TCREUR_Public/081024.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

           Friday, October 24, 2008, Vol. 9, No. 212

                            Headlines

A U S T R I A

B. BOJEVIC KEG: Claims Registration Period Ends November 11
BUCHHALTUNGSPLUS LLC: Claims Registration Period Ends Nov. 18
BULAN KEG: Claims Registration Period Ends November 12
CAR COSMETIC: Claims Registration Period Ends November 11
RUDOLF HESS: Claims Registration Period Ends November 5


G E R M A N Y

GERUESTVERLEIH BAUSERVICE: Claims Registration Ends Oct. 28
HC BAU+SERVICE: Claims Registration Period Ends October 30
KDS IT-SERVICE: Claims Registration Period Ends October 30
KH UMWELTTECHNIK: Claims Registration Period Ends October 30
KRAGELOH BAUGESELLSCHAFT: Claims Registration Ends Oct. 30

L & S GMBH: Claims Registration Period Ends October 30
LOG SERV: Claims Registration Period Ends Oct. 28
MJS GMBH: Claims Registration Period Ends October 30
MOEBELMARKT EISENBERG: Claims Registration Period Ends Oct. 30
PRO HAUS SERVICE: Claims Registration Period Ends Oct. 30

RECUTEC GMBH: Claims Registration Period Ends Oct. 30
TUI AG: S&P Retains Watch Negative on BB- Corporate Credit Ratings
VERITRADE GMBH: Claims Registration Period Ends Oct. 30
WEICHENRIEDER BAUUNTERNEHMUNG: Claims Registration Ends Oct. 30
WERKZEUG FORMEN: Claims Registration Period Ends Oct. 30


I R E L A N D

PALMER SQUARE 2: S&P Junks Ratings on B-1, B-2, C Notes to CCC-
TAGGART GROUP: Complies with Banks Request for Administration


K A Z A K H S T A N

AKTAU-MERKUR-2005 LLP: Creditors Must File Claims by Nov. 28
ASIA PROM: Creditors' Claims Deadline Slated for November 28
DAK LTD: Creditors' Claims Filing Period Ends November 28
JAMSHYT LLP: Creditors' Claims Due on November 28
KOSTANAI-O LTD LLP: Claims Registration Ends November 28

KURSI LLP: Creditors Must File Claims by November 28
SERVICE SARYKOL: Claims Deadline Slated for November 28
STROY TREST: Claims Filing Period Ends November 28
TURKSIB LLP: Creditors' Claims Due on November 28
YRYS LLP: Claims Registration Ends November 28


K Y R G Y Z S T A N

TECH SYSTEM: Creditors Must File Claims by November 26


N E T H E R L A N D S

* S&P Says New Legislation Won't Affect Dutch Covered Bond Ratings


N O R W A Y

SOLSTRAND AS: Files for Bankruptcy After Production Costs Soar


R U S S I A

CAR REPAIR: Tatarstan Bankruptcy Hearing Set Feb. 12, 2009
CRANE PLANT: Creditors Must File Claims by December 10
KRASNOYARSK-VZRYUV-PROM: Creditor Must File Claims by Nov. 10
MOBILE TELESYSTEMS: To Place Third RUR10 Billion Bond on Oct. 28
MODUL OJSC: Ryazanskaya Bankruptcy Hearing Set February 17

MOSCOW CAPITAL: Moody's Junks Currency Deposit Ratings to Caa2
NOVOLIPETSK STEEL: Gets Sued for Reneging on US$3.53 Bil. Deal
RESOURCE-OIL LLC: Creditors Must File Claims by November 10
SITRONICS JSC: Announces New Appointments to Management Board
SKHODNENSKAYA FURNITURE: Creditors Must File Claims by Nov. 10

SOTSGORBANK: S&P Changes Outlook to Neg; Holds B-/C Credit Ratings
STRAZH-LASER LLC: Creditors Must File Claims by December 10


S P A I N

* S&P Places Ratings on Various Spanish SMEs Under Negative Watch


S W I T Z E R L A N D

3SIXTY PETROLEUM: Creditors Must File Proofs of Claim by Nov. 6
AC-SERVICE MANAGEMENT: Deadline to Claims Set Nov. 6
ALR TAI: Creditors Have Until Nov. 6 to File Claims
BECADO LLC: Proofs of Claim Filing Deadline is Nov. 6
CASA CADPLANUNG: Creditors' Proofs of Claim Due by Nov. 6

CROWN ASSET: Nov. 7 Set as Deadline to File Claims
IDL JSC: Creditors Must File Proofs of Claim by Nov. 7


T U R K E Y

DOGAN YAYIN: Moody's Reviews Ba3 Ratings for Downgrade


U K R A I N E

KERAMIK OJSC: Creditors Must File Claims by October 29
KNIAZHY GRAD: Creditors Must File Claims by October 30
LVOV TORONTO: Creditors Must File Claims by October 26
MAVIS-SA LLC: Creditors Must File Claims by October 30
SHEVCHENKO AGRICULTURAL: Creditors Must File Claims by Oct. 26

SPRINT LLC: Creditors Must File Claims by October 29


U N I T E D   K I N G D O M

BARCLAYS PLC: Issues EUR3 Bil. Three-Year Bonds
CASH4ALL LTD: Brings in Joint Administrators from KPMG
KAUPTHING CAPITAL: Calls in Joint Administrators from KPMG
KAUPTHING SINGER: Depositors Take Measures to Recover Money
KCP II: Taps Smith & Williamson to Administer Assets

KEYNOTE EDUCATIONAL: Appoints Liquidators from Baker Tilly
LUCITE INTERNATIONAL: S&P Puts B Corp. Credit Rating on Watch Neg.
METALEX ENGINEERING: Joint Liquidators Take Over Operations
NEXTGEN TECHNICAL: Brings in Liquidators from Tenon Recovery
PLASTECH MULTISEALS: Calls in Administrators from Baker Tilly

QUADRANT EXHIBITIONS: Hires Liquidators from Mazars
SAFEWELD LTD: Appoints Liquidators from Moore & Stephens
WILLIAMS ALLOYS: Taps Joint Administrators from Deloitte

* Downturn & Weak Economy Bad for UK Petrochemical Firms, S&P Says
* Investment Pull-Backs Tip Europe into 3Q Recession, S&P Reports
* Baltic States to Mirror Hungary's IMF Receivership
* Euler Hermes Says 2008/2009 Outlook for Air Carriers Bleak


                         *********


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


B. BOJEVIC KEG: Claims Registration Period Ends November 11
-----------------------------------------------------------
Creditors owed money by KEG B. Bojevic (FN 243032a) have until
Nov. 11, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Nov. 25, 2008, for the
examination of claims at:

         The Trade court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Sept. 19, 2008, (Bankr. Case No. 28 S 121/08k).


BUCHHALTUNGSPLUS LLC: Claims Registration Period Ends Nov. 18
-------------------------------------------------------------
Creditors owed money by LLC Buchhaltungsplus (FN 291355p) have
until Nov. 18, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Erhard Hackl
         Hofgasse 7
         4020 Linz
         Tel: 0732/776234, 776235
         Fax: DW 22
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on Dec. 2, 2008, for the
examination of claims at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in St. Florian bei Linz, Austria, the Debtor
declared bankruptcy on Sept. 18, 2008, (Bankr. Case No. 14 S
51/08k).


BULAN KEG: Claims Registration Period Ends November 12
------------------------------------------------------
Creditors owed money by KEG Bulan (FN 171416h) have until Nov. 12,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Thomas Boechzelt
         Krottendorfer Gasse 4
         8700 Leoben
         Austria
         Tel: 03842-48117
         Fax: 03842-48117-11
         E-mail: office@ra-ahb.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Nov. 19, 2008, for the
examination of claims at:

         The Land Court of Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Stainach, Austria, the Debtor declared bankruptcy
on Sept. 18, 2008, (Bankr. Case No. 17 S 49/08m).


CAR COSMETIC: Claims Registration Period Ends November 11
---------------------------------------------------------
Creditors owed money by LLC Car Cosmetic Automobile Repairs (FN
261184w) have until Nov. 11, 2008, to file written proofs of claim
to the court-appointed estate administrator:

         Mag. Georg Rupprecht
         Hauptplatz 9-13
         2500 Baden
         Austria
         Tel: 02252/86 580
         Fax: 02252/86 5803
         E-mail: rupprecht@lexacta.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 25, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Baden bei Vienna, Austria, the Debtor declared
bankruptcy on Sept. 19, 2008, (Bankr. Case No. 11 S 100/08d).


RUDOLF HESS: Claims Registration Period Ends November 5
-------------------------------------------------------
Creditors owed money by LLC Rudolf Hess (FN 193419s) have until
Nov. 5, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01-Serie
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 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. 18, 2008, (Bankr. Case No.4 S 132/08a).


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


GERUESTVERLEIH BAUSERVICE: Claims Registration Ends Oct. 28
-----------------------------------------------------------
Creditors of GBC Geruestverleih Bauservice und Containerdienst
GmbH have until Oct. 28, 2008, to register their claims with
court-appointed insolvency manager Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 2, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against GBC Geruestverleih Bauservice und
Containerdienst GmbH on Sept. 5, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GBC Geruestverleih Bauservice und Containerdienst GmbH
         Richard-Sonnenburg-Str. 7
         15295 Brieskow-Finkendheerd
         Germany


HC BAU+SERVICE: Claims Registration Period Ends October 30
----------------------------------------------------------
Creditors of HC Bau+Service GmbH have until Oct. 30, 2008, to
register their claims with court-appointed insolvency manager
Sebastian Nolte.

