr. Kerkorian is looking at losing
US$640 million of his original US$980 million investment.  Citing
a
person briefed on Mr. Kerkorian's decision, WSJ states that Mr.
Kerkorian concluded that there was little chance of making his
investment pay off due to the auto industry's bleak outlook, and
he was concerned that Ford Motor no longer was giving a target
date for returning to profitability.

Tracinda said in a statement that it will shift its investments to
casinos, hotels, oil, and gas.

WSJ states that Mr. Kerkorian used a US$600 million credit line to
help finance the Ford stake.  Due to the drop in the prices of
Ford Motor shares, Mr. Kerkorian had to pledge 50 million more
shares of MGM Mirage -- which he controls -- as collateral.
Mr. Kerkorian said in a statement that he has put up 100 million
of his 149 million MGM Mirage shares to back the credit facility.
WSJ relates that Ford Motor shares have lost 65% since
Mr. Kerkorian began purchasing them, closing at on Tuesday US$2.17
on New York Stock Exchange trading.

A Ford Motor spokesperson said that Tracinda is still "confident
in and focused on our plan to transform Ford into a lean global
enterprise delivering profitable growth," WSJ reports.

                   About Ford Motor Co.

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

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

                         *     *     *

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


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


ACN INVESTMENT: Creditors Must File Proofs of Claim by Oct. 31
--------------------------------------------------------------
Creditors owed money by JSC ACN Investment + Consulting are
requested to file their proofs of claim by Oct. 31, 2008, to:

         Oser Heinz
         Im Kirschgarten 18
         4124 Schonenbuch
         Switzerland

The company is currently undergoing liquidation in Schonenbuch.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 3, 2008.


CLAR-DENT LLC: Deadline to File Proofs of Claim Set Nov. 3
----------------------------------------------------------
Creditors owed money by LLC CLAR-DENT in liquidation, Stafa are
requested to file their proofs of claim by Nov. 3, 2008, to:

         Arpad Csordas
         Haldenstrasse 75
         8708 Mannedorf
         Switzerland

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


GENERAL MOTORS: Merger Might Help Ease Union Talks, Analyst Says
----------------------------------------------------------------
A merger between General Motors Corp. and Chrysler LLC would be a
high-risk deal, but may give the new company "high leverage" to
renegotiate with the United Auto Workers, Tim Higgins and Katie
Merx at Free Press (Detroit) report, citing J.P. Morgan analyst
Himanshu Patel.

Free Press quoted Mr. Patel as saying, "GM desperately needs a
reason to renegotiate many parts of its 2007 UAW contract."  GM
must renegotiate the "VEBA funding level" and wages for core
workers, the report states, citing Mr. Patel.

Free Press relates that due to the precarious financial positions
of Ford Motor Corp., GM, and Chrysler, UAW had agreed to a deal
that allows the comanies to pay new hires less money than core
workers and to shift billions of dollars of retiree health care
spending to VEBA, an independent trust fund.  According to the
report, the union had agreed to the deal, saying that it had to
make a sacrifice to help the industry better compete against
foreign automakers that have lower costs from their U.S.
workforces.  The report says that the VEBA was a way to guarantee
retiree health care benefits even if the companies go broke.

Jim Millstein, managing director and co-head of Lazard Freres &
Co.'s restructuring group, said in court documents, "Chrysler's
long-term ability to meet its medical obligations to UAW retirees
has deteriorated."

According to Free Press, UAW President Ron Gettelfinger has said
that he wouldn't agree to further delays in the VEBA payments.
Free Press states that the union already agreed to let GM delay
US$1.7 billion in payments to the VEBA that had been scheduled for
2008 and 2009.  Mr. Gettelfinger said he is against a Chrysler-GM
merger that results in more job losses, the report says.

A Wall Street analyst said that GM could "win enough goodwill to
extract further savings from the UAW," if the company is seen as
saving Chrysler from bankruptcy and preserving jobs and benefits,
Free Press states.

Free Press relates that Harley Shaiken, a union expert from
University of California-Berkeley, said, "After closing X-number
of plants, eliminating say 30,000 to 50,000 jobs, my sense is that
the UAW might not be in the best of moods to give further
concessions."

Free Press quoted Mr. Patel as saying, "By saving Chrysler from a
liquidity event, GM may also be able to get itself much-needed
secured bank financing from the same banks that are currently
holding Chrysler debt."

     Bankruptcy May Resolve Contract Problem With Union

Free Press relates that Peter Morici -- a University of Maryland
business professor and former chief economist at the U.S.
International Trade Commission -- said that Chrysler should be
allowed to file for bankruptcy.  According to court filings by the
UAW, a financial analysis made before the economic crisis
indicates an up to 50% chance of a Chrysler insolvency by 2013.

"The simple fact is that the best solution for Chrysler is Chapter
11 to remove the burdens of the UAW contract and scale down the
company to something one half to two thirds its current size.
That would serve GM's interests, too -- both Ford and GM would
benefit from some capacity and cars going off the market," Free
Press quoted Mr. Morici as saying.

According to Free Press, Mr. Morici said that if GM acquired
Chrysler's Jeep brand and minivan program, "GM would still have to
pay heavy severance bonuses to workers it laid off streamlining
their operations, similar payments would be required to shutter
much of Chrysler's unattractive truck and car operations, and GM
would still have to fund the union health care fund for retired
Chrysler employees."

                     About Chrysler LLC

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

                        *     *     *

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

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

                   About General Motors

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

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

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


HEGE JSC: Creditors Have Until Oct. 30 to File Claims
-----------------------------------------------------
Creditors owed money by JSC Hege are requested to file their
proofs of claim by Oct. 30, 2008, to:

         Ruegg Walter
         Geissmattliweg 6
         5610 Wohlen
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on June 19, 2007.

HEIDA HOLDING: Proofs of Claim Filing Deadline is Nov. 2
--------------------------------------------------------
Creditors owed money by  JSC Heida Holding are requested to file
their proofs of claim by Nov. 2, 2008, to:

         Martin Munchbach
         Felsenstrasse 46
         8832 Wollerau
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 10, 2008.


SINTERAS LLC: Creditors' Proofs of Claim Due by Nov. 3
------------------------------------------------------
Creditors owed money by LLC Sinteras are requested to file their
proofs of claim by Nov. 3, 2008, to:

         Matthias Bachmann
         Hans Hassig-Strasse 11
         5000 Aarau
         Switzerland

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


WELLNESS MONTAGE: Nov. 5 Set as Deadline to File Claims
-------------------------------------------------------
Creditors owed money by LLC Wellness Montage are requested to file
their proofs of claim by Nov. 5, 2008, to:

         Massimo Arnaldi
         Rothornweg 14
         3600 Thun
         Switzerland

The company is currently undergoing liquidation in Heimberg.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 26, 2007.