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

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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:

         Sebastian Nolte
         Peterstr. 5
         99084 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings against
HC Bau+Service GmbH on Sept. 8, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HC Bau+Service GmbH
         Boyneburgstrasse 5
         99089 Erfurt
         Germany


KDS IT-SERVICE: Claims Registration Period Ends October 30
----------------------------------------------------------
Creditors of KDS IT-Service GmbH have until Oct. 30, 2008, to
register their claims with court-appointed insolvency manager
Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Michael W. Kuleisa
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against KDS IT-Service GmbH on Sept. 29, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         KDS IT-Service GmbH
         Jessenstrasse 4-6
         22767 Hamburg
         Germany


KH UMWELTTECHNIK: Claims Registration Period Ends October 30
------------------------------------------------------------
Creditors of KH Umwelttechnik GmbH have until Oct. 30, 2008, to
register their claims with court-appointed insolvency manager Rolf
G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 11, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Rolf G. Pohlmann
         Rosental 6
         80331 Munich
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

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

The Debtor can be reached at:

         KH Umwelttechnik GmbH
         Johann-Karg-Str. 30
         85540 Haar
         Germany


KRAGELOH BAUGESELLSCHAFT: Claims Registration Ends Oct. 30
----------------------------------------------------------
Creditors of Krageloh Baugesellschaft mbH & Co. KG have until
Oct. 30, 2008, to register their claims with court-appointed
insolvency manager Dr. Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on Nov. 27, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         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. Ruediger Werres
         Friesenplatz 17a
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Krageloh Baugesellschaft mbH & Co. KG on Sept. 9, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Krageloh Baugesellschaft mbH & Co. KG
         Hansaring 61
         50670 Cologne
         Germany


L & S GMBH: Claims Registration Period Ends October 30
------------------------------------------------------
Creditors of L & S GmbH & Co. KG have until Oct. 30, 2008, to
register their claims with court-appointed insolvency manager
Dietmar Penzlin.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Dec. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         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:

         Dietmar Penzlin
         Rathausstrasse 2
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         L & S GmbH & Co. KG
         Westermoeoeler Weg
         25591 Ottenbuettel
         Germany


LOG SERV: Claims Registration Period Ends Oct. 28
-------------------------------------------------
Creditors of Log Serv Logistic Service GmbH have until Oct. 28,
2008, to register their claims with court-appointed insolvency
manager Dr. Stephan Laubereau.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Stephan Laubereau
         Trakehner Strasse 7-9
         60487 Frankfurt/Main
         Germany
         Tel: 069/8509693-0
         Fax: 069/8509693-29

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against  Log Serv Logistic Service GmbH on Sept. 1,
2008.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Log Serv Logistic Service GmbH
         Attn: Manfred Drinkuth, Manager
         Broennerstrasse 20
         60313 Frankfurt am Main
         Germany


MJS GMBH: Claims Registration Period Ends October 30
----------------------------------------------------
Creditors of MJS GmbH have until Oct. 30, 2008, to register their
claims with court-appointed insolvency manager Klaus Niemeyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 17, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Hall N 301
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Klaus Niemeyer
         Schillerstr. 20
         49074 Osnabrueck
         Germany
         Tel: 0541/33 85 00
         Fax: 0541/33 850-50

The District Court of Osnabrueck opened bankruptcy proceedings
against MJS GmbH on Sept. 26, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MJS GmbH
         Krahnstr. 35
         49074 Osnabrueck
         Germany


MOEBELMARKT EISENBERG: Claims Registration Period Ends Oct. 30
--------------------------------------------------------------
Creditors of MME Moebelmarkt Eisenberg GmbH have until
Oct. 30, 2008, to register their claims with court-appointed
insolvency manager J. Oehler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Gera
         Room 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         J. Oehler
         Willy-Brandt-Platz 1
         99084 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
MME Moebelmarkt Eisenberg GmbH on Oct. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MME Moebelmarkt Eisenberg GmbH
         Greinerstrasse 2
         07607 Eisenberg
         Germany


PRO HAUS SERVICE: Claims Registration Period Ends Oct. 30
---------------------------------------------------------
Creditors of Pro Haus Service GmbH have until Oct. 30, 2008, to
register their claims with court-appointed insolvency manager
Dr. Rolf-Dieter Moenning.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Dec. 11, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Rolf-Dieter Moenning
         Heideparkstrasse 4
         01099 Dresden
         Germany
         Web site: www.insolnet.de

The District Court of Dresden opened bankruptcy proceedings
against Pro Haus Service GmbH on Oct. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Pro Haus Service GmbH
         Meissner Str. 258
         01445 Radebeul
         Germany

         Attn: Alexander Wolf, Manager
         Geboren 1964
         Meissner Str. 258
         01445 Radebeul
         Germany


RECUTEC GMBH: Claims Registration Period Ends Oct. 30
-----------------------------------------------------
Creditors of Recutec GmbH Gesellschaft fuer
Rekultivierungstechnologie have until Oct. 30, 2008, to register
their claims with court-appointed insolvency manager Dr. Hubert
Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Nov. 25, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Straubing
         Room 216
         Straubing
         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. Hubert Ampferl
         Galgenbergstrasse 2
         93053 Regensburg
         Germany
         Tel: 0941/2807370
         Fax: 0941/2807379

The District Court of Straubing opened bankruptcy proceedings
against Recutec GmbH Gesellschaft fuer Rekultivierungstechnologie
on Sept. 16, 2008.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Recutec GmbH Gesellschaft fuer
         Rekultivierungstechnologie
         Europaring 4
         94315 Straubing
         Germany


TUI AG: S&P Retains Watch Negative on BB- Corporate Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB-' long-term
corporate credit ratings and all issue ratings on Germany-based
tourism and shipping group TUI AG remain on CreditWatch with
negative implications, where they were originally placed on March
19, 2008.  This follows the announcement of the proposed sale of
TUI's container shipping unit Hapag-Lloyd AG on Oct. 13, 2008.

"The sale of Hapag-Lloyd will reduce TUI's capital intensity, but
the group's overall business risk profile will weaken as a result
of greater reliance on its cyclical and relatively low-margin
tourism businesses," said S&P's credit analyst Philip Temme.
"These units are currently strongly exposed to headwinds from
economic weakness in TUI's major markets as well as event risk.
The scale and diversity of TUI's tourism operations only partially
mitigate these risk factors."

The Hapag-Lloyd transaction, which is expected to close in January
2009, involves the sale of 100% of Hapag-Lloyd to a new vehicle
for an enterprise value of EUR4.45 billion.  The purchasing entity
is 66.6%-owned by the Hamburg-based Albert Ballin KG consortium,
with TUI AG taking a 33.3% stake in the new vehicle for EUR700
million.  On closing of the transaction, TUI will receive net cash
proceeds of EUR2 billion, at the same time disposing of EUR1.3
billion of Hapag-Lloyd debt, EUR75 million of Hapag-Lloyd pension
liabilities, and EUR75 million of other Hapag-Lloyd financial
liabilities.

In the short term, the transaction will enable TUI to reduce
balance sheet group net debt significantly, with pro forma net
debt reducing to around EUR600 million from around EUR3.9 billion
at year-end 2008.

"Ratings remain on CreditWatch pending further clarification
regarding TUI's likely use of transaction proceeds and medium-term
financial policy," added Mr. Temme. "Transparency with respect to
financial strategy is limited.  The group's bonds require proceeds
from the Hapag-Lloyd sale either to be reinvested or used to pay
down debt within 360 days of the transaction closing."

TUI has expressed strong interest in making further investments in
its tourism division, while at the same time ruling out any
immediate offer for the shares in TTP that it does not already
control.  Any eventual offer for TTP would likely require the use
of most, if not all, of the Hapag-Lloyd sale proceeds.  TUI has
also expressed its willingness to give "appropriate consideration"
to shareholders, although structural constraints would likely
militate against large-scale shareholder returns.  A further,
although less likely, option is that the group may opt to pay down
debt and to pursue an investment holding company strategy.

S&P is seeking clarification from TUI to enable it to resolve the
CreditWatch as soon as possible.  To retain existing ratings, the
company needs to demonstrate a clear and unequivocal commitment to
pursue a financial policy consistent with its revised business
risk profile, and with the 'BB-' rating category.  At this stage,
upgrade potential appears limited, but any downgrade would likely
be limited to one notch.


VERITRADE GMBH: Claims Registration Period Ends Oct. 30
-------------------------------------------------------
Creditors of Veritrade GmbH have until Oct. 30, 2008, to register
their claims with court-appointed insolvency manager Karsten
Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Karsten Toetter
         Gertrudenstrasse 3
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Veritrade GmbH
         Attn: Mirko Platz and
               Stefan Tramler, Managers
         Hongkongstrasse 3 - 5
         20457 Hamburg
         Germany


WEICHENRIEDER BAUUNTERNEHMUNG: Claims Registration Ends Oct. 30
---------------------------------------------------------------
Creditors of Weichenrieder Bauunternehmung Transportbeton GmbH
have until Oct. 30, 2008, to register their claims with court-
appointed insolvency manager Alexander Saponjic.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on Nov. 20, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         Germany

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

The insolvency manager can be reached at:

         Alexander Saponjic
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/94321-0
         Fax: 0871-94321-50

The District Court of Regensburg opened bankruptcy proceedings
against Weichenrieder Bauunternehmung Transportbeton GmbH on Sept.
11, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Weichenrieder Bauunternehmung
         Transportbeton GmbH
         Mainburger Str. 7
         84094 Elsendorf
         Germany


WERKZEUG FORMEN: Claims Registration Period Ends Oct. 30
--------------------------------------------------------
Creditors of WFV GmbH Werkzeug-, Formen- und Vorrichtungsbau have
until Oct. 30, 2008, to register their claims with court-appointed
insolvency manager Thomas Jacobs.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Halle (Saal)
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Thomas Jacobs
         Tieckstrasse 3
         04275 Leipzig
         Germany
         Tel: 0341/303850
         Fax: 0341/3038511

The District Court of Halle (Saal) opened bankruptcy proceedings
against WFV GmbH Werkzeug-, Formen- und Vorrichtungsbau on
Aug. 31, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WFV GmbH Werkzeug-, Formen- und Vorrichtungsbau
         Wilhelm-Franke-Strasse 3
         06618 Naumburg
         Germany

         Attn: Dirk Weidemeier, Manager
         Adolf-von-Wenzel-Str. 11
         06628 Bad Koesen
         Germany


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


PALMER SQUARE 2: S&P Junks Ratings on B-1, B-2, C Notes to CCC-
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and kept on
CreditWatch with negative implications its credit ratings on the
class A1, A2, A3, B, and C notes issued by Palmer Square 2 PLC.
The 'AAA' credit ratings on the class X notes remain unaffected.