WERNER MOSER: Creditors Must File Proofs of Claim by Nov. 5
-----------------------------------------------------------
Creditors owed money by  LLC Werner Moser are requested to file
their proofs of claim by Nov. 5, 2008, to:

         Monika Muller
         Meisenhaus Altenklingen
         8560 Marstetten TG.
         Switzerland

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


* Moody's Says Swiss Banks' Ratings Unaffected by Gov't. Measures
-----------------------------------------------------------------
Moody's Investors Service said that the measures announced by
Switzerland to support its largest banks will not endanger the
creditworthiness of the Swiss government nor will they lead to
wholesale rating changes in the Swiss banking sector.  These
conclusions are expanded in two new Moody's Special Comments
entitled "Swiss Government's Aaa Ratings Unaffected by Recent
Measures to Support Banks" and "Swiss Government's support
measures and their relative importance for Swiss banks."

Moody's comments are in response to the Swiss government's
announcement on October 16, 2008, of a range of measures aimed at
strengthening individual banks, notably UBS and Credit Suisse, and
the functioning of Switzerland's banking system overall.
Specifically, the Swiss government is going to (i) reinforce the
deposit insurance system; (ii) transfer illiquid assets from UBS's
balance sheets and bolster its capital bases; (iii) raise further
the regulatory capital requirements for Credit Suisse and UBS; and
(iv) guarantee for all Swiss banks new short- and medium-term
inter-bank liabilities as and when necessary.

                  Switzerland's Sovereign Rating

"Moody's believes that the Aaa rating of the government of
Switzerland can withstand a large-scale support operation for its
banks," says Alexander Kockerbeck, Vice President-Senior Credit
Officer in Moody's Sovereign Risk Group.  This is in line with
Moody's view that the ratings of other European governments are
not affected by the support measures they have so far announced
for their respective banking systems.

In the case of Switzerland, Moody's opinion is based on (i) the
underlying economic and institutional strength and financial
robustness of the Swiss government; (ii) the quality of any bank
assets that the government would acquire through the announced
support operations, thereby lowering the net increase in
government debt; and (iii) the likelihood that such an
interpolation of the government balance sheet would better assure
an early economic recovery.

"Moreover, in the event that the Swiss government is required to
mobilize further significant financial resources to help its large
banks -- over and above the assistance measures announced today --
Moody's believes that it would most likely still maintain
Switzerland's Aaa rating for a number of compelling reasons,"
explains Mr. Kockerbeck.  The reasons are the Swiss government's
ability to raise potentially larger amounts of debt through (i)
its access to a large pool of domestic savings, in a country with
a savings rate equivalent to nearly one-third of GDP; (ii) the
Swiss franc's role as an international reserve currency;
supporting the country's sterling reputation; and (iii) for short-
term liquidity pressures, the Swiss central bank's unlimited swap
line with the US Federal Reserve, which provides very precious
relief at times when dollar funding is scarce.

As detailed below, given the Swiss banks' considerable financial
strength, Moody's does not expect a large amount of this
contingent liability to migrate to the government's balance sheet.
Not only will the government acquire assets in any such operation,
implying a relatively small increase in the government's net debt,
but those assets could ultimately be sold, shrinking its balance
sheet back to close to its original size.

                  Switzerland's Bank Ratings

"Moody's believes that the Swiss government's support measures for
its large banks are unlikely to lead to wholesale rating changes
in the Swiss banking sector, as the banks' current senior
unsecured long-term ratings already incorporate a relatively high
likelihood of systemic support -- an assumption that has been
validated by the proven, actual availability of systemic support,"
says Guido Versondert, Vice President-Senior Analyst in Moody's
Financial Institutions Group.

Overall, Moody's views the Swiss government's proposals as a
positive development, albeit not strictly necessary for many of
the regional and private banks.  The rating agency believes that
the Swiss government's initiative should strongly contribute to
restoring investor confidence in the domestic and international
banking systems.

Moreover, the rating agency expects that UBS and Credit Suisse
are, and will likely remain, the main beneficiaries of the support
package announced by the Swiss government.  While also potentially
benefiting from these announcements, Moody's does not believe that
the Raiffeisen Group or any of the regional or private banks which
Moody's rates in Switzerland are the key addressees of this
announcement, and these will therefore not be subject to any
imminent rating implications.

"It is crucial for market participants to differentiate between
UBS and Credit Suisse and their temporary problems on the one
hand, and the Raiffeisen Group and the regional and private banks
on the other, which mostly continue to display comparatively
moderate business and financial risks and are generally in good
health," explains Mr. Versondert.  This is because their business
and financial characteristics and the degree to which they are
affected by the crisis differ significantly: (i) Credit Suisse and
UBS with their strong involvement in international capital markets
and flows; (ii) the regional banks, including the Raiffeisen
Group, and their almost entirely domestic focus; and (iii) the
private banks, with their conservatively structured balance sheet
and traditional tendency to minimize their credit, market and
liquidity risks.


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


AVIAS LLC: Creditors Must File Claims by October 26
---------------------------------------------------
Creditors of LLC Avias (code EDRPOU 13420293) have until Oct. 26,
2008, to submit proofs of claim to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Sept. 17, 2008.  The case
is docketed as B 29/189-08.

The Debtor can be reached at:

         LLC Avias
         Airport 42
         49042 Dnipropetrovsk
         Ukraine


BERDICHEV BREADPRODUCTS: Creditors Must File Claims by Oct. 25
--------------------------------------------------------------
Creditors of OJSC Berdichev Breadproducts Enterprise (code EDRPOU
00951540) have until Oct. 25, 2008, to submit proofs of claim to:

         B. Petrychuk
         Liquidator/Insolvency Manager
         Ap. 63
         Sverdlov Str. 53
         Berdychev
         Zhytomir
         Ukraine
         Tel: 04143-40378

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 15, 2008.
The case is docketed as 4/113-b.

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         OJSC Berdichev Breadproducts Enterprise
         Krasny Luch Str. 4
         Grishkovtsy
         Berdichev District
         13337 Zhytomir
         Ukraine


COLVIS FINANCE: Moody's Shifts Outlook on B1-Rated Notes to Stable
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B1 rating
of the notes issued by Colvis Finance Limited's, totaling US$107.5
million and due 2009 which are supported by the state of Ukraine
(with underlying borrower Yuzhmash).  This change reflects the
decision to change the outlook of several key credit ratings of
Ukraine from positive to stable.

The US$107.5 million notes of Colvis Finance Limited indirectly
benefit from an irrevocable and unconditional guarantee from the
State of Ukraine.  As a consequence of the benefits from the
aforementioned guarantee, the notes were assigned the same rating
as the rating for the State of Ukraine's foreign currency bonds.
Going forward, if the rating for the State of Ukraine is altered,
the rating on the notes will be amended accordingly.

The issuer of the notes, Colvis Finance Limited, is a UK special
purpose vehicle.  Colvis Finance Limited has on lent the funds
received from its notes issue to State Enterprise Production
Association Yuzhny Machine Building Plant Named After A.M. Makarov
(Yuzhmash).

Registered in the Ukraine, Yuzhmash is a leading rocket
manufacturer as well as one of the largest industrial enterprises
in the Ukraine.  In 2007 reported Revenue of US$174 million and
EBITDA negative of US$23 million.


COMPLEX V LLC: Creditors Must File Claims by October 26
-------------------------------------------------------
Creditors of LLC Building Complex V (code EDRPOU 34228373) have
until Oct. 26, 2008, to submit proofs of claim to:

         Dmitry Mischenko
         P.O. Box 4938
         49098 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 2, 2008.  The case is docketed as B 24/282-08.

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

The Debtor can be reached at:

         LLC Building Complex V
         Ac. Chekmarev Str. 3
         49005 Dnepropetrovsk
         Ukraine


GALITSKY PETROLEUM: Creditors Must File Claims by October 26
------------------------------------------------------------
Creditors of LLC Galitsky Petroleum Holding (code EDRPOU 31215314)
have until Oct. 26, 2008, to submit proofs of claim to:

         Oleg Viniarsky
         Liquidator
         Varshava Str. 66/21
         79020 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company on Sept. 9, 2008.  The case is docketed
as 8/109.

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

The Debtor can be reached at:

         LLC Galitsky Petroleum Holding
         Buyko Str. 14
         79034 Lvov
         Ukraine


IINDUSTRIALTRADE LLC: Creditors Must File Claims by October 26
--------------------------------------------------------------
Creditors of LLC Iindustrialtrade (code EDRPOU 32297780) have
until Oct. 26, 2008, to submit proofs of claim to:

         Yury Karpenko
         Liquidator/Insolvency Manager
         P.O. Box 6734
         69123 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy proceedings
against the company after finding it insolvent on  Sept. 8, 2008.
The case is docketed as 19/271-08.

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

The Debtor can be reached at:

         LLC Iindustrialtrade
         Korotky Lane 4
         69096 Zaporozhje
         Ukraine


KOLOS LLC: Creditors Must File Claims by October 25
---------------------------------------------------
Creditors of LLC Corporation on Seed Farming and Realization Kolos
(code EDRPOU 32021566) have until Oct. 25, 2008, to submit proofs
of claim to:

         Andrew Maksimov
         Temporary Insolvency Manager
         P.O. Box 85
         01030 Kiev
         Ukraine

The Economic Court of Ternopol commenced bankruptcy supervision
procedure on the company on Sept. 1, 2008.  The case is docketed
as 16/196/08.

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Debtor can be reached at:

         LLC Corporation on Seed Farming and Realization Kolos
         Yuryampol
         Borschovsky District
         48733 Ternopol
         Ukraine


KREMENETS BREAD: Creditors Must File Claims by October 25
---------------------------------------------------------
Creditors of LLC Kremenets Bread (code EDRPOU 31879714) have until
Oct. 25, 2008, to submit proofs of claim to:

         V. Aleksiuk
         Liquidator/Insolvency Manager
         B. Berezhtsy
         Kremenets District
         Ternopol
         Ukraine
         Tel: 2-50-26

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent .

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine
The Debtor can be reached at:

         LLC Kremenets Bread
         Letchikov-Vyzvoliteley Str. 62
         Kremenets
         47004 Ternopol
         Ukraine


LEVADA LLC: Creditors Must File Claims by October 25
----------------------------------------------------
Creditors of Levada LLC (code EDRPOU 31716469) have until Oct. 25,
2008, to submit proofs of claim to:

         Victor  Matuschak
         Temporary Insolvency Manager
         Ap. 151
         G. Skovoroda Str. 14
         29000 Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy supervision
procedure on the company on Aug. 27, 2008.  The case is docketed
as 7/170-B.

         The Economic Court of Hmelnitskij
         Nezalezhnosti Square 1
         29000 Hmelnitskij
         Ukraine

The Debtor can be reached at:

         Levada LLC
         Gvardeyskoye
         Hmelnitskij
         Ukraine


MTSYRI LLC: Creditors Must File Claims by October 26
----------------------------------------------------
Creditors of LLC Production-Commerce Firm Mtsyri (code EDRPOU
204086677) have until Oct. 26, 2008, to submit proofs of claim to:

         Vasily Melnik
         Liquidator/Insolvency Manager
         Ap. 105
         Chapayev Str. 7
         10029 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 12, 2008.
The case is docketed as 7/181-b.

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         LLC Production-Commerce Firm Mtsyri
         Naberezhnaya Str. 25
         Galchin
         Andrushevsky District
         Zhytomir
         Ukraine


NAFTOGAZ NJSC: Moody's Changes Outlook on B1 CFR to Negative
------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B1
foreign currency corporate family rating of NJSC Naftogaz of
Ukraine, as well as its US$500 million senior unsecured Loan
Participation notes, to Negative from Developing.  Naftogaz's
Probability of Default rating is affirmed at B1.

The rating action follows the recent change of the outlook on
Ukraine's key sovereign ratings to stable from positive, as the
global liquidity crunch has combined with existing macroeconomic,
financial and political challenges, thus diminishing the
probability of the upgrade of the sovereign rating in the next 12
to 18 months.

Moody's rates Naftogaz in accordance with its rating methodology
for Government Related Issuers, thus the current ratings reflect a
combination of the following inputs:

   -- Baseline credit assessment of 17 (on scale
      of 1-21, where 1 represents lowest credit risk,
      corresponding to a Caa1 rating);

   -- B1 local currency rating of the Ukrainian
      government;

   -- Medium dependence and

   -- High support.

The change of the outlook on Naftogaz is a reflection of three key
factors: (i) significantly diminished probability for the rating
to improve as a result of the stabilization of the sovereign
rating and the important role the Ukrainian government plays in
Naftogaz's operations; (ii) concerns over further possible
weakening in Naftogaz's underlying Baseline credit quality over
the medium term, and (iii) the critical role that state support
will continue to have on the rating beyond 2008.

The outlook reflects the current financial standing of Naftogaz
and the fact that the company is in breach of the furnishing of
information covenant on its US$500 million Eurobond facility, as
it failed to release on a timely basis its 2007 accounts.  The
breach can potentially trigger a cross default under other
financing agreements of Naftogaz, for the estimated total value of
US$2.4 billion.  At the same time Naftogaz's BCA is negatively
affected by the company's liquidity position, with an estimated
liquidity gap of US$2.0 billion which is currently being funded by
trade credits which will in time need to be settled.  In Moody's
view the probability of Naftogaz being able to get access to debt
funding of that scale in the current market environment is low,
which puts additional pressure on the company's short-medium term
liquidity profile in view of the upcoming bond repayment in
September 2009.

The rating outlook is also a function of general uncertainties
surrounding the longer term future of the company, in view of the
on-going political instability in Ukraine, the status of gas price
negotiations with Gazprom and the absence of visibility into
Naftogaz's operational and financial performance beyond 2008.  The
absence of information about the company that would allow Moody's
to make a definitive assessment relating to Naftogaz's projected
operational and financial performance, the uncertainty relating to
Naftogaz's future and its positioning in the context of the
country's future energy policies as well as some consideration
over the rating's reliance on the ability and willingness of the
state to provide adequate support, put additional pressure on the
company's rating.

Further changes to the rating will ultimately be dependent upon
further developments in the Ukraine (including those related to
the upcoming elections in November 2009) and at the company.
Moody's will continue to monitor the company's performance to the
extent possible, its compliance with covenants under the bond
facility and its liquidity and working capital management,
including Naftogaz's ability to attract additional financing and
maintain its going concern status.