The underlying portfolio in this transaction continues to
experience negative rating migration as it contains U.S.
collateralized debt obligations (CDOs) and prime and subprime
residential mortgage-backed securities (RMBS) assets that have
been placed on CreditWatch negative and/or have had their ratings
lowered.  This has led to an increase in the scenario default
rates that S&P assumes for different rating scenarios.

On Jan. 30, 2008, all of Palmer Square 2's rated notes were placed
on CreditWatch negative to reflect the credit deterioration being
experienced in the underlying portfolio.  On April 2, the class
A2, A3, B, and C notes were downgraded and kept on CreditWatch
negative. Further rating actions were taken on June 26, when the
class A1, A2, A3, B, and C notes were downgraded and kept on
CreditWatch negative due to ongoing credit deterioration in the
underlying portfolio.  At that time, the class X notes were
removed from CreditWatch negative.

The rating actions taken to date also reflect revisions to S&P's
recovery rate assumptions for certain CDOs.  The revision has led
to a significant fall in the tranches' breakeven default rates, as
estimated in S&P's cash flow analysis.  As a result, current
credit enhancement is not sufficient to support existing ratings
levels.

Palmer Square 2 closed on Oct. 10, 2005 and is a cash flow CDO of
asset-backed securities transaction.

Ratings Lowered And Kept On CreditWatch Negative:

Class              To                    From
-----              --                    ----
A1-M-A        A-/Watch Neg           A+/Watch Neg
A1-M-B        A-/Watch Neg           A+/Watch Neg
A1-Q-A        A-/Watch Neg           A+/Watch Neg
A1-Q-B        A-/Watch Neg           A+/Watch Neg
A2-A          BB/Watch Neg           BBB/Watch Neg
A2-B          BB/Watch Neg           BBB/Watch Neg
A3-A          B-/Watch Neg           BB/Watch Neg
A3-B          B-/Watch Neg           BB/Watch Neg
B-1           CCC-/Watch Neg         BB-/Watch Neg
B-2           CCC-/Watch Neg         BB-/Watch Neg
C             CCC-/Watch Neg         B/Watch Neg


TAGGART GROUP: Complies with Banks Request for Administration
-------------------------------------------------------------
The Taggart Group of Companies have been placed under
administration to comply with the requests of Bank of Ireland and
Ulster Bank.  The company owes the banks a total of
EUR150 million, Barry O'Halloran of The Irish Times reports.

Mr. Gareth Kelleher of Pricewaterhousecoopers has been appointed
administrator to the Taggart's companies in Northern Ireland.

Mr. Bill O'Riordain, a partner of Pricewaterhousecoopers in
Dublin, was appointed as receiver in the Republic.  Based on the
report, the receiver in the Republic will dealing with
EUR20 million debt, and relate to four sites in Kinnegad, Co
Westmeath, Kinsealy, Dublin, Muff, Co Donegal and Trim, Co Meath.
Two other Taggart developments in Trim and Naas are not affected.

As of early 2007, the company has an estimated EUR860 million
worth of land in Ireland, Britain and Europe.

The report notes that Taggart had disclosed having a core
workforce of 15, down from the 60 staff it employed last year.
Last month, it was reported that talks aimed at getting Castleway
Developments chairman, John McCann, to put EUR100 million into the
group had failed.


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


AKTAU-MERKUR-2005 LLP: Creditors Must File Claims by Nov. 28
------------------------------------------------------------
LLP Aktau-Merkur-2005 has declared liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Aktau-Merkur-2005
         Micro District 3, 113-1
         Aktau
         Mangistau
         Kazakhstan


ASIA PROM: Creditors' Claims Deadline Slated for November 28
------------------------------------------------------------
LLP Asia Prom Style has declared liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Asia Prom Style
         Karasai batyr Str. 12-8
         Saryarka
         010000, Astana
         Kazakhstan


DAK LTD: Creditors' Claims Filing Period Ends November 28
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Dak Ltd. insolvent.

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

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


JAMSHYT LLP: Creditors' Claims Due on November 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Jamshyt insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Komsomolskaya Str. 82
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 51-45-29


KOSTANAI-O LTD LLP: Claims Registration Ends November 28
--------------------------------------------------------
LLP Kostanai-O Ltd. has declared liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Kostanai-O Ltd.
         Chehov Str. 105a
         Kostanai
         Kazakhstan


KURSI LLP: Creditors Must File Claims by November 28
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kursi insolvent.

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

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


SERVICE SARYKOL: Claims Deadline Slated for November 28
-------------------------------------------------------
LLP Vet Service Sarykol has declared liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Vet Service Sarykol
         Barvinovsky
         Sarykolsky
         Kostanai
         Kazakhstan


STROY TREST: Claims Filing Period Ends November 28
--------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Rem Stroy Trest insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Voroshilov Str. 4-11
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 55-55-48


TURKSIB LLP: Creditors' Claims Due on November 28
-------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Turksib insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Voroshilov Str. 4-11
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7232) 55-55-48


YRYS LLP: Claims Registration Ends November 28
----------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Yrys insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Komsomolskaya Str. 82
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7112) 51-45-29


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


TECH SYSTEM: Creditors Must File Claims by November 26
------------------------------------------------------
LLC Tech System has shut down.  Creditors have until Nov. 26,
2008, to submit written proofs of claim to:

         LLC Tech System
         Toktogul Str. 31-510
         Bishkek
         Kyrgyzstan


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


* S&P Says New Legislation Won't Affect Dutch Covered Bond Ratings
------------------------------------------------------------------
In a published report, Standard & Poor's Ratings Services
considers that the new Dutch covered bond legislation does not
affect its ratings on Dutch covered bonds.

The new legislation is principles based and does not address the
enforceability of the underlying structures of these bonds.  The
law recognizes the general-law-based structure currently seen in
existing Dutch covered bond programs S&P rates.

The law came into force on July 1, 2008.  By creating a specific
legal framework, the main purpose of the law was, S&P understands,
to allow for this type of covered bond to become compliant with
two EU directives—Undertakings for Collective Investment in
Transferable Securities (UCITS) and the Capital Requirements
Directive (CRD)—through registration with De Nederlandsche Bank
(DNB, the Dutch central bank).

S&P understands that this new legal framework will also allow
Dutch covered bonds to attract lower "haircuts" when used for
European Central Bank (ECB) repo purposes.  S&P expects this, and
the new supervision by DNB, to increase the attractiveness of
registered Dutch covered bonds for investors and bring the bonds
to the same level playing field as other regulated covered bonds,
e.g., in Germany or Ireland.


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


SOLSTRAND AS: Files for Bankruptcy After Production Costs Soar
--------------------------------------------------------------
Norwegian shipyard Solstrand AS has filed for bankruptcy, blaming
soaring production costs, Andy Pierce writes for TradeWinds.

"This has been coming for some time because the contract prices
are much lower than the production costs of the vessels," a
spokesperson was quoted by TradeWinds as saying.  "The owners and
the banks won't finance it so there is no other way than
bankruptcy."

The spokesperson, TradeWinds relates, confirmed that Havyard,
owned by the Saevik family, is considering taking full control of
the yard, which currently has seven new buildings on its books,
comprising three platform supply vessels (PSVs) and four fishing
boats.

Meanwhile, an insider revealed the yard is now a "going concern
but there is still hope the company can be saved," Trade Winds
notes.

Citing company sources, TradeWinds discloses meetings are
currently undergoing in Norway to address the situation.

                     About Havyard

The Havyard Group -- -- http://www.havyard.no/-- is a fully
integrated shipbuilding enterprise.  The group's head office is in
Fosnavag, south of Alesund.

                     About Solstrand

Solstrand is 80% owned by the Havyard Group.


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


CAR REPAIR: Tatarstan Bankruptcy Hearing Set Feb. 12, 2009
----------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 1:40 p.m. on
Feb. 12, 2009, to hear bankruptcy supervision procedure on LLC Car
Repair Plant Industrial Park.  The case is docketed under Case No.
A65–10132/2008-SG4–40.

The Temporary Insolvency Manager is:

         V. Shevelev
         Post User Box 75
         420021 Kazan
         Tatarstan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Office 29
         Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         LLC Car Repair Plant
         Naberezhny Chelny
         Tukayevskogo
         Tatarstan
         Russia


CRANE PLANT: Creditors Must File Claims by December 10
------------------------------------------------------
Creditors of LLC Crane Plant (Machinery-Producing Industry)(TIN
7420006375) have until Dec. 10, 2008, to submit proofs of claims
to:

         A. Fazlyuyev
         Insolvency Manager
         Post User Box 220
         450080 Ufa
         Bashkortostan
         Russia

The Arbitration Court of Chelyabinskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A76-74/2008-34-10.