Naftogaz, headquartered in Kiev, Ukraine, is an integrated
hydrocarbon company with operations in oil and gas exploration and
production, domestic and international transportation, storage and
supply.  In 2006 the company generated revenue of UAH27.6 billion
(app. US$5.52 billion) and operating profit of UAH1.0 billion
(app. US$200 million), while net profit was negative at
UAH2.2 billion (app. US$440 million).


N.A.S.A.-SOUTH: Court Names V. Tcherepenko as Insolvency Manager
----------------------------------------------------------------
The Economic Court of Nikolaev appointed V. Tcherepenko as
Insolvency Manager for LLC N.A.S.A.-South (code EDRPOU 33853551).
He can be reached at:

         V. Tcherepenko
         Moscow Str. 54a
         54017 Nikolaev
         Ukraine
         Tel: (0512)47-34-64

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on Sept. 9, 2008.  The case is docketed
as 14/284/08.

The Court is located at:

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

The Debtor can be reached at:

         LLC N.A.S.A.-South
         Ap. 33
         Lenin Avenue 189
         54000 Nikolaev
         Ukraine


NIVA LLC: Creditors Must File Claims by October 26
--------------------------------------------------
Creditors of LLC Niva (code EDRPOU 03272016) have until Oct. 26,
2008, to submit proofs of claim to:

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

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 21, 2008.
The case is docketed as 20/33.

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

The Debtor can be reached at:

         LLC Niva
         Vodianaya Balka
         Dikansky District
         Poltava
         Ukraine


NOVABUD LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Economic Court of Kiev commenced the bankruptcy supervision
procedure on LLC Novabud (code EDRPOU 32597330) on June 9, 2008.
The case is docketed as 24/136-b.

The Temporary Insolvency Manager is:

         Oleg Shkliar
         Ap. 12
         Shevchenko Str. 16
         10002 Zhytomir
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         LLC Novabud
         Artem Str. 103
         Kiev
         Ukraine


PRETORIAN-XXI LLC: Court Names A. Komarov as Insolvency Manager
---------------------------------------------------------------
The Economic Court of Kiev appointed A. Komarov as Insolvency
Manager for LLC Pretorian-XXI (code EDRPOU 35363997).  He can be
reached at:

         A. Komarov
         Makarov Str. 13
         Makieyevka
         Donetsk
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 31, 2008.  The case is docketed
as 43/556.

The Court is located at:

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

The Debtor can be reached at:

         LLC Pretorian-XXI
         Svitletskaya Str. 24-A
         04215 Kiev
         Ukraine


ROMSUPPLYCENTER LLC: Creditors Must File Claims by October 25
-------------------------------------------------------------
Creditors of LLC Romsupplycenter (code EDRPOU 34511082) have until
Oct. 25, 2008, to submit proofs of claim to:

         Larisa Timofeeva
         Liquidator/Insolvency Manager
         P.O. Box 179
         54017 Nikolaev
         Ukraine
         Tel: (512)47-89-69

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 17, 2008.
The case is docketed as 5/404/08.

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

The Debtor can be reached at:

         LLC Romsupplycenter
         Ochakov Str. 1-A
         54036 Nikolaev
         Ukraine


VIPRODUCT LLC: Court Names A. Finko as Insolvency Manager
---------------------------------------------------------
The Economic Court of Kiev appointed A. Finko as Insolvency
Manager for LLC Viproduct (code EDRPOU 31985610).  He can be
reached at:

         A. Finko
         Ovrazhnaya Str. 29
         Donetsk
         Ukraine

The Court commenced bankruptcy proceedings against the company
after finding it insolvent on July 31, 2008.  The case is docketed
as 43/557.

The Court is located at:

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

The Debtor can be reached at:

         LLC Viproduct
         B. 1
         40 years of October Str. 120
         03127 Kiev
         Ukraine


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


AMERICAN INTERNATIONAL: To Sell Stake in Asian Life-Insurance Biz
-----------------------------------------------------------------
American International Group, Inc., will auction a major stake in
its American International Assurance Co. unit, Rick Carew at The
Wall Street Journal reports, citing people familiar with the
matter.

According to WSJ, the Asian life-insurance business is valued at
more than US$20 billion.  Sources said that Goldman Sachs Group,
Inc., and Citigroup, Inc., will run the sale, the report states.
The sale process is "ramping up" on its planned asset sales
generally, the report says, citing an AIG spokesperson.

Citing bankers, WSJ states that the price for the stake in
American International Assurance could be big, requiring the
breakup of the business into smaller pieces to get a deal done.
The report says that according to Cazenove Group's calculations,
the combined value of AIG's Asian life-insurance assets outside
Japan is around US$22.5 billion.

WSJ relates that AIG's CEO Edward Liddy wants to attract buyers
for a minority strategic stake and keep a majority stake in the
business.

                 About American International

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

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

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

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

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

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

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

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

                       *     *     *

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

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


AVALON PACKAGING: Taps Administrators from BDO Story Hayward
------------------------------------------------------------
Messrs: Dermot Power and Matthew Dunham, business restructuring
partners at BDO Stoy Hayward were appointed administrators to
Avalon Packaging, James Chapelard of  Crains Manchester Business
reports.

Crains quotes Mr. Power as saying, "Avalon Packaging Limited has
been established for over 25 years – this is testament to the
skill, expertise and reputation it has in the packaging arena.
The tough economic climate has played a role in the company's
current challenges but the business has strong foundations to
weather the difficulties and that's why we're working to sell the
business as a going concern – a move that will also protect 100
regional jobs."

Based in Martland Park in Wigan, Avalon Packaging supplies plastic
containers to food industries.


BRITISH AIRWAYS: Offers Commercial Partnership With Alitalia
------------------------------------------------------------
British Airways PLC is in talks with Compagnia Aerea Italiana
s.r.l., a consortium of Italian investors created to save Alitalia
SpA, for a potential commercial partnership with the new company
being created from the insolvent Italian carrier, BA Chief
Executive Willie Walsh told The Wall Street Journal in an
interview.

As part of its rescue efforts, WSJ says CAI plans to buy
Alitalia's newer planes and airport slots and merge them with
smaller local rival AirOne SpA to create a new airline.  However,
because CAI's managers are new to the airline industry, they want
one of Europe's top carriers involved in the restructuring
process, WSJ relates.

BA, according to WSJ, wants to participate in the consolidation
but it won't take an equity stake in the new company.  Mr. Walsh
told WSJ that from BA's experience, investment isn't necessary for
a successful commercial partnership.

A CAI spokesman meanwhile revealed to WSJ that Air France and
Lufthansa better understood CAI's interest in attracting an equity
and commercial partner.  "Talks with British Airways have so far
been limited to a commercial partnership, which falls somewhat
short of CAI's overall requirements," the CAI spokesman said.

WSJ relates Lufthansa and Air France have both expressed interest
in buying a minority stake in CAI.

According to WSJ, Mr. Walsh said he met on Wednesday with Rocco
Sabelli, the executive who would run the new Italian airline,
noting that "[i]f successful, it would definitely be
worthwhile...having a relationship with them, but we're not
looking to invest."

BA Chairman Martin Broughton expects to close the deal by next
spring WSJ adds.

                     Delayed Newco Launching

As reported in the Troubled Company Reporter-Europe on Oct. 14,
2008, CAI extended the deadline on its conditional offer to
relaunch the national carrier until Oct. 31, 2008.  CAI had
originally given a deadline of October 15 but extended it to give
time for CAI to complete due diligence work.

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

As reported in the Troubled Company Reporter-Europe on Sept. 30,
2008, CAI is considering launching the new Alitalia by November 1.
CAI revived its bid for Alitalia after it reached agreement with
all the nine Alitalia unions.  CAI's rescue plan calls for
renaming of Alitalia and writing off between EUR1.2 billion and
EUR2 billion worth of its debt.

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

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

                         About Alitalia

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

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

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

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc
-- http://www.ba.com/-- operates of international and domestic
scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British
Airways plc and a number of subsidiary companies including in
particular British Airways Holidays Ltd.  and British Airways
Travel Shops Ltd.  BA has offices in India and Guatemala.

                         *     *     *

British Airways Plc continues to carry a "Ba1" senior
unsecured debt rating from Moody's with a stable outlook.


ELECTRICITY 4 BUSINESS: Goes Into Administration
------------------------------------------------
Stuart Maddison, Mark Shires and Colin Haig of
PricewaterhouseCoopers LLP were appointed joint administrators to
Electricity 4 Business Ltd on Wednesday, Oct. 22, 2008.

E4B is an independent retailer of electricity to small and medium
size businesses across the UK and is based in Milton Keynes.  The
company had built up a portfolio of approximately 40,000 customers
and employed 140 people.

Stuart Maddison, joint administrator and partner at
PricewaterhouseCoopers LLP in the Midlands, commented: "The
decision by the directors of E4B to place the company into
administration comes as a result of volatility in the energy
market."

"We will be working closely with OFGEM to ensure an orderly wind
down of the company's activities and would like to reassure E4B's
customers that the administration will not affect their supply of
electricity."

              About PricewaterhouseCoopers LLP

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


ID DATA: Petitions High Court to Appoint Administrators
-------------------------------------------------------
ID Data Limited has filed a petition with the High Court to
appoint administrators to the company, finextra.com reports.

The company said in a statement, "Protection from creditors
provided by the notification and potentially by the appointment of
an administrator will enhance the possibility of an orderly
disposal process reaching a successful conclusion."

Peter Cox, CEO and chairman said, "(the administration) is
intended to protect the present and future business of ID Data
Limited, and to ensure that customers are fully served."

The company's shares have been suspended from trading when it
failed to complete audit of its accounts for the year ended March
31, 2008, the report concluded.

ID Data is based in the United Kingdom.


LEEDS LTD: Appoints Joint Administrators from PwC
-------------------------------------------------
Ian David Green and Nicholas Edward Reed of PricewaterhouseCoopers
LLP were appointed joint administrators of Leeds (Park Row) Ltd.
(Company Number 05294452) on Oct. 7, 2008, for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Leeds (Park Row) Ltd.
         2 Brewery Wharf
         Kendall Street
         Leeds
         LS10 1RJ
         England


KAUPTHING SINGER: Williams de Broe to Buy Investment Mgt Team
-------------------------------------------------------------
The Evolution Group Plc, the investment bank and private client
investment management group, has reached agreement with the
administrators of Kaupthing Singer & Friedlander Ltd (in
administration) (KSF) and certain subsidiaries of KSF for its
subsidiary Williams de Broe Ltd to acquire the investment
management team of Singer and Friedlander Investment Management
Ltd (Singer and Friedlander).

It is intended that the agreement will result in Assets Under
Management moving to Williams de Broe's existing platforms with
the team located in London.

Commenting on this agreement, Alex Snow, Group Chief Executive of
Evolution and Chief Executive of Williams de Broe said: "We look
forward to welcoming the team from Singer and Friedlander and
their existing clients for whom we will continue to provide a
professional and bespoke investment management service.

"Williams de Broe and Evolution Group Plc remain extremely well
capitalized.  We have deliberately structured the group to have a
strong and highly liquid balance sheet.  This combined with no
debt supports our aim of becoming a custodian of choice for
clients and counterparties during these turbulent market
conditions.

"This agreement, together with the recent opening of our Edinburgh
office, where we continue to see significant inflows of new
clients, demonstrates our previously stated commitment to continue
to grow Assets Under Management substantially in the medium term."

Philip Aldrick at the Daily Telegraph writes Evolution group saw
off interest from as many as 40 potential bidders to secure Singer
and Friedlander's 40 staff, register of 4,000 clients and GBP1.5
billion of funds under management.

However, Evolution, the Daily Telegraph notes, does not expect to
retain the whole client list but insiders hope to keep at least
GBP1 billion of the assets under management.

According to the Daily Telegraph, bankers estimated the price of
the deal to be "significantly less than GBP10 million."

Analysts, the Daily Telegraph says, believed it was a good deal as
fund managers typically trade in the market on 3pc of assets under
management, giving Singer and Friedlander a headline value of at
least GBP30 million.

Meanwhile, the assets, which do not include the brand or the
operating company, will be merged with Evolution's own private
client business Williams de Broe, the Daily Telegraph states.

The combined group, which will continue to trade as Williams de
Broe, will have more than GBP4 billion of assets, the Daily
Telegraph adds.

As reported in the TCR-Europe, upon the application of the
Financial Services Authority the High Court of Justice on
Oct. 8, 2008,  appointed Maggie Mills, Tom Burton, Alan Bloom and
Patrick Brazzill, of Ernst & Young LLP, as joint administrators of
Kaupthing Singer & Friedlander Ltd.

The report said the administration had been necessary because of
KSF's financial position and to protect retail depositors and
maintain the stability of the UK financial system.

                        About Evolution

The Evolution Group Plc  is the holding company of Evolution
Securities Ltd, Williams De Broe Ltd and Evolution Securities
China Ltd.  Founded in April 2001 and originally listed on AIM,
Evolution joined the Official List in 2003 and now has a market
capitalization of over GBP170 million.

                    About Williams de Broe

Williams de Broe Ltd is a leading private client investment
manager, with offices in Bath, Birmingham, Bournemouth, Edinburgh,
Exeter, Guildford and London.  It is authorized and regulated by
the Financial Services Authority.

              About Kaupthing Singer & Friedlander

Kaupthing Singer & Friedlander is a UK-based banking subsidiary of
Iceland's Kaupthing Bank hf.


PROTIER HOUSE: Brings in Joint Administrators from PwC
------------------------------------------------------
Ian David Green and Nicholas Edward Reed of PricewaterhouseCoopers
LLP were appointed joint administrators of Protier House
Developments Ltd. (Company Number 05497984) on Oct. 7, 2008, for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Protier House Developments Ltd.
         2 Brewery Wharf
         Kendall Street
         Leeds
         LS10 1RJ
         England


REALITY BYTES: Appoints Peter Nicholas Wastell as Liquidator
------------------------------------------------------------
Peter Nicholas Wastell of Vantis Business Recovery Services was
appointed liquidator of Reality Bytes (London) Ltd. on Oct. 7,
2008, for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Reality Bytes (London) Ltd.
         c/o Vantis Business Recovery Services
         Torrington House
         47 Holywell Hill
         St. Albans, Hertfordshire
         AL1 1HD
         England


SAUNDERS SOLICITORS: Taps Joint Administrators from BDO Stoy
------------------------------------------------------------
Malcolm Cohen and David Gilbert of BDO Stoy Hayward LLP were
appointed joint administrators of Saunders Solicitors LLP
(Partnership Number OC310649) on Sept. 30, 2008.