The Debtor can be reached at:

         LLC Crane Plant
         Suvorova Str. 17
         Chebarkul
         Russia


KRASNOYARSK-VZRYUV-PROM: Creditor Must File Claims by Nov. 10
-------------------------------------------------------------
Creditors of OJSC Krasnoyarsk-Vzryuv-Prom
(DrillingandBlastingOperations) (TIN 2461119820, PSRN
1052461052621) have until Nov. 10, 2008, to submit proofs of
claims to:

         I. Nozdrin
         Temporary Insolvency Manager
         78th Dobrovolcheskoy Brigady Str.14a/22
         660077 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarskogo will convene on Dec. 24,
2008, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. A33–10870/2008..

The Debtor can be reached at:

         OJSC Krasnoyarsk-Vzryuv-Prom
         Krasnoyarskiy Rabochiy Prospect 100b
         660059 Krasnoyarsk
         Russia


MOBILE TELESYSTEMS: To Place Third RUR10 Billion Bond on Oct. 28
----------------------------------------------------------------
Mobile TeleSystems OJSC plans to place its third RUR10 billion
bond with maturity in 2015 on Oct. 28, 2008.  The coupons are to
be paid semiannually.

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+', National Long-term rating of 'AA(rus)' and Short-
term IDR of B from Fitch Ratings, with stable outlook.  The
ratings were assigned April 2008.

Mobile TeleSystems also carries Ba2 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service,
which says the outlook is positive.


MODUL OJSC: Ryazanskaya Bankruptcy Hearing Set February 17
----------------------------------------------------------
The Arbitration Court of Ryazanskaya will convene on Feb. 17,
2008, to hear bankruptcy supervision procedure on OJSC
Modul(Production of ConstructionMetalStructures).  The case is
docketed under Case No. A54–3254/2008-S1.

The Temporary Insolvency Manager is:

         S. Krivosheyin
         Post User Box 288
         390044 Ryazan-44
         Russia

The Debtor can be reached at:

         OJSC Modul
         Zavodskaya Str. 5
         Korablino
         Korablinskiy
         391200 Ryazanskaya
         Russia


MOSCOW CAPITAL: Moody's Junks Currency Deposit Ratings to Caa2
--------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign currency deposit ratings of Moscow Capital Bank to Caa2
from B3 and placed the ratings on review for possible further
downgrade. Moscow Capital's bank financial strength rating (BFSR)
was also downgraded to E from E+.  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 Moscow Capital's long-
term national scale rating (NSR) to B3.ru from Baa3.ru and placed
it on review for possible downgrade.

According to Moody's and Moody's Interfax, the Caa2/Not Prime/E
global scale ratings reflect Moscow Capital's global default and
loss expectation, while the B3.ru national scale rating reflects
the standing of the bank's credit quality relative to its domestic
peers.

"[The] rating action was prompted by the recent tightening of
Moscow Capital's liquidity position and the bank's failures to
process on-time client payments and withdrawals by individual
depositors," explains Olga Ulyanova, a Moody's Assistant Vice
President - Analyst and lead analyst for Moscow Capital.

Moody's understands that Moscow Capital is trying to attract
additional funding by arranging several interbank loans and re-
negotiating with the borrowers the terms of a number of sizeable
loans to ensure their early redemption.  "However, while these
steps may help the bank close liquidity gaps in the short term,
they might not be sufficient to dramatically improve the bank's
liquidity profile going forward," cautions Ms Ulyanova.  Indeed,
the bank is over-reliant on short-term customer funding, including
individual deposits, which, in accordance with the Russian law,
can be withdrawn at any time.  Furthermore, Moscow Capital is
exposed to long-term lending with a fairly high concentration in
the real estate and construction sectors.

According to Moody's, the review of Moscow Capital's ratings will
focus on the bank's ability to improve its liquidity profile and
acquire more stable and long-term funding.  Furthermore, given the
weakening credit quality of corporates in Russia, especially those
involved in real estate and construction, Moody's will assess any
resulting impact on Moscow Capital's loan book and financial
fundamentals.

Moody's previous rating action on Moscow Capital was implemented
on 26 October 2007, when the rating agency assigned first-time
ratings of B3/NP/E+/Baa3.ru to the bank.

Domiciled in Moscow, Russia, Moscow Capital Bank reported total
IFRS assets of US$985 billion, total shareholders' equity of US$92
million and a net income of US$20 million as at December 31, 2007.


NOVOLIPETSK STEEL: Gets Sued for Reneging on US$3.53 Bil. Deal
--------------------------------------------------------------
OAO Novolipetsk Steel (aka NLMK) is facing a lawsuit filed in
Manhattan federal court by Carlyle Group LLC regarding a deal to
purchase Carlyle-owned John Maneely Co., The Wall Street Journal
reports.

The report says the lawsuit alleges Novolipetsk breached its
obligations to consummate the merger, which was set to close
Sept. 29.  When it failed to close, Novolipetsk told the buyout
firm it would close the deal no later than Oct. 15, a court filing
cited by The WSJ said.

As reported in the Troubled Company Reporter-Europe on Aug. 15,
2008, Novolipetsk signed a definitive agreement to acquire John
Maneely Company for US$3.53 billion on a debt free, cash free
basis.

John Maneely was acquired by Carlyle in March 2006 for US$568
million.

According to The WSJ, instead of closing, Carlyle said Novolipetsk
sought instead to renegotiate the terms of the merger agreement.
The complaint discloses that in meetings between Oct. 2 and
Oct. 15, Novolipetsk tried to reduce its purchase price, citing
changes to financial markets, Bloomberg News relates.

Bloomberg News notes Novolipetsk said on Oct. 15 that it expects
"a slowdown in steel demand and the weakening of the pricing
environment”" in the fourth quarter due to the global economic
slump.

Carlyle also accuses Novolipetsk of failing to use "commercially
reasonable efforts" to secure financing for the deal, The WSJ
adds.

Based on the Aug. 15 TCR-Europe report, the transaction will be
financed from available bank commitments, including the recently
established US$1.6 billion Pre Export Finance (PXF) facility and a
US$2.0 billion bridge commitment provided by Merrill Lynch,
Deutsche Bank and Societe Generale.

Merrill Lynch served as the exclusive financial advisor and
Debevoise & Plimpton is the legal counsel to NLMK.  JP Morgan,
Goldman Sachs and GMP Securities provided financial advice to John
Maneely Company and Latham & Watkins is the legal counsel.

                    About John Maneely Company

Headquartered in Beachwood, Ohio, John Maneely Company is the
largest independent tubular manufacturer in North America, with
the most diverse product platform in the North American pipe and
tube industry.  In the 12 months ended June 30, 2008, John Maneely
Company shipped 2.1 million tons of pipe and generated revenue of
US$2.4 billion and EBITDA of US$485 million.

                     About Novolipetsk Steel

Headquartered in Lipetsk, Russia, OAO Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                          *     *    *

As reported in the Troubled Company Reporter-Europe on Aug. 18,
2008, Fitch Ratings affirmed OAO Novolipetsk Steel's ratings at
Long-term Issuer Default 'BB+', Short-term IDR 'B' and National
'AA(rus)'.  The Outlooks on the Long-term IDR and National Long-
term rating are Stable.


RESOURCE-OIL LLC: Creditors Must File Claims by November 10
-----------------------------------------------------------
Creditors of LLC Resource-Oil have until Nov. 10, 2008, to submit
proofs of claims to:

         T. Kraynovoy
         Insolvency Manager
         Apt. 36
         Nizhegorodskaya Str.10
         109029 Moscow
         Russia

The Arbitration Court of Vladimirskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-7668/2008-K1-211B.

The Debtor can be reached at:

         LLC Resource-Oil
         Office 1227
         Studenaya Gora Str. 36a
         600001 Vladimir
         Russia


SITRONICS JSC: Announces New Appointments to Management Board
-------------------------------------------------------------
JSC Sitronics has announced the decisions made at its Board of
Directors' meeting held on Oct. 22, 2008.

The Board of Directors approved the appointment of Mr. Oksana
Kovalevskaya, Vice President for Strategy, to the Group's
Management Board.

Sitronics' Management Board is composed of:

   -- Sergey Aslanian - President of SITRONICS, and Chairman of
      the Management Board

   -- Marina Zabolotneva - Chief Financial Officer

   -- Gennady Krasnikov - Head of SITRONICS Microelectronic
      Solutions

   -- Alexander Krasovsky - Vice President for Sales and
      Marketing

   -- Irina Lanina - Vice President for Corporate Communications

   -- Oksana Kovalevskaya - Vice President for Strategy

   -- Mikhail Minkovsky - Vice President for New Technologies

   -- Konstantin Khachaturov - Vice President for Corporate
      Development

   -- Pavel Pavlovsky - Vice President, Head of SITRONICS
      Telecom Solutions

   -- Oleg Sherbakov - Vice President for Corporate Property

   -- Alexandros Manos - CEO of INTRACOM TELECOM

   -- Sergei Urezchenko - Vice President, Head of SITRONICS
      Consumer Services and Products Division

   -- Vladimir Yasinsky - Head of SITRONICS Information
      Technology

Evgeny Utkin, member of the Board of Directors, was elected Head
of the Audit Committee.

In addition, the Board of Directors approved the preliminary terms
of a loan agreement with Dresdner Bank AG or its affiliated party.

                     About JSC Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

                          *     *     *

JSC Sitronics still carries a 'B-' long-term issuer default rating
from Fitch with stable outlook.