The company can be reached at:

         Saunders Solicitors LLP
         c/o BDO Stoy Hayward LLP
         55 Baker Street
         London
         W1U 7EU
         England


SCANMOOR RAIL: Calls in Liquidators from Vantis
-----------------------------------------------
Nicholas Hugh O'Reilly and Geoffrey Paul Rowley of Vantis were
appointed joint liquidators of Scanmoor Rail Ltd. on  Oct. 3,
2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Scanmoor Rail Ltd.
         c/o Vantis
         PO Box 2653
         66 Wigmore Street
         London
         W1A 3RT
         England


SPEED FRAME: Brings in Joint Administrators from BDO Stoy
---------------------------------------------------------
Francis Graham Newton and Toby Scott Underwood of BDO Stoy Hayward
LLP,were appointed joint administrators of Speed Frame PVCU
Windows Ltd. (Company Number 02849552) on Oct. 7, 2008.

The company can be reached at:

         Speed Frame PVCU Windows Ltd.
         c/o BDO Stoy Hayward LLP
         1 Bridgewater Place
         Water Lane
         Leeds
         LS11 5RU
         England


SUREWAY SCAFFOLDING: Taps Deloitte & Touche to Administer Assets
----------------------------------------------------------------
Stephen Anthony John Ramsbottom and Richard Michael Hawes of
Deloitte & Touche LLP were appointed joint administrators of
Sureway Scaffolding Ltd. (Company Number 0435894) on Oct. 7, 2008.

The company can be reached at:

         Sureway Scaffolding Ltd.
         c/o Deloitte & Touche LLP
         3 Rivergate
         Temple Quay
         Bristol
         BS1 6GD
         England


TATA STEEL: Moody's Changes Outlook on Ba3 Ratings to Negative
--------------------------------------------------------------
Moody's Investor's Service has changed the outlook on the Ba3
corporate family and senior secured ratings of Tata Steel UK (and
its subsidiary) to negative from stable.

Moody's notes that Tata Steel UK's operating performance in the
year ending March 2008 remained strong, reflecting the buoyant
economic environment as well as strength in the steel markets.
Tata Steel UK derives about a third of its revenue in the UK and
about 80% in Europe (including UK) and has benefited from the
strength in the European construction and automotive sectors that
remain its key end-markets.

Tata Steel UK has been enjoying strong volumes and supportive
pricing environment, offset by record increases in raw materials
and energy prices.  The aforementioned resulted in a significant
working capital outflow in the first half of 2008 and necessitated
an equity injection by the parent to ensure continuous compliance
with the financial covenants.  Moody's expects the company to
maintain a degree of flexibility under its financial covenants and
sustain its credit profile in the year ending March 2009.

The negative outlook reflects the likely compression in the
margins over the medium term in view of the likely deterioration
in demand in Europe and UK.  Moody's will continue to assess the
group's ability to maintain its credit profile and sufficient room
under the financial covenants in an environment of declining steel
prices and/or reduced production volumes.

Moody's notes that the Ba3 ratings are supported by the
expectation of uninterrupted debt reduction and sound backing by
the parent, as well as continuing proactive liquidity and covenant
compliance management by the issuer.

At the end of June 2008, Tata Steel UK's liquidity position
remained strong and was supported by GBP260 million availability
under its GBP500 million revolver facilities that form part of the
senior secured bank loans raised to fund its acquisition by Tata
Steel Ltd in 2007.  The facilities are subject to a number of
financial covenants.  Current assessment of liquidity anticipates
a successful extension of the existing securitization facility
that matures in 2009.

Ratings affected by the rating action are as follows:

   -- Ba3 Corporate Family Rating of Tata Steel UK Limited;

   -- Ba3 / LGD 3 (49%) GBP 3.7 billion Senior Secured
      Guaranteed Bank Facilities.

Tata Steel UK, headquartered in the UK, was created through the
acquisition of Corus Group plc in 2007 and is the second largest
producer in Europe.  For the financial year ended March 31, 2008,
the group reported GBP11.6 billion in revenues and produced 20
million of tonnes of crude steel.


TOM AIKENS: Sold to TA Holdco Ltd. Through Management Buy Out
-------------------------------------------------------------
TA Holdco Ltd is now the new owners of Tom Aikens London
restaurants.  TA Holdco has acquired the restaurants through a
management buy-out team, Bloomberg News reports.

According to the report, suppliers are still looking for ways to
to be paid since the restaurants went into administration on
Oct. 17, 2008.


* UK Business Confidence Plummets to a Record Low, KMPG Says
------------------------------------------------------------
Confidence amongst British businesses has plummeted to a record
low in the wake of the escalating global economic crisis,
according to KPMG's quarterly National Business Confidence Survey.

Approximately two thirds (60%) of senior executives questioned by
Opinion Leader Research on behalf of KPMG now view the prospects
for UK Business as either "bad" or "very bad" - compared to only
one third who held this view back in May.  A further 47 percent of
people believe that the UK economy is already in recession, while
86 percent claim that the credit crunch has had a negative impact
on their organization.

The number of firms considering making job cuts in response to the
dire economic climate has also increased over the summer, leaping
from 53 percent at the end of Q2 to 62 percent at the end of Q3
2008.

Malcolm Edge, head of markets for KPMG in the UK, commented: "The
results of our latest Business Barometer are truly the bleakest
we've ever seen - and no small wonder. The past month has been one
of unprecedented turmoil in the financial markets, with each day
bringing yet another extraordinary development that, even in
isolation, would have seemed astonishing twelve months ago.  This
rapid pace of events has undoubtedly spooked British business,
leaving many business leaders wondering, 'what next?'"

He continued: "Back in May, only one business in ten thought that
a full-blown recession was on the cards.  Yet three months down
the line, almost half of all businesses think that this recession
is now upon us.  Couple this with the fact that the vast majority
believe that the economic outlook will only get worse before it
gets better, and it’s hard to see anything other than a gloomy
winter ahead for the nation’s businesses."

With three quarters (74 percent) of businesses now actively
seeking to cut overheads, employments costs are coming under
increased scrutiny.  A total of 67 percent of firms intend to
implement recruitment freezes, while a further 62 percent are
considering reducing headcount – up from 53 percent last quarter.

However, in spite of this increased threat of job cuts, half the
businesses surveyed nevertheless plan to reward their staff with
wage increases of between three and ten percent.

Malcolm Edge commented: "Back in June, the Chancellor called for
restraint over wage demands amidst fears that above-inflation pay
rises would exacerbate the problem of rising inflation. However,
the majority of businesses recognize that attracting and retaining
the best talent is fundamental to keeping one step ahead of the
competition – and none more so than during times of economic
difficulty.  Certainly there is an argument that businesses need
the right firepower at hand for when things do start to pick up
again – so while management may very well be seeking to make cuts
in those areas where there are perceived inefficiencies, they are
also intent on rewarding those who help their business weather the
storm."

Looking at inflationary pressures more closely, 42 percent of
businesses did recognize that rising inflation had actively
prompted higher wage demands from employees.  Other negative
impacts of inflation cited by respondents included rising costs
(42 percent), reduced profits (34%) and other businesses in the
supply chain increasing the costs of their goods and services (32
percent).

Malcolm Edge concluded: "There is perhaps another small chink of
light in amid all this doom and gloom, in that it appears that
many robust businesses around the country are continuing to
perform well.  For example, more than a third of those questioned
in our survey resolutely believe prospects for their own business
over the next 12 months to remain good, while only 16 percent
claim to have actually experienced any difficulties in obtaining
finance over the last 12 months – a figure which is perhaps
surprisingly low.  It may be the case that such businesses are
tapping into existing cash reserves or still drawing pre-arranged
credit lines, in which case, their problems may very well lie
around the corner.  Or it may well be the case that many have
prepared well for the downturn and are now simply riding out the
storm."

                     About KPMG LLP (UK)

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


* PwC Says UK Businesses Must Not Rule Out Pension Scheme Buyout
----------------------------------------------------------------
Companies and trustees are being too reactive in taking pension
scheme buy-out off the table as a result of market turbulence,
according to PricewaterhouseCoopers LLP.

Chris Massey, partner, PricewaterhouseCoopers LLP, commented:
"Providers and advisers are right to scale back their projections
for 2008 and 2009 market growth, but once liquidity is restored to
the banking sector the other factors needed for buy-out to be
feasible could well fall into place.

"While buying-out is clearly not the answer for all pension
schemes, it's quite illogical that companies should stop
considering it an option at a time when market turbulence has
shown many UK businesses are hugely exposed to pension risk."

Buying-out is often the final step in a lengthy scheme
de-risking process, which might include liability management
techniques, extensive data cleansing and changes in investment
strategy.  While there are a number of ways for schemes to lock in
a buy-out price, being ready to act quickly once the right
conditions present themselves is critical to securing a cost-
efficient deal.

Chris Massey, partner, PricewaterhouseCoopers LLP, commented:
"Interest rates, inflation, competition in the insurance market
and the value of a pension scheme's assets all play a part in
creating optimum conditions for buying-out a pension scheme.  And
since the best conditions seldom last longer than a few days,
companies aiming to take advantage of them must be ready to act
when the opportunity window is next open."

            About PricewaterhouseCoopers LLP

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


* S&P Says European Bank Measures to Help Stabilize Credit Markets
------------------------------------------------------------------
Standard & Poor's Ratings Services said that the package of
measures to support the banking systems announced by various
European countries should help in creating some increased
stability in the credit markets.

S&P considers these measures to be extraordinary government
actions, consistent with its view of those likely to be made by
supportive countries in times of extreme stress.  S&P expects
these actions to provide support to financial institution credits
that could otherwise have been vulnerable to a gathering crisis of
confidence and an associated "credit cliff."  However, the
measures are unlikely to result in immediate changes to S&P's
counterparty credit ratings.  Downward rating actions are still
possible, reflecting, for example, a future deterioration in asset
quality and earnings.  S&P lists recent commentaries giving
further information on government support at the end of this
article.

After an uncertain start at their gathering in Paris on Oct. 4,
2008, European leaders reconvened last week following the high
volatility seen in the capital markets.  Leaders of Eurozone
countries met on Oct. 12 and the full 27 members of the EU met on
Oct. 15.

Although the measures appear somewhat uneven, they appear to
amount to a more comprehensive plan of action, and possibly stand
a better chance of re-establishing market confidence and reducing
the impact of financial market turmoil.

While, in theory, a pan-European plan may appear attractive, in
reality the large number of member states may make such a plan
impractical.  Therefore, the EU members have formulated a number
of different plans at the national level.  In S&P's opinion, so
long as these various plans are broadly consistent and
coordinated, they should avoid having a further destabilizing
effect, at least within the Eurozone.  In S&P's opinion, similar
actions in other major financial markets, such as the U.S.,
Switzerland, and Australia, further reduce the risk of unilateral
government actions having unintended consequences, such as
guarantee schemes favoring one country's banks to the detriment of
another's.

The various plans have several common themes and appear to broadly
follow the U.K. approach, which aims to improve liquidity,
funding, and capital.

                            Liquidity

Enhanced short-term liquidity: Last week's announced change in the
scale of European central banks' provision of liquidity could, in
S&P's opinion, be a major step toward addressing the shortage of
term liquidity within the banking system and thus help the
interbank market move toward normal function.  In particular, S&P
considers that the unlimited one-month, three-month, and six-month
regular term auctions at fixed rates -- which give banks the
option of receiving foreign currencies such as U.S. dollars,
British pound sterling, or Swiss francs (CHF) -- should allow
central banks to mitigate the absence of institutional investors.

In addition, the Bank of Italy has said that it will exchange up
to EUR40 billion in certain bank assets for treasury bills, and a
Spanish program would purchase certain higher quality assets
outright.

                          Term Funding

In S&P's view, the provision of wholesale guarantees is a
substantial measure toward restarting the issuance of medium and
long-term debt in the markets and addressing banks' current
overreliance on short-term funding.  S&P considered that the
persistent lack of access to medium and long-term funding was
becoming a serious source of imbalance, creating additional
vulnerability for the banking system.

Up to EUR400 billion of guarantees for senior funding has been
made available for German banks, EUR200 billion for Dutch banks,
and EUR100 billion for Spanish banks.  S&P understands that the
French government will create a fund of up to EUR320 billion that
will lend for up to five years against many types of illiquid
collateral, including most types of loan held on French banks'
balance sheets.  This fund benefits from a state guarantee and
will issue notes to finance the illiquid loans.

These guarantees will typically require payment of a fee and some
are subject to minimum capital ratios.  The Swiss government has
also said that it is prepared to guarantee new short and medium-
term interbank liabilities, if necessary.  S&P expects to rate
debt issues benefiting from timely guarantees in line with the
ratings on the guarantor.

                        Capital Provision

S&P understands that funds are also being made available to invest
in banks' regulatory capital.  The French fund provides up to
EUR40 billion for this purpose, in addition to the acquisition of
a stake in the Dexia group that it made in conjunction with the
Belgian and Luxembourg governments in September.  So far, the
French state has announced subscriptions to EUR10.5 billion of
Tier 1 hybrid capital.  The aim is, however, to provide sufficient
capital to underpin the continued flow of credit to consumers and
businesses, rather than to establish a new, higher level of
capitalization.

The rating agency understands that the Spanish and Dutch
governments intend to follow suit, and are seeking authorization
to purchase equity stakes in banks.  In Germany, the government
may be able to acquire up to 33% of a private bank's share capital
without shareholder approval or provide other forms of Tier 1 and
Tier 2 capital.  The Swiss Confederation has invested CHF6 billion
in UBS AG.

In general, however, continental European countries appear
reluctant to inject equity capital and view this as a last resort.
In contrast, the U.K. government, although initially intending to
subscribe to preference shares, quickly moved to favor equity
investment as a means of reinforcing core capital ratios.