SKHODNENSKAYA FURNITURE: Creditors Must File Claims by Nov. 10
--------------------------------------------------------------
Creditors of CJSC Skhodnenskaya Furniture Items Factory (Wood-
working Industry) have until Nov. 10, 2008, to submit proofs of
claims to:

         I. Agarev
         Temporary Insolvency Manager
         Post User Box 45
         123290 Moscow
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
supervision procedure on the company.  The case is docketed under
Case No. A41-16798/08.

The Debtor can be reached at:

         CJSC Skhodnenskaya Furniture Items Factory
         Skhodnya
         Russia


SOTSGORBANK: S&P Changes Outlook to Neg; Holds B-/C Credit Ratings
------------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Russia-based SOTSGORBANK to negative from stable.  At the same
time, the 'B-' long-term and 'C' short-term counterparty credit
ratings were affirmed.  The Russia national scale rating was
affirmed at 'ruBBB-'.

"The outlook revision reflects the difficult operating environment
that is placing pressure on the liquidity and asset quality of all
Russian banks, including SOTSGORBANK," said S&P's credit analyst
Victor Nikolskiy.

The ratings reflect the bank's concentrations in lending,
relatively limited customer franchise, weak funding
diversification, and tight reserve cushion amid the ongoing
Russian financial market turbulence.  Unfavorable market
conditions are pressuring the bank's near-term growth prospects,
asset quality, and profitability.  These factors are partially
mitigated by the bank's adequate capitalization and management,
and its limited exposure to market risk.

The bank's improved capitalization, stable management team, and
limited exposure to market risk are positive elements for
withstanding the current financial turmoil.  On June 30, 2008, the
bank had total assets of US$654 million.

The ratings reflect the bank's stand-alone credit quality and do
not include any uplift for extraordinary external support.

"The outlook is negative because of the potential negative impact
of the difficult operating environment on the bank's liquidity
position and financial performance," said Mr. Nikolskiy.

The outlook could be revised back to stable if the bank maintains
sufficient liquidity, and if loan quality and financial
performance remain satisfactory.  S&P sees very limited potential
ratings upside until the Russian capital and financial markets
fully stabilize.

The ratings could be lowered if the deterioration in asset quality
proves to be significant or if liquidity considerably weakens.


STRAZH-LASER LLC: Creditors Must File Claims by December 10
-----------------------------------------------------------
Creditors of LLC Strazh-Laser (Laser Metalworking) have until
Dec. 10, 2008 to submit proofs of claims to:

         N. Prilepin
         Insolvency Manager
         Post User Box 30
         123308 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-3513/08.

The Debtor can be reached at:

         LLC Strazh-Laser
         Zavodskaya Str.
         Istra-2
         143500 Moskovskaya
         Russia

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


* S&P Places Ratings on Various Spanish SMEs Under Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its credit ratings on 12 junior notes in 10
Spanish small to midsize enterprise (SME) transactions.

The CreditWatch placements follow an initial analysis of the
performance of all Spanish SME deals that S&P rates.  The current
collateral performance has highlighted factors that have increased
the possibility of negative rating actions for certain junior
classes.

The collateral in these transactions comprises loans to Spanish
SMEs originated by Caja de Ahorros de Valencia, Castellon y
Alicante (Bancaja), Banco Espanol de Credito S.A.(Banesto),
Bankinter S.A., Banco Bilbao Vizcaya Argentaria S.A. (BBVA), Caja
de Ahorros y Pensiones de Barcelona (CAIXA), Caja de Ahorros y
Monte de Piedad de Madrid (Caja Madrid), Banco Popular Español
S.A, Banco Santander S.A., and Caixa D'Estalvis de Terrassa (Caixa
Terrassa).

S&P is also keeping on CreditWatch negative nine junior classes of
notes in six transactions originated by Banco Pastor S.A. and Caja
de Ahorro del Mediterraneo (CAM) and the class B and C notes
issued by FTPYME Bancaja 6, Fondo de Titulizacion de Activos.

Of the 23 classes currently on CreditWatch negative in the sector,
three are in the 'A' category, 14 are in the 'BBB' category, and
six are rated 'BB' or below.

Since the beginning of this year, S&P noted a steeper increase in
arrears than previously observed.  Given the current macroeconomic
environment in Spain, the rating agency believes this growth will
continue ever more rapidly.  If S&P assumes a sufficient rollover
of long-term arrears into ultimate default, credit support levels
may be insufficient to maintain current ratings.

All transactions where the loans to Spanish SMEs have been
originated by the above-mentioned originators have been considered
in this review and all other ratings in the sector currently
remained unchanged.

S&P will conduct a deeper analysis of these evolving trends and
the potential effect on borrower performance of the current
Spanish economic environment.  This analysis will encompass a full
cash flow and credit analysis, focusing on, among other factors,
concentrations and correlations within the real estate sector.
S&P will be requesting full loan-level data from each originator
and, in its analysis, the agency will take into account the
quality and quantity of the information received in order to asses
any concerning factors.  This will allow us to ascertain whether
credit enhancement levels for the classes on CreditWatch are
sufficient to support the ratings at any new modeled default
level.

Ratings placed on CreditWatch Negative:

FTPYME Bancaja 3, Fondo de Titulizacion de Activos

  -- EUR900 Million Floating-Rate Notes

D           BBB-/Watch Neg              BBB-

Fondo de Titulizacion de Activos PYMES Banesto 2

  -- EUR1 Billion Floating-Rate Notes

C           BBB/Watch Neg               BBB

BBVA-6 FTPYME Fondo de Titulizacion de Activos

  -- EUR1.5 Billion Floating-Rate Notes

C           BBB-/Watch Neg              BBB-

IM GRUPO BANCO POPULAR FTPYME II, Fondo de Titulizacion de Activos

  -- EUR2.039 Billion Floating-Rate Notes

D           BBB/Watch Neg               BBB

IM GRUPO BANCO POPULAR FTPYME I, Fondo de Titulizacion de Activos

  -- EUR2.03 Billion Floating-Rate Notes

D           BBB/Watch Neg               BBB

IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos

  -- EUR2 Billion Floating-Rate Notes

C           BBB/Watch Neg               BBB

IM SABADELL EMPRESAS 1, Fondo de Titulizacion de Activos

  -- EUR1 Billion Floating-Rate Notes

C           BBB/Watch Neg               BBB

GC FTPYME SABADELL 6, Fondo de Titulizacion de Activos

  -- EUR1 Billion Floating-Rate Notes

C           BBB/Watch Neg               BBB

Fondo de Titulizacion de Activos Santander Empresas 4

  -- EUR3,586 Million Floating-Rate Notes

D           BBB/Watch Neg               BBB
E           BB-/Watch Neg               BB-

Fondo de Titulizacion de Activos Santander Empresas 3

  -- EUR3,545.5 Million Floating-Rate Notes

D           BBB/Watch Neg               BBB
E           BB/Watch Neg                BB

Ratings kept on CreditWatch Negative:

FTPYME Bancaja 6, Fondo de Titulizacion de Activos

  -- EUR1.028 Billion Floating-Rate Notes

B           A-/Watch Neg
C           BB/Watch Neg

TDA, Empresas Pastor 5, Fondo de Titulizacion de Activos

  -- EUR550 Million Asset-Backed Floating-Rate And EUR18.7 Million
     Floating-Rate Notes

C           BB/Watch Neg

GC FTPYME PASTOR 4 Fondo de Titulizacion de Activos

  -- EUR630 Million Asset-Backed Floating-Rate Notes

C           A/Watch Neg
D           BBB/Watch Neg
E           BB/Watch Neg

EdT FTPYME PASTOR 3, FONDO DE TITULIZACION DE ACTIVOS

  -- EUR520 Million Floating-Rate Notes

C           BB/Watch Neg

EMPRESAS HIPOTECARIO TDA CAM 5, Fondo de Titulizacion de Activos

  -- EUR1,430.8 Million Floating-Rate Notes

B           A-/Watch Neg
C           BBB-/Watch Neg

FTPYME TDA CAM 4, Fondo de Titulizacion de Activos

  -- EUR1.5 Billion Floating-Rate Notes

C           BBB-/Watch Neg

Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos

  -- EUR750 Million Mortgage-Backed Floating-Rate Notes

C           BBB/Watch Neg


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


3SIXTY PETROLEUM: Creditors Must File Proofs of Claim by Nov. 6
---------------------------------------------------------------
Creditors owed money by  LLC 3Sixty Petroleum Services (PS360)
are requested to file their proofs of claim by Nov. 6, 2008, to:

         Christoph Langenauer
         Hinterwies 42
         9042 Speicher
         Switzerland

The company is currently undergoing liquidation in Speicher.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 16, 2008.


AC-SERVICE MANAGEMENT: Deadline to Claims Set Nov. 6
----------------------------------------------------
Creditors owed money by JSC AC-Service Management are requested to
file their proofs of claim by Nov. 6, 2008, to:

         Hardstrasse 73
         5430 Wettingen
         Switzerland

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


ALR TAI: Creditors Have Until Nov. 6 to File Claims
---------------------------------------------------
Creditors owed money by LLC ALR Tai Chi Chuan Schule are requested
to file their proofs of claim by Nov. 6, 2008, to:

         Thomas Riedi
         Zwydenweg 16
         6052 Hergiswil
         Switzerland

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


BECADO LLC: Proofs of Claim Filing Deadline is Nov. 6
-----------------------------------------------------
Creditors owed money by LLC Becado are requested to file their
proofs of claim by Nov. 6, 2008, to:

         Dolder Beat and Carola
         Stegmattstrasse 11
         3628 Uttigen
         Switzerland

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


CASA CADPLANUNG: Creditors' Proofs of Claim Due by Nov. 6
---------------------------------------------------------
Creditors owed money by LLC CASA Cadplanung are requested to file
their proofs of claim by Nov. 6, 2008, to:

         Martin Wanzenried
         Meienweg 8
         3400 Burgdorf
         Switzerland

The company is currently undergoing liquidation in Koniz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on May 29, 2008.


CROWN ASSET: Nov. 7 Set as Deadline to File Claims
--------------------------------------------------
Creditors owed money by JSC Crown Asset Management are requested
to file their proofs of claim by Nov. 7, 2008, to:

         JSC Alpina Treuhand
         Seestrasse 91
         6052 Hergiswil NW
         Switzerland

The company is currently undergoing liquidation in Risch.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Aug. 20, 2008.


IDL JSC: Creditors Must File Proofs of Claim by Nov. 7
------------------------------------------------------
Creditors owed money by JSC IDL are requested to file their proofs
of claim by Nov. 7, 2008, to:

         Company Rawp Raschle
         Lindenstrasse 137
         9016 St. Gallen
         Switzerland

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


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


DOGAN YAYIN: Moody's Reviews Ba3 Ratings for Downgrade
------------------------------------------------------
Moody's Investors Service has placed the Ba3 foreign and domestic
currency Corporate Family Ratings and the Ba3 Probability of
Default Ratings of Dogan Yayin Holding A.S. on review for possible
downgrade.  At the same time, DYH's Baa1.tr Turkish National Scale
Ratings were also placed on review for possible downgrade.

The rating action follows a detailed assessment of DYH's results
for H1 2008 together with the review of management's preliminary
guidance, and reflects Moody's view that the Group's new venture
investments in broadcasting and retail segments which began in
2007 and continued into H2 2008, together with additional
investments, such as in the directory business Katalog-Bravoo,
will continue to absorb a far greater proportion of the group's
cash generation and debt capacity than had been originally assumed
when the ratings were assigned; such that leverage as measured by
Net debt/EBITDA (as adjusted by Moody's) is likely to remain well
above Moody's original expectations and guidance of 3x at the end
of 2008 with Net Debt/LTM EBITDA (as reported by the company), now
standing at around 4x as of June 2008.

Looking prospectively into 2009, although Moody's acknowledges
that EBITDA may settle at more normalized levels, Moody's cautions
that, from a leverage standpoint, the prospects of an improvement
are likely to be rather limited considering our expectation of
potentially weaker advertising market growth in 2009, together
with Moody's view that, associated with the Group's strategy to
diversify beyond its core markets, DYH is likely to continue to
invest in its own business as well as seek other inorganic growth
potentials as opportunities arise.  Additionally, the sharp
depreciation of the Turkish currency (YTL) against the US dollar
further undermines the group's financial risk profile, as a
meaningful share of the group's net debt is denominated in US
dollars.  Therefore, Moody's believes there is a high probability
of at least a one-notch downgrade.

The rating review will focus on DYH's operational and ad market
outlook for the remainder of 2008 and into 2009 together with the
Group's cost-cutting plans, and the resultant impacts on the
group's free cash flow generation capacity, its credit metrics
(i.e. Debt/EBITDA) and its liquidity profile - particularly at
DoganTV - over the next 12 to 18 months.  Moody's aims to conclude
the review promptly following the publication of DYH's Q3 2008
results which will be announced on November 13, 2008.

Moody's notes that this rating action is not triggered by the
Capital Markets Board of Turkey's recent suggestion relating to
the Group companies' procurement policies relating to newsprint
being sourced through affiliated companies owned by the Dogan
Family, and does not incorporate any potential financial impact --
should there be any - at this stage.  Nevertheless, Moody's notes
that adverse regulatory actions could negatively impact the market
positioning of the company.

The last rating action was implemented on October 25, 2007, when
Moody's assigned Ba3 foreign currency and Ba3 domestic currency
Corporate Family Ratings, a Turkish National Scale Rating of
Baa1.tr and a Probability of Default Rating of Ba3 to DYH.

Headquartered in Istanbul, Turkey, DYH is the country's leading
media conglomerate.  Dogan Sirketler Grubu Holding A.S. owns 63%
of DYH's equity, while 34% of DYH's shares are publicly quoted on
the Istanbul Stock Exchange; the remainder is owned by the Dogan
Family.  In 2007, the Group reported revenues of YTL2.6 billion
and EBITDA of YTL222 million under the financial reporting
standards issued by Turkey's Capital Markets Board.  As of
October 21, 2008, DYH had a market capitalization of YTL606
million.


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


KERAMIK OJSC: Creditors Must File Claims by October 29
------------------------------------------------------
Creditors of OJSC Keramik (code EDRPOU 05466967) have until
Oct. 29, 2008, to submit proofs of claim to:

         O. Zemnitsa
         Liquidator
         P.O. Box 1797
         49027 Dnepropetrovsk
         Ukraine
         Tel: 8(056)744-21-37

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent on
Sept. 16, 2008.  The case is docketed as B 40/25-08.

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

The Debtor can be reached at:

         OJSC Keramik
         Karl Liebkneht Str. 128
         Nikopol
         53200 Dnepropetrovsk
         Ukraine


KNIAZHY GRAD: Creditors Must File Claims by October 30
------------------------------------------------------
Creditors of LLC Production-Distributor Company Kniazhy Grad (code
EDRPOU 31119261) have until Oct. 30, 2008, to submit proofs of
claim to:

         LLC Ros Consult
         Liquidator/Insolvency Manager
         Ap. 10
         Mayakovsky Avenue 32-d
         02222 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 24, 2008.
The case is docketed as B 11/263-08.

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

The Debtor can be reached at:

         LLC Production-Distributor Company Kniazhy Grad
         Svetilnia
         Brovary District
         Kiev
         Ukraine


LVOV TORONTO: Creditors Must File Claims by October 26
------------------------------------------------------
Creditors of LLC Lvov-Toronto-Contract Subsidiary Company
Ukrskoledrev Ltd (code EDRPOU 31228433) have until Oct. 26, 2008,
to submit proofs of claim to:

         Aleksey Sidorak
         Liquidator
         Lvov Str. 83/13
         Striy
         82400 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 8, 2008.
Declaration of September 8, 2008.  The case is docketed as 29/98.

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

The Debtor can be reached at:

         LLC Lvov-Toronto-Contract Subsidiary Company
         Ukrskoledrev Ltd
         Prince Sviatoslav Str. 3
         Skole
         82600 Lvov
         Ukraine


MAVIS-SA LLC: Creditors Must File Claims by October 30
------------------------------------------------------
Creditors of LLC Mavis-Sa (code EDRPOU 33130243) have until
Oct. 30, 2008, to submit proofs of claim to:

         I. Chorny
         Liquidator/Insolvency Manager
         P.O. Box 89
         01024 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 10, 2008.
The case is docketed as B 11/239-08.

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

The Debtor can be reached at:

         LLC Mavis-Sa
         Kiev Highway 1
         Ivankov
         Kiev
         Ukraine


SHEVCHENKO AGRICULTURAL: Creditors Must File Claims by Oct. 26
--------------------------------------------------------------
Creditors of Shevchenko Agricultural LLC (code EDRPOU 00854481)
have until Oct. 26, 2008, to submit proofs of claim to:

         Galina Mirchuk
         Liquidator
         A. Sheptitsky Str. 25A
         Striy
         82400 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 9, 2008.
The case is docketed as 8/112.

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

The Debtor can be reached at:

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

The Debtor can be reached at:

         Shevchenko Agricultural LLC
         Orov
         Skole District
         82610 Lvov
         Ukraine


SPRINT LLC: Creditors Must File Claims by October 29
----------------------------------------------------
Creditors of LLC Sprint (code EDRPOU 32868389) have until Oct. 29,
2008, to submit proofs of claim to:

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

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 15, 2008.
The case is docketed as B-39/97-08.

The Debtor can be reached at:

         LLC Sprint
         Ap. 2
         Kirov Str. 4
         Glybokoye
         62410 Kharkov
         Ukraine


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


BARCLAYS PLC: Issues EUR3 Bil. Three-Year Bonds
-----------------------------------------------
Barclays PLC sold EUR3 billion (US$3.87 billion) of three-year
bonds priced at midswaps plus 25 basis points, becoming the first
bank in the United Kingdom to issue a bond under the government's
new debt-guarantee plan, The Wall Street Journal and Reuters
report.

The offer attracted more than EUR4 billion of orders from
investors, according to IFR Markets, a service of Thomson Reuters.

According to Reuters, Barclays Capital was sole bookrunner on the
deal, backed up by joint leads HSBC, Lloyds, RBS, Santander and
Standard Chartered.

The deal could boost the confidence of other U.K. banks that are
considering taking advantage of the new guarantee plan, analysts
cited by The WSJ said.

"This establishes a high-quality, liquid benchmark," Mark Geller,
head of financial institutions syndicate at Barclays Capital in
London, was cited by The WSJ as saying.

                       GBP6.5 Bil. Capital

As reported in the Troubled Company Reporter-Europe, Barclays said
in an October 13 press statement that it will raise in excess of
GBP6.5 billion of Tier 1 Capital which will result in a pro forma
Tier 1 Capital ratio as at June 30, 2008 of over 11%.

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

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

                  No Dividend Payments for 2008

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

                       About Barclays PLC

Barclays PLC  -- http://www.barclays.co.uk/-- is a global
financial services provider engaged in retail and commercial
banking, credit cards, investment banking, wealth management and
investment management services.  The Company, along with its
subsidiaries, operates through six business segments: UK Banking,
Barclaycard, International Retail and Commercial Banking, Barclays
Capital, Barclays Global Investors and Barclays Wealth.  In April
2008, Barclays Capital acquired the assets of PowerLytix LLC, a
provider of market data analysis.  In July 2008, Barclays PLC
completed the acquisition of 100% of Expobank, a Russian retail
and commercial bank.  Expobank became part of Barclays Global
Retail and Commercial Banking Emerging Markets business.  In
August 2008, Barclays PLC started operations in Pakistan.  On
September 22, 2008, Barclays PLC completed the acquisition of
Lehman Brothers North American investment banking and capital
markets operations and supporting infrastructure.


CASH4ALL LTD: Brings in Joint Administrators from KPMG
------------------------------------------------------
Andrew Stephen McGill and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Cash4all Ltd. (Company Number
05302817) on Oct. 8, 2008.

The company can be reached at:

         Cash4all Ltd.
         c/o KPMG LLP
         2 Cornwall Street
         Birmingham
         England


KAUPTHING CAPITAL: Calls in Joint Administrators from KPMG
----------------------------------------------------------
Andrew Stephen McGill and Mark Jeremy Orton of KPMG LLP were
appointed joint administrators of Kaupthing Capital Partners II
Master, L.P. Inc. (Company Number 929) on Oct. 9, 2008.

The company can be reached at:

         Kaupthing Capital Partners II Master, L.P. Inc.
         First Floor Dorey Court
         Admiralty Park
         St Peter Port
         Guernsey
         GY1 6HJ
         Channel Islands


KAUPTHING SINGER: Depositors Take Measures to Recover Money
-----------------------------------------------------------
Mark Atherton at Times Online reported Monday that the Kaupthing
Isle of Man Depositors Action Group was presenting a petition to
the governments in the UK, Isle of Man and Iceland in an attempt
to recover their money.

The petition alleged the UK Government has "acted irresponsibly,
unfairly and in a discriminatory manner towards depositors," Times
Online disclosed.

"The UK Government is misleading the general public by posturing
itself as the rescuer of all British savers.  This is
fundamentally untrue.  While British mainland savers have had
their deposits protected, savers using British offshore banks have
been left to fend for themselves," a spokesman from the group was
quoted by Times Online as saying.

The group said that while Isle of Man has a deposit protection
scheme covering up to GBP50,000, the Isle of Man Government will
simply not be able to afford to compensate so many savers as GBP2
million of government funds were invested with Kaupthing Singer &
Friedlander in the Isle of Man, Times Online noted.

The petition, Times Online added, also demands that Prime Minister
Gordon Brown confirms the UK Government is seeking the return of
100% of all deposits held by the bank.

The group alleged that the UK Government's actions in freezing
Icelandic assets ultimately led to the collapse of the bank, the
Times Online disclosed.

According to Times Online, around 7,000 savers with GBP860 million
worth of deposits are at risk of losing their life savings.

Times Online in a report on Tuesday said Landsbanki Guernsey
savers together with Kaupthing Isle of Man are the only depositors
who thus far have not been given assurances that their deposits
are 100% safe.

                          Liquidation

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

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

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

                       About Kaupthing Bank

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

         About Kaupthing Singer & Friedlander (Isle of Man)

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


KCP II: Taps Smith & Williamson to Administer Assets
----------------------------------------------------
Anthony Cliff Spicer and Henry Anthony Shinners of Smith &
Williamson Ltd. were appointed joint administrators of KCP II (GP)
Ltd. (Company Number 06140282) on Oct. 9, 2008.

The company can be reached at:

         KCP II (GP) Ltd.
         One Hanover Square
         London
         W1S 1AX
         England


KEYNOTE EDUCATIONAL: Appoints Liquidators from Baker Tilly
----------------------------------------------------------
Lindsey Cooper and Adrian Allen of Baker Tilly Restructuring and
Recovery LLP were appointed joint liquidators of Keynote
Educational Ltd. on Oct. 8, 2008, for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Keynote Educational Ltd.
         c/o Baker Tilly Restructuring & Recovery LLP
         Brazennose House
         Lincoln Square
         Manchester
         M2 5BL
         England


LUCITE INTERNATIONAL: S&P Puts B Corp. Credit Rating on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch with
negative implications its 'B' long-term corporate credit rating on
U.K.-based methyl methacrylate monomers producer and distributor
Lucite International Group Holdings Ltd.

At the same time, the senior secured 'B+' debt ratings on the bank
loans issued by Lucite International Finco Ltd. and Lucite
International U.S.  Finco LLC were also placed on CreditWatch with
negative implications.  The recovery rating on the bank loans is
unchanged at '2', indicating S&P's expectation of substantial
(70%-90%) recovery for senior secured lenders in the event of a
payment default.

"The CreditWatch placement reflects Standard & Poor's concerns
about the effect of the current macroeconomic environment on
Lucite's operating performance and liquidity," said S&P's credit
analyst Sophia Dedemadis.

With more than 60% of revenues coming from the hard-hit North
American and weakening European markets, the company is facing
declining demand.  The forced shutdown of the Texas facility as a
result of hurricanes in the Gulf of Mexico is also expected to
negatively affect results in the second half of the year.  S&P
expects the difficult market conditions to continue well into
2009.  Furthermore, significant pressures on raw material costs in
the chemicals industry have persisted during the second half of
2008.  S&P expects that challenging market conditions combined
with volatile raw material costs will continue to put pressure on
the company's earnings and cash flow generation.

Lucite's financial flexibility to withstand a prolonged downturn
is hindered by its highly leveraged financial risk profile. Credit
protection metrics are weak; on a rolling 12-month basis to June
30, 2008, adjusted debt to EBITDA was 8.1x and the ratio of funds
from operations to adjusted debt including payment-in-kind loans
was 6.2%.  This raises concerns over the ability of the company to
maintain sufficient liquidity during a time when access to the
financial markets is constrained.  Borrowing headroom was tight
in the first half of the year.  Failure to maintain sufficient
liquidity or a breach of covenants would result in a downgrade.

In order to resolve the CreditWatch, S&P will review the company's
third-quarter operating results and liquidity position.  Any
rating action may not be limited to just one notch.


METALEX ENGINEERING: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Metalex Engineering Ltd. on
Oct. 1, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Metalex Engineering Ltd.
         c/o Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


NEXTGEN TECHNICAL: Brings in Liquidators from Tenon Recovery
------------------------------------------------------------
Jeremy Woodside and Christopher Ratten of Tenon Recovery were
appointed joint liquidators of Nextgen Technical Services Ltd. on
Oct. 9, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Nextgen Technical Services Ltd.
         22-28 Willow Street
         Accrington
         Lancashire
         BB5 1LP
         England


PLASTECH MULTISEALS: Calls in Administrators from Baker Tilly
-------------------------------------------------------------
Guy Edward Brooke Mander and Lynn Robert Bailey of Baker Tilly
Restructuring & Recovery LLP were appointed joint administrators
of Plastech Multiseals Ltd. (Company Number 02945121) on Oct. 7,
2008.

The company can be reached at:

         Plastech Multiseals Ltd.
         Blackhorse Trading Estate
         Longford
         Coventry
         CV6 6DG
         England


QUADRANT EXHIBITIONS: Hires Liquidators from Mazars
---------------------------------------------------
Robert David Adamson and Paul Charlton of Mazars LLP were
appointed joint liquidators of Quadrants Exhibitions Ltd. on Oct.
1, 2008, for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Quadrants Exhibitions Ltd.
         c/o Mazars LLP
         Mazars House
         Gelderd Road
         Gildersome
         Leeds
         LS27 7JN
         England


SAFEWELD LTD: Appoints Liquidators from Moore & Stephens
--------------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Safeweld Ltd. on Oct. 3, 2008, for
the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Safeweld Ltd.
         c/o Moore Stephens LLP
         Beaufort House
         94-96 Newhall Street
         Birmingham
         B3 1PB
         England


WILLIAMS ALLOYS: Taps Joint Administrators from Deloitte
--------------------------------------------------------
Christopher James Farrington and Dominic Lee Zoong Wong of
Deloitte & Touche LLP were appointed joint administrators of
Williams Alloys & Residues Ltd. (Company Number 04664577) on Oct.
3, 2008.

The company can be reached at:

         Williams Alloys & Residues Ltd.
         c/o Gravestock & Owen
         75 New Road
         Willenhall
         West Midlands
         WV12 2DA
         England


* Downturn & Weak Economy Bad for UK Petrochemical Firms, S&P Says
------------------------------------------------------------------
The forthcoming cyclical downturn in the petrochemicals industry
could be harsher than former downturns and could trigger rating
downgrades for highly leveraged companies, says Standard & Poor's
Ratings Services in its new report "Cyclical Downturn And Weaker
Economies Are A Bad Cocktail For Petrochemical Firms".

This is because it is coinciding with weakening world economies,
which S&P expects to slow down growth in demand so that industry
overcapacities will take longer to absorb.  What's more, highly
volatile raw material costs could also put short-term pressure on
companies' liquidity.

"Even though Standard & Poor's aims to rate through a cycle, this
cocktail of overcapacities due to new capacities coming on stream
in the Middle East and Asia and weakening economies heightens the
risk that some companies will experience more pronounced negative
effects on profitability and, subsequently, on credit quality,"
said S&P's credit analyst Tobias Mock.  "This would reduce their
longer term prospects and trigger negative rating actions.

Of the five rated companies in Europe and the Middle East that
have significant exposure to the petrochemical industry and will
be most affected by the downturn, three have solid balance sheets
and flexible liquidity necessary to weather these tougher
conditions.

"However, we consider credit quality to be at risk particularly
for highly leveraged companies, such as U.S.-Dutch LyondellBasell
Industries AF S.C.A. (B/Negative/--) and U.K.-based chemicals
group Ineos (Ineos Group Holdings PLC; B+/Negative/--)," said Mr.
Mock.

The stable outlooks on Saudi Arabia-based Saudi Basic Industries
Corp. (SABIC; A+/Stable/A-1) and it's Netherlands-based subsidiary
SABIC Europe B.V. (BBB/Stable/A-2), on the other hand, indicate
that S&P expects their balance sheets to be strong enough to
maintain the ratings in the challenging times ahead.  The negative
outlook assigned on Germany's BASF SE (AA-/Negative/A-1+) reflects
its ongoing acquisition of Switzerland-based specialty chemicals
producer Ciba Holding Inc. (Ciba; BBB-/Watch Pos/A-3) and the risk
that, should its profitability decline materially, BASF could also
fail to maintain a balance sheet for the current rating.


* Investment Pull-Backs Tip Europe into 3Q Recession, S&P Reports
-----------------------------------------------------------------
While official statistics confirm that GDP growth was negative in
the Eurozone in the second quarter of 2008, there are worrying
signs that this retrenchment has spilled over to the third
quarter, says a research report titled "Europe Tips Into Recession
As Corporates Scale Back Their Investment," published earlier by
Standard & Poor's Ratings Services.  This leads us to believe that
Europe's economies may have technically entered a recession.

"The downturn in the spring was mainly caused by very weak
consumer demand, as higher inflation and a deceleration in
employment growth put a squeeze on household purchasing power,"
said Jean-Michel Six, S&P's chief economist for Europe.  "Now, in
the second half of the year, slack demand and a tightening in
corporate liquidity are combining to undermine business
confidence."

The deepening and broadening of the economic downturn across
Europe in the past four months can be attributed to a number of
negative factors.  And one in particular appears critical: A
contraction in business investment on the back of tighter margins,
weaker demand prospects, and much less favorable financing
conditions.

As the report points out, the first shoe to drop in the new
environment of low growth that's been prevailing since August 2007
and the beginning of the financial crisis was consumer demand.  As
inflation accelerated on the back of higher commodity prices,
consumers' spending power was squeezed.  The concurrent downturn
in housing markets (particularly in the U.K., Ireland, Spain, and
Denmark) added a negative wealth effect to that income effect,
causing household consumption to fall in the majority of countries
in the first half of 2008.

However, investment, especially (but not only) in the construction
sector, was still dynamic at the beginning of the year.  This is
because capacity utilization remained tight while demand
prospects, mainly from emerging markets, remained very strong.  In
addition, the liquidity squeeze that started to develop in the
European economies mostly affected households through a rationing
of housing loans.  Money supply data show that the growth in loans
to nonfinancial corporations peaked quite late in the cycle, in
March 2008.

Two negative factors explain the turn around in capital spending
-- the second shoe to drop -- since the middle of this year:
First, corporate margins are being squeezed by higher input and
labor costs; and second, financing is getting tight.  These
factors have led S&P to revise its forecast for GDP growth in the
major European economies in 2009, and the rating agency now
expects several countries to experience negative growth on average
next year:

  -- In the U.K., S&P's projection is negative 0.2% growth in GDP
     (from positive 0.8% previously).

  -- In Spain and Ireland, S&P also forecasts negative growth --
     of 0.2% and 0.5%, respectively.

  -- GDP growth in France, meanwhile, will fall to 0.5% (from
     1.2%).

S&P's new forecast for Germany is 0.5% GDP growth (previously
1.2%).  This is a marked revision, albeit one that still puts us
at the high end of the range of forecasts available for that
country.


* Baltic States to Mirror Hungary's IMF Receivership
----------------------------------------------------
Edward Hugh at the RGE Monitor wrote last week that a growing
number of countries now seem to be at risk of following Iceland
and Hungary into the arms of the International Monetary Fund, with
the Baltic republics of Estonia, Latvia and Lithuania now looking
particularly vulnerable, according to a warning from the IMF.

The Troubled Company Reporter-Europe on Oct. 20, 2008, citing
Reuters, reported that Iceland has tapped the IMF for financing to
help ease the crisis.  Some ministers have raised the possibility
of membership of the European Union, long resisted by its fishing
sector, to safeguard the economy.

Reuters, the TCR-Europe wrote, said that Russia is currently
studying Iceland's multi-billion euro loan request.  Talks in
Moscow ended with Russia agreeing to consider the request for a
loan which the North Atlantic island initially put at EUR4 billion
(US$5.45 billion).

Mr. Hugh noted that Dominique Strauss-Kahn, managing director of
the IMF, which was formally approached October 14, for assistance
by Hungary as well as Iceland, said: "The fallout for most banking
systems in emerging and developing economies has been limited so
far but signs of stress are growing."

Mr. Strauss-Kahn said some banks in eastern Europe have become
increasingly exposed to struggling property markets, having raised
funds on international money markets in the same way as the ill-
fated Icelandic banks, Mr. Hugh related.

According to Mr. Hugh, Bloomberg quoted Edgars Vaikulis, spokesman
for Prime Minister Ivars Godmanis, as saying "There is no reason
to speak of threats to the Latvian financial system . . . Latvia's
situation is different from some of the eurozone members."

The Latvian government, based on the report, has taken the step of
raising guarantees on all bank deposits to EUR50,000 (US$68,225),
in line with an earlier decision by European Union finance
ministers.

Mr. Hugh said he views the threat to the Baltic financial systems
as real, as is the threat to the Bulgarian and Romanian ones.
Action, of some form or another needs to be taken, and soon, he
added.


* Euler Hermes Says 2008/2009 Outlook for Air Carriers Bleak
------------------------------------------------------------
According to Euler Hermes, air carriers' results will deteriorate
further in 2008 and 2009 due to slower growth in air traffic and
significantly higher fuel costs.  However the momentum remains
positive for the leading aircraft manufacturers, which are
unlikely to be affected before 2010.

2008 and 2009 will be a difficult time for air carriers

    * Air traffic is closely correlated to global economic
      growth.

      The marked slowdown in the global economy in 2008,
      and above all in 2009, will result in slower growth in air
      traffic, which will drop to well below its long-term rate,
      estimated at 4.5% a year over the past thirty years.

      "Passenger traffic is expected to grow by only 3.5% this
      year and by just 1% in 2009", said Nicolas Lioret,
      aviation sector analyst at Euler Hermes SFAC, French
      subsidiary of the world's leading credit insurance firm
      Euler Hermes.

    * Oil prices will remain high and the rise in fuel costs
      will be only partly passed on to ticket prices.

      After peaking at an historical high of more than US$144 a
      barrel at the beginning of July, crude oil prices have
      recently dropped back to below US$100 per barrel.  However,
      Euler Hermes expects oil prices to stabilize at a high
      level.

    * Earnings will deteriorate further in the sector.

      Air transport prices are expected to rise by 3% in 2008
      and 2.5% in 2009.  At the same time, fuel costs will
      increase by 34% this year, to US$182 billion, and by 17% to
      US$213bn in 2009.  "The operating margin in the sector will
      be negative (-2.5%) for the first time since 2003", says
      Lioret.

    * 2008: business failures will reach a level similar to that
      in 2003

      The number of business failures and flight suspensions is
      expected to rise sharply this year, with almost sixty
      airlines defaulting, a level not reached since 2003.  24
      different nationalities are concerned, with the United
      States accounting for a record of 12 business failures.

    * The low-cost model will survive at the cost of alliances
      and restructuring, which will not be without pain.

      With ten or so failures as at mid-September 2008, low-cost
      companies have also been affected by the drastic rise in
      oil prices.  However, these companies are likely to
      survive the present crisis as their business model is well
      established and they have high penetration rates, with
      market shares of around 30% in Western Europe and the
      United States.

Aircraft manufacturers will not feel the impact before 2010, but
in the short term European manufacturers still face the issue of
the dollar/euro exchange rate.

    * A limited impact on order books for the moment

      Air carriers introduced various measures at the beginning
      of the summer to restore their profitability, but for the
      moment these have had little impact on manufacturers'
      well-filled order books.

    * Deliveries will peak in 2010, followed by what looks set
      to be a limited downturn.

      Deliveries will continue to accelerate until 2010 for
      both Airbus and Boeing.  Further out, the two aircraft
      manufacturers may decide not to step up the pace of
      deliveries given the slowdown currently underway.
      However, a number of factors will limit the downturn to
      -25% on average compared with -40% on average during
      previous downturns.

    * Momentum still positive for the global majors.

      Profitability is expected to remain at satisfactory levels
      in 2008.

    * Although the dollar strengthened recently, it remains weak
      against the euro which continues to penalize European
      constructors.

      The dollar weakened against the euro by a further 9.5% on
      average this year, which continues to penalize European
      aircraft and equipment manufacturers, whose profitability
      will be further eroded by the currency effect this year.

    * At the very end of the chain, the French subcontractors
      continue to benefit from the momentum in the aircraft
      industry but they will need to adapt to increasing
      purchases outside the euro zone

      The subcontractors have managed to take advantage of the
      upturn in deliveries following the significant investments
      made in 2004 and 2005.  2007 was a good year and 2008 is
      expected to remain positive with operating margins staying
      up at around 7.5%.

      "The necessity of reducing costs will force players to
      adapt, notably through business combinations (so as to be
      able to respond to larger calls for tender), by
      relocating abroad for the activities with least value
      added, by becoming more competitive and diversifying their
      customer bases" said Euler Hermes SFAC analyst Nicolas
      Lioret.

Headquartered in Paris, France, Euler Hermes --
http://www.eulerhermes.com/-- is a credit insurance in the areas
of bonding, guarantees and collections.  With 6,000 employees in
over 50 countries, Euler Hermes offers a complete range of
services for the management of B-to-B trade receivables and posted
a consolidated turnover of EUR2.1 billion in 2007.

                            *********

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 * * *