                          Other Measures

In addition, S&P understands that some governments, notably
Switzerland and Germany, are establishing asset purchase programs.
The Swiss plan relieves UBS of up to CHF60 billion of assets,
mainly related to U.S. mortgages.  The German proposal to purchase
certain assets appears to be an alternative to recapitalization,
rather than a supplementary measure.

More broadly, and in line with S&P's general expectations, most
governments have made explicit statements that they would not
allow systemically important banks to collapse.  The proposal to
increase the EU-wide minimum deposit guarantee to EUR100,000
should, in S&P's opinion, also help stabilize retail funding.

S&P believes that the combination of these actions could allow a
gradual improvement in funding conditions -- although clearly this
has yet to occur and may take some time.

That said, S&P notes that some of the details of the plans remain
unclear and could lack the forcefulness of the U.K. approach.
Banks do not appear to be compelled to increase their capital
ratios, and capital on offer is primarily in hybrid form.
Therefore, S&P sees the capital element of the packages as helpful
but less transformational: unless banks are in considerable
difficulties and ready to accept substantial sacrifices in terms
of executive compensation, ordinary share dividends, or even their
respective business models, access to capital may, in S&P's
opinion, not be granted or may be limited to a weaker hybrid form.

The agency's believes that market confidence is clearly dependent
on the sense that banks are working through the downturn with a
large enough cushion of core capital, above the relevant
regulatory minimums.  Banks may fear a general stigma associated
with their accepting government support, raising capital, or even
purchasing guarantees. Banks (and the market) may view these
measures as an indication of weakness, inhibiting lower-
capitalized banks from addressing their weaknesses ahead of a
recession.  This, in turn, could delay or prevent the return of
market confidence regarding banks' ability to withstand a
potentially severe downturn.  By contrast, the U.K. approach aimed
to restore confidence by calibrating capitalization to a level
where banks would remain well capitalized even after absorbing an
extreme stress test.

In S&P's view, continental governments appear to be adopting a
systemwide approach to funding problems, and a case-by-case
approach to capital.  Furthermore, some of the guarantees appeared
initially to be costly compared to others.  In the U.K., the cost
of funding guarantees is determined by the average credit default
swap spread over the past 12 months, plus a premium of 50 basis
points (bps).  For example, The Royal Bank of Scotland PLC has
estimated its guarantee premium to be roughly 130 bps, and
estimates for other major banks could be lower.  If costs are set
at a level too punitive to be attractive to banks, save those
requiring it most, this would further increase the risk of
stigmatizing these banks, potentially leading to competitive
imbalances.

In S&P's view, with any series of state interventions of this
complexity comes the need for compliance with EU law, in
particular the proscriptions against state aid.  The European
Commission envisages that government support should be limited in
duration (likely two years, but with reviews every six months) and
scope. Eligibility for support may not be based on nationality,
and banks will need to pay adequate remuneration in return for
support.  S&P notes that banks may also be subject to
restrictions, for example, caps on their lending activities.
Banks benefitting from support beyond a certain time frame would
likely be required to provide a restructuring plan in line with
the regulations on state aid.

In any case, the EC will likely take into consideration how
competition is distorted to the detriment of banks not needing
support and will likely also distinguish between beneficiaries
that are fundamentally sound but affected by the systemic crisis,
and those who may be affected by structural issues such as Hypo
Real Estate Bank AG or perhaps certain Landesbanks.  The latter
will fall under the usual state aid rules and will be subject to
compensatory measures.  Overall, however, S&P believes that in the
current extraordinary environment these measures may do much to
re-establish confidence.

While it does not anticipate a rapid return to market stability,
S&P believes that by seeking to address short-term liquidity
issues, medium-term funding problems, and concerns over capital
adequacy, market participants are likely to gradually recover
confidence.  S&P therefore expects the recent extraordinary
government actions to provide support to affected credits that
could otherwise have been vulnerable to a gathering crisis of
confidence and an associated "credit cliff," that is, sudden and
severe ratings downgrades.  S&P also believes that these actions
could remove certain factors causing incremental deterioration in
banks' creditworthiness and slow the potential trend toward
downgrades in bank ratings triggered by a gathering economic
slowdown.

Nevertheless, these government actions are unlikely to result in
immediate changes to S&P's counterparty credit ratings on European
banks.  Downward rating actions are still possible, reflecting,
for example, a future deterioration in asset quality and earnings,
although in general S&P expects the extraordinary support being
provided to limit such actions.


* S&P Reports Slow Economy to Pressure European Chemical Companies
------------------------------------------------------------------
Deterioration in macroeconomic conditions over the past few months
looks likely to put pressure on the earnings of European and
Middle Eastern chemical companies, especially in 2009, and might
trigger negative rating actions, says Standard & Poor's Ratings
Services its latest "Industry Report Card: Slowing Economy Will
Squeeze European Chemical Earnings -- And Ratings."

"In such an environment, companies with negative outlooks, about
20% of the total of 29 that we rate, face an increased risk of a
rating deterioration," said S&P's credit analyst Tobias Mock.

The outlook on six companies is currently negative: LyondellBasell
Industries AF S.C.A. (B/Negative/--), Ineos Group Holdings PLC
(B+/Negative/--), Carmeuse Holding S.A. (BB+/Negative/--), Akzo
Nobel N.V. (A-/Negative/A-2), BASF SE (AA-/Negative/A-1+), and
SPCM S.A. (BB-/Negative/--).  For all these companies, weaker
profit generation in the coming years could trigger a downgrade
because their current credit protection ratios are not strong
enough to offset a material decline in operating profit.

Nevertheless, the outlook is still stable on the majority of rated
firms because they have managed to build up a cushion during the
good economic conditions of the past years, and are therefore
likely to maintain their credit strength, even in a weakening
environment.

"While the majority of our rated chemical companies have solid
balance sheets to weather the increased uncertainties, we see an
elevated risk of credit deterioration for our six issuers rated in
the 'B' category," said Mr. Mock.  "Their balance sheets do not
allow for a prolonged downturn, significant earnings
deterioration, or refinancing needs."

Liquidity of S&P's rated investment-grade companies looks solid
for the next 12 months because debt maturities are moderate and
companies expect that cash flows should cover their expenses.
Liquidity for speculative-grade companies, however, is highly
dependent on their ability to comply with their financial
covenants and therefore poses a higher risk.

Agrochemical companies and industrial gas producers are more
resilient than other chemical segments to withstand low or even
negative economic growth and an imbalance of supply and demand,
the report says.  S&P therefore expects their performance to be
solid and in line with expectations for their credit profiles.
Petrochemical producers, on the other hand, will be the most
exposed to slowing economic growth, volatile raw material costs,
and a substantial addition of supply coming on stream from 2009.

In response to tougher conditions, S&P expects chemical companies
to adopt more conservative financial policies in the downcycle,
moving away from the aggressive debt financing of 2006-2007 and
from large share buybacks.  In addition, S&P expects capital
expenditures to be smaller and acquisitions to remain relatively
scarce.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                    *      *      *

                  Featured Conferences

Renaissance American Management and Beard Conferences presents

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

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

                    *      *      *

Beard Audio Conferences presents

Bankruptcy and Restructuring Audio Conference CDs

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

                    *      *      *

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

                            *********

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

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

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

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

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *